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What’s
News
Business & Finance
 Foreign companies long
used to plowing the profits
they made in China back
into the country for hiring
and investment are pulling
those earnings out as
growth slows and tensions
between Beijing and Wash-
ington increase. A1
 WeWork filed for bank-
ruptcy under chapter 11, cap-
ping the flexible-office-space
venture’s remarkable collapse
after once being the nation’s
most valuable startup, valued
at $47 billion at its peak be-
fore vacancies soared. B1
 U.S. stocks built on a rally
that pushed major indexes
sharply higher over the past
week. The S&P 500, Nasdaq
and Dow rose 0.2%, 0.3% and
0.1%, respectively. B11
 Intel is the leading candi-
date to potentially receive
billions of dollars in govern-
ment funding for secure fa-
cilities producing microchips
for U.S. military and intelli-
gence applications, accord-
ing to people familiar with
the development. B1
 Tesla boosted factory
worker pay in Germany amid
an aggressive unionization
drive, a move that comes as
Chief Executive Elon Musk
may face similar organizing
attempts in the U.S. B1
 Jurors heard opening ar-
guments from “Fortnite”
maker Epic Games that
Google used its dominant po-
sition to squeeze excess prof-
its from app developers. B1
 Telecom Italia’s board ap-
proved the sale of the former
monopoly’s fixed-line network
to KKR for more than $20 bil-
lion, part of the company’s plan
to reduce increasingly unman-
ageable amounts of debt. B4
World-Wide
 Israel pushed farther into
Gaza City, sending troops into
an urban Hamas stronghold
that is still packed with ci-
vilians after one of the most
intense bombing barrages
of the monthlong war. A1
 A daily list of foreigners
allowed to leave Gaza is split-
ting up families and causing
bureaucratic headaches. A9
 The U.S. increased pres-
sure on Israel to ease its in-
tense bombardment of the
Gaza Strip, deploying top
diplomats to the Middle
East in recent days, even
without the release of hos-
tages taken by Hamas,
which Israel has set as the
condition for any pause in
its military operations. A8
 A defiant Trump offered
a combative defense of his
business empire in sworn
testimony, trading jabs dur-
ing his civil-fraud trial with a
New York judge who repeat-
edly rebuked him for veering
off on tangents. A1
 A group of Senate Re-
publicans has made a
crackdown on asylum
claims at the southern bor-
der a condition for backing
Biden’s $106 billion request
for supplemental funding
for Israel and Ukraine. A3
 Federal health officials
expanded their recall of
children’s fruit pouches to
include two more brands
over fears of possible lead
contamination. A3
 The father of a man ac-
cused of killing seven people
and wounding dozens during a
Fourth of July parade in High-
land Park, Ill., pleaded guilty to
seven misdemeanor counts of
reckless conduct for helping
his son get a gun license. A2
CONTENTS
Arts in Review.... A13
Business & Finance..B5,10
Business News....... B3
Crossword................ A13
Heard on Street... B12
Markets...................... B11
s 2023 Dow Jones & Company, Inc.
All Rights Reserved
* * * *
NASDAQ 13518.78 À 0.3% STOXX 600 443.52 g 0.2%
JUSTIN LANE/EPA/SHUTTERSTOCK
Donald Trump arriving for trial Monday in Manhattan to testify about his businesses’ financial statements.
Trump in Fraud Trial Spars
With Judge, Defends Business
BY CORINNE RAMEY
AND JACOB GERSHMAN
A defiant Donald Trump of-
fered a combative defense of
his business empire in sworn
testimony Monday, trading
jabs during his civil fraud trial
with a New York State Su-
ci on
preme Court justice who re-
peatedly rebuked him for veer-
ing off on tangents.
The former president, who
is the 2024 front-runner for
er s
the Republican nomination,
took the witness stand in a
m er
Manhattan courtroom to face
about four hours of question-
Xi Tries to Lure
m rp
Nation’s Youth
co Fo
To Countryside
Party seeks to deploy hundreds of
thousands to rural communities
BY BRIAN SPEGELE
ZHAOQING, China—Dur-
n-
ing the Cultural Revolution,
a teenage Xi Jinping was
sent down to the country-
side, where he spent years in
no
the late 1960s and early ’70s
toiling on farms and reading
books in a cave.
Half a century later,
China’s leader wants more
young people to follow his
lead.
With youth unemploy-
ment recently hitting record
levels—and deepening con-
cern in Beijing about the
hollowing out of rural
Debate Heats Up Over Fate
Of Famous Berkeley Hot Tub
i i
Real-estate deal has town bubbling
about preserving a local hangout
BY KIRSTEN GRIND
Berkeley, Calif.—For nearly
five decades, Deward Hastings
hosted a secret, no-clothing-
allowed hot tub here in the
backyard of his home.
The hot tub became an in-
stitution in Berkeley, a fa-
mously crunchy, liberal city
known for its political
Markets Digest..... B6 activism and over-
Opinion................ A15-17
priced housing. The
Personal Journal A11-12
Sports.......................... A14 tub enticed Grate-
Technology................ B4 ful Dead-loving
U.S. News.............. A2-4 hippies in its early
World News........ A6-9
years, and later
turned into some- Hippie
> thing of a wellness
sanctuary for women, while
Hastings, 78, remained anony-
mous and became locally
known as “the hot tub guy”
for those in the know. (Even
TUESDAY, NOVEMBER 7, 2023 ~ VOL. CCLXXXII NO. 109
10-YR. TREAS. g 25/32 , yield 4.662%
on ing from lawyers with the
state attorney general’s office,
which alleges he and his busi-
ness engaged in a lengthy
us ,
scheme to inflate his worth for
l
financial gain.
e
al a
Trump testified that his fi-
nancial statements, far from
overstating his worth, didn’t
capture how rich he actually
was, and that banks that made
loans to him didn’t care about
the statements anyway.
While Trump began the day
calmly answering questions, by
midmorning the former presi-
dent grew more emotional, at
times lashing out at New York
China—Xi is calling on stu-
dents and college graduates
to embrace hardship and
consider giving up city life
for the countryside.
Officials have rolled out a
number of programs to lure
young people to rural areas,
where they are tasked with
promoting the quality of lo-
cal crops, painting walls and
extolling the Communist
Party’s leadership to farm-
ers. The government hopes
that deploying hundreds of
thousands of young people
to Chinese backwaters will
give underemployed young
Please turn to page A10
i Employees Won’t Quit
some of his guests never met
him.)
Then last year, Hastings
died.
Now the fate of his hot tub,
located in a middle-class
neighborhood of families and
college students, has become
the subject of a steamy de-
bate.
The house, a two-
bedroom bungalow
with chipped red
paint and green
trim, went up for
sale in September,
prompting a cadre of
dippie hot-tub fans to try to
raise money for the
$899,000 purchase price.
Before they could, however,
a limited liability company
swooped in with an offer—
Please turn to page A12
OIL $80.82 À $0.31
Attorney General Letitia
James, a Democrat who was
sitting in the courtroom gal-
lery, and jabbing his finger at
State Supreme Court Justice
Arthur Engoron, who is presid-
ing over the nonjury trial.
“It’s a terrible thing you’ve
done, you know nothing about
me,” Trump said to the justice.
“You believed that political
hack back there!”
“Done?” Kevin Wallace, a
lawyer for James, asked
calmly.
“Done,” Trump replied.
Trump’s appearance was
his first as a witness at the
Foreign Firms Stop Reinvesting
In China, Pulling Billions Out
BY JASON DOUGLAS
AND WEILUN SOON
SINGAPORE—For years,
foreign companies plowed the
profits they made in China
back into China, using the
cash to finance new hiring and
investment as its giant econ-
omy expanded rapidly.
Now, as growth slows and
tensions between Beijing and
Washington rise, they are
pulling those profits out.
Foreign firms yanked more
than $160 billion in total earn-
ings from China during six
successive quarters through
the end of September, accord-
ing to an analysis of Chinese
data, an unusually sustained
run of profit outflows that
shows how much the country’s
appeal is waning for foreign
capital. The torrent of earnings
leaving China pushed overall
foreign direct investment in
INSIDE
JASON GAY
Michigan’s sign-
stealing scandal
consumes college
football. A14
BUSINESS & FINANCE
Tesla raises wages in
Germany under
pressure from
union. B1
WSJ.com
GOLD $1,981.60 g $9.90
ly
trial, although he has previ-
ously attended the proceed-
ings and sparred with the jus-
tice. For Trump, the stakes are
high. James is seeking about
$250 million in financial pen-
alties in addition to measures
that would cripple Trump’s
business from operating in
New York. And while Trump
sought to defend his personal
identity as a real-estate mogul
and the professional practices
with which he built his family
business, he also faced the
prospect of significant penal-
ties for untruthful testimony.
Please turn to page A4
Foreign companiesʼ net reinvested earnings into China*
$75billion
50
25
0
-25
-50
2013 ’14 ’15 ’16 ’17
*Estimated
Source: Macrobond
the world’s second-largest
economy into the red in the
third quarter for the first time
in a quarter of a century.
The outflows add to pres-
sure on the yuan when the
central bank is battling to
slow its decline as investors
Bosses’ New Problem:
BY CHIP CUTTER
The white-collar labor mar-
ket is softening to a point that
companies are encountering an
issue that would have been un-
thinkable in the era known as
the Great Resignation.
These days, too few people
are voluntarily leaving their jobs.
Turnover has declined so
steeply at some large employ-
ers that companies now find
themselves over budget on cer-
tain teams, requiring leaders to
weigh whether to postpone
projects or to cut additional
staff as the end of year ap-
proaches. Other bosses worry
about how to keep star em-
ployees engaged when there
are far fewer vacant positions
internally, making it harder to
move people into new roles.
Some companies said they
have seen fewer employees leave
their jobs this year. In some
cases, executives said, turnover
HHHH $5.00
EURO $1.0720 YEN 150.07
Israel
Deepens
Push Into
Gaza City
Hamas commanders
and tunnels are
troops’ big targets
in urban stronghold
BY DAVID S. CLOUD
AND DOV LIEBER
TEL AVIV—Israel pushed
farther into Gaza City, sending
troops into an urban Hamas
stronghold that is still packed
with civilians after one of the
most intense bombing bar-
rages of the monthlong war.
Israeli military spokesman
Rear Adm. Daniel Hagari said
Israeli forces “are continuing
to deepen the pressure into
the depths of Gaza City.”
Hagari said the engineering
corps is focusing on destroy-
ing Hamas’s tunnels wherever
they find exit points, some of
.
which he said are near civilian
structures such as hospitals
and schools. He said the Israeli
military continues to focus on
killing Hamas commanders.
“The elimination
Hamas’s ground command has
a significant impact on
Hamas’s ability to mount
of
counterstrikes,” he said.
Israeli forces were making
a push southward along the
coast toward the densely pop-
ulated Al Shati Camp, which
was hit hard Sunday night by
Israeli airstrikes, said Michael
Please turn to page A8
 U.S. presses Israel to
pause Gaza assault......... A8
 Families often split trying
to flee Gaza.......................... A9
 U.S. plans big transfer of
weapons................................. A9
Quarterly data
’18 ’19 ’20 ’21 ’22 ’23
sour on Chinese stocks and
bonds and new investment in
China is scarce. The yuan has
depreciated 5.7% against the
Please turn to page A10
 China resists attempts to
free held Americans........ A6
is returning to prepandemic lev-
els following years of upheaval
in the labor market.
“The attrition level is going
down, that’s for sure,” said
Denis Machuel, chief executive
of global staffing firm Adecco
Group, which works with large
employers. “People feel it’s
probably a bit cold outside
with the macroeconomics not
being so good. And with this
last-in, first-out typical
scheme, they’re more likely to
stay in their current role.”
The decline in quitting would
seem like a welcome develop-
ment for bosses who spent
years bemoaning high levels of
job hopping and rapidly rising
salaries. But some executives
said they have been caught by
surprise at how quickly the la-
bor-market dynamics flipped,
posing new challenges.
Hiring slowed sharply in Oc-
tober, with U.S. employers add-
Please turn to page A2
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
A2 | Tuesday, November 7, 2023
AI Deepfakes Draw Scrutiny in Congress
New bills could help
people fight against
scam marketing,
their sponsors say
BY PATRICK COFFEE
Some TikTok users recently
encountered an ad in which
the YouTube star known as
MrBeast appeared to offer
10,000 new iPhones for just $2
each.
The deal sounded too good
to be true, and it was. MrBeast
last month joined film star
Tom Hanks and CBS anchor
Gayle King in a growing cohort
of celebrities who say scam-
mers have made unauthorized
use of their likenesses in con-
vincing, AI-generated deepfake
ads hawking phones, fake den-
tal plans and dubious weight-
loss solutions.
“Are social-media platforms
ready to handle the rise of AI
deepfakes? This is a serious
problem,” MrBeast, whose real
name is Jimmy Donaldson,
wrote on X, formerly known as
Twitter.
Some politicians are trying
CAROLYN KASTER/ASSOCIATED PRESS (2)
CALIFORNIA
Captain Guilty in
Boat-Fire Disaster
A federal jury on Monday
found the captain of a scuba
dive boat criminally negligent
in the deaths of 34 people
killed in a fire aboard the ves-
sel in 2019, the deadliest
maritime disaster in recent
U.S. history.
The U.S. attorney’s office
in Los Angeles confirmed
Jerry Boylan was found guilty
of one count of misconduct
or neglect of ship officer, a
pre-Civil War statute collo-
no
quially known as seaman’s
manslaughter that was de-
Employees
Aren’t
Quitting
Continued from Page One
ing half as many jobs as they
did in September, according to
the Labor Department. The un-
employment rate rose to 3.9%
from 3.8%, but is still hovering
near historic lows.
Morgan Stanley had layoffs
in recent months in part be-
cause of low attrition within
the 80,000-person Wall Street
firm, CEO James Gorman said
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to take on the issue. In recent
weeks members of both
houses of Congress have intro-
duced bills that would create a
national standard prohibiting
unauthorized deepfakes in a
commercial context.
If passed into law, their
sponsors say, these bills could
help celebrities and ordinary
citizens alike take action
against scam marketers using
their likenesses.
But it is unclear if these ef-
forts can counter a coming
wave of malicious deepfakes.
Nor is it clear how effective
social-media companies will be
at blocking the spread of deep-
fakes, since the ads featuring
Hanks, King and MrBeast ap-
peared to bypass their filters.
Meta Platforms policies
prohibit manipulated videos
and content that uses public
figures’ likenesses in a decep-
tive way, according to a
spokesman who declined to
provide specific data regarding
deepfakes.
A TikTok spokesman re-
ferred to internal data sug-
gesting that 1.3% of the 106
million posts removed from
the platform between April
on
us ,
l
e
al a
ci on
er s
m er
m rp
signed to hold steamboat
co Fo
captains and crew responsi-
ble for maritime disasters.
Boylan could get 10 years be-
hind bars when he is sen-
tenced Feb. 8.
The Conception was an-
chored off Santa Cruz Island
when it caught fire before
dawn on the final day of a
three-day excursion, sinking
less than 100 feet from
shore. Thirty-three passen-
gers and a crew member per-
n-
ished, trapped below deck.
Boylan was the first to
abandon ship and jump over-
board. Four crew members
who joined him also survived.
—Associated Press
on a call with investors in
mid-October.
“Really high performers are
in demand across the Street,
but we’ve actually had the op-
posite issue,” Gorman said.
“We’ve had very low attrition,
which is why we did some of
the expense initiatives.”
Wells Fargo’s Chief Financial
Officer Mike Santomassimo
told investors this summer that
attrition has been slower than
expected at the company and
that the bank planned to re-
cord higher severance expenses
to reduce its head count. He re-
iterated the message in mid-
October, telling investors that
the company believed it still
had more jobs to cut, as attri-
tion has remained low, which
U.S. NEWS
and June fell into the integrity
and authenticity category, and
0.4% of that total violated bans
on synthetic or manipulated
media, such as deepfakes.
By contrast, 39% of all vid-
eos removed in that period
were pulled for posting pro-
hibited adult content, accord-
ing to the data.
Shadowy entities like the
ones behind these scam ads
often disappear as quickly as
they pop up, then move on to
other targets, said Hilary
Krane, chief legal officer at
talent firm Creative Artists
Agency.
The increasing accessibility
of free online deepfake tools
means that anyone who has
publicly shared content featur-
ing his or her likeness could
join megastars like Hanks on
scammers’ target lists, said Ri-
jul Gupta, chief executive and
co-founder of DeepMedia, a
firm that helps developers and
government agencies detect
deepfakes.
“The future of those robo-
calls, the future of the Nige-
rian prince scam, is the deep-
fake scam,” Gupta said.
Celebrities have for decades
U.S.WATCH
COLORADO
Officer Acquitted
In McClain’s Death
A second Denver-area po-
lice officer was acquitted in
the 2019 death of Elijah Mc-
Clain, who was put in a neck
hold and injected with ket-
amine after being stopped by
police as he walked home
from a convenience store.
The jury found Aurora offi-
cer Nathan Woodyard not
guilty of homicide and man-
slaughter Monday following a
trial in state district court.
The case received little at-
tention until protests over
the 2020 killing of George
will likely result in additional
severance costs next year.
At Pitney Bowes, where the
attrition rate also is down in the
year to date, the shipping and
mailing services company has
had a few instances in which it
hired an intern, expecting a va-
cancy to open in the company,
only for the existing employee to
remain in the position. The
Stamford, Conn., company found
other spots for the interns and
has generally managed the lower
turnover rate, said Andrew Gold,
chief human resources officer at
the company, which had 11,000
employees at the end of 2022.
Employers try to accurately
predict how many staffers will
quit in a given year to help set
budgets for teams and establish
CORRECTIONS 
AMPLIFICATIONS
The name of Zenith Wealth
Partners was given incorrectly
as Zenith Partners in a Busi-
ness & Finance article on Sat-
urday about Citigroup.
FLJ Group’s American de-
positary receipts had a 1:100
reverse stock split. The Divi-
dend Changes table in the Nov.
1 Business & Finance section
incorrectly said a 100:1 split.
Readers can alert The Wall Street
Journal to any errors in news articles
by emailing wsjcontact@wsj.com or
by calling 888-410-2667.
relied on state-level right-of-
publicity laws, which prohibit
the unapproved use of a per-
son’s name or likeness for
marketing purposes, to take
action against advertisers.
These laws, along with ex-
isting prohibitions on copy-
right infringement, defamation
and harassment, preclude the
need for a deepfake law, said
David Greene, civil liberties di-
rector at digital-rights advo-
cacy group Electronic Frontier
Foundation.
EFF has expressed skepti-
cism about federal deepfake
laws, arguing that they could
curtail both freedom of speech
and productive uses of AI
technology.
Yet right-of-publicity laws
vary widely, with many states
offering no such protection,
said Sen. Chris Coons (D.,
Del.).
Coons and three other sena-
tors in October introduced the
bipartisan No Fakes Act, which
would create a nationwide
standard for individuals to
bring civil action against par-
ties using their AI-generated
likenesses without permission.
The bill proposes holding
Floyd in Minneapolis sparked
renewed outrage over Mc-
Clain’s death. The 23-year-old
Black man’s pleading words,
“I’m an introvert and I’m dif-
ferent,” were captured on po-
lice body-camera video.
An earlier trial of two
other officers resulted in split
verdict, with one convicted of
homicide and third-degree as-
sault and the other acquitted.
Woodyard testified that he
put McClain in the neck hold
because he feared for his life
after he heard McClain say, “I
intend to take my power back”
and another officer say, “He
just grabbed your gun, dude.”
—Associated Press
hiring plans. Software provider
ServiceNow uses a machine-
learning model to anticipate
the number of employees that
will step down each quarter.
Voluntary turnover this year
has fallen below levels forecast
by those models, said Sarah
Tilley, senior vice president of
global talent. She didn’t cite
specific figures, but attrition
among top-performing employ-
ees in 2023 is less than half of
what it was in 2022.
Nationally, what is called the
quits rate—the number of resig-
nations as a share of total em-
ployment—remained at 2.3% in
September for the third month
in a row, down from a peak of
3% in April 2022, the Labor De-
partment said Wednesday. The
level of quitting hit a record dur-
ing the pandemic as Covid-19
lockdowns eased and workers
sought out better pay or work-
ing conditions, leading to a phe-
nomenon that became widely
known as the Great Resignation.
In surveys of workers, many
show a newfound commitment
to their current employers.
This year, 73% of workers said
they planned to stay at their
jobs, up from 61% last year, ac-
cording to a survey released in
October by Adecco.
Some movement among em-
ployees at a company is healthy
and necessary, said Purvi Tailor,
U.S. vice president of human re-
sources at Ferring Pharmaceuti-
cals. Turnover creates promo-
tion opportunities for high-
performing employees and
* ***
offenders liable for fines of up
to $5,000 for each individual
violation unless the damage to
the offended party is deter-
mined to be greater than that.
Any punitive damages and
attorney’s fees would also
have to be paid, according to a
draft version.
“This helps protect individ-
ual rights, and the balance I’m
trying to strike in this bill is
fostering innovation in artifi-
cial intelligence and promoting
and protecting creativity in
the United States,” said Coons.
In the House, Rep. Yvette
Clarke (D., N.Y.) in September
reintroduced the Deepfakes
Accountability Act, first pro-
posed in 2019, which would
criminalize using a person’s
likeness without permission in
a way that could potentially
harm the person.
The House bill proposes
harsher penalties than its Sen-
ate counterpart, including civil
judgments of up to $150,000
per violation and as much as
five years in prison for crimi-
nal violations. It would also
require creators and distribu-
tors to clearly mark any ma-
nipulated content.
ly
ILLINOIS
Father Pleads Guilty
Over Gun License
The father of a man ac-
cused of killing seven people
and wounding dozens during
a Fourth of July parade in
Highland Park, Ill., pleaded
guilty to seven misdemeanor
counts of reckless conduct
for helping his son get a gun
license.
As part of the plea deal
with prosecutors, Robert
Crimo Jr. will serve 60 days in
jail, two years probation and
100 hours of community ser-
vice. Crimo announced his plea
in a Lake County, Ill., court-
Quits as a share of total nonfarm employment
3.00%
2.75 RECESSION
2.50
2.25
2.00
1.75
1.50
1.25
1.00
2001 '05
Note: Seasonally adjusted
allows employers to bring in
new staffers with fresh perspec-
tives or in-demand skills.
If bosses want to get rid of
employees, they can generally
fire them, but layoffs can harm
morale. In periods of low turn-
over, veteran HR leaders said
they typically follow a different
playbook before resorting to
broader job cuts. When too few
employees leave, companies
will often get tougher in per-
formance appraisals, pushing
employees to quit. Cash can be
another alternative. During pe-
riods of low attrition, compa-
nies tend to offer incentives,
such as buyouts, to motivate
employees to leave.
Bank of America told inves-
tors in January that it planned
to cut its head count this year
through slower hiring and attri-
tion. But that task became more
THE WALL STREET JOURNAL.
“It’s not just the harm
that’s done to the individual
whose likeness has been cap-
tured. It’s also the deception
of the public,” Clarke said.
The bills would grant both
public figures and private citi-
zens more power to defend
themselves.
But enhanced protections
go only so far, and the rapid
evolution of deepfake technol-
ogy could quickly make these
bills obsolete, said Krane, the
CAA chief legal officer.
“I think that technology
runs ahead of policy, so this is
going to have to be an ever-
green process,” she said.
Processed-meat brand
Steak-umm, which made a
name for itself during the pan-
demic by countering misinfor-
mation on social media, re-
cently made light of the
technology with an ad cam-
paign in which a group of ve-
gans agree to participate in a
filmed focus group, only to see
deepfake versions of them-
selves talk about how much
they love meat.
The ad then urges viewers
to sign a petition supporting
Clarke’s bill.
.
TRAGIC LOSS: A
memorial in Cincinnati
honors the life of
Dominic Davis, 11 years
old, who was killed by
gunfire. Police Chief
Terri Theetge said a
shooter in a sedan fired
22 rounds into a crowd
of children Friday night.
The victim who died
was identified Monday
as Dominic. Five other
people were wounded.
No suspect has been
arrested.
house on Monday before his
trial was scheduled to begin.
Crimo was charged last
year with seven felony
counts of reckless conduct
for signing an application in
2019 for a firearm owner’s
identification card for his son,
then 19 years old. The card is
required to purchase a fire-
arm legally in the state.
Lake County State’s Attor-
ney Eric Rinehart said Crimo
was aware that his son—who
is awaiting trial—had suicidal
thoughts and expressed in-
terest in conducting a mass
shooting, but still helped him
apply for the license.
—Joseph Pisani
'10 '15 '20
Source: Labor Department
challenging, executives said, as
fewer employees left the bank.
“Over the course of 2023,
we’ve seen moving from 2022’s
Great Resignation to a current
level of a record low attrition in
our company,” CEO Brian Moy-
nihan told investors last month.
“All that meant the team had to
work harder to manage that
head count down.”
Since January, Bank of Amer-
ica’s workforce has shrunk by
about 6,000 full-time employees,
to roughly 213,000 people.
Morgan Stanley’s Gorman
told investors that he saw the
lack of turnover as a reflection
of the firm’s culture and its sta-
bility. “I guess we should feel
flattered,” he said, before quickly
adding: “The broader message is
attrition has been remarkably
low, and that’s something that
we’ve just got to work through.”
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
THE WALL STREET JOURNAL.
Senators
Seek to Tie
Aid Deal
To Asylum
Changes
BY MICHELLE HACKMAN
AND LINDSAY WISE
WASHINGTON—A group of
Senate Republicans has made a
crackdown on asylum claims at
the southern border a condi-
tion for backing President Bi-
den’s $106 billion request for
supplemental funding for Is-
rael and Ukraine.
The proposal, put forward
by senators including James
Lankford (R., Okla.), Lindsey
Graham (R., S.C.) and Tom
Cotton (R., Ark.), represents
the opening bid in negotiations
with Senate Democrats and the
White House, which has sig-
naled some openness to immi-
gration-policy changes.
“These are things that we
think are very critical,” said
Sen. John Thune of South Da-
kota, the No. 2 Senate Republi-
can. “If you’re going to do a
supplemental [bill] that deals
with national security, this is a
national security issue.”
Democratic Sen. Dick Durbin
of Illinois, chair of the Senate
Judiciary Committee, criticized
the Republican plan, calling it a
poor starting point for any ne-
gotiations and noted it would
hurt efforts to help Ukrainian
refugees. But Durbin said he is
willing to talk to anyone in ei-
ther party “who wants to move
past the partisan bickering on
this issue.”
White House spokesman An-
gelo Fernández Hernández said,
“If Republicans want to have a
serious conversation about re-
forms that will improve our im-
migration system, we are open
to a discussion.” He said the
White House disagreed with
many of the policies in the pro-
posal, highlighting that it con-
tains no pathway to citizenship
for Dreamers, immigrants
brought to the U.S. illegally as
children.
The GOP-controlled House
last week passed a bill provid-
ing $14.3 billion for Israel—off-
set by stripping money from
the Internal Revenue Service—
but it left out funding for
Ukraine, Taiwan and other
parts of the Biden proposal.
Senate Democrats have called
the bill dead on arrival, and are
working with Republicans in-
cluding Senate Minority Leader
Mitch McConnell (R., Ky.) on a
broader package based on the
Biden request.
Illegal border crossings have
reached record highs over the
past two years, and a large
number of immigrants have
been depending on housing
provided by cities including
New York and Chicago.
The changes the Republican
group seeks would make it
no
tougher for a migrant to make an
asylum claim and more difficult
to win a case. They would largely
codify programs tried by the
Trump administration—for ex-
ample, requiring the government
to first try to send an asylum
seeker to a third “safe” country
to make an asylum claim. If that
isn’t possible, it would require
the government to send asylum
seekers to live in Mexico for the
duration of the cases.
If neither is possible—for ex-
ample, if the U.S. is unable to
strike deals with other coun-
tries—migrants would be al-
lowed to make asylum claims
only at ports of entry, which the
government can close or limit
at will. Migrants also would be
subject to a higher initial asy-
lum-screening standard, which
would mean more could be
quickly deported. Migrant fami-
lies traveling with underage
children could be detained in-
definitely, overturning a 2015
court decision saying children
must be released from federal
custody after about 20 days.
Separately, the Republican
proposal would shut down use
of “humanitarian parole,” which
allows migrants to make ap-
pointments to enter at a legal
port of entry. The Biden admin-
istration has used it to bring in
classes of immigrants who
don’t have visas, quickly reset-
tling 80,000 evacuated Afghan
refugees, more than 150,000
Ukrainians fleeing war and,
most recently, hundreds of
thousands of migrants from
countries including Venezuela,
Cuba and Haiti.
——Annie Linskey
contributed to this article.
* * Tuesday, November 7, 2023 | A3
U.S. NEWS
NASA Finds Most Distant Black Hole in Galaxy Far, Far Away
NASA, ESA, CSA, R. BEZANSON (PITT PACC), I. LABBE (CAS), AND A. PAGAN (STSCI)
HOLY MOLY: Some 13.2 billion light-years away in the galaxy UHZ1, the most distant black hole ever detected has been spotted by NASA telescopes.
Gun Rights of Felons Set for New Court Test
.
ly
BY JESS BRAVIN
WASHINGTON—Zackey Ra-
himi pulled a gun on his ex-
on household with a domestic
abuser increases the risk of ho-
micide fivefold,” according to
research cited by the Justice
its ruling was compelled by a
2022 Supreme Court precedent
placing new limits on govern-
ment power to curb gun vio-
approach to firearms on behalf
of suspected criminals who of-
ten run afoul of gun laws.
That is how Rahimi, who the
possess the weapons. The trial
judge rejected the argument,
and, on June 8, 2022, the Fifth
Circuit, applying precedent
girlfriend in a parking lot and Department’s brief. “Abusers lence, New York State Rifle & Fifth Circuit acknowledged was then in force, affirmed that de-
us ,
shot at a witness who saw also use guns to threaten, pis- Pistol Association v. Bruen. The “hardly a model citizen,” be- cision. Rahimi, who after his
l
them arguing, prompting a tol-whip, and shoot their part- majority opinion, by Justice came the unlikely face of the constitutional argument was
e
al a
Texas family court to issue a ners or their partners’ children, Clarence Thomas, declared that gun-rights movement. After rejected had pleaded guilty to
protective order in 2020 tem- relatives, and pets,” the brief only laws analogous to weap- the parking-lot argument, his violating the 1994 law, was
porarily forbidding him from argues, enabling them “to per- ons regulations common during ex-girlfriend sought a restrain- sentenced to more than six
ci on
possessing firearms. petuate their pattern of abuse.” America’s founding era can ing order from the family court years in prison.
Rahimi ignored the order, Rahimi’s lawyer, federal pass constitutional muster. in Fort Worth. The court, find- But when the Supreme
authorities say, going on to public defender Matthew Bruen was the court’s wid- ing he had “committed family Court issued its Bruen decision
threaten another woman with Wright, says the system lacks est expansion of Second violence” and that it was 15 days later, Wright asked the
a gun, fire an AR-15 into the enough safeguards to ensure Amendment rights since 2008, “likely to occur again in the fu- Fifth Circuit to reconsider the
er s
house of one of his narcotics that only people who are gen- when for the first time the jus- ture,” issued an order that case. The circuit court with-
customers, and shoot into the uine threats are disarmed. The tices found the suspended his drew its previous ruling and
m er
air at a Whataburger drive- Second Amendment takes pol- provision enti- handgun license threw out Rahimi’s conviction.
through after his friend’s icy choices like the 1994 law tles an individ- and forbade him The question “is not
credit card was declined. That off the table, he argues. The ual to armed A more lenient from possessing whether prohibiting the posses-
led to his conviction under a constitutional approach to do- self-defense approach to firearms for two sion of firearms by someone
1994 federal law prohibiting mestic abusers is to “prose- within the home years. subject to a domestic violence
m rp
people under domestic-vio- cute and jail people who com- rather than sim- guns is applied Rahimi, au- restraining order is a laudable
lence orders from possessing mit violence” rather than take ply maintaining thorities say, policy goal,” wrote Judge Cory
guns—and set up the latest away their guns before they the right of
to suspected quickly flouted Wilson. Rather, it was whether
chapter in the modern history are convicted of a crime, state govern- criminals. the order. He the 1994 law violated the Sec-
of the Second Amendment. Wright asserts. ments to main- was arrested ond Amendment.
co Fo
Earlier this year, a federal There is little dispute that tain militias. for approaching Under the Bruen rule, he
appeals court in New Orleans felons can be stripped of their Gun-rights the woman’s wrote, it did, because no analo-
struck down the 1994 federal gun rights, but the 1994 law advocates set up test cases like house in the middle of the gous laws disarming violent do-
law for violating the constitu- was aimed at people like Ra- Bruen and District of Columbia night, threatened another mestic partners were applied in
tional right to keep and bear himi, whom courts considered v. Heller, which kicked off the woman with a gun, and was 1791, when the Second Amend-
arms. On Tuesday, the Su- dangerous but hadn’t been 21st century revolution in Sec- involved in at least five shoot- ment was ratified, or in 1868,
preme Court will consider the convicted of crimes. ond Amendment law to demon- ing incidents. Police investigat- when the 14th Amendment,
Biden administration’s appeal Absent such a conviction, strate how regulations could ing the shootings searched Ra- which prohibits states from vi-
in U.S. v. Rahimi, which argues Rahimi remained “among ‘the frustrate law-abiding, responsi- himi’s house and found a .45 olating federal rights, was ad-
that the law—and similar mea- people’ entitled to the Second ble citizens interested in self- caliber Glock pistol, a .308 cali- opted. On appeal to the Su-
sures in nearly every state— Amendment’s guarantees, all defense and recreational shoot- ber semiautomatic rifle, maga- preme Court, the Justice
not only is constitutional, but other things equal,” the Fifth ing. But public defenders also zines and ammunition. Department argues that the do-
has helped protect vulnerable U.S. Circuit Court of Appeals have been watching legal devel- Charged in federal court mestic-abuser law fits within
n-
women, children and bystand- said in a March decision strik- opments closely and have with violating the 1994 law, the government’s traditional
ers from deadly violence. ing down the law disarming do- quickly moved to apply the Su- Rahimi argued that he had a authority to keep weapons out
“The presence of a gun in a mestic abusers. The court said preme Court’s more permissive Second Amendment right to of untrustworthy hands.
Alabama Death-Row Inmate Lead Fears Widen Recall
Fights New Execution Method Of Kids’ Fruit Pouches
BY ALYSSA LUKPAT children with elevated levels
of lead in their blood. Officials
BY TALAL ANSARI Federal health officials ex- in the state traced the cases
panded a recall of children’s to WanaBana pouches, which
Alabama is battling with a fruit pouches to include two had high concentrations of
death-row inmate over an un- more brands over fears of lead. The FDA said WanaBana
tested execution method. possible lead contamination. was cooperating with the
After several botched execu- Grocery store chains Weis health agency.
tion attempts last year, the Markets and Schnucks were The FDA reported seven
state wants to use a new added to the recall after the cases associated with the ap-
method known as nitrogen hy- Food and Drug Administration plesauce pouch recall, in
poxia. Lawyers for the inmate said certain brand-name cin- North Carolina, Arkansas,
say their client shouldn’t be namon applesauce pouches Louisiana, Maryland and Mis-
the state’s test subject. sold in their stores could con- souri.
ALEX WONG/GETTY IMAGES
The all-Republican Alabama tain too much lead. The WanaBana pouches
Supreme Court, in a 6-2 vote The initial recall in late Oc- were sold on Amazon and
last week, granted the state’s tober included one brand of across the country at stores
request to allow the execution apple cinnamon fruit purée including Sam’s Club and Dol-
of Kenneth Eugene Smith, who pouches, made by WanaBana. lar Tree, according to the
was convicted of murder de- The agency warned parents FDA. WanaBana said last
cades ago, to move forward. If Alabama Attorney General Steve Marshall, shown in 2022, not to buy the pouches, which week that it voluntarily re-
carried out, he would be the has pushed for the execution of Kenneth Eugene Smith. are often fed to young chil- called the pouches.
first person in the U.S. to be dren. Schnucks, which is based in
executed by nitrogen hypoxia. pitting them against those who perience and other failed exe- Even a small amount of ex- Missouri, said last week that
Nitrogen hypoxia, which is say it is unsafe and immoral to cutions led Alabama to pause posure to lead—a chemical el- a supplier notified the com-
permitted under Alabama law, test the unproven method on lethal injections. ement—can be dangerous, ac- pany of elevated lead levels
causes death by forcing an in- inmates. Smith’s lawyers have fought cording to the Centers for found in cinnamon used by
mate to inhale only nitrogen Drug manufacturers such as to prevent Alabama from using Disease Control and Preven- the manufacturer of the
gas, depriving the body of ox- Pfizer and Roche Holding have the gas, arguing their client tion. Children are especially pouches.
ygen. publicly opposed use of their would be a “test subject for the vulnerable to the effects of Schnucks said it sold the
For decades, states have pri- drugs in lethal injections in re- first ever attempted execution lead exposure, which can slow cinnamon applesauce pouches
marily used lethal injection to cent years, making it harder by an untested and only re- their development and dam- in multipacks and variety
kill inmates on death row. But for states to obtain the drugs. cently released protocol.” age the brain and nervous packs.
public pressure against the Smith’s lawyers said in Smith was convicted of the system. Schnucks declined Monday
method has increased, the nec- court documents that Smith 1988 murder-for-hire of Eliza- Lead can also cause prob- to comment further.
essary drugs have become was strapped to a gurney for beth Dorlene Sennett. Alabama lems with learning, behavior, The FDA declined Monday
harder to obtain and a rash of hours on Nov. 17, 2022, and re- Attorney General Steve Mar- hearing and speech, according to comment further. Repre-
botched executions has drawn peatedly jabbed with a needle shall, who has been pushing to the CDC. sentatives for WanaBana and
scrutiny. With few other op- in an attempt to find a vein, for Smith’s execution, argued The FDA said last month it Pennsylvania-based Weis
tions, a small number of states causing him severe physical in court filings that Smith is was notified by North Caro- didn’t return requests for
turned to nitrogen hypoxia, and psychological pain. His ex- long overdue for his sentence. lina health officials of four comment on Monday.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
A4 | Tuesday, November 7, 2023
Ohio Is Test for Abortion-Rights Backers
State is tougher spot
for groups that want
to cement right to
have the procedure
BY JULIE BYKOWICZ
AND LAURA KUSISTO
In the aftermath of the Su-
preme Court’s decision to over-
turn Roe. v. Wade, abortion-
rights supporters have put
their opponents on defense by
spending more money on ad-
vocacy, passing state-level pro-
tections through ballot mea-
sures and helping elect
Democrats.
On Tuesday, two states will
test whether the abortion-
rights movement can keep up
its momentum. In Ohio, a bal-
lot measure will ask voters to
protect abortion access, while
in Virginia, the issue could
help decide which party con-
trols the state legislature.
Abortion is expected to fea-
ture prominently in 2024 elec-
tions. Efforts are under way in
at least six states to ask voters
next year to consider abor-
tion’s legality. That includes
Arizona, which could be piv-
otal to controlling the White
House and the Senate.
After the Supreme Court’s
Dobbs v. Jackson Women’s
Health Organization decision
wiped out Roe’s federal protec-
tion for abortion, some 16
states with Republican legisla-
tures have banned or sharply
restricted the procedure. Yet in
five states where voters have
been asked to weigh in di-
rectly, including Republican-
heavy Kansas and Kentucky,
they have favored abortion
rights.
Alexis McGill Johnson, pres-
ident of Planned Parenthood,
JANE ROSENBERG/REUTERS
A court sketch of Donald Trump questioned by Kevin Wallace of the New York Attorney
General’s Office, right. Defense lawyer Chris Kise, left, and Justice Arthur Engoron looked on.
Trump Jabs
At Judge in
Fraud Trial
no
Continued from Page One
Trump repeatedly defended
his estimation of his wealth,
saying he had very little debt,
a lot of cash and the ability to
look at buildings and know
how much they are worth.
He said financial state-
ments he submitted to lenders
underestimated his worth by
billions of dollars because they
didn’t capture the value of his
brand and undervalued prop-
erties such as Mar-a-Lago, his
Florida estate. He insisted he
couldn’t be held liable for the
estimates in the statements
because they included dis-
claimers about their reliability.
“We have a disclaimer
clause which every court in
the country holds up except
for this particular judge,”
Trump said, referring to
Engoron.
Trump twice acknowledged
directing his staff to make
changes to errors in financial
statements, once on the size of
his Trump Tower triplex
apartment and again on a
$291 million valuation of
Seven Springs, an estate north
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said abortion will dominate
elections for the foreseeable
future, contrasting the issue’s
resonance with concerns about
inflation and Republican in-
fighting in Congress. “People
don’t often forget when their
rights have been taken away,”
she said.
Abortion gave Democrats a
significant boost in last year’s
midterms, raising confidence
among abortion-rights activ-
ists and candidates alike. Anti-
abortion organizations, by con-
trast, are struggling to develop
a politically attractive message
and raise the $100 million or
more they plan to spend next
year.
“We’ve never been good at
the state level,” said Marjorie
Dannenfelser, president of Su-
san B. Anthony Pro-Life Amer-
ica, an antiabortion group. “We
have a very diverse country. It
makes sense that each state
deciding what to do about
abortion will be a cumbersome
process with fits and starts.”
“That’s what I say to our
team, and to candidates who
are freaked out,” she said.
As antiabortion groups
work to turn the tide, they
have piled millions of dollars
into Ohio, spending more than
they have on any state ballot
initiative since Dobbs. They are
still being outspent by more
than 2 to 1, campaign finance
reports filed at the end of Oc-
tober show.
It is perhaps the toughest
battle yet for abortion-rights
proponents because it is their
first attempt since Dobbs to
pass protections for abortions
in a more conservative state.
Abortion opponents argue that
on
voter passions have cooled
us ,
since that decision more than a
l
year ago.
e
al a
One thing “no one antici-
ci on
er s
m er
m rp
co Fo
of New York City. “I thought it
was too high and we lowered
it,” Trump said, before adding
the property was a magnifi-
cent one.
When Trump spoke at
n-
length about how much banks
wanted to work with him—
“They liked me very much,”
he said—the justice had had
enough.
“Stricken!” Engoron said of
Trump’s comments.
Earlier in the day, as Trump
offered a series of lengthy di-
gressions, Engoron implored
him to answer questions di-
rectly and ordered Trump’s
lawyers to contain their client.
“Control him if you can,”
Engoron said. “If you can’t
control him, I will.”
Trump, who has offered
blistering insults of Engoron
outside the courtroom and on
social media, aired some of
the same kinds of criticisms
during Monday’s proceedings.
“I’m sure the judge will
rule against me because he al-
ways rules against me,” the
former president testified.
Chris Kise, a lawyer for
Trump, asked that his client
be given room to explain his
answers. “I think you can af-
ford the former president of
the United States a little lati-
tude,” he said.
“This is not a political
rally,” Engoron said during
one of his exchanges with
Trump’s lawyers. “I don’t
need editorializing. We’ll be
here forever.”
The former president occa-
sionally referenced his prior
job.
After Wallace asked if
Trump was involved in the
preparation of his company’s
2021 financial statement,
Trump said he was busy deal-
ing with China, Russia and
keeping the country safe. Wal-
lace in response noted Trump
wasn’t president at the time.
Wallace also asked Trump
about the previous New York
P W L C 10 11 12
U.S. NEWS
Abortion status
Total ban
in effect
Six-week
ban in effect
Wash.
Mont.
Ore.
Idaho
Wyo.
Nev.
Utah
Calif. Colo.
Ariz. N.M.
Hawaii
Alaska
*Temporarily blocked or not immediate
Note: Bans refer to those with a gestational limit of six weeks or less and may have limited
exceptions, such as medical emergencies. Protections refer to state laws or constitutional
amendments that safeguard the right to an abortion.
Sources: Guttmacher Institute and staff reports (bans, protections); Census Bureau (women)
pated was how much the fear
of change would dominate that
first year post-Roe,” said Dave
Zanotti, chief executive of the
Ohio-based conservative Amer-
ican Policy Roundtable. “The
climate of 2023,” he added, “is
profoundly different.”
The Ohio ballot measure
would enshrine in the state
constitution the right to have
an abortion throughout much
of pregnancy, preventing the
Republican-dominated legisla-
ture from passing laws that
strictly limit the procedure.
Abortion-rights supporters are
optimistic: Ohio voters re-
buffed an effort largely funded
by antiabortion groups this
August to make constitutional
amendments harder to pass.
In Virginia, Democrats try-
ing to hold on to control of the
criminal tax-fraud
against the Trump Organiza-
case
tion, which was convicted late
last year following a jury
trial. Former chief financial
officer Allen Weisselberg, who
spent several months in jail
after pleading guilty to tax
crimes, testified during that
trial that he was part of an
off-the-books benefits scheme
to evade taxes while at the
company.
Wallace asked if after the
trial the former president had
gone over other work done by
Weisselberg, who played a role
in preparing the financial
statements at issue in the cur-
rent case. “I don’t know, per-
haps someone did,” Trump
said. “I really don’t know.”
James said outside the
courthouse that she expected
the insults and that Trump
sought to distract from evi-
dence that he and his family
falsified assets to enrich them-
selves. “The numbers don’t
lie,” she said.
The New York civil suit
came before the former presi-
dent, 77 years old, was in-
dicted in four different crimi-
nal cases, all of which are now
playing out in the middle of
the presidential campaign.
Trump is facing indictments
in New York and Georgia and
in two federal cases.
Trump’s two adult sons tes-
tified last week, and his elder
daughter, Ivanka Trump, is set
to be questioned Wednesday.
The attorney general’s office is
expected to rest its case after
her testimony, clearing the
way for the Trump lawyers to
call witnesses next week.
—James Fanelli
contributed to this article.
Watch a Video
Scan this code
for a video on
Donald Trump’s
testimony in
court.
H T G K R F A M 1 2 3 4 5 6
Ban not
enforced*
No ban or
protection
N.H.
N.D. Minn.
S.D. Wis.
Mich.
Iowa Pa.
Neb.
Ill. Ind.
Ohio
W.Va.
Kan. Mo. Ky. Va.
N.C.
Tenn.
Okla. Ark.
S.C.
Miss. Ala. Ga.
Texas
La.
Fla.
Share of reproductive-age women
who live in these states and D.C.
13%
44%
state Senate and flip the Re-
publican house of delegates
have made abortion the heart
of their advertising campaigns,
far outpacing other topics such
as healthcare, guns and the
economy.
Portraying themselves as a
crucial block on potential re-
strictions or a total ban in a
state led by Republican Gov.
Glenn Youngkin, Democratic
candidates have aired more
than 38,000 abortion-relation
spots at a cost of roughly $14.5
million, an analysis by AdIm-
pact shows. By contrast, abor-
tion barely registers as a topic
in Republican ads, which in-
stead largely focus on crime
and policing.
A frequently aired ad in re-
cent weeks features Demo-
cratic House candidate Josh
Vows to Repeal Obamacare
Vanish From GOP Campaigns
BY STEPHANIE ARMOUR
AND AARON ZITNER
One of the most revealing
debates in the Republican
Party is one that is disappeared
from the campaign trail: the
fight over repealing Obama-
care.
This presidential election
marks the first in more than a
decade in which no GOP candi-
dates are pledging to eviscerate
the landmark Affordable Care
Act, ending a standoff between
the parties over whether the
government is responsible for
providing access to healthcare.
When it comes to medical
coverage, at least, the debate is
largely settled: Americans want
their government to help,
rather than leaving it to insur-
ers and market forces to try to
provide the best coverage for
the most people.
The silence today from the
leading GOP candidates—
nearly all of whom played cen-
tral roles in their party’s ef-
forts to repeal Obamacare
during Donald Trump’s presi-
dency—comes as many Repub-
licans in Congress are pushing
for the government to become
more active in other business
sectors to help workers and
families. Often working with
Democrats, they have proposed
new social-media regulations,
railroad safety rules, caps on
credit-card interest rates and
limits on noncompete clauses
that make it hard for workers
to switch jobs, among other
measures.
Accepting an expanded gov-
ernment role in healthcare is
part of that broader shift, said
Peter Wehner, who served in
the three Republican adminis-
trations before Trump’s. “It’s a
significant change from ‘mar-
kets can solve everything,’” he
said. “From the Republican
perspective, markets are
viewed in much more qualified
terms” than in prior years.
Joe Grogan, director of the
White House Domestic Policy
Council during part of Trump’s
term, said the government’s
role in providing coverage has
become woven into the fabric
of the U.S. healthcare system.
“The goal of universal coverage,
or for as many people as possi-
ble—that principle, there’s no
going back from that,” Grogan
said.
The ACA has been under
GOP attack since its inception,
surviving more than 50 Repub-
lican-led repeal efforts and
7 8 9 O I X X ** THE WALL STREET JOURNAL.
Access
protected
Issue Becomes a Focus in Kentucky
Maine In GOP-heavy Kentucky,
the end of Roe v. Wade
Vt. triggered a law that bans
abortion except when a
N.Y. Mass. doctor deems the woman’s
life to be at risk. But last
R.I. November, voters by 4 per-
centage points rejected a
Conn.
N.J. ballot measure that would
have explicitly stated that
Del.
Md. the Kentucky constitution
D.C. doesn’t protect a right to
an abortion.
Emboldened by that
vote, Democratic Gov. Andy
Beshear, who is seeking re-
election Tuesday, has re-
peatedly criticized his op-
43%
Cole saying, “If you listen to
her story, a woman facing an
impossible decision to have an
abortion, you’d know taking
away her right to control her
own body is just wrong.”
For 2024, President Biden’s
re-election campaign is already
highlighting Democrats’ com-
mitment to protecting abortion
rights. One of his first cam-
paign ads included audio of
former President Trump say-
ing, “I’m the one that got rid
of Roe v. Wade” and advocat-
ing punishment for women
who get abortions.
Trump, who has a com-
ly
manding lead over other GOP
primary candidates, has re-
cently advised Republicans not
to take a hard line against
abortion because that makes it
difficult to win elections. He
called Florida Gov. Ron DeSan-
tis’s decision to sign a six-week
abortion ban this April “a ter-
rible thing.”
Voters have grown more
three trips to the U.S. Supreme
Court. The law expanded the
number of people eligible for
Medicaid, a program for the
low-income and disabled. It es-
tablished a health-insurance
marketplace where people can
buy individual or family cover-
age and qualify for subsidies
that reduce monthly premi-
ums.
It also barred insurers from
denying coverage to individuals
with pre-existing conditions,
set limits on the amount con-
sumers must pay for in-net-
work services, and established
a floor of minimum benefits
such as for preventive care and
pregnancy that most health
plans must cover.
Initially unpopular after its
passage in 2010, the health law
is now viewed favorably by
some 60% of Americans,
though by only one-quarter of
GOP voters, a poll by KFF, for-
merly the Kaiser Family Foun-
dation, found this year. More
than 16 million people selected
health plans on the law’s insur-
ance exchanges during the last
sign-up round, a record high.
Some of the law’s most hag-
gled-over provisions, such as
making more people eligible for
Medicaid, are largely now a
part of the healthcare land-
scape, with North Carolina this
year becoming the 40th state
to embrace expansion. The na-
tional uninsured rate reached
an all-time low of 7.7% in early
2023.
Repealing the law was one
of the top applause lines in
front of Republican audiences
after Congress approved the
act—with votes from no Re-
publican lawmakers—and Pres-
ident Barack Obama signed it
into law.
Among current Republican
presidential candidates, Sen.
Do you think it is the responsibility of the federal government to
make sure all Americans have healthcare coverage?
70%
60
50
40
30
20
2000 ’05 ’10
Source: Gallup
ponent, Republican
Attorney General Daniel
Cameron, for defending the
state’s abortion ban in the
courts, and called him out
for refusing to clearly an-
swer whether he believes
abortion should be legal for
victims of rape and incest.
In one ad, a woman says
she was raped by her step-
father at age 12. “Anyone
who believes there should
be no exceptions for rape
and incest could never un-
derstand what it’s like to
stand in my shoes,” she
says.
supportive of legalized abor-
tions since Dobbs, polls by The
Wall Street Journal and others
have found. Some surveys also
show that Americans are open
to restricting abortion after 15
weeks of pregnancy.
The Ohio constitutional
amendment would protect the
right to abortion up to the
point that a fetus can live out-
side the womb, generally at
about 23 weeks of pregnancy.
Republican supermajorities
in the general assembly passed
a six-week ban in 2019, GOP
.
Gov. Mike DeWine quickly
signed it into law, and it
briefly went into effect when
the Supreme Court issued its
Dobbs decision last summer.
The law has been blocked in
court for most of the past year,
but the Ohio Supreme Court
this fall heard arguments
about whether to allow the ban
to go into effect. A decision is
expected in the coming
months.
Tim Scott of South Carolina
and then-Rep. Ron DeSantis,
who is now Florida’s governor,
voted for measures to repeal
the law. As South Carolina gov-
ernor, Nikki Haley declined to
accept the law’s funding for
Medicaid expansion.
Today, the GOP candidates
offer all but silence on whether
the law should be changed or
replaced.
In nods to the remaining
GOP opposition to the law, Ha-
ley notes on her campaign
website that she opposed Med-
icaid expansion in her state un-
der the ACA. Trump’s cam-
paign site points out that he
helped to essentially eliminate
the ACA mandate that most
Americans buy insurance or
pay a penalty.
The repeal effort faltered in
large part because three key
GOP lawmakers balked at sup-
porting the effort after ana-
lysts estimated more than 20
million people would lose
health coverage. Republicans
never coalesced around a re-
placement plan.
Yuval Levin, who served on
President George W. Bush’s do-
mestic policy council, said that
the ACA had changed health-
care less than expected, with
the individual mandate now
gone and the expansion in cov-
erage resulting more from
Medicaid growth than changes
in private insurance.
“But Republicans have
clearly been changing their
mind about the role of govern-
ment,” said Levin, who is now
with the American Enterprise
Institute, a conservative think
tank. “The party is less liber-
tarian and now more open to a
role for government in all ar-
eas, so that the next time
there’s a healthcare debate, it
could look very different.’’
Yes
No
’15 ’20
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. Tuesday, November 7, 2023 | A5

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 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
A6 | Tuesday, November 7, 2023
Bangladesh Garment Workers China
To Free Held Americans
Press for Raises, but Who Pays?
Factory owners say
Western companies
need to spend more
on clothes they order
BY JON EMONT
AND REFAYET ULLAH MIRDHA
DHAKA, Bangladesh—The
armies of people who make
clothes for Western brands—
some of the lowest-paid fac-
tory workers in the world—
are protesting for better
wages, a fresh sign that the
era of ultracheap labor, and
ultracheap clothes, on which
many companies rely is in-
HABIBUR RAHMAN/ZUMA PRESS
creasingly under strain.
Garment workers in Ban-
gladesh make as little as $75 a
month. In recent days, tens of
thousands have refused to
work, calling for the minimum
wage to be raised to nearly
three times that amount.
Demonstrations have spiraled,
with factories set ablaze and
machines smashed. Some 300
factories were forced to stop
operations.
The core of the protests,
that workers need higher
wages to make even a basic
living, has drawn widespread
support, including from fash-
ion giants H&M, Gap and Zara
parent Inditex, which source
from the country. But no one
can agree on who should foot
the bill.
Factory owners in Bangla-
desh say that for them to raise
wages in a big way, Western
brands that are their top buy-
ers need to pay more for the
clothes they order. Although
the big names in fashion pub-
licly support higher pay, they
balk when costs go up
and threaten to shift their or-
ders to other countries, said
Faruque Hassan, president of
the Bangladesh Garment Man-
ufacturers and Exporters As-
sociation.
no
Resists Attempts
Garment workers demanding higher pay clashed with riot police in Dhaka last week.
In a late-September letter,
Hassan urged the American
Apparel & Footwear Associa-
tion, an industry body, to per-
suade clothing brands and re-
tailers to raise prices for
clothing orders. “This is im-
portant for a smoother tran-
sition to a new wage scale,” he
wrote, saying that factories
were in a “nightmare situa-
tion,” facing weak global de-
mand.
Part of the problem is that
international clothing brands
are also under pressure and
on
grappling with stiff competi-
us ,
tion, said Rubana Huq, chair-
l
person of Mohammadi Group,
e
al a
a Bangladeshi conglomerate
that supplies many of them.
“Every time we ask for even 1
ci on
cent [more] from the buyer, it
is very difficult to get their
support,” she said.
Bangladesh’s minimum-
wage board is holding negoti-
er s
ations involving both labor
and industry representatives
m er
m rp
co Fo
n-
WORLD NEWS
to settle on a new minimum
wage for garment work-
ers. Factory owners say that if
workers’ demands for a
roughly $205 minimum
monthly wage are met, Ban-
gladesh would lose its com-
petitive edge. Their proposal
for a $95 minimum wage was
dismissed as unworkable by
the government.
Western brands say they
support a boost in the mini-
mum wage, though most ha-
ven’t said by how much. Work-
ers sewing clothes for them
often make substantially more
than the minimum wage but
far less than what unions are
demanding and what interna-
tional organizations that
benchmark living-wage stan-
dards consider to be enough.
The American Apparel &
Footwear Association said its
members are committed to re-
sponsible purchasing prac-
tices.
An H&M spokesman said
the company supports a new
minimum wage to cover the
living costs of workers and
their families. He declined to
say if H&M would pay higher
prices to facilitate higher
wages, but pointed to a docu-
ment about its purchasing
practices that shows it has a
mechanism to allow improved
wages to be reflected in the
price offered to factories.
An Inditex spokeswoman
pointed to recent public state-
ments it made about its com-
mitments to support a living
wage for workers in its supply
chain. Gap didn’t respond to a
request for comment.
Mosammat Champa Kha-
tun, who works in a garment
factory and is protesting for
higher pay, says she opted for
inexpensive Islamic schooling
for her child. Even so, her
earnings of $110 a month go
toward rising transport, food
and housing costs.
“I cannot save,” she said.
THE WALL STREET JOURNAL.
BY JAMES T. AREDDY
A crusading mother. Legal
challenges. Human-rights cam-
paigns. Corporate appeals. Con-
gressional resolutions. Pressure
from the White House. A
United Nations agency plea.
For more than a decade,
China has resisted impas-
sioned requests to release
Mark Swidan, a Texan impris-
oned under murky and un-
usual circumstances. His case
speaks to how the U.S., like
other Western powers, has
limited leverage in its efforts
on behalf of citizens it says
are arbitrarily detained in
China’s opaque justice system.
The families of Americans
detained in China, including
some not imprisoned but
blocked from leaving the coun-
try, hope this year’s halting re-
sumption of high-level Wash-
ington-Beijing engagement can
spur the release of their loved
ones. China’s leader, Xi Jin-
ping, is planning to travel to
the U.S. for the first time since
2017 to meet President Biden
in San Francisco. Sometimes
summits have featured good-
will gestures by Beijing, in-
cluding amnesty for detainees.
But families also worry the
halting bilateral engagement
has relegated individual
Americans ever-lower on the
long list of weighty issues that
ly
confront the rivals.
“It was very common in ad-
vance of a trip either way for
prisoners…to be released,”
said John Kamm, who heads
San Francisco human-rights
organization Dui Hua Founda-
tion. “That’s the past.”
China’s government says it
applies laws equally regard-
less of nationality and opposes
what it calls foreign interfer-
ence in its legal affairs.
The State Department has
publicly classified three Ameri-
cans as “wrongfully detained”
in China: 48-year-old Swidan
and two China-born, natural-
ized U.S. citizens in their 60s,
Long Island businessman Kai Li
and California pastor David Lin,
all of them serving lengthy
prison sentences. All three have
health issues, their families say.
The “wrongful” designation
indicates the U.S. believes such
people are held at least in part
because of their American citi-
zenship. U.S. diplomats are
empowered to press harder for
their release than they might on
behalf of ordinary detain-
ees. The State Department says
American officials continually
raise the cases when engaging
with Chinese officials.
Swidan’s detention has ap-
peared arbitrary since Chinese
police first grabbed him
around 11 years ago, according
to his supporters. In 2019, a
U.N. Human Rights Council
working group on arbitrary
detention agreed and called
on China’s government to im-
mediately release Swidan.
This year, a Chinese court re-
jected Swidan’s appeal.
His odyssey began at the tail
end of his first-ever trip to
China, in 2012, when Swidan
had gone to buy flooring and
furniture. He was on the phone
telling his mother about the
deals he had seen when police
burst in and cut the phone line,
she says. Authorities had found
methamphetamine on Swidan’s
local driver and translator, and
.
police told Swidan he was be-
ing detained as a possible wit-
ness in a drug case.
More than a month later
Swidan was indicted on
charges that he participated in
a drug-manufacturing and dis-
tribution ring, though prose-
cutors described him as hav-
ing a secondary role and
recommended a light sentence,
according to the U.N. account.
A year later Swidan was
put on trial. It then took the
court more than five years to
return its verdict: guilty—with
a new description he was the
drug operation’s principal. He
was sentenced to death but
under rules that make it an ef-
fective life term. Swidan has
maintained his innocence.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. Tuesday, November 7, 2023 | A7

WORLD NEWS

Next Argentine Leader to Face Economic Crisis

BY RYAN DUBÉ
AND SILVINA FRYDLEWSKY Some Embrace
BUENOS AIRES—This once- Crypto Solutions
prosperous nation known for
its baroque architecture and After losing his job
robust cattle is grappling with during the pandemic,
its most debilitating economic Juan Manuel Vives
crisis in a generation as Ar- moved to Argentina’s re-
gentines prepare to choose a mote south from Buenos
new president this month. Aires to mine for bitcoin.
And it is only getting worse. He now operates a
Grocery-store shelves in- computer the size of an
creasingly lack basics such as oven to churn out bit-
toilet paper, coffee and rice as coin, earning a few dol-
triple-digit inflation acceler- lars a day, more than he
ates. Factories can’t import could have earned work-
supplies because of dollar ing in the capital. Wild
shortages, which forced Gen- price spikes and crashes
eral Motors to suspend pro- buffet the crypto market
duction. Doctors say they globally, but Vives said
don’t have materials to per- crypto is a better safe-
form CT scans. Recently, long guard for his savings
NATACHA PISARENKO/ASSOCIATED PRESS

lines formed outside gas sta- than the peso, which

tions after drivers were told has shed 90% of its
they could buy only a few dol- value since 2019.
lars of fuel at a time. “People don’t trust the
“This is an exhausting peso,” Vives said. “Be-
country,” said Gabriel de Rae- tween the volatility of the
demaeker, a farmer in central peso and the volatility of
Cordoba province who re- bitcoin, I prefer bitcoin.”
cently waited 40 minutes to
pump about $5 of fuel, forcing People collect vegetables discarded by vendors in Buenos Aires as the country endures a debilitating economic crisis.
him to go searching for gas at
another filling station. reserves, and Argentina owes Argentina’s consumer-price Others have turned in October. The company re- and exports are going to post
Pollsters say anger about $44 billion to the Interna- index, change from to crypto to circumvent cur- sumed operations last week, stellar growth,” Massa
the broken economy has tional Monetary Fund. Cut off a year earlier rency controls after President even though payments to sup- said. Economists counter that
spurred the rise of Javier from global financial markets, 150%
Alberto Fernández’s govern- pliers are still delayed, a GM his recent elimination of the
Milei, a libertarian outsider the government relies on ment has little by little cre- spokesman in Argentina said. income tax for nearly all Ar-
who pledges to reduce infla- ramped-up money printing to ated more than a dozen ex- “It is becoming increasingly gentines along with cash
tion by slashing public spend- cover a widening budget defi- 125 change rates against the difficult to get supplies,” handouts to drum up voter

.
ing and ditching the peso for cit while turning to China for dollar, a major challenge for said Norberto Taranto, a busi- support will make any adjust-
the dollar. His rival is Econ- billions of dollars in loans. 100 the next administration to un- nessman who leads an associ- ments more painful.

ly
omy Minister Sergio Massa of “We might end up in a situ- ravel. One is for soy farmers ation of Argentine auto-parts Investors say Argentina has
the ruling Peronist coalition, ation where the next govern- 75 to motivate them to sell, one manufacturers. “We’re in a strong economic potential as a
who came out on top in a first ment inherits hyperinflation,” is for foreign credit cards, critical moment.” powerhouse grains exporter,
round of voting in October de-
spite overseeing the turmoil.
Some polls show Milei in
the lead, while others give
said Alejandro Werner, former
director of the IMF’s Western
Hemisphere department. “The
first six months are going to
on50

25
aimed at tourists, while an-
other still is the “Qatar rate”
for Argentines who attended
the World Cup there.
Massa, who can count on the be dreadful.” It isn’t just ordinary people
us ,
Milei, an economist who
calls himself an anarcho-capi-
talist, says that by replacing
the peso with the U.S. dollar,
along with supplying lithium
and natural gas.
But they also worry that
Massa would maintain
Argentina would control infla- the same Peronist policies,

powerful Peronist machine, a On the streets, people com- 0 who can’t rely on the peso. tion by preventing politicians from capital controls to money
l

populist movement popular in plain of everything from un- The automotive sector from printing money. printing and subsidies, that
e
2020 ’21 ’22 ’23
al a

working-class areas of Buenos employment to food prices so hasn’t been able to import Massa, considered more have stifled foreign invest-
Aires, the edge ahead of the high it is hard to feed chil- Source: Central Bank of Argentina parts as a result of a shortage moderate than his leftist Per- ments.
Nov. 19 runoff. dren. of dollars to pay suppliers onist allies, blames the eco- “It all begins with manage-
ci on

Whoever takes office on An estimated $250 billion
Dec. 10 will inherit inflation in dollars has been stashed
that is expected to reach abroad, multiple times that of
nearly 200% by year’s end and other big Latin American
interest rates of 130%, which countries, according to the In-
er s
their pesos by turning
to cryptocurrencies that have
lost their allure elsewhere. Ar-
gentina has the sixth-largest
crypto-adoption rate in the
abroad.
In August, French car-
maker Renault briefly sus-
pended operations at its fac-
tory in Cordoba. GM closed
nomic troubles on an IMF
bailout under the previous
center-right administration
and a severe drought that hurt
agricultural exports. He proj-
ment before being able to
think about potential growth,”
said Malcolm Dorson, who
tracks Argentina as senior
portfolio manager at Global X,

are the world’s highest. The stitute of International Fi- world, according to data and production at its Santa Fe ects a fiscal surplus next year. an exchange-traded fund pro-
central bank has virtually no nance. Others have unloaded survey firm Statista. plant for nearly three weeks “The Argentine economy vider in New York.
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 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
A8 | Tuesday, November 7, 2023
Pressure Escalates
To Pause Assaults
U.S. steps up calls for
Israel to temporarily
halt Gaza attacks so
aid can get into strip
BY VIVIAN SALAMA
AND STEPHEN KALIN
The U.S. is dialing up pres-
sure on Israel to ease its in-
tense bombardment of the
Gaza Strip, deploying a wave of
top diplomats to the Middle
East in recent days, even with-
out the release of hostages
taken by Hamas, which Israel
has set as the condition for any
pause in its military operations.
President Biden, in a phone
call on Monday with Prime
Minister Benjamin Netanyahu,
urged the Israeli leader to de-
clare a humanitarian pause,
said John Kirby, spokesman for
the White House National Se-
curity Council.
The conversation came
hours after Central Intelli-
gence Agency Director Bill
Burns arrived in Israel, follow-
ing a visit to the region by Sec-
retary of State Antony Blinken.
Biden’s special envoy for the
Middle East, David Satterfield,
also returned to Israel, seeking
to negotiate the terms of a tem-
porary pause to allow more hu-
manitarian aid into Gaza.
For Washington, the diplo-
matic campaign demands a del-
icate balance between support-
ing Israel—its closest ally in the
region—in its objective of de-
Push Into
Gaza City
Intensifies
Continued from Page One
Horowitz, the Israel-based
head of intelligence for the
consulting firm Le Beck. Horo-
witz said the troops seemed to
be working methodically to
clear out Hamas tunnels on
the perimeter of the city be-
fore moving deeper. Horowitz
said he saw no evidence to
place Israeli soldiers in the
heart of Gaza City.
Israel’s ground operations
around Gaza City were accom-
panied by continued strikes,
with the military saying on
Monday that its jet fighters
had struck around 450 targets
over the previous 24 hours. The
targeted sites included Hamas
military compounds, observa-
tion posts and firing positions
for antitank missiles, the mili-
tary said. Navy warships posi-
tioned in the Mediterranean
Sea had also bombarded Hamas
facilities, the military said.
The latest push coincided
no
with a third major communica-
tions blackout in the enclave,
with phone and internet ser-
vices cut off from the Israeli
side on Sunday and only grad-
ually restored on Monday, said
Paltel, the telecommunications
company that services Gaza.
Israeli officials didn’t re-
spond to a request for com-
ment on the communications
blackout. Aid agencies said
such blackouts disrupt emer-
gency services, including calls
to ambulances, and prevent
Gaza residents from checking
on family members.
Hamas, which the U.S. desig-
nates as a terrorist group, said
on its Telegram channel that it
used mortars to attack Israeli
troops entering Gaza City from
the northwest
and south. It
later posted on
the same chan- The latest drive
nel that it had coincided with
bombed “a dis-
mounted infan- a third major
try force” in
“the Al-Maqousi
communications
area in Gaza blackout.
City with doz-
ens of mortar
shells.”
A senior Israeli security of-
ficial said the military’s goal
was to destroy Hamas’s com-
mand structure in Gaza City.
But doing so will require diffi-
cult decisions about whether
to strike hospitals and other
civilian structures and about
fighting inside an under-
ground tunnel system where
Israel contends many of
Hamas’s senior members—and
possibly hostages taken by Pal-
estinian militants—are located.
stroying Hamas, and easing a
humanitarian crisis that threat-
ens to destabilize neighboring
Arab countries that are also U.S.
allies. Few American presidents
have embraced Israel at war as
Biden has, but recent polls
show his stance has eroded
support in his Democratic base,
so the White House is walking a
line in its messaging.
“We’re not sitting down next
to them [Israel] as they develop
the target lists and how they’re
going to prosecute each target,”
Kirby said. “This is their fight.
We’re going to continue to urge
them to be careful.”
However, Israeli defiance
over a humanitarian pause has
been a source of contention
with Washington—including
with Biden, who has grown in-
creasingly frustrated by Is-
rael’s refusal, officials said.
The sense among some U.S.
officials is that Israel eventu-
ally will agree to a pause, but
that could take days or weeks,
frustrating Washington’s Arab
partners, who fear that the
longer the conflict continues
the greater the risk of spill-
over into their countries.
“Things are getting worse
rather than better for the ci-
vilians in Gaza,” said Jorda-
nian political analyst Osama
Al Sharif. “So definitely Jor-
dan and the rest of the Arab
countries are not very happy.”
He said Arab governments
were insulted and embar-
rassed before their people by
how, in their view, the U.S. has
oners in Baghdad, where he made
us ,
l
e
al a
ci on
er s
m er
m rp
co Fo
n-
People in Gaza City on Monday searched through buildings that were destroyed during an Israeli bombardment of the Al Shati refugee camp.
The official said that once
the military had taken out
Hamas’s commanders, the
group’s rank and file would
pose less of a threat and could
be defeated as the conflict
evolves from the heavy-combat
phase to one of lower intensity.
Although some Israeli offi-
cials said they believe defeating
Hamas could take as long as a
year, the senior security official
said there is concern in the mil-
itary that Israeli Prime Minister
Benjamin Netanyahu’s govern-
ment is likely to face growing
pressure even
from the U.S. to
curtail combat
before its war
aims are accom-
plished.
Gaza resi-
dents and doc-
tors said air-
strikes also hit
close to Al-Shifa
Hospital, where,
in addition to
patients, thousands of civilians
have been sheltering, and a
crowded refugee camp in the
north of the enclave. Israeli mil-
itary commanders have said in
recent days that Hamas has put
command facilities, ammunition
stockpiles and firing positions
near and underneath hospi-
tals—a claim Hamas has denied.
Since Hamas’s Oct. 7 at-
tacks, in which the group’s
fighters killed some 1,400 peo-
ple inside Israel, the Israeli
WORLD NEWS
adopted Israel’s perspective
and ignored their concerns.
“The longer this war con-
tinues and the suffering of
Palestinians continues, re-
gardless of the outcome, I
think it’s going to have a dam-
aging effect on these so-called
alliances,” Sharif said.
The U.S. is stressing to Is-
rael that it has a moral imper-
ative to pause the fighting
while humanitarian relief—in
particular fuel—is delivered to
those in Gaza who are desper-
ately in need. Israel has re-
mained defiant, saying it
would only consider a pause if
all the hostages are released,
U.S. officials said.
Israel might consider allow-
ing fuel deliveries to southern
Gaza, outside the focus of its
military assault, U.S. officials
said, but Israeli officials con-
tinue to discuss terms and lo-
gistics with U.S. counterparts.
Israel has said fuel could be
diverted by Hamas militants
for their own purposes.
There is a sense among some
U.S. officials that Netanyahu is
pushing the U.S. and other al-
lies to publicly demand and
pressure him to accept a hu-
manitarian pause so as to avoid
political backlash at home from
his cabinet and coalition if he
were to seem weak in the face
of pressure to pause the fight.
Blinken, speaking to report-
an unannounced visit on Sun-
day, said: “Israel’s raised im-
portant questions about how
A woman touched a poster showing a kidnapped relative outside the Knesset on Monday.
military has carried out thou-
sands of airstrikes in Gaza,
bringing down high-rises,
transforming neighborhood
blocks into rubble and
prompting more than half of
the strip’s 2.2 million resi-
dents to flee their homes.
The Hamas-controlled health
authorities in Gaza said on
Monday more than 10,000 Pal-
estinians had been killed in the
war, the majority of whom are
women and children. The fig-
Secretary of State Antony Blinken spoke with reporters as he left Turkey on Monday.
humanitarian pauses work.”
“We agreed that our teams
would get together and they are
doing just that…to work through
the specifics of the practicalities
of these pauses,” he said.
Burns, the CIA director, ar-
rived for talks with his counter-
parts in other intelligence agen-
cies, on the hostages, efforts to
keep the conflict from spread-
ing, and opening a border cross-
ing between Gaza and Egypt.
Burns has earned a reputa-
tion as the Biden administra-
tion’s go-to man in tricky dip-
lomatic situations. He has
longstanding ties to the re-
gion, having served as a se-
nior State Department official
on Middle Eastern affairs and
ambassador to Jordan during
the Clinton administration.
U.S. officials say time is of
the essence to offer some re-
lief to Gaza civilians caught in
the crossfire, and worry that
the catastrophe playing out in
Gaza will get worse.
Israeli officials contend that
ures don’t distinguish between
civilians and combatants. Israel
said 31 soldiers have been killed
since it launched the ground
war on Oct. 27.
President Biden spoke Mon-
day morning with Netanyahu,
the White House said, a con-
versation that included a dis-
cussion of “the possibility of
tactical pauses to provide ci-
vilians with opportunities to
safely depart from areas of
ongoing fighting, to ensure as-
* * THE WALL STREET JOURNAL.
JONATHAN ERNST/PRESS POOL
a pause would allow Hamas to Hamas’s command structure in
regroup and retaliate. U.S. of- Gaza City, which could entail
ficials share that concern, but striking hospitals and civilian
said that the crisis in Gaza has structures. Israel has said
reached a point where it is Hamas uses them to cover or
virtually impossible to sustain hide its military assets. The of-
the current level of attacks. ficial said military leaders are
U.S. officials say they aren’t concerned that their govern-
telling the Israelis what to do ment will face pressure from
but they are pressuring them the U.S. and other countries to
about how their military cam- curtail combat before Israel’s
paign is conducted to mini- war aims are accomplished.
mize civilian casualties to the Hamas has struggled to
maximum extent possible. agree on a unified position on
Netanyahu and other Israeli how to handle the hostages. In
officials have said they would talks with Egypt and Qatar,
relentlessly pursue Hamas until Hamas political leaders ex-
it releases more than 200 peo- pressed willingness to release
ple taken hostage on Oct. 7. Ne- some civilian hostages, while
tanyahu has said Israel would leaders of the group’s military
consider a pause in its assault wing opposed the idea, officials
.
as part of a hostage deal. familiar with the talks said.
A senior European official
ly
said that even for interna-
tional aid workers to visit and Watch a Video
check on hostages would re- Scan this code
quire a pause in fighting.
A senior Israeli security of-
ficial said on Monday that the
military’s goal was to destroy
to watch a
video on
Blinken’s
Mideast efforts.
BASHAR TALEB/APA IMAGES/ZUMA PRESS
of the Organization of Islamic
Cooperation in Riyadh, Saudi
Arabia, on Sunday that is
aimed at discussing the war.
His visit would be the first to
the kingdom by an Iranian
head of state since 2012.
Netanyahu has resisted
pressure from the U.S. to pause
Israel’s airstrikes to facilitate
humanitarian-aid deliveries
unless an estimated 241 hos-
tages taken by Hamas fighters
from Israel are released. He
has also dismissed calls for a
broader cease-fire from the
United Nations and increas-
ingly alarmed Arab countries.
The U.N. on Monday said
more than 88 workers in its Re-
lief and Works Agency, the larg-
RONEN ZVULUN/REUTERS
est humanitarian organization
in the Gaza Strip, have been
killed since Oct. 7, the highest
number of U.N. workers who
have died in any single conflict.
Amid Israeli’s intensifying
offensive, scores of residents
of northern Gaza on Monday
sistance is reaching civilians took advantage of a corridor
in need, and to enable poten- opened by the Israeli military
tial hostage releases.” to flee south.
The conversation came An Israeli government
hours after Central Intelligence spokesman said Monday that
Agency Director Bill Burns ar- one of its airstrikes had killed
rived in Israel, while Secretary Wael Asefa, a Hamas com-
of State Antony Blinken dis- mander who was “personally
cussed the war with Foreign responsible” for ordering the
Minister Hakan Fidan of Tur- Oct. 7 attacks.
key in Ankara on Monday. —Chao Deng, Anas Baba,
President Ebrahim Raisi of Omar Abdel-Baqui
Iran, meanwhile, plans to at- and Catherine Lucey
tend an extraordinary summit contributed to this article.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
THE WALL STREET JOURNAL.
Families Often
Split Trying
To Flee Gaza
CAIRO—On the wall of the
border crossing between
bombed-out Gaza and Egypt’s
Sinai desert there is a list. The
names on it have been a
source of hope, despair and
confusion for the hundreds of
foreign families wanting to es-
cape the Palestinian enclave
under Israeli fire.
By Chao Deng,
Summer Said
and Stephen Kalin
When American sisters
Jana and Mena Timraz ap-
peared on the list on Thursday,
they rejoiced. But their par-
ents, their brothers and Jana’s
husband, who aren’t U.S. citi-
zens, weren’t on the roster.
“My husband said ‘Go save
yourself and son—that’s the
most important thing,’ ” said
Jana, cradling her 3-month-old
son in a Cairo hotel, having
left the rest of her family be-
hind in Gaza. “Our bodies are
here, but our hearts are with
them,” the 19-year-old said.
Their story is among the
heart-rending dilemmas emerg-
ing from those fleeing Gaza. Af-
ter a weekslong diplomatic
wrangle to get the frontier open
for foreign nationals and the in-
jured, the task of choosing who
goes through the Rafah cross-
ing is arguably more arduous.
The exodus was compli-
cated further by the suspen-
sion of crossings Saturday
morning, when Hamas, the
U.S.-designated terror organi-
zation that runs the Gaza
Strip, said it wouldn’t open
the border unless Israel
agreed to the safe passage of
ambulances heading to the
crossing. An ambulance near
the largest hospital in Gaza
City was hit on Friday by the
Israelis, who said they were
targeting Hamas militants us-
ing the vehicle. The border re-
U.S. Plans Big Transfer of Weapons
BY JARED MALSIN
The Biden administration is
planning a $320 million trans-
fer of precision bombs for Is-
rael, a major weapons deal
that comes amid heightened
concerns in Congress and
among some U.S. officials
about the rising civilian death
toll during the Israeli military
campaign in Gaza.
The administration sent
formal notification on Oct. 31
to congressional leaders of the
planned transfer of Spice
Family Gliding Bomb Assem-
no
blies, a type of precision
guided weapon fired by war-
planes, according to corre-
spondence viewed by The Wall
Street Journal.
Under the agreement,
weapons manufacturer Rafael
USA would transfer the bombs
to its Israeli parent company
Rafael Advanced Defense Sys-
tems for use by the Israeli de-
fense ministry, the correspon-
dence says.
Sale of Guns to Police Spurs Concerns
BY JARED MALSIN
AND GORDON LUBOLD
The Biden administration
has approved the transfer of
some 24,000 rifles to the Is-
raeli national police, raising
concerns among some U.S. of-
ficials that the small
arms could end up in the
hands of Israeli settlers and
be used indiscriminately
against Palestinian civilians.
The decision, made in re-
cent days, includes the transfer
of roughly $30 million worth of
automatic and semiautomatic
weapons through licenses ap-
proved by the State Depart-
ment. It comes as U.S. support
for the campaign Israel is wag-
ing against the Palestinian-Is-
lamist militant group Hamas
inside Gaza gets new scrutiny.
The international commu-
nity has grown increasingly
alarmed as thousands of inno-
cent civilians caught up in the
conflict have been killed as part
* * * * *
opened on Monday.
Compiling foreigner-depar-
ture lists involves a complicated
exchange of personal details
submitted by embassies for vet-
ting by Israeli authorities,
Egyptian officials and Hamas.
Children have been listed
and not parents. For those who
have made the cut, getting to
the exit has proved dangerous
at times. The Rafah crossing
itself came under fire at least
three times in the run-up to its
opening for humanitarian aid,
and there was a blast there on
Thursday, an American waiting
to leave said.
A U.S. official telephoned
Noha Abuolba, who lives in
Pennsylvania and was visiting
family in Gaza when the war
broke out, to notify her when
her name appeared on Thurs-
day’s list. She waited until Fri-
day when her sister and
brother-in-law’s names also
showed up on the list, then
headed to Rafah with them
and her children.
Abuolba and her relatives
had to run for half an hour to
reach a hospital, said Atta
Abuolba, Noha’s brother-in-
law, who was with her when
the bus came under fire. One
of her daughters was shot and
suffered shrapnel wounds to
her back, and another daugh-
ter had to get her fingers am-
on
putated because of her inju-
us ,
ries, the brother-in-law said.
l
“We tried to get to the Ra-
e
al a
fah border but it is very diffi-
cult and dangerous,” he said.
The State Department said
ci on
it was following up with the
family.
About 60 nations have asked
Egypt for around 7,600 foreign
nationals—many of Palestinian
er s
heritage—to be allowed to
leave Gaza, senior Egyptian of-
m er
ficials said. Among them are
between 500 and 600 Ameri-
cans. In its first three days of
m rp
co Fo
The plan also includes the
provision of support, assem-
bly, testing and other technol-
ogy related to the weapons
use. It follows a $402 million
transfer of the same weapons
that the administration first
sought congressional approval
for in 2020.
The weapons
were requested
by Israel before The Biden
the Oct. 7 administration
n-
Hamas attack
on Israel, with would send Israel
an initial, infor-
mal notification
$320 million in
precision bombs.
sent to con-
gressional lead-
ers earlier this
year, said offi-
cials familiar with the process.
The planned weapons deal
comes as the death toll in
Gaza from Israel’s continuing
assault on the enclave sur-
passed 10,000 people on Mon-
day, according to the local
Health Ministry in the Hamas-
run enclave. The figure doesn’t
Far-right National Security Minister Itamar Ben-Gvir, center,
inspected weapons last month in Ashkelon, Israel.
of the Israeli ground incursion.
The sale of the small arms
underscored what to many, in-
cluding members of Congress
and human-rights groups, is
U.S. support for the use of in-
discriminate targeting of indi-
viduals inside Gaza.
Lawmakers, including U.S.
Sen. Chris Van Hollen (D., Md.),
WORLD NEWS
Jana Timraz, wearing a red top, and her sister Mena, wearing a printed top, at a hotel in Cairo after leaving the Gaza Strip
Four-Year-Old Waited for Relatives to Cross the Border
Families have frantically possible for the boy to go
called U.S. offices in Cairo, alone, so the family of four
Tel Aviv and Jerusalem anxiously waited for another
about getting their names day before all their names
on a list of those cleared to appeared, and they crossed.
leave the Gaza Strip and Still, the boy’s grandpar-
enter Egypt. ents’ names were missing.
Hammam Alyazji said his “I don’t know if I’m lucky
4-year-old son—the only U.S. or not,” Alyazji said.
citizen in the family—ap- From Cairo early Satur-
peared on a list on Thurs- day, they checked the list
day. It would have been im- online and saw Alyazji’s
operation, some 1,027 dual na-
tionals went through the cross-
the war, when Hamas mili-
tants from the Palestinian en-
ing. On Saturday, though, de- clave went on a killing spree
partures stopped before being that left more than 1,400 peo-
restored on Monday, when 329 ple dead and roughly 240 oth-
civilians went through. ers held hostage, Israeli offi-
The Hamas-run Palestinian cials said. Rafah is the only
border authority didn’t respond civilian gateway from Gaza
to requests for comment. not controlled by Israel and
Without any further hold- the only way humanitarian aid
ups, and based on the number has entered by land during a
who have gone through the near-total siege of the strip.
border each day it has opened, Egypt initially refused to
it would take about three let American citizens and
weeks to process all those other foreigners out of Gaza
who meet the criteria to leave. until water, food, medical sup-
Diplomats have focused on plies and other humanitarian
Rafah since the Oct. 7 start of aid went in, Egyptian officials
distinguish between civilians urged Israel in recent days to
and combatants, but more ease its bombing of Gaza to
than two-thirds of those killed alleviate the humanitarian cri-
in Gaza have been women, sis in the strip.
children and the elderly, ac- Some security analysts said
cording to the ministry. the potential weapons transfer
Officials at the State and could undercut those efforts
Defense departments didn’t toward a pause in the military
respond to re- assault.
quests for com- “The Biden administration
ment on the has been urging the Israeli
matter. government to allow for hu-
The Pentagon manitarian pauses, but this
has refused to sale and other similar military
say how much assistance being rushed to Is-
military weap- rael completely undermines
onry, equipment that effort,” said Seth Binder,
and other aid it director of advocacy and an
has provided Is- expert on weapons sales to
rael since the the region at the Project on
Oct. 7 attack. Middle East Democracy, a pol-
After being the recipient of icy institute in Washington.
widespread Western and other “The administration may be
international support in the af- asking for pauses but its ac-
termath of the Hamas attack, tions say it is supporting the
Israel is now facing a growing bombing campaign,” Binder
international outcry over kill- said.
ings of civilians and the deepen- —Nancy A. Youssef
ing humanitarian crisis in Gaza. and Gordon Lubold
Senior U.S. officials have contributed to this article.
the possible diversion of mili-
tary rifles to settlers in the
MENAHEM KAHANA/AGENCE FRANCE-PRESSE/GETTY IMAGES
West Bank,” said a Senate
staffer. Van Hollen is seeking
assurances from the adminis-
tration that weapons sales not
be used to fuel extremist vio-
lence against innocent Pales-
tinians.
State Department officials
confirmed the sale by Colt
Manufacturing of Hartford,
Conn., and other companies,
and said the concerns raised
have been addressed through
assurances the U.S. has re-
ceived from the Israeli gov-
ernment. Colt Manufacturing
didn’t respond to a request for
fear that the small-arms weap- comment.
onry could end up in the wrong Administration officials said
hands, including in community the concerns that the weaponry
groups that aren’t as tied to Is- could fall into the hands of
raeli government policy. community-based groups in the
Since the far-right National West Bank are effectively moot
Security Minister Itamar Ben- because the Israeli National Po-
Gvir began to oversee the Is- lice doesn’t operate in the West
raeli national police, Van Hol- Bank and therefore the weap-
len “has been concerned about onry shouldn’t surface there.
Tuesday, November 7, 2023 | A9
name listed four times, even
though he had left Gaza. His
parents still weren’t included.
“The ones who put to-
gether these lists don’t care
about Gaza or people,” he
said.
U.S. officials said they are
advocating for families to be
ly
listed together, but noted
that the U.S. doesn’t control
the registers.
familiar with the matter said.
Egypt used its control over
who to let through as leverage
to restore some aid transfers
into the strip, officials said.
The final foreigner list—
published each morning on
the Palestinian border author-
ity’s Facebook page—has led
families to question whether
mistakes are clerical errors or
intentional. The Palestinian
border authority didn’t re-
spond to a request for com-
ment.
Many who made it to Egypt
late last week said they
wanted to remain there until
WORLDWATCH
A woman looks for her belongings after a quake hit Nepal.
GERMANY
Manufacturing Lift Aid Trickles In
Beats Forecasts After Earthquake
New orders at German
factories rose slightly in Sep-
tember, beating expectations.
Manufacturing orders were
0.2% higher than a month be-
fore, according to seasonally
and calendar adjusted-data
released Monday by German
statistics office Destatis. Or-
ders had been expected to
slip 1.5%, according to econo-
mists polled by The Wall
Street Journal.
Orders in August had risen
1.9%, Destatis said, reducing a
previous estimate of a 3.9%
rise.
—Joshua Kirby
EAST AFRICA
Floods Kill 29 in
Kenya, Somalia
Heavy rains and flash
flooding have killed at least
29 people and displaced tens
of thousands in Kenya and
Somalia, aid agencies re-
ported on Monday.
In Somalia, the federal
government declared a na-
tional emergency after the
extreme weather killed at
least 14 people and destroyed
homes, roads and bridges.
Emergency and rescue work-
ers were trying to reach an
estimated 2,400 residents
trapped by floodwaters. In
neighboring Kenya, the Kenya
Red Cross said the death toll
had risen to 15 since the
heavy rains began on Friday.
—Associated Press
SIMA DIAB FOR THE WALL STREET JOURNAL
other family members joined
them, but the Egyptian gov-
ernment has given evacuees
only three-day visas.
Mohammed Abu Hamad, a
British father of five, was left
off the register that contained
his American wife and chil-
dren. Undeterred, he talked
his way through the Gaza side
of the border, his wife Emilee
Rauschenberger says.
.
Officials in Gaza warned he
might be turned back at the
Egyptian side, but when he
showed his British passport
they waved him through and
the family rode an overnight
bus to Cairo, from where they
plan to fly home to the U.K. Abu
Hamad’s name appeared on a
U.S. section of the Palestinian-
administered list the next day.
Others are still waiting, in-
cluding Adam Al alami, an 11-
year-old American whose par-
ents weren’t on the same
departure roster as him. Adam’s
mother said her son cried when
his cousins, aunt and uncle
went through the border with-
out him on Friday. The family
returned to the house in south-
ern Gaza where they are shel-
tering with 50 other people.
—Anas Baba
contributed to this article.
SKANDA GAUTAM/ZUMA PRESS
NEPAL
Survivors of an earthquake
that flattened villages in Ne-
pal’s northwest mountains
searched through debris for
any salvageable belongings
on Monday as aid trickled
into the remote area.
The relatively shallow 5.6-
magnitude temblor on Friday
killed 157 people, injured
scores and left thousands
homeless when it struck just
before midnight, unleashing
landslides and collapsing
homes in an area of steep
slopes centered around the
district of Jajarkot.
—Associated Press
AUSTRALIA
Central Bank Hikes
Rates After Pause
The Reserve Bank of Aus-
tralia raised interest rates in
response to stubbornly high
inflation, ending a five-month
pause and diverging from
other major central banks
that have signaled they may
have price pressures under
control.
The increase takes Austra-
lia’s official cash rate to
4.35% from 4.10%, the highest
in more than a decade. It was
widely expected by econo-
mists: Consumer prices in the
three months through Sep-
tember were up 5.4% from a
year earlier, almost twice the
U.S. rate and significantly
higher than the eurozone’s.
—James Glynn
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
A10 | Tuesday, November 7, 2023
Foreign
Firms’ Cash
Exits China
Continued from Page One
dollar this year and touched
its lowest level in more than a
decade in September.
A range of factors has con-
tributed to the profit exodus,
economists and corporate ex-
ecutives said. Those include a
widening gap between China’s
interest rates and those in the
U.S. and Europe that has made
it more attractive to park
earnings in the West. While
the Fed and other central
banks have been raising rates
to fight inflation, China has
been cutting them as policy
makers battle a prolonged
downturn in real estate.
But many foreign firms are
looking for better uses for their
money, as China’s economy
slows and geopolitical tensions
rise. Chilly relations between
Beijing and the U.S.-led West
Xi Makes
Push for
Countryside
Continued from Page One
people work while rejuvenat-
ing villages left behind by
China’s economic rise.
In reality, many young peo-
ple are using the programs to
postpone the potentially pain-
ful process of searching for
jobs today in China’s big cit-
ies. The work they are doing
often falls short of fixing the
underlying problems of rural
China, which include a lack of
business and investment.
In a village west of the
southern city of Guangzhou, a
group of college volunteers re-
cently painted an antidrug
slogan on a wall. The village,
which has been earmarked by
the government for revival,
was all but deserted, with
businesses closed and some of
its homes abandoned and
overgrown with weeds.
By volunteering to paint
the wall—and registering the
work via an official app—sev-
eral of the students said they
believed they would have a leg
up in later applying to join the
Party. The students figured
that would bolster their
chances of eventually landing
government work, a highly de-
sirable path for its job secu-
rity.
In another village, a differ-
ent group of young people
working with the Party passed
time by teaching children to
read the expiration dates of
food labels. One of the women
leading the class said the full-
time volunteer program
bought her time to figure out
a career. “I didn’t know what
else to do,” she said. Then of-
ficials arrived and she de-
no
clined to say more.
While China has rolled out
many rural poverty-alleviation
programs over the years, the
latest push stands out for the
way in which young people
are being enlisted to advance
some of Xi’s signature politi-
cal goals.
The effort has picked up
steam since Xi called on offi-
cials to steer more graduates
to the countryside during a
speech last December.
Xi detailed his concerns
that mass migration from ru-
ral to urban areas over the
past 40 years is putting the
country’s food supply at risk
and making China vulnerable
in its growing rivalry with the
West. “The main reason some
villages lag behind in develop-
ment is that they lack talent,”
Xi said.
His vision is for more
young people to settle in the
countryside for the long run—
not just for a year or two.
With more than one in five
young urban Chinese unem-
ployed as of this summer, re-
settling people into towns and
villages can take some of the
heat off cities that haven’t
produced enough of the white-
collar jobs that many gradu-
ates want.
But many young Chinese
would still rather scrape by in
cities with low-wage work, of-
ten as shop assistants or de-
livery drivers. Others simply
live off their parents’ money.
“Life here is dull, unlike the
colorfulness of the cities,” said
Chen Lingmin, another gradu-
ate who has been working as a
Party volunteer in rural
have pushed global companies
to rethink their supply chains
and exposure to China.
“Corporates are beginning
to de-risk from China,” said
Peter Kinsella, global head of
foreign-exchange strategy at
Union Bancaire Privé.
Firan Technology Group, an
aerospace-electronics com-
pany based in Toronto, pulled
around 2.2 million Canadian
dollars, equivalent to $1.6 mil-
lion, from China in 2022 and
the first quarter of 2023, Chief
Executive Brad Bourne said.
The company invested be-
tween 8 million and 10 million
Canadian dollars to expand in
China over the past decade.
The main reason for with-
drawing cash from China was
to help finance two recent ac-
quisitions in the U.S., Bourne
said. But he said that deterio-
rating ties between Washing-
ton and Beijing are a concern
for the company. “For sure,
there are more uncertainties
as to what will happen regard-
ing tensions between China
and the West/U.S.,” he said.
“So having large sums of
money there has some risk.”
Unlike most other major
on
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Guangdong since 2021.
An art major in college, she
is now teaming up with the
Party’s Youth League to pro-
duce videos to promote the
n-
rural town where she has been
stationed north of Zhaoqing,
home to more than 4 million
urban and rural residents in
southern China.
The Party is eager to tap
the digital sensibilities of
young people such as Chen,
tasking some with setting up
e-commerce channels to hawk
local products from shrimp to
peanuts. The thinking is that
distinctive branding for these
products will appeal to China’s
urbanites, convincing them to
buy more of the rural prod-
ucts and generating income
for poorer regions.
Such a strategy is unlikely
to work for every village in
China, however, with many
villages lacking the sorts of lo-
cal specialties that appeal to
Chinese from the big cities.
Chen redesigned the pack-
aging of local rice, in an at-
tempt to boost sales beyond
the immediate area where she
works, with script printed on
the new packaging stressing
A train station in a rural part of Zhaoqing where youth volunteers have been active.
FROM PAGE ONE
Monthly change in foreignersʼ
holdings of Chinese bonds
250billion yuan
200
150
100
50
0 0
-50
-100
-150
Jan. 2020 ’21 ’22
Note: 10 billion yuan=$1.37 billion
Sources: Wind, Shanghai Clearing House, China Central Depository and Clearing
economies, China doesn’t dis-
tinguish between reinvested
profit and new or “green-
field” foreign investment in
its balance of payments, a re-
cord of a country’s interna-
tional transactions.
China’s Ministry of Com-
merce, however, does publish
monthly data on greenfield in-
vestment. By subtracting
those data from the direct-in-
vestment sums recorded in
China’s balance of payments,
the rice was naturally grown
in rural Zhaoqing. She said the
rebranded rice so far is mostly
being consumed by the local
government itself as well as
some villagers.
Chen praised the adminis-
trative skills she developed
through the volunteer pro-
gram, as well as the unique
experience of living in the
countryside. Yet she didn’t
plan to stay there long-term,
and was planning a return to
city life when her service ends
later this year.
Echoes of Mao era
The idea of sending young
people to the countryside has
roots deep in the Party’s his-
tory. In the 1960s and 1970s
under Mao Zedong’s leader-
ship, more than 16 million
people were sent down by the
Party to work in rural China.
Among them, 15-year-old Xi
was dispatched from a privi-
leged Beijing upbringing to a
barren village in northern
China. He slept in a sparse
cave dwelling, herded sheep
and tended fields with farm-
ers, according to official me-
Monthly net flows to mainland
China stocks via Hong Kong
250billion yuan
200
150
100
50
-50
-100
-150
’23 Jan. 2020 ’21 ’22 ’23
economists can get a rough
estimate of the flow of profits
being reinvested in China or
being pulled back overseas.
The data show that for all
but two quarters between
2014 and the middle of last
year, foreign firms were rein-
vesting more in China than
they were transferring abroad.
In 2021, for instance, firms re-
invested a net $170 billion.
That shifted in the middle of
2022, when China was under
Above, students volunteered to paint an anti-drug slogan on
a village wall in rural Zhaoqing. Left, Chinese President Xi
Jinping has urged young people to leave city life.
dia accounts.
As China’s leader, he has
invoked this time as a life-al-
tering experience that taught
him the value of sacrifice in
service of the nation. Today,
besides the practical consider-
ations of making China stron-
ger agriculturally and creating
jobs for unemployed youths,
Xi’s belief that young people
should be grittier also under-
girds the rural-work push.
“The ‘self-pursuit of hard-
ship’ is the most important
thing I ask of myself,” state
media has quoted Xi as say-
ing.
The campaign today differs
in crucial ways from what Xi
endured. For one thing, the
state is seeking volunteers to
go to the countryside rather
than sending them forcibly.
And unlike in the Cultural
Revolution, when the Party
expected urbanites to learn
from farmers, officials now
say they need college gradu-
ates to help rural areas mod-
ernize.
State media has depicted
some volunteers such as Li
Yueyang as advocates for the
Party, traveling to the fields to
promote the country’s agricul-
tural policies. “Three years of
grassroots work has let me
reap a full harvest,” Chinese
media quoted Li telling fresh
graduates this summer.
Instilling Party ideology in
young people is especially im-
portant at a time when the
Party fears many unemployed
youths are becoming disen-
chanted with China’s direc-
tion. The expectation is that
graduates will more closely
THE WALL STREET JOURNAL.
sporadic lockdowns and the China has imposed exit bans
U.S. Federal Reserve began
raising interest rates to combat
on certain employees of foreign
companies and this year raided
inflation. Outflows have contin- the offices of some consulting
ued in each quarter since.
“Could this be a canary in
firms providing services to
multinational companies. The
the coal mine for future invest-
ment intentions? It’s possible,”
said Alex Etra, senior macro
government has also broad-
ened its anti-spying laws in
ways that could encompass
strategist at Exante Data, which routine corporate activities.
tracks global capital flows. Some firms have disclosed
Recent surveys of U.S., Euro- that they are taking profits out
pean and Japanese companies of China. Swiss materials-tech-
in China show executives are nology company Oerlikon said
souring on new investments in February it pulled 250 mil-
there, unnerved by the pros- lion Swiss francs, equivalent to
pect of conflict with Taiwan $276 million, from China in
and China’s efforts to tighten 2022. A spokeswoman de-
oversight of foreign firms oper- scribed the transfer as routine.
ating within its borders. Over- Georgia-based Chart Indus-
all foreign direct investment in tries, which makes cooling
China was negative in the third systems, said in October it re-
quarter, with outflows of capi- patriated $35 million of cash
tal exceeding inflows by $11.8 from China in the first nine
billion—the first negative quar- months of the year. The com-
ter in balance-of-payments pany didn’t respond to a re-
data that start in 1998. quest for comment.
The U.S. has imposed re- The repatriation of compa-
strictions on U.S. investment in nies’ earnings is part of a
China in sensitive sectors such broader outflow of foreign
as artificial intelligence and capital from China. Higher
has prohibited the export to rates and bond yields in the
China of high-end computer U.S. have also made Chinese
chips, fearing they could be stocks and bonds far less at-
used by its military. tractive to global investors.
of the great rejuvenation of
the Chinese nation.”
Central and provincial gov-
ernment officials didn’t re-
spond to requests for com-
ment. During recent visits to
the region, many participants
declined to speak with a for-
eign reporter without permis-
sion from Party officials.
.
Some young people in
China say they have genuinely
ly
been inspired by Xi’s call. Con-
vincing them to stay over the
FROM TOP: THE WALL STREET JOURNAL; LI XUEREN/XINHUA/ZUMA PRESS
long run is another matter.
Rural living conditions can
be more primitive than in big
cities. A video by one young
graduate volunteer working in
rural Guangdong of her living
quarters showed a sparse
room with cement walls and
barred windows. She erected a
tent of netting over the bed to
keep bugs out.
Lai Qiang, 29, whose family
hails from a rural region north
of Guangdong, said he wanted
to give something back to the
country after he received a
scholarship for his postgradu-
ate degree. After graduating
from college, he landed a job
with a trading company in one
of Guangdong’s manufacturing
hubs. Lai said he was earning
align their careers with the the equivalent of $1,500
needs of the state, even if that monthly, a relatively lucrative
means settling for lower-pay- sum for a recent graduate.
ing jobs in rural areas. Yet he said he felt the urge
In Guangdong, provincial to return to school. In 2021, he
officials say they aim to lure entered a master’s program in
200,000 young people to rural agriculture in Guangdong, a
areas by the end of 2025. specialization he said he chose
Their plans include encourag- only because it was easier to
ing young people who have get into than other programs.
moved to the cities for jobs to As Lai prepared to graduate
return to work in their rural last year, the local Communist
hometowns. Party Youth League was publi-
In one program, fresh grad- cizing the chance to volunteer
uates agree to stay in rural ar- in rural Guangdong. He took
eas for two or three years. up the offer. “Because the
While formally dubbed volun- country and the school have
teers, the participants are vet- nurtured me, I really wanted
ted for political loyalties, and to give back,” he said in an in-
get paid a stipend of around terview in the government of-
$300 a month as well as help fices of a farming town north
with housing and food. Many of Guangzhou. Lai declined to
work with local officials inside answer most questions about
town governments. his work without the Party’s
Upon completing their permission. State media has
terms, participants who reported that as a volunteer,
choose to then sit for China’s tapping his own network as a
highly competitive civil ser- university graduate, he has
vice exam receive extra points played an instrumental role in
for their scores. Participants sourcing higher-quality seeds
are also promised preferential for local growers to boost
treatment if they apply for their productivity.
jobs at state companies. For his efforts, he’s gotten
special recognition from cen-
tral Party authorities. But
‘Chinese dream’ looking ahead, Lai isn’t sure
This spring, professors and he can stay in rural Guang-
officials gathered students in dong. His girlfriend, who is
lecture halls to promote from the provincial capital,
Guangdong’s initiative, which isn’t interested in moving to
has already sent nearly 10,000 the countryside. And he said
graduates to work in rural ar- the money he could earn in
eas. Before shipping out in the city was still much more
August, the latest batch of re- than in rural areas.
cruits raised their right hands “After all, since I’m also
and pledged to do their best coming out of the countryside
to serve their communities myself,” he said, “I have to
and “to contribute to the real- consider the money question
ization of the Chinese dream as well.”
THE WALL STREET JOURNAL
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
© 2023 Dow Jones & Company. All Rights Reserved.
Fun Things Now Give Buyers Remorse
The steeper price we pay for tickets, travel and other experiences changes our standards for a good time
BY JOE PINSKER
A
s the cost of having fun
goes up, so do the odds
that you’ll feel let down.
Isa Jones paid $375
for a ticket to a local
music festival, more
than twice what she remembers
paying more than a decade ago.
“It’s like my happy place,” she
said, justifying the expense.
Midway through the three-day
festival last month, the 33-year-old
copywriter from Austin, Texas, felt
she wasn’t really getting $375
worth of fun. It was more like
$200 of fun, she said. “The price
keeps going up but nothing about
the experience improves,” she said.
And, she couldn’t help but
think of ways she could have
squeezed more pleasure out of
that sum—using it to pay for a few
days of skiing, for one. “My brain
is putting everything in those
terms right now whenever I spend
money,” she said.
The cost of admissions and fees
for entertainment rose faster than
the cost of many staple goods last
year, according to data from the
Bureau of Labor Statis-
tics. That has helped
raise standards for the
amount of fun we expect
for our money—and trig-
gered quick disappoint-
ment when our experi-
ences don’t live up to the
price. Someone who
scores cheap flights to
Europe may give the trip
five stars before the
plane even boards.
Someone who spends
half their paycheck on
playoff tickets may get
cranky about it by half-
time.
FROM TOP: PHOTO ILLUSTRATION BY ELENA SCOTTI/THE WALL STREET JOURNAL, ISTOCK; CALANDRA COONE
And people are
spending for now. Corie
Barry, Best Buy’s CEO,
said at a conference last
month that “experiences
are really where people
are willing to pay” and
that this was dragging
on demand for expensive
electronics.
Studies on money and
happiness tell us that
paying for experiences
tends to bring us greater
pleasures than buying Calandra Coone’s view at a Beyoncé concert
stuff, because those ex- this summer. Coone spent about $200 for her
periences can deliver seat and was hoping there would be monitors
payoffs before, during that allowed her to see more of the action.
and after they happen.
If a pricey experience
can’t live up to its own hype, the
answer isn’t to give up on going to
shows or traveling. Instead, look
for cheaper pleasures, said Amit
Kumar, a marketing professor at
Expect Some Bumps
On Vegas Road Trip
no
BY JACOB PASSY
Las Vegas
BRAVING TRAFFIC on the Strip
might be the riskiest bet a person
can make in Sin City these days.
Las Vegas is gearing up to host
the Formula One Grand Prix next
week, which will feature cars hur-
tling down Las Vegas Boulevard
past some of the city’s most fa-
mous casinos. Construction work to
repave roads and build grandstands
and stanchions has taken place over
several months.
For visitors and locals, this con-
struction has made navigating the
city an exercise in patience. Driving
or walking from one resort to an-
other can take much longer than
usual. Many visitors are complaining
that the construction has ruined
views of popular attractions.
Repeat visitors and locals worry
that obstruction will
become an annual
fall happening, espe-
cially since many of Construction for
the structures built Formula One
for the race are tem-
porary. Las Vegas racing is
and F1 have agree-
ments that will allow
creating traffic
the race to happen headaches for
annually for at least
two and as many as locals, tourists.
nine more years.
MATTHEW ASHTON/AMA/GETTY IMAGES
Some regular visitors
are rethinking their
future travel plans.
Will Hudgins, a firefighter from
Houston, says he has visited Las
Vegas in October every year for
more than a decade to play golf
with friends.
Driving from the airport to his
PERSONAL JOURNAL.
on
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the University of Texas at Austin.
“You might go to a tasting
menu and have an exquisite meal
at a fine dining restaurant, but
some of the best stories you have
n-
hotel, the Cosmopolitan, took al-
most three times longer than nor-
mal, Hudgins says. Faced with the
prospect of race preparations being
a regular occurrence in the weeks
before the November event, the
group is debating whether to go a
different time of year or to another
city altogether, such as Phoenix, in
2024.
“The whole point of going to Las
Vegas is for the logistics,” Hudgins
says. “When it starts to be con-
gested like that, there’s no way. All
of the perks of Vegas are going
away.”
New routes each day
Construction isn’t just clogging the
road and walkways on Las Vegas
Boulevard. The race’s route will take
drivers down side streets that cabs
typically rely on. This means the
usual detours people take to avoid
traffic are often un-
available or backed
up. Closures vary
each day and are
listed on the event’s
website. People can
also sign up for text-
message notifica-
tions regarding con-
struction updates.
“If you’re coming
to Vegas for any-
thing other than F1,
it’s been a pretty sig-
nificant inconve-
nience,” says Jennifer Gay, a Las Ve-
gas-based influencer who doles out
travel advice to more than 1.5 mil-
lion followers on TikTok.
Dean Lenaburg, a ride-share
driver who has lived in the Las Ve-
gas area for more than two de-
THE WALL STREET JOURNAL.
might be about the hole-in-the-
wall restaurant that you happened
across,” Kumar said.
People report enjoying more-
expensive purchases more, accord-
ing to a study in The Journal of
Positive Psychology from 2016.
The relationship between price
and satisfaction isn’t as strong for
experiences as it is for material
purchases.
“Virtually everyone will get
more out of driving a Lexus than a
Camry, and more out of driving a
Camry than a Corolla,” the re-
searchers wrote. “But a stay at the
Ritz-Carlton in Vienna can easily
be eclipsed—because of bad
weather, bad news from home, or
a bad companion—by a stay in a
Holiday Inn.”
Dissatisfaction is more likely
when money is tighter, a 2022
study in the Journal of Consumer
Research found. People feel worse
about purchases of both things
and experiences and write more
negative reviews, researchers
found. This regret often stems
from thinking about all the other
ways the money could have been
used instead.
Paying too much for a meal can
add bitterness to each bite. Jones
recently canceled a $20 monthly
pass she had at a movie theater
because its food prices have
spiked.
The thing that convinced her
was a $45 bill for a pepperoni
pizza and two hard ciders after
Extensive road work to prepare for the Las Vegas Grand Prix later this month has
snarled traffic on the famed Strip for months. Some visitors are rethinking plans.
cades, says he can accommodate
half as many rides an hour as he
did before race construction began.
Surge pricing on rides through Uber
and Lyft periodically offset the loss
in income, but he is still taking the
hit.
“Most passengers seem to un-
derstand that it’s not our fault, but
it doesn’t make passengers happy
either, and unhappy passengers
don’t tip as much,” he says.
Tourism officials predict that the
city will feel the race’s impact less
in the future. Certain projects, like
repaving, don’t need to happen an-
nually. Residents and visitors to cit- Workers Union have recently pick-
ies like Monaco and Singapore have
grown used to hosting F1 races in
their streets.
While construction for the inau-
gural event took nearly six months,
it may last six to eight weeks in the
future, says Steve Hill, president
and chief executive for the Las Ve-
gas Convention and Visitors Au-
thority.
Hill expects that the race will help construction. Over the past year,
draw visitors during November, which the resort has attended monthly
can be a slower time for the city.
Tuesday, November 7, 2023 | A11
seeing “Killers of the Flower
Moon.” “I got my check and was
like, ‘You know, I think I’m gonna
cancel,’” she said.
ly
Calandra Coone paid about
$400 total for her and her niece to
see Beyoncé in Atlanta in August.
Leading up to the show, Coone,
who is 42 and works at a non-
Paying too much
for a meal can
add bitterness to
each bite.
profit, avoided videos from other
tour stops on her social-media
feeds so that she could see the
performance for the first time in
person.
When she got to the stadium,
she found she couldn’t see what
was happening on the enormous
screen behind the singer, to her a
central part of the show.
“It cost a lot of money to not
see anything,” Coone said. “People
were just sitting there mad with
their arms folded.”
Beyoncé put on a great show,
Coone noted, but it wasn’t the ex-
perience she’d hoped to give her
niece. “You have to push through
and enjoy yourself anyway so you
don’t feel like you wasted your
“That marketing internationally is ager of Westgate Las Vegas Resort
just really invaluable,” Hill says.
A spokeswoman for the Las Ve-
gas Grand Prix says that organizers
have worked to communicate with
officials, emergency services, resorts take the monorail rather than rely-
and other businesses and the gen-
eral public while preparing for the
event.
The F1-related construction isn’t
the only hurdle Vegas travelers
have faced recently.
A September cyberattack at
MGM Resorts complicated hotel
and casino operations.
And workers in the Culinary
eted outside of major hotels on the
Strip. The union has warned that
thousands could go on strike before
the race.
Spreading the word
Holiday Inn Club Vacations at Des-
ert Club Resort is located near the
newly opened Sphere, putting the
timeshare property close to the
and weekly meetings with F1 offi-
money,” she said.
Coone said she’s grown more
.
discerning about what she spends
on, especially as tickets for food
festivals, museums and other at-
tractions get more expensive.
“Everybody just wants to start
at, like, $39.99,” she said. “That
doesn’t include parking. And
heaven forbid you got to get some-
thing to eat afterward.”
With prices for both material
goods and experiences running
high, Kumar said, people might be
less likely to regret their spending
if they shifted more of it to the ex-
perience side of the ledger.
Even if outings to concerts or
games don’t go as planned, people
can mentally reframe them after-
ward.
“If it ended up raining when
you went to see Taylor Swift, that
seems like it could be a disap-
pointment,” Kumar said. “But it’s
pretty easy for people to find
some silver lining there—you
know, ‘Wasn’t it funny when we
took the train back after the show
and everyone was still in their
outfits but they were totally
drenched?’”
Some letdowns just can’t be
spun. Coone said she would love to
feel like the concert in August was
worth what she paid for it.
“I’ve been trying to talk myself
into that for all of these three
months,” she said. “But even when
I think back on it, I just still can-
not escape the disappointment.”
cials to go over construc-
tion plans, says John
Staten, chief executive
and president of Holiday
Inn Club Vacations. Based
on those meetings, the
resort’s staff has devel-
oped messages it sends
to guests before they ar-
rive, he says.
Hotels outside the
race’s path also have
needed to guide guests to
keep them from getting
caught off-guard by po-
tential bottlenecks.
“If they’re going to a
show on the Strip, we
may say to allow an extra
20 or 30 minutes, be-
cause traffic could get a
little hairy there,” says
Cami Christensen, presi-
dent and general man-
and Casino.
At the Sahara, on Las Vegas
Boulevard north of the racecourse,
employees often advise guests to
ing on a taxi or Uber because of the
traffic, says Paul Hobson, the hotel’s
general manager.
Janet Whitson and her husband
visited Las Vegas in October to cel-
ebrate their birthdays. It was the
first time both of them had ven-
tured to Sin City. Their visit in-
cluded attending a Vegas Golden
Knights NHL game and walking
through the various resorts.
While they enjoyed their stay,
they were dismayed to see that
scaffolding and structures ob-
structed the view from many van-
tage points along the Strip. Whit-
son, who lives in LaSalle, Ontario,
was particularly looking forward to
watching the Bellagio fountains
while dining at a cafe at the Paris
hotel across the street.
“I definitely do feel like it took
away from the experience overall,”
she says.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
A12 | Tuesday, November 7, 2023
A Steamy
Debate Over
Hot Tub
Continued from Page One
and it’s unclear if the group plans
to keep the hot tub.
Some neighbors are hoping it
goes away. They are tired of the
24-hour stream of strangers com-
ing and going on their residential
street, and view the property
more as a nuisance than an oasis.
“It was horrible,” said Deborah
Barer, who shares a fence with
Hastings’s house, and raised three
children in the neighborhood.
“That tub caused a lot of anguish.”
Hastings, a self-described for-
mer hippie, started his communal
hot tub in the 1970s when he first
moved to Berkeley. Disappointed
with the lack of hot springs in
town, Hastings decided to build
his own.
“I planned from Day One that it
would be open,” he told the San
Francisco Chronicle in a 2000 in-
terview, in which he was identi-
fied only as “hot tub guy.” “It
would be a natural hot spring in
Berkeley.”
The tub is round and made of
wooden slats, located in the back
of Hastings’s house in a semi-open
area. It can’t hold more than five
at a time. Hastings kept it unusu-
ally toasty for sanitary
reasons and to limit
visit lengths. (He also
cleaned the tub regu-
larly, neighbors and
friends said.)
The Four Seasons
this wasn’t. But the
simple nature of the en-
terprise made it that
much more alluring. In
the early days, anyone
privy to the hot tub was
invited. College rugby
teams showed up, and
free spirits immersed
themselves amid clouds
of marijuana.
Over the years,
Hastings adopted
strict rules that were
well-known to users.
Men were allowed if
they were brought by
a female guest or
knew Hastings person-
ally—and never past 9
p.m. Soakers couldn’t
wear clothing or bathing suits. No
drugs or alcohol. And absolutely
no talking.
Guests lounged in the hot tub
peacefully, sometimes with sage
burning. After, they could walk the
small wooded paths that wound
through the backyard.
To reach the hot tub, a user
needed a coveted code—which was
specific to individuals—to
get through a gate into the back-
yard. Sometimes a member’s code
would be deactivated without ex-
planation, and it was hard to get a
new one, attendees said.
Liz Cahill still remembers when
she got a code in 2017, initially
passed down from a roommate.
Several times a week after work,
she rode her bike to Hastings’s
no
Steps to Save You Money—
and Misery—on Benefits
BY ALEX JANIN
T
he best way to make sure your
doctors are still covered under
your health insurance plan? Pick
up the phone and call them.
Each year, many workers learn the
hard way that solely relying on your
insurance provider’s online search
tool to check on coverage during
open enrollment doesn’t work. Those
websites aren’t always up-to-date,
benefits professionals caution.
Millions of employees are gearing
up for their companies’ open enroll-
ment period right now, and many of
them will spend less time on it than
they do commuting one way to work.
Roughly two-thirds of benefits-eligi-
ble employees spend 30 minutes or
less reviewing information during
this period, according to survey data
from financial-services company
Voya Financial.
That’s a mistake, especially this
year with costs for employer health
coverage expected to jump. In addi-
tion to rising costs, there are also
coverage changes that can vary year
to year on the same plan.
“It’s confusing. It’s complicated.
But it’s really important,” says Nate
Black, vice president of health solu-
tions product at Voya.
Esther Bergdahl, a 39-year-old
freelance writer in Chicago, says she
checked her insurance provider’s
website to ensure her therapist was
still covered during the Affordable
Care Act’s open enrollment last fall.
There was a bright green check mark
PERSONAL JOURNAL.
on
us ,
l
e
al a
ci on
er s
m er
house, took off her clothes and
shed her day with a hot soak. She
m rp
learned the busy hours—Saturday
afternoon—but sometimes had the
hot tub to herself, like when it was
raining.
“It was super peaceful, and it
co Fo
was run by someone in the com-
munity,” said Cahill, who only
spoke to Hastings once, to thank
him. “That made it so special.”
Hastings, who typically wore
mostly black, when dressed, spent
much of his career working back-
stage at local plays and other pro-
ductions, though he had in recent
years retired, friends say. Keeping
up the hot tub was an enormous
amount of work, and cost at least
$1,000 a month—if nothing broke.
n-
Hastings’s wife, who lives in an-
next to the words “in-network.”
Then, in January, she got a notifi-
cation from her insurance company:
Her claim had been denied. It took
months of back and forth to figure
out the discrepancy, Bergdahl says.
The therapist had previously been
fully covered under the same plan, but
she now owes a $15 copay per visit.
Make sure your doctors and
drugs are still covered
The first mistake most people
make is assuming their healthcare
plan will have the same costs and
coverage year-over-year, says Roy
Ramthun, a consultant who special-
izes in high-deductible plans and
health-savings accounts.
“I don’t know of any plan that
stays the same,” says Ramthun.
“Even if you think they’re staying the
same, the doctors and the drugs may
not be the same.”
Costs, including premiums, deduct-
ibles, out-of-pocket maximums, co-
pays and coinsurance, are most likely
to change. But a plan’s network of
providers can also shift, especially in
narrow network or HMO plans, which
tend to require lower monthly payroll
contributions, says financial coach
Arianne McSellers.
Doctors aren’t required to tell pa-
tients in advance that they’re no lon-
ger accepting their insurance, so it’s
a good idea to call them directly and
ask, says Ramthun.
Human-resources departments of-
ten give employees a heads-up about
changes in costs, networks or insur-
other state, declined to comment.
Greg Callahan, a friend and
neighbor, said Hastings wanted to
keep the hot tub going after his
death, but hadn’t found a friend to
take it on. “He really cared about
the people who appreciated the
tub and respected what it was
about,” said Callahan who, along
with his wife, also helped Hastings
maintain his properties.
In the San Francisco Chronicle
interview in 2000, Hastings esti-
mated that by then it had seen
30,000 visitors.
One of them was Michael
Tertes, an environmental advocate
sporting long hair, Birkenstocks
and a beard when he moved to the
Bay Area from Connecticut in
1992. The free, open hot tub, he
ance providers before open enroll-
ment begins. But it’s up to the em-
ployee to figure out if their
medications are still covered and
their doctors are still in-network.
Employees can check whether the
price of their medications has
changed by looking at the plan’s for-
mulary—a list of covered prescription
drugs—on their insurer or pharmacy-
benefit manager’s website. Medica-
tions can move up or down tiers,
making them more or less expensive.
Assess your circumstances
If your life or household is changing
in any major way this year, evaluate
whether a different healthcare plan or
set of benefits could better serve you.
Planning a wedding? Newlyweds
or domestic partners who are eligible
to be on the same plan can use open
enrollment to compare their options.
Keep an eye out for monthly fees,
and do the math to calculate how
much you would owe in copays and
deductibles on one plan versus two.
Having a baby? Some health plans
The hot tub at the home of Deward Hastings in Berkeley, Calif., became a
local institution. Hastings, left, with his friend, Greg Callahan.
said, “was both exciting and made
me really uncomfortable.”
He grew to love the experi-
ence, and was disappointed when
his code inexplicably stopped
working in the early 2000s. Later
a house Tertes rented had a hot
tub. It wasn’t the same.
Barer, the neighbor who lived
next to Hastings for more than 30
years, has a different perspective.
She recalls a chaotic atmosphere.
Sometimes people jumped over
her fence, or
knocked on her door,
lost, asking if it was
“the hot tub house.” Guests lounged
Barer said she in the hot tub
tried to get the city
of Berkeley to try to peacefully,
mediate issues be-
tween the property
sometimes with
owners, and com- sage burning.
plained to the city.
The Berkeley Po-
lice Department says
there are no notable complaints
associated with the property or
Hastings on file. The city of
Berkeley’s main customer-service
line has no records of com-
plaints.
Asked whether operating a
communal hot tub is legal at a
single family home, city spokes-
man Matthai Chakko offered that
he has been a guest. In regards to
the legality question, he said,
“many people in Berkeley have
hot tubs, and people have guests.”
Hastings was soaking alone in
September 2022. A friend found
him there, face down and unre-
sponsive, according to a coroner’s
have added maternity support. If
you’re anticipating more doctor’s vis-
its during pregnancy, it might make
sense to switch to a plan with a
wider network and lower deductible.
Turning 65? It might make sense
to waive your employer’s coverage and
go with Medicare, says Kim Buckey,
vice president of client services at em-
ployee benefits company Optavise.
Anticipating a surgery? A higher-
premium plan may allow you to pay
less in coinsurance, says McSellers,
the financial coach.
McSellers also recommends look-
ing at your medical claims from last
year to determine whether you can
cut back to a lower-premium plan, or
you might benefit from wider cover-
age. Checking whether you met your
deductible or out-of-pocket maxi-
mum can help you decide, she says,
as can calculating how much in total
you spent on copays.
Make use of HR benefits manag-
ers and interactive tools on your
company’s benefits website, such as
chatbots and cost calculators.
THE WALL STREET JOURNAL.
FROM TOP: BLUE SKY PHOTOGRAPHY; GREG CALLAHAN
.
ly
report, which concluded he died
of heart disease.
For the first time, Hastings’s
name and the address were made
public. Even the real-estate listing
advertised it as the Berkeley “Hot
Tub” house, saying: “It was an
oasis of peace and calm that
made city life bearable for so
many, for so long.”
Maria Gerstley, a friend of
Hastings, sought to raise
$380,000 from the community to
buy the property by
Nov. 1. By mid-Octo-
ber, she had raised
$30,000.
“This haven has
served as not only a
source of comfort,
it has served as an
offering that tran-
scends the typical
definitions of what
it is to offer and
create a commu-
nally cherished space,” a post to
prospective donors read.
Real-estate agent Michael Ste-
phens, who listed the property
through Corcoran Icon Properties,
said he had never heard of the
house’s history before he offered
it for sale. He hasn’t asked
whether the limited liability com-
pany, whose offer has been ac-
cepted, will keep it going. He de-
clined to give more details about
the group, but said LLCs often
represent developers.
“There are wishes and hopes,”
he said, “and then there’s money.”
—Jim Oberman contributed to
this article.
Make the most of
supplementary benefits
Employees are confronting a diz-
zying list of voluntary benefits, which
employees can purchase at a dis-
count through payroll deductions
during open enrollment.
These may include basics like den-
tal and vision care to more modern
additions such as identity-theft pro-
tection, legal assistance and pet in-
surance.
Among employers surveyed in
2022, 64% said they offered new vol-
untary benefits over the past 12
months, according to MetLife.
Most of the time, these benefits
are priced at a better deal than you
can get on the open market because
they are offered at a group discount,
benefits professionals say. Pet insur-
ance can be an exception.
But don’t pay for what you don’t
need. For example, if you don’t plan
on getting braces or Invisalign, don’t
pay for orthodontia, says McSellers.
If you do enroll in voluntary bene-
fits, do the math on the total price
tag rather than just looking at the bi-
weekly or monthly costs. If a benefit
costs $1,000 a year, would you likely
spend $1,000 out-of-pocket on that
category?
PHOTO ILLUSTRATION BY THE WALL STREET JOURNAL, ISTOCK
Employees tend to regret their
elections when they don’t spend
enough time to understand them
during open enrollment, says Jamie
Madden, senior vice president of
workforce engagement and benefits
connectivity at MetLife.
“Have a conversation with a fam-
ily member about how they’ve used
theirs,” she suggests. “Talking to oth-
ers about their experiences and how
they used a benefit and now how it
helps them gives an employee a dif-
ferent perspective.”
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. Tuesday, November 7, 2023 | A13

ARTS IN REVIEW

C
han Marshall, who re- measured presence and cre-
cords and performs as ative phrasing bind it into
Cat Power, has been a something that unfolds like a
quiet force in under- short story. She takes a
ground music for al- stanza like “See the primitive
most 30 years. At wallflower freeze / When the
first, around the time of her jelly-faced women all sneeze /
1995 debut album, “Dear Sir,” Hear the one with the mus-
she was loosely associated tache say, ‘Jeeze / I can’t find
with indie rock’s burgeoning my knees’” and brings it to
lo-fi movement, which in- life through careful pauses
cluded artists like Lou Bar- and subtly shifting intonation.
low’s Sebadoh and Bill Calla- Her version is less eerie than
han’s Smog, which made any Mr. Dylan has offered,
hushed and strange music and casting the song in a warmer,
often recorded at home on more comforting light.
four-track cassettes. But by While the acoustic set has
1998’s “Moon Pix,” she had es- an undercurrent of sadness,
tablished a singing and song- which is partly due to the
writing style that didn’t fit songs’ subject matter and
neatly into any existing cate- partly because of the poi-
gories. She’s a longtime favor- gnancy with which Ms. Mar-
ite of critics, and has also shall sings a ballad, the elec-
proved to be influential on a tric half of the album has a
new generation of female wider range of moods. “Just
songwriters steeped in inti- Like Tom Thumb’s Blues,” a
macy—Lana Del Rey, with highlight from 1965’s “High-
whom she has collaborated, way 61 Revisited,” was memo-
regularly cites her as an inspi- rably covered by Nina Simone
ration. in 1969, and her relaxed and
Part of what makes Ms. weary reading seems like an
Marshall unique is how her influence on the version here.
many recorded cover songs are Chan Marshall, The spiky blues “Leopard-Skin
just as important as her own who performs Pill-Box Hat,” a hilarious
work. Her 2000 LP, “The Cov- as Cat Power sendup of fashion and preten-
ers Record,” featured an unfor- sion, finds Ms. Marshall let-
gettable reading of the Rolling ting loose and having a ball.
Stones’ “(I Can’t Get No) Satis- One quality Mr. Dylan has
faction” with just her voice and MUSIC REVIEW | MARK RICHARDSON as a performer, which isn’t really
acoustic guitar, and she omitted the part of Ms. Marshall’s toolkit, is a

Cat Power’s Electric

chorus, as if to deny herself (and kind of cathartic nastiness, where
the listener) the song’s titular sen- he addresses a barbed lyric to
sation. Bob Dylan has been a touch- someone he doesn’t respect and
stone throughout her career, and makes you feel his contempt. “Bal-
she’s covered his work on albums lad of a Thin Man” is one of the
and in concerts. Ms. Marshall’s new

Ode to Bob Dylan most well known of Mr. Dylan’s

.
record, “Cat Power Sings Dylan: kiss-offs, and Ms. Marshall feels a
The 1966 Royal Albert Hall Con- little lost in it, unable to summon

cert,” out Friday, pays tribute to
the elder’s work and is also her
first live record. It’s an excellent
showcase of her interpretive abili-
ties.
The new set is a particularly au-
dacious concept. In May 1966, Mr.
Dylan, backed by members of what
The singer covers one of the folk and rock icon’s most famous concerts
on
Dylan had abandoned the purity of
folk music for the mainstream ap-
peal of rock.
Here, Ms. Marshall replicates
us ,
ly
the required venom. But she ac-
quits herself well on the next track,
“Like a Rolling Stone,” which con-
is recounting something that hap-
pened to her—while foregrounding
the lyrical narrative. So we hear
next, almost as if taming the lan-
cludes the show. It’s 6½ minutes of
glorious release, as the singer finds
guage so that every wild phrase fits herself carried along by the ar-
into the overall conception. rangement’s energy, perhaps con-
these songs as stories rather than We can hear this happening on veying empathy for the woman the

would later be called The Band, the structure of the legendary poetry or confessions, and she the epic “Desolation Row,” which song is directed to, whom Mr. Dy-
l

was touring England. He played a show—acoustic set first, with just turns out to be exceptionally good Ms. Marshall animates with notes lan wasn’t interested in. While “Cat
e
al a

show at the Manchester Free Trade guitar and harmonica, followed by at spinning yarns. This is particu- that bring to mind quiet howls and Power Sings Dylan” isn’t as revela-
Hall—misidentified on bootlegs as a full-band set, with each track larly tricky with Mr. Dylan’s work cries from the doomed residents of tory as the best of Ms. Marshall’s
Royal Albert Hall, and the name played in order. This concert hap- from the mid-’60s, when his imag- the apocalyptic scene. And we can past covers, it’s a must for fans of
ci on

stuck—on the 17th of the month, pened in November 2022, at the ery was often surreal and dream- hear it in “Visions of Johanna,” her breathtaking ability to inhabit a
and it turned out to be one of the Royal Albert Hall. Beginning with like and he pursued unusual which originally appeared on the song.
most famous shows in rock history. the opening “She Belongs to Me,” rhymes that might have been 1966 album “Blonde on Blonde.”
INEZ VINOODH

An irate fan yelled “Judas!” during Ms. Marshall’s readings seem less beamed directly from his subcon- “Visions” is a fractured dreamscape Mr. Richardson is the Journal’s rock
the electric second set, expressing overtly personal than Mr. Dylan’s— scious. One has to make every word built from fragments that tell only and pop music critic. Follow him on
er s

the not-uncommon opinion that Mr. you never really imagine the singer seem like it logically follows the parts of the tale, but Ms. Marshall’s Twitter @MarkRichardson.
m er

The WSJ Daily Crossword | Edited by Mike Shenk

ARTS CALENDAR 1 2 3 4 5 6 7 8 9 10 11 12 25 Walk in the
m rp

woods
HAPPENINGS FOR THE WEEK OF NOVEMBER 7 13 14 15 16 26 Fly-fishing
catch
17 18 19
BY WSJ ARTS IN REVIEW STAFF cret-agent package, but a York, Nov. 10-Feb. 18, 2023) 27 “Do I need
co Fo

hefty purse nonetheless. The Belgian illustrator 20 21 22 23 to draw

Film and draftsman, a descen- you ___?”
“The Marvels” (Nov. 10) Theater dant of Holocaust survivors, 24 25 26
Girlpower takes flight in “Ode to the Wasp Woman” had his career cut short at 28 Disaster
this superhero film featuring (Actors Temple Theatre, age 25 when he was mur- 27 28 29 30 relief grp.
Captain Marvel, Monica New York, Nov. 9-Jan. 31) dered by a criminal syndi- 29 Member of a
Rambeau and Ms. Marvel as Rider McDowell directs cate in 1986. The drawings 31 32 33 34 35 36 religious order
the three struggle to fight his off-Broadway play, star- collected here capture his begun in
evil only to have their pow- ring Sean Young in her New brief, tumultuous life: por- 37 38 39 40 Assisi
ers switch among one an- York stage debut, which ex- traits of those he interacted
other due to an incident plores the final hours of the with in Brussels’ under- 41 42 43 32 Less
with a wormhole. Nia Da- lives of four B-movie stars: ground scenes; grotesque- constrained
Costa directs a cast that in- Susan Cabot, Barbara Pay- ries of Nazi figures and the 44 45 46 47
33 Meditation
n-

cludes Brie Larson, Teyonah ton, George “Superman” horrors of the 20th century; chants
Parris, Iman Vellani, Zawe Reeves and Alfalfa Switzer. fantasies drawn from Rim- 48 49 50 51
Ashton, Park Seo-joon and baud and Pasolini. 35 El ___, Texas
Samuel L. Jackson. Music 52 53 54 55 56
36 Was aware
no

Beirut, “Hadsel” (Nov. 10) Videogames

TV Zach Condon’s project is“Call of Duty: Modern War- 57 58 59 60 61 38 Poppycock
“The Buccaneers” (Apple back with its first album offare III” (PC, PlayStation 4 & 39 Lab assistant
TV+, Nov. 8) all new material since 2019,5, Xbox One and Series X/S, 62 63 64
of horror
Edith Wharton never fin- a record created on the Nor-Nov. 10) movies
ished the final novel she wegian island from which it The ubiquitous first-per- 65 66 67
son-shooter fran- 40 Bubbly
chise returns popper
with a direct se- MIDTERMS | By Mike Shenk
45 Ottawa’s prov.
quel to 2022’s Across 30 Ultimately 62 Its Election 9 Weight limit
Modern Warfare totaled, as a Day is in Nov. of some 46 Sicilian high
II that again 1 First letter in pt.
Hebrew cost pickups
throws players 63 Honker on
31 Maker of the face 10 Film 47 Expos
into contempo- 6 Meal in a shell
rary kinetic situ- Keytruda and technique 48 Invigorate
10 Reggae cousin 64 Boring and
ations. Its story Gardasil used in
old-fashioned 49 Worker’s
sees special-ops 13 Seller of 32 Ruler unit “Coraline” and
65 Signing tool demand
soldiers hunting Colour Riche “Fantastic Mr.
down a Russian makeup 34 Rte. with tolls Fox” 50 Fills fully
66 Money
terrorist, but products 37 Open-mic sources 11 Australian 51 Mrs., in
many will be night player,
15 Pulitzer- marsupial Marseille
more interested
perhaps 67 Legislative
in its multiplayer winning body 12 When some 54 Grammy
mode, which author 41 Scathing involved in evening news winner Erykah
brings back Jennifer review this puzzle’s shows air
Iman Vellani, Brie Larson and Teyonah Parris in ‘The Marvels’ maps from the 55 Assns.
16 Stroller 42 Midterm, e.g. midterms
2009 CoD, the 14 Feature of an 56 Inner
occupant Down old voting
worked on, but comedian takes it name and where popular Zombies mode, and 43 Honker in the Hebrides
Katherine Jakeways has Mr. Condon grappled with introduces a 3 vs. 3 game 17 “By the same air 1 First letter in machine island
stepped in to create this his mental health while cre- called Cutthroat. token...” NATO
44 French noble 18 Border 59 Belief suffix
eight-part adaptation about ating it. phonetics
19 Kind of meal
wealthy American expats in Last Call 47 In the present 23 Critic’s focus 60 Ordinal
London, on the hunt for hus- Art “The Refuge Plays” (Laura
or milk 2 Blaring
term number suffix
bands and status in the “Dorothea Lange: Seeing Pels Theatre, New York, 20 Spots on 24 Diplomatic
48 Publisher’s 3 Screws up skill 61 Cow call
1870s debutante scene. People” (National Gallery of through Nov. 12) shows
Art, Washington, through Nathan Alan Davis’s lat- symbol on a 4 Cockatoo or
21 Bigwig, book’s title Previous Puzzle’s Solution
“007: Road to a Mil- March 31, 2024) est, a Roundabout Theatre cockapoo, say C O
P P E R B C C S O L D
lion” (Prime Video, Nov. 10) With over 100 photo- Company production di- initially page
5 Spiteful A V
E E N O A R A L F I R
As the question of who graphs, this exhibition pro- rected by Patricia McGregor, 22 Alternative to 52 Day after Holy L E
N N O N D O R Y F O E
will play the next James vides much more than a is a generation-spanning tale laugh C R
A N K I N G U P F I N S
a paper clip Saturday L E I O U T D A N E S
Bond remains as mysterious snapshot of Lange and her that follows the story of a 6 Arizona State
24 1993 Robert 53 Parisian pal A C I D C O Y O T E U G L Y
as any MI6 mission, this practice, exploring the ways single black family that, ac- city L I Z A R K N A P S
Brian Cox-hosted series she used portraiture as a me- cording to the company, re- Townsend P A E L L A R O T O R S
superhero 54 Red Sox, on 7 In the past
throws a platoon of contes- dium for social change, high- invents the idea of the O O Z E J O T K O I
comedy film scoreboards C A N I N E U N I T J A WS
tants into a globe-trotting, lighting issues such as pov- American “family play.” 8 Spots for
57 Photog’s shot AMO N G R O B S A Y
spy-themed challenge with a erty, migration and racism. 27 It might be young V A T S C O M E U N D O N E
million-pound prize at stake. For additional Arts Calendar catered 58 Platitude passengers I N N P O P E T O O K I T
MARVEL

Maybe not enough to buy an “Stéphane Mandelbaum” listings visit wsj.com. Write A D O T WO S E R R A N T
Aston Martin with the se- (The Drawing Center, New to brian.kelly@wsj.com. ▶ Solve this puzzle online and discuss it at WSJ.com/Puzzles. R AW A S P S S E E Y O U
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
A14 | Tuesday, November 7, 2023
Will the Big Ten act—
or won’t they?Jim
Harbaugh in—or Jim
Harbaugh out?
College football is
closing in on its bowl
and playoffs extravaganza and the
entire sport remains in a maize
and blue tizzy. The undefeated 9-0
Michigan Wolverines are one of
the mightiest teams in the land—
as a Wisconsin Badger, it pains me
to acknowledge this depressing
truth—but a championship run
feels on the edge because of alle-
gations of illicit spying allegedly
involving a mysterious attaché
with military background.
Illicit spying allegedly involving
a mysterious attaché with military
background. It sounds so dra-
matic, glamorous, a little cloak-
and-dagger John le Carré, until
you realize it involves allegedly
sneaking behind enemy lines to
get an advance peek of the torpid,
deeply unglamorous offenses of
the Big Ten.
It also involves allegations that
the alleged attaché may have
dressed in a disguise as a member
of another school’s coaching staff
in order to take a peep at a future
Michigan opponent’s sidelines.
This isn’t le Carré, sorry. It’s a
caper directed by the Coen Broth-
ers.
A nation of Michigan fans sit
on the edge of their Big House
seats. The Michigan haters are in
a full froth. A Big Ten punishment
for the Wolverines could come at
any moment—or not at all.
We wait, refresh, wait, then re-
fresh again. It’s as if the entire
sports world is slowly turning the
crank on one of those evil Jack in
the Boxes Will Ferrell tested in
“Elf.”
Is it all about to go…POP?
Or do we keep on cranking?
Opponents have long tried to
steal offensive and defensive sig-
nals used on the sidelines in col-
lege football—it’s a practice as old
as Wisconsin running it up the
middle for 2 yards on a third-
and-8. But the sport’s rules say
the signal-cracking has to happen
in-person, during game play, in
real time, not by sending people
on the road to observe opponent
sidelines and crack codes in ad-
vance. That’s potentially a mighty
advantage, and that’s what Michi-
gan is alleged to have done, and
that’s why there’s this brouhaha
we can’t stop typing about.
The entire practice of sign-
stealing could be eliminated by
the simple technology of installing
radio headsets in helmets—this is
what the NFL does, allowing
coaches to talk to players. But this
is college football, and that solu-
tion makes way too much sense.
Besides, we wouldn’t have this
scandal to fill hours of program-
ming! We are hours away from
Paul Finebaum putting on a Sher-
Houston, We Have a Solution. It’s a Quarterback.
BY ANDREW BEATON
WHEN C.J. STROUD got the ball
back with less than a minute left
Sunday, it looked like his magical
game had just gone to waste.
The rookie quarterback for the
no
Houston Texans had just watched
from the sidelines as his defense let
the Tampa Bay Buccaneers march
down the field for a late touchdown
to rip the lead away. Stroud had
just 46 seconds and would have to
make history to put the Texans
back on top.
That’s when Stroud did what he
has done for most of this season.
With the poise of a seasoned vet-
eran, the 22-year-old shredded the
Tampa Bay defense and threw the
game-winning touchdown pass
with six seconds to spare. The
passing yards he racked up on that
drive gave him 470 for the day, a
single-game record for a rookie
quarterback.
More than that, Stroud showed
why a floundering franchise finally
has hope again.
“We have a guy who can really
throw it and make some plays,”
coach DeMeco Ryans said.
Sunday’s 39-37 victory gave the
Texans a 4-4 record, which hardly
means they’re a lock for the play-
offs, but also shows how wildly
Houston’s trajectory has boomer-
anged in the right direction this
year. The club hasn’t won more
than four games in an entire sea-
son since 2019.
The three seasons that followed
that year were characterized by
disappointment, scandal and then
hopelessness—all centering around
the team’s woes at the most impor-
tant position in football. Houston
had a problem, and C.J. Stroud was
the solution.
The Texans appeared set for the
TIM WARNER/GETTY IMAGES
foreseeable future at quarterback
not too long ago. They selected De-
shaun Watson in the first round of
the 2017 draft, and the Clemson
star quickly emerged as one of the
most promising young passers in
JASON GAY
The Sign-Stealing Scandal
Consuming College Football
Michigan requests due process on an investigation as the Big Ten demands punishment
Big Ten opponents have been haggling the conference’s leadership to punish Michigan. Coach Jim Harbaugh denies knowledge of wrongdoing.
on
lock Holmes deerstalker hat,
smoking a pipe and referring to
sleeveless Pat McAfee as Watson.
Big Ten teams are crabby—they
us ,
believe what’s being alleged is
l
over the line…because
e
al a
what’s being alleged is
over the line, the
rules are quite spe-
9-0
ci on
cific about banning
advance sign-steal- Record of Michigan’s
ing. Big Ten oppo- football team heading
nents have been into Saturday’s game at
haggling the confer- Penn State.
er s
ence’s leadership to
punish Michigan
m er
pronto. Wolverines head
coach Jim Harbaugh de-
nies knowledge of wrongdoing—
and continues to act like there
isn’t a swarm of pterodactyls in
m rp
Big Ten letter jackets swirling
around his program.
Meanwhile, the person at the
center of this imbroglio, a former
Michigan team analyst named
co Fo
Connor Stalions, has resigned, not
wanting to be a distraction (eh,
n-
C.J. Stroud set a single-game passing record for a rookie quarterback with 470 yards in a win over Tampa Bay.
the NFL. In his second and third
seasons, he led Houston to consec-
utive playoff berths.
But that success cratered in
2020, when the club slumped to
4-12, and soon after that season the
situation changed even more dra-
matically. Around the same time
Watson began indicating that he
wanted to be trade away from the
Texans, numerous women accused
him of sexual assault or miscon-
duct during massage therapy ses-
sions. While both law-enforcement
authorities and the NFL investi-
gated, there was an awkward im-
passe: Watson didn’t want to play
for Houston, but the team couldn’t
recoup significant value in a trade
because of the allegations. So he
simply sat out the season while his
team fizzled on offense.
Once Watson was cleared by a
SPORTS
too late) but stating through his
counsel that neither Harbaugh or
any other coach “told anyone to
break any rules or were aware of
improper conduct regarding the
recent allegations of ad-
vanced scouting.”
Is that it? Of
course that’s not it.
People in this sport
fight about penal-
ties that weren’t
called 60 years ago.
We’ve yet to get
a conclusion from
Central Michigan,
where photos showed a
human who looked like
Stalions to be on their sideline of
an early season game opposite of
Michigan State.
I didn’t think much of this alle-
gation when it first surfaced on
social media, but Central Michigan
is looking into it, and we got this
incredible paragraph in a recent
ESPN story:
Anil Jain, a professor in the De-
grand jury in Texas, demand
surged for him and the Texans
eventually traded him to the Cleve-
land Browns for an enormous haul
that included three first-round
draft picks. That didn’t solve their
hole at quarterback, though. The
2022 draft was viewed as a weak
one for passers, and they didn’t
draft one even though they had an
early selection. The team limped to
another poor finish last year.
In this past draft, the Texans
had the second overall pick, and
this time they didn’t pass on a
quarterback. After the Carolina
Panthers selected Heisman Trophy
winner Bryce Young out of Ala-
bama, Houston picked Stroud from
Ohio State and finally had a new
quarterback to build their team
around.
Stroud wasn’t viewed by many
partment of Computer Science and
Engineering at Michigan State and
a nationally recognized facial rec-
ognition expert, believes it’s
“highly likely” that the images of
the man wearing sunglasses and a
hat on the Central Michigan side-
line and a photo of Stalions on the
Michigan sideline are the same
person.
When we start consulting facial
recognition experts in a college
football story, count me in. Also: if
you’re scoring at home, that’s a
Michigan State prof…consulting on
an alleged Michigan employee…al-
legedly masquerading the Central
Michigan sideline. This is known
as a “Great Lakes State Love Tri-
angle” and I only wonder why
Eastern Michigan, Western Michi-
gan and Ferris State can’t get in
on this party.
Could Michigan be sanctioned?
Could Harbaugh be suspended to
sit at home in his khakis, his team
allowed to play on? Michigan’s
president, Santa Ono, has warned
evaluators as a sure thing for a
number of reasons. One of them:
while the Buckeyes are a perennial
college football powerhouse, they
have struggled to produce quality
NFL quarterbacks.
New coach DeMeco Ryans, a
longtime linebacker for Houston
who was once named defensive
rookie of the year after being
drafted by the Texans in 2006,
didn’t hesitate to install Stroud as
the team’s starter for the first
game.
What Stroud quickly showed
was a maturity beyond his years by
avoiding the types of costly mis-
takes that can plague rookies. He
began his career by throwing 191
passes before tossing his first inter-
ception, a record to begin an NFL
career. That stretch included back-
to-back wins over the Jacksonville
THE WALL STREET JOURNAL.
GREGORY SHAMUS/GETTY IMAGES
.
ly
the Big Ten to hold off on punish-
ment, telling them that “due pro-
cess matters.”
Could this whole dilemma
charge off to the courts if the
hammer falls? You bet. The NCAA
is investigating, but their verdict
might not come in until the year
4050. Handing the NCAA an inves-
tigation is like throwing a frisbee
to an elderly dog. Maybe you get
something back. Maybe the dog
lies down and chews a big stick.
So we wait. This furious show-
down is a nightmare for a low-en-
ergy Midwest conference that
takes pride in its football style
putting fans to sleep on Saturday
afternoons. If you think I’m just
being a crank because Wisconsin
somehow lost to Indiana again,
you’re right. What’s happening
with Michigan is a controversy
with equal parts of seriousness
and absurdity—and so far, without
clarity or resolution. So we turn
the crank, waiting, waiting, wait-
ing for a POP.
Jaguars and Pittsburgh Steelers,
during which the Texans scored a
combined 67 points. Stroud’s first
pick didn’t come until his sixth
game.
Then on Sunday, Stroud was
having the game of his life before
he had to lead the drive of his life.
When Houston got the ball back for
its last possession down 3, Stroud
had already thrown for 395 yards
with four touchdowns. He had also
been forced to navigate a peculiar
situation after the Texans kicker
got hurt, forcing the offense to go
for 2-point conversions after touch-
downs. Later in the game, one of
the team’s running backs, Dare
Ogunbowale, stepped in and hit a
short field goal.
Still, Stroud had to make it 75
more yards. He made it look simple.
After five plays, he had the offense
on Tampa Bay’s 15-yard-line. On
the next one, he hit wide receiver
Tank Dell for the game-winning
touchdown. Stroud’s only incomple-
tion on the drive was when he
spiked the ball to stop the clock.
“I had complete confidence,”
Stroud said afterward. “I knew that
we needed a touchdown.”
The possession showcased what
makes Stroud a bit of a throwback
these days. In an era when so many
quarterbacks are prized for their
mobility and ability to take off with
the ball, Stroud excels when he’s
inside the pocket. The way he did
that against the Bucs would make
Tom Brady beam.
Over the course of this season,
Stroud has now put together a stat
line that any quarterback would be
proud to boast, rookie or not. He
has thrown 14 touchdowns with
only one interception while averag-
ing 284 passing yards a game—one
of the highest rates in the league.
And midway through this sea-
son, the Texans are back in the mix
for a playoff spot once again.
Stroud is the main reason why.
“I don’t think we can be stopped
when we’re on our A-game,” he
said.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
THE WALL STREET JOURNAL.
OPINION
Joe Biden’s Hamas Caucus
When Joe Bi-
den picked
Chicago as the
venue for his
party’s 2024
convention,
the thought
MAIN
STREET was that this
heavily union-
By William
ized Demo-
McGurn
cratic city
provided a City streets in pitched
perfect stage to showcase how
Bidenomics was making life
better for American workers.
Illinois Gov. J.B. Pritzker,
who’d lobbied the president
hard, was thrilled. Chicago is
“your kind of town,” he told
the president.
Suddenly that theme is in
jeopardy. The anti-Israel dem-
onstrations breaking out all
over—including one that left
blood-red painted handprints
on a White House gate over
Could the Democratic
convention in Chicago
turn out to be an ugly
rerun of 1968?
the weekend—are transform-
ing the narrative. They’re also
putting front and center the
split between traditional Dem-
ocrats who support Israel, like
Mr. Biden, and a younger,
more radical cohort that sees
the conflict as colonialist Is-
raelis warring on Palestinian
innocents.
Rep. Rashida Tlaib (D.,
Mich.) on Friday expressed
this dramatically by posting a
video featuring footage of var-
ious protests mixed with clips
of the president stating his
support for Israel. The video
ends with this message: “Joe
Biden supported the genocide
of the Palestinian people.”
Iran Might Have Miscalculated in Gaza
Most news
and commen-
tary describes
the war in
Gaza as the
latest brutal
episode in the
GLOBAL
conflict be-
VIEW
tween Israelis
By Walter
and Arabs.
Russell Mead
That is one di-
mension, but
from the perspective of world-
power politics, it isn’t the most
important. What really matters
in the Middle East is the battle
between Iran, increasingly
backed by Russia and China,
and the loose and uneasy
group of anti-Iranian powers
that includes Israel and the
American-backed Arab states.
There is much about the
Gaza war that we still don’t
know: how long it will last,
what the death toll will be,
how many hostages can be
rescued or returned, and how
successful Israel will be in its
declared objective of destroy-
no
ing Hamas.
But so far, from a global
perspective, the most impor-
tant fact is that Iran isn’t get-
ting what it wanted from the
war. Iran’s objective in arm-
ing, training and encouraging
Hamas wasn’t solely to cause
Israel pain. The real goal was
to disrupt the gradual deepen-
ing of the strategic ties be-
tween Israel and its most im-
portant Arab neighbors.
The picture has been clear
for some time to those not
hypnotized by the conde-
How to Handle Domestic Abusers and Guns
By Kerry Slone
Y
ou wouldn’t want to live
next door to Zackey Ra-
himi. According to court
documents, he has a history of
dealing drugs. In 2019, he as-
saulted his girlfriend and fired
a gun at a passerby who wit-
nessed the attack. Months
later, he had a traffic accident
and shot at the other driver. In
2020 he threatened another
woman with a gun. In 2021 he
fired a gun when his friend’s
credit card was declined.
After the 2020 assault, his
girlfriend obtained a domestic-
violence restraining order, and
thus, under federal law, Mr.
Rahimi may not legally own
guns. He challenged that law
as an infringement of his Sec-
ond Amendment rights, and
the U.S. Supreme Court will
hear his case on Tuesday. A
ruling in his favor could also
affect extreme-risk protective
If something doesn’t
change, the rift will be
on full view at next sum-
mer’s convention, rais-
ing uncomfortable paral-
lels to the troubled 1968
convention in Chicago
that nominated Hubert
Humphrey. There the
tensions over Vietnam
played out on Windy
battles between Mayor
Richard Daley’s police
and the thousands of an-
tiwar protesters who Rep.
had flocked to Chicago
to make their point. It was a
disaster.
The signs this time around
aren’t good. Already the war
crimes committed against Is-
raeli grandmothers, mothers
and children—all the more
grotesque because they were
planned—are being deliber-
ately erased. This is being
done by advocates who hope
to use Israel’s response to Oct.
7 to shift the narrative from
Hamas’s barbarities to Pales-
tinian victimhood.
Israel’s problem—and Mr.
Biden’s—is that if Israel does
what it has to do, the war for
Gaza will get uglier. How can
it be otherwise, with the Israel
Defense Forces above ground,
Hamas hiding in its tunnels,
and civilians forced to act as
human shields? Every day, the
reporting becomes more hos-
tile toward Israel.
Those who outright excuse
Hamas are a minority in
America, and they remain a
minority in the Democratic
Party. So like Humphrey in
1968, Mr. Biden will prevail in
any fight inside the conven-
tion. But these activists don’t
have to win to be successful.
us ,
The aim is to disrupt and un-
l
dermine. The president is no
e
al a
doubt aware that while Hum-
phrey emerged from the 1968
ci on
scending Iran apologists who
er s
lulled a generation of credu-
lous Democratic foreign-policy
m er
officials into seeing Tehran as
a possible American partner.
Iran’s rulers, believing that
controlling the Middle East’s
energy resources and religious
m rp
sites would make the country
a world power, want to estab-
lish themselves as the domi-
nant force in the region.
Sunni Arabs have long
co Fo
viewed Iran as a religious ri-
val and a security threat.
More recently, as Iran’s march
to hegemony left a trail of ru-
ined countries and bloody
corpses, suspicion solidified
into terror and loathing. Teh-
ran’s support for Bashar al-
Assad in Syria is responsible
for many times more deaths
and refugees than all the Is-
raeli-Palestinian wars com-
bined. Iran’s support for Hez-
n-
bollah converted once-
prosperous Lebanon into a
poverty-stricken Iranian satel-
lite. Tehran’s allies keep Iraq
in a state of miserable unrest
while Iranian support for
Houthi forces in Yemen drove
one of the greatest humani-
tarian disasters of our time.
We don’t yet know how
closely Iran was involved in
the planning and timing of
last month’s attacks, but it’s
clearer what the mullahs
hoped the attacks would ac-
complish. At one level, Iran
wanted to remind everyone
how savage and powerful the
country and its proxies have
become. Terror serves Iranian
orders, known as red-flag
laws, which authorize judges
to confiscate firearms without
a hearing based merely on a
written complaint.
States began wildly adopt-
ing domestic-violence restrain-
ing orders in the 1970s. The
Second Amendment was rati-
fied in 1791 and applies to the
It’s unjust to deny
constitutional rights
without a trial.
states under the 14th Amend-
ment, which was ratified in
1868. To help understand what
the framers intended, the Su-
preme Court looks to see what
laws were in place then—and
the briefs supporting Mr. Ra-
himi’s position point out that
there is no historical evidence
of restrictions similar to those
Rashida Tlaib at a protest.
convention winning both the
nomination and the platform
fight over Vietnam, he lost to
Richard Nixon in November.
Like Humphrey, while Mr.
Biden has enraged the party’s
antiwar wing, he isn’t entirely
trusted by the hawks. For
Humphrey, the price of getting
President Lyndon B. Johnson
to back him for the nomina-
tion was embracing LBJ’s war
policy. For Mr. Biden, the pro-
Israel wing appreciates his un-
equivocal rhetorical support
but worries whether he’ll bail
out when things get rough.
A recent Quinnipiac poll
highlights Mr. Biden’s di-
lemma inside his party. When
asked about Israel’s response
to the Oct. 7 attack, Demo-
crats disapproved 49% to 33%.
There is also a big divide by
age: voters 18 to 34 disap-
prove of Israel’s response 52%
to 32%.
It isn’t only protesters
wearing keffiyehs and waving
Palestinian flags, or members
on
of “The Squad” like Ms. Tlaib.
HuffPost reports that 51 Dem-
ocratic National Committee
employees signed a letter de-
manding that Mr. Biden pub-
licly call for a cease-fire.
Barack Obama is also twist-
ing the knife. During a get-to-
gether with his former staff-
state interests.
Beyond that, Tehran hoped
to disrupt the emerging anti-
Iran bloc in the Middle East.
The idea was that Hamas’s
dramatic attacks would elec-
trify public opinion in the re-
gion against Israel, the U.S.
and the Arab rulers willing to
work with them. This, Tehran
hoped, would drive a wedge
between the Arabs and Israe-
lis as Arab rulers sought to
placate their angry publics by
abandoning any plans to work
closely with Israel.
It had an interest in
dividing Israel from
Arab states. So far
that hasn’t happened.
So far, this plan has failed.
Bahrain, the United Arab
Emirates, Saudi Arabia and
Egypt have all signaled that
they intend, once the storm
has passed, to go on working
with Jerusalem for a safer,
more stable Middle East.
Worse from Iran’s point of
view, the Arabs are commit-
ting to a revived form of Pal-
estinian governance that can
exclude Iran’s proxies from
both the West Bank and Gaza.
This isn’t because the con-
servative Arab states love Is-
rael or the U.S. It is because
their survival requires check-
ing Tehran.
This isn’t only about deter-
we have today prohibiting
ownership or even confiscat-
ing guns on the sole basis of a
complaint.
As a victim of domestic vio-
lence, I know how important it
is to protect victims. But the
current legal regime goes too
far. Mr. Rahimi isn’t the sort of
person who should be carrying
a gun, but his case will have
legal implications for many
people who aren’t like him.
The question before the Su-
preme Court concerns the
standard of evidence needed
to strip people of their consti-
tutional rights. There is a big
difference between the stan-
dard required in criminal
cases and the standard in civil
cases. Americans can lose
their right to a gun when con-
victed of felonies and some vi-
olent misdemeanors. But
should they lose that right af-
ter a noncriminal proceeding,
which may not even involve a
ers, he condemned what
Hamas did. But he also
declared the need for
“an admission of com-
plexity.” This is the so-
phisticated way of say-
JOSE LUIS MAGANA/ASSOCIATED PRESS
ing moral equivalence,
as the former president
made clear when he
added that “nobody’s
hands are clean.”
An email from Polit-
ico Playbook character-
ized his words this way:
“The remarks are a
striking jab at not only
Israel, but against
Obama’s own former VP: Joe
Biden’s longstanding and rela-
tively closer relationship with
Netanyahu has led the current
president to underscore Is-
rael’s right to defend itself
first and foremost. It also
bucks the company line Demo-
cratic leaders have been using
on this matter.”
In other words, Mr. Biden’s
fight for the soul of America
may have to take a back seat
to the fight for the soul of the
Democratic Party.
In 2012, Democratic dele-
gates at the convention in
Charlotte, N.C., booed a plat-
form vote recognizing Jerusa-
lem as the capital of Israel.
Mr. Obama intervened person-
ally to get that language in.
Does any Democrat really be-
lieve Mr. Biden has the au-
thority to quell any effort by
anti-Israel protesters bent on
ruining his convention?
Because it’s coming. In 1968
antiwar protesters marching
through Chicago’s Loop
chanted “Hey, hey, LBJ, how
many kids did you kill today?”
This weekend a new genera-
tion gathered outside the Bi-
den White House.
Their chant? “Hey hey, ho
ho, Genocide Joe has got to
go!”
Write to mcgurn@wsj.com.
ring Iranian aggression. It is
about building a regional en-
vironment in which their
countries can flourish. Arab
leaders may not care for
Western-style democracy, but
they need to develop their
economies. With populations
and expectations rising, and
with the long-term future of
fossil fuels uncertain, the Gulf
states need to do more than
pump oil out of the ground.
Instead of dividing Israel
from the Arab states, the
Hamas attacks reminded sen-
sible people across the Middle
East how important it is to
hold Iran in check. The Gulf
states need stability, and Iran
and its murderous proxies are
mortal threats to the eco-
nomic future that Arab rulers
want and their people need.
The real question in the
Middle East these days isn’t
what Israel or Hamas will do
next. It is whether Team Bi-
den has finally awakened from
its enchanted sleep. Does the
White House understand that
the Israeli-Palestinian prob-
lem, while real and conse-
quential, pales before Iran’s
unappeasable drive for power
as the region’s leading cause
of war and unrest? Has it
learned that every penny that
goes to the mullahs feeds
their ambitions?
If so, better days are com-
ing for a region that could use
some hope. If not, the insane
ambitions of a brutal regime
will produce more horrors in
years to come.
public hearing or a lawyer?
Academic research shows
that domestic-violence protec-
tion orders don’t reduce the
number of domestic gun mur-
ders. Truly dangerous people
often ignore them. Mr. Rahimi,
for example, obtained a gun
despite its illegality.
Mr. Rahimi’s violence could
have been prevented in other
ways. If he was so violent that
he had to have his guns taken
away, why wasn’t he in prison?
Even before the restraining or-
der, he had assaulted a woman
and misused a gun. The legal
system fails when it doesn’t
lock up violent criminals. Try-
ing to patch up the bad result
with domestic-violence re-
straining orders harms inno-
cent people and gives a false
sense of security to victims.
Ms. Slone is director for ed-
ucation at the Crime Preven-
tion Research Center.
Tuesday, November 7, 2023 | A15
BOOKSHELF | By David A. Shaywitz
Wonders Ahead,
Trouble Too
The Coming Wave
By Mustafa Suleyman, with Michael Bhaskar
Crown, 352 pages, $32.50
I
n 1837, a blacksmith in Grand Detour, Ill., came across a
broken steel saw at a mill; he took the blade home—
steel was scarce at the time—and fashioned it into a
plow that proved to be perfect for the region’s dense soil.
He mass-produced the instrument, and soon the name John
Deere became synonymous with agriculture products.
Today the company increasingly builds autonomous
tractors and combines, driverless machines that inhale and
process data to optimize yield. “Farming robots aren’t just
coming,” Mustafa Suleyman exalts. “They’re here.”
Mr. Suleyman knows a thing or two about emerging
technology. In 2010, with Demis Hassabis and Shane Legg,
he founded DeepMind with an immodest goal: to “solve
intelligence”—that is, replicate human cognition with
computers—and “make the world a better place.” Acquired by
Google in 2014 for its development of a type of artificial
intelligence called deep learning, DeepMind has produced a
series of dazzling achievements. One of its programs, Alpha-
Fold, was able to predict the three-dimensional structure of
proteins based on their amino-acid sequence, a scientific
breakthrough. It comes as no surprise that Mr. Suleyman
believes deeply in the promise of artificial intelligence. But
spending so much time envisioning the future—and working
to create it—has left him
shaken. In “The Coming
Wave,” he hopes to unsettle us
as well.
The good news, Mr. Suley-
man tells us, is that AI—to-
gether with synthetic biology,
.
a technology aimed at engi-
neering organisms—is poised
ly
to “usher in a new dawn for
humanity.” He foresees a uni-
verse of beneficial prospects.
AI is on track, he says, to “help
run our businesses, treat our
ailments, and fight our battles.”
There “seems no obvious upper
limit on what’s possible.”
But he is terrified that the diffusion of these
technologies will empower “a diverse array of bad actors to
unleash disruption, instability, and even catastrophe on an
unimaginable scale.” His fear is driven by his conviction
that technology tends to get “cheaper and easier to use, and
ultimately it proliferates, far and wide.” (The automobile is
one example, the smartphone another.) Emerging
technologies, Mr. Suleyman says, are “fragility amplifiers,”
potentially placing “a lever with global consequences” into
the wrong hands. Already, he writes, deepfakes—
manipulative mimicry of image or voice—are spreading
fast, poisoning local elections in India and enabling bank
fraud in Hong Kong. Soon, he fears, the ability to
synthesize a bioweapon or deploy armed drones will be
widely dispersed—among other worrisome scenarios.
Alongside the irrepressible nature of the technology
itself, there is the difficulty of figuring out how best to
modulate our drive to expand and exploit it. A confluence
of powerful forces work against any such an effort: e.g.,
nations fiercely competing for strategic advantage or
desperately addressing shared concerns, like food supply,
climate change and disease. Technology alone may not be
the answer to such concerns, Mr. Suleyman allows, but it’s
still “the single most powerful” tool we have. Also making
containment difficult: the drive for profit, especially since
the “coming wave” of technology represents “the greatest
economic prize in history.”
But technology is hard to restrain for another reason:
our own volatile mix of curiosity and ego, our hardwired
inability to “leave fruit on the tree,” as Mr. Suleyman puts
it. He recognizes in his colleagues—and in himself—the
sentiment expressed by J. Robert Oppenheimer, the
director of atomic-bomb research at Los Alamos, N.M.
“When you see something that is technically sweet, you go
ahead and do it, and you argue about what to do about it
only after you have had your technical success.”
Artificial intelligence and other tech advances
promise great things—a new dawn for humanity.
But will they fall into the wrong hands?
So what is to be done? To start, Mr. Suleyman suggests,
we must get past our reflexive first reactions: to deny that
there is a problem or turn immediately to regulation. The
size of the challenge, he says, may give rise to a response
he calls the “pessimism-aversion trap”: Overwhelmed by
fear, we look the other way. Or we may demand regulatory
fixes. Yet effective regulation takes a long time to develop,
and the technology is simply evolving too fast.
Our goal, Mr. Suleyman argues, shouldn’t be to arrest
emerging technologies so much as to “sculpt” them and en-
sure that they are adapted to our needs. He suggests mak-
ing them subject to oversight and enforceable rules, includ-
ing audits and external review, and he favors a “more
licensed environment,” where the most sophisticated AI
systems would be produced “only by responsible certified
developers.” He advocates pressure at critical choke
points—limiting the export of advanced computer chips, for
example, or throttling the data passing through high-vol-
ume fiber-optic cables—to put a check on the speed of de-
velopment. Yet he acknowledges that even if his lengthy
wish list were adopted, it might not be enough.
The futurist Roy Amara once said that “we tend to over-
estimate the effect of a technology in the short run and un-
derestimate the effect in the long run,” and Mr. Suleyman’s
view that we’re poised on the precipice of both nirvana and
doom seems to confirm this tendency. AI and synthetic bi-
ology may be advancing faster than many of us grasp but
not quite as fast as he thinks. Particularly when describing
progress in biology, he tends to leap from early successes—
like creating a synthetic bacterial genome—to what he sees
as the inevitable end state: “a world of cheap, personalized
drugs,” say, or food manufactured on demand. Realistically
this future is much further away than he imagines.
But even if Mr. Suleyman’s timing is off, his sense of the
future seems directionally correct: AI and synthetic biology
are creating transformative opportunities and existential
dangers. As he plaintively asserts, now is the time to reckon
with both possibilities. How can we guide technology in a
way that allows us to benefit from its extraordinary promise
without being destroyed by its exceptional power?
Dr. Shaywitz is a physician-scientist at Takeda
Pharmaceuticals, a lecturer at Harvard Medical School and
an adjunct fellow at the American Enterprise Institute.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

A16 | Tuesday, November 7, 2023 THE WALL STREET JOURNAL.

OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR

Will Trump Be Indicted Into Office? The Democratic Party’s Sordid Past on Race

‘T
he people call Donald J. Trump.” So fascinating, three of the commercials increased In “The Democrats and Anti-Semi- Republicans as racists who ignore Is-
began Monday’s episode of the Dem- Mr. Trump’s support. tism” (Wonder Land, Nov. 2), Daniel rael’s oppression of Palestinians. Is-
Henninger examines the rupture in raelis understand the ruse and see
ocratic Party’s favorite legal drama, Two of the TV ads “backfired across almost
the Democratic Party that has pit pro- clearly that progressives are working
as Mr. Trump took the wit- all demographic groups.” One Israel liberals against an ascendant to undermine U.S. support for a Jew-
ness stand in Manhattan TV ads focused on his of those was the most pointed progressive wing that accuses Israel ish homeland.
court. The judge in this civil legal troubles backfired, argument tested. “I’ve been of ethnic cleansing and genocide. He D. ANN DAVIS
case has already ruled that with Trump from the start,” provides a brief history lesson on the St. Augustine, Fla.
Mr. Trump’s business empire so they never aired. the narrator says. “But truth- Nazis and the Holocaust that began
gave inflated asset numbers fully, I don’t know what hap- 90 years ago and implies that mem- Mr. Henninger states, “Maybe
to lenders, including by al- pens if he is convicted while bers of the party under Franklin D. Democrats never expected Jew-ha-
most tripling the square footage of his Trump he is running.” Roosevelt then would be appalled by tred to be a feature of their coali-
Tower residence. Those TV ads never ran, no surprise. Can today’s anti-Semitic views. tion. Now it is.” He should have clar-
“They were not really documents that the President Biden now pay to air them? That’s But let’s not give the Democratic ified: Maybe Democrats never
Party of the 1930s a pass on anti- expected the Jew-hatred that has
banks paid much attention to,” Mr. Trump told a joke, but it fits the strategy of Mr. Biden, who
Semitism. Jonah Goldberg’s 2008 festered for decades at varying lev-
the court, according to news accounts. He ar- is counting on a 2020 rematch nearly as much book “Liberal Fascism” is a useful els across their coalition—academia,
gued that his assets, including his brand value, as Mr. Trump. This could be a serious blunder. primer for understanding the thin media, entertainment and among
were actually higher than reported. Why was The Win It Back PAC ads were tested among line that separates fascists from the Democrat-supported organizations
his Trump Tower triplex claimed as 30,000 Republican primary voters, but the backfire ef- far left. Adolf Hitler and many Nazi such as Black Lives Matter—to be so
square feet, instead of the actual 11,000? He fect was larger with respondents who identi- leaders were socialists before they explosively and unequivocally ex-
speculated that perhaps the bigger figure fied as “NOT Very Conservative.” It isn’t so began prioritizing nationalism and posed. Now it is.
didn’t exclude elevator shafts and other nonus- hard to believe that some independents might racial purity. Wilsonian progressives ERIC TYLER
able space, or maybe it included the building’s agree that the prosecutions are politically mo- earlier in the 20th century were also The Villages, Fla.
roof, to which he has access. tivated and unfair. fixated on race, and former Ku Klux
The trial has consequences for Mr. Trump’s Klan members were at home in the We are all in this together, until
Throw in this weekend’s Siena College-New
Democratic Party. Democrats have a you have no further use. The enemy
business and net worth, but it won’t matter York Times poll, which shows Mr. Biden losing sordid history of playing the race of my enemy is my friend, until he
much politically. New York Attorney General to Mr. Trump in five key swing states. The po- card for or against groups based on has no further use. Jews are the
Letitia James campaigned on a promise to litical reality is hard to deny. Mr. Trump’s con- prevailing political winds. friends of the Democratic Party, until
launch an investigation into Mr. Trump, and duct is often lamentable, self-destructive, inex- With media cover, Democrats can they have no further use.
most GOP voters have already dismissed the plicable, and sometimes all three. Why did he play down the anti-Semitic compo- BILL BOLES
case as an example of politicized justice. refuse to turn over those classified files, and nent of their coalition while attacking Broomfield, Colo.
For Mr. Trump’s critics who believe the legal did he in fact send a henchman to delete Mar-a-
system can knock him out of the 2024 presi- Lago’s security tapes after getting a subpoena?
dential election, his civil testimony Monday If true, it’s foolish beyond words.
was a light amuse-bouche. The four-course But Mr. Trump’s antagonists, instead of try- Reasons to Question the Biden Family Loans
meal to follow is the criminal process, after Mr. ing to defeat him politically, have unleashed
Kimberley Strassel’s “Moving the In estate planning, there is often
Trump’s state indictment in New York, two the criminal justice system against him in ev- Hunter Goal Posts” (Potomac Watch, mention of “family loans.” Parents
charge sheets from the feds, and then another ery way possible. The former President re-

.
Nov. 3), regarding President Biden’s with assets loan money to their chil-
in Georgia. Yet despite it all—or more accu- ceived a polling boost in April when Manhattan loan to his brother, surprised me. Is dren. A child uses that money to start

ly
rately, because of it all—Mr. Trump is dominat- District Attorney Alvin Bragg brought criminal no one in Washington aware that in- a business or buy a home, and the
ing the Republican primary polling. charges that even some of Mr. Trump’s fiercest terfamily loans have to be carefully loan payments are made to the par-
Is Mr. Trump’s candidacy really being floated critics admit are legally dubious. documented and require that a rate ent or estate. These loans have very
by his prosecutions? Check out the recent re- on
Mr. Trump’s opponents thought that prose-
porting on Win It Back PAC. An article in Polit- cuting him would bring him low. Instead it is
ico last week says the group tested four TV ads powering his candidacy, as he runs as a politi-
of interest be set that is not less than
a Treasury of comparable maturity?
Importantly, the interest on the
loan has to be reported by the lender
specific IRS rules and are highly scru-
tinized if your last name isn’t Biden.
Loan terms, interest rates and re-
payment schedules need to be clearly
focused on Mr. Trump’s legal travails. “All four cal martyr. It is helping him in the campaign
to the Internal Revenue Service on stated and records kept. A fabricated
us ,

ads tested failed to move support away from for the GOP nomination, and it could yet get
his tax form. I know this because I “loan” like the one Ms. Strassel de-
l

Trump,” a research memo concluded. Even more him back to the White House. have made a number of loans to my scribes, when repaid, has no interest
e
al a

own children. and no profit, and thus no income

Biden Regulators Fine a Christian College It should be easy to confirm the

existence of other Biden family loans,
tax. As Mr. Biden and his team love
to say, the super rich and politically
ci on

T
he liberal press frets with some cause
that Donald Trump will target his politi-
cal opponents if he wins the White House
in 2024, but why aren’t they bothered by the Bi-
in “fine print.” GCU’s disclosure is in full-size, red
type above its Degree Program Calculator.
The school’s accreditor, the Higher Learning
Commission, praised GCU’s transparency in
er s
so House Republicans should follow
up on this very aggressively. To do
any less would be to betray the rule
of law.
RICHARD CHAPMAN JR.
connected get to avoid paying their
“fair share.” The Biden family gets
tax-free income while normal people
must fear IRS audits and penalties.
JOE BOCCUZZI

Brookline, Mass. Tomball, Texas

den Administration’s weaponization of govern- 2021: “Their recruitment and marketing materi-
ment? Consider the Education Department’s re- als are clear and transparent, and financial infor-
m er

cord fine last week against Grand Canyon mation presented to students throughout the
University (GCU). student lifecycle is robust,” adding that informa-
The Education Department dunned GCU, the tion on its doctoral program provides prospec-
nation’s largest Christian college, $37.7 million tive students “a clear picture of their academic
m rp
Islamophobia Is Real, and Fear Yields Hatred
In “Islamophobia Is a Phony Diag- horrent behavior. With Islamophobia,
nosis” (op-ed, Nov. 2), Matthew Hen- we are talking about the following

for allegedly deceiving prospective students
about the cost of its doctoral programs. Its spe-
cific beef is that GCU charged students for taking
courses while they complete their dissertation,
and that these costs weren’t included in a table
co Fo
and financial path.”
GCU says it is being targeted because it has
sued the department for refusing to recognize
it as a nonprofit college. That’s plausible. Pro-
gressive regulators might also resent that the
nessey suggests that it is inappropri-
ate to make human reactions to
terrorism seem crazy or bigoted. Bru-
tal acts of terrorism, murder or ab-
ject violence of any kind are repulsive
view: that when an act of terrorism is
perpetrated by an Islamic extremist,
it is rational to be afraid of everyone
else from the Islamic faith.
If that is true, then why shouldn’t

estimating the degree’s total cost.
But the number of continuation courses varies.
Its disclosures make clear that doctoral degree
earners require continuation courses—9.5 on av-
erage for psychology, which cost $2,175 per course.
The department claims this disclosure is buried
Josh Hawley’s Unoriginal Constitution
school’s vocational training programs are rap-
idly growing while community colleges are los-
ing students. Progressives oppose private com-
petition in education, and they’re willing to use
the government to punish schools that won’t
bow to their wishes.
and crimes against humanity, and no
one faith has a monopoly on such ab-
Knight and Other Coaching
Greats Left Us Good Defense
Thanks for the very nice tribute to
coach Bobby Knight, “Legendary Bas-
ketball Coach Won 3 NCAA Champi-
onships” (Sports, Nov. 2). The general
one be afraid of all Christians or all
whites when a white Christian na-
tionalist commits a violent act?
Mr. Hennessey tries to make a dis-
tinction between fear and hatred, but
one can easily lead to the other, with
dangerous consequences. If society
does not repudiate racism, anti-Semi-
tism and the other bad “isms,” we
sanction the possibility of more vio-
lence. If there is any doubt that Is-

S
ince the Supreme Court unleashed inde- may not hear, it uses censorship to control public and rabid college basketball lamophobia exists, look to the recent
fans remember well the storied leg- funeral of Wadea al-Fayoume in Illi-
pendent political spending in 2010’s Citi- thought.” That’s “unlawful” because the First
n-

acy of one of the GOATs of college nois, a six-year-old Muslim boy

zens United v. FEC, progressives have Amendment “confirms the freedom to think for roundball. Your tribute touched all of stabbed 26 times on Oct. 14.
forecast the ruin of American ourselves.” the highlights of his legendary career KHALID AZIM
politics by corporate spend- The Missouri Senator Mr. Hawley says he’s the and his charismatic style’s highs and New York
ing. More than a decade on, real constitutional “original-
no

elections are competitive and

wants to rewrite the ist” because he believes there
lows. However, his legacy goes well
beyond public perception and into the
no doom has come to pass, but First Amendment. is no independent personhood principles of coaching the game. Guns and Butter on Our Tab
the same false alarm is now for corporations. That was the He was a defensive guru who de-
Regarding your editorial “Biden
making the rounds on the po- argument made in the Citizens veloped coaching basics he refined
Has a Choice, Guns or Butter” (Nov.
litical right. United partial dissent by liberal Justice John from his mentors, coaching greats
1): The greatest threat to America’s
Missouri Republican Sen. Josh Hawley has Paul Stevens. He wrote that corporations “have Clair Bee and Hank Iba. Today’s
future is our astronomical national
coaches use principles of defense,
introduced legislation to reverse Citizens no consciences, no beliefs, no feelings, no terms and phrases passed from them
debt. It is approaching $100,000 for
United as a way to punish corporations whose thoughts, no desires” and that corporate per- every person living in the U.S. It is
through Knight and others such as:
progressive politics he dislikes. He told Real- sonhood is a “legal fiction.” costing so much just to service it that
“The flat triangle,” “Ball-you-man,”
ClearPolitics that his “goal is to get corporate It’s not that simple. Corporations are made future impoverished Americans will
“Deny the flash pivot,” “Ball side/help
money out of our politics,” and to stop compa- up of citizens, as Justice Antonin Scalia noted ask, “Who let this happen?” The an-
side,” “Help and recover,” and numer-
swer? We did. Guns or butter? Both
nies from “controlling our elections.” in his Citizens United concurrence. The Framers ous other concepts of effective defen-
please. Put them on the tab.
So big government to the rescue. The Ending guaranteed free speech for individuals, Justice sive play. Ask today’s coaches and
JOHN FORTUGNO
Corporate Influence on Elections Act would ban Scalia wrote, but “the individual person’s right players these terms and they surely
Olympia, Wash.
contributions or donations by publicly traded to speak includes the right to speak in associa- will affirm their common use. Bee,
corporations. That includes donations to politi- tion with other individual persons,” and that is Iba and now Knight will live on in fu-
It won’t be long until there’s no
ture generations who play this great
cal committees, independent expenditures and as true for a corporation as for a political party. money for guns or butter. Interest on
American game.
any “disbursement for an electioneering com- Corporations are assemblies of employees and BILL UTSEY
the debt will consume everything.
munication.” shareholders who share an interest in political KEVIN CLARK
Clemson, S.C.
The bill proposes no changes to the political decisions that could harm their business. Franklin, Tenn.
activities of labor unions, which also had their Mr. Hawley knows this, but he is picking up
speech rights affirmed by Citizens United. That’s the issue because he also knows corporations Maduro Can’t Be Appeased
a telling omission that suggests Mr. Hawley is are unpopular these days. Some corporations Regarding your editorial “Venezu-
Pepper ...
looking for allies on the left. Mr. Hawley knows have rightly earned conservative disdain, but ela Breaks a Promise to Biden” (Nov. And Salt
the bill has little chance of becoming law in the there are other ways to pick a fight with woke 2): Even I could see that sanctions re-
current Congress and that the Supreme Court America than by selling out basic conservative lief to Venezuela wouldn’t result in a THE WALL STREET JOURNAL

wouldn’t look fondly on this rewrite of the First values such as free speech and the First Amend- free and fair 2024 election. It took
Amendment. But the current Court majority may ment’s explicit right to “petition the govern- only two weeks for Nicolás Maduro to
not last, as Justices Samuel Alito and Clarence ment for a redress of grievances.” violate the agreement. The relief was
Thomas are both in their 70s. Mr. Hawley wants to deny corporations their clear proof that the Biden administra-
Mr. Hawley’s exercise aligns with the pro- right to influence laws or regulations that affect tion simply wants to appease his
gressive notion that money is corrupting and them. Bernie Sanders goes to sleep at night communist narco-trafficking govern-
ment. The Biden administration will
that too much of it rigs elections and leads hap- dreaming of such a political world.
probably fail to reimpose sanctions,
less voters to the wrong decision. In April 2022, Campaign spending is a form of political just as it has with other enemies it
Sen. Sheldon Whitehouse (D., R.I.) tweeted that speech, as the Supreme Court has ruled in mul- has failed to appease.
Citizens United “super-charged the schemes of tiple cases. The left wants to rewrite the First ABEL A. MESTRE
big corporate and right-wing donors to rig our Amendment so it can limit who can speak. “If Key Biscayne, Fla.
government in their favor.” speech can be prohibited because, in the view
The Supreme Court addressed that conceit of the Government, it leads to ‘moral decay’ or
Letters intended for publication should
directly in Citizens United. In his majority opin- does not serve ‘public ends,’” Justice Scalia be emailed to wsj.ltrs@wsj.com. Please
ion, Justice Anthony Kennedy wrote that “when wrote, “then there is no limit to the Govern- include your city, state and telephone
Government seeks to use its full power . . . to ment’s censorship power.” number. All letters are subject to
command where a person may get his or her in- This is the philosophy that Josh Hawley now editing, and unpublished letters cannot
be acknowledged.
formation, or what distrusted source he or she embraces. “Let’s do something different.”
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
THE WALL STREET JOURNAL.
Obama,
Hamas and
‘Complicity’
By Elliot Kaufman
E
ven Barack Obama supported
Israel in dismantling Hamas, a
senior Israeli official was eager
to tell me early in the war. The for-
mer president said so in a 73-word
statement on Oct. 9.
But on Oct. 23, in a 1,130-word
statement, Mr. Obama called for Is-
raeli restraint. Now, on the “Pod Save
America” podcast, Mr. Obama coun-
sels “an admission of complexity.” In
a part of the interview released Sat-
urday, Mr. Obama says: “What Hamas
did was horrific and there’s no justifi-
cation for it. And what is also true is
that the occupation and what’s hap-
pening to Palestinians is unbearable.”
To get to the full truth, “you then
have to admit nobody’s hands are
clean, that all of us are complicit to
some degree.” He adds: “As hard as I
tried—I have the scars to prove it—
but there’s a part of me that’s still
saying, ‘Well, was there something
else I could have done?’ ”
The former president seeks
to shift the blame for the
attack on Israel. He ought
to look in the mirror.
Only a part? Mr. Obama sent Iran
$1.7 billion in cash, released some
$100 billion in frozen assets and un-
shackled Iranian industry. His plan to
extricate the U.S. from the Middle
East was suitably complex: find a rap-
prochement with Iran that would em-
power it to stabilize the region for us.
Predictably, Tehran used the money
to build up each front—Gaza, Leba-
non, the West Bank, Syria, Iraq and
Yemen—in today’s war on Israel.
The rest of Mr. Obama’s policy
paved the way. In August 2012, he
drew a “red line.” The U.S. would re-
spond militarily if Syria used chemical
weapons. When Syria did a year later,
Mr. Obama blinked and then let Russia
bail him out by pretending to remove
all the chemical weapons. Russia never
left Syria, and propping up Bashar al-
Assad solidified its alliance with Iran.
The Journal reports that Russia plans
to give Hezbollah better air defenses
in Lebanon, and Syria is a key Hezbol-
lah staging ground and transit point
for Iranian weapons.
Mr. Obama pulled out of Iraq in
2011, only to see Iran-backed militias
fill the vacuum. Once ISIS, which the
president had dismissed as the “JV
team,” established itself, reluctance
to commit further to the region led
the Obama and Trump administra-
tions to work with the Iranians to de-
feat the group. This elevated Tehran’s
Iraqi proxies, which have been attack-
ing U.S. forces almost daily to pres-
sure the U.S. to constrain Israel.
Israel had an early chance to de-
stroy Hamas in the 2008-09 Gaza war,
but the incoming Obama administra-
tion signaled its displeasure. Israel
stopped short, declaring a unilateral
cease-fire. That only prepared the next
war, in 2014, but overthrowing Hamas
wasn’t even on the table with Mr.
Obama in the White House.
no
The Obama strategy of pressuring
Israel and indulging the Palestinians
made no progress toward peace. A
2009-10 Israeli settlement freeze was
shrugged off. John Kerry shuttled
around, banging his head against the
wall called the “peace process.” Mr.
Obama’s parting shiv—enabling a
United Nations Security Council reso-
lution that condemned the Jewish
state and undermined its claim to Je-
rusalem—did nothing for Palestinians
but indulge the fantasy that U.S. pres-
sure on Israel will obviate the need
for them to compromise.
If everyone is responsible for this
war, as Mr. Obama says, then Hamas
becomes only one guilty party among
many, and Oct. 7 a mere link in a long
causal chain. Blame shifts to Israel. As
the U.N. secretary-general put it, “the
attacks by Hamas did not happen in a
vacuum.” But if anyone has been com-
plicit in enabling Hamas’s atrocities,
Barack Obama has.
Mr. Kaufman is the Journal’s let-
ters editor.
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Rupert Murdoch
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Only the U.S. Can Restore World Order
By Nadia Schadlow
C
haos is spreading through-
out the world as a direct
consequence of America’s
failure to deter Russia, Iran
and China. The balance of
power in key regions is faltering,
leading to instability and global dis-
order. Like it or not, the U.S. is the
only force that can restore equilib-
rium.
In a global conflict, as the Yale
political scientist Nicholas Spykman
(1893-1943) observed, success or
DAVID GOTHARD
failure in one region has “immediate
and determining effect on the oth-
ers.” Spykman emphasized the im-
portance of preventing the rise of
hegemonic powers whose “principles
and ideals are opposed to the whole
course of Western civilization.” This
effort to check power in key regions
of the world has been a mainstay of
American foreign policy since the
Cold War.
Revisionist powers are on the rise
and determined to disrupt the global
order. Russia and Iran have each
made destructive regional plays,
while China is preparing for its own
moves in the South China Sea and
Taiwan. Compounding these demon-
strations of power (and brutality) is
the willingness of these countries to
put aside their differences to collude
against American interests. The revi-
sionist powers see the U.S. as weak
and in decline. The question is
whether we can regain the initiative
and restore balance.
Since the mid-2000s the U.S. and
its allies have forgotten the central
goal of geopolitics: to maintain the
balance of military power and
thereby deter revisionist powers in
critical regions. Many American pol-
on
icy makers thought soft power, not
military might, would lead countries
toward cooperation and liberaliza-
tion. Instead, Russia’s 2014 annexa-
tion of Crimea and invasion of east-
us ,
ern Ukraine set the stage for the first
l
episode of regional disruption—Rus-
e
al a
sia’s February 2022 invasion of
Ukraine. Moscow reminded the world
ci on
Hamas Defenders Wield Words as Weapons
er s
FREE
m er
EXPRESSION
By Gerard Baker
J
ohn F. Kennedy said of Winston
m rp
Churchill that he “mobilized the
English language and sent it
into battle.” From Pericles to Abra-
ham Lincoln, words have often been
as effective as armaments in shoring
co Fo
up a people’s defenses, reinforcing
an army’s resolve, or inspiring a
unit’s bravery.
But in war, as in peace, words can
also be used to demoralize and dis-
orient. They can be used—and have
been—more deviously by the enemy,
and its quill-, microphone- and lap-
top-carrying enablers and propagan-
dists, to obfuscate and confuse, to
seed doubt in a just cause.
The war in the Middle East is a
month old but it is producing plenty
n-
of the latter. From the streets of
American and European cities, tele-
vision studios, newspaper columns
and legislatures, we are being bom-
barded with rhetoric that seeks to
persuade us not to believe what we
see, to convince us that right is
wrong, justice is tyranny, terrorism
is heroism.
I’ve lost count of the number of
words that are being manipulated in
this way. All kinds of cunning efforts
have been used to get us to see that
the country whose citizens were
wantonly slaughtered on Oct. 7 by an
enemy that has sworn to wipe it
from the planet is in fact the wicked
oppressor. But here are a few of the
highlights:
• Cease-fire. This is the most fre-
quently used and superficially per-
suasive misuse of terminology.
“Cease-fire” sounds straightfor-
wardly decent. Who could object to
the cessation of hostilities that are
killing and wounding thousands?
Nine days after the attack, 13 Dem-
ocrats in Congress submitted a resolu-
tion urging that the Biden administra-
tion “immediately call for and
facilitate de-escalation and a cease-fire
to urgently end the current violence.”
Robert Thomson
Chief Executive Officer, News Corp
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Chief Executive Officer and Publisher
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OPINION
that despite its relative weaknesses,
its ambitions to exert its power over
Central Europe have remained con-
stant. So far, Vladimir Putin’s war
has caused more than 500,000
deaths, realigned world energy flows
and food trade, and led to billions of
dollars in economic losses.
Biden can end the chaos by
demonstrating a strong
commitment to victory in
Israel and Ukraine.
Hamas’s barbaric attacks in Israel
sparked instability in a second criti-
cal theater, the Middle East. Iran is
the regional power pulling the
strings. For years Iran has shaped
the playing field in the Middle East
to its advantage. Despite sanctions,
Tehran used its military and diplo-
matic tool kit skillfully. It was
helped by the Obama administra-
tion’s deliberate shift to enhance
Iran’s regional role and step away
from the U.S. policy of containment.
All the while, Iran increased sup-
port for an “axis of resistance.” Its
terrorist allies Hezbollah and Hamas
provided Iran with expeditionary
proxy forces, changing the military
But we know what that would
mean: victory for Hamas. It would
mean that the terrorist group should
be allowed to continue to run a
statelet only a few weeks after it has
made good on its commitment to at-
tack its neighbor and done so with
complete disregard for international
law or common decency.
Even after Hamas’s leader help-
fully spelled out that, in the event of
a cease-fire, the terror group would
reinitiate hostilities again and again
until it had killed every Jew.
• Genocide. “Joe Biden supported
the genocide of the Palestinian
people,” says a video posted by
Rep. Rashida Tlaib (D., Mich.), in
one of many such claims by oppo-
nents of Israel. There is something
especially malignant about this
term to describe Israel’s opera-
tion—and those propagating it
know that full well. They know its
resonance in the history of the
Jewish people, and they use it de-
liberately to equate what happened
to the Jews at the hands of the Na-
zis with a military action today
that is justified in self-defense, but
which inevitably, tragically results
in large numbers of civilian casual-
ties—often because Hamas itself
deliberately exposes civilians to
harm.
To use this term is a form of
Holocaust denial. If you can sug-
gest that what Israel is doing in
Why Democrats Should Care About Debt
By Ben Ritz
A
fter his election as House
speaker, Mike Johnson said one
of his top priorities was the cre-
ation of a bipartisan commission to
tackle the national debt. It’s a good
idea that nearly 70% of voters in both
parties support. In September, Reps.
Scott Peters (D., Calif.) and Bill Huiz-
enga (R., Mich.) introduced the Fiscal
Commission Act of 2023, and 198
House Republicans voted for it as part
of a government funding bill. Here’s
why Democratic congressional leaders
and the Biden administration should
join the push:
• Deficits are undermining the Bi-
den economy. In the past year, the
real federal budget deficit more than
doubled, from $933 billion to $2 tril-
lion. Democrats rightly argued that
spending borrowed money was a
critical economic support during the
Covid pandemic. But the unemploy-
ment rate the over past year has
been consistently lower than any
point since the 1950s.
Economists, even those on the far
left who subscribe to “modern mone-
tary theory,” agree that increasing
deficits in a tight labor market fuels
inflation. Voters’ frustrations with
inflation and the interest-rate hikes
implemented to bring it under con-
trol exceed their appreciation for low
Tuesday, November 7, 2023 | A17
balance of power in the region.
The Biden administration’s relax-
ation of sanctions on sales of Iranian
oil and its September agreement to
release $6 billion to free five Ameri-
can hostages further emboldened
Tehran. Money is fungible. With this
new transfer, Iran was in a position
to divert billions to spark additional
regional mayhem.
China is destabilizing a third key
region of the world, Asia. Beijing is
determined to control the South
China Sea, crossroads of trillions of
dollars of shipping. China’s island-
building program and militarization
of the region have extended Beijing’s
control and are threatening freedom
of navigation. China has stepped up
its naval activities there, clashing
with the Philippines and blocking its
boats. Beijing’s pressure on Taiwan
is growing. The Chinese military has
surged aircraft and ships into the
area as it refines its strategy to
blockade the island nation. China
has the world’s largest navy mea-
sured by number of vessels, with a
combination of its military warships
and its merchant-marine fleet
around the world.
Across these three regions—Cen-
tral Europe, the Middle East and
Asia—unnatural allies are support-
ing each other in pursuit of a new
global equilibrium that significantly
Gaza is equivalent to what hap-
pened in the gas chambers, then
you are explicitly reducing the Ho-
locaust to the level of a regrettable
byproduct of a legitimate military
campaign. That apparently so
many of our young people—and a
disturbing number of elected Dem-
ocratic officials—seem to believe
this is shaming.
Their rhetoric seeks to
convince us that right is
wrong, justice is tyranny,
terrorism is heroism.
• Decolonization. This is a favorite
term of the obfuscators and apolo-
gists for terror, partially because it
neatly ties up the whole intersec-
tional, Black Lives Matter, critical
race theory baloney with what is
supposedly happening in the Middle
East.
The unidentified Stanford lecturer
who singled out Jews in his class-
room, made them stand in a corner
and identified them as “colonizers”
(and was suspended for it) is only
the most performative of these dan-
gerous play-actors.
The idea that Israel is a colonist
settlement on Arab soil—brilliantly
debunked by the historian Simon Se-
unemployment, fueling disapproval
of President Biden’s economic re-
cord. Deficit reduction is more im-
portant than it has been at any other
time in the 21st century.
• Debt-service costs crowd out
progressive priorities. Annual inter-
est payments are already at their
highest level as a percentage of gross
domestic product since the 1990s. By
2028 the government is projected to
spend more than $1 trillion on inter-
est payments each year—more than
it spends on Medicaid or national de-
fense. Worse, the U.S. may be enter-
ing a vicious circle whereby higher
deficits increase debt and fuel infla-
tion, which the Federal Reserve must
combat by raising interest rates,
causing debt-service costs to balloon
further.
• Republicans must be challenged
to accept tax increases. A fiscal com-
mission would confront the trade-
offs elected officials have been un-
willing or unable to face. Republicans
would have to face the impracticality
of their long-held pledge not to raise
taxes, which would make it impossi-
ble to stabilize the debt without deep
cuts to popular programs such as So-
cial Security and Medicare. Now may
be the time to crack this GOP shibbo-
leth: Most House Republicans broke
the tax pledge when they voted for a
$553 billion tax increase as part of
disadvantages the U.S. and its allies.
A year after Russia’s invasion of
Ukraine, to mark their “no limits
friendship,” China’s Xi Jinping ob-
served that events “we had not seen
for 100 years” were happening and
that Russia and China were “driving
these changes together.”
Diplomatically, China played a key
role in pressuring countries not to
condemn Mr. Putin’s aggression.
China’s economic support of Russia
has grown, particularly through pur-
chases of Russian oil, and it’s likely
that Beijing has also supplied Mos-
cow with weapons, parts and more.
Tehran is funneling drones, artillery
shells, ammunition and tank rounds
to the Russian war effort. Some of
this was likely reciprocated, given
Moscow’s defense cooperation with
Iran. Tehran has orders in for Rus-
sian fighter jets, attack helicopters,
radars and combat trainer aircraft.
Iranian pilots reportedly started
training in Russia to fly the Sukhoi
Su-35, an advanced fighter jet, in the
spring of 2022.
The challenge for the U.S. now is
to restore balance in the world. The
Biden administration’s management
of the Israeli response in Gaza and
the continuing war in Ukraine are
crucial. America’s adversaries are
watching.
The U.S. can’t be passive in its
support for allies. It isn’t enough to
be the arsenal of democracy. Amer-
ica has unique military and intelli-
gence capabilities that can help Is-
rael and Ukraine defeat existential
threats to their sovereignty. Ameri-
.
can diplomats must convince the
Arab world—particularly the Gulf
ly
states—that a region dominated by
Iran and roiled in conflict will doom
their growing economies. If the U.S.
succeeds, it will send a clear mes-
sage to China about the perils of
messing with America’s friends.
Ms. Schadlow is a fellow at the
Hudson Institute and Hoover Institu-
tion. She served as deputy national
security adviser for strategy,
2017-18.
bag Montefiore in the Atlantic—is
such ahistorical nonsense that we
can understand why it could be tol-
erated only on the campuses of our
most prestigious universities.
• Context. “Palestinian Americans,
Dismayed by Violence, Say Historical
Context Is Being Overlooked” ran a
headline recently in the New York
Times. This seeks to place the at-
tacks of Oct. 7 in the context of the
wider Palestinian struggle and
thereby suggest that beheading ba-
bies has some sort of logical moral
precursor.
The most notorious use of this
concept came from (where else?) the
secretary-general of the United Na-
tions, António Guterres. “The attacks
by Hamas did not happen in a vac-
uum,” he said. While he did also con-
demn the attacks, who is going to
help him understand that this at-
tempt to rationalize and contextual-
ize acts of genocidal savagery is dan-
gerous and ultimately futile?
While we are on the subject of
words and the U.N., the world’s pre-
mier talking shop of horrors, I’ll
end with perhaps the most arrest-
ing example of how words can be
manipulated by an enemy to convey
a basic falsehood that threatens us
all: Last week, Ali Bahreini, Iran’s
ambassador to the U.N. in Geneva,
had the distinct honor of chairing
the U.N. Human Rights Council’s So-
cial Forum.
the Limit, Save, Grow Act earlier this
year.
• Social Security and Medicare
face automatic cuts. These entitle-
ments are the largest and fastest-
growing programs in the federal
budget. Both already spend more on
benefits than they take in from taxes.
Benefits will be cut automatically un-
der current law by as much as 23%
when the trust funds are exhausted
within the next decade. The Fiscal
Commission Act would require the
commission to make both programs
fully solvent for at least 75 years, so
every current worker and retiree can
count on them.
• A financial fix would boost con-
fidence in government. Managing
public finances is one of govern-
ment’s most basic responsibilities.
Voters are unlikely to support new
progressive policies when they be-
lieve the government can’t even pay
for the promises it’s already making.
Such concerns undid President Bi-
den’s Build Back Better plan in 2021.
Adopting policies to put the national
debt on a downward trajectory
would build fiscal space for new pub-
lic investments and other measures
to address future emergencies.
Mr. Ritz is director of the Progres-
sive Policy Institute’s Center for
Funding America’s Future.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

A18 | Tuesday, November 7, 2023 THE WALL STREET JOURNAL.

.
ly
on
us ,
l
e
al a
ci on
er s
m er
m rp
co Fo
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no
 BUSINESS & FINANCE
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
© 2023 Dow Jones & Company. All Rights Reserved.
S&P 4365.98 À 0.18% S&P FIN g 0.39%
WeWork Files for Bankruptcy
Once-valuable
startup expanded as
demand for office
space nosedived
BY ALEXANDER GLADSTONE
AND KONRAD PUTZIER
WeWork filed for bank-
ruptcy, capping the flexible-of-
fice-space venture’s remark-
able collapse after once being
the nation’s most valuable
startup.
The company filed for
chapter 11 protection in the
U.S. Bankruptcy Court in New
Jersey.
WeWork Chief Executive
David Tolley said roughly 90%
of the company’s lenders have
agreed to convert their debt
CFOTO/DDP/ZUMA PRESS
into equity, wiping out about
$3 billion in debt.
WeWork, valued at $47 bil-
lion at its peak, is facing the
consequences of excessive ex-
pansion that left it with many
unprofitable locations. The of-
fice-space provider signed
hundreds of long-term office
leases at the top of the market
in the late 2010s. It spruced
up the spaces and effectively
sublet them for as little as a
month at a time.
That business crumbled
when demand for its desks fell
and vacancies rose during the
pandemic, while WeWork re-
mained on the hook for bil-
lions in rent payments to
landlords. WeWork’s losses to-
taled around $16 billion as of
June, as it churned through all
the money it raised from top
investors and lenders over the
past decade.
WeWork was co-founded by
former baby-clothes entrepre-
neur Adam Neumann in 2010.
The company raised billions
from investors and built a
global network of co-working
spaces at breakneck speed.
Tesla Raises Wages in Germany as Union Presses
BY WILLIAM BOSTON
BERLIN—Tesla is boosting
factory worker pay in Ger-
many amid an aggressive
unionization drive, a move
that comes as Chief Executive
Google’s App Store
Power Goes on Trial
BY MILES KRUPPA
no
SAN FRANCISCO—Google’s
power in the digital economy is
facing another major legal test
in a case targeting its role as a
gatekeeper on billions of mo-
bile devices.
A group of jurors heard
opening arguments on Monday
from “Fortnite” maker Epic
Games that Google used its
dominant position to squeeze
excess profits from app devel-
opers, as well as the search gi-
ant’s response to those allega-
tions. The case forms the
second part of Epic’s attack on
the two largest mobile software
providers after the game devel-
oper went up against Apple in
a 2021 courtroom battle.
The trial, expected to stretch
into December, adds to Google’s
busy legal docket as it also
fights a landmark antitrust
case challenging its dominant
search engine. Both lawsuits
MAXIMIZE
WAREHOUSE
PRODUCTIVITY
WITH AUTOMATION
interlakemecalux.com
* * * * *
S&P IT À 0.78% DJ TRANS g 0.07%
The office-space provider signed hundreds of long-term office leases at the top of the market in the late 2010s.
Neumann was forced out in
late 2019 following a botched
attempt at an initial public of-
fering and spiraling losses.
New management cut costs
but found its efforts to turn a
profit frustrated by a weak of-
fice market.
A more than $5 billion bail-
out from SoftBank, its biggest
on 0
backer, also left the company
us ,
with floating-rate debt held by
l
the Japanese investment firm
e
al a
and other lenders. Rent and
interest payments ate up
around 80% of WeWork’s an-
ci on
nual revenue as of June 2023.
WeWork for years struggled
to ditch or renegotiate unprof-
itable leases. In its rush to
grow as quickly as possible
er s
under Neumann, the company
had agreed to corporate lease
m er
guarantees that often
Please turn to page B10
m rp
Elon Musk may face similar
co Fo
organizing attempts in the U.S.
Tesla’s management in Ger-
many late last week unveiled a
package of wage increases for
workers during Musk’s visit to
the “Gigafactory” on the out-
n-
take aim at agreements Google
struck with manufacturers of
mobile phones running on An-
droid, the most widely used
mobile software system in the
world.
Google also faces a Justice
Department lawsuit targeting
its advertising technology busi-
ness that is expected to go to
trial next year, allegations that
Google also denies.
Google’s parent company Al-
phabet brings in a relatively
small amount of revenue from
the Play Store, the app market-
place targeted by Epic. But the
app store is also an important
component in a package of ser-
vices licensed to the manufac-
turers of Android-powered
phones, a major entry point for
Google’s search engine.
Epic convinced a judge in a
previous trial that Apple
should loosen restrictions on
how app developers accept
Please turn to page B4
(877) 632-2589
THE WALL STREET JOURNAL.
WSJ $ IDX À 0.15% 2–YR. TREAS. yield 4.939% NIKKEI (Midday) 32358.08 g 1.04% See more at WSJ.com/Markets
WeWork’s quarterly revenue and net losses
$1.0 billion
0.5
–0.5
–1.0
Revenue
Net losses
–1.5
–2.0
–2.5
2020 ’21 ’22 ’23
*The company began trading as WeWork on October 21, 2021.
Sources: S&P CapitalIQ, the company (revenue, losses); FactSet (market cap)
skirts of Berlin, Tesla said on “Claims that there is a connec-
Monday. Musk also promised tion between Tesla’s salary ad-
the assembly plant would justments and union activities
build its next-generation vehi- are untrue,” Tesla said.
cle. The company said the pay Tesla has been under pres-
increases are part of a routine sure from Germany’s powerful
review of wages at the factory. IG Metall union, which is try-
INSIDE Defined-Maturity Bond ETFs
Offer Way to Lock in Yields
BY JACK PITCHER
Investors looking to lock in
higher yields are turning to a
TECHNOLOGY
lesser known type of bond
Dating app Bumble fund.
Defined-maturity exchange-
taps the CEO of Slack traded funds have surged in
to succeed its own popularity recently. As their
chief. B3 name suggests, the bond
funds mature and liquidate on
a specific date, similar to how
an individual bond pays back
its principal.
BlackRock and Invesco are
the major providers of the
funds, which allow investors to
tap the advantages of buying a
single bond—namely reducing
interest-rate risk—while allow-
ing for diversification and easy
COMMODITIES trading.
Mining company The funds hold a basket of
bonds that mature close to the
Newmont rethinks its maturity date of the fund.
future in a Colorado Holdings that mature before
gold-rush town. B10 the fund’s date are often
placed in cash-equivalents
Tuesday, November 7, 2023 | B1
Intel Leads
Race for
Chip Act
Billions
BY YUKA HAYASHI AND ASA FITCH
Intel is the leading candi-
date to potentially receive bil-
lions of dollars in government
funding for secure facilities
producing microchips for U.S.
military and intelligence appli-
cations.
The facilities—which have
yet to be disclosed publicly—
would be explicitly designated
as a “secure enclave,” according
to people familiar with the de-
velopment. The goal is to re-
duce the U.S. military’s depen-
dence on chips imported from
East Asia, particularly Taiwan,
which some say is vulnerable to
Chinese invasion.
Funded under the Biden ad-
ministration’s $53 billion Chips
Act passed last year, the opera-
tion could reside at least in
part at Intel’s Arizona factory
Market capitalization* complex, the people said.
.
The plan for the program il-
$10 billion lustrates Washington’s willing-
ly
ness to get deeply involved in
private industry to secure sup-
plies of chips increasingly seen
8
as a fulcrum of geopolitical
power and military might.
Chips are vital in artificial in-
telligence, espionage and cy-
6
berwarfare, and feature promi-
nently in cutting-edge jet
fighters, missiles and other ad-
vanced weaponry.
4
The Biden administration
has yet to set the exact amount
of the funding that will be avail-
2 able. Several people familiar
with the situation said the fa-
cilities could cost $3 billion to
$4 billion, and the money would
0 come from $39 billion of manu-
2022 '23 facturing grants authorized un-
der the Chips Act.
Increasing the stability of
domestic chip supplies is
among the central objectives of
the Chips Act, which Commerce
Secretary Gina Raimondo de-
scribed earlier this year as a
“national security investment.”
The Defense Department signed
ing to organize the plant and an agreement this summer with
get Tesla to agree to a union the Commerce Department that
contract. In Sweden, a smaller gave it insight into the details
industrial union representing of the chip-project funding
Tesla service workers has been plans, according to a copy of
on strike as it pursues a col- the document seen by The Wall
Please turn to page B2 Please turn to page B2
10-year U.S. Treasury yield Net fund flows
5.00% $8 billion
Invesco BulletShares
4.75
BlackRock iBonds
6
4.50
4.25
4
4.00
3.75
2
3.50
3.25 0
Jan. 2023 Nov. 2018 ’19 ’20 ’21 ’22 ’23*
*Through Oct. 31
Sources: Tradeweb ICE Closes (yield); BlackRock, Invesco, Bloomberg (fund flows)
held by the fund. On the matu- Dec 2033 Term Treasury
rity date, the fund’s shares are ETF, for example, tracks an
liquidated at their net asset index of Treasurys maturing
value with the proceeds paid in 2033 and holds a portfolio
to investors as a distribution. of three U.S. Treasury notes.
BlackRock’s iShares iBonds Please turn to page B11
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

B2 | Tuesday, November 7, 2023 * *** THE WALL STREET JOURNAL.

INDEX TO BUSINESSES BUSINESS & FINANCE

These indexes cite notable references to most parent companies and businesspeople in
today’s edition. Articles on regional page inserts aren’t cited in these indexes.

A FLJ Group.....................................A2
Adecco..............................................A1
Alphabet.........................................B1
AngloGold Ashanti.............B10
Apple..................................................B1
Audax.............................................B10
B
Barrick Gold.............................B10
Bumble............................................B3
O
G OC Oerlikon..............................A10
Gotion............................................B12 P
H PepsiCo............................................B3
Pitney Bowes............................A2
H.I.G. Capital.............................B10
I S
Schlumberger...........................B11
Intel.....................................................B1
ServiceNow.................................A2
Invesco.............................................B1
SK On.............................................B12
iShares iBonds Dec 2033

FROM TOP: LIESA JOHANNSSEN/BLOOMBERG NEWS; JESSICA GOW/TT NEWS AGENCY//REUTERS

BYD..................................................B12
C K
Chart Industries....................A10
Contemporary Amperex
Technology.............................B12
D LG Chem.........................................B1
Dish Network.............................B2
E-F
EchoStar.........................................B2
Enceladus Partners............B10
Epic Games..................................B1
Ernst & Young..........................B3
Firan Technology GroupA10
SolarWinds..................................B5
Term Treasury.......................B1
Stellantis.....................................B12
T
KKR..........................................B4,B12
Telecom Italia.................B4,B12
L
Tesla...................................................B1
Toyota...............................................B1
LG Energy Solution...........B12 Trian Fund ManagementB3
M V
Marathon Oil............................B11 Vivendi..........................................B12
Mobileum...................................B10 Voya Financial........................A12
Morgan Stanley......................A2 W
N Wells Fargo.................................A2
Newmont....................................B10 WeWork..........................................B1

INDEX TO PEOPLE
A G
Akhavan, Hamid......................B2
B Gelsinger, Patrick....................B3
Bailey, Mike...............................B11
Benner, Christiane.................B2
Bloom, Jason............................B11
Boland, Julie...............................B3
Bourne, Brad............................A10
Brown, Tim..................................B5
Butterfield, Stewart.............B3
C
Carlson, W. Erik.......................B2
Musk, Elon....................................B1
Gadant, Sylvie........................B10 N
Neumann, Adam......................B1
The unionization of Tesla workers in the U.S. and Europe would threaten to further increase the company’s labor costs.
Gold, Andrew.............................A2
P
Gorman, James........................A2
I
Palmer, Tom.............................B10
Peltz, Nelson..............................B3
Tesla Hikes T-shirts and told employees
that there would be a detailed
announcement in November
Iger, Bob.........................................B3
J
Johnston, Hugh........................B3
Pichai, Sundar...........................B4
S
Safdar, Husnain.....................B10
Wages in outlining wage increases, ac-
cording to IG Metall.
Dirk Schulze, the regional
Jones, Lidiane............................B3
L
Santomassimo, Mike..........A2
Schulze, Dirk...............................B2
Spieler, Russ............................B10
Germany IG Metall director leading ef-
forts to organize Tesla, called
the wage increase and bonuses
Laipply, Steve...........................B11 an important step in a longer

.
Caulfield, James......................B3
Lansberry, Kevin......................B3 T Continued from page B1 effort to boost pay, but added
Coiro, John.................................B10 lective-bargaining contract. that improvements in working

ly
Laskowski, Laurent.............B11 Tailor, Purvi.................................A2
D Lockheimer, Hiroshi..............B4 Tilley, Sarah................................A2 The announcements come conditions and wages need to
as the United Auto Workers be guaranteed in a union con-
Di Sibio, Carmine....................B3 M Tolley, David................................B1
union eyes Tesla’s factories in tract, as is common at other
E W
Ergen, Charlie............................B2
Etra, Alex....................................A10
Machuel, Dennis......................A1
McCarthy, Christine..............B3
Moynihan, Brian......................A2
on
White, Wilson...........................B4
Wolfe Herd, Whitney..........B3
the U.S. After winning record
contracts from Detroit auto-
makers, the union is betting it
will attract nonunionized
manufacturers.
Schulze said Tesla monthly
wages are lower than what is
typically paid at other German
workers to its ranks. Shortly cover all the concrete with art,” say how many Tesla workers automakers. He said Tesla also

Dish Network’s Loss

us ,

after the UAW’s wins, Toy- Musk wrote on X, formerly are now members, but it has doesn’t pay bonuses for sum-
l

ota said last week it was rais- known as Twitter, Friday. stepped up outreach efforts in mer vacation or Christmas,
e
al a

ing wages for most of its U.S. During his visit, Musk also recent weeks. which are a routine part of

Sinks Stock Price

auto-factory workers, who promised that Tesla’s new “We want union contract union contracts at other auto-
aren’t unionized. next-generation electric car terms at Tesla and so do the makers in Germany.
ci on

would be produced at the Ger- Tesla employees,” said Chris-

man factory after a planned tiane Benner, chairwoman of
Challenge to profit expansion next year, according IG Metall, last month. ‘A big gap’
BY WILL FEUER profit of 11 cents a share. The unionization of Tesla to people with knowledge of According to IG Metall, “If you compare annual
Revenue fell 9.8% to $3.7 workers in the U.S. and Europe his comments. Tesla management first told wages there is a big gap be-
er s

Dish Network lost more billion. Analysts were looking would threaten to further in- The new wage increases fol- workers at the plant about tween Tesla and our union
than a third of its market for revenue of $3.82 billion. crease the company’s labor low a 6% wage increase after coming wage increases in Oc- workers at Porsche, BMW, Audi,
m er

value Monday after the pay- Dish’s base of pay-TV sub- costs when its profit is already the opening of the plant last tober, after the union staged a VW, Daimler and Ford,” he said.
TV provider and wireless car- scribers declined by 64,000. under pressure and as it year, according week of pro- An IG Metall spokesman
rier swung to a surprising The company ended the quar- slashes prices in response to to IG Metall. tests and said the union was focused on
third-quarter loss and lost ter with 8.84 million pay-TV slowing growth. Workers in The plant pro- round-the- the election next year of a new
subscribers across both of its subscribers, including 6.72 general have been agitating for duces about The powerful IG clock outreach works council at Tesla, an in-
m rp

businesses. million Dish subscribers and richer paychecks amid height- 5,000 cars a Metall union is to Tesla work- ternal committee of labor rep-
Shares of the Englewood, 2.12 million Sling subscribers. ened costs of living and a new week, according ers during shift resentatives who have broad
Colo., company fell 37% to Dish Network lost about wave of labor activism. to company trying to get changes. say in company policies includ-
$3.44; the stock is down 75% 225,000 wireless customers in Tesla said Monday that ex- statements is- When IG ing working conditions and hir-
in 2023. the third quarter and closed ecutives had informed workers sued earlier
Tesla to agree Metall had ar- ing and firing of employees.
co Fo

Dish Network also said the quarter with 7.50 million during a “team huddle” with this year. to a contract. ranged a visit The works council isn’t allowed
Chief Executive W. Erik Carl- retail wireless subscribers. Musk on Friday that the com- The wage in- on Oct. 9 to talk to negotiate wages.
son will step down on Sunday. To help fuel its U.S. wire- pany would raise wages by 4% creases follow to workers in- IG Metall said that the cur-
He will remain on the board less network, Dish struck a effective in November for the heightened ten- side the plant rent works council at Tesla’s
as Dish looks to complete its deal Monday to sell its spec- around 11,000 employees at sion between Tesla and IG during their lunch break, a German factory, elected early
deal to merge with EchoStar. trum assets in Puerto Rico the German plant. Tesla will Metall, Germany’s largest la- right that the union says is last year, is made up largely of
Both companies are controlled and the U.S. Virgin Islands, as also pay a bonus equivalent to bor union, and a separate con- guaranteed under German la- lower-level leadership employ-
by Chairman Charlie Ergen. well as about 120,000 prepaid about $1,600 in December to frontation with Tesla service- bor law, Tesla management in- ees who are close to executive
EchoStar CEO Hamid Akha- wireless subscribers in those offset inflation. That comes on center workers in Sweden. vited workers to a free lunch management. The union aims
van will add the title of Dish markets, for $256 million and top of an inflation-adjustment Tesla is the only major car- and promised a surprise for to get members elected to the
CEO on Nov. 13, pending ap- international roaming credits. bonus of the same size last maker in Europe without the same time, IG Metall said council in the next election, ex-
provals. Shares of EchoStar The deal gives Dish more year, exhausting the legal limit union representation on the in an Oct. 11 statement. pected to take place next year.
fell 31% Monday after the cash to help it build out its in Germany for tax-free adjust- shop floor. Musk has criti- During the lunch, Tesla —Tim Higgins
n-

company posted a drop in rev- nascent 5G wireless network ments. Starting in February, cized unions on X and has management passed out free contributed to this article.
enue. in the U.S., said Tom Cullen, Tesla will raise annual wages said that Tesla pays higher
For the third quarter, Dish Dish’s executive vice president by an additional amount factory-worker compensation
reported a loss of $139 mil- of corporate development. equivalent to about $2,680 for than rivals.
no

lion, or 26 cents a share, from Liberty Latin America is the workers in production. Last month, IG Metall said
a profit of $412 million, or 65 buyer. “At Giga Berlin today to con- 1,000 employees at the plant

Reliable.
cents a share, in the year-ago EchoStar reported third- gratulate the team on their ex- donned union badges on the
period. Analysts surveyed by quarter revenue of $413.1 mil- cellent progress. The factory job and protested working
FactSet were expecting a lion, down 17% from a year ago. looks amazing! We are going to conditions. The union wouldn’t

From Sea
Intel Leads along with other tech leaders,
has held a number of meetings
with Raimondo.
partment review that deter-
mined security risks were low
at the chip-fabrication stage.
proach.
Special facilities for the de-
fense industry, however, may
to Shining Sea.
Race for Big Intel declined to comment
on the secure-enclave project.
A spokeswoman for the Com-
“We are concerned that the
[department] is considering
sole sourcing an award to one
struggle to pay for themselves
given that the sector repre-
sents roughly 2% of the overall

Contract merce Department declined to

comment. A Defense Depart-
ment spokesman deferred the
company to build a secure en-
clave at a cost that is far
greater than” a longstanding
chip market. Defense custom-
ers also often come with un-
usual needs, including protect-
question to Commerce. approach for securing the chip ing chips for use in high-heat
Continued from page B1 The proposed facility has supply chain for defense cus- environments or outer space.
Street Journal. sparked concerns among rival tomers, the letter, obtained by “As a result, they are no
Officials from the Commerce chip makers and some lawmak- The Wall Street Journal, said. longer the driver of demand or
Department, the Office of the ers. They worry that huge grants “Doing so would limit funding performance,” said Charles
Director of National Intelli- given to Intel would mean less for other projects that would Wessner, senior adviser for the
gence and the Defense Depart- funding available for other com- create a diversified domestic Center for Strategic and Inter-
ment are negotiating the proj- panies. supplier base of national Studies, a think tank,
ect with Intel and haven’t Some law- semiconduc- adding that building a desig-
made a final decision, accord- makers question tors critical to nated fab for defense needs
ing to people familiar with the the need for a Over 500 the defense in- would be “too expensive.”
discussions. secure enclave, entities have dustrial base.” The Chips Act aims to boost
Commerce officials have said favoring an ap- The letter domestic supply of chips for
the department’s CHIPS Pro- proach where se- expressed was signed by defense needs and cutting-
gram Office, which oversees the curity checks are Sen. Jack Reed, edge chips to power high-tech
Chips Act money, will begin dis- made through-
interest in chip a Rhode Island consumer and business prod-
tributing manufacturing grants out the chip- grants. Democrat and ucts. The program allocated $2
for domestic chip projects in making process chairman of the billion to the Defense Depart-
the coming weeks. The program but there are no Armed Services ment to build a national “lab
has been popular: Over 500 en- exclusive facili- Committee; Sen. to fab” network for research
tities have expressed interest ties for the defense industry. The Roger Wicker from Mississippi, and development of semicon-
and more than 130 have sub- Chips Act requires recipient fa- his Republican counterpart on ductor technologies. The de-
mitted applications or preappli- cilities to be commercially viable, the committee; and Sen. Maria partment awarded part of that
cations for funding. and that requirement will influ- Cantwell, a Washington Demo- funding for regional programs
Intel could be a top benefi- ence the design and location of crat who chairs the Senate in September. Licensed in all 50 states
ciary. In addition to the secure- the enclave, people familiar with Commerce Committee. Further strengthening de- and U.S. territories.
enclave facilities, the company the situation said. Others disagree. Sen. Marco fense officials’ role in distribut- Learn more about
is a strong contender to receive In a letter last month to Rubio (R., Fla.) said that the ing the Chips Act fund, the
billions of dollars in grants to Raimondo, three senators Chips Act authorizes secure Commerce and Defense depart- our geographic reach.
help fund new factories it is questioned the expense of manufacturing capacities and ments signed an agreement in
building in the U.S., including building a new facility exclu- that both the military and the July to work closely to shore up
in Ohio and Arizona. Intel Chief sively for defense purposes, intelligence community recom- the domestic “semiconductor
Executive Patrick Gelsinger, citing a recent Defense De- mend a “secure enclave” ap- defense industrial base.”
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
THE WALL STREET JOURNAL.
EY Lays Out Governance Revamp
Proposed framework
aims to expand U.S.
partners’ role in
oversight, strategy
BY MARK MAURER
AND ALEXANDER SAEEDY
Ernst & Young is stepping
up its U.S. governance over-
haul efforts, a bid to give part-
ners there a greater voice in
firm strategy, following the
failed separation of its audit
and advisory businesses ear-
lier this year.
The proposal comes as the
Big Four accounting firm con-
tinues to work to untangle the
mess left by its decision in
April to scrap plans to split
auditing and consulting into
two firms. EY spent $600 mil-
lion and more than a year
working on the split.
The U.S. unit, led by Julie
Boland, played a key role in
FLORENCE LO/REUTERS
the blowup of the split. A
handful of U.S. audit partners
complained that the consult-
ing business was receiving the
majority of its lucrative tax
business. The opposition
strengthened dissent within
the global firm.
The global executive board
is preparing to vote on a suc-
cessor to Carmine Di Sibio,
the global chairman and chief
executive and architect of the
split, in coming weeks. Di
Sibio in June said he would
retire from the firm the fol-
lowing June, having reached
the mandatory retirement age
of 60 in March. That would be
a year earlier than the
planned expiration of his
term, a tenure previously ex-
tended by two years in part to
oversee the transition to two
firms.
A U.S. governance revamp
floated last week could help
EY appease partners and
lessen the myriad challenges
Di Sibio’s successor would
stand to inherit. After the
split failed, an overhaul of the
U.S. unit’s structure was ex-
pected to be one of the pri-
PAMELA HANSON
Lidiane Jones, left, will lead Bumble after the exit of CEO Whitney Wolfe Herd, right.
no
Bumble Taps Slack CEO
To Succeed Founder-Chief
BY SARA ASHLEY O’BRIEN
Bumble Inc.’s Whitney Wolfe
Herd is stepping down as chief
executive of the company
known for the female-focused
dating app she founded nearly a
decade ago.
She will be succeeded by Lid-
iane Jones, who became the
chief executive of Slack Tech-
nologies in January. Jones
starts as CEO of Bumble on Jan.
2. Wolfe Herd will remain at the
company as executive chair.
The leadership change comes
at a challenging time for the
dating-app industry.
Last week, Match Group, the
dating-app behemoth that owns
platforms including Match.com,
OKCupid, Hinge and Tinder—
which Wolfe Herd co-founded
before Bumble—saw its stock
fall after it reported its earnings
for the third quarter. The com-
pany projected lower-than-ex-
pected revenue for the final
quarter of the year and re-
ported losing paying customers
at Tinder, the crown jewel in its
portfolio.
Bumble, which went public
in February 2021, saw its stock
trading at more than $70 a
share on opening day. It has
since fallen below $14. Bumble
reports its third-quarter earn-
ings on Tuesday.
The proposal comes as EY works to untangle the mess left after it scrapped plans to split auditing and consulting into two firms.
mary short-term changes.
The firm outlined a pro-
posal to set up a U.S. indepen-
dent committee of five elected
partners that would nominate
a slate of candidates for a fu-
ture governing board, which
would be tasked with over-
sight of U.S. firm strategy, risk
management and other areas,
according to materials from a
webcast held for U.S. partners
Thursday.
All U.S. partners would vote
ontices of gover-
to choose the members of the
us ,
nominating committee. The
l
committee would identify
e
al a
three candidates for every
open vacancy, on which all
U.S. partners would then
ci on
vote.
The proposed governance
framework was presented to
U.S. partners as an opportu-
nity to give them more of a
er s
say in the firm. It would take
“a more inclusive approach to
m er
m rp
co Fo
n-
“I want to be the person who
is able to look around the cor-
ner and innovate for the future
of Bumble Inc., and to take us
10 years ahead,” Wolfe Herd, 34
years old, said in an interview.
In 2014, at 24, Wolfe Herd
launched the dating app Bum-
ble on the idea that having
women initiate conversations
with dating prospects would
help weed out unwanted mes-
sages and put them in control
of their romantic lives.
Bumble Inc. comprises a
handful of dating and relation-
ship apps including Bumble,
Bumble for Friends, Badoo,
Fruitz (for Gen Z) and Official, a
newly acquired app that aims to
help couples strengthen their
relationships. Wolfe Herd said
she and the board had been
thinking about a succession
plan informally for years, and
that a formal search effort had
yet to turn up the right candi-
date.
Then she came across a
CNBC interview from May fea-
turing Slack’s Jones. She asked
a mutual contact to make an in-
troduction. The board then
brought her into its executive-
search process. “I was not look-
ing for a job,” said Jones, 44.
But Bumble’s mission and Wolfe
Herd won her over.
A tech-industry veteran,
BUSINESS NEWS
voting, reflecting the voice of
all partners,” according to the
materials.
“Our focus on modernizing
the governance of the EY U.S.
firm was started more than
two years ago, and is part of
the firm’s practice of regularly
reviewing cur-
rent best prac-
nance
professional
in
services firms,”
The proposal is
expected give to
EY U.S. spokes- U.S. partners
man Brendan
more of a say in
Mullin said.
Members of the firm.
the indepen-
dent committee
would serve a
three-year term, except for
the initial group, whose terms
would be staggered, the mate-
rials showed. That committee
would nominate 10 elected
partners for the governing
Jones worked for Microsoft for
more than a decade. She later
became an executive at Sales-
force, which acquired Slack in
2021. Earlier this year, she suc-
ceeded another founder-CEO,
Slack’s Stewart Butterfield, in
the top job at the workplace-
communications company.
Jones said she will be based in
Cambridge, Mass. Bumble’s
headquarters is in Austin,
Texas.
A native of Brazil, Jones said
she was excited about how arti-
ficial intelligence could be used
to bolster Bumble’s mission of
facilitating positive connections.
“We really want to embark
big on AI,” she said. “AI and
generative AI can play such a
big role in accelerating people
finding the right person, finding
the right friends and the right
community. There’s more that
we think we can do.”
Under Wolfe Herd, Bumble
became known for adding fea-
tures and policies geared to-
ward female users, including
banning body shaming and de-
tecting and blurring unsolicited
lewd photos in private mes-
sages. It championed legislation
to outlaw sending such photos.
In 2019, Blackstone took a
majority stake in Bumble’s par-
ent company, which was called
MagicLab at the time.
Tuesday, November 7, 2023 | B3
board, on which the U.S. man- in overseeing areas such as
aging partner, Boland, would strategy, risk management,
also sit. audit quality, regulatory com-
The governance board pliance and financial results.
would be one of three sepa- The board would also evaluate
rate bodies under the pro- the performance and compen-
posed framework. The others sation of the managing part-
ly
would be a management com- ner, the materials showed.
mittee carrying At least six members of the
out firm strat- 11-person governing board, in-
egy and a re-
vised version of
the
U.S.
existing
partner
cluding the managing partner,
would need to be certified
public accountants to comply
with regulatory requirements.
principal coun- The proposal would go into
cil that repre- effect pending a partnership
sents the part- vote.
ners and EY’s Americas region,
advises the which includes the U.S. unit,
other two bod- booked $23.62 billion in reve-
ies. That coun- nue for the year ended June
cil would no longer have gov- 30, up 12% from the prior-year
ernance duties under the period. That represents nearly
proposal. 48% of the $49.35 billion in
The governing board is global revenue EY reported for
meant to represent the U.S. the year, larger than any other
unit and its people as a whole region.
Everyone
should be
welcome at
the table.
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Disney
Names
New Head
Of Finance
BY COLIN KELLAHER
Walt Disney named Hugh
Johnston senior executive vice
president and chief financial
officer, tapping the PepsiCo
veteran to help the entertain-
ment titan navigate major
challenges in its business.
Disney on Monday said
Johnston, 62 years old, will
join the Burbank, Calif., com-
pany on Dec. 4 after spending
more than three decades with
PepsiCo. He has been chief fi-
nancial officer of the snack
and beverage company since
2010.
Johnston joins Disney as
Chief Executive Bob Iger is
battling activist investor Nel-
son Peltz, whose firm, Trian
Fund Management, built a
substantial stake in Disney
and is threatening a proxy
fight.
The share price is languish-
ing, with cord-cutting and the
costs of streaming weighing
on financial results.
Disney has several other
strategic priorities to sort out
in coming months, including
potential partnerships for
.
ESPN, other TV assets and its
India operations.
Disney in June said Chris-
tine McCarthy, its previous
chief financial officer, was
leaving. Kevin Lansberry, chief
financial officer of Disney
Parks, Experiences & Prod-
ucts, has been serving as in-
terim finance chief.
PepsiCo said Johnston, who
joined the company in 1987
and has been vice chairman
since 2015, is retiring on Nov.
30.
PepsiCo said James Caul-
field, who serves as finance
chief for its PepsiCo Foods
North America arm, will be-
come executive vice president
and chief financial officer of
the Purchase, N.Y., company.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
B4 | Tuesday, November 7, 2023
Telecom Italia Board Accepts KKR’s Offer for Fixed-Line Network Assets
The board of Telecom Ita-
lia SpA has approved the sale
of its fixed-line network to
KKR & Co. for more than $20
billion including debt, part of
a plan by the former monop-
oly to reduce increasingly un-
manageable amounts of debt.
The Italian telecommunica-
tions company said late Sun-
day that it had voted 11-3 to
accept the binding offer by
the U.S. private-equity group
for Telecom Italia’s fixed-line
and other assets.
The deal is valued at €18.8
billion, the equivalent of
$20.18 billion including debt,
and could reach up to €22
billion in the event certain
regulatory changes and sec-
tor incentives are introduced,
the company said in a press
release.
Telecom Italia said the sale
would help it reduce debt by
about €14 billion, with the
Google
App Power
On Trial
Continued from page B1
payments, but fell short on
most claims. The lawsuit
against Google covers similar
territory while advancing new
allegations that the tech giant
spent $1 billion on deals to sti-
fle competition from video-
game companies such as Activ-
ision Blizzard.
Gary Bornstein, an attorney
for Epic at Cravath, Swaine &
Moore, said Monday that
Google used a strategy of
“bribe or block” to prevent
competition. That behavior
gives users fewer choices for
downloading apps on Android
phones compared with desktop
computers, he argued.
“Why is this computer dif-
ferent?” Bornstein asked, hold-
ing up a smartphone for the
jury. “The answer to that ques-
tion is power.”
Glenn Pomerantz, an attor-
ney for Google at Munger,
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into the car’s long front seat.
Among the many opulent
features on display was a
series of dashboard dials
that accentuated the car’s
lavish aura. One of those
dials inspired our 1920s
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deal expected to close by
summer 2024. Italy’s top
phone company has a debt
burden of more than €25 bil-
lion.
France-based Vivendi SE,
a 24% shareholder of Telecom
Italia, criticized the board’s
decision to accept the deal
without a shareholders’ vote.
It said in a news release that
it would use “any legal means
at its disposal” to challenge
the decision.
The Telecom Italia board
also called KKR’s nonbinding
offer for Sparkle, the Italian
company’s submarine cable
business, unsatisfactory. It
said it would give KKR a
deadline of Dec. 5 to make a
binding offer at a higher valu-
ation.
Telecom Italia shares lost
3.35% Monday in Milan. In
New York, KKR shares lost
2.8%. —Ben Otto
Tolles & Olson, said the choices
that went into designing An-
droid and the Play Store en-
couraged competition on mo-
bile devices.
“These building blocks are
pro-competitive because it’s
how Android competes against
the iPhone,” Pomerantz said
during opening statements.
In a blog post before the
trial, Google said Epic’s case
had “even less merit” than the
one it brought against Apple,
arguing that Android provides
developers with greater choice.
us ,
e
al a
ci on
er s
‘Fortnite’ maker Epic Games says Google squeezes excess profits from app developers.
m er
m rp
co Fo
n-
“[A] unique and
beautiful timepiece.”
— Carlos C., Los Banos, CA
TECHNOLOGY
The company said the deals
with game companies provided
incentives to develop for the
Play Store.
“The truth is that Epic sim-
ply wants all the benefits that
Android and Google Play pro-
vide without having to pay for
them,” Wilson White, Google
vice president of government
affairs and public policy, wrote
in the blog post.
Tinder owner Match Group
and a group of states each set-
tled their claims against Google
in recent months, leaving Epic
on
l
Impossib
le Pri
ONLY ce
$99
THE WALL STREET JOURNAL.
WSJ.com/Tech
ALESSIA PIERDOMENICO/BLOOMBERG NEWS
as the only party in this case
battling the tech company in
court.
said Rebecca Haw Allensworth,
an antitrust professor at Van-
derbilt University Law School
Play Store. Spotify, a notable
critic of Apple’s app store poli-
cies, began testing the feature
Epic is expected to call
Google Chief Executive Sundar
Pichai to testify. The defense
who has been critical of the
power of big tech companies.
“That’s a good thing, but I
last year and has since intro-
duced it to more than 140 mar-
kets.
will likely call Hiroshi Lock-
heimer, a senior vice president
in charge of Android. Pichai
don’t know that they need to
view that as an existential
threat.”
Alphabet said revenue from
the Play Store fell last year,
mostly because of fee changes
also testified last week in the Epic sued Google as part of announced in 2021 and an
company’s search trial, defend- a broadside, code-named Proj- overall decrease in spending.
ing its search partnerships ect Liberty, aimed at the tolls The company doesn’t report
with companies like Apple. app stores charge for facilitat- precise financial details for the
The Play Store trial has the ing billions of dollars in pay- Play Store.
potential to “open Google up to ments for virtual clothing, Unlike Apple, whose app
.
more forces of competition,” weapons and other digital store comes preinstalled on
goods. iPhones, Google mostly distrib-
ly
The game developer in 2020 utes its app store through con-
began encouraging “Fortnite” tracts with manufacturers of
players to pay the company di- Android mobile phones such as
rectly for purchases of in-game
items, rather than using sys-
tems developed by the tech gi-
ants. Apple and Google kicked
Samsung.
Epic has argued those agree-
ments, which require manufac-
turers to prominently display
“Fortnite” out of their app the Play Store along with a li-
stores, and Epic filed its law- censed set of popular Google
suits soon after. apps, stifle competition from
Epic’s lawsuits have trig- companies trying to develop ri-
FRAZER HARRISON/GETTY IMAGES
gered additional scrutiny from val marketplaces.
global regulators, including in Google has said Android is
South Korea, the home of the only major mobile software
Google’s largest mobile partner system that allows developers
Samsung Electronics. to distribute apps through sev-
Google has tried to address eral marketplaces, and most
the concerns of large app de- devices running on the soft-
velopers by allowing alterna- ware come with at least two
tive payment systems in the app stores preinstalled.
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 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. Tuesday, November 7, 2023 | B5

BUSINESS & FINANCE

SolarWinds Suit Divides Security Chiefs

Readers weigh in on accurate and complete?” and
“Has any information come to
SEC’s pursuit of the our attention that contradicts
company and its the information we are disclos-
ing?”
security leader —Troy Fine, director of compli-
ance advisory services at tech
BY KIM S. NASH provider Drata

The Securities and Exchange A question that immediately

Commission’s watershed law-
suit filed last week against
technology provider Solar-
Winds and its top cybersecu-
rity executive, Tim Brown, has
sparked debate about the ex-
plicit and implicit responsibili-
ties of corporate cyber chiefs.
In 2020, SolarWinds discov-
presents to me is, “Where was
the board throughout this pro-
cess?”
—Greg Porter, adjunct faculty
member at Carnegie Mellon
University
This is a board and manage-
ment responsibility, not a tech-

BUSINESS WIRE/ASSOCIATED PRESS

ered its networking software
had been penetrated in a cy-
berattack that compro-
mised several U.S. agencies and
companies. U.S. officials later
attributed the episode to Rus-
sian spies.
The SEC alleges that Solar-
Winds and Brown defrauded
investors by misleading them
about the
CYBERSECURITY company ’s
nical or a CISO issue alone.
—William Guenther, executive
chairman, Advanced Cyber Se-
curity Center, a governance
consulting firm
 Warning shot
Bringing penalties against
someone in a CISO role is send-
ing a message that even if your SolarWinds Chief
name is not on the 10-K and Information Security Officer
10-Q filings you will be held Tim Brown

security vul-
nerabilities. The commission
cites internal emails and docu-
ments that it says paint a dif-
ferent picture about the com-
pany’s cyber readiness than
public statements from Brown
and SolarWinds. They plan to
fight the lawsuit. The SEC de-
clined to comment beyond the
personally accountable for ei-
ther misstatements or omis-
sions.
—Tim Gallagher, chief security
officer and managing director
of digital investigations,
Nardello & Co., a legal investi-
gations company
Fraud is fraud. But “sending
BRENDAN MCDERMID/REUTERS
overrule the CISO, leaving
them with responsibility but
insufficient authority. This dis-
connect between responsibility
and power needs to be recti-
fied.
—Donald Hester, independent
cybersecurity adviser communications that seemed partners. CISO is low because they push
to confirm serious, known se- —Jake Williams, faculty mem- hard and run down the pa-

.
complaint. a message” to individuals who  Say what you mean curity shortcomings. On the ber at security consulting com- tience of management by talk-
We asked Wall Street Jour- are already overworked, under- If the company is making one hand, that seems like a pany IANS Research ing about problems.

nal readers: How will the case
affect the discussion of cyber-
security risk within corporate
walls? Should chief information
security officers be worried
about personal liability related
to cyberattacks on their watch?
Here are some of their re-
resourced and operate in a
world where perfect security
doesn’t exist isn’t going to im-
prove security or probably
even public company state-
ments about it.
—Gerry Stegmaier, tech and
on
data partner at law firm Reed
us ,
ly
public statements on its web- smoking gun. On the other —Dave Tyson, president of cy-
site and SEC filings to inves- hand, how does a corporation  CISO culture ber company Apollo Informa-
tors, then the CISO, like all C- take steps to remediate issues It’s already having a chilling tion Systems
suite executives, has a
responsibility to ensure those
statements are accurate.
—Jennie Wang VonCannon,
if it’s afraid to have any inter-
nal documentation that con-
cludes remediation is needed?
—Priya Huskins, senior vice
effect. We have an industry
that already has 50% to 60% of
jobs going unfilled. Do people
want the title of CISO? Maybe
CISOs will likely move away
from being business enablers
and risk managers and start to
partner at law firm Crowell & president of management lia- they don’t want to be an offi- think more about protecting

sponses, lightly edited. Smith Moring bility at Woodruff Sawyer, an cer. They just want to provide themselves.
l

insurance and risk-manage- information and have others —Jadee Hanson, CISO of secu-
e
al a

 Deeper vetting  Who’s the boss? This entire episode is fright- ment company make the decisions. Most secu- rity company Code42
I think companies will take a One of the key issues in ad- ening for security leaders, but rity people get out of bed every

WSJ PRO
closer look at their disclosures dressing cyber risk is the orga- if there is a silver lining to be The SEC is setting a new day because they’re trying to
ci on

regarding their cybersecurity
programs to determine if they
are misleading or not. The
board may start to ask, “How
did we validate that the infor-
nizational structure that places
CISOs under the chief informa-
tion officer in many corpora-
tions, which can limit their di-
rect access to the board of
er s
found it’s here. This is the SEC standard for security disclo- protect things. That’s how
endorsing CISOs to stop being sures with this lawsuit. Don’t they’re wired. It’s not a glam-
quiet about security flaws. be surprised to see that stan- orous job. It’s not the paycheck,
—Jeff Pollard, principal ana-
lyst, Forrester Research
dard used in litigation if you
make false, incomplete or mis-
either. You work long hours
and it’s tough. CISOs are al-
CYBERSECURITY

mation we are disclosing about
our cybersecurity program is
no
directors. Furthermore, the The SEC is particularly fo- leading statements about secu- ways at the top of their lungs wsj.com/pro/cybersecurity
CEO or CFO may sometimes cused on internal company rity to customers or business calling out risk. The tenure of a
m er
m rp
co Fo
n-

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B6 | Tuesday, November 7, 2023 * THE WALL STREET JOURNAL.

MARKETS DIGEST
EQUITIES

Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index
Last Year ago Last Year ago Last Year ago
34095.86 s 34.54, or 0.10% Trailing P/E ratio 24.87 20.27 4365.98 s 7.64, or 0.18% Trailing P/E ratio * 19.69 18.37 13518.78 s 40.50, or 0.30% Trailing P/E ratio *† 29.63 23.01
High, low, open and close for each P/E estimate * 18.67 17.92 High, low, open and close for each P/E estimate * 19.27 16.92 High, low, open and close for each P/E estimate *† 25.75 20.87
trading day of the past three months. Dividend yield 2.12 2.06 trading day of the past three months. Dividend yield * 1.70 1.75 trading day of the past three months. Dividend yield *† 0.86 1.02
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

35600 4550 14200

65-day moving average 65-day moving average

65-day moving average
35000 4450 13900

34400 4350 13600

33800 4250 13300

Session high
DOWN UP
t

Session open Close

33200 4150 13000
Close Open
t

Session low 32600 4050 12700

Bars measure the point change from session's open

32000 3950 12400
Aug. Sept. Oct. Aug. Sept. Oct. Aug. Sept. Oct.
*Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.; † Based on Nasdaq-100 Index

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

Latest 52-Week % chg Most-active and biggest movers among NYSE, NYSE Arca, NYSE Amer. Volume, Advancers, Decliners
High Low Close Net chg % chg High Low % chg YTD 3-yr. ann. and Nasdaq issues from 4 p.m. to 6 p.m. ET as reported by electronic NYSE NYSE Amer.
Dow Jones trading services, securities dealers and regional exchanges. Minimum Total volume* 889,456,833 11,526,469
Industrial Average 34167.26 33989.72 34095.86 34.54 0.10 35630.68 31819.14 3.9 2.9 6.4 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 204,421,179 2,170,480
Transportation Avg 14549.94 14332.50 14502.97 -9.79 -0.07 16695.32 13298.36 5.6 8.3 7.7 Most-active issues in late trading Decl. volume* 675,211,151 9,277,599
Utility Average 862.53 853.87 854.33 -5.72 -0.67 1002.11 783.08 -4.5 -11.7 -1.0 Volume After Hours Issues traded 2,959 313
Company Symbol (000) Last Net chg % chg High Low
Total Stock Market 43445.18 43128.95 43316.07 -2.59 -0.01 45969.67 37669.21 13.1 12.4 6.3 Advances 800 90
iShares iBoxx $ HY Cp Bd HYG 18,858.1 73.89 -0.22 -0.30 74.30 72.73
Barron's 400 963.17 950.70 953.60 -8.58 -0.89 1036.97 881.58 1.9 3.6 7.6 Declines 2,077 207
SPDR Bloomberg 1-3M TBill BIL 11,430.9 91.50 0.01 0.01 91.50 91.49
Unchanged 82 16
Nasdaq Stock Market iSh Short Treasury Bd SHV 9,470.5 110.14 … unch. 110.15 110.14 New highs 36 4
Nasdaq Composite 13551.62 13435.99 13518.78 40.50 0.30 14358.02 10213.29 28.0 29.2 4.4 JPMorgan Ult Short Incm JPST 6,996.2 50.04 -0.01 -0.02 50.06 50.04 New lows 24 9
Nasdaq-100 15180.19 15064.91 15154.93 55.44 0.37 15841.35 10679.34 38.1 38.5 7.8 SPDR Bloomberg HY Bd JNK 6,818.7 90.82 -0.10 -0.11 91.00 90.78 Closing Arms† 1.17 1.55
SPDR Portfolio S&P 500 SPLG 5,641.7 51.21 … unch. 51.23 49.83 Block trades* 3,997 106
S&P

.
0.18
Bank of America BAC 5,518.3 28.29 -0.04 -0.14 28.36 28.19
500 Index 4372.21 4347.53 4365.98 7.64 4588.96 3748.57 14.7 13.7 7.6 Nasdaq NYSE Arca

ly
SPDR Bloomberg ST HY Bd SJNK 5,409.8 24.44 0.03 0.14 24.46 24.41
MidCap 400 2480.19 2446.69 2455.11 -23.23 -0.94 2728.44 2326.82 1.2 1.0 6.6 Total volume*4,345,852,329 308,966,782
SmallCap 600 1147.04 1131.73 1136.38 -12.02 -1.05 1315.82 1068.80 -3.9 -1.8 7.1 Percentage gainers… Adv. volume*1,314,120,192 99,215,260
TransMedics Group TMDX 228.8 54.55 14.36 35.73 55.62 39.39 Decl. volume*3,009,799,407 208,732,321
Other Indexes
Russell 2000
NYSE Composite
Value Line
1760.86 1731.68
15523.81 15399.23 15440.50 -34.70
530.78 523.92
1737.94 -22.77

525.39 -4.98
-1.29
-0.22
-0.94
on 2003.18 1636.94
16427.29 14587.76
606.49 498.09
-4.0
4.3
-1.6
-1.3
1.7
-2.0
1.9
5.3
2.3
Unisys Corp
Alteryx Cl A
Vimeo
UIS
AYX
VMEO
55.8
873.9
88.6
3.38
34.88
3.82
0.49
4.54
0.47
16.96
14.96
14.03
3.54
36.25
3.96
2.89
29.56
3.35
Issues traded
Advances
Declines
Unchanged
4,457
1,554
2,732
171
1,835
532
1,284
19
NYSE Arca Biotech 4846.99 4771.40 4776.92 -22.67 -0.47 5644.50 4544.40 -3.8 -9.5 -4.5
Tripadvisor TRIP 1,361.1 18.00 1.89 11.73 18.32 15.68
New highs 45 20
us ,

NYSE Arca Pharma 881.33 867.24 879.33 12.10 1.39 925.61 791.91 8.5 1.3 10.2 ...And losers New lows 112 5
l

KBW Bank 79.96 78.49 78.98 -0.68 -0.86 115.10 71.71 -24.5 -21.7 0.2 2,186.2 3.29 -10.80 -76.65 14.09 2.42 Closing Arms† 1.30 0.89
e
Ventyx Biosciences VTYX
al a

PHLX§ Gold/Silver 116.40 114.96 115.05 -1.20 -1.03 144.37 103.31 7.9 -4.8 -9.5 Coherus BioSciences CHRS 999.9 2.89 -0.65 -18.36 3.64 2.60 Block trades* 25,411 1,616
PHLX§ Oil Service 89.82 87.27 87.45 -1.63 -1.83 98.76 69.29 0.1 4.3 44.9 MSP Recovery LIFW 639.7 8.55 -1.10 -11.40 9.76 7.40 * Primary market NYSE, NYSE American NYSE Arca only.
ci on

PHLX§ Semiconductor 3467.43 3413.32 3444.89 -9.68 -0.28 3861.63 2424.82 40.6 36.0 10.8 Ero Copper ERO 51.4 12.35 -0.99 -7.42 13.34 12.34 †(TRIN) A comparison of the number of advancing and declining
issues with the volume of shares rising and falling. An
Cboe Volatility 15.58 14.84 14.89 -0.02 -0.13 26.52 12.82 -38.9 -31.3 -15.7 Elanco Animal Health ELAN 72.7 8.75 -0.61 -6.52 9.36 8.50 Arms of less than 1 indicates buying demand; above 1

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

International Stock Indexes Percentage Gainers... Percentage Losers

er s

Latest YTD
Region/Country Index Close Net chg % chg % chg Latest Session 52-Week Latest Session 52-Week
Company Symbol Close Net chg % chg High Low % chg Company Symbol Close Net chg % chg High Low % chg
m er

World MSCI ACWI 665.45 2.68 0.40 9.9 MSP Recovery LIFW 9.65 6.91 252.19 43.50 1.05 -69.1 DISH Network Cl A DISH 3.44 -2.06 -37.43 17.49 3.41 -76.6
MSCI ACWI ex-USA 291.64 2.47 0.85 3.7 Carbon Revolution CREV 87.37 58.05 197.99 197.99 6.30 772.8 EchoStar SATS 10.61 -4.83 -31.28 24.80 10.40 -39.1
MSCI World 2889.44 5.64 0.20 11.0 Bluegreen Vacations BVH 73.45 37.93 106.78 73.48 19.99 254.8 Biodexa Pharma ADR BDRX 2.38 -1.06 -30.76 643.20 2.30 -99.6
MSCI Emerging Markets 968.91 20.65 2.18 1.3 GSI Technology GSIT 3.05 0.75 32.61 9.80 1.45 68.5 Zentalis Pharmaceuticals ZNTL 12.48 -5.40 -30.20 31.46 12.10 -47.0
m rp

Americas MSCI AC Americas 1652.62 1.84 0.11 13.4 Davis Commodities DTCK 6.31 1.53 31.90 9.00 2.59 ... MoonLake Immunotherap MLTX 36.35 -14.93 -29.11 63.40 7.65 365.4
Canada S&P/TSX Comp 19743.94 –80.91 –0.41 1.9 Prelude Therapeutics PRLD 2.95 0.68 29.96 8.67 1.66 -61.6 Real Good Food RGF 1.66 -0.58 -25.89 7.69 1.50 -75.8
Latin Amer. MSCI EM Latin America 2351.04 –2.74 –0.12 10.5 United-Guardian UG 7.40 1.61 27.81 13.84 5.79 -45.4 enGene Holdings ENGN 10.19 -2.92 -22.27 47.17 9.05 0.4
Brazil BOVESPA 118431.25 271.28 0.23 7.9 Fathom Digital Mfg FATH 5.40 1.11 25.95 57.20 2.99 -89.0 B. Riley Financial RILY 32.54 -9.02 -21.70 60.72 24.95 -27.8
Chile S&P IPSA 3137.70 –30.40 –0.96 –1.1 Royalty Management RMCO 9.94 2.04 25.77 22.97 5.14 -0.5 V2X VVX 40.73 -10.71 -20.82 56.75 36.45 -4.9
co Fo

Mexico S&P/BMV IPC 51633.63 366.90 0.72 6.5 Local Bounti LOCL 3.20 0.58 22.14 41.08 1.17 -91.3 Genelux GNLX 13.97 -3.28 -19.00 40.98 5.35 ...
EMEA STOXX Europe 600 443.52 –0.72 –0.16 4.4 NAPCO Security Techs NSSC 22.85 4.06 21.57 41.25 17.76 -19.0 PureCycle Technologies PCT 4.13 -0.86 -17.23 11.89 3.94 -45.9
Eurozone Euro STOXX 436.66 –2.03 –0.46 6.5 Immix Biopharma IMMX 4.31 0.74 20.73 4.82 0.68 387.0 Minerva Surgical UTRS 2.47 -0.47 -15.99 14.00 2.25 -65.4
Belgium Bel-20 3474.01 –29.51 –0.84 –6.1 ShiftPixy PIXY 6.37 1.09 20.64 599.28 4.60 -97.3 Wrap Technologies WRAP 2.53 -0.48 -15.95 3.22 0.95 88.8
Denmark OMX Copenhagen 20 2184.37 31.47 1.46 19.0 Northann NCL 19.79 3.27 19.79 19.99 3.12 ... Oncology Institute TOI 1.70 -0.32 -15.84 3.46 0.33 -48.2
7013.73 –0.48 8.3 VirnetX Holding VHC 5.54 0.91 19.65 53.60 3.50 -78.7 Tempest Therapeutics TPST 3.10 -0.58 -15.76 9.77 0.17 70.3
France CAC 40 –33.77
Germany DAX 15135.97 –53.28 –0.35 8.7
Israel Tel Aviv 1702.56 –21.70 –1.26 –5.3
Most Active Stocks Volume Movers Ranked by change from 65-day average*
Italy FTSE MIB 28592.60 –82.23 –0.29 20.6 Volume % chg from Latest Session 52-Week Volume % chg from Latest Session 52-Week
Company Symbol (000) 65-day avg Close % chg High Low Company Symbol (000) 65-day avg Close % chg High Low
Netherlands AEX 735.34 –0.97 –0.13 6.7
Norway Oslo Bors All-Share 1518.55 8.72 0.58 11.4 Tesla TSLA 116,597 -0.5 219.27 -0.31 299.29 101.81 Bluegreen Vacations BVH 2,646 9417 73.45 106.78 73.48 19.99
South Africa FTSE/JSE All-Share 73293.69 437.51 0.60 0.3 Novo Integrated Sciences NVOS 103,663 74.5 0.12 -59.50 0.54 0.07 IX Acquisition Cl A IXAQ 339 6179 11.02 unch. 12.15 10.00
n-

ProSh UltraPro Shrt QQQ SQQQ 100,981 -25.1 18.61 -1.12 60.54 16.38 Zalatoris II Acquisition ZLS 338 3804 10.60 0.19 11.00 9.90
Spain IBEX 35 9241.49 –52.41 –0.56 12.3
Cardio Diagnostics Hldgs CDIO 100,729 2700.0 0.68 81.62 8.50 0.17 Royalty Management RMCO 537 3335 9.94 25.77 22.97 5.14
Sweden OMX Stockholm 788.55 –1.67 –0.21 0.9
–1.4
iShares iBoxx $ HY Cp Bd HYG 93,779 123.0 74.11 -0.40 77.34 71.68 iSh iBds Dec 2033 Corp IBDY 1,566 2954 23.85 -0.54 25.58 23.18
Switzerland Swiss Market 10576.75 –2.92 –0.03
Turkey BIST 100 7868.02 162.03 2.10 42.8 ProShares UltraPro QQQ TQQQ 91,189 -15.7 38.01 1.14 47.14 16.10 Collective Audience CAUD 1,326 2536 5.60 -11.11 38.40 4.50
no

U.K. FTSE 100 7417.76 0.03 0.0004 –0.5 Palantir Technologies PLTR 79,401 31.2 18.54 -1.85 20.24 5.92 Cano Health CANO 2,864 2065 12.07 18.22 378.00 9.62
U.K. FTSE 250 17747.47 –236.37 –1.31 –5.9 DISH Network Cl A DISH 71,902 780.8 3.44 -37.43 17.49 3.41 Simplify HY Plus Credit CDX 216 2007 22.35 0.22 24.37 20.51
SPDR S&P 500 ETF Trust SPY 67,144 -19.5 435.69 0.23 459.44 373.61 First Tr Growth Strength FTGS 336 1825 24.10 -0.23 24.65 20.19
Asia-Pacific MSCI AC Asia Pacific 159.73 3.03 1.93 2.6
Apple AAPL 63,747 6.2 179.23 1.46 198.23 124.17 Envestnet ENV 9,987 1712 39.49 -2.69 69.22 35.36
Australia S&P/ASX 200 6997.40 19.20 0.28 –0.6
* Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least
China Shanghai Composite 3058.41 27.61 0.91 –1.0 5,000 shares =Has traded fewer than 65 days
Hong Kong Hang Seng 17966.59 302.47 1.71 –9.2
64958.69 0.92 6.8
Scan this code
India S&P BSE Sensex 594.92
Japan NIKKEI 225 32708.48 758.59 2.37 25.3 Get real-time U.S. stock quotes CURRENCIES & COMMODITIES
Singapore Straits Times 3180.53 36.87 1.17 –2.2 and track most-active stocks,
South Korea KOSPI 2502.37 134.03 5.66 11.9 new highs/lows, mutual funds Currencies
Taiwan TAIEX 16649.36 141.71 0.86 17.8 and ETFs. U.S.-dollar foreign-exchange rates in late New York trading
Thailand SET 1417.21 –2.55 –0.18 –15.1
All are available free at WSJMarkets.com US$vs, US$vs,
Sources: FactSet; Dow Jones Market Data Mon YTDchg Mon YTDchg
Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%)
Americas Vietnam dong .00004108 24345 3.0
CREDIT MARKETS Argentina peso .0029349.9548 98.0 Europe
Brazil real .2047 4.8854 –7.6 Czech Rep. koruna .04366 22.905 1.5
Canada dollar .7299 1.3701 1.1 Denmark krone .1437 6.9590 0.2
Consumer Rates and Returns to Investor Benchmark
Treasury yield Yields
curve Forex Race Chile peso .001134 881.51 3.9 Euro area euro 1.0720 .9329 –0.2
U.S. consumer rates Selected rates andtoRates
Yield maturity of current bills, Yen, euro vs. dollar; dollar vs. Colombiapeso .000251 3979.00 –17.9 Hungary forint .002825 354.02 –5.2
notes and bonds major U.S. trading partners Ecuador US dollar 1 1 unch Iceland krona .007121 140.43 –0.8
A consumer rate against its Five-year ARM, Rate Mexico peso .0570 17.5482 –10.0 Norway krone .0904 11.0576 12.7
benchmark over the past year 6.00% Uruguay peso .02510 39.8350 –0.4 Poland zloty .2405 4.1573 –5.1
Bankrate.com avg†: 7.09% Tradeweb ICE
14% Euro Asia-Pacific Russia ruble .01079 92.655 25.6
Monday Close s
5-year Rockland Federal Credit Union 6.25% t 5.00 Sweden krona .0916 10.9208 4.6
Australiadollar .6491 1.5406 5.0
adjustable-rate 7.00% Rockland, MA 800-562-7328 7 Switzerland franc 1.1119 .8994 –2.8
China yuan .1376 7.2694 5.4
mortgage (ARM) 4.00 s Turkey lira .0352 28.4317 52.1
Union Savings Bank 6.38% t Hong Kong dollar .1279 7.8209 0.2
t 6.00 Yen Ukraine hryvnia .0277 36.0500 –2.2
0 India rupee .01202 83.229 0.6
Danbury, CT 203-830-4800 One year ago 3.00 WSJ Dollar Index UK pound 1.2342 .8102 –2.0
s Indonesia rupiah .0000642 15574 0.04
5-year Treasury 5.00 Savings Bank of Danbury 6.63% 2.00 –7 Japan yen .006664 150.07 14.5 Middle East/Africa
t note yield Danbury, CT 844-723-2265 Kazakhstan tenge .002159 463.15 0.1 Bahrain dinar 2.6518 .3771 0.01
4.00 Haven Savings Bank 6.75% 1.00 –14 Macau pataca .1241 8.0595 0.1 Egypt pound .0324 30.8990 24.8
Malaysia ringgit .2157 4.6365 5.3 Israel shekel .2568 3.8938 10.4
Hoboken, NJ 201-659-3600 1 3 6 1 2 3 5 7 10 20 30 2022 2023
3.00 New Zealand dollar .5964 1.6767 6.5 Kuwait dinar 3.2405 .3086 0.8
Terre Haute Savings Bank 7.00% month(s) years
ND J FMAM J J A S O N Pakistan rupee .00351 285.000 25.7 Oman sul rial 2.5973 .3850 unch
Terre Haute, IN 888-245-1929 maturity Philippines peso .0179 55.996 0.6 Qatar rial .2747 3.640 –0.7
2023
Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Singapore dollar .7402 1.3509 0.7 Saudi Arabia riyal .2666 3.7516 –0.2
Yield/Rate (%) 52-Week Range (%) 3-yr chg South Korea won .0007696 1299.30 3.0 South Africa rand .0547 18.2942 7.4
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts)
Corporate Borrowing Rates and Yields Sri Lanka rupee .0030576 327.05 –11.0
Close Net Chg % Chg YTD%Chg
Federal-funds rate target 5.25-5.50 5.25-5.50 3.75 l 5.50 5.25 Taiwan dollar .03111 32.143 4.9
Yield (%) 52-Week Total Return (%) Thailand baht .02815 35.520 2.6 WSJ Dollar Index 99.56 0.15 0.15 3.11
Prime rate* 8.50 8.50 7.00 l 8.50 5.25 Bond total return index Close Last Week ago High Low 52-wk 3-yr
SOFR 5.32 5.31 3.78 l 5.35 5.22 Sources: Tullett Prebon, Dow Jones Market Data
U.S. Treasury, Bloomberg 2060.000 4.820 5.000 5.120 3.610 1.420 –5.535
Money market, annual yield 0.61 0.61 0.25 l 0.62 0.40
Five-year CD, annual yield 2.84 2.84 2.40 l 2.86 2.25 U.S. Treasury Long, Bloomberg 2842.370 4.960 5.190 5.280 3.610 –3.483–15.424 Commodities
30-year mortgage, fixed† 7.90 8.20 6.36 l 8.28 4.82 Aggregate, Bloomberg 1928.840 5.390 5.630 5.740 4.180 2.583 –5.143 Monday 52-Week YTD
Pricing trends on someClose
raw materials, or commodities
Net chg % Chg High Low % Chg % chg
15-year mortgage, fixed† 7.31 7.39 5.54 l 7.42 4.68 Fixed-Rate MBS, Bloomberg 1895.090 5.590 5.930 6.050 4.140 1.672 –4.970
Jumbo mortgages, $726,200-plus† 7.91 8.25 6.35 l 8.33 4.80 DJ Commodity 1002.21 -0.70 -0.07 1071.61 930.59 -6.22 -4.43
High Yield 100, ICE BofA 3345.419 8.405 9.093 9.101 7.022 9.644 1.136 Refinitiv/CC CRB Index 281.89 0.12 0.04 290.29 253.85 -1.75 1.49
Five-year adj mortgage (ARM)† 7.09 7.13 5.33 l 7.16 3.87
Muni Master, ICE BofA 553.611 4.013 4.300 4.311 2.757 3.546 –1.990 Crude oil, $ per barrel 80.82 0.31 0.39 93.68 66.74 -11.95 0.70
New-car loan, 48-month 7.68 7.68 6.12 l 7.68 3.54
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 782.647 8.340 8.727 8.842 7.102 8.398 –4.677 Natural gas, $/MMBtu 3.264 -0.251 -7.14 7.308 1.991 -53.00 -27.06
banks.† Excludes closing costs.
Sources: FactSet; Dow Jones Market Data; Bankrate.com Sources: J.P. Morgan; Bloomberg Fixed Income Indices; ICE Data Services
Gold, $ per troy oz. 1981.60 -9.90 -0.50 2048.00 1676.50 18.20 8.90
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. Tuesday, November 7, 2023 | B7

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BANKRUPTCIES

IN THE UNITED STATES BANKRUPTCY COURT identified to the Solicitation Agent as a Holder of record through which one or more such Beneficial
FOR THE DISTRICT OF DELAWARE Holders holds such Claim in‘street name’as of theVoting Record Date. The Solicitation Agent shall
In re: Chapter 11 also distribute a Solicitation Package to each Entity that is directly registered as a Beneficial Holder
Lordstown Motors Corp., et al.,1 Case No. 23-10831 (MFW) (i.e. does not hold their Claim through a Nominee) as of the Voting Record Date. All Beneficial
Debtors. (Jointly Administered) Holder Ballots cast to accept or reject the Plan must be properly completed,executed,and returned
to the Nominees in such manner to allow sufficient time for the Voting Nominee to process such
NOTICE OF (I) APPROVAL OF DISCLOSURE STATEMENT, (II) votesonMasterBallotsandmailordeliversuchMasterBallotstotheSolicitationAgentsothatthey
ESTABLISHMENT OF VOTING RECORD DATE, (III) HEARING ON areactuallyreceivedbytheSolicitationAgentbytheVotingDeadline.
CONFIRMATION OF THE PLAN, (IV) PROCEDURES FOR OBJECTING 8. Parties in Interest Not Entitled to Vote. All Holders of Unclassified Claims and Holders
TO THE CONFIRMATION OF THE PLAN, AND (V) PROCEDURES AND of Unimpaired Claims and Interests in classes conclusively presumed to accept the Plan are not
DEADLINE FOR VOTING ON THE PLAN entitled to vote and will not receive a Ballot. Such Holders will instead receive the (i) Confirmation
TO ALL PARTIES IN INTEREST INTHE DEBTORS’CHAPTER 11 CASES: Hearing Notice,and (ii) Notice of Non-Voting Status to Holders of Unclassified and Unimpaired Claims
PLEASE TAKE NOTICE THAT on October 30, 2023, Lordstown Motors Corp. and its affiliated Conclusively Presumed to Accept the Plan. If you disagree with the amount set forth by the Debtors
debtors and debtors in possession in the above-captioned chapter 11 cases (together, the for your Claim in the Schedules or if you have filed a Proof of Claim and disagree with either (i) the
“Debtors”) filed their (i) Modified First Amended Joint Chapter 11 Plan of Lordstown Motors Corp. Debtors’ objection to your Claim and believe that you should be entitled to vote on the Plan; or
and Its Affiliated Debtors [D.I. 635] (together with all schedules and exhibits thereto, and as may (ii) the Debtors’classification or request for estimation of your Claim and believe that you should
be modified, amended, or supplemented from time to time, the “Plan”); and (ii) the Disclosure be entitled to vote on the Plan in a different amount or class, you must file with the Bankruptcy
Statement Pursuant to 11 U.S.C. § 1125 with Respect to Modified First Amended Joint Chapter 11 Court a motion for an order, pursuant to Bankruptcy Rule 3018(a), temporarily allowing such
Plan of Lordstown Motors Corp. and Its Affiliated Debtors [D.I. 637] (together with all schedules claim for purposes of voting to accept or reject the Plan (a “Rule 3018(a) Motion”). All Rule
and exhibits thereto, and as may be modified, amended, or supplemented from time to time, the 3018(a) Motions must be filed with the Bankruptcy Court and served on the Debtors on or before
“DisclosureStatement”).2 November 27, 2023 at 4:00 p.m. (prevailing Eastern Time) (the “Rule 3018(a) Motion
PLEASETAKEFURTHERNOTICETHAT: Deadline”). If a creditor files a timely Rule 3018(a) Motion, such creditor’s Ballot shall not be
1. Approval of Disclosure Statement. On November 1,2023,the United States Bankruptcy counted unless temporarily allowed by the Bankruptcy Court for voting purposes pursuant to a
Court for the District of Delaware (the “Bankruptcy Court”) entered an order [D.I. 651] (the Resolution Event prior to December 5, 2023 (the“Voting Resolution Event Deadline”) or as
“Disclosure Statement Order”) approving the Disclosure Statement. The Disclosure Statement otherwisesetforthintheDisclosureStatementOrder.
Order,among other things,authorizes the Debtors to solicit votes to accept or reject the Plan and 9. Calculation of Votes With Respect to Litigation Claims. Each Claim Filed or scheduled
establishesproceduresrelatedthereto(the“SolicitationProcedures”). on account of a claim,cause of action,or litigation against the Debtors,for which a Proof of Claim
2. Approved Dates and Deadlines. The following dates and deadlines in connection with has been timely filed and which has not been fixed pursuant to a judgment or settlement entered
theSolicitationProceduresandConfirmationHearingintheDisclosureStatementOrder: into and approved by a court of competent jurisdiction, including the Bankruptcy Court, prior to
the Voting Record Date and reflects, in whole or in part,an unliquidated and/or contingent claim
Event Date that is not subject to a pending objection (regardless of whether such Claim as described in Section
VotingRecordDate October31,2023 IV.B.7(c) of the Solicitation Procedures is wholly or partially contingent or non-contingent or
Five(5)businessdaysaftertheentryofthe liquidated or unliquidated) (each a “Litigation Claim” and collectively,“Litigation Claims”),
SolicitationDate DisclosureStatementOrder,orassoonas shall be allowed temporarily for voting purposes only and not for purposes of allowance or
reasonablypracticablethereafter distribution in the amount of One Dollar ($1.00) per such Claim. The temporary allowance of
Five(5)businessdaysaftertheentryofthe a Litigation Claim in the amount of One Dollar ($1.00) is solely for voting purposes, and will not
PublicationDeadline DisclosureStatementOrder,orassoonas be binding upon the holder,the Debtors,or any other party for any purpose other than voting on
reasonablypracticablethereafter the Plan. Any Holder of a Litigation Claim that seeks different treatment for such Claim for voting
Rule3018(a)MotionDeadline November27,2023at4:00p.m.(ET) purposes is required to file a Rule 3018(a) Motion by the applicable Rule 3018(a) Motion Deadline
and otherwise satisfy the conditions set forth in Section III.C of the Solicitation Procedures. In
VotingResolutionEventDeadline December5,2023 accordance with Bankruptcy Rule 3018,any Ballot submitted by a holder of a Litigation Claim that
December1,2023(Thedatethatisno files a Rule 3018(a) Motion will be counted solely in accordance with the Solicitation Procedures
PlanSupplementDeadline laterthanseven(7)dayspriortothePlan unless and until, after notice and a hearing, such Claim is temporarily allowed by the Bankruptcy
ObjectionDeadline) Courtforvotingpurposesonlyinadifferentamount.
Deadlinetofileproposedformofthe Thedatethatisnolaterthanseven(7)days 10. Plan Supplement. The Debtors will file the Plan Supplement documents on or before
ConfirmationOrder priortothePlanObjectionDeadline December 1, 2023. The Plan Supplement will include, as applicable: (i) New Organizational
PlanObjectionDeadline December8,2023at4:00p.m.(ET) Documents,(ii) Identities of members of the New Board,(iii) Schedule of Retained Causes of Action,
(iv) Post-Effective Date Debtor Amount Budget, (v) Identity of Claims Ombudsman, (vi) Claims
VotingDeadline December12,2023at5:00p.m.(ET) Ombudsman Agreement, (vii) Identity of Litigation Trustee, and (viii) Litigation Trust Agreement.
Deadlinetofile(i)ReplytoPlanObjections, ThePlanSupplementwillbeservedonlyonthosepartiesthathaverequestednoticeintheChapter
(ii)BriefinSupportofPlanConfirmation; 11 Cases pursuant to Bankruptcy Rule 2002. Once the Plan Supplement is filed,a copy will also be
December15,2023
(iii)DeclarationsinSupportofPlan available for review, free of charge, on the Debtors’ restructuring website at https://www.kccllc.
Confirmation,and(ii)VotingReport net/lordstown.
ConfirmationHearing December19,2023at2:00p.m.(ET) 11. Cure and Assumption Notice. The Debtors will file a Cure and Assumption Notice within
3. Confirmation Hearing. A hearing to consider confirmation of the Plan has been 14 days prior to the Confirmation Hearing, serve the Cure and Assumption Notice on parties
scheduled for December 19, 2023 at 2:00 p.m. (prevailing Eastern Time) (the to executory contracts or unexpired leases to be assumed or assumed and assigned reflecting
“Confirmation Hearing”) before the Honorable Mary F. Walrath, United States Bankruptcy the Debtors’ intention to potentially assume or assume and assign the contract or lease in
Judge, at the Bankruptcy Court, located at 824 North Market Street, Fifth Floor, Courtroom No. 4, connection with this Plan and, where applicable, setting forth the proposed Cure Amount (if
Wilmington, Delaware 19801. Please be advised that the Confirmation Hearing may be any). Any objection by a counterparty to an executory contract or unexpired lease to the proposed
adjourned or continued from time to time by the Bankruptcy Court or the Debtors assumption, assumption and assignment, or related Cure Amount must be filed, served, and
without further notice other than as indicated in any notice or agenda of matters actually received by the Debtors within ten (10) days of the service of the assumption notice,or
scheduled for a particular hearing that is filed with the Bankruptcy Court or by being suchshorterperiodasagreedtobythepartiesorauthorizedbytheBankruptcyCourt.
announced in open court. If the Confirmation Hearing is continued, the Debtors will post the 12. Objections to Confirmation. The deadline to object or respond to confirmation of the
new date and time of the Confirmation Hearing at https://www.kccllc.net/lordstown. The Plan Plan is December 8, 2023 at 4:00 p.m. (prevailing Eastern Time) (the “Plan Objection
may be modified,if necessary,prior to,during,or as a result of the Confirmation Hearing,without Deadline”). Any objections or responses to confirmation of the Plan, must: (i) be in writing;
(ii) conform to the applicable Bankruptcy Rules and Local Rules, (iii) state the name and address
C. Releases by the Debtors. Pursuant to section 1123(b) of the Bankruptcy Code, for
good and valuable consideration, the adequacy of which is hereby confirmed, as of the
Effective Date, the Debtors and their Estates, the Post-Effective Date Debtors and each of
their respective current and former Affiliates (with respect to non-Debtors, to the extent
permitted by applicable law), on behalf of themselves and their respective Estates,
including, without limitation, any successor to the Debtors or any Estate representative
appointed or selected pursuant to section 1123(b)(3) of the Bankruptcy Code, shall be
deemedtohaveconclusively,absolutely,unconditionally,irrevocably,andforeverreleased,
waived, and discharged the Released Parties from any and all Claims, Interests, obligations,
rights, suits, damages, Causes of Action, remedies, and liabilities whatsoever, in each case,
whether prepetition or postpetition (including any derivative Claims asserted or that may
beassertedonbehalfoftheDebtorsortheirEstates),whetherknownorunknown,foreseen
or unforeseen, existing or hereinafter arising, in law, equity, or otherwise, based on or
relating to, or in any manner arising from, in whole or in part, the Debtors or the conduct
of their business (in each case, whether prepetition or postpetition), the formulation,
preparation, dissemination, negotiation of the Plan, the Disclosure Statement, any
contract, instrument, release, or other agreement or document created or entered into
in connection with the Plan, the Disclosure Statement, the Chapter 11 Cases, the pursuit
of Confirmation, the pursuit of Consummation, the administration and implementation
of the Plan, including the distribution of property under the Plan, or any other related
agreement, or upon any other act or omission, transaction, agreement, event, or other
occurrence taking place on or before the Effective Date (in each case, whether prepetition
or postpetition) related or relating to the foregoing. Notwithstanding anything to the
contrary in the foregoing, the releases set forth in this Article VIII.C shall not release (i) any
Released Party from Claims or Causes of Action arising from an act or omission that is
judicially determined by a Final Order to have constituted actual fraud, willful misconduct,
or gross negligence, or (ii) any post-Effective Date obligations of any party or Entity under
thePlanoranydocument,instrument,oragreementexecutedtoimplementthePlan.
D. Releases by Holders of Claims and Interests. As of the Effective Date, for good
and valuable consideration, the adequacy of which is hereby confirmed, each Releasing
Party3 shall be deemed to have conclusively, absolutely, unconditionally, irrevocably,
and forever released, waived, and discharged each Debtor, Post-Effective Date Debtor,
and other Released Party4 from any and all Claims, obligations, rights, suits, damages,
Causes of Action, remedies, and liabilities whatsoever (in each case, whether prepetition
or postpetition), including any derivative Claims asserted or that may be asserted on
behalf of the Debtors or their Estates, that such Entity would have been legally entitled to
assert in their own right (whether individually or collectively) or on behalf of the Holder
of any Claim or Interest, whether known or unknown, foreseen or unforeseen, existing or
hereinafter arising, in law, equity, or otherwise, based on or relating to, or in any manner
arising from, in whole or in part, the Debtors or the conduct of their business (in each case,
whether prepetition or postpetition), the formulation, preparation, dissemination, or
negotiation of the Plan, the Disclosure Statement, any contract, instrument, release,
or other agreement or document created or entered into in connection with the Plan,
the Disclosure Statement, the Chapter 11 Cases, the pursuit of Confirmation, the pursuit
of Consummation, the administration and implementation of the Plan, including the
distribution of property under the Plan, or any other related agreement, or upon any
other act or omission, transaction, agreement, event, or other occurrence taking place on
or before the Effective Date (in each case, whether prepetition or postpetition) related or
relating to the foregoing. Without limiting the generality of the foregoing, and subject
to the paragraph directly below, pursuant to the Releases set forth in this Article VIII.D,
each Releasing Party shall be deemed to have conclusively, absolutely, unconditionally,
irrevocably, and forever released, waived, and discharged each Released Party from any
Claims related to or asserted in the Putative Class Actions (which actions include, for
the avoidance of any doubt, the Ohio Securities Class Action, the Delaware Shareholder
Class Action, and the Post-Petition Securities Action). Notwithstanding anything to the
contrary in the foregoing, the releases set forth in this Article VIII.D shall not be construed
as (i) releasing any Released Party from Claims or Causes of Action arising from an act or
omission that is judicially determined by a Final Order to have constituted actual fraud,
willful misconduct, or gross negligence, (ii) releasing any timely filed Proof of Claim (as
may be validly amended under the Plan or as maybe permitted by the Bankruptcy Code and
Bankruptcy Rules) or any post-Effective Date obligations of or under (A) any party or Entity
under the Plan, (B) any Executory Contract or Unexpired Lease to the extent such Executory
Contract or Unexpired Lease has been assumed by the Debtors pursuant to Final Order, or (C)
any document, instrument, or agreement executed to implement the Plan, or (iii) releasing
any rights to distributions required to be paid or delivered pursuant to the Plan or the
ConfirmationOrder.
F. Injunction. EXCEPT AS OTHERWISE EXPRESSLY PROVIDED IN THE PLAN OR FOR
DISTRIBUTIONS REQUIRED TO BE PAID OR DELIVERED PURSUANT TO THE PLAN OR THE
CONFIRMATION ORDER, ALL ENTITIES THAT HAVE HELD, HOLD, OR MAY HOLD CLAIMS OR
INTERESTS THAT HAVE (1) BEEN RELEASED PURSUANT TO ARTICLE VIII.C OR ARTICLE VIII.D OF
THE PLAN, (2) SHALL BE DISCHARGED PURSUANT TO ARTICLE VIII.D OF THE PLAN, OR (3) ARE
SUBJECT TO EXCULPATION PURSUANT TO ARTICLE VIII.E OF THE PLAN, ARE PERMANENTLY
ENJOINED, FROM AND AFTER THE EFFECTIVE DATE, FROM TAKING ANY OF THE FOLLOWING
ACTIONS AGAINST, AS APPLICABLE,THE DEBTORS,THE REORGANIZED DEBTORS,THE RELEASED
PARTIES (TO THE EXTENT OF THE RELEASES PROVIDED PURSUANT TO ARTICLE XIII.D WITH
RESPECT TO THE RELEASED PARTIES), OR THE EXCULPATED PARTIES (TO THE EXTENT OF THE
EXCULPATION PROVIDED PURSUANT TO ARTICLE VIII.E OF THE PLAN WITH RESPECT TO THE
EXCULPATED PARTIES): (I) COMMENCING OR CONTINUING IN ANY MANNER ANY ACTION
OR OTHER PROCEEDING OF ANY KIND ON ACCOUNT OF OR IN CONNECTION WITH OR WITH
RESPECT TO ANY SUCH CLAIMS OR INTERESTS; (II) ENFORCING, ATTACHING, COLLECTING,
OR RECOVERING BY ANY MANNER OR MEANS ANY JUDGMENT, AWARD, DECREE, OR ORDER
AGAINST SUCH ENTITIES ON ACCOUNT OF OR IN CONNECTION WITH OR WITH RESPECT TO
ANY SUCH CLAIMS OR INTERESTS; (III) CREATING, PERFECTING, OR ENFORCING ANY LIEN OR
ENCUMBRANCE OF ANY KIND AGAINST SUCH ENTITIES OR THE PROPERTY OR THE ESTATES
OF SUCH ENTITIES ON ACCOUNT OF OR IN CONNECTION WITH OR WITH RESPECT TO ANY SUCH
CLAIMS OR INTERESTS; (IV) EXCEPT TO THE EXTENT REQUIRED TO RENDER HOLDERS OF CLASS 5
UNIMPAIRED,ASSERTINGANYRIGHTOFSETOFF,SUBROGATION,ORRECOUPMENTOFANYKIND
AGAINST ANY OBLIGATION DUE FROM SUCH ENTITIES OR AGAINST THE PROPERTY OF SUCH
ENTITIES ON ACCOUNT OF OR IN CONNECTIONWITH ORWITH RESPECTTO ANY SUCH CLAIMS OR
INTERESTS UNLESS SUCH ENTITY HAS TIMELY ASSERTED SUCH SETOFF RIGHT IN A DOCUMENT
(WHICH MAY BE A PROOF OF CLAIM) FILED WITH THE BANKRUPTCY COURT IN ACCORDANCE
WITHTHETERMSOFTHEPLANEXPLICITLYPRESERVINGSUCHSETOFF,ANDNOTWITHSTANDING
AN INDICATION OF A CLAIM OR INTEREST OR OTHERWISE THAT SUCH ENTITY ASSERTS, HAS, OR
INTENDS TO PRESERVE ANY RIGHT OF SETOFF PURSUANT TO APPLICABLE LAW OR OTHERWISE;
AND (V) COMMENCING OR CONTINUING IN ANY MANNER ANY ACTION OR OTHER PROCEEDING
OF ANY KIND ON ACCOUNT OF OR IN CONNECTIONWITH ORWITH RESPECTTO ANY SUCH CLAIMS
ORINTERESTSRELEASEDORSETTLEDPURSUANTTOTHEPLAN.
FOR THE AVOIDANCE OF DOUBT, NOTHING IN ARTICLE VIII.F OF THE PLAN SHALL AFFECT
ANY RIGHT OF FOXCONN TO SETOFF OR RECOUP THE AMOUNT OF ANY ALLOWED CLAIM OR THE
AMOUNT OF ANY DISTRIBUTIONS TO WHICH THEY ARE ENTITLED ON ACCOUNT OF ALLOWED
FOXCONN PREFERRED STOCK INTERESTS, IF ANY, AND ALL SUCH RIGHTS SHALL BE FULLY
PRESERVED TO THE EXTENT AVAILABLE UNDER APPLICABLE LAW (AND ANY RIGHT OF THE
DEBTORS AND THE POST-REORGANIZED DEBTORS WITH RESPECT TO THE FOREGOING SHALL
ALSOBEPRESERVED).
PLEASEBEADVISEDTHATIFYOURCLAIMISUNIMPAIREDUNDERTHEPLANORYOUARE
THEHOLDEROFANUNCLASSIFIEDCLAIMUNDERTHEPLAN,YOUWILLBEDEEMEDTOHAVE
GRANTEDTHERELEASESCONTAINEDINARTICLEVIII.DOFTHEPLANUNLESSYOUFILEA
TIMELYOBJECTIONTOTHEPLAN.
PLEASEALSOBEADVISEDTHATIFYOUAREENTITLEDTOVOTE,AND(A)VOTETOACCEPTTHE
PLAN,OR(B)REJECTTHEPLANANDOPTINTOTHERELEASEPROVISIONSINTHEPLAN,YOU
WILLBEDEEMEDTOHAVEGRANTEDTHERELEASESINARTICLEVIII.DOFTHEPLAN. IFYOU
DONOTRETURNTHEBALLOTORABSTAINFROMVOTINGONTHEPLAN,YOUWILLNOTBE
BOUNDBYTHERELEASES.
ThePlanalsocontainsotherrelatedprovisionsthatmayaffectyourrightsagainsttheDebtors.
YOU ARE ADVISED TO CAREFULLY REVIEW AND CONSIDER THE PLAN, INCLUDING
THE INJUNCTION, RELEASE, AND EXCULPATION PROVISIONS, AS YOUR RIGHTS MAY BE
AFFECTED.
Dated: November 1, 2023, Respectfully submitted, /s/ Morgan L. Patterson , WOMBLE BOND
DICKINSON (US) LLP, Donald J. Detweiler (Bar No. 3087), Morgan L. Patterson (Bar No. 5388),
1313 North Market Street,Suite 1200,Wilmington,Delaware 19801,Telephone:(302) 252-4320,
Facsimile: (302) 252-4330, don.detweiler@wbd-us.com, morgan.patterson@wbd-us.com,
Proposed Counsel to the Debtors and Debtors in Possession -and- WHITE & CASE LLP, Thomas
E Lauria (admitted pro hac vice),Matthew C.Brown (admitted pro hac vice),Fan B.He (admitted
pro hac vice),200 South Biscayne Boulevard,Suite 4900,Miami,FL 33131,Telephone:(305) 371-
2700, tlauria@whitecase.com, mbrown@whitecase.com, fhe@whitecase.com -and- David M.
Turetsky (admitted pro hac vice),1221 Avenue of the Americas, New York,NY 10020,Telephone:
(212) 819-8200, david.turetsky@whitecase.com -and- Jason N. Zakia (admitted pro hac vice),
111 South Wacker Drive, Suite 5100, Chicago, IL 60606, Telephone: (312) 881-5400, jzakia@
whitecase.com -and- Roberto Kampfner (admitted pro hac vice), Doah Kim (admitted pro hac
vice), RJ Szuba (admitted pro hac vice), 555 South Flower Street, Suite 2700, Los Angeles, CA
90071, Telephone: (213) 620-7700, rkampfner@whitecase.com, doah.kim@whitecase.com,

.
further notice to creditors or other parties in interest, unless such notice is required by the
BankruptcyCode,BankruptcyRules,orotherapplicablelaw. of the objecting party and the nature and amount of the Claim of such party; (iv) state with Notwithstanding anything to the contrary in the preceding paragraph, the Putative rj.szuba@whitecase.com, Counsel to Debtors and Debtors-in-Possession
particularity the legal and factual basis and nature of any objection to the Plan and include any Class Action Representatives shall not be deemed to constitute Releasing Parties; pro-

ly
4. Summary of Status and Voting Rights. In accordance with Bankruptcy Code Section evidentiary support therefor, and if practicable, a proposed modification to the Plan that would
1
The Debtors and the last four digits of their respective taxpayer identification numbers are:
1122 and 1123, the Plan contemplates classifying Holders of Claims and Interests into various vided, that the Debtors do not concede that the certification of a class is appropriate in any Lordstown Motors Corp. (3239); Lordstown EV Corporation (2250); and Lordstown EV Sales LLC
resolve such objection; and (v) be filed with the Bankruptcy Court, together with proof of service of the Putative Class Actions and the exclusion of the Putative Class Action Representatives
Classesforallpurposes,includingwithrespecttovotingonthePlan,asfollows: on or before the Plan Objection Deadline, and served so as to be actually received by the (9101).TheDebtors’serviceaddressis27000HillsTechCt.,FarmingtonHills,MI48331.
from the releases set forth herein shall not constitute an admission by any Person or Entity, 2
Capitalized terms used but not otherwise defined herein have the meanings ascribed to such
SummaryofStatusandVotingRights following parties on or before the Plan Objection Deadline:(a) counsel to the Debtors,(i) White & including the Debtors, that a class is appropriate in any of the Putative Class Actions; pro-
Class Claim/Interest Status VotingRights Case LLP, Southeast Financial Center, 200 South Biscayne Boulevard, Suite 4900, Miami, FL 33131 terms in the Plan,the Disclosure Statement (as defined below),or the Solicitation Procedures (as
videdfurther, that the Debtors do not concede that the exclusion of the Putative Class Action definedbelow),asapplicable.
(Attn: Thomas E Lauria (tlauria@whitecase.com), Matthew Brown (mbrown@whitecase.com),
1
2
3
4
5
OtherPriorityClaims
SecuredClaims
GeneralUnsecuredClaims
IntercompanyClaims
FoxconnPreferredStock
Interests
Unimpaired NotEntitledtoVote(PresumedtoAccept)
Unimpaired NotEntitledtoVote(PresumedtoAccept)
Impaired EntitledtoVote
Unimpaired NotEntitledtoVote(PresumedtoAccept)
Unimpaired DeemedtoAccept(ProvidedthatProvisional
VotesWillBeSolicited)
on
and Fan B. He (fhe@whitecase.com)), 1221 Avenue of the Americas, New York, NY 10020 (Attn:
David Turetsky (david.turetsky@whitecase.com)),111 South Wacker Drive,Suite 5100,Chicago,IL
60606 (Attn:Jason N.Zakia (jzakia@whitecase.com)),and 555 South Flower Street,Suite 2700,Los
Angeles,CA 90071 (Attn:Roberto Kampfner (rkampfner@whitecase.com),Doah Kim (doah.kim@
whitecase.com), and RJ Szuba (rj.szuba@whitecase.com)), and (ii) Womble Bond Dickinson (US)
LLP,1313 North Market Street,Suite 1200,Wilmington,Delaware 19801 (Attn:Donald J.Detweiler
Representatives from the releases set forth herein in any way binds the other members of
anyputativeclassorinanywayaffectsthedecisionofanysuchputativeclassmemberstobe
a Releasing Party and grant the releases set forth herein. All of the rights of the Debtors, the
Putative Class Action Representatives and any other party in connection with the potential
certification of any putative class and/or the granting of releases are expressly reserved in
all respects. If the exclusion of the Putative Class Action Representative from the releases
set forth herein does not bind other class members (as is the Debtors’contention), each such
3
“Releasing Party” means each of the following in their capacity as such: (i) all Holders of
Claims or Interests that vote to accept the Plan;(ii) all Holders of Claims or Interests that are entitled
to vote on the Plan who vote to reject the Plan and opt in to the third party releases provided for
in Article VIII.D by checking the box on the applicable Ballot or form indicating that they opt in
to granting such releases in the Plan submitted on or before the Voting Deadline; and (iii) with
respect to each of the foregoing Entities in clauses (i) and (ii),such Entity and its current and former
(don.detweiler@wbd-us.com) and Morgan L. Patterson (morgan.patterson@wbd-us.com)); (b) class member that is a Releasing Party under the terms of the Plan shall be deemed to have Affiliates, and such Entities’ and their current and former Affiliates’ current and former directors,
us ,

6 IntercompanyInterests Unimpaired DeemedtoAccept the U.S.Trustee,844 King Street,Suite 2207,Lockbox 35,Wilmington,DE 19801 (Attn:Benjamin A. managers,officers,predecessors,successors,and assigns,subsidiaries,and each of their respective
7 CommonStockInterests Impaired EntitledtoVote conclusively, absolutely, unconditionally, irrevocably, and forever released, waived, and
Hackman (Benjamin.A.Hackman@usdoj.gov)); (c) counsel to the Creditors’Committee,Troutman discharged each Released Party from any Claims related to or asserted in the Putative Class current and former equity holders, officers, directors, managers, principals, members, employees,
l

8 Section510(b)Claims Impaired EntitledtoVote Pepper Hamilton Sanders LLP, Hercules Plaza, Suite 5100 1313 N. Market Street, Suite 5100 Actions (which actions include, for the avoidance of any doubt, the Ohio Securities Class agents, advisory board members, financial advisors, partners, attorneys, accountants, managed
e
9 RIDESection510(b)Claims Impaired EntitledtoVote Wilmington,DE 19801 (Attn:David M.Fournier (david.fournier@troutman.com),875Third Avenue accounts or funds, management companies, fund advisors, investment bankers, consultants,
al a

NewYork,NY 10022 (Attn:Deborah Kovsky-Apap (deborah.kovsky@troutman.com),and 3000Two
10 OhioSecuritiesClassAction Unimpaired DeemedtoAccept Logan Square,18th & Arch Streets,Philadelphia,PA 19103 (Attn:Francis J.Lawall (francis.lawall@
Claims
troutman.com)); and (d) counsel to the Equity Committee, (i) Morris James LLP, 500 Delaware
5. Voting Record Date. Subject to the Solicitation Procedures, the following holders of Avenue, Suite 1500, Wilmington, DE 19801 (Attn: Eric J. Monzo (emonzo@morrisjames.com)
ci on
Action,theDelawareShareholderClassAction,andthePost-PetitionSecuritiesAction).
representatives, and other professionals, each in its capacity as such; provided, however, that the
Additionally, notwithstanding anything to the contrary in the Plan or the Confirmation
Entities identified in part (iii) shall be Releasing Parties only to the extent the corresponding
Order, nothing herein or therein does, shall, or may be construed to release, the Debtors
or bar the assertion of claims against them as nominal defendants in the Post-Petition Entities in parts (i) and (ii) are legally able to bind such Entities in part (iii) to the releases contained
in the Plan under applicable law; provided, further, that, subject to the terms of Article VIII.D, the

Claims and Interests against the Debtors as of October 31,2023 (the“Voting Record Date”) are Securities Action for purposes of preserving and enforcing rights to coverage under and
and Brya M. Keilson (bkeilson@morrisjames.com)); and (ii) Brown Rudnick LLP, 7 Times Square, recoveryoftheproceedsoftheD&OLiabilityInsurancePolicies. PutativeClassActionRepresentativesshallnotbedeemedtobeReleasingParties.
entitledtovoteonthePlan: New York, NY 10036 (Attn: Robert J. Stark (rstark@brownrudnick.com) and Bennett S. Silverberg 4
“Released Party” means each of the following in their capacity as such: (i) the Debtors; (ii)
E. Exculpation. Except as otherwise specifically provided in the Plan, no Exculpated
Class Description (bsilverberg@brownrudnick.com)). Party5 shall have or incur liability for, and each Exculpated Party is hereby exculpated from, the Post-Effective Date Debtors; (iii) each of the Debtors’Estates; (iv) the UCC, (v) each of the UCC
Class3 GeneralUnsecuredClaims 13. IF ANY OBJECTION TO CONFIRMATION OF THE PLAN IS NOT FILED AND SERVED any Cause of Action for any claim related to any act or omission from the Petition Date to Members, solely in its capacity as a UCC Member; (vi) the EC; (vii) each of the EC Members, solely
STRICTLY AS PRESCRIBED HEREIN, THE OBJECTING PARTY MAY BE BARRED FROM the Effective Date in connection with, relating to, or arising out of, the Chapter 11 Cases, in in its capacity as an EC Member;and (viii) with respect to each of the foregoing Entities in clauses
Class5 FoxconnPreferredStockInterests OBJECTING TO CONFIRMATION OF THE PLAN AND MAY NOT BE HEARD AT THE (i) through (vii), their respective current and former officers, directors, employees, attorneys,
Class7 CommonStockInterests whole or in part, the Debtors, the formulation, preparation, dissemination, negotiation,
CONFIRMATIONHEARING. of the Plan, the Disclosure Statement, any contract, instrument, release, or other agree- accountants, investment bankers, consultants and other professionals other than Excluded
Class8 Section510(b)Claims Additional Information. If you wish to receive additional copies of the Plan or the Disclosure ment or document created or entered into in connection with the Plan, the Disclosure Parties, each in its capacity as such; provided that, notwithstanding anything in the foregoing,
er s

Class9 RIDESection510(b)Claims Statement, you may receive copies free of charge from the Debtors’ Solicitation Agent by: (a) Statement, the filing of the Chapter 11 Cases, the pursuit of Confirmation, the pursuit of any Person or Entity that is an Excluded Party shall not be a Released Party; provided further that,
calling the Debtors’toll-free restructuring hotline at (877) 709-4757 (U.S./Canada) or (424) 236- Consummation, the administration and implementation of the Plan or the distribution notwithstanding anything in the foregoing,any Person or Entity that is entitled to vote on the Plan
Class10 OhioSecuritiesClassActionClaims(ForClass10Election) 7235 (international); (b) visiting the Debtors’ restructuring website at https://www.kccllc.net/ of Cash under the Plan, or any other related agreement, except for Claims or Causes of butdoesnotvotetoacceptthePlanorotherwiseoptintothereleasesshallnotbeaReleasedParty.
6. Voting Deadline. All votes to accept or reject the Plan must be actually received by lordstown;(c) writing to Lordstown Processing Center,c/o Kurtzman Carson Consultants LLC,222 N. Action arising from an act or omission that is judicially determined in a Final Order to have “ExcludedParties”meansFoxconnandtheFormerDirectorsandOfficers.
m er

the Solicitation Agent by December 12, 2023 at 5:00 p.m. (prevailing Eastern Time) (the
“Voting Deadline”). Any failure to follow the voting instructions included with your Ballot may
disqualifyyourvote.
7. Voting Procedures for Class 7 Common Stock Interests. By the Solicitation Date,
the Solicitation Agent shall distribute or cause to be distributed (i) a Solicitation Package to
each beneficial Holder (each a “Beneficial Holder”) of each registered or beneficial Holder
of a Common Stock Interest in Class 7 as of the Voting Record Date whether directly or through a
Pacific Coast Highway,Suite 300,El Segundo,CA 90245;or (d) emailing lordstowninfo@kccllc.com
(with‘Lordstown’in the subject line). Please note that the Solicitation Agent is not authorized to,
and will not,provide legal advice to you. If you need legal advice,please consult with your attorney.
YoumayalsoaccessfromthesematerialsforafeeviaPACERathttp://www.deb.uscourts.gov/.
NOTICE REGARDING CERTAIN RELEASE,EXCULPATION
AND INJUNCTION PROVISIONS INTHE PLAN
THE PLAN CONTAINS RELEASE, INJUNCTION, AND EXCULPATION PROVISIONS, WHICH
m rp
constituted actual fraud, willful misconduct, or gross negligence, but in all respects, such
Exculpated Parties shall be entitled to the fullest extent permitted by law to reasonably rely
upon the advice of counsel with respect to their duties and responsibilities. The Exculpated
Parties have, and upon Consummation of the Plan, shall be deemed to have, participated in
good faith and in compliance with the applicable laws with regard to the solicitation of, and
distribution of, consideration pursuant to the Plan and, therefore, are not, and on account
of such distributions shall not be, liable at any time for the violation of any applicable law,
5
“ExculpatedParties”means each of the following in their capacity as such: (i) the Debtors;(ii)
the Chapter 11 Directors and Officers,(iii) agents,members of management and other employees
of the Debtors,in each case who are or were acting in such capacity on or after the Petition Date;(iv)
the UCC and the UCC Members;(v) the EC and the EC Members;and (vi) all predecessors,successors
and assigns, subsidiaries, affiliates, members, partners, officers, directors, agents, attorneys,
advisors,accountants,investment bankers,consultants,and other professionals,to the extent such
parties are or were acting in such capacity of any of the Persons identified in (i),(ii),(iii) (iv),and (v)

Nominee (as defined below),and (ii) an appropriate number of Solicitation Packages and a master WILL BECOME EFFECTIVE IF THE PLAN IS CONFIRMED. PLEASE BE ADVISED THAT ARTICLE rule, or regulation governing the solicitation of acceptances or rejections of the Plan or such aboveonorafterthePetitionDate.
ballot (a “Master Ballot”) to each bank, broker, or other intermediary (each a “Nominee”) VIIIOFTHEPLANPROVIDES: distributionsmadepursuanttothePlan.

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NOTICE OF SALE any money
n-

NOTICE OF SALE–CONDO BUILDING-PARTITION AUCTION

SUPREME COURT - COUNTY OF KINGS
LEROY P. SHEPHERD, as President of the Board of
down to go
Managers of the One Sunset Park Condominium,

wheels up.
no

Plaintiff(s) -against- WILSON WONG, et al.,

Defendant(s). Pursuant to an Amended Interlocutory
Judgment of Partition and Sale (“Amended Interlocutory
Judgment”) entered herein and dated October 30, 2023,
I, the undersigned Referee, will sell at public auction,
with said auction to be held in Room 224 of the Kings
County Supreme Courthouse, located at 360 Adams
Street, Brooklyn, New York, or such other reasonable
space as the Court and/or the Referee may choose,
on November 30, 2023 at 2:30 P.M. Eastern Time, the
real property located at 702 44th Street, Brooklyn, New
York (the “Premises”), being the building known as One
Sunset Park Condominium and described as follows:
Block 741, Lots 1001 - 1054 on the tax map of the
Borough of Brooklyn, and more particularly described as
follows: ALL that certain plot, piece or parcel of land, An unmatched experience with no financial commitment.
lying and being in the Borough of Brooklyn, County
of Kings and City and State of New York, and being
more particularly bounded and described as follows:
BEGINNING at the corner formed by the intersection
of the easterly side of 7th Avenue and the southerly Unity Jets offers trip-by-trip solutions with no
side of 44th Street; RUNNING THENCE easterly along
the southerly side of 44th Street, 120 feet; THENCE membership fees and no upfront capital. Call us
southerly parallel with 7th Avenue, 100 feet 2 inches;
THENCE westerly parallel with 44th Street, 120 feet to to request an all inclusive quote on a future trip.
the easterly side of 7th Avenue; THENCE northly along 888.758.5387 UNITYJETS.COM
the easterly side of 7th Avenue, 100 feet 2 inches to the
corner, the point or place of BEGINNING.
NOTE: (A) THE PREMISES IS BEING SOLD AT PUBLIC
AUCTION AFTER AN APRIL 3, 2019 FIRE PARTIALLY
DESTROYED THE PREMISES. THE PREMISES IS BEING
SOLD ON AN ‘AS-IS’ AND ‘WHERE-IS’ BASIS WITHOUT
ANY REPRESENTATION, WARRANTY, OR GUARANTEE
WHATSOEVER AND SUBJECT TO CERTAIN DISCLOSURES PUBLIC NOTICES BUSINESS OPPORTUNITIES
AS SET FORTH IN THE AMENDED INTERLOCUTORY
JUDGMENT. (B) THE PREMISES TO BE SOLD HAS A
RESERVE PRICE OF NOT LESS THAN $9,950,000.00. Tacora Resources Inc.
The Premises will be sold subject to the provisions Notice of Solicitation Process
of said Amended Interlocutory Judgment, which may be
reviewed on the Kings County Supreme Court’s electronic On October 10, 2023, Tacora Resources Inc. (the Innovative Branded Footwear Company
docket under Index Number 508641/2020, and Terms of “Tacora”) sought and obtained an Order under the Mid-Atlantic U.S.
Sale which will be provided upon request. Each bidder Companies’ Creditors Arrangement Act, R.S.C. 1985, c.
must satisfy the Referee that said bidder is qualified C-36 as amended (the “Initial Order”) granting, inter
by presenting a certified or bank check in the amount alia, a stay of proceedings in favour of Tacora and Seeking buyer for two flagship brands, e-commerce platform,
of $250,000 made payable to “JEFFREY SALTIEL, ESQ., appointing FTI Consulting Canada Inc. as monitor (in
REFEREE”, that it can tender as a deposit to the Referee extensive retail network, inventory
by 5:00 p.m. (ET) the day before the auction with an such capacity, the “Monitor”).
Auction Bidder Registration Form. Pursuant to an order granted by the Court on October Nationally recognized designer and distributor of on-trend footwear
At the immediate conclusion of the auction sale, the 30, 2023 (the “Solicitation Order”), Tacora, with
successful bidder will be required to (i) tender a deposit the assistance of Greenhill & Co. Canada Ltd.
products with a 100 year+ operating history. Multi-channel
equaling at least ten percent (10%) of the successful bid, (“Greenhill”), and under the supervision of the Monitor, distribution network including 2,300 accounts (over 600 active)
taking into account the $250,000 deposit, in the form
of certified or bank check(s) made payable to “JEFFREY
has initiated a solicitation process (the “Solicitation and a proprietary D2C e-commerce platform. The ideal buyer will
SALTIEL, ESQ., REFEREE”, and (ii) agree to be bound by Process”) to solicit interest in, and opportunities for: (a) fund the upcoming seasonal inventory commitments.
the terms of the Amended Interlocutory Judgment and a sale of all, substantially all, or certain portions of the
Terms of Sale, including but not limited to the terms property or the business of Tacora; or (b) an investment Sale process already underway.
specifying the successful bidder’s liability for damages in, restructuring, recapitalization, refinancing or other
in the event of a default. Please consult the Amended form of reorganization of Tacora or its business as a Contact: Debbie Beall
Interlocutory Judgment, Auction Bidder Registration going concern, or a combination thereof. The Solicitation (443) 951-4854 • specialsituations@schgroup.com
Form, and Terms of Sale for other conditions applicable Process also provides the ability for interested parties
to this auction. to investigate and conduct due diligence regarding
In order to properly qualify as a bidder, a bidder
must submit a signed Auction Bidder Registration an opportunity to arrange an offtake, service or other
Form and the deposit to the Referee in person at the agreement in respect of the business.

ADVERTISE TODAY address below by 5:00 p.m. (ET) on November 29, 2023,
along with other items, as detailed on such Bidder
Registration Form. Referee reserves the right to reject
The Solicitation Process is a two-phased process.
Qualified interested parties who wish to submit a bid

NOTABLE
in the Solicitation Process must deliver a non-binding
(800) 366-3975 or refuse any materials received after 5:00 p.m. (ET) on
November 29, 2023.
letter of interest to Greenhill with a copy to the

For more information visit:

To receive the instructions to tour the Premises and
to receive the Auction Bidder Registration Form and
Amended Interlocutory Judgment, interested bidders
MUST contact Janice Goldberg, Esq., Attorney for
wsj.com/classifieds Plaintiff, via email at jgoldberg@herrick.com or phone
at +1 (212) 592-6192. Tours of the Premises are based
upon availability on a first come, first served basis.
There is no guarantee that all interested parties will
have the ability to tour the Premises. JEFFREY SALTIEL,
© 2023 Dow Jones & Company, Inc. ESQ., Referee, Wenig, Saltiel LLP, 321 Broadway, Second
All Rights Reserved.
Floor, New York, New York 10007
Monitor in accordance with the Solicitation Order, by
no later than 12:00 p.m. (Eastern Time) on December COMMERCIAL
1, 2023. Binding offers must be submitted by no later
than January 19, 2024, at 12:00 p.m. (Eastern Time) in PROPERTIES
accordance with the Solicitation Order.
Copies of the Initial Order, the Solicitation Order and EVERY WEDNESDAY
all related materials may be obtained from the website LIST YOUR PROPERTY TODAY
of the Monitor at http://cfcanada.fticonsulting.com/
tacora/
(800) 366-3975
Any party interested receiving additional information sales.realestate@wsj.com
about, or in participating in, the Solicitation Process
should contact Greenhill at ProjectElement2023@ © 2023 Dow Jones & Company, Inc.
greenhill.com. All Rights Reserved.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

B8 | Tuesday, November 7, 2023 * THE WALL STREET JOURNAL.

COMMODITIES wsj.com/market-data/commodities

Futures Contracts Open

Contract
High hilo Low Settle Chg
Open
interest Open
Contract
High hilo Low Settle Chg
Open
interest Open
Contract
High hilo Low Settle Chg
Open
interest

Metal & Petroleum Futures March'24 654.75 662.25 647.50 656.75 2.00 65,507 March'24 1.1291 –.0007 659 March'24 4426.75 4436.75 4412.25 4431.75 8.00 29,859
Cattle-Feeder (CME)-50,000 lbs.; cents per lb. Australian Dollar (CME)-AUD 100,000; $ per AUD Mini S&P Midcap 400 (CME)-$100 x index
Contract Open Nov .6509 .6525 .6487 .6493 –.0026 408 Dec 2492.20 2492.20 2453.30 2463.10 –24.10 39,524
Open High hi lo Low Settle Chg interest Nov 240.650 240.800 236.925 237.175 –3.425 4,732
Jan'24 239.725 240.025 236.225 236.425 –3.325 23,361 Dec .6517 .6533 .6494 .6500 –.0026 194,880 March'24 2481.30 –24.20 2
Copper-High (CMX)-25,000 lbs.; $ per lb. Mexican Peso (CME)-MXN 500,000; $ per MXN Mini Nasdaq 100 (CME)-$20 x index
3.7075 3.7100 3.7055 3.7095 0.0350 1,666
Cattle-Live (CME)-40,000 lbs.; cents per lb.
Nov Nov .05720 .05730 .05690 .05698 –.00035 11 Dec 15187.00 15257.50 15138.00 15232.50 53.75 255,874
Dec 183.175 183.275 181.225 181.325 –2.550 99,745
Dec 3.6750 3.7255 3.6665 3.7190 0.0375 120,670 Dec .05687 .05707 .05650 .05666 –.00035 212,256 March'24 15391.00 15446.00 15329.75 15423.00 56.25 3,031
Feb'24 184.500 184.700 181.850 181.975 –3.250 78,788
Gold (CMX)-100 troy oz.; $ per troy oz. Euro (CME)-€125,000; $ per € Mini Russell 2000 (CME)-$50 x index
Hogs-Lean (CME)-40,000 lbs.; cents per lb. Dec 1767.30 1772.30 1735.40 1745.60 –22.10 543,375
Nov 1979.40 1979.40 1977.40 1981.60 –9.90 38 Nov 1.0732 1.0759 1.0720 1.0728 –.0012 2,741
Dec 71.750 72.825 71.625 72.400 .650 82,493
Dec 1999.40 2000.10 1984.20 1988.60 –10.60 364,465 March'24 1783.60 1790.00 1754.00 1763.60 –22.20 1,419
Feb'24 75.550 76.300 75.225 75.950 .475 52,692 Dec 1.0747 1.0775 1.0735 1.0743 –.0012 680,665
Jan'24 2001.90 2006.00 s 1995.80 1999.30 –10.40 36 June 1781.40 –23.40 10
Lumber (CME)-27,500 bd. ft., $ per 1,000 bd. ft. Mini Russell 1000 (CME)-$50 x index
Feb 2019.60 2020.20 2004.80 2009.00 –10.60 71,269 Nov 511.00 527.00 509.50 521.00 12.00 1,612 Index Futures Dec 2396.60 2399.20 2385.50 2395.80 1.30 7,083
April 2036.70 2039.10 2024.20 2028.40 –10.70 24,989 Jan'24 527.50 534.50 526.00 532.00 6.00 5,963
June 2056.00 2059.40 2044.90 2048.20 –10.70 14,413 Mini DJ Industrial Average (CBT)-$5 x index U.S. Dollar Index (ICE-US)-$1,000 x index
Milk (CME)-200,000 lbs., cents per lb. Dec 34170 34230 34051 34164 27 103,540 Dec 104.92 105.12 104.69 105.05 .19 41,603
Palladium (NYM) - 50 troy oz.; $ per troy oz. Nov 17.28 17.34 17.08 17.17 –.16 3,592 March'24 104.60 104.70 104.35 104.67 .19 683
March'24 34468 34552 34379 34482 26 659
Nov 1110.40 –14.00 1 Dec 17.25 17.26 17.04 17.11 –.16 5,824
Dec 1130.00 1138.50 1100.00 1114.30 –14.00 18,752
Mini S&P 500 (CME)-$50 x index
Cocoa (ICE-US)-10 metric tons; $ per ton. Dec 4379.25 4389.50 4364.25 4384.25 8.25 2,122,536 Source: FactSet
Platinum (NYM)-50 troy oz.; $ per troy oz. Dec 3,900 3,954 s 3,865 3,914 16 100,967
Nov 910.20 –26.40 115 March'24 3,930 3,964 s 3,896 3,941 14 105,271
Jan'24 941.60 943.00 912.70 917.60 –26.70 67,083 Coffee (ICE-US)-37,500 lbs.; cents per lb.
Silver (CMX)-5,000 troy oz.; $ per troy oz. Dec 170.25 174.10 168.45 173.70 2.80 68,053 Bonds | wsj.com/market-data/bonds/benchmarks
Nov 23.265 23.110 23.149 –0.052 92 March'24 169.15 172.00 166.75 171.70 2.55 69,407
Dec 23.335 23.360 23.085 23.234 –0.051 93,816 Sugar-World (ICE-US)-112,000 lbs.; cents per lb.
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. March 27.65 28.08 s 27.59 27.95 .18 441,663 Tracking Bond Benchmarks
Dec 81.13 82.24 80.66 80.82 0.31 299,554 May 26.25 26.67 s 26.24 26.59 .19 151,343 Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week
Jan'24 80.76 81.90 80.33 80.60 0.37 230,816 Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb.
Feb 80.35 81.49 79.94 80.32 0.46 121,236 Jan 45.50 … 2,843
highs and lows for different types of bonds
March 79.85 81.07 79.58 79.99 0.53 112,917 July 44.05 44.15 s 44.05 44.15 .14 1,810 Total Total
June 78.67 79.80 78.30 78.93 0.67 161,641 Cotton (ICE-US)-50,000 lbs.; cents per lb. return YTD total Yield (%) return YTD total Yield (%)
Dec 75.83 77.22 75.83 76.55 0.80 152,664 Dec 79.42 79.97 77.86 78.00 –1.62 94,240 close return (%) Index Latest Low High close return (%) Index Latest Low High
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. March'24 82.00 82.47 80.80 80.92 –1.20 68,560 Mortgage-Backed Bloomberg Fixed Income Indices
Dec 2.9209 2.9728 2.9121 2.9524 .0286 76,049 Orange Juice (ICE-US)-15,000 lbs.; cents per lb. Broad Market Bloomberg Fixed Income Indices
Jan'24 2.8569 2.9096 2.8490 2.8892 .0289 55,176 Nov 377.50 377.50 377.50 387.05 12.70 467 1928.84 -1.0 U.S. Aggregate 5.390 4.180 5.740 1895.09 -1.9 Mortgage-Backed 5.590 4.140 6.050
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. Jan'24 351.75 359.25 345.00 359.25 10.00 7,331
U.S. Corporate Indexes Bloomberg Fixed Income Indices 1876.91 -1.3 Ginnie Mae (GNMA) 5.600 4.170 6.020
Dec 2.2036 2.2610 2.1975 2.2359 .0349 104,037
Jan'24 2.1966 2.2498 2.1906 2.2254 .0309 71,516 Interest Rate Futures 2872.98 0.2 U.S. Corporate 6.080 4.830 6.430 1111.27 -2.2 Fannie mae (FNMA) 5.590 4.140 6.050
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100%
Dec 3.373 3.407 3.249 3.264 –.251 152,631 2836.65 1.9 Intermediate 6.000 4.730 6.350 1730.60 -0.8 Freddie Mac (FHLMC) 5.590 4.090 6.190
Dec 117-030 117-090 115-260 115-290 –1-22.0 1,572,228
Jan'24 3.660 3.693 3.556 3.564 –.231 219,470 March'24 117-080 117-090 116-230 116-240 –1-25.0 655 3664.19 -3.3 Long term 6.240 5.010 6.600 553.61 -0.5 Muni Master 4.013 2.757 4.311
Feb 3.620 3.635 3.508 3.513 –.221 68,045 Treasury Bonds (CBT)-$100,000; pts 32nds of 100%
March 3.370 3.381 3.270 3.274 –.201 166,945 Dec 113-130 113-140 112-120 112-150 –1-06.0 1,349,921 547.86 -1.1 Double-A-rated 5.420 4.320 5.760 395.29 -0.7 7-12 year 3.781 2.392 4.097
April 3.203 3.203 3.120 3.130 –.143 95,205 March'24 113-120 113-150 112-130 112-140 –1-06.0 9,858
May 3.215 3.239 3.163 3.177 –.128 72,295 Treasury Notes (CBT)-$100,000; pts 32nds of 100% 765.59 0.8 Triple-B-rated 6.360 5.080 6.700 439.32 -0.8 12-22 year 4.439 3.257 4.742
Dec 108-075 108-075 107-180 107-190 –24.5 4,664,694 High Yield Bonds ICE BofA 408.74 -0.8 22-plus year 4.984 4.020 5.274
Agriculture Futures March'24 108-200 108-200 107-300 107-310 –24.5 14,412
5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% 496.51 7.2 High Yield Constrained 8.916 7.781 9.560 Global Government J.P. Morgan†
Corn (CBT)-5,000 bu.; cents per bu. Dec 105-232 105-235 105-082 105-087 –16.5 5,906,072
Dec 477.25 480.75 476.75 477.25 … 588,922 March'24 106-050 106-050 105-212 105-217 –17.2 22,791 468.02 11.3 Triple-C-rated 14.848 13.413 16.916 517.81 -0.7 Global Government 3.630 2.680 3.810
March'24 492.25 495.75 491.50 492.50 .25 382,523 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% 3345.42 7.5 High Yield 100 8.405 7.022 9.101 766.70 0.4 Canada 3.830 2.880 4.260
Oats (CBT)-5,000 bu.; cents per bu. Dec 101-205 101-205 101-140 101-144 –6.6 4,180,314
Dec 372.00 375.00 359.00 368.25 –3.75 2,199 March'24 102-010 102-022 101-264 101-266 –7.7 20,233 431.82 6.4 Global High Yield Constrained 8.895 7.868 9.599 336.34 1.0 EMU§ 3.559 2.461 3.790
March'24 390.25 392.25 377.25 387.00 –3.75 1,806 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg.
Soybeans (CBT)-5,000 bu.; cents per bu. Nov 94.6700 94.6725 94.6700 94.6725 .0025 507,166 329.93 6.8 Europe High Yield Constrained 7.530 6.646 8.022 621.88 0.3 France 3.420 2.290 3.630
1327.50 1345.25 1327.50 1340.50 13.00 1,011 Jan'24 94.6550 94.6550 94.6500 94.6500 –.0050 397,725
Nov
Three-Month SOFR (CME)-$1,000,000; 100 - daily avg. U.S Agency Bloomberg Fixed Income Indices 443.72 0.05 Germany 2.830 1.730 3.030
Jan'24 1352.00 1369.75 1352.00 1364.00 12.25 284,439
Sept 94.6500 94.6525 94.6500 94.6500 .0000 924,134 1723.77 1.9 U.S Agency 5.120 4.130 5.390 273.42 -1.6 Japan 1.230 0.710 1.300
Soybean Meal (CBT)-100 tons; $ per ton.
Dec 94.6200 94.6250 94.6100 94.6150 –.0050 1,604,771
Dec 442.80 446.00 433.00 437.50 –4.60 155,180
1531.66 2.3 10-20 years 5.100 4.120 5.370 478.44 -0.3 Netherlands 3.120 1.970 3.320
Jan'24 433.30 436.20 s 425.80 430.40 –1.80 136,535
Currency Futures
Soybean Oil (CBT)-60,000 lbs.; cents per lb. 3092.25 -2.9 20-plus years 5.430 4.300 5.740 755.24 -3.5 U.K. 4.610 3.120 4.880

.
Dec 49.36 52.03 49.26 50.80 1.44 142,499 Japanese Yen (CME)-¥12,500,000; $ per 100¥
Nov .6701 .6704 .6671 .6675 –.0031 1,305 2560.00 1.1 Yankee 5.790 4.670 6.110 782.65 1.9 Emerging Markets ** 8.340 7.102 8.842

ly
Jan'24 49.20 51.48 49.10 50.36 1.16 108,013
Rough Rice (CBT)-2,000 cwt.; $ per cwt. Dec .6741 .6741 .6707 .6712 –.0031 257,393 *Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds
Nov 16.18 16.26 16.18 16.22 .00 679
Canadian Dollar (CME)-CAD 100,000; $ per CAD
Nov .7322 .7337 .7299 .7306 –.0015 112 ** EMBI Global Index Sources: ICE Data Services; Bloomberg Fixed Income Indices; J.P.Morgan
Jan'24 15.87 15.92 15.77 15.81 –.05 9,057
Dec .7324 .7341 .7302 .7310 –.0016 200,898
Wheat (CBT)-5,000 bu.; cents per bu. British Pound (CME)-£62,500; $ per £
Dec 573.00 577.75
March'24 600.00 604.00
Wheat (KC)-5,000 bu.; cents per bu.
Dec 643.50 651.75
566.50
593.25

636.25
575.75
602.50

645.75
3.25 219,871
3.25 114,402

2.25 105,044
Nov
Dec

Dec
on
1.2376
1.2378
1.2428
1.2432
Swiss Franc (CME)-CHF 125,000; $ per CHF
1.1173 1.1218
1.2339
1.2341

1.1165
1.2353 –.0029 1,744
1.2355 –.0029 213,275

1.1178 –.0009 56,089

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

Coupon (%) Maturity, in years Latest(l)-2 0 2 4 6 8 10 Previous Month ago Year ago Latest Prev Year ago
l

5.000 U.S. 2 4.939 s l 4.828 5.077 4.652

Cash Prices |
e
wsj.com/market-data/commodities Monday, November 6, 2023 3.875 10 4.662 s 4.557 4.783 4.157
al a

These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace— 0.250 Australia 2 4.342 t l 4.364 4.031 3.286 -60.3 -50.6 -140.6
separate from the futures price on an exchange, which reflects what the commodity might be worth in future 3.000 10 4.729 t l 4.736 4.554 3.862 5.7 21.8 -30.2
ci on

months. 0.000 France 2 3.402 s l 3.370 3.409 2.234 -154.3 -150.0 -245.8
Monday Monday Monday
3.500 10 3.338 s l 3.235 3.480 2.833 -133.3 -128.4 -133.1
Copper,Comex spot 3.7095 Wheat,No.2 soft red,St.Louis-u 6.0675
Energy Iron Ore, 62% Fe CFR China-s *126.8 Wheat - Hard - KC (USDA) $ per bu-u 6.7875 3.100 Germany 2 3.019 s l 2.961 3.142 2.129 -192.6 -190.9 -256.3
Coal,C.Aplc.,12500Btu,1.2SO2-r,w 71.250 Steel, HRC USA, FOB Midwest Mill-s *900.0 Wheat,No.1soft white,Portld,OR-u 6.9250
2.600 10 2.747 s l 2.648 2.888 2.302 -192.4 -187.1 -186.2
Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 14.000 Battery/EV metals Food
er s

BMI Lithium Carbonate, EXW China, =99.2%-v,w 22325 3.600 Italy 2 3.777 s l 3.702 4.012 2.875 -116.8 -116.8 -181.7
Metals BMI Lithium Hydroxide, EXW China, =56.5% -v,w 19925 Beef,carcass equiv. index
4.350 10 4.581 s l 4.446 4.931 4.458 -9.0 -7.3 29.4
Gold, per troy oz BMI Cobalt sulphate, EXW China, >20.5% -v,m 5275 choice 1-3,600-900 lbs.-u 284.61
m er

Engelhard industrial 1988.00 BMI Nickel Sulphate, EXW China, >22%-v,m 4295 select 1-3,600-900 lbs.-u 256.57 0.100 Japan 2 0.131 t l 0.133 0.064 -0.040 -481.4 -473.7 -473.2
Handy & Harman base 1984.60 BMIFlakeGraphite,FOBChina,-100Mesh,94-95%-v,m 540 Broilers, National comp wtd. avg.-u,w 1.1645
Butter,AA Chicago-d 3.0100
0.800 10 0.874 t l 0.916 0.803 0.257 -379.7 -360.3 -390.7
Handy & Harman fabricated 2202.91 Fibers and Textiles
LBMA Gold Price AM *1988.50 Cheddar cheese,bbl,Chicago-d 158.00 0.000 Spain 2 3.437 s l 3.388 3.576 2.339 -150.8 -148.2 -235.3
LBMA Gold Price PM *1994.45 Burlap,10-oz,40-inch NY yd-n,w 0.7300 Cheddar cheese,blk,Chicago-d 170.00
Milk,Nonfat dry,Chicago lb.-d 117.50 3.550 10 3.781 s l 3.689 4.032 3.362 -89.0 -83.0 -80.2
Cotton,1 1/16 std lw-mdMphs-u 0.7475
m rp

Krugerrand,wholesale-e 2061.07
Maple Leaf-e 2080.89 Cotlook 'A' Index-t *91.80 Coffee,Brazilian,Comp-y 1.6662 3.500 U.K. 2 4.731 s l 4.671 4.618 3.016 -21.4 -19.9 -167.6
American Eagle-e 2080.89 Hides,hvy native steers piece fob-u n.a. Coffee,Colombian, NY-y 1.9565
Eggs,large white,Chicago-u 1.4450 4.250 10 4.381 s l 4.293 4.577 3.535 -29.1 -22.6 -62.9
Mexican peso-e 2397.46 Wool,64s,staple,Terr del-u,w n.a.
Flour,hard winter KC-p 17.45 Source: Tullett Prebon, Tradeweb ICE U.S. Treasury Close
Austria crown-e 1945.56 Grains and Feeds Hams,17-20 lbs,Mid-US fob-u 0.90
Austria phil-e 2080.89
Bran,wheat middlings, KC-u,w 135 Hogs,Iowa-So. Minnesota-u 76.43
Silver, troy oz. Corn,No. 2 yellow,Cent IL-bp,u 4.4700 Pork bellies,12-14 lb MidUS-u n.a. Corporate Debt
co Fo

Engelhard industrial 23.2500 Pork loins,13-19 lb MidUS-u 1.1453

Corn gluten feed,Midwest-u,w 162.9 Prices of firms' bonds reflect factors including investors' economic, sectoral and company-specific
Handy & Harman base 23.1240 Corn gluten meal,Midwest-u,w 580.9 Steers,Tex.-Okla. Choice-u 185.00
Handy & Harman fabricated 28.9050 Steers,feeder,Okla. City-u,w 254.88
expectations
Cottonseed meal-u,w 350
LBMA spot price *£18.5200
(U.S.$ equivalent) *22.6400
Hominy feed,Cent IL-u,w 138 Fats and Oils Investment-grade spreads that tightened the most…
Meat-bonemeal,50% pro Mnpls-u,w 440 Spread*, in basis points
Coins,wholesale $1,000 face-a 19741 Oats,No.2 milling,Mnpls-u 4.2825 Degummed corn oil, crude wtd. avg.-u,w n.a.
Other metals Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week
Rice, Long Grain Milled, No. 2 AR-u,w 35.88 Grease,choice white,Chicago-h 0.4500
LBMA Platinum Price PM *931.0 Sorghum,(Milo) No.2 Gulf-u n.a. Lard,Chicago-u n.a.
Platinum,Engelhard industrial 932.0 SoybeanMeal,Cent IL,rail,ton48%-u,w 457.60 Soybean oil,crude;Centl IL-u,w 0.5211 Morgan Stanley MS 4.300 6.13 Jan. 27, ’45 113 –249 119
Palladium,Engelhard industrial 1135.0 Soybeans,No.1 yllw IL-bp,u 13.0600 Tallow,bleach;Chicago-h 0.5375
Aluminum, LME, $ per metric ton *2219.5 Wheat,Spring14%-pro Mnpls-u 9.1375 Tallow,edible,Chicago-u n.a. HSBC Holdings HSBC 6.100 6.12 Jan. 14, ’42 111 –233 120

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; GlaxoSmithKline Capital ... 6.375 5.63 May 15, ’38 99 –215 104
K=bi-weekly; M=monthly; N=nominal; n.a.=not quoted or not available; P=Sosland Publishing; R=SNL Energy; S=Platts-TSI; T=Cotlook Limited; U=USDA; V=Benchmark
Mineral Intelligence; W=weekly; Y=International Coffee Organization; Z=not quoted. *Data as of 11/3 BNP Paribas BNP 4.400 5.98 Aug. 14, ’28 144 –157 155
Source: Dow Jones Market Data

2.958 6.57 March 25, ’31 194 –136

n-

Banco Santander SANTAN 210

Borrowing Benchmarks | wsj.com/market-data/bonds/benchmarks John Deere Capital … 1.750 5.25 March 9, ’27 69 –111 n.a.
–82
Money Rates November 6, 2023 Westpac Banking WSTP 1.953 5.45 Nov. 20, ’28 86 n.a.
no

UBS 5.650 5.81 Sept. 11, ’28 121 –75 132

Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a UBS
guide to general levels but don’t always represent actual transactions.
…And spreads that widened the most
Week —52-WEEK— Week —52-WEEK—
Inflation Latest ago High Low Latest ago High Low
Royal Bank of Canada RY 5.000 6.01 Feb. 1, ’33 139 407 147
Sept. index Chg From (%)
level Aug. '23 Sept. '22 Japan 1.475 1.475 1.475 1.475 Federal funds
National Australia Bank NAB 4.966 5.47 Jan. 12, ’26 73 12 n.a.
Policy Rates Effective rate 5.3400 5.3400 5.3500 3.8300
U.S. consumer price index
Euro zone 4.50 4.50 4.50 2.00 High 5.6500 5.6500 5.6500 4.0400 Morgan Stanley MS 3.625 5.80 Jan. 20, ’27 122 11 125
All items 307.789 0.25 3.7 Low 5.3100 5.3100 5.3300 3.8000
Switzerland 2.25 2.25 2.25 1.00
Core 310.817 0.23 4.1 9
Britain 5.25 5.25 5.25 3.00 Bid 5.3300 5.3300 5.3300 3.8200 Goldman Sachs GS 5.950 6.15 Jan. 15, ’27 154 n.a.
Australia 4.10 4.10 4.10 2.85 Offer 5.3500 5.3500 5.3700 3.8400
International rates 8
Bank of Montreal BMO 5.300 5.78 June 5, ’26 107 106
Overnight repurchase Treasury bill auction
Week 52-Week
Latest High Low U.S. 5.38 5.37 5.40 3.73 4 weeks 5.290 5.295 5.840 3.190 Principal Life Global Funding II … 1.500 5.74 Nov. 17, ’26 103 7 n.a.
ago
13 weeks 5.285 5.325 5.345 4.120
Prime rates U.S. government rates Bank of Nova Scotia 4.750 5.79 Feb. 2, ’26 108 6
26 weeks 5.260 5.320 5.350 4.440 BNS 110
U.S. 8.50 8.50 8.50 7.00 Discount
Secondary market Coca–Cola KO 3.375 4.95 March 25, ’27 34 6 n.a.
Canada 7.20 7.20 7.20 5.95 5.50 5.50 5.50 4.00
Fannie Mae
30-year mortgage yields High-yield issues with the biggest price increases…
Key Interest Rates 30 days 6.901 7.354 7.495 5.244 Bond Price as % of face value

Data are annualized on a 360-day basis. Treasury yields are per annum, 60 days 6.912 7.390 7.554 5.250 Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week

on actively traded noninflation and inflation-indexed issues that are Other short-term rates Liberty Interactive 8.500 38.02 July 15, ’29 33.000 2.00
LINTA 27.500
adjusted to constant maturities. Data are from weekly Federal Reserve
release H.15. Week 52-Week
Bath & Body Works BBWI 6.950 8.19 March 1, ’33 92.000 0.75 n.a.
Latest ago high low
Week Ended 52-Week Week Ended 52-Week
Nov 3 Oct 27 High Low Nov 3 Oct 27 High Low Embarq EMBARQ 7.995 15.63 June 1, ’36 58.500 0.75 54.625
Call money
6-month 5.51 5.56 5.58 4.56
Federal funds (effective) 1-year 5.38 5.41 5.46 4.34
7.25 7.25 7.25 5.75
QVC 4.850 9.37 April 1, ’24 98.250 0.73
QVCN 95.750
5.33 5.33 5.33 3.08 2-year 4.97 5.03 5.14 3.88 Commercial paper (AA financial)
Commercial paper 3-year 4.79 4.90 4.97 3.63 Navient NAVI 6.750 7.39 June 25, ’25 99.029 0.46 97.779
5-year 4.69 4.81 4.86 3.43 90 days 5.47 5.49 5.54 4.22
Nonfinancial 4.75
7-year 4.88 4.90 3.40
Secured Overnight Financing Rate Royal Caribbean RCL 7.500 7.23 Oct. 15, ’27 100.900 0.37 97.750
1-month 5.33 5.32 5.33 3.82 10-year 4.75 4.87 4.87 3.35
2-month n.a. 5.35 5.37 3.95 20-year 5.09 5.20 5.20 3.71 5.32 5.31 5.35 3.78
3-month 5.40 5.37 5.40 4.19 Intesa Sanpaolo ISPIM 5.710 7.47 Jan. 15, ’26 96.500 0.31 n.a.
Financial Value 52-Week
Treasury yields (secondary market) Latest Traded High Low 0.26
1-month 5.38 5.38 5.43 3.79 Sealed Air SEE 6.875 7.20 July 15, ’33 97.750 94.125
2-month 5.46 n.a. 5.51 4.02 1-month 5.29 5.30 5.62 3.55
3-month 5.48 5.50 5.53 4.26 3-month 5.30 5.32 5.35 4.05 DTCC GCF Repo Index
6-month 5.30 5.32 5.34 4.44 Treasury 5.389 23.826 5.399 3.786 …And with the biggest price decreases
Discount window primary credit
TIPS MBS 5.405 54.946 5.418 3.837
5.50 5.50 5.50 4.00 Dish DBS … 7.750 29.89 July 1, ’26 61.310 –8.97 67.500
5-year 2.32 2.42 2.55 1.10 Notes on data:
Treasury yields at constant 7-year 2.33 2.44 2.47 1.10
maturities 10-year 2.34 2.45 2.45 1.10 U.S. prime rate is the base rate on corporate Hawaiian Airlines HA 3.900 0.00 Jan. 15, ’26 82.000 –5.00 n.a.
loans posted by at least 70% of the 10 largest
1-month 5.55 5.57 5.81 3.70 20-year 2.38 2.49 2.49 1.19
U.S. banks, and is effective July 27, 2023. Other –1.88
3-month 5.57 5.59 5.62 4.23 Long-term avg 2.49 2.59 2.59 1.35 prime rates aren’t directly comparable; lending Transocean RIG 6.800 10.29 March 15, ’38 74.125 71.000
practices vary widely by location; Discount rate
Notes on data: is effective July 27, 2023. Secured Overnight Occidental Petroleum OXY 6.450 6.53 Sept. 15, ’36 99.301 –1.23 97.127
Federal-funds rate is an average for the seven days ended Wednesday, weighted according to rates Financing Rate is as of November 3, 2023.
on broker trades; Commercial paper rates are discounted offer rates interpolated from sales by DTCC GCF Repo Index is Depository Trust & –1.03
discounted averages of dealer bid rates on nationally traded certificates of deposit; Discount window Clearing Corp.'s weighted average for overnight
HAT Holdings I … 3.750 8.90 Sept. 15, ’30 74.000 71.500
primary credit rate is charged for discounts made and advances extended under the Federal trades in applicable CUSIPs. Value traded is in
United States Cellular USM 6.700 7.38 Dec. 15, ’33 95.191 –0.81 94.375
Reserve's primary credit discount window program; rate is average for seven days ended Wednesday; billions of U.S. dollars. Federal-funds rates are
Inflation-indexed long-term TIPS average is indexed and is based on the unweighted average bid Tullett Prebon rates as of 5:30 p.m. ET.
yields for all TIPS with remaining terms to maturity of 10 years or more; Sources: Federal Reserve; Bureau of Labor *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.
Sources: Federal Reserve; for additional information on these rate data and their derivation, Statistics; DTCC; FactSet; Note: Data are for the most active issue of bonds with maturities of two years or more
please see, https://www.federalreserve.gov/datadownload/Build.aspx?rel=H15 Tullett Prebon Information, Ltd. Source: MarketAxess
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. * Tuesday, November 7, 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. CaesarsEnt CZR 43.90 -0.50 Elastic ESTC 71.25 -1.08 JBHunt -0.86 Medpace
JBHT 174.83 MEDP 269.37 -4.84 Qiagen QGEN 38.95 -0.25 Teleflex TFX 213.03 2.00
Arca, NYSE American and Nasdaq Stock Market t-New 52-week low. CamdenProperty CPT 88.01 -2.56 ElbitSystems ESLT 194.32 3.89 HuntingtonBcshs HBAN 10.50 -0.12 Medtronic MDT 73.42 0.86 Qorvo QRVO 88.14 -0.19 Ericsson ERIC 4.64 -0.03
listed securities. Prices are composite quotations dd-Indicates loss in the most recent four Cameco CCJ 40.81 -1.14 ElectronicArts EA 129.27 -0.32 HuntingIngalls HII 234.55 0.59 MercadoLibre MELI 1374.77 -13.02 Qualcomm QCOM 119.93 0.41 TelefonicaBras VIV 9.62 -0.04
that include primary market trades as well as quarters. CampbellSoup CPB 40.70 -0.29 ElevanceHealth ELV 454.52 4.66 HyattHotels H -0.79 Merck
103.87 MRK 104.34 0.96 QuantaServices PWR 168.46 -0.72 Telefonica TEF 3.95 -0.02
trades reported by Nasdaq BX (formerly Boston), FD-First day of trading. CIBC CM 37.90 -0.01 EmersonElec EMR 91.74 -0.23 ICICI Bank IBN 22.84 ... MetaData AIU 1.03 0.02 QuestDiag DGX 133.89 -0.02 TelekmIndonesia TLK 23.44 0.31
Chicago Stock Exchange, Cboe, NYSE National and h-Does not meet continued listing CanNtlRlwy CNI 110.58 -0.40 Enbridge ENB 33.85 ICL Group ICL -0.16 MetaPlatforms META 315.80 1.20
4.83 TempurSealy TPX 37.51 -1.54
0.02
Nasdaq ISE. standards R S
CanadianNatRscs CNQ 66.50 -0.45 EncompassHealth EHC 64.44 0.37 IdexxLab -6.28 MetLife
IDXX 423.02 MET 60.43 -1.33 Tenaris TS 35.39 0.57
The list comprises the 1,000 largest companies lf-Late filing
based on market capitalization. q-Temporary exemption from Nasdaq CdnPacKC CP 74.32 ... Endeavor EDR 24.12 0.17 ING Groep ING 13.26 ... Mettler-Toledo MTD 1033.70 1.64 TencentMusic TME 7.51 0.02
RBC Bearings RBC 219.27 -1.17
Underlined quotations are those stocks with requirements. CapitalOne COF 105.45 -0.87 EnergyTransfer ET 13.51 -0.15 IQVIA IQV 198.40 1.20 MicrochipTech MCHP 75.12 -1.31 Teradyne TER 87.61 -0.09
RB Global RBA 66.72 -1.29
large changes in volume compared with the t-NYSE bankruptcy CardinalHealth CAH 101.66 1.45 EnphaseEnergy ENPH 78.18 -2.63 ITT ITT 100.86-0.35 MicronTech MU 72.92 0.34 Tesla TSLA 219.27 -0.69
RELX RELX 35.39 0.28
issue’s average trading volume. v-Trading halted on primary market. Carlisle CSL 267.96 -2.59 Entegris ENTG 91.02 -1.24 IcahnEnterprises IEP 19.820.37 Microsoft MSFT 356.53 3.73 TetraTech TTEK 152.20 -1.02
RPM RPM 96.20 -0.13
Boldfaced quotations highlight those issues vj-In bankruptcy or receivership or being Carlyle CG 28.92 -0.46 Entergy ETR 98.07 -0.11 Icon ICLR 257.87
-0.24 MicroStrategy MSTR 459.63 5.68 TevaPharm TEVA 9.05 0.06
RTX RTX 82.40 -0.32
whose price changed by 5% or more if their reorganized under the Bankruptcy Code, CarMax KMX 66.05 -0.92 EnterpriseProd EPD 26.41 -0.23 IDEX IEX 193.49-1.68 MidAmApt MAA 121.76 -2.50 TexasInstruments TXN 147.50 -2.73
RalphLauren RL 113.22 -1.95
previous closing price was $2 or higher. or securities assumed by such companies. Carnival CCL 12.26 -0.29 Equifax EFX 180.79 -1.03 IllinoisToolWks ITW 231.15 -1.96 Middleby MIDD 116.28 -1.13 TexasPacLand TPL 1759.48 -49.53
Rambus RMBS 57.86 -0.21
Carnival CUK 11.05 -0.31 Equinix EQIX 761.72 -9.04 Illumina ILMN 112.84
-4.08 MitsubishiUFJ MUFG 8.46 -0.33 TexasRoadhouse TXRH 103.77 -0.51
ImperialOil IMO 57.23 RangeResources RRC 35.33 -1.90
Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and CarrierGlobal CARR 50.27 -0.26 Equinor EQNR 33.21 0.07 -0.25 MizuhoFin MFG 3.43 -0.19 Textron TXT 77.61 0.09
Incyte INCY 54.57 RaymondJames RJF 100.29 -0.97
changes in the closing prices from 4 p.m. the previous day. CaseysGenStores CASY 272.85 -0.72 Equitable EQH 26.57 -1.07 -0.28 Mobileye MBLY 36.53 -0.27 ThermoFisher TMO 455.02 0.28
Informatica INFA 22.77 RealtyIncome O 50.46 -0.39
Catalent CTLT 34.28 -0.99 EquityLife ELS 66.35 -1.52 -0.71 Moderna MRNA 72.07 -5.46 ThomsonReuters TRI 128.85 1.40
RegalRexnord RRX 101.19 -4.72
Caterpillar CAT 238.28 -2.47 EquityResdntl EQR 54.59 -1.13 Infosys INFY 16.86 0.18 MolinaHealthcare MOH 348.53 11.10 3M MMM 93.52 -0.34
Monday, November 6, 2023 Net Net Celanese IngersollRand IR RegencyCtrs REG 61.23 -1.51
CE 120.03 -0.93 ErieIndemnity ERIE 280.19 1.91 65.25
-0.11 MolsonCoorsB TAP 59.40 0.37 Toast TOST 17.06 -0.43
Stock Sym Close Chg Stock Sym Close Chg CelsiusHldg CELH 176.90 RegenPharm REGN 832.41 15.51
Net 2.35 EssentialUtil WTRG 35.32 -0.50 Ingredion INGR 95.62-0.27 monday.com MNDY 129.92 -2.04
RegionsFinl RF 15.48 -0.26
Toll Bros TOL 80.07 -1.20
Stock Sym Close Chg Cemex CX 6.71 0.02 EssexProp ESS 212.26 -5.00 Insulet PODD 158.92
-3.66 Mondelez MDLZ 68.24 -0.58 TopBuild BLD 263.63 -0.72
Amphenol APH 84.35 -0.42 Barclays BCS 6.75 -0.03 ReinsGrp RGA 153.86 1.86
Cencora COR 196.88 1.71 EsteeLauder EL 112.67 1.71 Intel INTC 37.95-0.07 MongoDB MDB 332.35 -10.76 Toro TTC 83.90 -2.18
AnalogDevices ADI 167.57 -0.35 BarrickGold GOLD 16.29 -0.19 RelianceSteel RS 265.88 0.78
A B C AngloGoldAsh AU 19.00 -0.06 Bath&BodyWks BBWI 31.50 -1.09
CenovusEnergy CVE 18.81 -0.32 Etsy ETSY 63.08 -2.17 InteractiveBrkrs IBKR 80.83 1.33 MonolithicPower MPWR 493.54 0.61
RenaissanceRe RNR 207.04 0.96
TorontoDomBk TD 59.39 0.16
Centene CNC 71.84 2.52 Everest EG 382.77 -2.64 ICE ICE 107.79-0.12 MonsterBev MNST 56.14 0.58 TotalEnergies TTE 66.95 0.50
AECOM ACM 78.90 -0.11 AB InBev BUD 58.88 -0.03 BaxterIntl BAX 34.49 0.53 RentokilInit RTO 27.26 -0.08
CenterPointEner CNP 27.24 -0.15 Evergy EVRG 50.93 -0.28 InterContinentl IHG 72.72 0.16 Moody's MCO 333.44 2.02 ToyotaMotor TM 189.65 0.06
AES AES 16.34 -0.45 AnnalyCap NLY 17.06 -0.12 BectonDicknsn BDX 259.10 0.19 Repligen RGEN 143.95 -6.41
CentraisElBras EBR 7.54 0.01 EversourceEner ES 56.56 1.13 IBM IBM 148.97 1.07 MorganStanley MS 75.92 -0.34 TractorSupply TSCO 199.25 -0.03
Aflac AFL 81.40 -0.83 AnteroResources AR 28.96 -1.53 BeiGene BGNE 196.14 12.36 IntlFlavors IFF 72.34
-0.37 Morningstar MORN 262.98 0.63
RepublicSvcs RSG 154.65 1.20
CeridianHCM CDAY 65.36 0.16 ExactSciences EXAS 65.20 -1.82 TradeDesk TTD 77.47 -1.61
AGCO 117.67 -2.14 Aon AON 325.52 2.24 BentleySystems BSY 48.00 -1.35 ResMed RMD 153.88 1.07
AGCO CharlesRiverLabs CRL 181.37 -0.54 Exelixis EXEL 20.84 -0.16 IntlPaper IP 34.35
-0.25 Mosaic MOS 32.48 -0.88 s Tradeweb TW 92.01 0.06
Ansys ANSS 280.93 -6.81 APi Group APG 27.32 -0.32 Berkley WRB 68.19 0.31 RestaurantBrands QSR 67.01 -0.79
CharterComms CHTR 415.70 -4.41 Exelon EXC 40.02 -0.54 Interpublic IPG -0.35 s MotorolaSol MSI 304.58 5.16
29.41 TraneTech TT 217.12 -0.88
APA APA 39.30 -0.66 ApolloGlbMgmt APO 83.15 -1.88 BerkHathwy B BRK.B 346.63 -5.18 s CheckPoint CHKP 138.76 Revvity RVTY 85.54 -2.62
1.84 Expedia EXPE 111.59 -1.12 Intuit INTU 500.501.99 MurphyOil MUR 44.87 -1.05 TransDigm TDG 888.74 6.66
AppFolio APPF 198.90 0.84 BerkHathwy A BRK.A 526449-7365.02 RexfordIndlRealty REXR 45.34 -0.47
ASE Tech ASX 8.01 -0.02 s Chemed CHE 582.46 -4.78 ExpeditorsIntl EXPD 111.49 -1.46 IntuitiveSurgical ISRG 277.26
-1.26 MurphyUSA MUSA 374.32 -4.52 TransUnion TRU 50.60 0.29
AAPL 179.23 2.58 BerryGlobal BERY 57.72 -1.08 RioTinto RIO 66.68 0.38
ASML ASML 637.44 -4.97 Apple CheniereEnergy LNG 171.06 -2.53 ExtraSpaceSt EXR 105.82 -1.15 InvitatHomes INVH 31.71 ... NICE NICE 168.10 0.05 Travelers TRV 169.55 1.14
Rivian RIVN 17.18 -0.53
AT&T T 15.75 -0.13 ApplMaterials AMAT 140.36 0.61 BestBuy BBY 66.96 -0.23
CheniereEnerPtrs CQP 56.61 -1.26 ExxonMobil XOM 105.87 -1.91 IonisPharm IONS 46.29 -0.90 NIO NIO 7.97 -0.26 Trex TREX 60.17 -2.54
APP 39.42 0.15 Bio-Techne TECH 58.69 -0.03 RobertHalf RHI 76.56 0.21
AbbottLabs ABT 95.00 -0.84 Applovin ChesapeakeEner CHK 85.22 -4.14 F5 FFIV 154.53 0.45 IronMountain IRM 60.25 -1.50 NNN REIT NNN 38.74 -0.40 Trimble TRMB 41.81 -0.60
Robinhood HOOD 9.59 -0.10
AbbVie ABBV 141.20 -0.22 Aptargroup ATR 125.19 -0.16 Bio-RadLab A BIO 288.86 0.98 Chevron CVX 147.00 -0.61 FMC FMC 55.39 ... ItauUnibanco ITUB 5.72 0.02 NOV NOV 19.96 -0.38 Trip.com TCOM 34.00 0.42
Aptiv APTV 74.45 -3.05 Biogen BIIB 248.63 -0.87 Roblox RBLX 33.85 -1.05
AcadiaHealthcare ACHC 73.51 1.27 Chewy CHWY 20.64 -0.49 FTI Consulting FCN 216.71 1.71 s NRG Energy NRG 45.74 0.74 TruistFinl TFC 30.74 -0.45
Accenture ACN 313.09 -0.40 Aramark ARMK 28.00 -0.35 BioMarinPharm BMRN 76.22 -3.37
Chipotle CMG 2069.05 28.52 FactSet FDS 446.57 2.78 J K L NVR NVR 5920.37 29.74
RocketCos. RKT 8.15
Rockwell
-0.48
Twilio TWLO 53.21 -0.89
ArcelorMittal MT 23.41 0.15 BioNTech BNTX 99.71 3.93 ROK 258.50 -5.20
Adobe ADBE 565.45 1.79 ChordEnergy CHRD 167.60 -4.65 FairIsaac FICO 927.76 -2.65 TylerTech TYL 412.72 -3.53
Birkenstock BIRK 41.43 0.27 JD.com JD 27.11 0.17 NXP Semicon NXPI 182.80 1.25 RogersComm B RCI
AdvDrainageSys WMS 111.81 -0.85 ArchCapital ACGL 85.16 -0.39
40.48 -0.29
Chubb CB 219.55 0.76 Fastenal FAST 58.72 -1.08 JPMorganChase JPM 144.08 1.08 Nasdaq NDAQ 50.73 0.51 TysonFoods TSN 46.58 -0.48
ADM ADM 72.56 -0.35 BlackRock BLK 653.22 -4.75 RoivantSciences ROIV 8.89 -0.39
AdvMicroDevices AMD 111.75 -0.50 ChunghwaTel CHT 36.52 0.02 FederalRealty FRT 94.17 -1.33 UBS Group UBS 24.35 -0.12
AresMgmt ARES 104.04 -3.03 Blackstone BX 98.33 -2.57 Jabil JBL 127.16 -1.24 NationalGrid NGG 61.74 -0.38 Roku ROKU 83.30 -1.45
Aegon AEG 5.05 -0.01 Church&Dwight CHD 86.88 0.08 FedEx FDX 245.33 -1.81 NatWest NWG 4.70 0.01 UDR UDR 32.52 -0.75
argenx ARGX 493.03 -6.93 Block SQ 49.52 0.84 JackHenry JKHY 145.36 0.51 Rollins ROL 38.00 -0.12
AerCap AER 64.74 -0.64 UFP Inds
s AristaNetworks ANET 212.81 0.32 BlueOwlCapital OWL 13.04 -0.22 ChurchillDowns CHDN 118.84 0.17 Ferguson FERG 156.86 -0.42 JacobsSolns J 133.58 -0.39 NetApp NTAP 75.82 -0.08 RoperTech ROP 503.20 0.66
UFPI 101.98 -1.61
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Arm ARM 53.10 -0.39 Boeing BA 192.95 -2.10 RossStores ROST 122.14 0.89
AgilentTechs A 107.53 -1.49 U-Haul
ArrowElec ARW 120.26 -0.69 Booking BKNG 2971.43112.68 Cigna CI 306.84 -3.81 FidNatlFinl FNF 41.80 -1.02 JazzPharm JAZZ 132.79 0.73 Netflix NFLX 434.74 2.38 RoyalBkCanada RY 84.89 0.01
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AspenTech AZPN 171.79 -3.26 BoozAllen BAH 123.64 0.63 RoyalCaribbean RCL 90.44 -1.92
AirProducts APD 291.30 -1.90 UWMC 5.09 -0.33
Assurant AIZ 161.60 -1.90 BorgWarner BWA 32.83 -0.53 Cintas CTAS 518.71 0.26 FifthThirdBncp FITB 26.12 -0.34 J&J JNJ 151.70 0.36 NewOrientalEduc EDU 65.53 -0.86 RoyalGold RGLD 109.39 -1.45 UWM
Airbnb ABNB 118.17 -4.47
AstraZeneca AZN 64.05 0.09 BostonProps BXP 57.38 -1.53 CiscoSystems CSCO 53.29 0.28 FirstCitizBcshA FCNCA 1428.26 -6.72 JohnsonControls JCI 51.16 -0.32 NY CmntyBcp NYCB 9.68 -0.02 RoyaltyPharma RPRX 27.78 -0.17 Uber UBER 48.14 0.39
AkamaiTech AKAM 108.44 -0.06
Atlassian TEAM 173.55 -3.35 BostonSci BSX 52.81 0.28 Citigroup C 42.04 -0.22 FirstHorizon FHN 11.59 -0.27 JonesLang JLL 148.03 -3.04 NYTimes A NYT 41.43 -0.58 RyanSpecialty RYAN 44.47 0.17
t Ubiquiti UI 106.40 0.05
Albemarle ALB 119.46 -8.52 AtmosEnergy ATO 110.70 -0.79 BristolMyers BMY 52.79 -0.03 CitizensFin CFG 25.84 -0.33 FirstSolar FSLR 146.97 -4.97 JuniperNetworks JNPR 27.37 0.11 Newmont NEM 37.88 -1.14 Ryanair RYAAY 98.28 3.99 UiPath PATH 16.63 -0.69
Albertsons ACI 22.02 0.07 Autodesk ADSK 201.99 -1.99 BritishAmTob BTI 31.03 -0.06 CivitasRscs CIVI 74.19 -2.77 FirstEnergy FE 35.97 -0.44 KB Financial KB 41.36 0.77 NewsCorp B NWS 22.46 -0.20 SAP SAP 138.55 -0.43 UltaBeauty ULTA 385.98 0.10
Alcon ALC 73.96 -0.38 Autoliv ALV 97.10 0.60 BrixmorProp BRX 21.37 -0.37 CleanHarbors CLH 154.39 -0.21 FirstService FSV 145.11 -1.80 KBR KBR 49.88 -0.86 NewsCorp A NWSA 21.66 -0.27 S&P Global SPGI 384.65 1.75 Unilever UL 47.73 0.09
AlexandriaRlEst ARE 101.25 -1.07 ADP ADP 220.54 1.23 Broadcom AVGO 880.83 -1.85 Cleveland-Cliffs CLF 17.36 0.24 Fiserv FI 119.64 0.10 KKR KKR 59.38 -1.71 NextEraEnergy NEE 59.04 -0.34 SBA Comm SBAC 220.84 -6.25 UnionPacific UNP 213.10 0.97
Alibaba BABA 85.36 0.05 AutoZone AZO 2605.82 31.28 BroadridgeFinl BR 177.33 0.21 Clorox CLX 129.00 3.45 FiveBelow FIVE 176.99 -0.33 KLA KLAC 498.86 -0.76 Nike NKE 107.25 0.19 SEI Investments SEIC 56.19 0.17 UnitedAirlines UAL 36.76 -0.75
AlignTech ALGN 197.77 0.33 Avalonbay AVB 169.12 -2.20 BrookfieldAsset BAM 31.19 -0.47 Cloudflare NET 63.11 -1.31 FleetCorTech FLT 233.41 -3.25 Kanzhun BZ 15.35 -0.04 NiSource NI 25.29 -0.43 SK Telecom SKM 21.25 -0.05 UnitedMicro UMC 7.60 -0.12
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Allstate ALL 130.52 -1.21 AveryDennison AVY 179.11 -2.13 BrookfieldRenew BEPC 24.67 -0.02 CognizantTech CTSH 66.28 0.01 FomentoEconMex FMX 120.43 -0.51 Kenvue KVUE 19.35 -0.02 Nomura NMR 4.13 ... Saia SAIA 383.06 -4.97 US Bancorp USB 35.27 -0.22
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Alphabet C GOOG 131.45 1.08 AxonEnterprise AXON 216.86 -0.39 Brown-Forman B BF.B 58.97 -0.58 Comcast A CMCSA 42.46 -0.72 Fortis FTS 41.26 -0.32 KeysightTech KEYS 124.02 -1.74 NorthernTrust NTRS 70.32 -1.03 Sanofi SNY 45.24 -0.56 UnitedHealth UNH 533.46 2.56
Alphabet A GOOGL 130.25 1.15 BCE BCE 39.57 -0.31 Bruker BRKR 56.15 -2.67 ComfortSystems FIX 187.22 -0.59 Fortive FTV 65.59 -0.36 KimberlyClark KMB 120.79 1.40 NorthropGrum NOC 471.00 0.42 SareptaTherap SRPT 80.10 2.09 UnitySoftware U 25.81 -1.83
Altria MO 40.54 -0.13 BHP Group BHP 59.02 -0.10 BuildersFirst BLDR 125.59 -1.20 SABESP SBS 12.36 -0.02 FortuneBrands FBIN 60.62 -1.14 KimcoRealty KIM 18.56 -0.19 Novartis NVS 93.45 0.69 Sasol SSL 12.82 0.07 UnivDisplay OLED 147.27 0.22
Amazon.com AMZN 139.74 1.14 BILL BILL 61.44 -5.49 BungeGlobal BG 105.42 -0.64 ConagraBrands CAG 27.43 -0.38 FoxA FOXA 31.30 -0.52 KinderMorgan KMI 16.67 -0.20 NovoNordisk NVO 101.08 2.91 Schlumberger SLB 56.48 -0.39 UniversalHealthB UHS 129.67 1.42
Ambev ABEV 2.75 0.05 BJ'sWholesale BJ 69.15 0.39 BurlingtonStrs BURL 132.27 -0.19 ConocoPhillips COP 118.47 -1.28 FoxB FOX 28.87 -0.46 KinrossGold KGC 5.48 -0.07 NuHoldings NU 8.31 -0.17 SchwabC SCHW 55.62 -0.21 UnumGroup UNM 43.69 0.07
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Amdocs DOX 83.14 0.61 BWX Tech BWXT 76.20 0.07 CBRE Group CBRE 75.12 -0.89 ConstBrands A STZ 241.56 -0.12 FranklinRscs BEN 23.83 -0.42 Klaviyo KVYO 31.40 -0.09 Nutanix NTNX 37.76 0.27 Seagate STX 71.13 -1.15 VailResorts MTN 222.56 -2.45
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AmHomes4Rent AMH 35.07 -0.34 BancSanBrasil BSBR 5.65 0.02 CMS Energy CMS 55.07 -0.67 Corteva CTVA 49.97 -0.26
GE HealthCare GEHC 71.09 -0.48 LPL Financial LPLA 220.91 2.88 ONEOK OKE 66.28 -0.56 SherwinWilliams SHW 250.50 -0.41 VeriskAnalytics VRSK 230.81 0.19
AIG AIG 63.94 0.20 BcoSantChile BSAC 18.41 -0.09 CNA Fin CNA 39.91 -0.13 Cosan CSAN 14.20 0.18
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Regency Centers REG 4.4 .67 /.65 Q Jan03 /Dec14 DarlingIngred DAR 44.08 -1.14 GlobalPayments GPN 111.03 -2.73 LibertyFormOne C FWONK 64.98 -0.25 POSCO PKX 97.00 13.56 SouthwesternEner SWN 7.04 -0.51 WalgreensBoots WBA 21.77 -0.34
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Sabine Royalty Tr UBI SBR 12.4 .7208 /.27869 M Nov29 /Nov15 DaVita DVA 78.97 -0.48 Globant GLOB 183.51 -1.82 LibertySirius A LSXMA 25.43 -0.56 PPL PPL 25.15 -0.22 Spotify SPOT 167.24 -2.74 WarnerBrosA WBD 11.45 -0.32
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Reduced Deere DE 378.25 -3.95 GlobusMedical GMED 46.51 -0.48 EliLilly LLY 595.19 27.38 Paccar PCAR 86.37 -0.43 Stantec STN 62.88 -0.79 WasteConnections WCN 132.42 -0.81
Eagle Bulk Shipping EGLE 1.0 .10 /.58 Q Nov22 /Nov14 DellTechC DELL 71.97 2.46 s GoDaddy GDDY 86.55 0.99 LincolnElectric LECO 182.90 -1.04 PackagingCpAm PKG 157.27 -1.00 Starbucks SBUX 104.03 1.38 WasteMgt WM 169.22 1.10
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DeutscheBank DB 11.39 -0.09 GoldmanSachs GS 323.91 -3.71 LithiaMotors LAD 261.53 -4.66 PaloAltoNtwks PANW 237.00 -6.53 SteelDynamics STLD 111.81 -0.06 Watsco WSO 366.37 -1.70
Initial DevonEnergy DVN 46.72 -0.62 Grab GRAB 3.14 -0.02
LiveNationEnt LYV 85.39 0.03 ParamountA PARAA
16.28 -1.22 Stellantis STLA 19.55 -0.56 WattsWater WTS 185.78 -4.69
LloydsBanking LYG 2.05 -0.01
WK Kellogg KLG 6.1 .16 Dec15 /Dec01 DexCom DXCM 94.84 -2.62 Graco GGG 77.47 0.42 ParamountB PARA 12.69 -1.07 Steris STE 217.50 0.27 s WeatherfordIntl WFRD 99.49 0.17
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-0.59 ParkerHannifin PH 406.14 4.95 WebsterFin WBS 40.84 -0.46
Stocks Loews L 65.40 -0.39
DiamondbkEner FANG 160.14 -1.96 GraphicPkg GPK 21.96 -0.12 Parsons PSN 61.65 0.03 StifelFinancial SF 60.33 -0.67 WellsFargo WFC 41.34 -0.28
Dick's DKS 114.52 -0.75 Grifols GRFS 9.16 LogitechIntl LOGI 78.71 -0.65 STMicroelec STM 41.01 -0.24
Korro Bio KRRO 1:50 /Nov06 -0.15 Paychex PAYX 111.49 1.03 Welltower WELL 88.14 -0.31
Lowe's LOW 194.23 -0.71
DigitalRealty DLR 129.49 -3.44 GpoAeroportuar PAC 132.08 3.86 PaycomSoftware PAYC 160.89 1.87 Stryker SYK 276.84 0.62 WescoIntl WCC 139.62 -3.18
Foreign DiscoverFinSvcs DFS 86.52 -0.66 GpoAeroportSur ASR 233.33 5.87
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Paylocity PCTY 141.89 -3.37 SumitomoMits SMFG 9.80 -0.35 WestPharmSvcs WST 333.03 -1.97
lululemon LULU 407.95
PYPL 54.62 -1.48 SunComms SUI 118.85
Disney DIS -1.05 Guidewire 0.02 -0.69
Baytex Energy BTE 1.5 .0163 Q Jan02 /Dec15 84.02 GWRE 90.30 -1.15 PayPal WesternDigital WDC 43.17 0.16
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Brookfield Bus Partners BBU 1.7 .0625 Q Dec29 /Nov30 Pearson PSO 11.78 -0.02
DolbyLab DLB 85.10 0.37 HDFC Bank HDB 57.28 -0.62 SuncorEnergy SU 33.60 -0.15 Westlake WLK 121.35
PembinaPipeline PBA 32.25 0.09 -2.30
Brookfield Renew Pfd A17 BEPpA 7.7 .32813 Q Jan31 /Jan15 DollarGeneral DG 119.57 0.33 HF Sinclair DINO 55.80 -0.48
M N PenskeAuto PAG 153.01 -3.11
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Brookfield Renewable BEPC 5.5 .3375 Q Dec29 /Nov30 DollarTree DLTR 114.99 -1.36 HP HPQ 27.33 -0.09
SuperMicroComp SMCI 252.59 -2.41
Weyerhaeuser WY 30.86
M&T Bank MTB 121.31 -1.24 Pentair PNR 60.99 -0.65 -0.23
Brookfield Renewable Ptrs BEP 5.9 .3375 Q Dec29 /Nov30 DominionEner D 45.59 1.98 HSBC HSBC 37.93 0.49
Suzano SUZ 10.56 0.13
WheatonPrecMet WPM 44.50
MGM Resorts MGM 38.28 0.12 Penumbra PEN 198.69 0.83 -0.40
SynchronyFinl SYF 29.51 -0.64 s Williams
Dynagas LNG 8.75% Pfd. B DLNGpB 8.9 .54688 Q Nov22 /Nov15 Domino's DPZ 368.25 6.31 H World HTHT 36.07 -0.70 MinisoGroup MNSO 27.01 0.37 PepsiCo PEP 166.70 -0.09
Synopsys SNPS 489.94 2.00
WMB 35.75 -0.33
Dynagas LNG 9% Pfd. A DLNGpA 9.6 .5625 Q Nov13 /Nov06 Donaldson DCI 59.48 -0.13 Haleon HLN 8.11 0.04 MPLX MPLX 35.78 -0.27 PerformanceFood PFGC 60.75 0.10 Williams-Sonoma WSM 152.16 -2.15
DoorDash DASH 89.04 -3.45 Halliburton HAL 39.52 -0.77
Sysco SYY 66.82 -0.20
WillisTowers WTW 235.91
Enerplus ERF 1.2 .06 Q Dec15 /Nov30 MSA Safety MSA 159.73 -0.78 PermianRscs PR 14.19 -0.65 -0.35
Dover DOV 132.76 -1.60 HartfordFinl HIG 73.97 -0.16 -1.20 PetroleoBrasil PBR 15.71 0.03 WillScotMobile WSC 35.60 -0.18
T U V
co Fo

MSCI MSCI 496.56

First Majestic Silver AG 0.4 .0046 Q Nov30 /Nov15 Dow DOW 49.34 -0.39 Hasbro HAS 45.83 -1.11 MSP Recovery LIFW 9.65 6.91 PetroleoBrasilA PBR.A 14.55 0.06 Wipro WIT 4.60 -0.02
Magna International MGA 3.5 .46 Q Dec01 /Nov17 DrReddy'sLab RDY 64.74 0.47 HealthpeakProp PEAK 16.77 -0.14 MagnaIntl MGA 53.27 -0.24 Pfizer PFE 31.18 -0.08 TC Energy TRP 36.30 -0.21 WoodsideEnergy WDS 21.72 -0.28
Mercer International MERC 3.3 .075 Q Dec28 /Dec20 s DraftKings DKNG 35.10 1.35 Heico HEI 162.71 0.71 ManhattanAssoc MANH 208.95 0.09 PhilipMorris PM 90.97 -0.55 TD Synnex SNX 95.81 0.52 Woodward WWD 130.83 -0.61
Open Text OTEX 2.0 .1813 Q Dec20 /Dec01 Dropbox DBX 25.77 -0.23 Heico A HEI.A 130.36 0.45 ManulifeFinl MFC 18.53 -0.12 Phillips66 PSX 116.85 0.06 TE Connectivity TEL 125.89 0.13 WooriFinl WF 28.84 0.54
Pembina Pipeline PBA 6.2 .4841 Q Dec29 /Dec15 DukeEnergy DUK 89.72 -0.56 HenrySchein HSIC 62.63 0.23 Maplebear CART 27.31 0.40 PinnacleWest PNW 72.84 -1.08 Telus TU 17.64 -0.10 Workday WDAY 218.39 -0.02
Restaurant Brands Intl QSR 3.3 .55 Q Jan04 /Dec21 Duolingo DUOL 157.34 -1.99 Hershey HSY 187.66 -0.33 MarathonOil MRO 26.61 -0.85 Pinterest PINS 30.92 -0.02 Ternium TX 37.18 0.57 WynnResorts WYNN 95.14 2.38
DuPont DD 69.54 -0.13 Hess HES 145.74 -0.52 MarathonPetrol MPC 149.92 -0.86 PioneerNatRscs PXD 239.07 -4.62 TFI Intl TFII 112.92 -1.10 XP XP 20.88 -0.59
Shell ADR SHEL 3.7 .662 Q Dec20 /Nov17 Dynatrace DT 47.28 -0.38 HessMidstream HESM 30.03 -0.34 Markel MKL 1335.04 -1.93 PlainsAllAmPipe PAA 15.84 0.02 TIM TIMB 16.41 0.13 s XPO XPO 79.48 -0.05
Telefonica ADR TEF 5.9 .15923 SA Jan03 /Dec13 EMCOR EME 210.79 0.57 HewlettPackard HPE 15.91 -0.02 MarketAxess MKTX 220.10 0.03 PlainsGP PAGP 16.30 0.06 TJX TJX 90.85 -0.15 XcelEnergy XEL 60.56 -0.47
TELUS Corp. TU 6.2 .2727 Q Jan02 /Dec11 ENI E 32.88 0.08 s Hilton HLT 156.32 -0.49 Marriott MAR 191.16 -0.14 Pool POOL 330.01 -6.65 TKO TKO 84.61 -0.32 XPeng XPEV 17.43 0.29
EOG Rscs EOG 126.42 -1.74 Hologic HOLX 68.80 0.13 Marsh&McLen MMC 194.60 0.67 Primerica PRI 202.24 -2.52 T-MobileUS TMUS 147.34 -0.15 Xylem XYL 96.16 -0.77
Special EPAM Systems EPAM 244.90 4.20 HomeDepot HD 294.57 -1.04 MartinMarietta MLM 441.72 -1.16 PrincipalFinl PFG 70.47 -1.22 TPG TPG 29.52 -0.23 YPF YPF 10.24 -0.48
Enact Holdings ACT 2.3 .71 Dec05 /Nov16 EQT EQT 42.51 -2.21 HondaMotor HMC 32.29 0.08 MarvellTech MRVL 51.24 -0.12 ProcoreTech PCOR 50.78 -1.44 T.RowePrice TROW 94.69 -0.98 Yum!Brands YUM 126.39 0.05
EOG Resources EOG 2.9 1.50 Dec29 /Dec15 EastWestBncp EWBC 58.20 -0.91 Honeywell HON 187.50 -1.49 Masco MAS 54.64 -0.45 Procter&Gamble PG 150.94 0.87 TaiwanSemi TSM 92.60 0.81 YumChina YUMC 44.97 -0.41
Laureate Education LAUR ... .70 Nov30 /Nov15 EastGroup EGP 166.88 -3.28 HormelFoods HRL 32.53 -0.34 Mastercard MA 386.16 0.11 Progressive PGR 158.23 2.02 TakeTwoSoftware TTWO 134.37 -4.54 ZTO Express ZTO 24.42 -0.15
EastmanChem EMN 76.27 -0.76 DR Horton DHI 117.72 -1.14 MatadorRscs MTDR 60.33 -2.13 Prologis PLD 104.93 -1.62 TakedaPharm TAK 13.71 -0.30 ZebraTech ZBRA 206.02 -8.28
New Mountain Finance NMFC 10.1 .04 Dec29 /Dec15 Eaton ETN 216.43 1.64 HostHotels HST 16.67 -0.09 MatchGroup MTCH 28.45 -0.99 PrudentialFinl PRU 91.81 -2.34 Tapestry TPR 27.46 -0.48 Zillow C Z 37.11 -0.58
Southside Bancshares SBSI 4.8 .02 Dec07 /Nov22 eBay EBAY 40.36 -0.18 HoulihanLokey HLI 104.61 -1.19 Mattel MAT 19.23 -0.19 Prudential PUK 22.23 -0.05 TargaResources TRGP 87.54 -0.58 Zillow A ZG 36.00 -0.78
Sources: FactSet; Dow Jones Market Data Ecolab ECL 174.47 -0.30 HowmetAerospace HWM 48.73 0.75 McCormickVtg MKC.V 66.50 2.00 PublicServiceEnt PEG 63.02 -0.57 Target TGT 111.05 -1.80 ZimmerBiomet ZBH 109.30 0.55
n-

Ecopetrol EC 12.15 -0.21 Hubbell HUBB 278.25 -3.59 McCormick MKC 64.71 -0.25 PublicStorage PSA 248.12 -5.14 TechnipFMC FTI 21.99 -0.26 Zoetis ZTS 163.17 0.94
KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and ratio; SO: EdisonIntl EIX 63.88 -0.17 HubSpot HUBS 420.50 -2.39 McDonald's MCD 268.91 1.04 PulteGroup PHM 81.86 -1.51 TeckResourcesB TECK 36.84 -0.39 ZoomVideo ZM 61.82 -1.17
spin-off. EdwardsLife EW 67.10 0.03 Humana HUM 487.31 10.30 McKesson MCK 460.01 7.25 PureStorage PSTG 34.98 0.02 TeledyneTech TDY 377.18 -2.28 Zscaler ZS 163.47 -0.90

New Highs and Lows 52-Wk % 52-Wk % 52-Wk % 52-Wk % 52-Wk % 52-Wk %
no

Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg
PointBiopharma PNT 13.16 2.3 ATIF ATIF 0.97 3.8 BruushOralCare BRSH 0.20 -7.0 GoldenMinerals AUMN 0.45 -40.1 MinervaSurgical UTRS 2.25 -16.0 Safe&GreenDevt SGD 0.68 -12.1
The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE American PennyMacNts28 PMTU 24.79 -0.1 AcelRxPharm ACRX 0.47 -2.9 Bumble BMBL 12.29 -4.4 GrafTechIntl EAF 2.52 -13.1 MonoparTherap MNPR 0.33 -20.7 SangamoTherap SGMO 0.42 -4.0
and Nasdaq Stock Market stocks that hit a new 52-week intraday high or low in the latest Pilgrim'sPride PPC 26.61 1.1 Aditxt ADTX 6.00 -5.8 CambiumNtwks CMBM 4.35 -2.4 Hanryu HRYU 1.66 1.1 MotusGI MOTS 5.00 -9.8 Satellogic SATL 0.73 -4.4
session. % CHG-Daily percentage change from the previous trading session. QuantumFin QFTA 11.90 -12.8 Agriforce AGRI 1.44 -5.7 CetusCapitalAcqnWt CETUW 0.02 -18.2 HeartTestLabs HSCS 0.14 -30.3 NaaSTechnology NAAS 1.94 -13.3 SenmiaoTech AIHS 0.24 1.7
QuettaAcqnUn QETAU 10.15 0.1 Alithya ALYA 1.33 -0.7 Cingulate CING 0.30 -4.2 HepionPharm HEPA 3.78 -9.2 noco-noco NCNC 0.33 -13.6 SiNtxTech SINT 0.40 -4.0
RoyaltyMgmtWt RMCOW 0.11 17.6 AllarityTherap ALLR 0.52 -7.5 Cohbar CWBR 0.75 -6.8 HiltonGrandVac HGV 33.14 -8.1 NoEuroOil NRT 7.52 -3.4 SkeenaRscs SKE 3.23 -4.1
Monday, November 6, 2023
RoyaltyMgmt RMCO 22.97 25.8 Allot ALLT 1.49 -5.6 Conifer CNFR 0.91 -8.1 InflaRx IFRX 1.27 -0.7 NuburuWt BURU.WS 0.01 48.5 SplashBeverage SBEV 0.51 -7.3
52-Wk % 52-Wk % 52-Wk % SLM Pfd B SLMBP 68.01 -0.2 AlsetCapAcqnRt ACAXR 0.06 -39.5 ConnexaSports CNXA 0.63 -6.0 InMedPharm INM 0.42 -6.9 NuCana NCNA 0.45 ... StaarSurgical STAA 33.77 -8.8
Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg SWK9%Nts2027 SWKHL 25.10 0.4 AlsetCapAcqnWt ACAXW 0.02 -1.0 CoreCard CCRD 15.75 -0.6 InnovativeIntlA IOAC 7.53 -3.7 Omnicell OMCL 28.72 -3.1 Staffing360 STAF 0.50 -1.7
53.96 -0.8 AltamiraTherap CYTO 0.12 -15.2 CyclerionTherap CYCN 2.11 6.3 Inotiv NOTV 1.73 -4.4 STBX 0.42 -5.4
CheckPoint CHKP 138.88 1.3 GoDaddy GDDY 86.90 1.2
Sunoco SUN OmniLitAcqnA OLIT 7.55 -14.6 Starbox
AltitudeAcqnWt ALTUW 0.02 -20.3 Cyngn CYN 0.26 -9.8 Inpixon INPX 0.07 -8.6 RGR 44.81 1.2
THR 30.82 1.2 12.53 -5.6 SturmRuger
Highs Chemed CHE
ConcordAcqnIII A CNDB
590.00
11.55
-0.8
7.8
Hilton
HollysysAuto
HLT
HOLI
157.65
22.20
-0.3
5.9
Thermon
Tradeweb TW 92.77 0.1 AmericanRebel AREB 0.35 -1.4 DBV Tech DBVT 0.95 -2.9 IntegratedRailWt IRRX.WS 0.07 4.5
Organon
OusterWtA
OGN
OUST.WS.A 0.01 23.1
SunriseNewEner EPOW 1.33 -9.4
Abercrombie&Fitch ANF 66.61 1.2 TruistFinPfdI TFCpI 22.65 -1.0 AntelopeEnterprise AEHL 1.85 -10.3 DHI Group DHX 2.31 -11.5 Intergroup INTG 24.50 1.1 Tingo TIO 0.65 -5.4
ConsldWater CWCO 32.40 2.3 InnovativeIntl IOACU 11.36 -11.9 PoetTech POET 1.33 -11.1
90.87 -2.1 UltraparPart UGP 4.42 1.8 AptevoTherap APVO 0.22 -14.3 DISH Network DISH 3.41 -37.4 IntlMediaAcqnRt IMAQR 0.02 -33.3 TreeHouseFoods THS 36.11 -10.3
Agilysys AGYS ConstellationEner CEG 125.62 6.5 JakksPacific JAKK 26.50 8.3 PanbelaTherap PBLA 0.61 -1.4
US Steel X 34.55 0.8 AultAlliance AULT 0.11 -5.9 DareBioscience DARE 0.35 -8.6 Joann JOAN 0.46 -8.1 TreviTherap TRVI 1.42 -10.0
AlkamiTech ALKT 21.97 4.0 DeckersOutdoor DECK 613.93 2.6 Kadant KAI 246.99 0.5 PaycorHCM PYCR 17.13 -2.4
Vaccitech VACC 5.10 11.4 AvenueTherap ATXI 0.22 -4.5 Deswell DSWL 2.12 -1.8 Janover JNVR 0.74 -7.1 TriSalusLifeSci TLSI 4.09 -4.1
AlmacenesExito EXTO 7.11 1.6 DigitalHealth DHACU 14.01 11.6 KnifeRiver KNF 60.99 7.8 Paylocity PCTY 139.40 -2.3
VertexPharm VRTX 387.42 2.5 BP Prudhoe BPT 4.12 -4.1 DistokenAcqnWt DISTW 0.01 -46.1 JawsMustangWt JWSM.WS 0.02 -2.1 Ubiquiti UI 103.00 ...
AlpineImmune ALPN 16.26 -12.1 DigitalHealth DHAC 14.49 4.8 LexeoTherap LXEO 10.85 4.5 PerfectWt PERF.WS 0.02 -14.1
Vistra VST 35.52 1.0 Bakkt BKKT 0.91 -6.0 DouYuIntl DOYU 0.81 -10.0 JowellGlobal JWEL 1.66 -10.3 VentyxBiosciences VTYX 14.01 -9.6
AltitudeAcqnA ALTU 10.20 0.4 DraftKings DKNG 35.14 4.0 Light&Wonder LNW 79.59 1.4 PetVivo PETV 1.26 -19.5 VerifyMe
WeatherfordIntl WFRD 100.93 0.2 BFC Cap Pfd BANFP 24.70 -0.3 EchoStar SATS 10.40 -31.3 KoreGroupWt KORE.WS 0.01 -59.3 VRME 0.85 -7.4
AltoIngred ALTO 4.97 6.4 DuneAcqnA DUNE 10.18 -0.2 LincolnEduc LINC 9.99 8.8 BatteryFutureWt BFAC.WS 0.03 -2.9 7.55 -8.8 2.15 -0.9 Playstudios MYPS 2.52 -3.4 Volcon
Williams WMB 36.32 -0.9 EmpirePetrol EP KoruMedSys KRMD VLCN 0.83 -14.0
Andersons ANDE 53.48 1.2 ESH Acqn A ESHA 10.15 ... LiveVox LVOX 3.69 1.4 BiodexaPharm BDRX 2.30 -30.8 EnerTransferPfdI ETpI 9.37 -3.3 KwesstMicroSys KWE 1.16 -11.7 Prenetics PRE 0.29 0.4 Wallbox WBX 1.35 -9.3
Winmark WINA 431.04 1.4
AnteroMidstream AM 13.06 -0.4 EnergySvsofAmerica ESOA 5.21 -3.3 M-tronInds MPTI 30.20 15.8 BioraTherap BIOR 1.71 -9.5 enGene ENGN 9.05 -22.3 LucyScientific LSDI 0.23 -3.5 Psychemedics PMD 2.26 -3.8 Warrantee WRNT 0.31 -17.6
WrapTech WRAP 3.22 -15.9
AristaNetworks ANET 216.29 0.2 Escalade ESCA 18.50 6.7 MotorolaSol MSI 305.12 1.7 Biotricity BTCY 0.92 -3.3 EnvoyMedical COCH 1.00 ... LuxUrbanHtlsPfdA LUXHP 23.50 -0.3 PyxisTankersWt PXSAW 0.70 -11.2 WaveDancer WAVD 1.36 -13.9
XPO XPO 80.55 -0.1
BRF BRFS 2.61 14.7 Ferrari RACE 336.90 0.6 Myomo MYO 1.70 21.2 BitBrother BETS 0.04 -8.0 EsportsEnt GMBL 0.05 -4.8 MiraPharm MIRA 1.42 -5.9 QuantumFin QFTA 9.55 -12.8 WheelerREIT WHLR 0.29 -43.0
Yalla YALA 5.87 -0.9
BancoBilbaoViz BBVA 8.31 -0.1 FosterLB FSTR 22.14 0.7 NRG Energy NRG 46.82 1.6 BlackSkyTechWt BKSY.WS 0.06 -6.4 EsportsEntWt GMBLW 0.01 -15.6 MariaDB MRDB 0.38 -12.2 RealGoodFood RGF 1.50 -25.9 WorldwideWebbA WWAC 6.60 -7.0
YunhongGreenCTI YHGJ 2.85 -0.7
BluegreenVac BVH 73.48 106.8 Frontline FRO 22.95 -1.7 NewRelic NEWR 86.98 ... BlackSkyTech BKSY 1.04 -3.5 FinanceofAm FOA 0.99 -7.0 MarinSoftware MRIN 0.29 -10.4 reAlphaTech AIRE 8.57 1.8 Yoshitsu TKLF 0.74 -19.5
CONXWt
CONX
CONXW
CONX
0.33 7.1
11.35 6.7
Gallagher
GenieEnergy
AJG
GNE
245.08
23.75
0.3
13.5
NewMarket
Northann
NEU
NCL
496.93
19.99
0.3
19.8
Lows BogotaFinl
BranchOutFood BOF
BSBK 7.08
1.46
3.9
6.2
FusionFuelGreen HTOO
GeneDx WGS
0.65
1.61
-9.0
-9.9
MarriottVacations VAC
MediciNova MNOV
78.93
1.83
-4.1
-3.7
Replimune
RingEnergy
REPL
REI
12.83 -9.4 ZentalisPharm
1.54 -8.8 ZeroFox
ZNTL
ZFOX
12.10 -30.2
0.41 -13.6
CarbonRevolution CREV 197.99 198.0 GlobalIndl GIC 35.71 2.2 P&FIndustries PFIN 12.86 0.2 AMN Healthcare AMN 64.76 -2.7 Brightcove BCOV 2.44 0.2 GlucoTrack GCTK 0.17 -5.1 MetaMaterials MMAT 0.10 -5.8 ShuaaPtrsI Wt SHUAW 0.03 3.6 ZeroFoxWt ZFOXW 0.02 30.3

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
IntlIdxInstPrem 44.24 -0.12 7.4 SrsEmrgMkt 16.73 +0.16 7.1 LgCpGwth 54.78 +0.31 22.5 NHoriz 47.64 -0.54 2.8 MuShtAdml 15.57 +0.01 2.1 WellsI 23.70 -0.08 -0.7
Top 250 mutual-funds listings for Nasdaq-published share classes by net assets. LgCpGwId InstPre 26.87 +0.15 29.3 SrsGlobal 13.10 +0.02 6.1 JPMorgan R Class R2025 15.55 -0.02 6.4 PrmcpAdml r 153.26 +0.78 17.1 Welltn 40.10 -0.02 6.1
e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes e and s MidCpInxInstPrem 26.53 -0.22 2.7 SrsGroCoRetail 18.00 +0.07 30.7 CoreBond 9.77 -0.04 -0.4 R2030 23.44 -0.03 7.2 RealEstatAdml 108.42 -1.54 -4.3 WndsrII 40.60 -0.04 9.7
apply. k-Recalculated by Lipper, using updated data. p-Distribution costs apply, 12b-1. r- SAIUSLgCpIndxFd 18.15 +0.04 15.2 SrsIntlGrw 15.47 ... 8.5 CorePlusBd 6.87 -0.03 -0.1 R2040 26.69 -0.02 9.3 SmCapAdml 88.75 -1.00 2.1 VANGUARD INDEX FDS
Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and r apply. v-Footnotes SeriesBondFd 8.57 -0.03 -0.8 SrsIntlVal 11.00 -0.04 9.7 Lord Abbett I Putnam Funds Class A SmGthAdml 72.61 -0.84 3.5 ExtndIstPl 262.42 -3.02 6.5
x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not available due to incomplete SeriesOverseas 11.73 -0.04 8.0 TotalBond 9.05 -0.04 0.5 ShtDurInc p 3.79 -0.01 3.0 PutLargCap p 29.75 -0.04 6.4 STBondAdml 9.88 -0.02 2.1 IdxIntl 17.31 +0.03 5.8
price, performance or cost data. NE-Not released by Lipper; data under review. NN-Fund not SerLTTreBdIdx 5.19 -0.04 -9.0 Fidelity SAI Metropolitan West Schwab Funds STIGradeAdml 9.96 -0.02 2.8 MdCpGrAdml 81.97 -0.64 6.5
tracked. NS-Fund didn’t exist at start of period. SmCpIdxInstPrem 21.64 -0.28 0.1 TotalBd 8.56 -0.04 0.6 TotRetBdI 8.62 -0.05 -1.3 1000 Inv r NA ... NA STIPSIxAdm 23.75 -0.02 3.0 MdCpVlAdml 67.94 -0.49 -1.5
TMktIdxInstPrem 120.54 -0.01 14.0 U.S.TreBdIdx 8.41 -0.04 -1.1 TRBdPlan 8.08 -0.05 -1.3 S&P Sel NA ... NA TotBdAdml 9.16 -0.04 -0.8 SmValAdml 67.97 -0.74 1.3
TotalMarketIndex 15.23 ... 14.1 Fidelity Selects MFS Funds TSM Sel r NA ... NA TotIntBdIdxAdm 19.24 -0.05 3.1 TotBd2 9.05 -0.04 -0.9
Monday, November 6, 2023 TtlIntIdxInstPr 12.39 +0.02 5.8 Semiconductors r 21.98 +0.01 50.8 IIE 30.52 -0.02 8.5 TIAA/CREF Funds TotIntlAdmIdx r 28.95 +0.04 5.8 TotIntlInstIdx r 115.78 +0.18 5.8
Net YTD Net YTD Net YTD USBdIdxInstPrem 9.84 -0.05 -0.9 Softwr 25.39 -0.06 29.2 MFS Funds Class I EqIdxInst NA ... NA TotStAdml 104.86 ... 13.9 TotItlInstPlId r 115.81 +0.18 5.9
Fund NAV Chg % Ret Fund NAV Chg % Ret Fund NAV Chg % Ret Fidelity Advisor I Tech 25.41 +0.08 42.5 GrowthI 166.16 +1.13 25.7 IntlEqIdxInst NA ... NA TxMCapAdml 225.18 +0.18 15.0 TotSt 104.84 +0.01 13.8
Total Bd 9.04 -0.04 0.5 First Eagle Funds ValueI 46.99 -0.09 -0.3 LrgCpGrIdxInst 47.88 +0.27 29.2 TxMIn r 14.15 -0.01 6.7 VANGUARD INSTL FDS
AB Funds Artisan Funds US CoreEq1 32.75 -0.05 11.2 Fidelity Freedom GlbA 61.62 -0.16 6.3 Natixis Funds VANGUARD ADMIRAL DevMktsIndInst 14.17 -0.01 6.8
MuniIncmShares 10.31 -0.01 -1.2 IntlVal Inst 43.83 +0.10 13.6 US CoreEq2 29.47 -0.06 9.8 FF2030 USGroAdml 130.60 +0.16 28.9
15.50 -0.02 5.9 Franklin A1 LSGrowthY 22.24 +0.08 36.6 500Adml 403.22 +0.72 15.2
ValAdml 53.90 -0.16 0.3 DevMktsInxInst 22.14 -0.02 6.8
AB Funds - ADV Baird Funds US Small 39.11 -0.35 2.0 FF2040 9.67 -0.01 9.2 IncomeA1 2.17 ... 0.7 Northern Funds BalAdml 41.97 -0.07 7.9 ExtndInst 106.34 -1.22 6.5
LgCpGrAdv 85.89 +0.48 22.8 AggBdInst 9.29 -0.04 -0.5 US SmCpVal 40.05 -0.41 3.2 Freedom2030 K 15.50 WdsrllAdml 72.04 -0.06 9.8
-0.02 6.0 FrankTemp/Frank Adv StkIdx NA ... NA CAITAdml 10.90 +0.01 0.1 GrwthInst 144.82 +0.75 32.6
American Century Inv CorBdInst 9.59 -0.04 ... US TgdVal 27.97 -0.34 3.3 Freedom2035 K 13.49 WellsIAdml 57.40 -0.20 -0.6
-0.02 7.6 IncomeAdv 2.14 -0.01 0.3 Old Westbury Fds CapOpAdml r 166.89 +0.51 14.2 InPrSeIn 9.22 -0.03 0.1
Ultra 70.86 +0.37 28.5 BlackRock Funds USLgVa 41.34 -0.23 1.3 Freedom2040 K 9.68 LrgCpStr 15.95 +0.03 9.4 DivAppIdxAdm 42.84 +0.04
WelltnAdml 69.25 -0.03 6.2
-0.01 9.2 FrankTemp/Franklin A 5.5 InstIdx 364.81 +0.65 15.2
American Funds Cl A HiYldBd Inst 6.73 -0.01 7.4 Dodge & Cox Growth A 117.23 +0.24 14.7 Parnassus Fds EMAdmr WndsrAdml 70.45 -0.26 4.0
Idx2030InsPre 17.75 -0.02 5.8 32.98 +0.27 3.2 InstPlus 364.80 +0.65 15.2
AmcpA 34.79 -0.05 16.0 BlackRock Funds III Balanced 95.81 -0.40 5.3 Idx2035InsPre 20.07 VANGUARD FDS
-0.02 7.3 RisDv A 85.15 -0.06 3.9 ParnEqFd 53.35 +0.08 14.2 EqIncAdml 82.25 -0.25 -0.8 InstTStPlus 75.39 +0.01 14.0
AMutlA 48.39 -0.02 1.2 iShS&P500IdxK 512.38 +0.91 15.2 GblStock 13.79 -0.04 9.4 Idx2040InsPre 20.62 ... 8.8 Guggenheim Funds Tru PGIM Funds Cl Z ExplrAdml 89.36 -0.88 2.9 DivdGro 35.06 ... 0.3 MidCpInst 56.42 -0.43 2.3
BalA 29.95 -0.05 5.2 BlackRock Funds Inst Income 11.91 -0.06 0.6 Idx2045InsPre 21.48 ... 9.1 TotRtnBdFdClInst 22.44 -0.11 0.4 TotalReturnBond 11.34 -0.05 NA ExtndAdml 106.35 -1.22 6.5 IntlVal 38.16 +0.04 6.8 MidCpIstPl 278.27 -2.08 2.3
BondA 10.86 -0.07 -1.6 EqtyDivd 18.41 -0.04 4.0 Intl Stk 46.32 +0.02 7.4 Fidelity Invest Harbor Funds PIMCO Fds Instl GNMAAdml 8.79 -0.04 -1.6 LifeCon 19.59 -0.04 4.4 SmCapInst 88.75 -0.99 2.1
CapIBA 62.03 -0.20 0.5 StratIncOpptyIns 9.06 -0.03 2.4 Stock 225.62 -0.80 6.7 Balanc 25.13 +0.01 12.3 CapApInst 86.62 +0.49 38.0 AllAsset 10.49 -0.03 NA GrwthAdml 144.82 +0.76 32.6 LifeGro 38.71 -0.01 8.5 SmCapIstPl 256.17 -2.86 2.1
CapWGrA 55.93 +0.02 9.9 TotRet NA ... NA DoubleLine Funds BluCh 155.74 +0.92 39.4 Harding Loevner TotRt NA ... NA HlthCareAdml r 84.60 +0.19 -2.7 LifeMod 28.92 -0.03 6.4 STIGradeInst 9.96 -0.02 2.8
EupacA 51.89 +0.03 6.1 Calamos Funds TotRetBdI 8.36 -0.04 -1.2 BluChpGr K6 24.11 +0.13 39.6 IntlEq 24.20 +0.04 3.3 PIMCO Funds A HYCorAdml r 5.18 -0.01 5.8 PrmcpCor 30.43 +0.07 12.0 STIPSIxins 23.77 -0.02 3.0
FdInvA 67.10 +0.08 13.3 MktNeutI 14.64 +0.01 7.4 Edgewood Growth Instituti Contra 15.38 +0.06 29.0 Invesco Funds A IncomeFd 10.17 -0.04 NA InfProAd 22.64 -0.06 0.1 STAR 25.56 -0.05 6.6 TotBdInst 9.16 -0.04 -0.8
GwthA 60.27 -0.01 21.8 Columbia Class I EdgewoodGrInst 38.28 +0.03 22.3 CpInc 9.22 -0.01 6.8 EqIncA 9.87 -0.02 2.0 PIMCO Funds I2 IntlGrAdml 93.06 -0.33 2.9 TgtRe2020 26.63 -0.04 5.0 TotBdInst2 9.05 -0.04 -0.8
HI TrA 9.04 -0.01 5.5 DivIncom I 29.20 -0.04 2.5 Federated Hermes Int GroCo 29.72 +0.12 32.0 Invesco Funds Y Income 10.17 -0.04 NA ITBondAdml 9.77 -0.05 -0.5 TgtRe2025 17.69 -0.02 6.1 TotBdInstPl 9.16 -0.04 -0.8
ICAA 47.23 +0.01 15.7 Dimensional Fds TtlRtnBdI 9.06 -0.05 -1.2 InvGrBd 9.53 -0.04 0.1 DevMktY 36.71 +0.16 5.0 PIMCO Funds Instl ITIGradeAdml 8.10 -0.04 0.7 TgtRe2030 33.52 -0.03 6.9 TotIntBdIdxInst 28.87 -0.07 3.1
IncoA 22.02 -0.10 -0.5 5GlbFxdInc 10.13 ... 4.1 Fidelity LowP 41.45 -0.24 3.4 JHF III DispVal IncomeFd 10.17 -0.04 NA LarCapAd 100.77 +0.16 15.8 TgtRe2035 20.83 -0.01 7.6 TotStInst 104.88 +0.01 13.9
N PerA 53.42 +0.12 12.9 EmgMktVa 28.01 +0.31 8.8 500IdxInstPrem 151.68 +0.27 15.3 Magin 11.34 +0.05 18.7 DispValMCI 25.41 -0.11 4.1 Price Funds LTGradeAdml 7.19 -0.05 -4.0 TgtRe2040 36.86 -0.01 8.4 ValueInst 53.89 -0.16 0.3
NEcoA 50.61 +0.07 16.3 EmMktCorEq 21.34 +0.28 8.3 Contrafund K6 21.45 +0.09 27.6 NASDAQ 172.12 +0.52 30.5 John Hancock BlChip 141.58 +1.09 36.8 MidCpAdml 255.42 -1.91 2.3 TgtRe2045 24.92 ... 9.2 WCM Focus Funds
NwWrldA 71.38 +0.36 7.4 IntlCoreEq 14.05 -0.07 6.5 ExtMktIdxInstPre 67.02 -0.77 6.5 OTC 16.71 +0.08 30.2 BondR6 12.81 -0.05 -0.4 DivGro 66.69 +0.05 5.0 MuHYAdml 9.93 ... ... TgtRe2050 41.44 +0.01 9.6 WCMFocIntlGrwIns 20.63 -0.01 4.9
SmCpA 57.84 -0.25 3.1 IntSmCo 17.55 -0.13 2.8 FidSerInt 8.41 -0.03 1.9 Puritn 21.74 ... 11.0 JPMorgan I Class Growth 82.80 +0.51 34.4 MuIntAdml 13.06 +0.01 0.1 TgtRe2060 42.57 +0.01 9.6 Western Asset
TxExA 11.76 ... -0.1 IntSmVa 19.79 -0.18 7.5 FidSerToMarket 14.36 ... 14.0 SAIUSMinVolIndFd 17.95 +0.06 8.5 CoreBond 9.75 -0.04 -0.5 LgCapGow I 61.49 +0.37 33.9 MuLTAdml 10.21 ... -0.6 TgtRet2055 46.23 +0.02 9.6 CoreBondI NA ... NA
WshA 53.85 +0.04 7.4 LgCo 29.80 +0.05 15.2 GrowthCompanyK6 20.05 +0.06 30.3 SAIUSQtyIdx 17.93 +0.08 18.2 EqInc 21.56 -0.04 -2.8 MidCap 93.31 -0.75 5.2 MuLtdAdml 10.59 +0.01 1.3 TgtRetInc 12.52 -0.02 3.9 CorePlusBdI NA ... NA
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

B10 | Tuesday, November 7, 2023 * *** THE WALL STREET JOURNAL.

BUSINESS & FINANCE

Independent Deal
Backers Finding
Plenty of Business
BY MARIA ARMENTAL
Independent sponsors, who
typically raise money for each
deal rather than investing out
of a fund, say they are finding
plenty of opportunities and
taking on larger deals, even
with a broader market slow-
KATIE KLANN FOR THE WALL STREET JOURNAL
Independent sponsors—tra-
ditionally former private-equity
or investment-bank executives
and operating partners striking
out on their own—are often
considered riskier since they
don’t manage dedicated funds
with committed capital. But
their numbers have grown ex-

down. ponentially. And, with capital

“Our market here is pretty
much on fire,” Russ Spieler, co-
founder and managing partner
of investment and advisory
firm Enceladus Partners, said
at a webinar hosted by Expert
Webcast.
Enceladus, which launched
this year, targets companies
with $2 million to $10 million
Newmont wants to raise some $2 billion from selling mines and rescheduling developments. That could include Cripple Creek. in earnings before interest,
taxes, depreciation and amorti-
providers and institutional in-
vestors embracing the sector
more, sponsors are moving up
to larger middle-market deals,
according to a recent indepen-
dent-sponsor report by profes-
sional-services firm Citrin
Cooperman.
Among those surveyed for
the latest report, 44% said the
typical Ebitda for companies
they invested in or targeted hit

Newmont Rethinks Future

zation and backs other inde-
pendent sponsors, said Spieler,
who previously worked at pri-
vate-equity firms that include
Gemspring Capital and Heart-
$5 million or more, compared
with just 26% of respondents to
a similar survey in 2017. How-
ever, smaller deals remain pop-
ular, with 56% of those sur-

In a Gold-Rush Era Town

wood Partners.
Panelists said an emphasis
on smaller deals has partially
shielded independent sponsors
from the rising interest rates
that have stalled deal making
A $15 billion deal to cut emissions from its oper- for private-equity firms and
veyed indicating they had
backed or targeted companies
with less than $5 million in
Ebitda.
Independent sponsors say
that they often generate deals
from relationships built over

.
ations, he said. other deep-pocketed investors. years, rather than the invest-
added a U.S. mine Cripple Creek isn’t alone in That allows independent spon- ment bank-run auctions that

ly
that might not be a facing a debate about whether sors to more easily adjust typically drive private equity’s
it belongs in the new New- terms to make the deals work. largest deals.
good fit with plans mont. There are also mines in

BY RHIANNON HOYLE

ADELAIDE, Australia—The
on Canada, Australia and Ghana
whose futures will be scruti-
nized in the months ahead. No
decisions have been made
WeWork of the U.S. and Canada won’t
be affected by its bankruptcy,
the company said.
world’s biggest gold miner just about those most likely to be
Files for In court papers filed with
us ,

got bigger. That has left a Colo- sold, said Palmer. the New Jersey bankruptcy
l
MATTHEW STAVER/BLOOMBERG NEWS

rado mine with its origins in “You may find that New- court on Monday, WeWork

Bankruptcy
e
al a

the gold-rush era facing an un- mont keeps a number of those said that the company owns
certain future. in our portfolio over the long approximately $15 billion in
Newmont hasn’t decided term because they’re generat- assets and carries debts total-
ci on

whether to sell the Cripple ing good cash” and offer other ing $18.6 billion.
Creek & Victor gold mine fol- benefits, Palmer said. Continued from page B1 WeWork also reported that
lowing its $15 billion takeover Part of the rationale for buy- amounted to years of rent, it owes nearly $100 million in
of Australia’s Newcrest Mining, ing Newcrest was to strengthen leaving it with no easy way unpaid rent and lease-termi-
the largest transaction in gold- Newmont’s footprint in favor- out. nation fees to various real-es-
er s

mining history. But Chief Exec- CEO Tom Palmer noted there are reasons to keep the mine. able mining jurisdictions, he In August, WeWork sig- tate companies and property
utive Tom Palmer said the said, as a resurgence in re- naled that it was at risk of go- owners, some of which it says
m er

mine was smaller than many of
the operations that Newmont
now owns, and the company
wants to raise some $2 billion
from selling mines and re-
ther. It adds five active mines
and two advanced projects to
Newmont’s existing global foot-
print.
But many of the mines that
m rp
said it also means that much of source nationalism becomes a ing out of business because of it will dispute before the bank-
the mine’s bounty has been dug problem again for the industry. the continuing slump in de- ruptcy court.
up and the operation could Executives will need to de- mand for office space and More than 400 other corpo-
struggle to compete inside termine which operations can higher-than-expected member rate entities affiliated with
Newmont with newer mines maintain sufficiently attractive churn. Even though the com- WeWork also filed for bank-

scheduling developments.
Cripple Creek “is certainly in
that category of operations you
debate around their fit,”
Palmer said in an interview.
Newmont is getting as part of
the Newcrest deal are richer in
gold and cheaper to mine than
Cripple Creek. Some also come
with copious stores of copper,
co Fo
around the world. profit margins, he said. pany has amended or canceled ruptcy on Monday, including
Newmont produced 134,000 Already buyers are circling hundreds of its leases since many of the subsidiaries We-
troy ounces of gold from Crip- for some assets. Palmer said 2019, WeWork executives con- Work has established to run
ple Creek in the nine months deal interest has been logged tinued to warn that its high its individual properties
through September. While that by Newmont’s corporate-devel- cost of rent and low occu- around the world.

Newmont, based in Denver,
acquired the Cripple Creek
mine from AngloGold Ashanti
for $820 million eight years
ago. It marked another step on
Newmont’s road to building a
business that outgrew rivals,
including Barrick Gold, in
terms of size.
The acquisition of Newcrest,
which was completed on Mon-
day and brings the company’s
value to around $50 billion, ad-
which Newmont increasingly
wants to focus on, given its use
in manufacturing electric vehi-
cles and renewable-energy in-
frastructure.
Cripple Creek was once so
rich with precious metal that it
was nicknamed the world’s
greatest gold camp. In the early
1900s, there were more than
500 mines worked by thou-
sands of miners. That activity
has left its mark on the area
n-
was 7% higher than a year ear- opment team of about 10 em- pancy remained a challenge. WeWork has filed a motion
lier, the operation was one of ployees. That team managed a Bankruptcy changes that. with the New Jersey bank-
the smallest contributors to string of sales in-house after “We now have the ability to ruptcy court to consolidate all
overall output. Newmont bought Goldcorp in unilaterally reject leases in the of the cases and be managed
Still, there are reasons to 2019—bringing in close to $2 U.S. and Canada,” Tolley said. as a single bankruptcy pro-
hang on to the mine, said billion—and again might run He added that the company ceeding.
Palmer. “It’s literally an hour deal negotiations without ap- will reject between 50 and 100
and a half up the road from pointing an investment bank, leases and continue its efforts
headquarters,” Palmer said. he said. to renegotiate many others, Watch a Video
That means it could be a “That team has a fairly full now with more leverage. Aside Scan this code
good learning ground for fu- inbox,” said Palmer. “But from those 50 to 100 locations, to watch a
ture mine managers and a test they’re not under any pressure all other spaces will continue video on the
bed for new technologies, par- to be trying to get a quick sale to operate as usual, he said. collapse of

vances that strategy still fur- and its identity, but Palmer ticularly as the company works out the door.” WeWork’s locations outside WeWork.

Legal Feud Between Audax and H.I.G. Capital Intensifies

no

BY CHRIS CUMMING
Audax Group has counter-
sued H.I.G. Capital for more
than $100 million, deepening a
dispute between two private-
equity firms over a software
company in which they both
own stakes.
In a Nov. 3 lawsuit filed in
the Delaware Court of Chan-
cery, Audax alleges that H.I.G.
“mismanaged” Mobileum,
which makes telecommunica-
tions software, and then
blamed Audax for its own fail-
ures. Miami-based H.I.G.
bought a majority stake in the
business last year from Audax
in a $915 million transaction,
with Audax retaining a minor-
ity stake.
Audax’s lawsuit says that
after taking control of Mobil-
eum, “H.I.G. promptly ran
what was a high-performing
business into the ground. In-
stead of taking responsibility
for its mistakes and working
to fix them, H.I.G. sought to
shift the blame to Audax for
the results of H.I.G.’s own in-
competence.”
Boston-based Audax seeks
at least $100 million in dam-
ages, the value of the stake
that it retained in the sale to
H.I.G. Audax also wants the
state court to declare that
H.I.G. violated a contractual
agreement with Audax by ex-
cluding the firm from an in-
vestigation into Mobileum’s fi-
nances.
In a lawsuit last month,
H.I.G. accused Audax of fraud,
alleging the firm inflated Mo-
bileum’s finances before the
sales process, thereby inducing
H.I.G. to acquire the business.
Audax denied H.I.G.’s fraud ac-
cusations in its countersuit,
saying that the claims suggest
“that Audax intentionally de-
frauded itself—a nonsensical cials and inflate the value of tomers and employees.” prices and placing unqualified
allegation.” the 2022 transaction.” “We remain laser-focused people in management roles,
H.I.G.’s lawsuit accuses Lawsuits between private- on the opportunities ahead while excluding Audax and the
Audax of perpetrating a “bra- equity firms are unusual. and delivering for our custom- company’s directors from key
zen, massive, systemic fraud” Firms typically try to resolve ers, employees and partners decisions, Audax’s lawsuit
by colluding with Mobileum’s conflicts privately to avoid po- with integrity, discipline and a says.
previous management to over- tential loss of investment dedication to our collective With the company founder-
state the com- value stemming goal of advancing the industry ing, H.I.G. formed an investiga-
pany’s revenue from a public for the future,” the spokesman tive committee to seek “scape-
and profit be- legal fight. Both said. goats,” but denied Audax
fore the sale. Both lawsuits lawsuits ac- Audax’s suit claims that representation on the panel, in
H.I.G.’s lawsuit acknowledge knowledge that H.I.G. broke the investment violation of their investment
demands at M o b i l e u m’s contract between the two agreement, Audax said.
least $250 mil- that Mobileum’s value has been firms on its way to damaging An H.I.G. spokesman said it
lion in dam- damaged, Mobileum’s value. Audax ac- would have been “inappropri-
ages, or roughly
value has been though each quired Mobileum in 2016 and ate” for Audax to sit on a com-
the amount damaged. firm blames the expanded the company mittee investigating conduct in
that H.I.G. says other for the through six follow-on acquisi- which Audax itself was impli-
it overpaid for loss of value. tions, more than tripling its cated. The spokesman said in
the business as A Mobileum revenue by 2021, when the response to Audax’s lawsuit
a result of the alleged financial spokesman said the allegations firm began seeking a buyer for that H.I.G. “has made numer-
manipulation. in Audax’s countersuit “grossly the company, the lawsuit says. ous positive changes and the
A spokesman for H.I.G. misrepresent Mobileum’s oper- After H.I.G. took a control- fundamentals of the business
called Audax’s countersuit “a ations and mischaracterize the ling position in Mobileum, it remain sound, with new lead-
desperate attempt to distract strategic decisions we have “proceeded to spectacularly ership and management fo-
from a brazen, coordinated made to strengthen our busi- mismanage the business,” an- cused on best serving custom-
fraud to misstate the finan- ness for the benefit of our cus- gering customers by raising ers.”

Exchange-Traded Portfolios | WSJ.com/ETFresearch

Closing Chg YTD Closing Chg YTD Closing Chg YTD Closing Chg YTD
Largest 100 exchange-traded funds, latest session ETF Symbol Price (%) (%) ETF Symbol Price (%) (%) ETF Symbol Price (%) (%) ETF Symbol Price (%) (%)

Closing Chg YTD iShNatlMuniBd MUB 102.54 –0.21 –2.8 JPM UltShIncm JPST 50.05 –0.02 –0.2 TechSelectSector XLK 172.89 0.66 38.9 VangdMC VO 206.21 –0.77 1.2
Monday, November 6, 2023
ETF Symbol Price (%) (%) iSh1-5YIGCorpBd IGSB 49.84 –0.24 0.0 PacerUSCashCows100 COWZ 49.12 –0.91 6.2 VangdInfoTech VGT 429.82 0.45 34.6 VangdMC Val VOE 131.13 –0.73 –3.0
Closing Chg YTD iSh1-3YTreaBd SHY 81.06 –0.18 –0.1 ProShUltPrQQQ TQQQ 38.01 1.14 119.7 VangdMBS VMBS 43.50 –0.57 –4.4
VangdSC Val VBR 158.14 –1.07 –0.4
ETF Symbol Price (%) (%) iShCoreS&P500 IVV 437.64 0.24 13.9 iShRussMC IWR 68.45 –0.81 1.5 SPDRBbg1-3MTB BIL 91.49 0.01 0.0 VangdRealEst VNQ 76.47 –1.44 –7.3
VangdExtMkt VXF 140.27 –1.04 5.6
CnsmrDiscSelSector XLY 160.42 0.12 24.2 iShCoreS&P MC IJH 244.87 –0.98 1.2 iShRuss1000 IWB 238.80 0.08 13.4 SPDR DJIA Tr DIA 341.04 0.13 2.9 VangdRuss1000Grw VONG 70.83 0.60 28.5
VangdDivApp VIG 157.89 0.10 4.0
ConsStaplesSPDR XLP 68.86 0.16 –7.6 iShCoreS&P SC IJR 93.27 –1.01 –1.4 iShRuss1000Grw IWF 275.22 0.58 28.5 SPDR Gold GLD 183.35 –0.78 8.1 VangdS&P500ETF VOO 400.21 0.19 13.9
VangdFTSEAWxUS VEU 52.37 –0.13 4.4
DimenUSCoreEq2 DFAC 26.32 –0.30 8.4 iShCoreS&PTotUS ITOT 95.48 0.03 12.6 iShRuss1000Val IWD 151.10 –0.48 –0.4 SPDRPtfDevxUS SPDW 31.23 –0.26 5.2 VangdST Bond BSV 75.30 –0.21 0.0
VangdFTSEDevMk VEA 44.05 –0.32 5.0
EnSelSectorSPDR XLE 85.70 –1.13 –2.0 iShCoreTotalUSDBd IUSB 43.54 –0.48 –3.1 iShRussell2000 IWM 172.31 –1.25 –1.2 SPDRS&P500Value SPYV 42.13 –0.14 8.3 VangdSTCpBd VCSH 75.17 –0.22 –0.0
VangdFTSE EM VWO 39.63 0.30 1.7
FinSelSectorSPDR XLF 33.68 –0.30 –1.5 iShCoreUSAggBd AGG 93.71 –0.50 –3.4 iShS&P500Grw IVW 69.64 0.48 19.0 SPDRPtfS&P500 SPLG 51.21 0.18 13.9 VangdShortTrea VGSH 57.61 –0.17 –0.4
iShEdgeMSCIMinUSA USMV 73.84 0.16 2.4 VangdFTSE Europe VGK 58.05 –0.33 4.7
HealthCareSelSect XLV 128.26 0.67 –5.6 iShS&P500Value IVE 156.98 –0.12 8.2 SPDRS&P500Growth SPYG 60.35 0.47 19.1 VangdSC VB 185.29 –1.11 1.0
iShEdgeMSCIUSAQual QUAL 135.46 0.35 18.9 VangdGrowth VUG 281.49 0.57 32.1
IndSelSectorSPDR XLI 101.33 –0.27 3.2 iShSelectDiv DVY 108.19 –0.75 –10.3 SPDR S&P 500 SPY 435.69 0.23 13.9 VangdTaxExemptBd VTEB 48.21 –0.21 –2.6
151.87 0.38 38.7 iShGoldTr IAU 37.43 –0.80 8.2 VangdHlthCr VHT 232.55 0.47 –6.2
InvscNasd100 QQQM iSh7-10YTreaBd IEF 91.10 –0.58 –4.9 SchwabIntEquity SCHF 34.27 –0.23 6.4 VangdTotalBd BND 69.50 –0.43 –3.3
InvscQQQI QQQ 369.21 0.41 38.7 iShiBoxx$IGCpBd LQD 101.37 –0.53 –3.9 iShShortTreaBd SHV 110.14 –0.00 0.2 SchwabUS BrdMkt SCHB 50.53 0.04 12.8 VangdHiDiv VYM 103.46 –0.35 –4.4 VangdTotIntlBd BNDX 48.08 –0.40 1.4
InvscS&P500EW RSP 140.85 –0.52 –0.3 iShMBS MBB 88.34 –0.64 –4.8 iShTIPSBondETF TIP 103.97 –0.26 –2.3 SchwabUS Div SCHD 69.94 –0.44 –7.4 VangdIntermBd BIV 72.08 –0.57 –3.0 VangdTotIntlStk VXUS 53.95 –0.11 4.3
iShCoreDivGrowth DGRO 49.81 –0.06 –0.4 iShMSCIACWI ACWI 93.87 0.09 10.6 iSh20+YTreaBd TLT 86.78 –0.97 –12.8 SchwabUS LC SCHX 51.42 0.10 13.9 VangdIntrCorpBd VCIT 75.70 –0.45 –2.3 VangdTotalStk VTI 215.50 0.04 12.7
iShCoreMSCIEAFE IEFA 64.66 –0.52 4.9 iShMSCI EAFE EFA 69.31 –0.50 5.6 iShUSTreasuryBd GOVT 22.00 –0.36 –3.2 SchwabUS LC Grw SCHG 75.28 0.60 35.5 VangdIntermTrea VGIT 57.08 –0.44 –2.4 VangdTotWrldStk VT 94.34 –0.01 9.5
iShCoreMSCIEM IEMG 48.58 0.91 4.0 iSh MSCI EM EEM 38.77 0.81 2.3 iSh0-3MTreaBd SGOV 100.36 0.02 0.2 SPDR S&PMdCpTr MDY 448.52 –0.99 1.3 VangdLC VV 199.51 0.13 14.5 VangdValue VTV 138.16 –0.31 –1.6
iShCoreMSCITotInt IXUS 60.48 –0.07 4.5 iShMSCIEAFEValue EFV 48.68 –0.51 6.1 JPMEquityPrem JEPI 53.72 0.24 –1.4 SPDR S&P Div SDY 115.13 –0.41 –8.0 VangdMegaGrwth MGK 236.43 0.77 37.4 WisdTrFRTrea USFR 50.38 0.04 0.2
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
THE WALL STREET JOURNAL.
Stocks Build on Last Week’s Advances
Gains in information
technology shares
outweigh losses in
energy sector
BY GUNJAN BANERJI
Stocks rose, building on a
rally that pushed major in-
dexes sharply higher over the
past week.
The S&P 500 added 0.2%,
while the Dow Jones Indus-
trial Average inched up 35
points, or 0.1%.
MONDAY’S The tech-heavy
MARKETS Nasdaq Compos-
ite rose 0.3% for
its seventh consecutive ses-
sion of gains, the longest win-
ning streak since January.
Major indexes are coming
off their best week of the year,
boosted by hopes that the
Federal Reserve’s interest-rate
hiking cycle is close to done
and a strong quarterly earn-
Bond ETFs
Lock in
High Yields
Continued from page B1
The average coupon of the
notes held by the fund, which
launched in June, is about
3.6%. But investors buying
now would have an effective
yield to maturity of around
4.7% because yields have risen
and the fund’s share price has
fallen since its launch.
Investors are using de-
fined-maturity ETFs to build
bond ladders, an investing
strategy that had fallen out of
favor in recent years when
yields were negligible. The
strategy involves buying a se-
ries of bonds with staggered
maturities. When a bond ma-
tures, the proceeds are rein-
vested in a new bond with a
longer maturity at the top of
no
Going to college is one of the biggest investments most students will ever make - we are here to provide a guide.
empowering students to identify which colleges will do the most to help them graduate and make more money.
© 2023 Dow Jones & Co., Inc. All rights reserved. 6DJ0074
* * * * *
ings season that is in its final
innings.
The yield on the 10-year
Treasury note rose to 4.662%
from 4.557% on Friday. Yields
have fallen sharply over the
past week after touching 5%
for the first time in 16 years.
The mood in the market
has quickly turned from dour
to optimistic.
Third-quarter earnings so
far have mostly impressed in-
vestors and are on track to
show the first collective in-
crease in a year.
Americans have continued
to dine out, take trips and
shop online, giving a boost to
consumer spending and help-
ing drive profits for the coun-
try’s biggest corporations.
Meanwhile, recent data on the
job market has indicated the
red-hot labor market is slow-
ing, a sign that the central
bank won’t keep raising inter-
est rates.
“Earnings were enough to
the ladder.
The strategy requires more
work than simply buying and
holding a fund, but it can help
investors lock in a specific
yield over a set period, pro-
vided the fund’s holdings
don’t default. It also reduces
the risk of being trapped in a
bond fund whose value has
been pummeled by rising in-
terest rates. Even if rising
rates hit the secondary mar-
ket value of a long-dated bond
issued at a lower rate, the
fund’s price will return to-
ward its par value by the time
it matures.
Benchmark 10-year Trea-
sury yields touched 5% in Oc-
us ,
tober before quickly retreat-
ing to around 4.6% following
e
al a
last week’s Federal Reserve
meeting. The moves have
highlighted how volatile bond
ci on
markets are right now, mak-
ing the idea of locking in a
yield potentially more attrac-
tive.
Anyone looking at their
er s
bond funds’ dismal perfor-
mance in the past two years
m er
m rp
co Fo
n-
COLLEGE RANKINGS
MEASURING THE OUTCOMES THAT MATTER
With research partners College Pulse and Statista, WSJ’s revamped College Rankings evaluates outcomes,
MARKETS
Index performance on Monday
0.6%
0.5
0.4
0.3
0.2
0.1
0
–0.1
–0.2
Five-minute intervals
–0.3
10 a.m. 11
Source: FactSet
send some of the bears pack-
ing,” said Mike Bailey, director
of research at FBB Capital
Partners.
Gains in the S&P 500’s in-
has become familiar with in-
terest-rate risk. Bond funds
that cycle through holdings to
keep their average maturity
date steady can leave inves-
tors more vulnerable to moves
in rates.
“If you just invest in a
broad benchmark fund that’s
continually turning over to
maintain a constant duration,
you lose the opportunity fixed
income provides to achieve a
defined outcome where you
buy a bond and hold it to ma-
on
turity,” said Jason Bloom,
head of fixed income and al-
ternative ETF strategy at In-
vesco.
Invesco’s BulletShares line
of ETFs includes defined-ma-
l
turity funds for investment-
grade corporate, high-yield,
and municipal-bond funds,
with maturity dates ranging
from this year to 2033. The
funds have taken in a collec-
tive $3.7 billion this year.
Many of the users are fi-
nancial advisers setting up
bond ladders for their clients,
Bloom said. ETFs can remove
WSJ/COLLEGE PULSE
Tuesday, November 7, 2023 | B11
earnings later this week.
The S&P 500 has bounced
back recently after falling into
Nasdaq Composite a correction in October. The
S&P 500 benchmark index is up almost
Dow Jones Industrial Average 14% for the year.
Some analysts said they ex-
pected the recent market calm
to persist. The Cboe Volatility
Index, or VIX, has fallen
sharply from its highs over
the past month.
“We are not expecting the
VIX to surge in the near term
as most large macro events
are behind and the vast ma-
jority of S&P 500 companies
have already reported earn-
ings,” wrote Laurent
Laskowski, an equity deriva-
tives strategist at Mizuho Se-
noon 1 p.m. 2 3 4 curities, in a note to clients.
In commodities markets,
crude-oil futures edged higher
formation-technology sector after Saudi Arabia and Russia
helped outweigh losses in en- over the weekend said they
ergy stocks such as Marathon would extend production and
Oil and Schlumberger. Disney, export cuts into December.
Instacart and Roblox report Brent futures closed at
some of the time, effort and lifting interest rates, with the
cost of finding and buying in- suite of funds taking in nearly
dividual bonds, which are typ- $7 billion of new investor
ically sold in large lots aimed cash this year, said Steve
at institutional investors. Laipply, global co-head of
“Bond laddering is a pretty iShares fixed-income ETFs at
well-worn strategy histori- BlackRock. That’s on pace
cally, but it was cumbersome with 2022’s record flows for
and at times difficult to im- the product.
plement,” The funds
Bloom said. are popular in
$3.7B
Anyone with part because
ly
a brokerage ac- they are cheap.
count can set BlackRock of-
up a bond lad- fers defined-
der using de-
fined-maturity
funds. Black-
Rock offers a
Amount Invesco’s
BulletShares ETFs
maturity Trea-
sury funds at a
0.07% fee, or 70
have taken in so far cents a year on
competing se- this year. a $1,000 in-
ries of funds, vestment. A de-
dubbed iBonds. fined-maturity
They include investment-
defined-maturity Treasury grade bond fund from Invesco
bond funds as well as other costs 0.1% annually.
fixed-income asset classes, Although a continuing
with total assets under man- bond ladder behaves much
agement of about $25 billion, like a traditional bond fund
up from $9.7 billion at the end over time, a primary advan-
of 2020. tage is that it gives investors
Demand for the funds has better flexibility to make
soared since the Fed began changes. If an investor wants
READ NOW
WSJ.com/CollegeRankings2024
$85.18 a barrel, about 0.3%
higher than Friday’s closing
level.
Overseas, the Stoxx Euro
600 fell 0.2%, At midday Tues-
day, South Korea’s Kospi was
down 2.9%, falling back after
rallying when the country
banned short selling the day
before. Hong Kong’s Hang
Seng Index was off 1.6% and
Japan’s Nikkei 225 was down
1%. S&P 500 futures fell 0.2%.
AUCTION RESULTS
Here are the results of Monday's Treasury auctions.
All bids are awarded at a single price at the market-
clearing yield. Rates are determined by the difference
between that price and the face value.
13-Week 26-Week
Applications $224,675,033,200 $203,896,838,100
Accepted bids $81,226,703,200 $73,645,958,900
" noncomp $2,538,733,800 $2,468,277,100
" foreign noncomp $0 $0
Auction price (rate) 98.664069 97.340778
(5.285%) (5.260%)
5.446% 5.494%
Bids at clearing yield accepted 17.10% 77.54%
912797GM3 912797HQ3
Both issues are dated Nov. 9, 2023. The 13-week bills
mature on Feb. 8, 2024; the 26-week bills mature on
May 9, 2024.
to get out of his bond hold-
ings for any reason, he can let
the current rung of the ladder
mature at par, rather than po-
tentially being forced to sell a
bond fund at a loss during a
period of rising rates.
Long-dated bond funds in
particular have been crushed
by rising rates, with Black-
.
Rock’s ETF tracking 20+ year
Treasury bonds falling by
about half from its 2020 peak.
Bonds issued just a few years
ago when rates were low had
low coupons. Now that rates
have risen, their price has
fallen so that the yield to ma-
turity will rise to where the
market is.
“The biggest advantage is
that the investor is in control.
If they decide to reinvest,
that’s within their discretion,”
Laipply said.
The funds can also be used
to express a view on how
yields might move for a spe-
cific part of the yield curve,
or to match up income needs
with a specific liability or
time frame.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
B12 | Tuesday, November 7, 2023
Government Debt Woe Isn’t What You Think
Even if savers are happy to absorb mounting public-debt piles, today’s financial plumbing may be too creaky to bear it
Investors are worried Western
governments are issuing more bonds
than investors can buy. Whether the
system that transacts in those bonds
can bear the load could be a more
urgent issue.
Last week, the U.S. Treasury De-
partment said it would issue longer-
term debt. Ten-year and 30-year
government-bond yields, which re-
cently touched 16-year highs, have
since fallen sharply.
Bond investors across the globe
have been particularly jumpy about
increases in public-debt supply. The
implied threat is that, amid higher
inflation and interest rates, they are
no longer willing to unflinchingly
absorb it. Government debt in rich
countries is set to hit 116% of gross
domestic product in 2028 from 112%
in 2022, the International Monetary
Fund forecasts, as officials increase
spending on industrial plans and
green policies.
Yet the end-buyers of the debt are
unlikely to disappear since govern-
ment deficits automatically create
the very savings that are then chan-
neled into financial assets. The real
issue is the financial plumbing
meant to make this happen has be-
come dangerously creaky.
The Federal Reserve’s primary
dealers—the banks that buy the
bonds in auctions and then make
markets for them—are the linch-
pin of this system in the U.S. Be-
fore the 2008 financial crisis, they
were net sellers of Treasurys, offi-
cial data show, meaning they had
to borrow bonds from investors.
Ever since, the surge in debt issu-
ance has forced them to buy more
Treasurys than they can sell.
As Wenxin Du, Benjamin Hébert
and Wenhao Li document in a re-
cently published paper, this has
big implications. For Treasurys
with 10 or more years of maturity,
yields have gone from trading be-
low those of interest-rate swaps to
trading far above.
Dealers hedge their exposure to
bond prices with swaps and collect
the difference between the two, so
they need a wide spread in yields
relative to swap rates to justify
holding a big Treasury stockpile. It
therefore makes sense for the U.S.
government to cut back on long-
term issues. For 30-year Treasurys,
Battery Giants Hard to Beat
Having charged up in their
home market, Chinese electric-ve-
hicle-battery firms are becoming
major export players. The West’s
efforts to protect its own markets
might prove too little, too late.
Chinese firms are weighing fac-
tory expansions in Europe, and in
U.S. free-trade partners, as a way
no
to sidestep import restrictions—
much like Japanese carmakers did
in the U.S. in the 1980s.
Sales of new-energy vehicles,
which include plug-in hybrids,
surged 37% year over year in
China in the first nine months of
2023, according to the China As-
sociation of Automobile Manufac-
turers. But exports jumped
sharply: China is now the world’s
top exporter of EVs. And that is
helping China’s battery industry.
Contemporary Amperex Tech-
nology, or CATL, and carmaker
BYD are the top two producers of
EV batteries in the world.
Outside China, Chinese battery
CFOTO/DDP/ZUMA PRESS
manufacturers lag behind South
Korean rivals—the top three have
nearly half the market. But if
CATL keeps logging growth num-
bers like it did this year, that
could change fast.
LG Energy Solution, the top
Korean battery maker, booked ex-
China sales that were 60% higher
in the first eight months of 2023
than in the same period of 2022,
according to SNE Research.
But CATL’s overseas sales more
than doubled, and its ex-China
market share is neck and neck
with LG—both have about 28%.
SK On, the No. 2 Korean battery
maker, boosted such sales only
16%.
Meanwhile, CATL’s market
share in Europe has risen to 24%
this year, compared with 10% in
2020, according to HSBC. Exports
of Teslas with CATL’s batteries
from its Shanghai factory are one
reason. But the battery maker
supplies European carmakers like
Stellantis. And overseas sales
could become more important to
Chinese battery makers as domes-
tic competition intensifies.
HEARD STREET FINANCIAL ANALYSIS & COMMENTARY
Government debt as a percentage of GDP
200%
Emerging and developing countries
Developed markets
175
150
125
100
75
50
25
0
2001 ’05
on
Sources: International Monetary Fund (Govt. debt); Federal Reserve Bank of New York (dealer positions); U.S. Commodity Futures Trading Commission (fund position)
us ,
borrowing costs are 0.6 percentage
l
point higher than swap rates.
e
al a
The other problem is that postcri-
sis financial regulations prevent
banks from limitlessly absorbing
ci on
bonds. Central banks’ “quantitative
easing” was picking up some of this
slack, but no longer. The Federal Re-
serve and the Bank of England are
actively selling bonds, and the Euro-
er s
pean Central Bank might soon stop
reinvesting the proceeds from its
m er
pandemic buys.
Another less-regulated type of
player is stepping in: hedge funds.
Figures by the U.S. Commodity Fu-
tures Trading Commission show
m rp
bets by leveraged investors
against Treasury futures are hov-
ering around a record high, likely
due to them acting as dealers by
buying Treasurys and selling Trea-
co Fo
n-
Chinese makers of electric-vehicle batteries are weighing factory expansions in Europe.
Chinese battery companies en-
joy significantly higher margins
abroad, according to Goldman
Sachs. The bank expects around
70% of the earnings of Gotion, a
Chinese Volkswagen supplier, to
come from exports or overseas
production by 2025. Its plant in
Germany started production this
year and it is building a $2 billion
factory in Illinois.
Geopolitics are a big risk. The
U.S. Inflation Reduction Act man-
dates that subsidized EVs use
batteries with a certain propor-
tion of content from the U.S., or
from free-trade partners. The Eu-
ropean Union has launched an an-
tisubsidy probe into EV imports
from China.
But China’s battery industry is
trying to sidestep these restric-
ON
THE
Forecasts
’10 ’15 ’20
sury futures.
But, as the Basel-based Bank for
International Settlements warned in
a September report, this is a risky
trade that can quickly unravel.
When Covid-19 concerns hit in
March 2020, Treasurys sold off. In-
vestors were shocked because a ha-
ven asset is expected to appreciate
in times of trouble. Funds and deal-
ers shedding leverage had the oppo-
site effect.
Matters are a bit different abroad.
In Japan, central-bank bond buying
continues, despite recent tweaks. In
the eurozone, German austerity has
limited the supply of ultrasafe
bonds. In the U.K., regulators created
insatiable hunger for long-term se-
curities among pension funds, which
imploded last year, leading to the
ouster of Prime Minister Liz Truss.
tions. Chinese companies an-
nounced overseas investments of
more than 200 billion yuan, the
equivalent of $27 billion, in bat-
teries and materials, says Gold-
man. More than 80% of that is in
Europe. Hungary is a popular des-
tination. CATL plans to spend the
equivalent of $7.7 billion in the
country to build what could be
the continent’s largest battery
plant. Hungary is one of the
friendlier countries to China in
the EU bloc, and offers low labor
costs.
Morocco, which has free-trade
agreements with the EU and the
U.S., is another likely beneficiary.
Gotion has signed an agreement
with the government to look into
setting up a battery plant there
with a planned investment of $6.4
* ***
Coupon-bearing Treasurys, net position by primary dealers
$300billion
200
100
0
–100
–200
2000
Treasury futures and options, net position
900,000 contracts
600,000
300,000
0
–300,000
–600,000
’25
–900,000
2011
Negative numbers
indicate short bets
Nevertheless, the takeaway ap-
plies everywhere: The private sector
may not be able to provide as much
bond-market liquidity as officials’
fiscal plans imply.
Buy-and-hold investors could
safely take up more of the load.
However, U.S. dealer positions are
historically negatively correlated
with the steepness of the Treasury
yield curve, meaning that such real-
money buyers step in only when
bond returns significantly exceed
those of leaving cash in the bank.
This has started to happen:
Stretched dealers have priced long-
term bonds at a discount, which has
resulted in an increase in the “term
premium,” leading to higher borrow-
ing costs and a disgruntled equity
market. There may be more to come.
“It can take a while for these
billion. China’s miner Huayou will
build plants there for refining
lithium and making cathode ma-
terials with Korea’s LG Chem.
China’s battery race abroad
won’t be free of potholes, but its
battery champions are ready to
drive around them.
For the U.S. and especially Eu-
rope, that offers pros and cons. In
the long run, Chinese battery
know-how could filter out into
Europeans suppliers and help
build a local ecosystem, much like
Tesla and Apple helped level up
China’s EV and smartphone sec-
tors.
In the short run, however, it
might mean U.S. or European
would-be CATLs struggle to gain
much traction.
—Jacky Wong
THE WALL STREET JOURNAL.
2008 financial crisis
Negative numbers
indicate short bets
’05 ’10 ’15 ’20
Asset managers
Leveraged funds
.
ly
’15 ’20
holdings to rebalance in response
to the changing investment oppor-
tunity,” said Du, who is a profes-
sor of finance at Columbia Busi-
ness School.
To be sure, the solution is in offi-
cials’ hands. They could help banks
sidestep regulatory costs by promot-
ing “sponsored” repurchase agree-
ments. Or they could allow for cer-
tain exemptions from leverage rules,
like the Fed and the ECB did during
the pandemic. In September, the
BOE announced a liquidity facility
for nonbank financial firms. Eventu-
ally, central banks would buy bonds
again. But backstops kick in only af-
ter severe market disruptions.
It may turn out that the “bond
vigilantes” aren’t as dangerous as
the “bond warehouse managers.”
—Jon Sindreu
KKR Takes
On Italian
Broadband
KKR’s European megadeal is
now in the hands of lawyers.
Telecom Italia’s board ap-
proved the sale of its broadband
network to the American buyout
firm on Sunday. The headline
value of “up to 22 billion euros,”
equivalent to $23.6 billion, would
make it one of Europe’s largest
ever private-equity deals—if it
goes ahead.
The doubt stems from the oppo-
sition of top shareholder Vivendi,
which said it would “use any legal
means at its disposal to challenge
this decision.”
The French media company,
which is steered by the billionaire
Bolloré family, has had to write
down its 24% stake in Telecom Ita-
lia and appears to want a higher
price.
The big legal question is
whether selling the fixed-line net-
work changes Telecom Italia’s
company purpose, which would re-
quire it to put the deal to a share-
holder vote that could be blocked
by Vivendi.
Telecom Italia would carry on
selling broadband contracts to
Italian households and businesses,
but it would have to pay for access
to the network. If Vivendi does
manage to stall the deal, it will
need to come up with an alterna-
tive plan. Telecom Italia is creak-
ing under more than $26 billion of
debt and needs to sell something.
One option being floated by a
handful of shareholders is for it to
shed other assets, such as its
promising Brazilian business.
But the KKR deal for the net-
work is the one on the table, and
with higher interest rates the
clock is ticking loudly for debt-en-
cumbered businesses.
KKR must see extraordinary po-
tential in a more digital Italy to
put up with such an arduous fight.
—Stephen Wilmot