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.
DJIA 29490.89 À 765.38 2.7%
What’s
News
Business & Finance
M ore new cars and
trucks are trickling into
dealerships as supply-chain
troubles ease and auto mak-
ers increase factory output,
but rising interest rates and
other economic pressures are
starting to pinch buyers. A1
 Despite some signs of eas-
ing inflation, underlying price
pressures have too much
momentum and will likely
require a period of higher
interest rates, New York
Fed chief Williams said. A2
 U.S. stocks started the
new quarter higher, with
the S&P 500, Dow and
Nasdaq gaining 2.6%, 2.7%
and 2.3%, respectively. B1
 Credit Suisse came under
renewed pressure over its fi-
nancial health after the value
of its riskiest bonds sank and
the cost to insure against
default rose sharply. B1
 The Biden administration
is preparing new export con-
trols on semiconductors and
the machines to make them,
the latest push to deny China
the ability to make the most
cutting-edge circuitry. A6
 Samsung Electronics un-
veiled targets for making
its most advanced chips,
detailing how its produc-
tion road map would com-
pare with that of TSMC. B1
 Nvidia moved to cease
operations and close its
offices in Russia, saying it
could no longer operate ef-
fectively in that country. B2
 A judge granted Theranos
founder Holmes a hearing
to make the case that she
deserves a new trial after
she was convicted of wire
fraud and conspiracy. B3
World-Wide
 The U.K. government
backtracked on a key part of
its broad tax-cut plan after
facing a backlash from fi-
nancial markets and a rebel-
lion in its own ranks, send-
ing the pound higher but
marking a major setback for
Prime Minister Truss and
her economic agenda. A1
 The Supreme Court
agreed to decide whether
social-media platforms can
be held liable for terrorist
propaganda uploaded by
users, opening a new chal-
lenge to the broad legal
immunity provided to in-
ternet companies by the law
known as Section 230. A1
 The government began
laying out its seditious con-
spiracy case against five
members of the far-right
Oath Keepers militia, includ-
ing its founder, in connection
with the Capitol attack. A4
 Officials have confirmed
74 deaths related to Ian,
and that number may in-
crease. The storm was still
causing problems Monday
along the U.S. East Coast. A3
 Biden sought to reassure
Puerto Rico with a visit to
the island as it seeks to re-
cover from wide-scale
damage caused by Fiona. A3
 North Korea flew a mis-
sile over Japan for the first
time since 2017, Seoul and
Tokyo officials said, a signif-
icant escalation that led to
Japan issuing warnings for
citizens to take shelter. A8
 Geneticist Svante Pääbo
was awarded the Nobel
Prize in physiology or
medicine for discoveries
about human evolution. A3
CONTENTS
Arts in Review.... A11
Business News.. B3,5
Crossword............... A11
Equities....................... B8
Heard on Street. B12
Markets..................... B11
s 2022 Dow Jones & Company, Inc.
All Rights Reserved
* * * * *
NASDAQ 10815.43 À 2.3% STOXX 600 390.83 À 0.8%
As Ukrainian Push Continues, a City Marks Its Deliverance
ATEF SAFADI/EPA/SHUTTERSTOCK
WITNESS: Ukrainians in Kupyansk gather Monday for the unveiling of a billboard celebrating the recent liberation of the
city. Meanwhile Kyiv’s forces broke through Russian lines and made new advances in the southern Kherson region. A16
Car Shortage Starts to Loosen
But Rising Rates Pinch Buyers
BY MIKE COLIAS
More new cars and trucks
are finally trickling into deal-
erships as supply-chain trou-
bles ease and auto makers in-
crease factory output. Now,
rising interest rates and other
economic pressures are start-
ing to put a damper on the
car-buying mood.
Several major auto makers
reported U.S. sales declines in
the third quarter as inventory
levels remained pressured, de-
spite some improvement in re-
cent months. General Motors
High Court
To Hear
Challenge
To Tech
Immunity
BY JAN WOLFE
The Supreme Court agreed
to decide whether social-me-
dia platforms can be held lia-
ble for terrorist propaganda
uploaded by users, opening a
new challenge to the broad le-
gal immunity provided to in-
ternet companies by the law
known as Section 230.
The court on Monday took
up a set of cases in which fam-
ilies of terrorism victims al-
lege Twitter, Facebook and
YouTube bear some responsi-
bility for attacks by Islamic
State, based on content posted
on those sites.
Section 230 of the Commu-
nications Decency Act has come
under intense scrutiny from
lawmakers in recent years, but
this is the first time the Su-
preme Court has moved to
weigh in on the foundational
internet law. The eventual rul-
ing could have repercussions
for businesses and internet us-
ers worldwide, said Anupam
Chander, a professor at George-
town University Law Center.
At issue are the “algorithmic
processes for information dis-
semination that all internet
platforms use,” he said.
The court agreed on Monday
to take up Gonzalez v. Google,
Opinion.............. A13-15 an appeal by the family of No-
Personal Journal A9-10
Sports........................ A12 hemi Gonzalez, a young woman
Technology............... B4 killed in an ISIS attack in Paris
U.S. News......... A2-4,6 in 2015. Ms. Gonzalez’s family
Weather................... A11
World News...... A8,16
alleges YouTube, a unit of
Google owner Alphabet Inc.,
aided ISIS by recommending the
> terror group’s videos to users.
The court also agreed to
hear a similar appeal, Twitter
Please turn to page A4
 Supreme Court weighs
wetlands protection............... A4
TUESDAY, OCTOBER 4, 2022 ~ VOL. CCLXXX NO. 80 WSJ.com HHHH $5.00
10-YR. TREAS. À 1 6/32 , yield 3.650% OIL $83.63 À $4.14 GOLD $1,692.90 À $30.50 EURO $0.9825 YEN 144.56
U.K. Says
Tax Cut
For High
Earners Is
Off Table
Truss reverses course
amid heavy backlash, in
blow to economic plan;
pound rallies on move
LONDON—The U.K. govern-
ment backtracked on a key
part of its broad tax-cut plan
after facing a backlash from fi-
nancial markets and a rebellion
in its own ranks, sending the
By Paul Hannon,
Max Colchester
and Anna Hirtenstein
pound higher on Monday but
marking a major setback for
new Prime Minister Liz Truss
and her economic agenda.
Chancellor of the Exchequer
Kwasi Kwarteng shelved an
initiative to cut the top rate of
income tax to 40% from 45%,
more than a week after a
broader fiscal plan to stoke
growth through tax cuts and
new spending forced an emer-
gency intervention by the
Bank of England to prevent a
financial crisis.
Ms. Truss, who based her
nascent leadership on a
Co. posted a 24% jump in third- Auto executives continue to Executive Randy Parker said sweeping revamp of the U.K.
quarter U.S. sales as its vehicle express confidence that they Monday, citing rising rates economy, defended the mea-
availability increased after it will be able to fill a big back- and stock-market declines. sure as recently as Sunday, but
was disproportionately hit last log in consumer demand as Hyundai’s third-quarter sales eventually buckled under the
year by supply-chain con- production normalizes. But a rose 3%. pressure of international in-
straints resulting from Covid- worsening economic picture Still, Mr. Parker said it was vestors who balked at the
related shutdowns in Asia. and higher interest rates are too early to say whether de- scale of unfunded tax cuts and
The auto industry has grap- raising questions about mand is weakening signifi- Conservative Party lawmakers
pled for nearly two years with whether consumers will still cantly and he said he is cau- shocked by polls showing they
choppy factory schedules and keep snapping up cars and tiously optimistic that it will faced a near total wipeout in
thin dealership stocks, stem- trucks at the same pace once hold up. He said sales slowed the next general election.
ming from semiconductor stock levels improve. last week partly because of The pound rallied 1.3%
shortages and other supply “There’s a lot of negative Hurricane Ian’s impact on the against the dollar and bought
problems. Those troubles are consumer sentiment in the Southeast, making it more dif- $1.13 in late Monday trading—
easing and vehicle availability marketplace. So we’re obvi- ficult to gauge underlying con- a higher rate than before the
is slowly improving, the car ously concerned about that,” sumer demand. tax plans were unveiled last
companies said. Hyundai Motor America Chief Please turn to page A6 week. U.K. borrowing costs
mostly fell, with the yield on
the 10-year gilt slipping 0.21
INSIDE Close Result in Brazil percentage point to 3.93%, al-
Please turn to page A8
Galvanizes Bolsonaro Stocks Gain to
BY SAMANTHA PEARSON
AND LUCIANA MAGALHAES
ago by pollsters and many an-
alysts to be a shoo-in for Mr.
Start Quarter
Major U.S. indexes all post
SÃO PAULO—For months,
Brazilian President Jair Bol-
da Silva, is up for grabs, politi-
cal scientists said Monday.
“By the grace of God, I’ve
increases of more than 2%. B1
Index performance Monday
sonaro had argued that the un- never lost an election and I
favorable opinion polls ahead know I won’t lose this one,” 3%
of Brazil’s presidential vote said Mr. Bolsonaro in a mes-
BUSINESS & FINANCE were wrong. He was right. sage to supporters on social
Kim Kardashian to pay The right-wing ex-army cap- media Monday. “We won
2
tain secured 43.2% of the vote against the lying pollsters and
$1.26 million to settle in the first round of presiden- now we will win the election.”
SEC inquiry over a
tial elections on Sunday, more While Mr. da Silva is still a
crypto promotion. B1 than 51 million votes and al- slight favorite to win, the
1
most 10 percentage points chance of Mr. Bolsonaro Dow Jones
Industrial Average
more than some polls had pre- clinching a second term can’t
SPORTS dicted. He still fell short of his be disregarded, said Carlos S&P 500
An investigation finds rival, leftist former President Melo, a professor of political 0
Nasdaq Composite
Luiz Inácio Lula da Silva, who science at São Paulo’s Insper
‘systemic abuse’ in U.S. got 48.4%, which triggers a run- business school. “The election
10 a.m. noon 2 p.m.
women’s pro soccer off vote at the end of October. is wide open,” he said. Source: FactSet
culture. A12 Now, Brazil’s presidential After Sunday’s vote among
election, considered only days Please turn to page A8
Insults Fly Over Rival Airports
In New York and New Jersey
i i i
Seemingly small slights about Newark
airport reopen old wounds
BY ANDREW TANGEL surfaced. The Newark, N.J.,
AND ALISON SIDER airport is losing its New York
City designation by the Inter-
New York City Mayor national Air Transport Associ-
Fiorello La Guardia once re- ation. And the Justice Depart-
fused to get off a plane at the ment snubbed Newark in an
Newark airport in 1934, com- antitrust case related to the
plaining that his TWA ticket New York air-travel market.
from Chicago listed New York They are small slights but
as the destination, not New carry a lot of baggage.
Jersey. “Of course it’s a New York
He demanded the plane be City airport. It’s a re-
flown to a New York gional economy,” said
City airfield. Joe Cryan, a
The slights Democratic
New Jerseyites state senator. His
endure at the Expect turbulence. district includes
hands of New part of Newark
Yorkers are unending. For one, Liberty International Airport,
cars heading into the Big Ap- which frequent fliers know as
ple have to pay as much as $16 one of three main landing
for a bridge or tunnel toll. For spots for travel to New York
New Jersey-bound traffic it’s City.
Please go, no charge. Excluding Newark from the
Two new grievances have Please turn to page A9
 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, October 4, 2022 * **** THE WALL STREET JOURNAL.

U.S. Starts to Plug Old Oil and Gas Wells
BY KRIS MAHER
EMSWORTH, Pa.—About 30
years ago, Ralph Molenda
learned that he had an aban-
doned gas well leaking under
his driveway. The top of the
well, it turned out, had been
covered decades earlier with a
piece of wood and a cast-iron
skillet.
The well is now among sev-
eral hundred that Pennsylvania
regulators plan to fill and seal
over the next year, as part of a
federal effort aimed at plugging
U.S. NEWS
grant funding under the U.S. In July, Pennsylvania Demo-
Methane Emissions Reduction cratic Gov. Tom Wolf let a law
Action Plan to plug abandoned take effect that freezes the
wells. bonding amount for another
In August, the Interior De- decade for conventional oil and
partment gave $560 million to gas drillers at $2,500 a well,
24 states under the program. the level first set in 1984. The
Millions of people live within a DEP said it costs $68,000 on
mile of hundreds of thousands average to plug a conventional
of orphaned oil and gas wells, well. The DEP hasn’t said what
the department said. bonding level is appropriate.
With the initial grant money, Dan Weaver, president and
Texas will begin plugging 800 executive director of the Penn-
wells this fall, while Kentucky sylvania Independent Oil &
will plug more than 1,000 and Gas Association, said the in-
Louisiana will plug more than dustry supported the bill to

KRIS MAHER/THE WALL STREET JOURNAL

abandoned oil and gas wells, a
safety and environmental haz-
ard that states have made little
progress on for years.
“It’s definitely a relief. I
didn’t think it would actually
ever get done,” said Mr. Mo-
lenda, a retired carpenter, as
he stood next to a 12-foot-tall
pipe that vents gas to keep it
from migrating into his home.
Methane leaking from
cracked and rusting wells from
more than a century of oil and
gas development has long
posed risks to homes and busi-
nesses in states such as Ohio,
Wyoming and Texas. Over the
years, many companies simply
walked away from wells when
production dwindled.
Now the threat posed by the
emissions of methane, a potent
greenhouse gas, has created
more urgency to seal them.
Last year’s infrastructure
bill included $1.15 billion in
250, according to the Interior
Department. It said 15 states,
including California, Missis-
sippi and West Virginia, will
also use some of the funding to
measure methane emissions.
Pennsylvania could eventu-
ally receive a little over $400
million from the federal gov-
ernment through the program,
according to the state Depart-
ment of Environmental Protec-
tion, which oversees well plug-
ging. The process involves
clearing out wells that can ex-
tend several thousand feet and
filling them with concrete.
Over the next year, the DEP
plans to hire contractors to
plug about 300 high-priority
wells from an initial $25 mil-
lion grant received in August—
far more than the 54 wells the
state paid contractors to plug
over the past five years.
Don Hegburg, a geologist
who oversees the DEP’s plug-
Cliff Simmons and Don Hegburg, in plaid, of the Pennsylvania Department of Environmental
Protection, check an abandoned well. The state plans to plug about 300 wells over the next year.
ging program in southwest
Pennsylvania, said the new pro-
gram will keep oil and gas from
migrating into homes and wa-
ter sources from some of the
most high-risk wells. “It’s a
rare opportunity,” he said.
And yet, the program will
barely make a dent in the total
number of abandoned wells.
The state has documented
nearly 27,000 orphaned wells,
and there could be 200,000 or
more undocumented ones, ac-
cording to the DEP.
Methane emissions from
Pennsylvania’s abandoned oil
and gas wells accounted for
between 5% and 8% of the
state’s greenhouse-gas emis-
sions, according to a 2016
study by researchers at
Princeton and Stanford univer-
sities. They found that 10% ac-
counted for 90% of emissions.
In Pennsylvania, there was
little oversight of well plug-
ging for nearly a century after
pause increasing bonding lev-
els, because a proposal backed
by the Sierra Club and other
groups to raise the amount to
$38,000, for new wells and
those drilled since 1985, would
have put some companies out
of business.
From the start of the year
through August, the DEP cited
companies for abandoning a
total of 267 conventional wells
without plugging them, ac-
the nation’s first oil well was cording to an analysis of its
sunk in Titusville in 1859. compliance database by David
In 1921, the state required Hess, who was head of the DEP
companies to plug wells, but from April 2001 to January
the law was rarely enforced, ac- 2003. He praised the influx of
cording to Jeremy Weber, an federal funding but said the
associate professor at the Uni- number of wells cited as being
versity of Pittsburgh. In 1984, abandoned this year is close to
the state required companies to the number that contractors
pay for a bond on each well to will plug over the next year.
ensure that it would be plugged A spokesman for the state
later. But many say such bond- DEP said the department is
ing has been inadequate in working to confirm Mr. Hess’s
Pennsylvania and elsewhere. analysis.

U.S. WATCH
Fed Official Sees
More Persistent
Price Pressures
BY NICK TIMIRAOS ture serving as a middle layer.
Declining commodities prices
Despite some signs of eas- and improving supply chains
ing inflation, underlying price should slow inflation for many
pressures have too much mo- goods, Mr. Williams said.
mentum and will likely require “Unfortunately, that’s it for
a period of higher interest the good news on inflation,”
rates, a top Federal Reserve he said. “The fact is, lower
official said. commodity prices and reced-
The economy is already ing supply-chain issues will
seeing some of the effects of not be enough by themselves
the Fed’s efforts to slow de- to bring inflation back to our
mand, including higher bor- 2% objective.”
rowing costs and mortgage Mr. Williams said demand
rates and falling stock prices, for so-called durable goods,
which “have become signifi- those made to last several
BETTMANN ARCHIVE/GETTY IMAGES

cantly less supportive of years, remains “very high…

spending,” said New York Fed even with improved supply
President John Williams in re- chains.”
marks prepared for delivery Underlying inflation pres-
Monday. sures, or what Mr. Williams
But Mr. Williams, a top pol- referred to as the innermost
icy adviser to Fed Chairman layer of the onion, have risen
Jerome Powell, warned that briskly and are unlikely to
reducing inflation to the Fed’s weaken without the Fed taking
Sacheen Littlefeather at the 1973 Oscars, where she declined Marlon Brando’s award on his behalf. She died Sunday at age 75. 2% target would take more action to slow the economy
time because of how price with higher interest rates.
NEBRASKA had previously served as chief of LOS ANGELES information leading to an arrest pressures have spread across “Therein lies our biggest
the department, officials said. No in the slayings, which date back the U.S. economy. “Tighter challenge….Inflation pressures
Firefighter Battling other injuries have been reported. Student Data Largely to July 8. Authorities also re- monetary policy has begun to have become broad based
Growing Blaze Dies The fire was initially reported Unaffected in Hack leased a grainy still image of a cool demand and reduce infla- across a wide range of goods
as having burned around 100 “person of interest,” dressed all tionary pressures, but our job and services,” Mr. Williams
A longtime volunteer fire- acres Sunday afternoon in the The Los Angeles public in black and wearing a black cap, is not yet done,” he said at the said. “Demand for labor and
fighter died while battling a large Bessey Ranger District of the Ne- school system lost some sensi- who appeared in videos from U.S. Hispanic Chamber of services is far outstripping
wildfire in drought-stricken central braska National Forest, officials tive information but little data several of the crime scenes. Commerce convention in available supply. This is result-
Nebraska that destroyed much of said. By Sunday night, the grass- related to its teachers and stu- The available footage, as well Phoenix. ing in broad-based inflation,
a youth campsite and led officials land fire in the state’s Sandhills dents during a cyberattack last as ballistics evidence, link the Mr. Williams compared in- which will take longer to bring
to evacuate a nearby village. region had grown to about month, Superintendent Alberto five killings, Officer Silva said. “It flation to an onion, with the down.”
Mike Moody, 59, assistant chief 15,000 acres, or around 24 square Carvalho said Monday. definitely meets the definition of prices of globally traded com- He said he expects inflation
of the Purdum Volunteer Fire De- miles, according to the Nebraska The attackers operate within a serial killer,” he said. modities such as lumber, steel, to decline to 3% by the end of
partment, died Sunday after suf- National Forests & Grasslands. Russia, and “a number of —Associated Press and oil, serving as the outer next year while the unemploy-
fering a medical emergency early None of the fire was contained by [school] systems have fallen layer, and durable goods such ment rate climbs to around
in the efforts to battle the Bovee midday Monday, according to Tra- victim to this attacker,” Mr. Car- OBITUARY as appliances, cars, and furni- 4.5% from 3.7% in August.
Fire, according to the Region 26 vis Mason-Bushman, a spokesper- valho said. He declined to name
Emergency Management Council. son for the Rocky Mountain Com- the ransomware group believed Activist Littlefeather
Mr. Moody had been with the de-
partment for over 40 years and
plex Incident Management Team.
—Associated Press
to have conducted the attack.
Some data about students
dating from 2013 to 2016 were
Spoke Out at Oscars
Sacheen Littlefeather, the actor
U.N. Says Rate Hikes
CORRECTIONS  AMPLIFICATIONS
accessed in an application no
longer used by the district, the
superintendent said. Details
and activist who declined Marlon
Brando’s 1973 Academy Award for
“The Godfather” on his behalf in a
Risk Global Recession
about contracts with third-party protest of Hollywood’s portrayal BY PAUL HANNON rise in the Fed’s key interest
The clue to 28-across in crime-show spinoff, famil- maintenance and construction of Native Americans, has died. rate lowers economic output in
Friday’s crossword puzzle iarly.” It incorrectly referred companies were compromised, She was 75. The Federal Reserve and other rich countries by 0.5%,
should have read “NBC to CBS. along with data about employ- Ms. Littlefeather’s niece, Calina other central banks risk push- and economic output in poor
ees of those companies, he Lawrence, confirmed that she died ing the global economy into re- countries by 0.8% over the sub-
Readers can alert The Wall Street Journal to any errors in news articles by said. peacefully Sunday at her home in cession followed by prolonged sequent three years.
emailing wsjcontact@wsj.com or by calling 888-410-2667. —Kim S. Nash Marin County, Calif. The cause stagnation if they keep raising UNCTAD estimated that the
was breast cancer, the family said. interest rates, a United Nations Fed’s rate increases so far this
CALIFORNIA Ms. Littlefeather’s appearance agency said Monday. year would reduce poor coun-
THE WALL STREET JOURNAL at the 1973 Oscars would become The warning comes amid tries’ economic output by $360
(USPS 664-880) (Eastern Edition ISSN 0099-9660) Police Attribute Five one of the award show’s most fa- growing unease about the billion over three years, and
(Central Edition ISSN 1092-0935) (Western Edition ISSN 0193-2241)
Editorial and publication headquarters: 1211 Avenue of the Americas, New York, N.Y. 10036
Deaths to Serial Killer mous moments. Clad in buckskin haste with which the Fed and further policy tightening would
dress and moccasins, she took the its counterparts are raising do additional harm. “There’s
Published daily except Sundays and general legal holidays. still time to step back from the
Periodicals postage paid at New York, N.Y., and other mailing offices.
A serial killer may have am- stage when Mr. Brando’s name borrowing costs to contain
bushed five men in central Cali- was read as the winner for best surging inflation. India’s cen- edge of recession,” UNCTAD
Postmaster: Send address changes to The Wall Street Journal,
200 Burnett Rd., Chicopee, MA 01020. fornia separately in recent actor. Ms. Littlefeather cited Na- tral bank Friday said the global Secretary-General Rebeca
All Advertising published in The Wall Street Journal is subject to the applicable rate card, months, shooting them to death tive American stereotypes in film economy was facing a third Grynspan said. “We have the
copies of which are available from the Advertising Services Department, Dow Jones & Co. Inc., alone in the dark, and police are and the protest at Wounded Knee major shock after the Covid-19 tools to calm inflation and sup-
1211 Avenue of the Americas, New York, N.Y. 10036. The Journal reserves the right not to baffled as to why the victims in South Dakota as the reason for pandemic and Russia’s invasion port all vulnerable groups. But
accept an advertiser’s order. Only publication of an advertisement shall constitute final
acceptance of the advertiser’s order. were targeted. Mr. Brando’s absence. of Ukraine, in the form of ag- the current course of action is
Letters to the Editor: Fax: 212-416-2891; email: wsj.ltrs@wsj.com None of the men were robbed Ms. Littlefeather was born Ma- gressive rate increases by cen- hurting the most vulnerable,
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or beaten before their killings— rie Cruz in Salinas, Calif. Her fa- tral banks in rich countries. especially in developing coun-
By web: customercenter.wsj.com; By email: wsjsupport@wsj.com which all took place within a ra- ther was from the White Moun- In its annual report on the tries and risks tipping the
By phone: 1-800-JOURNAL (1-800-568-7625) dius of a few square miles—and tain Apache and Yaqui tribes. She global economic outlook, the world into a global recession.”
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other, Stockton Police Officer Jo- tlefeather after high school. Sa- Trade and Development said ell has said the central bank
seph Silva said Monday. The cheen, she said, was what her fa- the Fed risks causing signifi- takes account of the impact its
WSJ back issues and framed pages: wsjshop.com
shootings don’t seem to be re- ther had called her; the surname cant harm to developing coun- policies have on the rest of the
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lated to gangs or drugs. came from a feather she often tries if it persists with rapid world but would continue to
GOT A TIP FOR US? SUBMIT IT AT WSJ.COM/TIPS Stockton police on Friday an- wore in her hair. rate rises. The agency esti- lift interest rates to bring infla-
nounced an $85,000 reward for —Associated Press mated that a percentage point tion under control.
 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.
Death Toll
Rises From
Hurricane Ian
BY SCOTT CALVERT
AND GINGER ADAMS OTIS
CAPE CORAL, Fla.—Five days
after Hurricane Ian ripped its
way across Florida to the Caro-
linas, the scale of its destruction
is still coming into full focus.
Officials have confirmed 74
storm-related deaths, with that
number expected to increase.
In Florida, state officials said
they confirmed 68 fatalities as
of Monday night. North Caro-
lina had four deaths and Cuba
two fatalities, officials said.
The majority of Florida’s
victims died by drowning, ac-
cording to the state’s Medical
Examiners Commission.
In Lee County, which in-
cludes Fort Myers, Cape Coral
and other devastated commu-
nities, there were at least 42
storm-related deaths, Sheriff
Carmine Marceno said Sunday.
Ian, which made landfall
Wednesday in Lee County, was
still causing problems Monday
along the East Coast. Heavy rain
lingered over the weekend
The total economic
damage from Ian is
forecast to be well
over $100 billion.
around Virginia as the storm’s
weakened core moved offshore.
It was absorbed by another
storm system that is likely to
cause flooding, forecasters said.
Virginia could see poten-
tially significant tidal flooding
along its Hampton Roads re-
gion and into Chesapeake Bay,
said National Weather Service
meteorologist Marc Chenard.
The coastal flooding could
stretch from North Carolina
up through Delaware and into
parts of New Jersey, he said.
The entire mid-Atlantic
coastal region likely will get
on-and-off rain into Tuesday,
he said. Floods are expected
with high-tide cycles, and will
range from minor in some ar-
eas to major in places such as
Virginia, he said.
Across Florida, thousands
are still without power. More
than 1,000 search teams contin-
ued to knock on doors on the
slim chance they might still find
survivors in need of rescue.
As of 7 a.m. Monday, more
than 1,600 rescues had been
made, said Gov. Ron DeSantis.
National Guard engineers
were clearing roads along the
hard-hit western coast. The
governor deployed more than
5,000 National Guard members
to help with disaster recovery
and to prevent looting.
Risk-modeler Karen Clark &
Co. on Friday estimated that
the privately insured loss from
Hurricane Ian would be close
to $63 billion, including wind,
storm surge and inland flood
damages, while total economic
damage will be well over $100
billion, including uninsured
properties, damage to infra-
structure and cleanup costs.
Florida Power & Light has
Geneticist Awarded Nobel Prize for Discoveries in Evolution
BY DENISE ROLAND
AND AYLIN WOODWARD
The Nobel Prize in physiol-
ogy or medicine was awarded
Monday to Sweden-born ge-
neticist Svante Pääbo, recog-
nizing him for discoveries re-
lated to the genomes of
extinct human groups that
shed light on the genetic char-
acteristics unique to present-
day humans.
The committee said Dr.
Pääbo, whose father was also
a Nobel laureate, overcame
challenges in recovering and
analyzing ancient DNA to se-
quence the genome of the Ne-
anderthal, an extinct relative
of present-day humans. He
also discovered a previously
unknown human relative,
called the Denisova. He is
based at the Max Planck Insti-
tute for Evolutionary Anthro-
pology in Germany.
“He’s a true visionary and
this is very well-deserved,”
said Ed Green, a professor of
biomolecular engineering at
the University of California,
* * * *
restored electricity to roughly
2 million customers across the
state, the governor said.
Yet, along the Lee County
coast, most people were still
in the dark. Lee County Elec-
trical Cooperative, which pro-
vides power to much of the
storm-destroyed region, had
more than 100,000 outages as
of early Monday, roughly 68%
of its customers.
Sanibel Island and Pine Is-
land are still without power, ac-
cording to LCEC’s outage map.
By midday Monday, Sanibel
Island residents who had
stayed put during the hurri-
cane continued to leave the is-
land by boat, though not nec-
essarily by choice.
Among those reluctant to
depart was Lawrence Leven-
thal, a 71-year-old retired doc-
tor. He said his first-floor
apartment sustained only mi-
nor wind damage and never
took on any water. He said local
police told him he had to go.
“We’ve been living there
comfortably,” he said. “No
electricity, no running water,
no sewage. But that’s not a
problem. We have toilets we
can flush with manual water.
We bathe in the gulf. Beauti-
ful. Every evening you sit on a
beach chair and dry off.”
Mr. Leventhal said he would
visit friends in Naples before
traveling to St. Louis, where
he has relatives.
Sanibel city officials held a
meeting late Monday in Fort
Myers to share the plans made
with county and state agencies
to get the island’s sewage sys-
tem back online, repair its
bridge to the mainland and
clear roads.
Residents will be able to ac-
cess the island again by pri-
vate boat starting Oct. 5, but
only between 7 a.m. and 7
p.m., according to city man-
ager Daniel Souza. Debris
clogged waterways and made
travel hazardous, he said. “You
go at your own risk,” he said.
Law enforcement and 60
National Guard troops sta-
tioned on the island will ask
visitors to show proof of resi-
dency and identification, the
officials said. The city won’t
provide ferry service to the is-
land or shuttle services to
those who visit the island, of-
ficials said.
Chief William Briscoe, head
of the Sanibel Fire & Rescue
District, said his fire depart-
ment was taxed to its limit
while evacuating nearly 1,000
people after the storm. The
district had four known deaths
and three houses burned to the
ground, he said. He had asked
for resources at the county
level and got rejected, he said.
Some Sanibel residents got
their ride to the mainland
Monday from Josh Santangelo,
a 23-year-old charter boat
captain. He put his 25-foot
boat into service alongside
volunteers with Project Dy-
namo, a rescue organization
that normally operates in
places like Ukraine but has
been helping in Southwest
Florida since the day after
Hurricane Ian hit.
Santa Cruz. Dr. Green worked
on sequencing the Neander-
thal genome as one of Dr.
Pääbo’s postdoctoral research-
ers between 2005 to 2010 at
the Max Planck Institute.
Sequencing the genomes of
extinct hominins—a grouping
of humans that includes pres-
ent-day people, or Homo sapi-
ens, as well as close relatives
such as Neanderthals who died
out millennia ago—provided a
crucial reference point for sci-
entists in understanding the
genetic divergence that makes
Homo sapiens unique, the
committee said. Dr. Pääbo’s
work laid the foundations for
a new field of science known
as paleogenomics, or the use
of genetic analysis to shed
light on human evolution.
“By revealing genetic differ-
ences that distinguish all liv-
ing humans from extinct homi-
nins, his discoveries provide
the basis for exploring what
makes us uniquely human,”
said the Nobel committee.
Before Dr. Pääbo’s research,
understanding of Neanderthals
U.S. NEWS
Biden Visits Puerto Rico in Aftermath of Fiona
PONCE, Puerto Rico—Presi-
dent Biden sought to reassure
storm-ravaged Puerto Rico on
Monday with a visit to the is-
land as it seeks to recover from
wide-scale damage and power
outages caused by Hurricane
Fiona last month.
Mr. Biden and first lady Jill
Biden viewed the aftermath of
the hurricane in Ponce, along
Puerto Rico’s southern coast, as
more than 100,000 people in
the U.S. territory are without
power after the storm battered
the island Sept. 18.
“We came here in person to
Florida’s Electric Grid Mostly Held
BY KATHERINE BLUNT
Multibillion-dollar upgrades
by Florida’s largest utilities to
strengthen the electric grid in
recent years appear to have
mostly withstood the destruc-
tive winds and flooding
wrought by Hurricane Ian.
Initial assessments have
revealed that much of Flor-
ida’s grid, particularly the
transmission system, fared
the storm relatively well, in
part because of the major in-
vestments in recent years. But
storm surge and winds reach-
ing 150 miles an hour still
wreaked havoc on distribution
networks delivering power to
homes and businesses.
Utilities have said it may
take weeks to restore power in
some places, particularly on
several small islands along the
southwestern coast where the
storm made landfall. The
winds downed distribution
wires and the poles supporting
them, while saltwater and de-
bris contaminated and dam-
aged some equipment.
Florida’s large investor-
owned utilities have said that
their systems fared better than
anticipated in many places,
partly as a result of billions of
dollars spent strengthening
transmission lines carrying
power over long distances and
improving or burying distribu-
tion lines. Legislation signed in
2019 required the companies to
file 10-year storm protection
plans and made it easier for
Svante Pääbo posed in Leipzig, Germany, Monday after the news.
came from analysis of the fea-
tures of ancient bone remains
and from studies of tools and
other archaeological artifacts.
The first skeletal remains
identified as Neanderthal were
found in 1856 in the Neander-
thal valley in Germany.
Dr. Pääbo’s work made it
possible to precisely analyze
Tuesday, October 4, 2022 | A3
show that we’re with you. All of isi, shown at left while Mr. Biden
America is with you as you re- spoke, described the conditions
cover and rebuild,” Mr. Biden of the city’s electrical grid and
said, pointing to the need for water supply.
Puerto Rico to rebuild “in a resil- Hurricane recovery will take a
ient way.” prominent role this week for Mr.
Mr. Biden said that after the Biden, who also plans to visit
island was devastated by Hurri- Florida on Wednesday after Hur-
cane Maria in 2017, Congress ricane Ian ripped across the
approved billions of dollars to state and then churned over the
support Puerto Rico’s recovery, Atlantic Ocean before striking
but some of the funding has South Carolina.
yet to arrive. “You’ve had to Fiona knocked out power for
bear so much,” Mr. Biden said. more than a million of Puerto
“You haven’t gotten the help in Rico’s customers and about two-
a timely way.” thirds of the island was without
Puerto Rico Gov. Pedro Pierlu- water in the immediate after-
them to bury the lines. Number of Florida
The costs of the upgrades customers* without power
have lately come under scru- At peak
tiny amid historic inflation and 3.0 million
a sharp run-up in natural-gas
2.7 million
customers
prices that has made it more 2.5 (23.9%) were
expensive for utilities to pro- without
cure or purchase power. The power
2.0
Florida Public Service Commis-
sion is now considering
whether some of the proposed 1.5
spending is appropriate.
Utility executives maintain 1.0
that the upgrades are neces-
sary and have improved the re- 0.5
liability of the system during
catastrophic storms. TECO En-
0
ergy, a subsidiary of Emera
Inc., determined that its system Sept. 28 Oct. 1
serving Tampa performed rela- *includes residential and commercial
tively well during the storm. Source: Florida Public Service Commission
TECO Chief Executive Archie
Collins said it would be a mat- about $7 billion a year on capi-
ter of days instead of weeks to tal improvements. The com-
restore power because it ap- pany initially had expected to
pears the storm spared the restore power to most custom-
power poles and transformers ers in the hardest-hit counties
that remain above ground. by Oct. 9, but on Monday re-
Much of the system is under- vised its estimate to Oct. 7.
ground. “It’s becoming abun- The company says it didn’t
dantly clear to us that we’re lose a single transmission
not dealing with a lot of infra- structure during Ian, a strong
structure damage,” Mr. Collins Category 4 storm, after replac-
said. “Now it is just a matter of ing the majority of wooden
clearing the debris and the structures with ones made of
branches and the trees that concrete or steel. The process
have come down.” began after Hurricane Wilma, a
Florida Power & Light, a Category 3 storm in 2005 dur-
unit of NextEra Energy Inc., de- ing which it lost 100 transmis-
termined that its system fared sion structures, and is now al-
better than it might have oth- most complete.
erwise following sweeping “That makes a big difference
overhauls of its transmission because we’re not rebuilding
and distribution systems. The transmission,” Florida Power &
company has been investing Light CEO Eric Silagy said.
20,000-year period when both
groups inhabited the same
part of the planet.
Homo sapiens originated in
Africa around 300,000 years
ago and made forays out of
the continent before a major
dispersal event between
70,000 and 60,000 years ago
that led the species to suc-
cessfully colonize Asia, Europe
and the rest of the world. Ne-
JENS SCHLUETER/GETTY IMAGES
anderthals inhabited Europe
and parts of Asia between
about 400,000 and 40,000
years ago, according to Chris
Stringer, research leader in
human origins at the Natural
History Museum in London
Around 2% of DNA in the
genomes of present-day hu-
mans of European or Asian de-
the genetic characteristics of scent is inherited from Nean-
Neanderthals and helped illu- derthals due to ancient
minate how different types of interbreeding, Dr. Stringer
humans mixed on the planet said, adding that some of that
during periods of coexistence. DNA is active in our bodies.
The genetic sequence of a Dr. Pääbo’s discoveries have
Neanderthal showed that laid the groundwork for re-
Homo sapiens had children search on how ancient gene
with their now-extinct rela- sequences from extinct rela-
tives during the at-least tives influence the functioning
EVELYN HOCKSTEIN/REUTERS
math of the storm. Power has
been restored to much of the is-
land, but outages remain in
Mayagüez and Ponce, according
to the Puerto Rico Emergency
Portal System.
Mr. Biden, along with Federal
Emergency Management Agency
head Deanne Criswell, also will
announce more than $60 million
in funding through the 2021 in-
frastructure law. The funding will
help shore up levees, strengthen
flood walls and create a new
flood warning system for the is-
land, the White House said.
—Ken Thomas
“That is the backbone. If you
don’t have that, you don’t have
anything.”
The company has also been
working to strengthen or bury
its main distribution lines, with
about 40% of the system now
underground.
Though the hardened infra-
structure fared well overall, ar-
eas that took a direct hit from
the storm didn’t escape dam-
age. Some parts of Florida
Power & Light’s system, includ-
ing Fort Myers Beach, will re-
quire total reconstruction.
“It is just a reminder of the
power of Mother Nature, and it
is humbling,” Mr. Silagy said.
“You can engineer and you can
build to very strong standards,
but there’s no grid in the world
that’s hurricane proof.”
Some utilities were harder
hit than others. Lee County
Electric Cooperative, a small
electricity provider serving
parts of six southwestern coun-
ties, experienced significant
damage. The company expects
to have to rebuild substantial
portions of its systems on Sani-
bel Island and Pine Island be-
cause the distribution networks
there are partially or totally
destroyed. Allan Ruth, the co-
operative’s restoration director,
said it may take as long as four
weeks to fully restore power to
customers on the mainland,
and that rebuilding the island
systems will likely take several
weeks longer.
—Jennifer Hiller
contributed to this article.
of present-day humans. One
example is a gene common
among present-day Tibetans
that makes those people bet-
ter adapted to life at high alti-
tude. It can be traced to the
Denisovan genome.
Developing methods to
study DNA from Neanderthals
was the focus of Dr. Pääbo’s
work as a postdoctoral student
at the University of California,
Berkeley, which he began in
1987. In 1990, Dr. Pääbo joined
the University of Munich in
Germany. During his time
there, he successfully se-
quenced DNA from a 40,000-
year-old piece of bone.
He went on to help estab-
lish the Max Planck Institute
for Evolutionary Anthropology
in Leipzig, Germany, where his
research group continued to
refine those methods with the
aim of sequencing ever larger
parts of an ancient genome. In
2010, his group—in collabora-
tion with researchers at the
Broad Institute in Boston, and
others—published the Nean-
derthal genome.
 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, October 4, 2022 P W L C 10 11 12 H T G K R F A M 1 2 3 4 5 6 7 8 9 O I X X ** THE WALL STREET JOURNAL.

U.S. NEWS

Court Weighs Wetlands Protection Far-Right

Group
Justices seek middle
ground in applying
Clean Water Act in
Planned
new term’s first case Rebellion,
BY JESS BRAVIN

WASHINGTON—Supreme
U.S. Says
Court justices on Monday
looked for middle ground in BY SADIE GURMAN
applying the Clean Water Act
to wetlands, opening their new WASHINGTON—Five mem-
term with an environmental bers of the Oath Keepers militia,
case that saw participation including its founder Stewart
from freshman Justice Ketanji Rhodes, “concocted a plan for
Brown Jackson. armed rebellion” ahead of the
The arguments boiled down Jan. 6, 2021, attack on the Capi-
to the meaning of a single tol by a mob of Trump support-
word, in this case, “adjacent.” ers, a federal prosecutor told ju-
The statute says that the adja- rors Monday as the government
cent wetlands are protected began laying out its seditious
along with waters related to conspiracy case against mem-
interstate commerce, a term bers of the far-right group.
that since 1977 federal regula- “That was their goal, to
tions have defined to include stop by whatever means nec-
DANA VERKOUTEREN/ASSOCIATED PRESS

those that are “bordering, essary the lawful transfer of

contiguous, or neighboring.” presidential power, including
The Pacific Legal Founda- by taking up arms against the
tion has been fighting for United States government,”
years to strike the last of Assistant U.S. Attorney Jeffrey
those three words through the Nestler said in opening state-
case of Michael and Chantell ments in the trial.
Sackett, a couple who want to The group members con-
build a house on a lot they spired for months to violently
bought in 2004 near Priest block Congress from certifying
Lake, Idaho. Assembled for the opening of the Supreme Court’s term were, from left, Justices Amy Coney Barrett, Neil Gorsuch, Sonia Sotomayor President Biden’s election vic-
The property lies across a and Clarence Thomas, Chief Justice John Roberts, and Justices Samuel Alito, Elena Kagan, Brett Kavanaugh and Ketanji Brown Jackson. tory on Jan. 6, 2021, Mr. Nes-
road about 300 feet from the tler said, training with “weap-
lake, but scientists from the lenge failed in the lower there to maintain traditional President Donald Trump, has “Is there another test that ons of war” that they stationed
Environmental Protection courts, leading the couple back state authority over land use. defined “wetlands separated could be more precise and less just outside Washington and
Agency and the Army Corps of to the Supreme Court to argue Justice Jackson quickly by berms, dunes, dikes or le- open-ended?” Justice Sonia planned to ferry into the city to
Engineers, which enforce the that Congress never intended jumped in. The Clean Water vees from the navigable wa- Sotomayor asked the govern- support their operations.
act, determined the lot was to include wetlands that were Act declares that its objective ter” as protected by the Clean ment’s attorney, Brian Though they didn’t ultimately
covered due to a “shallow sub- neighboring but not contigu- “is to restore and maintain the Water Act, said Justice Brett Fletcher. do so, the plan was central to
surface flow” linking it to the ous under the Clean Water chemical, physical, and biolog- Kavanaugh. “It’s difficult to say that the conspiracy, Mr. Nestler
lake. That required them to Act’s umbrella. ical integrity of the nation’s At the same time, however, there’s one single bright-line said. The defendants sought to
obtain federal permits before Damien Schiff, a Pacific Le- waters,” she said. “Are you some liberal justices were answer,” Mr. Fletcher said. He “shatter a bedrock of American
developing the property. gal attorney representing the saying that neighboring wet- sympathetic to the argument added, though, that the Biden democracy,” he said, later add-
Ten years ago, the Sacketts Sacketts, told the court that lands can’t impact the quality that Supreme Court precedent administration planned to ing, “These conspirators’ narra-
won a procedural victory at by using the term adjacent, of navigable waters?” on the issue could be too present clearer guidance in a tive is that they were patriots.
the Supreme Court allowing Congress meant only wetlands Several of the court’s con- vague to provide landowners new rule expected to be pub- They were not.”
them to challenge in federal whose connection to covered servative justices also ap- clear notice that their property lished before year’s end. The seditious conspiracy
court an EPA compliance order waters was something “ordi- peared uncomfortable with the could be covered. A 2006 opin- A decision in the case, charges against Mr. Rhodes and
citing them for backfilling the nary citizens can use their reach of Mr. Schiff’s argument. ion said that wetlands with a Sackett v. Environmental Pro- his co-defendants, Kelly Meggs,
land with sand and gravel own eyes” to see. He argued Every administration since “significant nexus” to naviga- tection Agency, is expected by Jessica Watkins, Kenneth Har-
without a permit. The chal- that Congress drew the line 1977, including that of former ble waters fell under the act. June. relson and Thomas Caldwell,
represent the most serious ac-
cusations leveled by the Justice

Justices to MyPillow CEO Case As is typical, the court didn’t

Department in its investigation
of the Capitol breach.
ROBERT FRANKLIN/SOUTH BEND TRIBUNE/ASSOCIATED PRESS

explain its reasoning for declin- Prosecutors have charged

Won’t Get Review
Decide Tech ing to hear the appeal by Mr.
Lindell, a wealthy ally of former
President Donald Trump who
more than 870 people with
crimes stemming from the at-
tack, in which supporters of

Immunity The Supreme Court de-

clined to hear a bid by Mike
Lindell, chief executive of
has echoed Mr. Trump’s claims
of election fraud.
Federal and state officials
former President Donald
Trump overwhelmed police of-
ficers and flooded the build-
MyPillow Inc., to escape a def- have said there is no evidence ing. The trial of the Oath
Continued from Page One amation lawsuit over his un- that any voting system deleted Keepers will serve as a test of
Inc. v. Taamneh, brought by founded claims that voting ma- or changed votes in the Novem- the Justice Department’s ef-
family members of Nawras chines rigged the 2020 ber 2020 presidential election. forts to hold far-right groups
Alassaf, who was killed in an presidential election. Election officials have recounted accountable for the Capitol at-
ISIS attack at an Istanbul In a brief order, the high and audited millions of paper tack and to combat domestic
nightclub in 2017. Mr. Alassaf’s court said it wouldn’t review a ballots in multiple states, which extremism more broadly.
relatives allege Twitter, Google decision that allowed Dominion have affirmed the outcomes tab- “What the government is
and Facebook parent company Voting Systems’ lawsuit to ulated by Dominion’s machines. trying to tell you today is com-
Meta Platforms Inc. all pro- Justice Clarence Thomas has argued that social-media companies proceed. —Jan Wolfe pletely wrong,” Mr. Rhodes’s
vided material support to ISIS shouldn’t be given broad power to exclude users. attorney, Phillip Linder, said in
and are “the vehicle of choice opening statements, saying the
in spreading propaganda.” recommend and target ISIS re- revoked or modified. which is being challenged by technology companies have vast defendants went to Washington
Lawyers for Google, Twitter cruitment videos to users, al- Despite dozens of legisla- trade associations represent- and largely unchecked control to help with security and logis-
and Facebook have said in lowing the group to spread its tive proposals being floated to ing tech companies. over online platforms. He has tics for a Trump rally that took
court filings that they have message. address Section 230, none has In effect, the tech compa- argued that social-media com- place before the rioting. He
made extensive efforts to re- The case raises the question gained traction, in part be- nies are fighting against two panies should be regulated as called the Oath Keepers “a
move ISIS content and that of whether Section 230 grants cause the two political parties conflicting arguments—one “common carrier” utilities and peacekeeping force.”
there is no direct causal link immunity for recommenda- come at the issue with funda- that says they should do more therefore shouldn’t be given
between the websites and the tions made by algorithms or if mental differences. effective policing of content, broad power to exclude users.
Paris and Istanbul attacks. it applies only to editorial de- Democrats generally believe and one that says they already The two cases involving
A Twitter spokesman de- cisions—like removing con- the platforms allow too much have too much control over technology companies were
Prosecutors lay out
clined to comment. Represen- tent—made by representatives negative content to spread and online discourse. among nine the court added to their seditious
tatives of Facebook and of internet companies. the companies should do more The industry has largely its docket on Monday. The
Google didn’t respond to re- “[W]hether Section 230 ap- to police user posts. pushed to keep the status quo court will hear arguments and
conspiracy case in
quests to comment. plies to these algorithm-gener- Republicans have said the in place. rule by July. Oath Keepers trial.
Section 230 helped build ated recommendations is of platforms curb conservative “Without moderation, the In one of the new cases
the modern-day internet. enormous practical impor- content, which the companies internet will become a content added to the docket, Turkey
The statute acts as a shield, tance,” the family argued in its deny. That complaint from the cesspool, filled with vile con- state-owned bank Halkbank is
saying that internet compa- petition to the high court. “In- right is driving a separate wave tent of all sorts, and making it seeking to end a federal crimi- The defense hinges on the
nies generally aren’t liable for teractive computer services of legislation that is also mak- easier for things like terrorist nal case accusing it of money Insurrection Act, an 1807 law
harmful user posts on their constantly direct such recom- ing its way through the courts. recruitment,” said Chris Mar- laundering and helping Iran that allows a president to de-
sites. Section 230 also allows mendations, in one form or Under those laws, most no- chese, counsel for NetChoice, a evade economic sanctions. ploy American troops inside
companies to remove content another, at virtually every tably one from Texas, social- tech industry association. He Halkbank is appealing a rul- the country. In the days before
they deem objectionable with- adult and child in the United media platforms would be pro- said that principle is why the ing last year by the 2nd U.S. the Jan. 6 attack, some of Mr.
out liability, as long as they States who uses social media.” hibited from blocking or association is also challenging Circuit Court of Appeals in Trump’s allies urged him to in-
act in good faith. Section 230 has come under removing posts based on the the Texas law. New York, which said the bank voke that law and unleash the
In the Gonzalez case, the scrutiny in recent years, with speaker’s viewpoint. Justice Clarence Thomas has isn’t immune from prosecution military to help keep him in of-
plaintiffs alleged Google know- lawmakers across the political A federal appeals court last called for the justices to rule on under a law called the Foreign fice despite losing the election.
ingly allowed its algorithms to spectrum calling for it to be month upheld the Texas law, Section 230’s scope, saying the Sovereign Immunities Act. All five defendants were in
court Monday but haven’t spo-
ken.

Officials Warn of Security Threats to Midterm Elections
BY ARUNA VISWANATHA physical violence against elec-
AND DUSTIN VOLZ tion workers, U.S. officials said
Monday.
The midterm elections next Many of the challenges
month face a widening range present in the lead-up to the
and volume of domestic and Nov. 8 election were consis-
international security threats, tent with the nature of threats
including foreign cyber opera- faced in recent presidential
tions, disinformation cam- and midterm cycles, officials
paigns and rising threats of said. The Biden administration
hasn’t seen foreign actors spe-
cifically target U.S. election
systems with cyber operations
Crafted in gold & platinum
this year as they have done
during past cycles, the offi-
Rush! cials said, but added that they
Service
Available were on guard for potential at-
tacks in the coming weeks.
Still, the diversity of issues,
combined with a steep surge
in reported physical threats,
posed a heightened risk to a
peaceful election process and
Immortalize Your Anniversary
public confidence in voting re-
in Roman Numerals! sults, the officials from multi-
JOHN-CHRISTIAN.COM 888.646.6466 ple federal agencies said.
Prosecutors have said the
defendants are seeking to use
the Insurrection Act as legal
“We are very, very intensely “Ukraine is a very hot topic election officials say, but oth- cover and were plotting vio-
focused on election security,” for the Russian govern- ers come from people accusing lence regardless of what Mr.
Alejandro Mayorkas, the De- ment…the messaging themes election officials of voter sup- Trump did.
partment of Homeland Secu- in their influence operations pression or other issues. Some members were pre-
rity secretary, said during a mirror a lot of what we’re see- “This is a more complex pared to move a stash of fire-
media briefing Monday. ing from official channels,” threat environment than what arms and equipment from a
In a separate media brief- one official said. occurred in 2020 or that we’ve hotel in Arlington, Va., across
ing, a senior FBI official said Last week, Facebook parent ever seen because of the vari- the Potomac River, as part of
investigators were specifically company Meta Platforms Inc. ous components of threat,” “quick reaction forces” that
concerned that foreign actors said it had removed separate said Jen Easterly, director of defense attorneys said were
could seek to spread or am- networks in China and Russia the Cybersecurity and Infra- intended to provide help if
plify false or exaggerated that were running covert in- structure Security Agency at things went wrong.
claims that U.S. election infra- fluence campaigns related to DHS, which has worked since “It’s a break-the-glass, in-
structure was compromised. U.S. politics and the war in the 2016 election to forge case-of-emergency group of
Senior FBI officials said Ukraine. partnerships with state and lo- people who come in as a rescue
that Russia, China and Iran For months, election offi- cal election workers to safe- unit,” said David Fischer, a law-
were covertly promoting divi- cials have implored law en- guard the voting process. yer for Mr. Caldwell, a former
sive, and sometimes false, nar- forcement to take more action Previous cycles posed sig- Navy intelligence officer. “By
ratives in the U.S. in advance in response to threats and ha- nificant cybersecurity and dis- definition, a QRF will not be
of the November elections. rassment against them ahead information challenges to elec- used to attack anything, includ-
Russia, for example, was try- of the November midterms. tions, Ms. Easterly said, but ing the United States Capitol.”
ing to undermine U.S. support Most of the menacing com- the run-up to the midterms Other attorneys for mem-
for Ukraine by highlighting en- munications have come from has also included heightened bers of the Oath Keepers
ergy prices, and amplifying people angry about President concerns about potential phys- sought to play down what
doubts about the integrity of Biden’s 2020 victory over for- ical violence against election prosecutors have described as
U.S. elections, officials said. mer President Donald Trump, workers. their clients’ roles in the plan.
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A6 | Tuesday, October 4, 2022
Biden Is Pressed on TikTok Security Deal
User data plan is said
to near conclusion, but
hurdles remain; GOP
warns on concessions
The potential for Republi-
cans to win majorities in one
or both chambers of Congress
next month is putting pressure
on the Biden administration to
conclude a long-anticipated na-
tional security agreement with
Chinese-owned video app Tik-
Tok.
By John D. McKinnon
and Alex Leary
in Washington
and Raffaele Huang
in Singapore
Administration officials have
been negotiating with TikTok
executives for more than a year
on measures aimed at prevent-
ing information TikTok collects
on millions of American users
from being shared with the
Chinese government.
The talks have taken on
added urgency, according to
people familiar with the situa-
tion, as Republicans vow to
push for hearings, potentially
including TikTok executives, on
the issue should they win
House or Senate majorities in
the Nov. 8 midterm elections.
These people say a deal with
TikTok owner ByteDance Ltd.
aimed at erecting a wall be-
tween the U.S. and Chinese op-
erations is close, but caution
that hurdles remain—including
operational challenges and pos-
sible opposition by China’s
communist government.
“Allowing this company to
continue collecting American
user data while also maintain-
ing its relationship with Byte-
Dance…jeopardizes Americans’
privacy and U.S. national secu-
rity and would be an unaccept-
U.S. Seeks to Further Curb High-End Chip Exports to China
BY ASA FITCH
AND JOHN D. MCKINNON
The Biden administration
is preparing new export con-
trols on semiconductors and
the machines to make them,
the latest push in its effort to
deny China the ability to
make the fastest, most cut-
ting-edge circuitry possible,
according to people familiar
with the situation.
The administration in re-
cent weeks has already placed
new restrictions on some U.S.
exports of chips used for arti-
ficial-intelligence calculations
and manufacturing equipment
used to make some of the
most powerful number-
crunching chips.
But more export curbs are
under consideration, includ-
ing ones targeting high-end
memory-chip manufacturing
capabilities and advanced
components that go into some
of the most cutting-edge
chip-making tools, according
to the people familiar with
Inventory,
Rates Hit
Auto Sales
Continued from Page One
Auto makers pointed to
continued low vehicle invento-
ries as the reason for weaker
third-quarter sales.
Toyota Motor Corp. said
sales fell 7% in the July-to-
September period. Stellantis
NV’s dropped 6%, with the
Jeep maker citing continued
supply constraints, and Nissan
Motor Co. reported a nearly
23% drop in U.S. sales for the
third quarter.
Overall, industrywide U.S.
sales for the third quarter
were expected to be roughly
flat over the prior-year period
once most results were tallied
late Monday, according to in-
dustry forecasters. Ford Motor
Co. is set to report U.S. sales
results on Tuesday.
Electric-vehicle leader Tesla
Inc. said Sunday that global ve-
hicle deliveries in the third
quarter rose about 42% to a re-
cord 343,830, but were ham-
pered by vehicle-shipping ca-
pacity. The deliveries total fell
short of Wall Street estimates.
Rising interest rates are
making it harder for U.S. buy-
ers to afford record-high pric-
ing on new vehicles, a byprod-
The Biden administration wants measures to prevent data that TikTok collects on U.S. users from being shared with China.
able concession by the Biden
administration,” Rep. Cathy
McMorris Rodgers (R., Wash.)
said in a statement. She would
be in line to chair the Energy
and Commerce Committee if
Republicans capture the House.
Former President Donald
Trump sought to ban TikTok
unless it was put under U.S.
ownership. President Biden re-
scinded those orders after tak-
ing office, saying they were un-
enforceable in the wake of
successful legal challenges.
Mr. Biden promised a com-
prehensive plan to address the
security risk from TikTok and
other apps based in adversarial
nations, saying they “can ac-
cess and capture vast swaths of
The new export controls would target high-end chip-making
capabilities. A semiconductor being made at a plant in China.
the matter. Advanced quan-
tum computing is another
target under discussion, they
said.
U.S. officials also have
been considering adding
more Chinese technology
companies to the Commerce
uct of the scant inventory at
dealership lots. Gone are the
days of 0% financing on new
vehicles, which car companies
and dealers have long used as
a staple promotion to sell cars.
The average interest rate on a
new-car loan in the U.S. hit
5.7% in the third quarter, the
highest in three years, accord-
ing to research site Ed-
munds.com.
People also are financing
more of the purchase price
than ever, reflecting record-
high car prices. The average
amount financed per vehicle in
the third quarter was $41,347,
compared with $38,315 a year
earlier, according to Ed-
munds.com. And 14% of auto-
loan customers in that period
took on a monthly payment of
$1,000 or more, up from 8% a
year earlier, the firm found.
“It seems likely that much
of the pent-up demand from
limited supply is quickly dis-
appearing as high interest
rates eat away at vehicle buy-
ers’ willingness and ability to
purchase,” said Charlie Ches-
brough, senior economist with
research firm Cox Automotive.
The firm lowered last week
its 2022 U.S. sales forecast to
13.7 million new vehicles,
which would be down 9% from
last year. In the five years
leading up to the pandemic-
plagued year of 2020, the in-
dustry sold more than 17 mil-
lion vehicles annually.
So far, though, car compa-
nies and dealers said that
U.S. NEWS
information from users,” in-
cluding personal data and pro-
prietary business information,
that could be shared with hos-
tile governments. He has yet to
deliver on that pledge, sparking
criticism from China hawks.
While the security risk
posed by TikTok is debatable,
the White House response “has
not been on a fast track,” said
James Lewis, who leads the
strategic technologies program
at the Center for Strategic and
International Studies, a Wash-
ington, D.C., think tank.
“If they had wanted to make
life difficult for ByteDance,
they could have done so
months ago,” Mr. Lewis said.
A National Security Council
Department’s entity list,
which bans exports to them
without a license, The Wall
Street Journal has previously
reported.
The administration has
been trying to line up key al-
lies behind the effort, so that
Third-quarter U.S. sales
GM Year-over-year change
Toyota
555,580 vehicles
Stellantis
526,017
385,665
Honda
222,050
Hyundai
184,431
Nissan
154,086
Source: the companies
most new vehicles that get
shipped from the factory are
quickly snapped up by buyers.
There were nearly 1.3 mil-
lion vehicles on dealership lots
or en route to stores in Au-
gust, up 10% from July and
19% higher than a year earlier,
according to research firm
Wards Intelligence. That rep-
resented a 29-day supply, the
highest in months but still
about half historical norms.
“There is still really strong
consumer demand, and huge
replacement demand,” said
Duncan Aldred, head of GM’s
Buick and GMC brands, during
an interview at the Detroit
auto show last month. “I think
that will probably overcome a
spokeswoman said the “Biden
administration has been clear
that we support a robust for-
eign investment review process
to identify and address certain
investments that present na-
tional security risks” but said
the administration wouldn’t
discuss specific cases.
The short-form video app is
used by more than one-third of
the U.S. population over 12 and
boasts more than one billion
users globally.
TikTok has said it hasn’t
shared user data with the Chi-
nese government and wouldn’t
do so if asked. The company
said it now routes data on U.S.
users through Oracle Corp.
servers, and is working with
the U.S. isn’t the only country
putting restrictions in place,
the people said.
The administration’s ac-
tions could be announced as
early as this week, one of the
people said. Some details of
the moves were previously re-
ported by Reuters and the
New York Times.
AGENCE FRANCE-PRESSE/GETTY IMAGES
Joint export controls by
the U.S., Japan, South Korea
and European countries could
significantly limit China’s
chip industry because those
countries hold a near-monop-
oly over production and sales
of key equipment and soft-
ware needed to make the
most-advanced chips.
The U.S. has already en-
gaged in diplomatic efforts to
restrict Chinese access to ma-
chinery, including urging the
Dutch government to block
sales of critical equipment by
ASML Holding NV.
The U.S. has long sought to
limit the development of
China’s semiconductor indus-
try by placing companies on
lot of the economic head-
winds.”
GM said Monday that semi-
s24% conductor availability has im-
proved and output has stabi-
lized, allowing it to stock more
t7
cars and increase sales. The
number of vehicles on dealer-
ship lots or en route to stores
at the end of the third quarter
t6 rose 45% from a year earlier,
GM said.
Auto executives have said
t36 the semiconductor shortage
that has plagued output for
nearly two years is gradually
s3 easing. Still, shortages con-
tinue, and the impact tends to
be felt unevenly across regions
and companies.
t23 There are signs that rising
interest rates are starting to
strain car buyers, which could
pressure pricing. This past
week, CarMax Inc. shares sank
after the used-car retailer
flagged that high prices,
paired with high broader infla-
tion and rising interest rates,
have slowed demand.
The company’s profit fell
50% in its most recent quarter
and its sales leveled off at 2%
growth, both worse than ana-
lysts expected.
—Sean McLain
contributed to this article.
Watch a Video
Scan this code
for a video
about why car
prices are
going up.
* *** THE WALL STREET JOURNAL.
TikTok’s Chinese ties, accord-
ing to people familiar with the
discussions.
That would require a com-
plicated series of internal cor-
porate and operational adjust-
ments to achieve, people
familiar with the company’s
operations said. For example,
many employees pivot between
assignments at TikTok and par-
ent company ByteDance, and
some still report to managers
at ByteDance, they said.
The deal also envisions an
oversight board, the people fa-
miliar said, which could include
members appointed by the U.S.
government with national secu-
rity experience such as retired
U.S. military and intelligence
officials.
Both sides have agreed that
TikTok’s data on U.S. users will
be stored on Oracle servers in
the U.S., the people said. Tik-
Tok has said that it expects to
TINGSHU WANG/REUTERS
delete U.S. users’ private data
from its own data centers in
Virginia and Singapore as it
pivots to fully store data with
Oracle cloud infrastructure.
It has also said that access
to U.S. data by anyone outside
of a newly set up division that
U.S. officials on additional safe- governs U.S. data security
guards. would be limited by and sub-
“We will not comment on ject to its protocols, monitored
the specifics of confidential and overseen by Oracle.
discussions with the U.S. gov- TikTok Chief Executive Shou
ernment, but we are confident Zi Chew, who is based in Singa-
that we are on a path to fully pore, recently visited Washing-
satisfy all reasonable U.S. na- ton, D.C., with a small group of
tional security concerns,” said government policy and legal
TikTok spokeswoman Brooke staff and spent days meeting
Oberwetter. officials and lawmakers for the
The U.S. side of negotiations deal, the people familiar with
is being led by the Committee the matter said.
on Foreign Investment in the Several of the people famil-
U.S., a secretive government iar said the administration was
panel that reviews business hoping to wrap up an agree-
deals for security concerns. ment by early next year if not
The talks are aimed at insulat- sooner, but once a deal is
ing the U.S. operation from struck a potential wild card is
Chinese government influence, the Chinese government re-
without completely severing sponse.
the Commerce Department’s building grants and research
export blacklist, including funding to try to bring more
telecom giant Huawei Tech- of the semiconductor industry
nologies Co. and its largest back to the U.S. The funding,
chip maker, Semiconductor worth nearly $77 billion in to-
Manufacturing International tal, was passed by Congress
Corp. The clampdown intensi- in July and signed by Presi-
fied amid the trade wars of dent Biden in August.
the Trump administration, Many of the expected ac-
and the Biden administration tions the Biden administra-
has largely picked up where tion is set to announce are
its predecessor left off. likely to expand restrictions
The semiconductor indus- that it already has taken
try was born in the U.S. but against individual companies,
has shifted outside of the by making them apply indus-
country in recent decades, trywide, according to one of
mostly to Taiwan, South Ko- the people familiar with the
rea and China, a state of af- situation.
fairs U.S. officials and legisla- For example, Nvidia Corp.
tors see as a worrying disclosed in August that it
national-security vulnerabil- could lose as much as $400
ity. Advanced chips are in- million in quarterly sales af-
creasingly a pillar of geopolit- ter the U.S. imposed new li-
ical power, underpinning both censing requirements on ship-
military systems and data- ments of some of its most
processing capabilities that advanced chips to China. The
drive modern economies. U.S. imposed the requirement
As it places more restric- to address the risk that the
tions on China, the Commerce products could reach the
Department is preparing to hands of military users,
roll out tax breaks, factory- Nvidia said.
Trump Sues CNN,
Claims Defamation
BY LAURA KUSISTO false statement or showed a
reckless disregard for the
Former President Donald truth.
Trump filed a defamation Mr. Trump’s campaign
lawsuit Monday against CNN, sued the New York Times in
accusing the network of en- February 2020, accusing it of
gaging in a smear campaign knowingly publishing false
against him in the lead-up to and defamatory statements in
the 2024 presidential race. an opinion piece on the 2016
Mr. Trump’s suit, filed in a election and Russia. A New
federal court in southern
Florida, alleged CNN has
sought to use its influence
with viewers to spread false
The lawsuit filed by
claims about him for the pur- the former president
pose of defeating him politi-
cally. He accused CNN of as-
has to clear a high
sociating him with Adolf legal bar.
Hitler and portraying him as
a Russian lackey and a racist.
The network, he alleged, has
been escalating these efforts York state court judge dis-
recently in the expectation missed the case.
that he may run for president In legal documents, Mr.
again in 2024. Trump alleged that CNN has
Mr. Trump is seeking more repeatedly attempted to asso-
than $475 million in dam- ciate him with Hitler and Na-
ages. zism and argued that com-
A spokesman for CNN de- paring him to one of the most
clined to comment on the heinous figures in modern
lawsuit. history shows the network
The former president’s suit was motivated by malice.
must clear a high legal bar. The former president also
To win a defamation lawsuit, criticized the network’s use
public figures must prove of the term the “Big Lie” in
that a news organization reference to his false claims
acted with actual malice and of widespread voter fraud
either knowingly published a during the 2020 election.
 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, October 4, 2022 | A7

 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, October 4, 2022 * *** THE WALL STREET JOURNAL.

WORLD NEWS
Leader Defends Iran Crackdown North
Khamenei backs police,
Korean
blames U.S., Israel for
unrest, says protesters
Missile
should be punished Flies Over
BY DAVID S. CLOUD

After Iranian security forces

Japan
clashed with students at a
prominent university in Teh- BY DASL YOON
ran, Supreme Leader Ali
Khamenei on Monday de- SEOUL—North Korea flew a
fended the police for their missile over Japan for the first
crackdown on protests that time since 2017, Seoul and To-
have swept across the country kyo officials said, a significant
and blamed the U.S. and Israel escalation that led to Japan is-
for inciting the unrest. suing warnings for citizens to
Classes at Tehran’s Sharif take shelter.
University were moved online A single intermediate-range
after police on motorbikes fired missile was launched at 7:23
tear gas and shotguns loaded a.m. local time from the
with pellets at more than 200 North’s Chagang Province,
students late Sunday, according bordering China, South Ko-
to witnesses and Iranian news rea’s military said. The missile
WANA NEWS AGENCY/REUTERS

agencies. The students were flew about 2,800 miles, hitting

chanting slogans critical of an altitude of 603 miles, ac-
Iran’s clerical authorities, videos cording to Japanese and South
posted on social media show. Korean assessments.
Students who fled into a The Japanese government
campus garage were surrounded issued warnings for citizens
by police and militia members, living in the projected path of
the online posts show. The vio- the missile to take shelter as it
lence was among the most se- Supreme Leader Ali Khamenei praised security forces for their handling of protesters demanding justice for a woman who died in custody. flew past northern Japan be-
vere between authorities and fore falling into the Pacific
protesters since demonstrations and the fake Zionist regime,” Mr. watching some programs on- there on Sunday night and to the arrest of at least 30. Ocean, Tokyo officials said.
erupted following the death of Khamenei said, alluding to Israel. line,” he said. “Such people verified by Storyful, which is “This siege and attacks contin- North Korea has launched a
22-year-old Mahsa Amini on Such claims are a familiar can be corrected and informed owned by News Corp, the par- ued for hours, many of our series of short-range weapons
Sept. 16 in police custody for al- tactic for Mr. Khamenei, who about their wrongdoing by a ent company of The Wall friends were unjustly injured in recent weeks, but Tuesday’s
legedly violating Iran’s strict Is- has blamed Iran’s adversaries mild punishment.” Street Journal, shows students and arrested,” it said. launch appears to be its lon-
lamic dress code. during previous domestic pro- On Monday, German For- running from the authorities In a statement published gest-range launch since testing
Mr. Khamenei, appearing at tests against the regime. He eign Minister Annalena Baer- into the campus’s under- late Sunday by the Fars news an intercontinental ballistic
a graduation ceremony for mili- said the police and the Basij bock condemned the Iranian ground parking facility. agency, which is seen as close missile in May.
tary recruits, called Ms. Amini’s militia, a paramilitary force, police, but conceded that the The semiofficial Mehr news to the security agencies, the “This is an outrageous act
death tragic but went on to have been targets of injustice. ability of Western govern- agency reported that students president of the university following the recent repeated
praise the security forces and He called for young Iranians ments to influence events in- shouted “woman, life, liberty” said it was now calm. launches of ballistic missiles
criticize protesters. He claimed who have taken to the streets side Iran is limited. and “students prefer death to Canada said Monday that it and we strongly denounce it,”
without evidence that the un- in large numbers across the On Monday, the gates of humiliation.” was imposing sanctions on 25 Japanese Prime Minister Fu-
rest was planned, and that country to be punished, but Sharif University—one of the The Islamic Association of senior Iranian officials in re- mio Kishida said.
demonstrators burned mosques said some protesters should Middle East’s top technology Sharif University Students said sponse to Iran’s heavy-handed South Korean President
and the Quran, and pulled off be treated with leniency. colleges—were guarded by a baton-wielding security offi- response to the protests. Yoon Suk-yeol, following the
women’s headscarves. “There are some young handful of plainclothes police, cers surrounded the university —Benoit Faucon Tuesday launch, warned of a
“I say this clearly that these people who come to the street a witness said. and started to attack, leaving and Paul Vieira “resolute response” from the
riots were planned by America due to the excitement of Footage of the protests students injured and leading contributed to this article. international community and
the country’s allies. South Ko-
rea’s National Security Council

U.K. Halts path to higher sustainable

growth without fiscal respon-
sibility.”
part of a much-bigger stimulus
announced on Sept. 23 that
paired large subsidies to help
tions remain about the plan’s
economic viability. The change
will affect only £2 billion, the
to press ahead with other mea-
sures announced in the mini-
budget, including a reduction
convened a meeting shortly af-
ter the test.
North Korea last launched an

Key Part Under pressure from law-

makers, Mr. Kwarteng late
Monday decided to bring for-
homeowners and businesses
cope with rising energy costs
along with the biggest tax cuts
equivalent of $2.23 billion, out
of an initial package of tax
cuts that totaled £45 billion in
in the lowest rate of income
tax that economists estimated
was set to cost much more
intermediate-range ballistic
missile in January. The poten-
tial range of such weapons can’t

Of Tax Plan ward the Office for Budget Re-

sponsibility analysis of public
finances to October from Nov.
23. The report is seen as key
Continued from Page One to providing transparency to
though yields were still far the market about whether and
higher than before the plans. when the government program
U.S. stocks, meanwhile, will generate growth.
started the new quarter Still, political analysts said
higher, a tentative sign of re- the chaos of the past week
lief for investors after a long marked a rocky start to Ms.
and punishing stretch. The Truss’s tenure and raised
Dow Jones Industrial Average questions over whether she
climbed 2.7%, and the S&P and can hold her party together as
Nasdaq notched their best she seeks to implement spend-
first day of any quarter since ing cuts to help fund the plan’s
2009, according to Dow Jones remaining tax cuts and reas-
Market Data. sure markets about the scale
“I know the plan put for- of government debts.
ward only 10 days ago has U.K. bookmakers Odd-
caused a little turbulence. I schecker on Monday placed the
get it,” Mr. Kwarteng, the odds of Ms. Truss being forced
U.K.’s treasury chief, told party out of leadership at 4-1, com-
members gathered at an an- pared with 66-1 last week. “One
nual conference on Monday. of the most incompetent, cata-
He said he hoped getting rid strophic debuts in political lead-
of the planned cut to the 45% ership I’ve seen,” wrote Brian
rate would allow people to fo- Klaas, an associate professor of
cus on the rest of the govern- global politics at University Col-
ment’s pro-growth agenda. lege London, on Twitter.
He also sought to reassure The move to slash the top
financial markets: “There is no income-tax rate was a small
in a generation, a package
funded by borrowing that
raised alarm among investors.
The most controversial part
of the plan was the move to
cut the highest rate of income
tax on the wealthy at a time
when high inflation is cutting
‘It’s a first step in
restoring credibility,’
an economist said of
the reversal.
into real wages and a reces-
sion looms.
Conservative Party lawmak-
ers had lined up to criticize the
abolition of the tax. On Sunday,
Michael Gove, a former senior
cabinet minister, said it was
morally wrong. The growing
list of rebels meant the govern-
ment would likely have strug-
gled to get the top-rate tax cut
voted through Parliament.
Despite the change, ques-
forgone revenue for the gov-
ernment, according to the In-
stitute for Fiscal Studies, an
independent think tank. It es-
timated the U.K. government
would still require an addi-
tional £72.4 billion in debt is-
suance this financial year.
This is “a rounding error in
the context of the public fi-
nances,” said Paul Johnson, di-
rector of the IFS. “The chan-
cellor still has a lot of work to
do if he is to display a credible
commitment to fiscal sustain-
ability.”
Still, some investors wel-
comed the move to roll back
the tax cut as an important
signal that the government
was responding to market
concerns about the plan’s im-
pact on inflation and debt at a
time of rising interest rates
and financial uncertainty.
“It’s a first step in restoring
credibility that was lost after
the fiscal statement,” said Ca-
thal Kennedy, U.K. economist
at RBC Capital Markets.
Government officials said
on Monday that they intended
than the removal of the high-
est rate in lost revenue. Other
controversial measures remain,
stretch to the U.S. mainland
though are believed sufficient
to reach the American military
including scrapping a cap on bases in Guam, which is about
banker bonuses imposed after 2,000 miles from North Korea,
the 2008 financial crisis. weapons experts say.
The International Monetary The January launch of the
Fund gave the initial plan a “Hwasong-12” missile took an
rare rebuke, saying it risked unusually lofty trajectory before
further fueling inflation that landing in the waters between
the BOE sees hitting 11% this Korea and Japan. But that mis-
year. On Friday, ratings firm sile test didn’t fly over Japan, a
S&P lowered its outlook on degree of restraint that North
U.K. sovereign debt to nega- Korea’s state media seemed to
tive, citing risks to the coun- acknowledge in its report of the
try’s economy. launch by stating the flight path
Political analysts said the had been decided “in consider-
Truss government was likely ation of the security of neigh-
bowing to political reality as boring countries.”
much as economic reality. The Tuesday launch trav-
“This move is rather sym- eled at about half the altitude
bolic, being less about the of the January test, though
amount of money it will save traveled about five times far-
and more about the poor sig- ther in distance. North Korean
nal it had delivered of ideolog- state media didn’t have imme-
ical tax cuts,” said Chris diate comment.
Turner, an analyst at ING The Kim Jong Un regime
Bank. “The move looks driven has conducted more than 20
by a backlash from her own missile tests in 2022, more
party and perhaps the threat than in any prior year.
of a sovereign-rating down- —Chieko Tsuneoka in Tokyo
grade.” contributed to this article.

Close Result Zema, the right-wing governor

of Brazil’s vast Minas Gerais
state, who won re-election on
Polls had previously shown
that some 50% of Brazilians
would refuse to vote for Mr.

Galvanizes Sunday in state elections.

Scores of other conservative
allies of the president swept to
Bolsonaro under any circum-
stance, while 40% said the
same of Mr. da Silva. If true,

Bolsonaro victory in congressional and

state elections Sunday, includ-
ing in Brazil’s most populous
that would make it harder for
the president to win over un-
decided voters in the weeks
state, São Paulo. Those win- ahead, but the accuracy of that
Continued from Page One ning politicians will now be polling data is no longer clear
11 candidates, Messrs. Bolson- able to rally support for the after Sunday’s result, political
aro and da Silva, an icon of the president in their regions. scientists said.
Latin American left, now face Mr. Bolsonaro, whose gov- Political scientists blamed
a race to woo voters and forge ernment spent generously on several factors for the polling
alliances with centrist parties handouts and land titles for miss.
before the second round. the poor ahead of the vote, did A lack of demographic data
BUDA MENDES/GETTY IMAGES

Ipec and Datafolha, two of particularly well in Brazil’s big meant pollsters struggled to
Brazil’s leading polling compa- southeastern states, such as accurately calculate support
nies, said they believed many São Paulo. While polls pre- for candidates. Brazil’s last
voters had switched to Mr. Bol- dicted Mr. da Silva comfort- census was carried out in
sonaro from centrist candi- ably beating the conservative 2010. There was meant to be
dates at the last minute after in the state, Mr. Bolsonaro another one in 2020, but it
their final polls. Polling firm won by 7 percentage points. was delayed because of the
Quaest said its surveys had re- Mr. Bolsonaro, who has Covid-19 pandemic. In 2021,
cently captured this shift to tapped into anger over the Brazilian President Jair Bolsonaro, seen after voting on Sunday, outperformed opinion polls. Mr. Bolsonaro’s government
Mr. Bolsonaro. All three said corruption scandals that cut funding for the survey, de-
they had polled adequately landed Mr. da Silva in jail for first round of voting. elected. Stocks in Brazil, which party leaders appeared to be laying it again. The census is
without bias, while Ipec said it 19 months until his release in In a message to supporters is Latin America’s largest unaware of the date of the Oct. only now being carried out
was also reviewing its method- 2019, also finished only 5 per- on Twitter Monday, Mr. da economy, gained more than 5% 30 second round. They first across Brazil.
ology. centage points behind Mr. da Silva vowed to make alliances in Monday trading. told crowds that it would hap- Given that Mr. da Silva is
Political analysts said out- Silva in Minas Gerais after across the political spectrum His comments followed a pen on Oct. 28, before a sup- most popular among poorer
dated census data, a lack of polls predicted up to a 21- to get the votes he needed. downbeat speech Sunday after porter corrected them. Brazilians, the polling firms
people’s cooperation with poll- point lead for the leftist. “We will talk to those who you failing to clinch the outright Simone Tebet, who finished that generally gave him the big-
ing firms and difficulties in ac- But Mr. da Silva remains a think don’t like us and we will victory he had promised his third on Sunday with 4% of gest advantage ahead of Sun-
counting for more socially con- formidable opponent. The left- convince them,” he wrote. supporters, calling the result the vote, has indicated she day’s vote were those that esti-
servative evangelicals could ist leader, who came to power It was a message that also “just a delay” in his victory. might endorse Mr. da Silva. If mated a higher number of poor
explain the polls being off. in 2003 as the country’s first pleased those in Brazil’s finan- Mr. da Silva’s public com- all her voters migrated to the people in the lowest income
Mr. Bolsonaro said he was working-class president, got cial markets, who said that ments leading up to the elec- leftist leader, that would easily bracket, typically defined as
in talks with potential allies for 57 million votes on Sunday— such a centrist alliance could tions indicated he thought he give him the couple of million those who earn the equivalent
their endorsement in the sec- the highest number for any help rein in any sharp moves would win outright on Sunday votes he needs to win, based of two minimum-wage salaries
ond round, including Romeu Brazilian candidate ever in a to the left by Mr. da Silva if and avoid a runoff, and he and on electoral-court data. or less—about $450 a month.
 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.
© 2022 Dow Jones & Company. All Rights Reserved.
Thanksgiving week 2021 at San
Jose International Airport.
FROM TOP: DAI SUGANO/THE MERCURY NEWS/GETTY IMAGES; ISTOCK
Prices Are Likely to Rise.
Book Holiday Flights Now.
Demand for travel between Thanksgiving and New Year’s remains high
BY ALLISON POHLE
T
he best holiday present
you can give yourself is
to book flights immedi-
ately.
Already-high prices
will likely rise signifi-
cantly in the coming weeks, ana-
lysts and fare-trackers say. Holiday
airfare is historically expensive,
but is compounded this year by
airlines’ attempts to manage
schedules and capacity.
After a rocky spring and more
troubles early in the summer, air-
lines have pared their schedules in
the hopes of delivering better ser-
vice, analysts say.
The average price for domestic
travel during Thanksgiving week
this year is $468, up 48% from the
same time last year, according to
recent search data from travel site
Kayak. The data considered
searches from Sept. 11 to Sept. 25,
the company says. Current prices
reflect reduced schedules and high
demand. Prices will fluctuate, but
Insults Fly
Between
Rival Hubs
Continued from Page One
ranks of New York City airports, he
said, is “either arrogant or dumb.”
Look at the New York Giants and
New York Jets, Mr. Cryan said, the
two NFL teams that share a home
stadium—in New Jersey.
“You can see the World Trade
Center and the Empire State Build-
ing from Newark,” said former New
Jersey Gov. Jim McGreevey. The air-
port is about a dozen miles by car
from downtown Manhattan via the
Holland Tunnel.
When the Newark airport opened
FROM TOP: CHARLES PHELPS CUSHING/CLASSICSTOCK/GETTY IMAGES; CHRIS HELGREN/REUTERS
in 1928, it was the New York area’s
first major airport, according to its
operator, the Port Authority of New
York and New Jersey, which is con-
trolled by the two states. It has been
a source of turbulence ever since.
The same year Mayor La Guardia
declined to set foot from the plane
in Newark, he reportedly said a New
York City airport—later named after
him—would free the city from the
“humiliating position of seeing all its
passengers and mail traffic go to a
nearby state.”
In the 1990s, Gordon Bethune,
then-chief executive of Continental
Airlines, made it his mission to get
New Yorkers to embrace the Newark
airport as their own. At various
points, it pitched itself as the “official
airline” of Broadway and the New
York Yankees.
Continental plastered New York
City with advertisements. “Need to
PERSONAL JOURNAL.
the average price generally in-
creases as the travel date ap-
proaches.
Prices in late December are
higher, as well. The average price
for domestic travel during Christ-
mas week this year is $574, up
52% compared with the same time
last year, according to Kayak data.
“If you find a fare that works
for your budget, and the airline
and schedule meet your needs,
book it,” says Henry Harteveldt, a
travel-industry analyst and presi-
dent of Atmosphere Research
Group, a market-research firm.
In addition to booking now, an-
alysts and travel-industry profes-
sionals recommend the following:
Check the expanded field
of budget airlines
Depending on where you live and
your destination, as well as the
number of bags you want to check,
you might study fares on budget
airlines, including newer competi-
tors in the field who might not be
on your radar.
feel like a real New Yorker? Eat
a bagel on your way to New-
ark,’’ one read. Another asked,
“What do you call someone go-
ing to JFK? Late.”
Rudolph Giuliani, New York’s
mayor at the time, demanded in
1997 that the airline kill the ads
and threatened a boycott. He
couldn’t be reached for com-
ment. The airline eventually
toned down the ads.
“We did mention the fact
that you didn’t need a passport
to cross the river,” Mr. Bethune re-
called during a recent interview.
In 2002, Mr. McGreevey and
George Pataki, governor of New York
at the time, proposed renaming the
hub Liberty International Airport at
Newark in honor of the 9/11 victims.
THE WALL STREET JOURNAL.
Low-cost carriers Avelo and
Breeze have added routes in recent
months, says Mr. Harteveldt, and
often fly from smaller airports.
But travelers should be mindful of
added fees for baggage and seat
selection.
Be flexible on
timing
Sometimes early-morning
flights are the best op-
tion, even if it means cut-
ting family time short,
says Heidi Goitia, a pub-
lic-relations professional
$574
Average price for
who lives in the Phoenix
area. Ms. Goitia booked
Thanksgiving flights for
her two college-age chil-
dren in late August. Her
son will fly from Phoenix to Dallas
on a 5 a.m. Southwest flight the
Sunday after Thanksgiving.
“He will have more time on his
hands than he would probably like,
but it was the best price and keep-
ing him here for just another few
hours didn’t make sense,” she says.
Then-Newark Mayor Sharpe
James insisted the airport keep
Newark more prominent in the
new name. Mr. James said he threat-
ened to dispatch a fleet of garbage
trucks to create a traffic jam at the
airport every day unless his demand
Keep an eye on prices
after you book
If you are concerned that you
overpaid for your holiday flight,
continue to track prices in the
days and weeks after booking.
Many airlines allow you to
cancel tickets for a travel credit.
If the fare for your trip goes
down, you can cancel your ticket
and use a portion of the credit to
rebook your trip, Mr. Harteveldt
says. This option isn’t available for
every fare, so keep an eye on the
fare class when you book.
Use points and miles
strategically
For most of the year, you
shouldn’t use points or miles for
domestic travel
Christmas week
domestic economy flights, says
Adam Morvitz, founder and CEO
of point.me, a points and miles
search aggregator and booking
service. But there are exceptions
over the holidays, when airlines
increase prices for domestic
flights significantly, he says.
Left, passengers
in the 1930s
boarding in
Newark. Below
left, a jet out of
Newark gives a
view of New York.
was met.
“I’m putting gas
in them while we
talk,” Mr. James
recalled telling Mr.
McGreevey, who
said he didn’t re-
member it.
Other U.S. air-
ports identify with
places where they
aren’t located. San
Francisco International Air-
port is in another county.
The Providence, R.I., airport
is in Warwick, R.I. Cincin-
nati’s airport isn’t even in
Ohio. It’s in Kentucky.
Newark is being dropped
from the group of airlines
that share the New York
City code for technical rea-
sons by the International
Air Transport Association.
The change, slated for April,
should be largely invisible
to consumers. Travelers will
still see Newark as an op-
tion when they search for
flights to New York.
The Justice Department
doesn’t consider the Newark
hub one of the New York
City airports for domestic travelers,
according to an unrelated antitrust
trial under way in Boston. The gov-
ernment has a case against a
planned partnership in the northeast
between American Airlines Group
Inc. and JetBlue Airways Corp.
Tuesday, October 4, 2022 | A9
Generally, his service tries to
get customers between 6 and 12
cents per point redeemed, com-
pared with the 1 cent generally
seen with credit-card redemptions,
he says. The company uses an algo-
rithm that searches more than 150
airlines for points deals and re-
demptions. This year, flights the
Friday before Christmas generally
cost 23,000 to 30,000 points for a
one-way redemption from New
York to Detroit.
Mr. Morvitz says this is a steep
price during the rest of the year,
but depending on what the cash
fare is and how much a given air-
line has raised the price from the
standard fare, it could make sense
to use points, even if you don’t get
the optimal redemption value.
Take a Thanksgiving
vacation abroad
Travelers willing to trade
Thanksgiving dinner at
Grandma’s house for an inter-
national holiday with Grandma
can find good deals on flights
abroad. It costs about $432 to
fly from Chicago to Lisbon during
Thanksgiving week compared
with $475 to fly from Chicago to
Phoenix, according to Kayak’s
travel data.
There are also great points and
miles redemptions for interna-
tional first- and business-class
tickets during Thanksgiving week,
Mr. Morvitz says. “You can’t say
the same for Christmas,” he says.
Both airlines operate out at La-
Guardia and John F. Kennedy Inter-
national airports in the New York
City borough of Queens. The govern-
ment claims that by joining forces,
the two companies will limit compe-
tition in New York.
The Justice Department said the
New Jersey airport serves a different
customer and should be considered
a “distinct endpoint” for U.S. fliers.
The two airlines argue the omis-
sion paints a skewed and inaccurate
picture of the New York air-travel
market.
On Wednesday, the debate trig-
gered a minor courtroom drama. A
Justice Department lawyer quizzed
JetBlue CEO Robin Hayes about a
2020 presentation that touted the
airline’s position as New York’s sec-
ond largest carrier by domestic ca-
pacity.
The claim didn’t include the New-
ark airport, which would have
dropped JetBlue lower on the list.
“With hindsight, we should have
included Newark,” Mr. Hayes said.
The Justice Department declined
to comment.
Mr. Hayes testified that JetBlue
customers see Newark as a New York
airport. “Everyone in New York I be-
lieve understands that,” he said.
That may be, but a lot of airline
passengers aren’t happy going
through Newark.
A J.D. Power Survey this year
ranked the airport lowest in cus-
tomer satisfaction among major
North American hubs. The survey
was done before the completion of
renovations there.
“You can get in and out of Newark
airport better than you can get in
and out of any New York airport,”
said Mr. James, the former mayor.
“If anyone wants to debate me on
that, I’ll take all comers.”
 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, October 4, 2022 NY THE WALL STREET JOURNAL.

PERSONAL JOURNAL.
BY SHARA TIBKEN PERSONAL TECHNOLOGY Apple Watch Ultra: Better

E
very fall, Apple unveils
many new devices, soft-
ware and services.
Some of the offerings
are incremental updates
to what came before,
but others break new ground.
After the company’s marketing
glitter settled, we tested the new
products to see whether
they can truly help you—
and if they’re worth your
cash. Here’s how our col-
umnists have assessed
the iPhone 14 Pro, Apple
Watch Ultra, iPhone and
Apple Watch crash detec-
tion, and more.
iPhone 14: Go Pro
or go home
After testing the new
iPhone 14, iPhone 14 Pro
and iPhone 14 Pro Max,
senior Personal Tech col-
umnist Joanna Stern says
the choice is clear: If you
want a new iPhone, you
should buy the new $999-
and-up Pro.
As she writes, “This
year—more than in the
past—Apple’s top-of-the-
line phones do more to
justify their $200 price
bump.”
iOS 16: Make your
old iPhone feel new
If you’re not planning to
buy a new device this
year, there’s a way to
make your old phone feel
FROM TOP: THE WALL STREET JOURNAL, APPLE (3); ISTOCK (1); NICOLE NGUYEN/WSJ
battery, not quite extreme
Apple’s Fall ’22 Products: If regular fitness tracking isn’t
enough for you, Apple has another
option: the Apple Watch Ultra. The
more rugged—and heftier—smart-
How They Measure Up watch was designed with extreme
athletes in mind.
Nicole put it to the test during
a two-day hike in the mountains.
She found that it delivers on Ap-
Our reviewers tested new phones, watches, earbuds and more ple’s multiday battery-
life claims, but “leaves
something to be desired
for those accustomed to
premium athlete-fo-
cused GPS watches.”
Crash detection:
Does it work?
With this year’s new
iPhones and Apple
Watches, Apple made
an unusual pitch: Buy
these devices to stay
safe. It included car-
crash detection in all
new models and a soon-
to-arrive satellite-pow-
ered SOS connection in
the new phones, to get
you emergency help
when you’re out of cel-
lular range.
Joanna didn’t just
take Apple’s word that
it works: She tested the
new crash-detection
feature at a junkyard
with a demolition-derby
champ and a few cars
The company introduced that were headed to the
its second-gen AirPods scrapper. The results
Pro, iPhone 14 lineup were well worth the
effort.

and Apple Watch Ultra.

new. You can (and
frankly, should) down- AirPods Pro
2nd-Gen:
load iOS 16 to tap into Apple’s look like their predecessors. But Better noise canceling
latest iPhone features and secu- they pack hardware improve- You wouldn’t be alone in thinking
rity updates, especially since it ments under the hood that “can the new AirPods Pro are no differ-
has worked out some early bugs. possibly save your life,” Personal ent from the old AirPods Pro. After
iOS 16 works on smartphones as Tech columnist Nicole Nguyen all, they both have the white bud-
old as 2017’s iPhone 8. writes. and-stem design. But the differ-
The new software comes with And the more premium model, ences are apparent as soon as you
“a million ways to customize your the Apple Watch Series 8, in- put the new AirPods in your ears,
lock screen,” Joanna writes, as cludes temperature tracking that writes Nicole.
well as numerous other updates to could help you conceive “They do sound better than the
make your iPhone feel fresh. You a baby. originals—and they block sounds
can set up medication reminders The most noticeable improve- better, too,” she says. If you lose
or even unsend an iMessage. ments for most users, though, your AirPods (a pretty common
The best part? Apple’s software come with the newest Apple occurrence for many earbud own-
updates are free. Watch software, Nicole says. Wa- ers), they’re also easier to locate.
tchOS 9—which adds a medication
Apple Watch Series 8, SE: reminder, sleep-stage information
Potentially lifesaving and more—is also available for re-  To read the full reviews, go
The Apple Watch Series 8, left, has a larger, always-on display and more Apple’s newest regular smart- cent Apple Watch models going to https://www.wsj.com/news/
advanced health features compared with the SE, right. watches, the Series 8 and SE, back to the Series 4. technology

Why Higher Interest Rates Aren’t

Reaching Your Savings Account
BY JOE PINSKER banks can keep payouts on Sept. 30, according to Bank-

T
he Federal Reserve’s
campaign to fight infla-
tion by raising interest
rates seems to have reached
nearly every corner of the
economy except one: Ameri-
cans’ savings accounts.
Mortgage rates doubled
this year to nearly 7%, and it
has become more expensive
to get a car loan or carry a
credit-card balance. Yet the
interest on savings accounts
barely budged. In March
2020, the average annual
yield on a standard savings
account was 0.1%, according
to Bankrate.com. It fell to a
pandemic low of 0.06% after
Americans’ personal saving
rate peaked, and is now up to
a wan 0.14%.
U.S. commercial banks
held $16.8 trillion in deposits
as of June, according to the
Federal De-
posit Insur-
ance Corp.
Much of that
vast sum sits
in individual
checking and
savings ac-
counts, earn-
ing little inter-
est and losing
significant
value to infla-
tion. There
are savings accounts that
yield as much as 3%, for
those willing to shop around.
At a hearing on Capitol Hill
last month, Rep. Michael San
PHOTO ILLUSTRATION BY SAM KELLY/THE WALL STREET JOURNAL, ISTOCK (4)
savings accounts low because
they seem to have plenty of
deposits to cover their lend-
ing businesses for now and
don’t need to attract more by
raising interest rates.
Some other banks are of-
fering some of the most gen-
erous yields in years, but
those still paying out meager
interest can count on cus-
tomer inertia: we fail to take
advantage of better deals,
because switching banks
rate, the highest-yield nation-
ally available, FDIC-insured ac-
count was UFB Direct, which
was paying out 3.01%.
Greg McBride, Bankrate’s
chief financial analyst, ad-
vises shopping around. “If
you’re looking in the right
place, it is the best you’ve
seen since 2009,” he said. “If
you’re just standing pat at
the same place you’ve always
had your savings, it probably
doesn’t look a whole lot dif-
ferent than 2021.” (Bankrate
earns money when custom-
ers open accounts using of-
fers on its website.)
Even high-yield savings
accounts are a weak buffer
from 8.3% year-over-year in-
flation, but their annualized
returns of 2% or 3% still beat
a return of 0.01%. The me-
dian balance of a transaction
account, which includes
checking, sav-
ings and other
accounts, was
$5,300 in
2019, accord-
ing to the Fed-
eral Reserve,
the latest data
available. Re-
ceiving 3% in-
terest on that
balance, versus
0.01%, would
work out to a
difference of about $160 a
year—not an enormous
amount of money, but also
not bad compensation for
opening a new account,

Nicolas (D., Guam) remarked
on depositors’ underwhelming
returns to the leaders of the
nation’s largest banks. “One of
the only silver linings in a ris-
ing interest rate environment
is that savers are supposed
to be rewarded for their sav-
ings,” he said. “They’re sup-
posed to see the interest that
they earn on their savings ac-
counts go up.”
In response, the bank
chiefs said that they ex-
pected the interest rates on
their customers’ deposits to
increase in the future, based
on the actions of the Fed and
their competitors.
The country’s largest
seems like a headache.
Were that dynamic to
change—that is, if enough
consumers took their money
elsewhere in search of higher
returns—banks would be
compelled to raise interest
rates or make fewer loans,
said Philipp Schnabl, a pro-
fessor of finance at New
York University’s Stern
School of Business.
Some banks, particularly
online ones, have inched up
yields in response to the Fed’s
rate increases. The annual in-
terest on an online savings
account at Ally Bank rose
from 0.5% in May to a chunk-
ier 2.1% last month. As of
which can typically take
about 15 minutes of work.
People with much larger
balances stand to gain more,
yet those depositors don’t al-
ways bother to move their
money. Tony Chan, a financial
adviser in Orange, Calif., said
he recently met with a new
client who had about $1.2
million in an account earning
0.01% a year, or roughly $120.
Mr. Chan recommended
the client move most of the
money into a higher-yield ac-
count and the rest into cer-
tificates of deposit. He esti-
mates that these switches
would yield at least $36,000
in interest annually.
 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, October 4, 2022 | A11

ARTS IN REVIEW
Björk performing at
the Montreux Jazz
Music Festival in July
SANTIAGO FELIPE/REDFERNS/GETTY IMAGES
Her words, freed of metric and
melodic necessity, are sometimes
abstract and poetic and some-
times disarmingly direct. She fol-
lows her lyrical threads without
worrying about setting those
thoughts to a tune. The 2018
death of Björk’s mother inspired
both “Sorrowful Soil” and “Ances-
tress.” “In a woman’s lifetime /
She gets four hundred eggs / But
only two or three nests / Woven
with a mother’s life force,” goes a
section of the former, as she pays
tribute to feminine strength. On
the latter she gets more personal
and specific—“When I was a girl,
she sang for me / In falsetto lulla-
bies with sincerity / I thank her
for her integrity”—trilling her lyr-
ics over plucked strings and lay-
ered voices.
Like much of Björk’s recent
work, this album requires consid-
erable investment from the lis-
tener to appreciate as a whole. To
have a chance at fully grasping
this record, you have to clear your
schedule, disable the internet con-
nection, position your chair in
front of your speakers, and have
the lyric sheet nearby. It resists
casual engagement, though there
are moments of great beauty. Her
2004 album, “Medúlla,” which in
retrospect kicked off her experi-
mental period, put a cappella vo-
cal layering at its forefront, and
some of the most immediately en-
gaging tracks here build on that

idea. On “Mycelia,” the minimalist

repeating pattern of her voice
brings to mind Laurie Anderson,
while “Allow,” the record’s best
song and the only one even dis-
tantly evocative of her early work,
melds a swirl of voices with a be-
witching arrangement for multiple
flutes.
But for all the arresting mo-
ments scattered throughout “Fos-
sora,” there’s no getting around the
MUSIC REVIEW | MARK RICHARDSON fact that it’s an extremely challeng-
ing listen that’s steers clear of ob-
vious pleasures. Björk is without

Motherhood and Mycology question one of the most influential

pop figures of her generation, even
if her new music has no overlap
with what the genre offers today.
Wherever singers and
IN 2002 Icelandic musician Björk and she was one of the first major nectedness. The darkly organic musicians are mixing the
Guðmundsdóttir released the com- artists to release work as a mobile theme extends to the music. Re- high-minded concepts of
pilation “Greatest Hits.” Her fans app. Her albums, which appear ev- curring elements include contribu- the art world with the
voted on its contents via an online ery few years, are not standalone tions from Murmuri, a sextet of communal experience of
poll, and the collection’s 15 tracks objects. To embrace a new record bass clarinetists, and beats from music heard in the
included songs drawn from her by Björk, one must take some time electronic duo Gabber Modus Ope- street, from Rosalía to
first four solo albums, from 1993’s to absorb the totality of the expres- randi, who specializes in modern FKA Twigs to Charli XCX,
“Debut” through 2001’s “Vesper- interpretations of the fast and there’s something you
tine,” along with a few singles not noisy ’90s club style called gabber. can trace back to Björk.
found on LP. When today’s casual The opening “Atopos” fuses wood- Those who first discov-
listeners think of Björk’s work,
Björk explores ecology, winds with percussion that sounds ered her music when she
they are probably imagining the mourning, parenting a tree trunk being smacked against was leading the main-
inventive mix of conventional concrete, while Björk sings about stream in new directions
songwriting and sonic exploration
and mushrooms on her what divides us and what brings can’t help but yearn for
covered by the hits collection. 10th solo album. us together—“Hope is a muscle / the earlier works’ combi-
These songs were seen on MTV That allows us to connect” is one nation of accessibility
and landed on pop charts in the of a few nice lines. On “Ovule,” and boundary-pushing,
U.K. and Europe. voices are arranged and processed but that’s simply not
In the two decades since the re- sion, from the backstory to its to simulate the texture of a string where she is creatively.
lease of that compilation, the very cover cues to its accompanying vid- section, which only occasionally Setting that aside, “Fos-
idea of Björk having a “hit” has eos. Her 10th studio LP, “Fossora” seems to line up with the thwack porary classical air that is sora” is an occasionally rewarding
seemed utterly absurd. She’s made (One Little Independent), out now, of the beats. reinforced by Björk’s melodies, and ultimately frustrating listen—
a great deal of music in the past 20 continues this trend. These tracks are initially strik- which are long and winding and the audacity of her vision is admi-
years, much of it highly acclaimed, The new record touches on ecol- ing for their unexpected juxtaposi- often almost impossible to follow. rable, but at times the album feels
but her output has deliberately ogy, mourning, motherhood and tions and the originality of their These songs aren’t structured with like reaching out and trying to grab
been almost completely discon- mushrooms. Its title is a riff on a productions—it’s difficult to think verses and choruses but seem to a handful of fog.
nected from pop forms. Björk, now Latin word that can be loosely of other music that sounds quite unfold in zigzag patterns, like a
56 years old, has become a multi- translated as “she who digs,” and like this—but they’re also perplex- person running full-speed through Mr. Richardson is the Journal’s
media artist whose work encom- she uses mycology as a symbol of ing. The earthy growl of the wood- a dense forest, dodging trees and rock and pop music critic. Follow
passes fashion, video and sculpture, life, death, renewal and intercon- winds lends the album a contem- jumping over logs. him on Twitter @MarkRichardson.

Weather The WSJ Daily Crossword | Edited by Mike Shenk

Shown are today’s noon positions of weather systems and precipitation. Temperature bands are highs for the day.
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 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, October 4, 2022
FROM TOP: DIEGO DIAZ/ICON SMI/ZUMA PRESS; WILLIAM B. PLOWMAN/NBCUNIVERSAL/GETTY IMAGES
Report Finds ‘Systemic Abuse’
In Women’s Soccer Culture
U.S. Soccer’s investigation says players’ misconduct allegations were repeatedly ignored in NWSL
BY RACHEL BACHMAN
AND LOUISE RADNOFSKY
A
n independent investi-
gation into U.S.
women’s professional
soccer paints an unspar-
ing picture of what it
called systemic abuse across the
sport, in which reports from players
about sexual, verbal and emotional
misconduct by their coaches were
repeatedly ignored by the league
and federation.
The report concludes that such
abuse was at times seen as normal
behavior because of practices that
are entrenched in the game
throughout the sport, starting at
the youth level.
The United States Soccer Federa-
tion retained former acting U.S. At-
torney General Sally Q. Yates of
King & Spalding LLP to lead an in-
quiry that followed reports last year
of sexual misconduct by male
coaches in the National Women’s
Soccer League. U.S. Soccer helped
launch the NWSL in 2013. The
NWSL is conducting its own investi-
gation, which has yet to be com-
pleted.
In a report released Monday,
Yates described consistent missteps
by teams, the league and the feder-
ation after they were told about and
provided evidence of abuse allega-
tions, beginning with the earliest
years of the league’s existence and
Is there a relationship
as simultaneously con-
flicted–and uncon-
flicted–as the one be-
tween football and
football fans? The coun-
try’s most-watched sport is, by de-
sign, collision-based, played with
speed and ferocity. It can be thrill-
ing to watch, but we all know the
deal: it’s only a matter of time be-
fore someone gets hurt.
Here we are again, on the matter
of the NFL and concussions, this
time involving the 24-year-old Mi-
ami Dolphins quarterback Tua Ta-
govailoa, who was thrown to the
turf in a game versus Cincinnati
last Thursday, head snapping back-
ward, clenched hands jolting up-
ward in an apparent sign of a brain
injury. He was removed on a
stretcher, watched by a solemn
gathering of his Miami teammates–
and a television audience of mil-
lions.
What made the jarring moment
even worse was the knowledge that
Tagovailoa’s head slammed to the
grass just four days prior, in a game
against Buffalo. He wobbled then as
he got back on his feet–a stumble
the Dolphins said was attributable
to back pain. Either way, the optics,
then and now, were terrible. Ta-
govailoa is now in concussion pro-
tocol, and will miss Sunday’s game
against the Jets, at a minimum.
A league investigation of the de-
cision-making process in Miami is
underway, and the NFL Players’ As-
EMILEE CHINN/ASSOCIATED PRESS
sociation has fired the independent
neurotrauma consultant who
cleared Tagovailoa to return in the
Bills game. The league and players
association are vowing to make
changes to the current head injury
protocol.
Because of course they are. This
is how it goes in professional foot-
continuing through 2021.
“Abuse in the NWSL is rooted in
a deeper culture in women’s soccer,
beginning in youth leagues,” a sum-
mary of the Yates report says.
It adds: “Abusive coaches moved
from team to team, laundered by
press releases thanking them for
their service, and positive refer-
ences from teams that minimized or
even concealed misconduct. Those
at the NWSL and USSF in a position
to correct the record stayed silent.
And no one at the teams, the
League, or the Federation de-
manded better of coaches.”
Tua Tagovailoa Is Out,
And Life in the NFL Marches On
Teammates gather around Miami Dolphins quarterback Tua Tagovailoa after an injury on Sept. 29.
ball, where, like in a lot of business
environments, a crisis is not ad-
dressed until it’s utterly obvious, in
front of the face, unavoidable.
Former NFL stars are urging cur-
rent players to advocate for them-
selves. “I would implore these
young men: Don’t go back on that
football field if you get hurt,” said
NBC analyst Rodney Harrison, a
heavy-hitting defender who was
concussed multiple times in his ca-
reer. “I don’t want them to have to
feel like me and so many other for-
mer players that had to deal with
concussions.”
Harrison continued: “Whether
it’s depression, anxiety, paranoia,
SPORTS
NWSL Commissioner
Jessica Berman said that
she would immediately
review the report, praised
the courage of players
who had come forward,
promised to “learn from
and take responsibility
for the painful lessons of
the past in order to move
the League into a better
future” and said that the
NWSL investigation
would also take the Yates
findings in to account.
The report zeroes in on
three high-profile cases,
the most prominent of
which involves former
coach Paul Riley, about
whom the league or fed-
eration received allega-
tions of sexual miscon-
duct every year between 2015 and
2021, according to the report. Play-
ers had also made detailed descrip-
tions of verbal abuse by Riley in
2014, including in a player survey,
but no action was taken by the
team, league or federation.
The Portland Thorns fired Riley
after a player reported persistent
and unwanted advances in 2015,
and a subsequent investigation, the
report said. But at the time, the
team publicly thanked Riley for his
services and announced only that it
wasn’t retaining him as coach.
No warnings were given to the
JASON GAY
broken relationships, not being able
to communicate with your spouse
and things like that. It’s a lot. CTE
(Chronic Traumatic Encephalopa-
thy) takes you to a dark place. And
I want these players to know it’s
not worth it. Please take care of
yourself. Don’t depend on the NFL.
Don’t depend on anybody. If some-
thing is wrong with your head, re-
port it.”
That’s good advice, from some-
one who knows. Yet history has
shown that the NFL can’t help itself,
nor can many of us who watch it
and cover it, myself included.
This is a sport which, not long
ago, was confronting existential
next professional teams that hired
him or to a youth team where he
coached, Yates’s report said. More
complaints came in by the time he
was at a third professional team,
the report found, but were largely
ignored by the NWSL until they
were detailed in a news report in
the Athletic in the fall of 2021. In
2021, Riley denied to the Athletic
making sexual advances toward
players. He could not immediately
be reached for comment.
The report summary criticized
the Portland Thorns, one of the
most commercially and competi-
tively successful franchises, for try-
ing to block Yates’s team from ac-
cessing its 2015 report, citing legal
arguments that Yates called “spe-
cious.” The Thorns did not immedi-
ately respond to a request for com-
ment.
Players under Rory Dames, the
longtime coach of the Chicago Red
Stars, also raised concerns in 2014
and 2015 about allegedly abusive
and inappropriate behavior by him,
including in player surveys, that
were dismissed by the team’s
owner.
U.S. Soccer commissioned an in-
vestigation into him in 2018 after a
national team member complained.
That report substantiated most of
the claims, Yates’s summary said,
but was not shared in detail within
U.S. Soccer or with the league or
the team’s owner.
concern about its long term viabil-
ity. Hardly a week passed without a
testimonial from a former player–or
the surviving relatives of a late
player–about a life gone sideways.
The league reached a $1 billion set-
tlement with former players who
sued it over concussion-related is-
sues. None of this ancient history.
Remember the complaints about
“Thursday Night Football,” how it
was cavalier to put contact sport
athletes on the field with drastically
shortened recovery time?
Rule changes and improved hel-
met technology have been added,
but there’s been no effort to limit
growth. Today, NFL players play
THE WALL STREET JOURNAL.
Portland Timbers fans show
support for NWSL players in 2021.
Sally Q. Yates, below, led an inquiry.
Dames resigned in 2021 after me-
dia reports about his treatment of
players, and a sports psychologist’s
report on the team environment.
But he continued to own a youth
club, Yates’s team said, where their
investigation found that he had cre-
ated a sexualized environment, had
relationships with players and made
obscene tirades against young girls.
Dames, the Chicago Red Stars
and the youth club associated with
Dames did not immediately respond
to requests for comment.
A third coach, Christy Holly, was
described as being quietly fired
from a professional team in 2016
over verbal abuse and a relationship
with a player, but by 2018 was do-
ing contract work for U.S. Soccer in-
cluding assistant coaching young
players’ national teams.
In 2019 he was back with a pro-
fessional team, Racing Louisville,
where after verbally and emotion-
ally abusing players and engaging in
a relationship with a staff member,
he allegedly sexually coerced and
assaulted a player. The report in-
cludes a vivid description of one oc-
casion on which he groped the
player in retaliation for what he
said was her poor game perfor-
mance, according to the report
summary.
Racing Louisville publicly ac-
knowledged firing Holly for cause,
but refused to provide additional
details, including to Yates, citing
non-disclosure and non-disparage-
ment agreements it signed with
him. Holly and the team did not im-
mediately respond to requests for
comment.
Yates’s team conducted 200 in-
terviews for the report, which says
they also “heard report after report
of relentless, degrading tirades; ma-
nipulation that was about power,
not improving performance; and re-
taliation against those who at-
tempted to come forward.”
Some players told investigators
that they came to consider it futile
to report misconduct given previous
failures at every level to address the
issues.
“There are too many athletes
who still suffer in silence because
they are scared that no one will
help them or hear them. I know be-
cause that is how I felt,” said Erin
Simon, who is identified in the re-
port as being assaulted by Christy
Holly.
The full report, released publicly
on Monday afternoon, is one of the
most exhaustive examinations ever
of misconduct in one of the nation’s
most popular participation sports,
particularly for girls.
One reason the abuse continued
in the league despite players’ re-
peated complaints, according to the
report, was the financial fragility of
both the NWSL and its players.
Launched in 2013, it was the third
effort at a women’s pro soccer
league in the U.S.
Players were “repeatedly enlisted
in the effort to keep the league
afloat by protecting it from scandal
and were told to be grateful that
they had an opportunity to play
professional soccer at all,” accord-
ing to the report summary.
more football, not less. Regular sea-
son game No. 17 was added last
season, with support of the players.
Thursday Night Football, mean-
while, is an accepted institution,
with a lucrative new deal with Ama-
zon. And the audience? We don’t
want to see moments like Ta-
govailoa on the ground. We urge
the NFL to do better. We push for
appropriate parties to be punished
if necessary. But we don’t stop
watching.
The product is too desirable. The
NFL is the biggest, most watched,
most successful force in American
sports, and the general attitude sur-
rounding it is: more, more, more. If
a media partner expresses any
moral hesitation, fine—there will be
another party eager to bid.
Condemn the hypocrisy? We’re
part of it, every time we turn the
page. And there’s always something
new to distract us–a brilliant Pat-
rick Mahomes shovel pass; a near-
upset in Green Bay by Patriots
third-string quarterback Bailey
Zappe; a “double-doink” field goal
miss that gave the Vikings a win
over the Saints in London. Bol-
stered by the fantasy juggernaut
and increasingly legalized betting
options; NFL is the most powerful
currency in American sports. Now
it’s shopped around the world.
Meanwhile, Tua recovers, his fu-
ture unclear. His team is cooperat-
ing with the NFL investigation; His
coach, Mike McDaniel, said he
wouldn’t have been able “to live
with myself” had he knowingly put
Tagovailoa at risk following a head
injury. Week 5 is underway. Betting
experts are announcing their picks.
Fantasy managers await roster
moves. Indianapolis meets Denver
Thursday. That’s not a very attrac-
tive game, but America will watch.
Football pushes on, because it can.
 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, October 4, 2022 | A13

OPINION
Putin’s Nuclear Threat Is Real BOOKSHELF | By Edward Kosner

Even as poor-
ly
poorly
trained,
led
The Mad Butcher
and poorly
supplied Rus-
sian forces
retreat on the
Of Kingsbury Run
GLOBAL
VIEW battlefield,
the danger
American Demon
By Walter
that the war By Daniel Stashower
Russell Mead
in Ukraine (Minotaur, 342 pages, $29.99)

E
will erupt

NATALIA KOLESNIKOVA/AFP VIA GETTY IMAGES

into a wider conflict contin-
ues to grow. Vladimir Putin
has responded to the weaken-
ing of his military position by
“annexing” four contested re-
gions inside Ukraine, declar-
ing that the conflict in
Ukraine is a war for the sur-
vival of Russia, and raising
the specter of a nuclear
strike. The West is taking
note of these moves and the
sabotage of Baltic pipelines
connecting European consum-
ers to Russian gas. National
security adviser Jake Sullivan
has warned Russia that any
use of nuclear weapons would
have catastrophic conse-
quences for Russian forces,
and Jens Stoltenberg, secre-
tary general of the North At-
lantic Treaty Organization,
repeated that message Sun-
day morning.
As the Biden administra-
tion scrambles to manage the
most dangerous international
confrontation since the 1962
Cuban Missile Crisis, it must
see the world through Mr. Pu-
tin’s eyes. Only then can offi-
cials know how seriously to
take the nuclear saber-rat-
tling and develop an appro-
priate response.
The conflict isn’t only
about Ukraine. He’s
waging a global war
on the U.S.-led order.
While American presidents
going back to George W. Bush
have failed to appreciate the
depth and passion of Mr. Pu-
tin’s hostility to the U.S., the
Russian president isn’t that
hard to read. Like a movie su-
pervillain who can’t resist
sharing the details of his
plans for world conquest with
the captured hero, Mr. Putin
makes no secret of his
agenda. At Friday’s ceremony
marking Russia’s illegal and
invalid “annexation” of four
Ukrainian regions, he laid out
his worldview and ambitions
in a chilling and extraordi-
nary speech that every Amer-
ican policy maker should
read.
Mr. Putin sees global poli-
tics today as a struggle be-
tween a rapacious and domi-
neering West and the rest of
the world bent on resisting
our arrogance and exploita-
tion. The West is cynical and
Vladimir Putin addresses a rally in Moscow on Friday.
hypocritical, and its pro-
fessed devotion to “liberal
values” is a sham. The West
is not a coalition of equals; it
represents the domination of
the “evil Anglo-Saxons” over
the Europeans and Japan. Mr.
Putin sees this American-led
world system as the succes-
sor to the British Empire, and
he blames the Anglo-Saxon
or English-speaking powers
for a host of evils, from the
Atlantic slave trade to Euro-
pean imperialism to the use
of nuclear weapons in World
War II.
This attack on “Anglo-
Saxon” greed, brutality and
hypocrisy is not original to
Mr. Putin. He is reading from
a script developed by oppo-
nents of British and American
liberal capitalism and geopo-
litical power over hundreds of
years. Napoleon could have
delivered large swathes of
this speech. Very different fig-
ures such as Kaiser Wilhelm
II, Adolf Hitler as well as Jo-
seph Stalin, Imperial Japanese
leaders like Hideki Tojo, Iran’s
Ayatollah Ruhollah Khomeini
and Osama bin Laden shared
much of Mr. Putin’s critique.
One can hear versions of it on
many college campuses, and it
plays a significant role in the
intellectual and cultural life of
many postcolonial countries
and movements around the
world.
Drawing on this wide-
spread resentment of the lib-
eral West allows Mr. Putin to
appeal to currents of opinion
in Russia and beyond that
transcend normal ideological
boundaries. Russians who are
nostalgic for the Soviet Union
can happily cooperate with
Russians longing for the
czars. Orthodox Christian tra-
ditionalists can make common
cause with anti-Western Isla-
mists. This is a hymn book
from which fascists and com-
munists can both happily
sing. It appeals to the illiberal
fifth column Mr. Putin hopes
to foster in the West as well
as to Africans, Latin Ameri-
cans and Asians who resent
continued Western wealth
and power. Building a global
front against Western and es-
pecially American power is
central to Russian and Chi-
nese foreign policy.
Mr. Putin’s version of the
anti-American worldview
gives a special role to Russia.
“I would like to remind you
that in the past, ambitions of
world domination have re-
peatedly shattered against the
courage and resilience of our
people,” Mr. Putin told his au-
dience in the Kremlin on Fri-
day. In this view, Russia is the
bulwark of the rest of the
world against Western ag-
gression and domination. And
for Mr. Putin, the conquest of
Ukraine is an essential step in
preserving Russia’s ability to
carry out its historic mission
to curb the ambitions of the
imperial West.
The Biden administration
must remember that for Mr.
Putin the battle in Ukraine is
only one part of a global war
against the American-led
world order. And if Ukraine is
going poorly for Mr. Putin,
the global scene is more en-
couraging. While NATO has
been strengthened and—
thanks to Finnish and Swed-
ish accession—is about to be
expanded, the global order,
already shaken by the Covid
pandemic, has taken a beating
this year. At least in part ow-
ing to Mr. Putin’s war, finan-
cial markets are in turmoil.
Europe faces a daunting mix
of double-digit inflation and
fuel costs high enough to
make important energy-inten-
sive industries economically
unviable. Rising food, fuel and
fertilizer prices across the
Middle East, Latin America
and Africa threaten signifi-
cant social suffering and po-
litical unrest. Mr. Putin can
reasonably hope that over
time these problems will
liot Ness is an indelible figure in American folklore—
the straight-arrow Prohibition agent who ended Al
Capone’s reign as the bootlegging and prostitution
kingpin of Chicago. Capone was actually imprisoned on a
tax-evasion rap, but Ness and his intrepid band of “Untouch-
ables,” who liked to ram their trucks through the doors of the
mobster’s secret breweries, forever get the credit in memory.
Ness was still in his 20s when he tormented Capone in
the early days of the Great Depression, and after Chicago his
career as a paragon of law-enforcement was inevitably an
anticlimax. Long after his death he won enduring fame, played
by Robert Stack on TV and by Kevin Costner in the 1987 hit
movie “The Untouchables.” Now the ace true-crime writer
Daniel Stashower has exhumed a gory late episode in the
strain the West’s cohesion. Ness saga that casts a fresh and not especially flattering
Making threats about the light on this gangbusting icon.
use of nuclear weapons in “American Demon: Eliot Ness and the Hunt for America’s
Ukraine advances both Mr. Jack the Ripper” tells the story of the long pursuit of the so-
Putin’s goals in Ukraine and called Mad Butcher, a fiend who murdered and dismembered
his larger campaign against more than a dozen victims in Cleveland in the mid-to-late
the American-led order. Nu- 1930s. Their deftly carved torsos, arms, legs and feet, some-
clear weapons, he hopes, times neatly packaged in newspaper, were mostly found
could shift the military bal- strewn about a shantytown wasteland called Kingsbury Run
ance on the ground, and the bordering Lake Erie. Their decapitated heads were some-
fear of nuclear war could times nestled with the bodies, sometimes secreted else-
force Washington to dial back where. “MAD BUTCHER STRIKES AGAIN” shrieked the
military support for Ukraine. Cleveland papers with alarming—and circulation-boosting—
The threat or use of nuclear regularity.
weapons could split Europe Ness’s dapper college-boy persona masked courage and
between “peace at any price” steely resolve; he was a complicated character. In Chicago,
governments and govern- the author writes, Ness “often seemed to be trying too hard.
ments of countries closer to He presented himself as Prohibition’s answer to Jack Arm-
Russia whose determination strong, the All-American Boy, and sprinkled his speech with
to resist nuclear blackmail exclamations of ‘Gosh!’ and ‘Gee!’ Occasionally he embroi-
would only grow. dered details . . .”
There is one other consider- By early 1936, Ness had
ation. Ever since taking power parlayed his Capone heroics
in Russia, Mr. Putin has been into a job as the public-safety
frustrated by his inability to director of Cleveland, in charge
parlay his country’s immense of 2,500 cops, firemen and
arsenal of nuclear weapons other city workers. Cleveland
into real political power in the was no Chicago, but the city’s
world. Nuclear weapons made neighborhoods were saturated
the Soviet Union a super- with the numbers racket, pros-
power; Mr. Putin wants that titution and bootleg liquor. His
stature back. Extracting signif- first priority was reforming the
icant concessions from the corrupt police department and
West by nuclear blackmail cracking down on the casinos
over Ukraine would be a major running under the bribe-infused
step in his goal of regaining indifference of local authorities.
the Soviet Union’s place in The gambling dens were banking
world affairs. more than a quarter-million dollars a week at a time when
None of this is good news a five-bedroom house in Shaker Heights could be had for
for the Biden administration. $15,000. New in town, Ness made his mark by staging a raid
Yielding to Russian black- at one of the fanciest casinos and facing down mob muscle
mail over Ukraine would be armed with submachine guns.
a massive blow to American This time around, the man who named the Untouchables
credibility and power over- after the vilified Indian caste called his secret squad the
seas and would look weak to “Unknowns.” Besides weeding out crooked cops, he had elab-
Americans who have cheered orate plans to crack down on drunk drivers, pickpockets and
Ukraine on. Yet deterring a other civic pests. But just a few months before he took over,
Russian attack involves the two boys walking on Jackass Hill in Kingsbury Run stumbled
risk of a deepening Ameri- on the first two bodies, a ghoulish discovery that would
can engagement in an esca- change Ness’s life and reputation.
lating war. Month by month, the body-parts count mounted. The Mad
Mr. Putin’s armies are in Butcher was an equal-opportunity murderer—his victims in-
headlong retreat across much cluded men and women (two of the latter semi-pro hookers),
of Ukraine. His support at mostly white, some black. The Cleveland police quickly set up
home looks threatened. But a Butcher Squad of seasoned detectives who rushed to every
the threat he poses to vital discovery of bones or decomposing flesh. The coroner pro-
American interests must not nounced each the work of the same madman, who might have
be underestimated, and the been a surgeon, medical student or slaughterhouse worker.
threat that he will use nuclear The cops ran down every lead no matter how far-fetched.
weapons in Ukraine is real. Given the state of the bodies, only a few could be identified.
Detectives even displayed the head of one victim who came to
be known as the Tattooed Man and the papers ran a dia-

Capitalism Says the More the Merrier
Are human their new book published by
beings good? the Cato Institute, Messrs.
Not in the Tupy and Pooley find empiri-
sense of cal support for Mr. Musk’s
whether they more-the-merrier outlook.
behave de- More people, they say, means
cently, but in not only a bigger economic
MAIN
the more ele- pie—but more minds to think
STREET
m e n ta r y up more solutions for more of
By William
sense of the world’s problems.
McGurn
whether a “The book will affirm the
newborn baby moral and practical value of
is cause for celebration or a every additional human being,
carbon-generating curse. It’s a leave you appreciative of the
timely question, with the abundance that you are enjoy-
United Nations reporting that ing today, and even hopeful
the stork will deliver planet about the future fate of hu-
Earth’s eight billionth person manity,” the authors write.
next month. Capitalism, they posit, suc-
Never have so many been ceeds not only because it is
alive at one time, and some efficient but because it cor-
seem pretty sour about it. rectly locates the source of
Take Liu Zhenmin, U.N. under- wealth in the human mind.
secretary general for economic Their argument builds on
and social affairs, who warned the life’s work of Julian Si-
in a press release announcing mon, who features promi-
the expected birth: “Rapid nently in “Superabundance.”
population growth makes Simon was a University of
eradicating poverty, combat- Maryland economist (and
ting hunger and malnutrition, contributor to these pages)
and increasing the coverage of who wrote a revolutionary
health and education systems 1981 book called “The Ulti-
more difficult.” mate Resource.” A physical
Tesla and SpaceX CEO resource traditionally con-
Elon Musk has a more posi- sidered a source of wealth
tive view, even warning that (e.g., oil), he observed, is
civilization itself will “crum- valuable only because of the
ble” without more babies. uses to which the human
“There are not enough peo- mind puts it.
ple,” he said to a Wall Street “Superabundance” chal-
Journal audience in Decem- lenges today’s orthodoxy that
ber. He added that many resources are finite. Messrs.
“smart people” falsely believe Tupy and Pooley invoke the
the world is overpopulated notion of “time price,” or how
and urged them to look at the long it takes to earn the
numbers. money necessary to buy an
Now Marian L. Tupy and item, to show that things are
Gale L. Pooley have done just getting cheaper—which
that. In “Superabundance,” wouldn’t happen if resources
were becoming more scarce.
A factory worker in 1850, for
example, had to work two
hours and 50 minutes to buy
a pound of sugar, while his
counterpart today has to
work only 35 seconds. Multi-
ply that by similar gains in
hundreds of other resources
and commodities, and the re-
sult is “superabundance.”
When Earth’s eight
billionth baby is born,
we should kick up our
heels in celebration.
But it isn’t only about hav-
ing more stuff. It’s a meta-
physics of wealth. The book’s
fundamental claim is that by
almost any measure you care
to choose—health, life expec-
tancy, education, daily ca-
loric intake—we are living in
what Simon once described
to me as an “epidemic of
life.” And it’s all because of
human creativity.
Alas, there’s something
about wealthy societies that
draws them to pessimism. In
Simon’s day, it was the idea
that we were running out of
farmland, or that overpopula-
tion was outstripping the
world’s “carrying capacity.”
Though Simon won that de-
bate—“the battle to feed all
humanity” wasn’t over, as
Paul Ehrlich foolishly asserted
in the first sentence of his
1968 book “The Population
Bomb”—the battle has simply
assumed a different form.
gram of his body art, but no one came forward to name him.
Mr. Stashower spins a seamless narrative of the grisly
crime wave filled with vivid detail, but there’s a problem:
Messrs. Tupy and Pooley Ness turns out to be more of a gimmicky MacGuffin (in
describe the shift in argument Alfred Hitchcock’s term) than a major figure in the hunt for
as “the intellectual pilgrimage the demon butcher of Kingsbury Run. For all his flamboyance
from worrying about running in Chicago, he made himself so inconspicuous in the hunt for
out of resources to worrying the serial killer that the papers began prodding him to act
about running out of nature.” like . . . Eliot Ness.
In this view, critics concede
capitalism’s ability to produce
After sterling success with the Untouchables
the goods, but argue that this
productive capacity itself is in Chicago, Eliot Ness tried to clean up Cleveland.
speeding us to our destruc-
tion. What use is everyone’s A clever serial killer there tarnished his record.
being able to afford a car if
the price is making the cli-
mate unlivable? And when he did, it was a fiasco. A theory took hold that
But, the authors argue, it the Butcher was likely based in one of the Hoovervilles
isn’t only that we produce slapped together by Depression homeless in Kingsbury Run,
more. It’s that we produce and Ness organized a flash raid. The tarpaper shacks were
more in smarter ways, using searched, knocked down and set on fire, and the bedraggled
fewer resources, and then us- men and women hauled off for questioning and to the work-
ing them in ways less harmful house. No trace of the killer was found, and Ness was excori-
to the environment. The rea- ated for his brutal tactics.
son for this is, again, what All the while, he had a suspect in mind—Francis Sweeney,
humans produce best: ideas. a disgraced former surgeon who just happened to be the cousin
Men and women are more of a powerful Democratic pol, the enemy of Republican Ness
than mouths, they are minds and his patron, the mayor. Without due process, Ness seques-
too—and it’s time to reject tered the doctor in a Cleveland hotel suite, grilled him for
the absurd calculus by which days and then strapped him to a lie detector for more mara-
a country is said to get richer thon interrogation, finally releasing him without a confession.
when a farmer’s cow gives Later, the Cuyahoga County sheriff came up with a faux sus-
birth to a calf but is poorer pect who hanged himself (or was killed) in the county jail.
when a mother delivers a Ness’s career in Cleveland ended without a solution to the
child. mystery although the killings ultimately petered out. For all
So when that eight bil- his Goody Two-Shoes rep, he had always been a boozer and
lionth child is born on Nov. a skirt-chaser. Two of his marriages ended in divorce, and he
15, we should kick up our died at 54 in 1957 all but broke after a run of failed business
heels and celebrate, perhaps ventures.
with a tart reading from “Su- Long afterward, a man came forward to say that Sweeney,
perabundance.” And amid all in 1934, had drugged him in a small Cleveland medical office,
the warnings that we are run- and other circumstantial evidence led to the conclusion that
ning out of this or that, re- the doctor, who had spent his final years in mental hospitals,
member that when a gloomy was in fact the Mad Butcher.
Anglican cleric named So Ness might well have targeted another major criminal,
Thomas Malthus first started after all. But unlike the case of Al Capone, for which he got
declaring the Earth would undeserved credit, his only reward this time comes in the
never be able to feed its peo- final pages of “American Demon.”
ple, the population was only
one billion. Mr. Kosner is the former editor of Newsweek, New York,
Write to mcgurn@wsj.com. Esquire and the New York Daily News.
 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, October 4, 2022 THE WALL STREET JOURNAL.

OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR

Stacey Abrams’s ‘Big Lie’ Loses in Court The President and the Threat to Democracy

A
n amusing spectacle this year has been Then Billy Smith is sent a letter advising him Emily Finley’s op-ed “‘Democracy’ able to shape the world around him
seeing Stacey Abrams, as she cam- of the mismatch. Yet he’s still considered a reg- by and for the Elites” (Sept. 26) men- according to his wishes.”
tions Alexis de Tocqueville’s concerns Second, William F. Buckley Jr. com-
paigns again for Governor of Georgia, istered voter. He can show up at the polls, hand
about U.S. politicians usurping power mented: “I am obliged to confess that
trying to explain away her over an ID like anybody else, in the name of democracy. Also on I should sooner live in a society gov-
Trumpian refusal to concede Her voter suppression and cast a ballot. If he votes Sept. 26, the Congressional Budget erned by the first two thousand
after she lost the same race in narrative takes a hit absentee, his mail ballot is Office estimated that President Bi- names in the Boston telephone direc-
2018. “Despite the final tally provisional until he verifies den’s latest student-loan forgiveness tory than in a society governed by
and the inauguration,” she from a federal judge. his ID. About 60,000 people in edict will cost taxpayers $420 billion. the two thousand faculty members of
claimed in 2019, “I do have 2020 were flagged this way, In the name of fairness and equity, Harvard University. Not, heaven
one very affirmative state- 69% of them black. Is this un- the president took over a legislative knows, because I hold lightly the
ment to make. We won.” Does that call to mind constitutional? function, which he previously brainpower or knowledge or generos-
a certain Republican? The judge says no. Though mismatches could doubted he had authority to do. This ity or even the affability of the Har-
Ms. Abrams has argued that her stolen elec- result from mere typos or bad penmanship, the is an excellent example of Tocque- vard faculty: but because I greatly
ville’s concern that equity will domi- fear intellectual arrogance, and that
tion theories are nothing like President Trump’s. burden on voters is “relatively low.” Moreover,
nate decision-making. Tocqueville is a distinguishing characteristic of
“My point was that the access to the election Judge Jones says the plaintiffs gave no evidence recognized, however, the uniqueness the university which refuses to accept
was flawed,” she said last month, “and I refuse that anyone flagged this way was “unable to vote” of the U.S. judicial system in deciding any common premise.”
to concede a system that permits citizens to be or otherwise meaningfully inconvenienced. Geor- whether laws and executive decisions GREG POLITO
denied access. That is very different than some- gia, on the other hand, showed “that the State’s are constitutional. The judiciary re- Dallas
one claiming fraudulent outcome.” How inconve- compelling interest in preventing voter fraud is mains the best hope to reverse Mr.
nient for her that last week, amid her grudge tied to the challenged practice.” Biden’s student-loan power grab. Ms. Finley skirts the main reason
match against Gov. Brian Kemp, a federal judge The ruling goes on like this for 288 pages. PROF. JAMES E. CIECKA the phrase “threat to democracy” has
rejected a lawsuit accusing Georgia, more or Is Georgia’s process for verifying citizenship a DePaul University been used in the past year. Multiple
less, of voter suppression. serious burden on voters? No. Does the state Chicago influential representatives continue to
The case was brought soon after the 2018 have a compelling interest in it? Yes. Ditto for make baseless claims that a presiden-
Authoritarianism masquerading as tial election was stolen. If we’re con-
election by Fair Fight Action, a group tied to its use of records to remove dead voters. In con- benign paternalism has a long his- cerned about becoming a “democrat-
Ms. Abrams. The ruling by Judge Steve Jones, trast, Judge Jones says the process for flagging tory. Fortunately for us, intelligent ism” run by the shadowy hand of the
summarizing years of litigation, says that felons is burdensome for voters, some of whom observers are willing to call it out elite, then I suggest we first worry
many of the claims were dismissed earlier un- end up misidentified. But who’s at fault? when they see it. about the Ivy League educated real-
der summary judgment, some of them on the The state’s job is to compare the voter rolls I can’t resist quoting two of my fa- estate mogul who would have happily
merits. The surviving complaints included with its corrections databases and then provide vorites on this topic: First, F.A. Hayek disenfranchised millions of voters.
those aimed at Georgia’s alleged “mismanage- counties with lists of possible matches. Judge quipped that intellectuals are prone SUYASH FULAY
ment of the statewide voter registration list,” Jones politely suggests some of this matching to the “fatal conceit” that “man is Cambridge, Mass.
as well as its “Exact Match policy.” These were isn’t precise enough. In any event, the responsi-
aired during a 21-day trial with more than 50 bility is on county officials to investigate and
witnesses. then make the final call. One voter mentioned
“Although Georgia’s election system is not in the ruling has repeatedly protested to the You Can’t Trade Your Constitutional Rights
perfect,” the judge says, “the challenged prac- Fulton County registrar that he isn’t a felon. In “Big Tech Has No Constitutional If Congress passed such a law,
tices violate neither the Constitution nor the Alas, suing Democratic Fulton County wouldn’t Right to Censor” (Life Science, Sept. could a state make a similar trade
VRA,” meaning the Voting Rights Act. For the advance Ms. Abrams’s narrative. 26), Allysia Finley writes, “Social-me- and declare that newspapers, by vir-
record, Judge Jones was appointed by Presi- The political debate is full of rhetoric about dia companies want to be able to cen- tue of their newfound protections,
dent Obama. how American elections are untrustworthy due sor speech they don’t like without can be forced to print editorials
The details get complicated, but to dig into to either voter fraud or voter suppression. It bearing legal risks and responsibilities against their wishes? Could Florida
one piece, the “Exact Match” argument in- isn’t true, and the thing about federal courts attendant to being a publisher. But once again pass the law struck down
volved Georgia’s practice of cross-checking new is they demand evidence. Ms. Abrams doesn’t why should courts let them?” in Miami Herald v. Tornillo (1974),
voter registrations with information from other have it, despite telling the public in 2018 that The reason is that constitutional which did exactly that?
rights can’t be infringed as a “trade” The answer is no, because the gov-
databases. If “Jonathan William Smith registers she was robbed. Don’t expect her to recant any
for other rights granted by a statute. ernment can’t force such a bargain on
to vote as Billy Smith,” the judge explains, that more than Mr. Trump will, but the state of In enacting Section 230 of the Com- private media companies at the ex-
voter’s record is automatically flagged. Georgia deserves apologies from both. munications Decency Act, Congress pense of their constitutional right
made a policy judgment that speech against compelled speech. This prin-

St. Paul Regrets Rent Control on the internet would benefit by im-
munizing websites from liability for
ciple applies to social-media compa-
nies as much as it would to newspa-

R
speech uploaded by their users, even pers. The Texas law upheld by the
ent control is among the dumbest poli- from passing along new utility charges to ten- if those websites moderate that con- Fifth Circuit violates the right of me-
cies known to man, but cities keep try- ants as a way to offset the rent caps. tent. Congress could, if it wanted, pass dia companies not to facilitate speech
ing it. St. Paul, Minn., is the latest to Score half a point for the persuasive power a similar law completely immunizing to which they are opposed.
discover this universal truth, of economic reality. The City newspapers from liability for speech THOMAS BERRY
The City Council does Council noted in its reform printed in their editorial pages, even if Research Fellow, Cato Institute
though not before significant those editorials are carefully selected. Falls Church, Va.
damage was done. damage control after bill that, “according to data
Voters passed a ballot mea- from the Department of Hous-
sure last November imposing builders flee. ing and Urban Development,
Personal Responsibility and Failure to Launch
a 3% cap on annual rent in- there have been only two hun-
creases. The result was that dred (200) residential build- Andy Kessler’s “A Nation of Quit- be their kids’ best friends rather than
builders shunned the city, and the City Council ing permits in Saint Paul through April of 2022, ters” (Inside View, Sept. 26) is spot on, do the tough job of parenting.
has responded by voting late last month to cre- compared to 1,391 at the same point in 2021.” but the real reason for the phenome- These parents failed to instill disci-
ate new exceptions to the cap. Imagine that. non goes deeper. This refusal to leave pline and personal responsibility.
Effective Jan. 1, there will be a 20-year Mercatus Center senior research fellow mom and dad’s basement is rooted in Now they have their 30-year-old liv-
the way these folks were raised—spe- ing in the guest room and playing
rent-control exemption for new residential Salim Furth has also found that multifamily
cifically, people who were raised by a videogames all day. They can’t bring
properties and some apartments that partici- permitting surged in Minneapolis after its twin generation of helicopter parents who themselves to kick the kid out on his
pate in government affordable-housing pro- city passed rent control. Developers have a believed their kids should never fail, rear and make him get a job to take
grams. After a tenant leaves or is evicted with choice of where to build, and St. Paul gave them have a bad day or feel any pain, and care of himself and start paying back
just cause, landlords will be able to raise rent little incentive to invest there. always get a trophy. They wanted to that $150,000 government loan that
by 8% plus inflation. The City Council’s reforms treat the old they took out for the underwater-bas-
Property owners can also apply to St. Paul rent-control ordinance as merely too much of ketweaving college degree.
for an exemption to the 3% rent cap if their an acceptable policy. But rent control is de- The Great Risk in Pushing PETE SCHROEDER
property taxes go up or if there are “unavoid- structive because it reduces the supply of hous- Clemmons, N.C.
Every Home Off Natural Gas
able increases” in maintenance and operating ing, especially for low-income households. The
costs, including increases owing to inflation. city’s reforms are a wink at this economic real- The juxtaposition of news reports
But the City Council also restricted landlords ity, but repeal would have been better. about Hurricane Ian and your editorial Why Washington Says ‘More
(“Progressive Mind Over Matter in
California,” Sept. 24) brings to mind a
Debt’ No Matter the Question
OPEC’s October Oil Surprise vivid memory from my childhood. In
October 1954, Hurricane Hazel struck
In his great breakdown of the na-
tional debt (“The Silent Price You’ll

O
upstate New York with particular fe- Pay for Our Mounting National Debt,”
il prices rose Monday on news that the To refill the reserve, the Administration rocity. We lived in the Niagara Mo- op-ed, Sept. 30), Red Jahncke writes
Organization of the Petroleum Export- may soon have to buy oil at a higher price than hawk service district and, this being that a 12% loss in tax revenue, due to
ing Countries (OPEC) and its allies it has been selling it. Sell high and buy higher the age of Reddy Kilowatt, many of little or no capital gains being real-
may agree on Wednesday to wasn’t supposed to be the the houses in our neighborhood had ized this year, will “necessitate hun-
cut production. The Saudis Gasoline prices will strategy, Mr. President. A been remodeled during the preceding dreds of billions in borrowing to re-
decade to all-electric homes. place the lost revenue.”
and Russia are underscoring
the folly of President Biden’s
rise again if the Saudis smarter strategy to reduce
U.S. energy prices would have
Our house, however, still had a gas When revenue takes a hit in any
range in the kitchen. For days after- business or home across our country,
limits on oil and gas produc- slash production. been to encourage more do- ward, the neighbors used our home the expense side of the ledger is re-
tion, and his non-emergency mestic production. to cook meals and heat a pot of cof- duced to keep the business or home
release of oil from the na- A new study by the Com- fee. Immediately, the value of redun- viable. It is business illiteracy that
tional petroleum stockpile. mittee to Unleash Prosperity estimates that dant energy systems was stamped on our government, by default, takes on
A couple of months ago Mr. Biden sojourned the U.S. would be producing between two and my youthful mind. more debt to offset the lost revenue,
to Saudi Arabia to beg the Crown Prince for three million more barrels of oil a day and be- This is a lesson of more general and it will get us to the “doom loop”
help containing surging U.S. gasoline prices. tween 20 and 25 more billion cubic feet of nat- value to American society at a time in short order. I will be voting for
Now it looks like the meeting was worse than ural gas if the Trump Administration’s policies when we seem to be lurching head- candidates in November who are bold
unproductive. Reports say OPEC and its allies had continued. Economists Casey Mulligan long toward the disaster of being enough to implement a plan to de-
solely reliant on the electric grid by crease the size and scope of govern-
including Russia will consider slashing their and Steve Moore say the Biden Administra-
orphaning natural-gas appliances and ment in a way that significantly af-
production targets by a million barrels a day tion’s anti-oil-and-gas policies are costing the the utilities that service them. fects the expense side of the ledger
when they meet this week. U.S. economy $100 billion a year. DAVID L. NICANDRI and starts to knock away at our
Analysts estimate this would lift crude Producers normally respond to rising prices Tumwater, Wash. mounting national debt.
prices to about $100 a barrel from the $80 to by raising output. That was true in the past in RICK WERTZ
$90 range of the last month. OPEC countries the U.S., especially from 2016 to 2019 when pro- Sugar Land, Texas
may be seeking to boost their budgets to cope duction increased by about three million bar- Playing Drug-Price Politics
with rising food prices and the strong dollar. rels a day. But U.S. producers haven’t responded One can’t imagine how it must feel
But the timing couldn’t be worse for Mr. Biden to higher prices during the Biden Presidency as to be denied treatment for a fatal dis-
Pepper ...
and Democrats in Congress. much as those in other countries, including ease by Medicare and listen to Presi- And Salt
The Administration has released 200 mil- Russia, Canada and Norway. dent Biden take political credit for a
THE WALL STREET JOURNAL
lion barrels or so from the Strategic Petroleum Pioneer Natural Resources CEO Scott Shef- tiny cut in Medicare insurance premi-
Reserve over the past year and about one mil- field last month estimated that U.S. oil pro- ums after a large increase this year—
lion barrels a day in recent months. These duction will likely grow by a mere half a mil- for which he did not take credit (“Bi-
drawdowns were scheduled to end this month, lion barrels a day this year and perhaps even den’s Alzheimer’s Lapse,” Review &
but the Administration recently extended the less in 2023. So even though oil prices have Outlook, Sept. 29). It appears that se-
curing a return on investment in life-
releases into November, no doubt worried that been about 50% higher under Joe Biden than
saving drugs is intolerable greed, but
a taper would increase gasoline prices before under Donald Trump, production growth is claiming political credit is just reward.
the midterm election. about 50% lower. RICHARD E. RALSTON
But oil traders aren’t naifs. They know the Democrats blame oil drillers for prioritizing Americans for Free Choice in Medicine
releases will soon end and the Administration profits over production, but companies must Newport Beach, Calif.
will also have to start refilling the reserve, consider the long-term return on investment.
which is at its lowest level since 1984. Much The Biden policies have created substantial
Letters intended for publication should
of the oil that remains can’t be efficiently pro- regulatory uncertainty, raised production be emailed to wsj.ltrs@wsj.com. Please
cessed by U.S. refiners. So if there were a true costs, and directed capital to green energy. include your city, state and telephone
national emergency—say, a cyber attack on a If gasoline prices rise before the November number. All letters are subject to “I miss the good old days when
major oil pipeline—the U.S. might not have election, the Administration has its own poli- editing, and unpublished letters cannot everything was online and not
be acknowledged.
enough inventory to keep supply flowing. cies to blame. beamed directly into your brain.”
 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, October 4, 2022 | A15

OPINION

The Racial Redistricting of Alabama

By James Piereson The plaintiffs submitted a voting and doesn’t extend to

T
he Supreme Court hears
arguments Tuesday in an
election case from Ala-
bama—a case that could
decide how far the federal
courts can go when they require
state legislatures to consider race in
drawing boundaries for congressio-
nal and state legislative districts.
At issue is Section 2 of the Voting
Rights Act of 1965, which prohibits
states from abridging on the basis of
race the right to vote. The plaintiffs
in this current case, Merrill v. Milli-
map that moved some black redistricting or claims of
voters from their safe ma- vote dilution. That ap-
jority-minority district to a proach, if accepted by a ma-
new district with a majority jority, would foreclose most
of black voters. They claim such litigation. It would also
that the state’s map dilutes be consistent with the lan-
black votes by packing too guage of Section 2, which
many of them into one safe bans state-enforced barriers
district. to voting on account of race.
Alabama argues that the The court has also recog-
plaintiffs drew their map us- nized that it is difficult to
ing a racial outcome as the separate racial and partisan
main goal, a practice the Su- gerrymandering when blacks
preme Court has discour- vote overwhelmingly for
aged in previous cases. The Democrats and whites heav-

JOE RAEDLE/GETTY IMAGES

gan—along with those in a compan-
ion case, Merrill v. Caster—are legis-
lators and advocacy groups that
claim the VRA requires the state to
consider race as a major factor in
mapping districts, while Alabama
claims that maps should be drawn
on a race-neutral basis.
The Supreme Court has
a chance to reaffirm the
colorblind ideals behind
the Voting Rights Act.
After the 2020 census, the state
was apportioned seven congressio-
nal seats, the same number it has re-
ceived after every census since 1970.
Last year the Legislature, with a Re-
publican majority, approved a map
with six white-majority districts and
one black-majority district. This was
similar to maps approved after the
2000 and 2010 censuses.
The plaintiffs claim there are
enough black voters in Alabama to
justify a map with two black-major-
ity districts—and, further, that such
a map is required under the VRA.
Blacks make up 27% of the state’s
population, and therefore they
should have two of the seven seats.
plaintiffs’ proposed new dis- ily for Republicans. That
trict runs from one side of means that the Alabama
the state to the other, frac- Legislature, in drawing its
tures local communities, and map, might have considered
cherry-picks voting pre- party more than race. Re-
cincts with black majorities publicans were satisfied to
to ensure the election of a go along, because in drawing
black representative. Voters in Birmingham, 2017 a safe Democratic seat they
A panel of federal judges were preserving six safe
accepted the plaintiffs’ argument congressional amendments have so- racial gerrymanders. seats of their own. But Democrats
with an order to add a second con- lidified the view that the VRA bans Despite those rulings, the Gingles upset that calculus by laying claim
gressional district with a black ma- district maps that deny minority standards remain ambiguous: Legis- to a second minority seat.
jority. The Supreme Court stayed voters an equal opportunity to elect lators may consider race to satisfy Viewed this way, the controversy
that decision pending its consider- candidates of their choice. the VRA but not too much. Chief looks less like a battle over minority
ation of the case. In November Ala- As a result, the Supreme Court Justice John Roberts, in dissenting voting rights and more like a typical
bama voters will elect representa- has wrestled for decades with redis- from the order to stay the lower partisan dustup over district lines.
tives according to the Legislature’s tricting issues. In Gingles v. Thorn- court’s decision in Merrill, acknowl- The VRA was intended as a shield to
map. burg (1986), the court advanced a edged that “Gingles and its progeny protect minority voting rights, but it
Congress passed the Voting vague multi-step test to demonstrate have engendered considerable dis- has evolved into a sword to advance
Rights Act to protect minority voters dilution of minority votes: A minor- agreement and uncertainty regard- the interests of the established polit-
by banning literacy tests, overly ity group must show that it is suffi- ing the nature and contours of a ical parties.
cumbersome registration require- ciently large and compact to form a vote dilution claim” under the VRA. The Merrill case gives the court
ments and the like. By 1980 black majority in a single-member district, His liberal colleagues disagreed. Jus- an opportunity to abandon prece-
voter participation across the South and it must show that blacks and tice Elena Kagan, in a dissent joined dents that have inflamed racial con-
matched white participation. whites vote cohesively in opposite by Justices Sonia Sotomayor and flict under the VRA while restoring
But the Supreme Court soon ex- directions. These claims, if met, Stephen Breyer, wrote that the Ala- the act to its original purpose of
panded the act’s reach to cover elec- would entitle the group to one or bama map represents a clear case of protecting minority voting rights. In
tion rules and the drawing of dis- more minority-majority districts. vote dilution under the Gingles tests. the process, the court could play a
tricts. As Chief Justice Earl Warren The court refined the tests in She and her colleagues would keep part in redirecting the country to a
wrote in Allen v. State Board of Elec- later cases, holding that states those tests in place and rule in favor path where the colorblind ideals of
tions (1969), “the right to vote can can’t use race as a predominant of the plaintiffs. the civil-rights revolution are hon-
be affected by a dilution of voting factor in drawing district lines and But it appears likely that the ored in practice, not only in partisan
power, as well as by an absolute pro- shouldn’t allocate districts to mi- court is ready to revisit these tests. rhetoric.
hibition on casting a ballot.” Subse- nority groups according to their Justices Clarence Thomas and Neil
quent court decisions, interpreta- proportions in the population. The Gorsuch have argued that Section 2 Mr. Piereson is a senior fellow at
tions by the Justice Department, and court has also struck down extreme of the VRA refers only to barriers to the Manhattan Institute.

Liz Truss’s Tax-Cut Plan Meets the Big-Government Ratchet

new revenue. The dominant voices in
a media system that thinks publicly
funded services are morally superior
FREE to private-sector activity drives the
EXPRESSION ratchet upward.
By Gerard Baker Now and then, with a Herculean
domestic policy of our principal ally.
The International Monetary Fund,
an institution whose job was once to
provide assistance to countries with
external account difficulties, but
which is now a loyal foot soldier in
To hear these accusations of ex-
tremism, you would think the Truss
government had abolished unem-
ployment insurance, repealed child-
labor laws or eliminated the national
pension.
response that saw a selloff in the
pound (since half-retraced) and in
government debt (forcing a Bank of
England intervention to avert sys-
temic crisis) arose primarily from the
poor timing of the package. The

I
n the tool kit of the big-govern-
ment progressives who have
spent decades diligently con-
structing the ever-expanding state,
there is no more efficient device than
the ratchet.
The ratchet, as any handyman
knows, is a fiendishly clever tool that
allows continuous movement in only
one direction, preventing motion the
other way. By dint of its gear-and-
teeth mechanism it can turn a nut
clockwise but not counterclockwise.
It can hoist a mass upward, but not
down.
In economic terms, it has ensured
that in almost all advanced econo-
mies, the state grows ever larger.
Once a certain level of taxes, benefits
and other spending is set, it is almost
impossible to reduce it. The constitu-
encies that benefit from the expand-
ing fiscal largess are always louder
than those who don’t. The inexorable
logic of self-aggrandizing govern-
ment departments and employees en-
sures their work expands to demand
effort, a truly determined govern-
ment can push back and temporarily
reverse or at least halt the move-
ment. But the forces of expansion
soon reassert themselves.
It is this iron law of fiscal expan-
sion that helps explain the turmoil
that has engulfed the new British
government of Liz Truss.
Two weeks ago, Boris Johnson’s
successor launched a new fiscal plan.
The main elements of it were tax
cuts—a reduction in the basic rate of
income tax, the cancellation of a pay-
roll-tax increase and a planned cor-
porate tax increase, and the elimina-
tion of a 45% income-tax rate,
reducing the top bracket to 40%. The
plan was controversial in two ways
that have large resonance for the
wider world: a financial one and a
political one.
Start with the politics. Every bien-
pensant intendant of our statist es-
tablishment denounced the decision.
“I am sick and tired of trickle-down
economics,” Joe Biden tweeted, in a
subtle and undiplomatic dig at the
the fight for a more equitable world,
attacked the proposals for increasing
inequality.
Her modest proposed
reductions draw howls
from Biden, the IMF and
leaders of her own party.
The financial press, which used to
try to assess the economic effects of
government decisions dispassion-
ately, but is now a wholly owned
mouthpiece of the left, chimed in.
The Financial Times, in an article
accompanied by colorful graphs and
ersatz statistical analysis, claimed
that the British Conservative Party is
now the most right-wing political
party on economics in the developed
world. A handy dot chart located the
Tories as the precise ideological
counterpoint to the Cuban Commu-
nist Party.
You probably wouldn’t have
guessed that, after these measures,
the size of the U.K. tax burden has
gone all the way back to what it was
in 2021. You wouldn’t have guessed
that Ms. Truss’s party is committed
to full taxpayer funding of universal
healthcare in perpetuity. Or that at
the same time as it was announcing
its tax plans, it launched a package of
spending to cap energy bills for con-
sumers whose total cost dwarfs the
revenue impact of the tax cuts.
But there it is—the ratchet effect.
Try to shave a little off tax to im-
prove incentives for work and invest-
ment and raise Britain’s abysmal pro-
ductivity, and you are cast by the vast
army of U.S. and international finan-
cial bureaucrats, socially conscious
asset managers and media organiza-
tions as a heartless Hayekian tyrant,
kicking away the crutches that keep
Brits from being consigned to the
poorhouse.
This is not to suggest that politics
lay behind the financial market reac-
tion to the proposals. The financial
Truss team’s real error was to pres-
ent a massive fiscal loosening—with
no guidance on how it would be
funded—at almost precisely the mo-
ment that the markets had been
seized by bond vigilantes, suddenly
on the lookout for the slightest hint
of fiscal irresponsibility in an era of
surging inflation.
This poor macroeconomic manage-
ment hurt the rollout of the tax cut
plan. But make no mistake: The larger
threat to it comes from political re-
sistance to the very idea of reducing
the state. It is striking how many fig-
ures at her own party conference this
week are trying to torpedo the idea.
And on Monday the government
bowed to the pressure, announcing it
was dropping the planned cut in the
top rate. Doubtless there will be more
submissions to the ratchet.
The wider message for conserva-
tives everywhere: Any effort to de-
part from the trajectory of expanding
government will be met with fierce
resistance. Flinch and watch as the
ratchet moves higher.

America Loses a Judicial Giant

By Paul Clement and confounded conservatives by up- (1988), a name that deliberately ob- (1970-73), deputy attorney general but to his former law clerks he was

A
merica has lost a great public
servant, a consequential and
principled jurist. Judge Lau-
rence Hirsch Silberman, who died
Sunday at age 86, served for almost
four decades on the U.S. Circuit
Court of Appeals for the District Co-
lumbia, widely regarded as the na-
tion’s second-highest court. He
served with six future Supreme
Court justices, from Antonin Scalia
to Ketanji Brown Jackson. He wrote
important opinions and spotted lurk-
ing jurisdictional defects as he
strived to model his vision of judicial
restraint.
That vision didn’t please every-
one—or anyone all of the time. He
horrified progressives by rescuing the
Second Amendment from obscurity
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holding the Affordable Care Act. But
disappointing those who view judicial
decisions through a political lens was
part of the job. In his view, judges
were limited to considering the argu-
ments of the parties and the text of
statutes and the Constitution, which
didn’t always align with anyone’s pol-
icy preferences, including his own.
Sometimes his vision of judicial re-
straint was too much for the Supreme
Court, as when he refused to look be-
yond the parties’ arguments to see
whether the statute they were arguing
about was even still on the books. But
in other cases, justices followed his
lead.
Two examples make the point.
Relatively early in his career, Silber-
man penned a majority opinion for
the D.C. Circuit in In re Sealed Case
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scured its importance. The question
was the constitutionality of the inde-
pendent counsel statute, and Silber-
man had little difficulty finding the
notion of a prosecutor unaccountable
to the president antithetical to the
Constitution. The opinion combines
great scholarship and keen practical
insight born of extensive executive-
branch service. While the Supreme
Court disagreed, Silberman’s opinion
formed the first draft of Scalia’s
most famous dissent, in Morrison v.
Olson, and was vindicated when Con-
gress, having seen both parties’ oxen
gored by the law, let the law expire
in 1999.
In 2007 Silberman broke from the
consensus of lower court opinions,
which had neutered the Second
Amendment by deeming it to protect
only a “collective” right for millitias
to bear arms, and struck down the
District of Columbia’s handgun ban.
This time, in Heller v. D.C., the high
court agreed, and Scalia wrote per-
haps his most famous majority opin-
ion.
The connection between Silber-
man and Scalia ran deeper than
these opinions. Silberman helped re-
cruit Scalia to the Justice Depart-
ment during the Ford administration,
and President Reagan appointed both
to the D.C. Circuit.
Yet Silberman’s judicial career is
only a small part of the story. I in-
terviewed him in 2017 for an oral-
history project. We were several
hours in before we got to his ser-
vice on the bench. Before his 40th
birthday, Silberman had been ap-
pointed as undersecretary of labor
(1974-75) and ambassador to Yugo-
slavia (1975-76). Even after his con-
firmation to the D.C. Circuit in 1985,
Article III was insufficient to con-
tain his talents. President George W.
Bush tapped him as a co-chairman
of the Robb-Silberman Commission
on intelligence failure in Iraq. In
2008 Mr. Bush awarded Silberman
the Presidential Medal of Freedom.
Judge Laurence Silberman
was a paragon of restraint
on the bench and always a
great public servant.
Silberman knew how to pick a
principled fight. At the Labor De-
partment during the Nixon adminis-
tration, he repeatedly clashed with
White House officials and threatened
to resign rather than do the bidding
of Chuck Colson. Years later, over the
objections of the Federal Judges As-
sociation, he led a successful lawsuit
arguing that Congress had violated
the Constitution’s Compensation
Clause by denying cost-of-living in-
creases to federal judges.
He also knew how to pick friends.
Despite disagreements on the bench,
they included Justices Ruth Bader
Ginsburg and Stephen Breyer and
Judges Harry Edwards and Merrick
Garland. His second marriage, to Pa-
tricia Winn Silberman, was a biparti-
san alliance, after the 2007 death of
his beloved first wife, Ricky.
Silberman was a national treasure,
more. The year with the judge was a
once-in-a-lifetime experience. It was
an entirely oral clerkship. No bench
memos were needed, but verbal
sparring over the right answers was
expected. He told war stories over
lunch about everything from practic-
ing law in Hawaii to dealing with Yu-
goslav dictator Josip Broz Tito.
Being a Silberman clerk meant
having a loyal mentor and trusted
adviser for life. When I recently had
to make a tough professional choice,
the judge was among my first calls. I
was a bit embarrassed to find I was
interrupting his vacation in Corn-
wall, England. He gave me his full at-
tention and his characteristic clear-
eyed advice. The advice confirmed
what he taught me, but I wouldn’t
have made the move without con-
sulting him.
His former clerks will be at some-
thing of a loss without him, but his
example will continue to guide us. It
is a quite a group, featuring numer-
ous academics, leading practitioners
and federal judges, including Justice
Amy Coney Barrett. Those clerks,
and the countless others he has men-
tored, are as important to his profes-
sional legacy as his judicial opinions
and other speeches and writings.
It is a sad day. We have lost one of
the great ones. But we have the en-
during legacy of a happy warrior for
judicial restraint, personal character
and professional courage.
Mr. Clement served as U.S. solici-
tor general, 2005-08. He was a clerk
for Judge Silberman (1992-93) and
Justice Scalia (1993-94).
 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, October 4, 2022 * *** THE WALL STREET JOURNAL.

WORLD NEWS

Kyiv Makes New Gains in South Lawmakers

Approve
The speed of the push
in Kherson area and on
other fronts has caught
Absorbing
Moscow by surprise Ukrainian
BY YAROSLAV TROFIMOV

KHARKIV, Ukraine—Ukrai-
Territories
nian forces broke through Rus- BY ANN M. SIMMONS
sian lines and made new ad-
vances in the southern MOSCOW—Russian lawmak-
Kherson region, while expand- ers moved forward with formal-
ing their rapid offensive in the izing the absorption into Russia
eastern part of the country, re- of occupied Ukrainian territo-
taking areas that Moscow now ries on Monday despite mount-
claims to be part of Russia. ing battlefield setbacks and a
Pushing some 20 miles lack of control over the regions
south in Kherson, the new they voted to incorporate.
MANU BRABO FOR THE WALL STREET JOURNAL

Ukrainian advance secured a Deputies in the State Duma,

corner of the only Russian Russia’s lower house of parlia-
foothold on the western bank ment, unanimously approved
of the Dnipro River, which bi- bringing Russian-run Luhansk
sects the country. Ukraine has and areas of Donetsk, Kherson
in recent months destroyed all and Zaporizhzhia under Mos-
the bridges to that enclave, cow’s control, increasing to 89
which includes the regional the number of Russian constit-
capital, Kherson, making it in- uent territories.
creasingly difficult for the large “The only way to save the
Russian military contingent inhabitants living in the terri-
there to be resupplied. tory of the four subjects is join-
Ukraine’s previous offensive Ukrainian soldiers search for Russian soldiers after recently taking over the strategic town of Lyman in eastern Ukraine. ing the Russian Federation,”
in Kherson, during the first Vyacheslav Volodin, speaker of
week of September, achieved Vladimir Putin to announce the Dudchany, and that retreating The main hospital in the re- claimed by Russia, Donetsk. the State Duma, told parliamen-
limited gains. The weather in mobilization of hundreds of Russian troops blew up a cently liberated city of Kremlin spokesman Dmitry tarians. “This day was awaited
Kherson in recent days has been thousands of reservists. bridge in the area, trying to Kupyansk was hit Monday Peskov said Monday that Do- for a long time, 30 years.”
cloudy and rainy, keeping Rus- Ukraine is trying to advance as slow the Ukrainian advance. with Russian missiles, killing a netsk and Luhansk would be The approval of the integra-
sian jets grounded and allowing far as it can before these On Monday, Ukrainian doctor and wounding a nurse, annexed to Russia “within tion, essentially a rubber-
the Ukrainians to push ahead. troops are deployed to shore up troops also liberated the town Mr. Zelensky said. The hospital 2014 borders,” while the exact stamping of treaties signed
Ukraine’s far more successful crumbling Russian front lines. of Borove in the Kharkiv re- was emptied of patients a few frontiers under which Zapori- Friday by Russian President
offensive in the country’s east is In a video address, Ukrai- gion, one of the last settle- days ago. zhzhia and Kherson would be Vladimir Putin, intensifies the
continuing apace. Ukrainian nian President Volodymyr Zel- ments there still under Rus- Just before midnight, two incorporated into Russia would crisis created by Moscow’s in-
forces built on their momentum ensky said his troops recap- sian control, according to Russian missiles hit the center be defined “in consultation vasion of Ukraine.
after capturing the strategic tured the villages of footage posted by the munici- of the city of Kharkiv. with the inhabitants of these “People who live in Do-
town of Lyman over the week- Arkhangelske and Myrolyu- pality. Russian military corre- Kherson is one of the four regions.” He didn’t specify how netsk, Luhansk, Zaporizhzhia
end, seizing new ground in areas bivka in the Kherson region. spondents and analysts re- Ukrainian regions that Mr. Pu- and when these consultations and Kherson, now they have
that Russia’s parliament Monday Video footage shared by Ukrai- ported that Ukrainian troops tin is annexing following sham would be carried out. become citizens forever,’’ Mr.
formally declared annexed. nian soldiers showed the Ukrai- thrust eastward and cut the referendums carried out late “There are new liberated Putin said on Friday, referring
The speed of the Ukrainian nian flag raised in a handful of highway between the cities of last month. None of the four is settlements in several regions,” to disputed and staged refer-
offensives on multiple fronts other villages farther south. Svatove and Kreminna in the under full Russian control. Mr. Zelensky said. “It is impos- endums in these regions that
has caught Russia by surprise, By nightfall, Russian mili- nearby Luhansk region. There Ukrainian forces in recent sible to defeat a nation that showed overwhelming support
prompting recrimination in tary correspondents reported was no Ukrainian confirmation days have made major ad- preserves unity and knows for joining Russia.
Moscow and forcing President that Ukrainian forces entered of these advances. vances in another region what they are fighting for.’’ Ukrainian President Volod-
ymyr Zelensky has vowed to
retake all land seized from his

Putin’s Draft Snares Crimea’s Tatar Minority

nation.
The Kremlin remained intent
on pushing forward with inte-
gration of the occupied territo-
BY STEPHEN KALIN aiming to generate manpower ries, in a sign that Mr. Putin is
for the war, while thinning out determined to present his popu-
On Ukraine’s Crimean Pen- a restive population by send- lation with a tangible victory at
insula, occupied by Russia ing young, able-bodied men to any cost, Kremlin-watchers said.
since 2014, indigenous Cri- death or scaring them into Pavel Krasheninnikov, head
mean Tatars say they are be- fleeing abroad, said Mustafa of the Duma committee on
ing targeted by Moscow for Dzhemilev, a former Ukrainian state development and legisla-
the military draft, leaving parliamentarian, former Soviet tion, told the parliament that
them with a stark choice: flee political prisoner and longtime Donetsk and Luhansk would be
ADRIENNE SURPRENANT/MYOP FOR THE WALL STREET JOURNAL

their homeland or be thrown Crimean Tatar leader. annexed to Russia within their
into the fight against their Under the cover of darkness 2014 borders. Those borders in-
Ukrainian compatriots. one recent night, four Crimean clude areas currently controlled
Russia’s broad military mo- Tatar brothers slipped out of by Ukraine. Zaporizhzhia’s fron-
bilization has sparked rare na- the town of Bilohirsk, removed tiers, he said, would be defined
tionwide protests and a mas- the SIM cards from their phones by where the administrative
sive flight for the borders, and headed for Kazakhstan. The border was on Sept. 30, the day
with hundreds of thousands same night, two of their cousins the region was admitted into
who don’t want to fight flee- living on the other side of the Russia. The borders of the
ing abroad. Nowhere is the sit- peninsula, in Yevpatoriya, also Kherson region would be deter-
uation more desperate than in packed their bags and left for mined by the administrative
Crimea, where the Kremlin is Georgia, a relative said. boundaries of the region, which
seeking to mobilize people Ukrainian President Volod- were set by decrees the civil-
who until eight years ago were ymyr Zelensky has accused military administration adopted
citizens of Ukraine. Moscow of pursuing “an out- on Sept. 20, he said. This means
The practice is likely to be- right policy of genocide” that according to the boundar-
come more widespread after Mustafa Dzhemilev is a former Ukrainian parliamentarian and longtime Crimean Tatar leader. against Crimea’s indigenous ies stated in the annexation
Russia formally claims four population, saying the Cri- treaties, both the Zaporizhzhia
more regions of Ukraine fol- erate new troops after a string were given to Crimean Tatars, Crimean Tatars have faced mean Tatars were being and Kherson regions would in-
lowing staged referendums of battlefield setbacks. who make up less than 40% of severe repression since vocally drafted at a disproportionately clude territories claimed to be
that concluded last week. More than half and possibly the population there. opposing Russia’s annexation high rate. He called on ethnic under the control of Ukraine.
Moscow relies heavily on resi- up to 90% of people currently A Crimean Tatar craftsman of the peninsula in 2014. The minorities in Russia, which he Mr. Putin will appoint act-
dents of Ukraine’s eastern Do- drafted from the peninsula are from the northern Crimean group’s leaders say their men said also faced disproportion- ing heads of the four new re-
netsk and Luhansk regions, Crimean Tatars, despite mak- town of Dzhankoi with no mil- are now being forced to choose ate mobilization, to resist gions by Oct. 10.
parts of which Moscow’s ing up no more than 13% of itary experience slipped away between fighting or abandon- their Russian overlords. People living in the new re-
forces seized in 2014, to back- the population, according to with his wife and children last ing, perhaps forever, a historic The Russian Defense Minis- gions are already recognized
fill its manpower deficit. data collected from commu- week after his name appeared homeland where their presence try didn’t respond to a request to be Russian citizens. Russian
Ukraine’s Crimean Tatars nity leaders there by indepen- in a list of those liable to be and independent identity have to comment. The Kremlin has will be the official state lan-
say they have been singled out dent human-rights group drafted that was leaked online. often been threatened by em- acknowledged some problems guage, but anyone living in the
by the draft, which Russian CrimeaSOS. In just one settle- He made it to Kazakhstan and pires ruled from Moscow. with the draft, blaming local au- new areas has the right “to
President Vladimir Putin ment, the Kyiv-based group plans to travel on to Uzbeki- By targeting Crimean Tatars thorities and saying they were preserve and study their na-
launched in September to gen- said, 27 out of 28 draft notices stan, his cousin in Kyiv said. for mobilization, Moscow is working to fix the problems. tive language,” the treaties say.

FRANCE faces up to five years in jail and
a €500,000 fine, equivalent to
Macron Aide Faces about $490,000, if charged and
Corruption Probe subsequently convicted.
A lawyer for Mr. Kohler said
A top aide to French Presi- that his client “strongly denies
dent Emmanuel Macron was having committed any offense.”
placed under formal investiga- Mr. Macron’s office didn’t re-
tion for allegedly violating con- spond to requests to comment. A
flict-of-interest laws involving his spokeswoman for Mediterranean
WORLD WATCH
INDONESIA SOMALIA
Investigation Set Al-Shabaab Attack
For Soccer Tragedy Kills 20, Injures 36
Indonesia set up a fact-find- Islamic extremist fighters on
ing team to investigate the Monday targeted the local So-
deaths of at least 125 people at mali government headquarters
a soccer game on Saturday as in the Hiran region, leaving 20
questions mount over police use people dead and 36 wounded in
ODED BALILTY/ASSOCIATED PRESS

family ties to a Swiss-Italian Shipping declined to comment. of tear gas amid commotion at a town at the center of a recent
shipping company that fell under Separately, judges on Monday the stadium. mobilization against the extrem-
his purview while he was a se- ordered French Justice Minister The events that led to one of ists, officials and witnesses said.
nior finance official. Éric Dupond-Moretti to stand the deadliest disasters in the Al-Shabaab claimed responsi-
Prosecutors say they opened trial in another conflict-of-inter- sport’s history began after home bility for the attack in Beled-
the probe after anticorruption est case. Prosecutors say Mr. team Arema Football Club lost weyne, a town about 185 miles
group Anticor filed a complaint Dupond-Moretti tried to use his its game. Fans rushed onto the north of the capital, Mogadishu.
targeting Alexis Kohler, Mr. Ma- position as minister to settle field and police fired tear gas to Somalia’s government earlier
cron’s chief of staff. Anticor al- scores with judges with whom control the crowds. Thousands of Monday announced that it and
leges that Mr. Kohler failed to he had clashed when he worked people fled for an exit gate, lead- YOM KIPPUR PREPARATION: Ultra Orthodox Jews buy chickens international partners had killed a
disclose his relationship with as a criminal lawyer. His lawyers ing to a crush in which many in Bnei Brak near Tel Aviv on Monday to perform the Kaparot top al-Shabaab leader, Abdullahi
Mediterranean Shipping Co., said on Monday that Mr. Du- were trampled and died because ritual for transferring of sins from the past year. Nadir, over the weekend. The U.S.
which is owned by a relative, pond-Moretti denied wrongdoing they couldn’t breathe, police said. military said it conducted an air-
and helped defend the com- and had filed an appeal. Police used tear gas because topics on Twitter in the coun- to three weeks to reach its con- strike on Saturday in southwest
pany’s interests when he worked French officials say Mr. Kohler the crowds had grown “anar- try—an apparent reference to clusions, he said. Somalia but didn’t name the al-
for the APE state holding agency is one of the few advisers at the chic,” a senior police official said. security personnel at the game. Mr. Mahfud said he asked po- Shabaab leader killed.
between 2010 and 2012, a Élysée presidential palace to have But human-rights groups and The fact-finding team will in- lice to look into whether actions The Hiran governor, Ali Jayte
spokeswoman for the group said. Mr. Macron’s ear. Anticor filed a many Indonesians say firing tear clude government officials, ex- taken by its personnel might Osman, who survived Monday’s
Mr. Kohler represented the first complaint against Mr. Kohler gas, which burns and stings peo- perts, academics and representa- amount to a criminal offense. He attack, said the health minister
government on the board of di- in 2018 but the case was initially ple, in a packed stadium with tives of the country’s soccer also asked the commander of In- of Hirshabelle state and the dep-
rectors of a shipyard in the west dismissed. The new probe stems limited points of escape led to organization, Mahfud MD, coor- donesia’s armed forces to inves- uty governor of Hiran in charge
of France at the time, and the from another complaint filed in the tragedy. The word “pem- dinating minister of security af- tigate actions by military mem- of finance were among those
port authority of the French 2020, prosecutors said. bunuh,” meaning killer in Indone- fairs, said at a news conference bers, he said. killed in Monday’s attack.
northern city of Le Havre. He —Noemie Bisserbe sian, was among the trending Monday. The team will take two —Dave Sebastian —Associated Press
 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.
BUSINESS & FINANCE
© 2022 Dow Jones & Company. All Rights Reserved.
S&P 3678.43 À 2.59% S&P FIN À 2.84%
Stocks Post Strong Start to Quarter
BY VICKY GE HUANG
AND CAITLIN OSTROFF
Stocks started the new quar-
ter higher, a tentative sign of
relief for investors after a long
and punishing stretch of down
days.
The Dow Jones Industrial
Average climbed 765.38 points,
or 2.7%, to 29490.89. The S&P
500 added 92.81 points, or
2.6%, to 3678.43 and the Nas-
daq Composite rose 239.82
points, or 2.3%, to 10815.43.
Both the S&P and Nasdaq
notched their best first day of
any quarter since 2009, accord-
ing to Dow Jones Market Data.
The broad-based gains came
after stocks closed out a losing
week, month and quarter on
Rising Airlines Face Shortage of New Planes,
Dollar With Boeing, Airbus Behind Schedule
Can Be
A Boon
Or a Bust
BY JULIA-AMBRA VERLAINE
A strong dollar is cutting
both ways for companies across
the globe.
The dollar’s rise has caught
investors’ attention, with many
looking toward its effects on
corporate revenue. A strong
dollar can have adverse effects
on U.S. corporations that sell
goods overseas, denting ex-
ports by making those products
less affordable. On the flip side,
companies and manufacturers
abroad benefit from a relatively
weaker local currency.
The corporate effects are an-
other example of how inflation,
and central banks’ efforts to
tame it, are affecting all cor-
ners of the market. The Federal
Reserve is in inflation-fighting
mode, and its swift tightening
has helped the dollar soar this
year against other currencies.
The greenback is the world’s
reserve currency and is used to
trade commodities across coun-
try lines, so changes in its value
are felt around the world.
Foreign-exchange rates
moved in a tight range for
more than a decade after the
2008-09 financial crisis, re-
maining predictable as central
banks kept interest rates low
and stocks moved mostly in
one direction. Many companies
scaled back hedging programs
in which they buy derivatives
Please turn to page B10
INSIDE
TECHNOLOGY
Nvidia moves to cease
operations in Russia,
saying it can’t operate
effectively there. B2
TECHNOLOGY: GOOGLE REMOVES TRANSLATION APP FROM CHINA B4
S&P IT À 3.15%
* * * * **
DJ TRANS À 3.37%
Friday, when all three indexes
closed at their lowest levels of
the year.
Stocks have sustained deep
losses for the first nine months
of the year as central- bank of-
ficials have increasingly made
clear that interest-rate in-
creases and monetary tighten-
ing will continue. The Dow last
week fell into a bear market, a
decline of 20% or more from a
recent high.
Investors are considering a
combination of factors that has
added to nervousness about
the global economic backdrop
and financial stability. OPEC
and its allies are weighing a
production cut to bolster
prices. A U.K. economic plan
recently caused a selloff in
BY ANDREW TANGEL
AND BENJAMIN KATZ
Airlines in need of more pi-
lots and spare parts are in-
creasingly facing another
shortage: new jets.
Boeing Co. and Airbus SE
are months behind handing
over new single-aisle jets of-
ten used for U.S. domestic
flights or other short-haul
trips, constraining carriers’
ability to add flights to meet
resurgent demand and plan
their schedules, according to
company executives and in-
dustry officials.
“It makes it really hard for
our team to plan,” Southwest
Airlines Co. Chairman Gary
Kelly said at an aerospace in-
dustry event in Washington,
D.C. recently.
Boeing said the company
continues to work closely with
suppliers to meet its commit-
ments to customers.
In addition to supply prob-
lems, Boeing faces regulatory
challenges for its latest two it-
erations of the 737 MAX. Both
face uncertain futures if Boe-
ing can’t win Federal Aviation
Administration approval for
them by the end of the year.
Current federal law would re-
quire a cockpit overhaul if the
planes aren’t approved in
2022.
Airbus declined to comment
but referred to recent state-
ments by executives saying
they are working through sup-
ply-chain difficulties. The com-
pany has noted that it expects
meeting its delivery targets this
year to be a challenge.
During the worst of the
pandemic, demand for new
planes plummeted. Would-be
passengers stayed home dur-
COMMODITIES
Chinese natural-gas
companies enjoy a
windfall selling to
Europe. B10
THE WALL STREET JOURNAL.
WSJ $ IDX g 0.62%
bond markets that rippled to
pension funds.
“There are so many tensions
and crises currently coming to-
gether,” said Carsten Brzeski,
ING Groep’s global head of
macro research. “That’s leading
to enormous volatility and un-
certainty in markets.”
Still, some investors see
more upside for stocks going
into the final stretch of the
year. “I believe the market will
end the year higher than where
we are today,” said Andrew
Slimmon, U.S. equity portfolio
manager at Morgan Stanley In-
vestment Management.
Corporate earnings have
been positive but expectations
for earnings have been low,
which makes for a very good
Boeing employees work on the 737 MAX on the assembly line at Boeing’s Renton, Wash., plant.
Cumulative commercial aircraft deliveries for 2022
Boeing Airbus
400 aircraft
300
200
100
0 –50
Jan. Feb. March April
Sources: the companies (deliveries); FactSet (share performance)
ing lockdowns and travel re-
strictions, prompting airlines
to ground much of their fleets
and cancel or defer deliveries
of new aircraft. The rebound
SEC Fines Kardashian for Touting Crypto
BY DAVE MICHAELS
WASHINGTON—Kim Kar-
dashian will pay $1.26 million
to settle regulatory allegations
that she failed to disclose
money she was paid for pro-
moting a cryptocurrency to in-
vestors, the Securities and Ex-
change Commission said, the
latest celebrity to face punish-
ment over their crypto deal-
ings.
The enforcement action
shows how celebrities have
benefited from crypto’s rise as
an asset class targeted at indi-
MAXIMIZE WAREHOUSE
PRODUCTIVITY WITH AUTOMATION
2–YR. TREAS. yield 4.103%
setup for stocks, Mr. Slimmon
said. He expects to see more
favorable inflation data as
commodity prices have come
down, and stocks have a long
tradition of rallying after mid-
term elections. The Federal Re-
serve, which has been raising
interest rates to curb decades-
high inflation, also could soften
its tone next year, he added.
“If the Fed were actually to
back off at some point, there
are some stocks that are down
so much that it could actually
go the other way,” Mr. Slim-
mon said.
All 11 sectors of the S&P 500
ended the day in positive terri-
tory, with the energy sector up
5.8%. Marathon Oil gained
$2.39, or 11%, to $24.97. Do-
May June July Aug.
in travel since then has air-
lines racing to keep up with
demand. Carriers have also
been battling to get enough
spare parts to keep all their
vidual investors—and how
regulators want to make ex-
amples of famous people who
they claim have flouted inves-
tor-protection laws to profit.
Ms. Kardashian was paid
$250,000 to hype EMAX to-
kens on her Instagram ac-
count, the SEC said.
An online company, Ethere-
umMax, offered and sold the
EMAX tokens, the SEC said.
Ms. Kardashian should have
revealed that she was paid
when she promoted EMAX
crypto tokens on her Insta-
Please turn to page B2
Tuesday, October 4, 2022 | B1
NIKKEI (Midday) 26840.75 À 2.38% See more at WSJ.com/Markets
Credit
minion Energy rose $1.98, or
2.9%, to $71.09 and Conoco-
Suisse
Phillips added $7.63, or 7.5%, to
$109.97.
Oil prices have fallen in re-
cent weeks amid concerns
Bonds
about a slowing global econ-
omy, but they rose Monday on
news about the Organization of
Sink
the Petroleum Exporting Coun- BY MARGOT PATRICK
tries and Moscow-led allies.
The group, collectively known Credit Suisse Group AG
as OPEC+, is set to consider its came under renewed pressure
most drastic production cut over its financial health after
since the pandemic. the value of its riskiest bonds
Brent crude, the global oil sank and the cost to insure
benchmark, rose 4.4% to against default rose sharply.
$88.86 a barrel. Investors and analysts
Tesla slipped $22.85, or called on the Swiss bank,
8.6%, to $242.40 after quar- which combines a Wall Street
terly vehicle deliveries for the presence with a global spe-
Please turn to page B11 cialty in managing rich peo-
ple’s money, to move faster
with cost savings and fresh in-
vestor capital to reassure
markets.
The 166-year-old bank is
one of the best capitalized in
Europe by regulatory mea-
sures. But it may need to raise
billions of dollars in new stock
to fund a pending restructur-
ing and rising legal costs, ana-
lysts say. Its core investment-
banking business also faces
one of the roughest periods
since the start of the pan-
ELLEN M. BANNER/THE SEATTLE TIMES/ASSOCIATED PRESS
demic from a drought in deal
making and corporate fund
raising.
Please turn to page B11
 Heard on the Street: Lender
has no time to lose.............. B12
Samsung
Maps Out
Chip Race
Share performance this year
Vs. TSMC
Samsung Electronics Co.
10% Airbus ADRs unveiled targets for making its
Boeing most advanced chips, detailing
for the first time how its pro-
0
duction road map would com-
pare with that of Taiwan
–10 Semiconductor Manufactur-
ing Co. in their closely
–20 watched technology race.
By Jiyoung Sohn
–30
in Seoul
and Yang Jie in Tokyo
–40
On Monday, Samsung’s con-
tract chip-making unit said it
would start manufacturing
Jan. 2022 Oct.
chips on the 2-nanometer pro-
duction process in 2025 and
the 1.4-nanometer production
existing planes in the skies. process in 2027. That advances
Boeing’s delivery delays are from its current 3-nanometer
particularly acute for United chip production that began in
Airlines Holdings Inc. The June and which the company
Please turn to page B5 Please turn to page B2
BONNIE CASH/PRESS POOL
Kim Kardashian was paid $250,000 to hype EMAX tokens.
interlakemecalux.com
(877) 632-2589
 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, October 4, 2022
INDEX TO BUSINESSES
These indexes cite notable references to most parent companies and businesspeople
in today’s edition. Articles on regional page inserts aren’t cited in these indexes.
A F
Aegean Airlines..........B5
Airbus..........................B1
Air Lease.....................B5
Alphabet................A1,B4
AMC Entertainment
...................................B12
American Airlines.......B5
Apple...........................B2
B Sea...............................B5
Baidu ........................... B4
Bluebird Bio .............. B12
Boeing ......................... B1
ByteDance...................A6
C Marathon Oil...............B1
Cheniere Energy........B10
ConocoPhillips.............B1
Credit Suisse.......B1,B12
D TPG..............................B3
Dominion Energy........B1
E ...................................B10
ENN Natural Gas......B10
INDEX TO PEOPLE
A Holmes, Elizabeth ...... B3
Alloatti, Filippo.........B11
Aron, Adam...............B12
B Issi, Luca...................B12
Brzeski, Carsten ......... B1
Butcher, Keith...........B10
C
Calhoun, David............B5
Catrambone, George
...................................B11
F Kress, Colette.............B2
Faury, Guillaume.........B5
G-H
Gelsinger, Pat ............. B2
Hallett, Thomas........B11
Samsung
Maps Out
Chip Plans
Continued from page B1
called an industry first.
That timeline is similar to
TSMC, which had said it would
start mass production of 3-
nanometer chips later this
year and subsequently intro-
duce other variations. By
2025, it will also move into
the 2-nanometer process. It
hasn’t detailed its plans be-
yond that time.
TSMC and South Korea’s
Samsung are the only two com-
panies now with the finances
and technological prowess to
manufacture the world’s most
sophisticated chips that would
help advance technologies such
as artificial intelligence sys-
tems and autonomous cars.
The road-map targets signal
how quickly and reliably next-
generation semiconductors will
become available, a key indica-
tor for the most lucrative cus-
tomers such as Apple Inc. or
Nvidia Corp. that must adjust
their own pipelines based on
anticipated progression in chip-
production technologies. They
book orders months, if not
years, in advance.
TSMC enjoys a wide market
share lead over Samsung,
which makes most of its profits
from memory-chip sales rather
than its contract manufactur-
ing, or foundry, business. But
foundry customers worry about
an overdependence on the Tai-
wanese chip maker, given its
market dominance and recent
geopolitical tensions amid Chi-
nese displays of military power
around the self-ruled island.
“Everyone would like a sec-
ond vendor on top of TSMC, but
that depends on Samsung’s abil-
ity to keep up,” said Handel
Jones, CEO of International
Business Strategies, a chip-in-
dustry consulting company.
More customers have shown
a heightened interest in “dual
sourcing” alongside TSMC,
Kang Moon-soo, executive vice
president of business develop-
ment at Samsung’s foundry
business, said at a media brief-
ing ahead of the Monday road
map unveiling.
A TSMC spokeswoman de-
clined to comment.
Chip-making processes carry
a numerical label that loosely
denotes the size of the transis-
tors that can be packed on a
chip. The lower the nanometer
number, the more advanced the
technology. The technological
leaps promise faster computing
power, better battery perfor-
mance and more. The latest
iPhones use 4-nanometer chips
made by TSMC.
TSMC and Samsung stand at
the final stretches of a multide-
cade pursuit of miniaturizing
chip circuitry and harnessing
new production techniques.
And further progress in the
space hangs on these two Asian
chip makers, said Dale Gai, a
Taiwan-based research director
at Counterpoint Research.
“The industry wants to see
Samsung and TSMC continue
to extend Moore’s Law so they
* *** THE WALL STREET JOURNAL.
BUSINESS & FINANCE
Nvidia..........................B2
Fandom........................B3 P
Ford Motor..................A6 Poshmark .................... B5
G R
General Motors...........A1 Red Ventures..............B3
GoTo.............................B5
S
Grab.............................B5
Sakhalin Energy........B10
H Salesforce ................. B10
HP................................B2 Samsung Electronics..B1
Hyundai Motor............A1
Sinochem International
I
...................................B10
Intel.............................B2
Southwest Airlines .... B1
M Stellantis .................... A6
T
Meta Platforms..........A4 Taiwan Semiconductor
FEATURE CHINA/BARCROFT MEDIA/GETTY IMAGES
N Manufacturing..........B1
Naver...........................B5 Tesla.....................A6,B11
News Corp...................A8 Toyota Motor..............A6
Nexstar Media............B4
Twitter........................A1
Nippon Yusen Kaisha
U
Nissan Motor..............A6 United Airlines............B1
Parker, Randy ............. A1
I Patuwo, Hans ............. B5 Nvidia employees in Russia will be given the option of continuing their jobs elsewhere. Above, products at a conference in China.
Isom, Robert...............B5 Pichai, Sundar.............B4
S
J
Joshi, Dixit................B11
K
Kelly, Gary...................B1
Slimmon, Andrew.......B1
T
Tan, Anthony .............. B5
Taylor, Bret ............... B10
Nvidia Closes Russian Operations
Kirby, Scott.................B5 U
BY DENNY JACOB other companies that have ex- broad impact on companies ing their jobs in other coun-
Körner, Ulrich............B11 Udvar-Házy, Steven....B5
ited Russia since its invasion across the technology sector. tries.
V Nvidia Corp. moved to in February. International Business Ma- Russia’s tactics in Ukraine
M-P
Miller, Dennis..............B4
Vassilakis, Eftichios...B5 cease operations and close its Nvidia stopped selling to chines Corp.’s chief financial have escalated recently, with
Miller, Perkins.............B3 W offices in Russia, saying it Russia in early March as the officer in April said the sus- warnings from President
Morris, Rob.................B5 Werber, Yaron...........B12 could no longer operate effec- U.S. government rolled out pension of its Russian opera- Vladimir Putin that Moscow
tively in the country because sweeping sanctions on Mos- tions was costing the company might use nuclear weapons if
of recent events related to the cow. Russia has historically some highly profitable busi- the West attacks Russian terri-
can continue to make plans for
their next products,” said Mr.
Gai, referencing the industry’s
country’s invasion of Ukraine.
The chip maker on Monday
said it would withdraw from
represented about 2% of the
company’s revenue, Chief Fi-
nancial Officer Colette Kress
ness.
HP Inc. in February said
Russia’s invasion of Ukraine
tory. Russia also claimed four
regions of eastern and south-
ern Ukraine.
long-running prediction that
the number of transistors
packed onto a chip would dou-
Russia after it had previously
suspended shipments to the
country. The company had
said in May.
The Biden administration
has imposed export controls
would hurt its profit by as
much as 2 cents to 3 cents per
share.
Shares of Nvidia ticked up
slightly in after-hours trading
after closing at $125.12. The
ble every year or two.
Intel Corp. also desires to
become a bigger player in ad-
maintained a presence there to
support employees and their
families. It joins a suite of
on sensitive technologies such
as semiconductors and com-
puters, which have had a
Nvidia on Monday said that
its employees in Russia would
be given the option of continu-
company’s stock is down 57%
so far this year through the
close.
vanced chip-making, both as an
in-house producer of its flag-
ship PC processor chips and as
a manufacturer for other com-
panies’ semiconductor designs.
Kardashian
In recent years, the U.S. chip
maker has fallen behind in
technology by several genera-
Agrees to
tions to TSMC and Samsung.
Catching up will take years, in-
dustry analysts have said.
SEC Fine
Intel Chief Executive Pat
Gelsinger laid out a plan last Continued from page B1
year to regain the company’s gram account, the SEC said.
edge by moving faster on new Her post contained a link to
generations of chips that pack the EthereumMax website,
in more transistors. Last week, which provided instructions
he said his aim to make five for how to invest in EMAX, the
leaps forward in transistor SEC said. She agreed to give
technology in four years was back the $250,000 and pay a
on, or ahead of, schedule. $1 million penalty.
CRYPTO.COM
TSMC leads the overall The case reflects “a broader
foundry space covering all gen- objective of establishing very
erations of chips with about firmly that crypto is generally
64% market share compared a security and all the tradi- Other celebrities have advertised cryptocurrency exchanges. Matt Damon starred in a Crypto.com ad.
with 15% for Samsung, accord- tional rules apply,” said Marc
ing to International Business Fagel, a former director of the interest in selling a particular posts said she had a “big an- even advertisements require
Strategies’ projections for 2022 SEC’s San Francisco office. security, and not why they en- nouncement” and her post was proper disclosure of a pro-
that forecast total industry rev- “There are plenty of more im- dorsed a broader industry or an advertisement that linked moter’s interest in selling a
enue at roughly $117 billion. portant crypto cases they can trading business. users to the EthereumMax security.
The foundry business should bring, but this is more likely Representatives for Messrs. website. The post said her “You have to disclose not
grow aggressively through the to get public attention for Damon and Brady didn’t re- commentary wasn’t financial only that you’re getting paid,
end of the decade, with esti- their public concerns about turn messages seeking com- advice, “but sharing what my but the amount, nature of it,”
mated revenues of $303 billion the legitimacy of crypto.” ment. friends just told me about the Mr. Gensler said. “This was re-
in 2030, IBS predicts. Ms. Kardashian agreed to Hollywood celebrities are Ethereum Max token!” ally to protect the investing
In the most advanced parts settle the SEC claims without also big players in the market Mr. Gensler, who has made public when someone is tout-
of the foundry market, or chips admitting or denying wrong- for nonfungible tokens, or a strong push to regulate ing a stock, whether that is a
made with the 5-nanometer doing. She also agreed to co- NFTs, which signify ownership much of the crypto industry, celebrity, an influencer or the
process or smaller, TSMC’s pro- operate with the SEC’s con- of unique digital assets traded said on CNBC Monday that like.”
jected market share this year is tinuing investigation, the on the blockchain.
90% versus Samsung’s 10%. If agency said. The SEC in 2018 alleged
Samsung can successfully de- “This case is a reminder that boxer Floyd Mayweather
ploy its next-generation tech- that, when celebrities / influ- Jr. and musical producer DJ
nologies without missteps, its encers endorse investment Khaled failed to disclose
share could double to 20% by opps, including crypto asset money they made to hype
2026, according to IBS. securities, it doesn’t mean cryptocurrencies. Mr. May-
those investment products are weather paid $600,000 in pen-
right for all investors,” SEC alties to resolve the SEC’s
10%
Chairman Gary Gensler wrote claims, while DJ Khaled paid
Monday on Twitter. $150,000.
Michael Rhodes, an attor- Actor Steven Seagal agreed
ney for Ms. Kardashian, said in 2020 to pay $314,000 to
Samsung’s share of advanced- that she was pleased to re- settle claims that he didn’t
chip market, to TSMC’s 90% solve the investigation and co- disclose what he was paid to
operated with the SEC. “She promote a crypto token sale.
wanted to get this matter be- As part of its action against
hind her to avoid a protracted Ms. Kardashian, regulators al-
Samsung is aggressively in- dispute,” Mr. Rhodes said. leged that EMAX is an invest-
vesting with hopes of shrinking “The agreement she reached ment contract that should be
that gap with TSMC. The South with the SEC allows her to do overseen by the SEC. That
Korean company is building a that so that she can move for- gives the SEC the ability to
$17 billion chip-making plant ward with her many different question Ms. Kardashian’s re-
for its foundry business in Tay- business pursuits.” ceipt of $250,000 to promote
lor, Texas, and has floated the Under U.S. law, people who the investment offering. The
prospect of investing nearly promote the sale of securities SEC could be investigating
$200 billion in 11 new chip must disclose if they were EthereumMax or its principals,
plants in Texas over the next paid to promote an asset. The Mr. Fagel said, since the
two decades. TSMC last year “anti-touting” provision has agency’s news release noted
pledged to spend $100 billion been part of the securities its probe was continuing.
by 2024 on factory expansions. laws for decades. It is in- As part of her settlement,
One advantage that TSMC tended to help investors know Ms. Kardashian agreed to
enjoys beyond its massive cus- when a person has a conflict forgo for three years receiving
tomer base is being able to of interest that might affect any money for promoting
“serve the client rather than their recommendation to buy crypto tokens that fall under
compete with them,” said Tada- or sell a security. the SEC’s jurisdiction.
hiro Kuroda, a University of To- Other celebrities, including She and several other ce-
kyo professor who works with actor Matt Damon and NFL lebrities were sued in January
TSMC on semiconductor re- quarterback Tom Brady, have in federal court in the Central
search and development proj- advertised crypto exchanges District of California in a
ects in Japan. or similar trading platforms. class-action fraud complaint
In contrast, Samsung oper- Mr. Damon appeared in an ad targeting EthereumMax’s cre-
ates its own chip-design unit for Crypto.com, and Mr. Brady ators and backers. Ms. Kar-
and is the world’s biggest has been a spokesman for FTX dashian has sought to have the
maker of smartphones and TVs, US. lawsuit dismissed, saying her
putting it in direct competition Advertising an exchange social-media commentary
with clients such as Apple that generally doesn’t trigger the wasn’t misleading and the
rely on contract chip makers. law that ensnared Ms. Kar- plaintiffs didn’t show anyone
—Asa Fitch dashian, Mr. Fagel said. That is relied on her posts to buy
in San Jose, Calif., because the law requires EMAX.
contributed to this article. transparency about a person’s Ms. Kardashian’s Instagram
 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.
Fandom Buys
Online Assets
Of TV Guide
Purchase from Red
Ventures includes sites
such as Metacritic,
GameSpot, Comic Vine
BY SARAH E. NEEDLEMAN
Entertainment company
Fandom Inc. has acquired the
digital assets of TV Guide, re-
views aggregator Metacritic
and others from media com-
pany Red Ventures LLC, add-
ing to a string of publishing
deals in recent years.
Fandom, whose parent
company is backed by private-
equity firm TPG Inc., operates
an online forum for pop-cul-
ture buffs with user-generated
content spanning videogames,
movies, television, comic
books and other topics.
The company said that in
addition to TV Guide and
Metacritic, the deal gives it
ownership of online videogam-
ing publications GameSpot,
Theranos Founder Gets New-Trial Hearing
BY HEATHER SOMERVILLE
Theranos Inc. founder Eliz-
abeth Holmes is due back in
court this month to make the
case that she deserves a new
trial based on her allegations
that the government manipu-
lated testimony from a key wit-
ness who testified against her.
The hearing was granted
Monday by the judge who pre-
sided over Ms. Holmes’s
monthslong criminal-fraud
trial. The ruling represents a
victory for Ms. Holmes in her
quest to secure a new trial
nine months after a jury con-
victed her on four counts of
wire fraud and conspiracy. Her
attorneys have argued that
PRESENTING SPONSORS
© 2019 Dow Jones & Co., Inc. All Rights Reserved. 6DJ7285
GameFAQs and Giant Bomb, as
well as Cord Cutters News and
Comic Vine. Fandom paid
around $55 million for the all-
cash transaction, said people
familiar with the matter.
With the new online publi-
cations, Fandom says it will
have about 350 million
FANDOM
monthly users, up from
around 300 million before the
deal. The company said it
hopes the acquisition can help
it weather a recent slowdown
in advertising.
The deal gives Fandom
more ways to share entertain-
ment news and information
such as articles about video-
game releases and reviews of
TV shows, Perkins Miller, chief
executive officer of Fandom,
said. “There’s so much con-
tent. We can string the pop-
corn,” he said.
San Francisco-based Fan-
dom was originally known as
Wikia. The company was
bought in 2018 by Integrated
new evidence pertaining to the
witness, former Theranos lab
director Adam Rosendorff,
shows the government pre-
sented misleading testimony
that may have influenced the
jury’s decision.
U.S. District Judge Edward
Davila has set the hearing for
Oct. 17, when her sentencing
had originally been scheduled.
The post-trial hearing fur-
ther prolongs the spectacle-
laden criminal-fraud saga that
began to play out in court
with a jury trial over a year
ago. Ms. Holmes was charged
with 11 counts of wire fraud
and conspiracy for running a
yearslong scheme at Theranos,
the defunct blood-testing
Kirsten Green
Founder and
Managing Partner,
Forerunner
Michael Rubin
CEO, Fanatics
Co-Chairman,
REFORM Alliance
Tech’s Biggest Headlines.
Discussed. Debated. Made.
Complimentary Online Access for WSJ Members
BUSINESS NEWS
Fandom operates an online forum for pop-culture buffs with user-generated content.
Media Co., an internet-media
investment business. Fandom
generates revenue mainly from
advertising in addition to e-
commerce.
In April, Fandom agreed to
sell D&D Beyond, a Dungeons
and Dragons digital toolset
and game companion, to Has-
bro Inc. for $146 million.
Red Ventures owns a range
of media properties, including
tech review site CNET and
personal-finance site Bankrate.
With the sale of its enter-
tainment sites to Fandom,
startup she founded and ran
as chief executive until 2018.
In January, a jury convicted
her on four counts of fraud for
deceiving investors. Her one-
time business and romantic
partner, former Theranos
President Ramesh “Sunny”
Balwani, was convicted of 12
fraud counts in July. He is set
to be sentenced in November.
Judge Davila last month de-
nied Ms. Holmes’s motion for
an acquittal. Around the same
time, she filed three separate
motions seeking a new trial.
The judge hasn’t ruled on
them, and the only motion to
be discussed at the one-day
hearing later this month cen-
ters on Dr. Rosendorff, who
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Red Ventures said it is looking
to sharpen its focus on areas
such as media, finance, home
and health.
The deal follows a wave of
consolidation in the publishing
world. In August, the digital
news site Axios agreed to be
acquired by Cox Enterprises
Inc., and earlier this year New
York Times Co. bought sports-
media company the Athletic.
Digital publisher BuzzFeed Inc.
acquired Complex Networks
Inc. in December, and that
same month Vox Media
ran Theranos’s lab from 2013
to 2014 and testified across
five days in Ms. Holmes’s trial.
According to a court filing
from Ms. Holmes’s attorneys,
Dr. Rosendorff showed up at
her house unannounced on
Aug. 8 and spoke to Ms.
Holmes’s partner, Billy Evans.
During that exchange, Dr.
Rosendorff told Mr. Evans
that the government had
twisted his testimony, and
that he “tried to answer the
questions honestly” during
the trial, but that the govern-
ment made things sound
worse than they were, accord-
ing to the filing.
Dr. Rosendorff later filed a
sworn declaration, which said,
CONTRIBUTING SPONSORS
Tuesday, October 4, 2022 | B3
snapped up Group Nine Media
Inc.
Fandom’s deal with Red
Ventures is the latest in a se-
ries of purchases for the com-
pany. Last year, Fandom ac-
quired Focus Multimedia Ltd.,
the retailer behind Fanatical,
an e-commerce platform that
sells videogames and related
products. And in 2018 it
bought Curse Media, a net-
work of videogame-culture
websites, as well as Screen-
Junkies, an online movie- and
TV-show magazine.
in part, “I answered every
question put to me completely,
accurately, and truthfully to
the best of my ability.”
He added: “I have no reason
to believe that the government
misrepresented or created a
misimpression about Ms.
Holmes’ or Mr. Balwani’s con-
duct at Theranos.”
During a hearing on Mon-
day, Lance Wade, an attorney
for Ms. Holmes, said the “ex-
traordinary set of circum-
stances” of a government wit-
ness showing up at a
convicted felon’s house after
trial warranted further explo-
ration about whether the gov-
ernment twisted Dr. Rosend-
orff’s testimony.
Tekedra
Mawakana
Co-CEO,
Waymo
John Zimmer
Co-Founder and
President,
Lyft
© 2022 Dow Jones & Co., Inc. All Rights Reserved. 6DJ9107
Prosus’s
Deal for
BillDesk
Called Off
BY GABRIELE STEINHAUSER
JOHANNESBURG—Euro-
pean technology company Pro-
sus NV said Monday it was
walking away from its roughly
$4.2 billion acquisition of In-
dian payments platform Bill-
Desk, the latest tech takeover
to collapse amid the market
selloff.
The acquisition of BillDesk
would have been the largest-
ever takeover for Amsterdam-
listed Prosus, which is major-
ity owned by South African
holding company Naspers Ltd.
When it announced the deal
in August last year, Prosus said
the 345-billion-rupee take-
over—then valued at $4.72 bil-
lion because the dollar was
weaker at the time—was an ac-
knowledgment of BillDesk’s
strong growth and an expected
expansion of digital payments
in India. Prosus already owns
PayU, one of BillDesk’s main
competitors in India.
But since the deal was an-
nounced, tech shares around
the world have dropped signif-
icantly, as have valuations for
unlisted tech and fintech com-
panies. Shares in Prosus have
fallen about 28% this year.
In its statement Monday,
Prosus said that the long stop
date agreed to as part of its
takeover deal with BillDesk
was Sept. 30 and that due to
certain unmet conditions, “the
agreement has terminated au-
tomatically in accordance with
its terms.”
A spokeswoman for Prosus
said she couldn’t provide de-
tails of the conditions for the
takeover that hadn’t been met.
India’s Competition Commis-
sion approved the takeover
last month.
Representatives for Bill-
Desk, which was founded in
2000 and allows customers to
aggregate invoices and pay
them in one place, couldn’t be
reached for comment.
 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, October 4, 2022 NY THE WALL STREET JOURNAL.

TECHNOLOGY & MEDIA WSJ.com/Tech

Google Withdraws
Translation App
From Use in China
BY DAN STRUMPF
HONG KONG—Google dis-
continued its Google Translate
service in mainland China, cit-
ing low usage, marking an-
Both the app and browser
version of Google Translate
have been discontinued in
China, a company spokes-
woman said Monday. Checks by
The Wall Street Journal found

other retreat by the U.S. tech
giant from the country.
The pullback from China by
Google, owned by Alphabet
Inc., is the latest in a broad
withdrawal by American inter-
net companies from the coun-
try in recent years, as domes-
tic competition, a tougher
regulatory environment and a
strict internet censorship re-
CW NETWORK/EVERETT COLLECTION
that users visiting Google
Translate’s China website
would be redirected to the
Hong Kong browser version of
the service, which then failed
to load. The Google Translate
app was unable to be used on a
phone with a mainland China
SIM card from Singapore.
China’s homegrown transla- ‘Riverdale’ is among the CW shows that target 18- to 34-year-old viewers. The network’s new owner plans to draw an older demographic.
tion services have become in-

Nexstar Names New Leader

gime complicate the efforts of
Western companies to operate
there. China also has seen a
proliferation of homegrown
translation services in recent
years that compete with for-
eign alternatives.
In 2010, Google withdrew
its search-engine business in
China after refusing to agree
to censor its search results in
the country. Still, the company
has sought to expand its foot-
hold there. In 2017, it launched
an improved version of the
Google Translate app for users
in China. Chief Executive Sun-
dar Pichai told employees in
2018 that the company wasn’t
close to relaunching a search
engine in China, but defended
continuing to do business in
creasingly sophisticated in re-
cent years, with Beijing having
made advancement in AI re-
search a national priority. Pop-
ular services include Baidu
Translate, run by the country’s
leading search-engine pro-
vider, Baidu Inc. Rival search
engine Sogou Inc. also pro-
vides a widely used translation
Of CW Network After Takeover
service, while iFlytek Inc. sells BY WILL FEUER lier this year. Industrial Me- audience.
an array of voice-recognition dia’s companies collectively The CW was born out of the
and translation services. Nexstar Media Group Inc. produce shows that include 2006 merger of WB, then
A number of U.S. tech firms named veteran television exec- “American Idol” and “90 Day owned by Time Warner Inc.,
have scaled back their opera- utive Dennis Miller to lead the Fiancé,” among others. and CBS Corp.’s UPN networks,
tions in China in recent years CW Network now that it has In August, Nexstar, the big- both of which had been strug-
as China made strides in build- completed its acquisition of a gest U.S. owner of television gling. The rationale behind the
ing its own domestic alterna- majority stake in the televi- stations, said it agreed to take merger was that it would pro-
tives in everything from social sion network. a 75% stake in the CW, with vide a platform for the compa-
media to search engines to Nexstar said Monday that it previous co-owners Paramount nies’ production arms to place
food delivery and ride hailing. has completed its acquisition Global and Warner Bros. Dis- content when selling to other
In June, Amazon Inc. said it of 75% in CW and that Mr. covery Inc. each retaining networks was becoming more

the country despite human-
rights concerns.
The company used to oper-
ate an artificial-intelligence
research center in Beijing, but
it disbanded the center in
2019 and has said it no longer
conducts AI research in the
country. Google maintains a
select number of services in
China, including Chrome,
which is China’s most popular
desktop web browser, accord-
ing to website analytics com-
pany StatCounter. Electronics
merchants on Chinese e-com-
merce websites also sell
Google hardware such as its
Pixel smartphone and its Nest
smart speaker.
was discontinuing its Kindle
digital bookstore in the coun-
try. Last year, Microsoft Corp.’s
LinkedIn shut down its profes-
sional networking service in
China, citing a challenging op-
erating environment and in-
creased compliance require-
ments. Airbnb Inc. closed its
domestic business in China af-
ter harsh Covid-19 lockdowns
compounded the pain from
mounting local competition.
In recent years, Beijing has
ratcheted up control over
more sectors of society, seek-
ing to more forcefully assert
itself across the economy.
—Rachel Liang
contributed to this article.
Miller, who is currently a Nex-
star board member, will serve
as president of the CW, effec-
tive immediately. A former ex-
ecutive at Sony Pictures Enter-
tainment and Lionsgate
Television, Mr. Miller succeeds
Mark Pedowitz, who has been
chairman and chief executive
of the CW for the past 11
years.
Mr. Miller will step down
from the Nexstar board to take
the new role. Nexstar said it
has started a search for a suc-
cessor.
Mr. Miller most recently
served as chairman of Indus-
trial Media until its sale to
Sony Pictures Television ear-
12.5% stakes. At the time, Nex-
star said Mr. Pedowitz would
remain chairman and CEO of
the CW, with responsibility for
day-to-day operations.
Financial terms of the deal
weren’t disclosed. Nexstar said
at the time that it wasn’t mak-
ing any upfront cash payment
for the controlling stake in the
CW. The Wall Street Journal
previously reported that Nex-
star wasn’t expected to pay
cash for the CW but instead
would assume at least a sig-
nificant portion of the net-
work’s current losses, which
could exceed $100 million.
Nexstar said in August that
it would invest “a low nine-
NEXSTAR
Dennis Miller
figure amount” in new pro-
gramming over the next three
years, and pledged to bring
the CW to profitability by
2025.
The CW, with shows such
as “Riverdale” and “Arrow,”
targets the 18- to 34- year-old
demographic, a group that
typically isn’t a large con-
sumer of broadcast television.
Nexstar executives have said
they plan to seek content
more in sync with the older
viewers who make up the
bulk of its television stations’
difficult as a result of industry
consolidation.
Although the CW itself
rarely made a profit, it was
very successful for its parent
companies, thanks primarily to
licensing agreements with
Netflix Inc.
In 2019, the CW’s parent
companies decided to end the
Netflix agreement because
both wanted CW content for
their own streaming services:
Paramount+ and HBO Max, re-
spectively. That meant shows
created after the agreement
expired wouldn’t go to Netflix,
but shows currently available
on Netflix would remain for
several more years.

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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.
Grab offers its PayLater service only to those who have been using the app for at least six months.
Installment Plans Spread in Asia
BY DAVE SEBASTIAN
AND MICHELLE CHAN
Some of Southeast Asia’s
largest internet companies are
trying to boost their revenues
with an old-fashioned busi-
ness: lending.
Buy now, pay later services
have picked up pace in South-
east Asia as a result of the
Covid-19 pandemic. Grab Hold-
ings Ltd., Sea Ltd. and GoTo
Group are all offering their
customers short-term loans to
help them pay for a variety of
products and services, includ-
ing taxis, food delivery and
beauty products. The most re-
cent rollout of services in the
region came in July, when GoTo
launched a pay-later service
called GoPayLater Cicil—which
means “taking installments” in
London Heathrow to Drop Passenger Cap
BY BENJAMIN KATZ
London Heathrow Airport
told airlines it will lift a cap
on passenger numbers at its
terminals later this month, ac-
cording to people familiar
with the decision, ending one
of the most extraordinary
measures the aviation industry
put in place this summer to
deal with a surge in travel and
a shortage of workers.
The cap, which limits daily
MORRIS MACMATZEN/PRESS POOL
Airbus concedes supply-chain issues. As of Sept. 23, it had delivered 315 of its A320 family of jets.
Airlines
Bemoan Jet
Shortages
Continued from page B1
carrier had expected 53 of the
new Boeing single-aisle jets
this year to aid its plan to
grow, but only seven new 737
MAX jets had arrived as of Au-
gust, according to a securities
filing and Boeing data.
The 737 shortage has
prompted United to reduce fre-
quencies on certain domestic
routes and contributed to
United’s decision to pull out of
some smaller markets, people
familiar with the matter said.
Chief Executive Scott Kirby
expressed the airline’s frustra-
tions to Boeing executives in a
phone call during the summer,
people familiar with the call
said.
American Airlines Group
Inc. CEO Robert Isom this past
summer also phoned Boeing
executives to express dismay
with about two dozen 737 de-
liveries getting delayed next
year, people familiar with the
call said.
Airbus appears to be about
as far behind in deliveries
this year, according to Rob
Morris, global head of consul-
tancy at aviation data pro-
vider Ascend by Cirium. Boe-
ing had delivered 246 of its
737 MAX jets as of Sept. 23,
compared with 315 of Air-
bus’s A320 family of jets.
* * * *
Indonesian.
Shares of Grab, GoTo and
Sea, collectively worth around
$60 billion, have fallen heavily
this year. Grab and Sea are
down around two-thirds since
the start of the year. GoTo,
which listed in April, has fallen
28% since its IPO.
The three money-losing
companies hope the addition
of buy now, pay later services
will generate more business on
their platforms, rather than
make them money from the
lending itself. But the switch
means these large technology
companies are now being
forced to consider a question
traditional lenders have faced
for centuries: How do you fig-
ure out if your loans will be
paid back?
Banks typically use a mix of
departing passengers from its
terminals to 100,000 a day,
won’t continue beyond Oct. 29
when the official summer fly-
ing season ends, people
briefed on the matter said.
The airport, Europe’s big-
gest before the pandemic, pre-
viously extended the restric-
tions, which were due to end
on Sept. 11. It said it would
keep the cap in place until
enough staff and resources
were mobilized to prevent the
Steven Udvar-Házy, execu-
tive chairman of Air Lease
Corp., said he expects de-
mand for single-aisle jets to
exceed the plane makers’ sup-
ply for at least the next three
years. Air Lease is a major
buyer of Airbus and Boeing
aircraft, which it leases to
airlines around the world.
“It’s virtually impossible
for them to get anywhere
close to what they projected,
say, 12 months ago,” Mr. Ud-
var-Házy said at a Sept. 7
conference.
Greece’s Aegean Airlines
SA said it is conservatively
planning its network for next
year in anticipation of contin-
ued delays getting new Air-
bus jets. CEO Eftichios Vassil-
akis said the airline wants to
try to avoid some of the
problems it had this year af-
ter receiving only half of the
eight new planes it was hop-
ing to get in time for the
busy summer travel season.
Airbus has been making
ground on handing over air-
craft that were parked at its
factories waiting for engines.
At the end of June the com-
pany had close to 30 gliders.
That is now down to single
digits, the company said Sept.
23.
CEO Guillaume Faury said
last month Airbus expects to
face supply constraints in
2023. “It’s going to be a diffi-
cult year again,” he said.
While both plane makers
are about equally behind on
deliveries, Boeing is further
behind on producing new 737
MAX jets than Airbus is with
its comparable single-aisle
Tuesday, October 4, 2022 | B5
BUSINESS NEWS
Share-price performance this year
0% Poshmark
–10
–20
Is Sold
–30 To Korean
BAGUS INDAHONO/EPA/SHUTTERSTOCK
–40
–50
GoTo
Web Firm
BY KATHRYN HARDISON
–60
AND JIYOUNG SOHN
Grab
–70
Poshmark Inc. has agreed
–80 Sea to sell itself in a deal that val-
ues the social-shopping mar-
Jan. 2022 Oct.
ketplace at less than half the
Note: GoTo went public in April. Source: FactSet price where it went public in
early 2021.
South Korean internet com-
pany Naver Corp. is paying
$17.90 a share for Poshmark,
the companies said. Poshmark
priced its initial public offering
credit scores, borrowers’ in- ing a trove of information. Grab’s nonperforming loan at $42 a share in January
comes and payment histories to “Nobody comes in with zero ratio was steady for the sec- 2021, and the shares more
reduce the chances of defaults. data—we have a bunch of user ond quarter, in the low-single- than doubled on their first day.
Grab, Sea and GoTo, which are data on day one,” said Hans digit range, Chief Executive The stock has slumped since
offering small, short-term loans Patuwo, head of payments and Anthony Tan said on a confer- and closed Monday at $15.57.
that are unsecured, are so far financial services at GoTo Fi- ence call. He didn’t specify the The transaction values
avoiding such cumbersome nancial. GoTo was formed exact number. Poshmark at about $1.6 billion,
credit checks. from last year’s merger of The companies say limiting including about $580 million
“In the absence of this fi- ride-hailing platform Gojek their buy now, pay later ser- of cash reserves, Naver said.
nancial information, buy now, and Tokopedia, an e-commerce vices to regular users is one Poshmark’s peak market capi-
pay later providers have to company. way to reduce risks. Grab, talization was $7.3 billion,
make decisions based on These companies have also which launched its PayLater which it hit on the day it went
scarce or even unreliable adopted measures that in service in 2019, offers it only public, according to FactSet.
data,” said Yvonne Szeto, a some cases appear stricter to those who have been using Poshmark looks and be-
vice president handling com- than credit-card payment re- the app for at least six haves much like Instagram,
mercial and sales strategies at quirements. Grab, which oper- months. They are partly as- motivating sellers to give and
payment-processing company ates a superapp offering a sessed on their ride patterns receive comments and “likes”
Worldpay from FIS. range of services, says it and ranking in the loyalty pro- and allowing users to follow
The companies say they are would suspend an account if gram. GoTo’s pay-later service, their favorite sellers. Similar
managing risks by developing the user doesn’t make a pay- which charges a small monthly to eBay Inc., sellers take pho-
proprietary models to screen ment for an overdue bill after fee, is more likely to be of- tos of their own items and sell
loan applications—with user being notified. It requires pay- fered to those who are already them directly. Poshmark col-
behavior and data like past pur- ment of an administrative fee using the company’s GoPay lects fees on sales on its mar-
chases on their services provid- to reactivate the account. digital-payment service. ketplace but doesn’t hold any
inventory.
While the Covid-19 pan-
demic gave a boost to online
shopping, Poshmark’s losses
have widened and its revenue
growth has slowed this year.
long lines and persistent de- the pandemic. A number of “This cap resulted in fewer After reaching $90.9 million in
lays that characterized travel false starts, as travel restric- last-minute cancellations, bet- revenue in the March quarter,
for much of this year. tions were removed and then ter punctuality and shorter revenue edged down to $89.1
Heathrow is one of a hand- reintroduced with the spread waits for bags,” a spokes- million in the June quarter and
ful of airports that put in of new Covid-19 variants, im- woman for Heathrow said Poshmark forecast it would
place capacity restrictions— peded that recovery. Monday. come in between $85 million
unusual in their duration and The London hub repeatedly She added: “Our focus has and $87 million for the Sep-
scale—to help cope with se- pointed to a shortage of always been on removing the tember quarter.
vere staffing shortages. ground handlers as the reason cap as quickly as possible—but Naver is South Korea’s larg-
Airlines, airports and their for lines that stretched outside we will only do so if we are est web portal and operates as
suppliers worked to rapidly its terminal doors, long waits confident that adding in more a search engine ahead of
bolster their operations after at baggage reclaim, persistent passengers will not erode the Google locally. It also offers
the sector was brought to a departure delays and scrapped service levels that the cap has mobile payments and online
near standstill at the onset of flights. secured.” shopping.
Gifts to be SAVORED
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aircraft, according to Mr.
Morris at Cirium.
Boeing CEO David Calhoun
said the plane maker is paus-
ing its 737 production when-
ever suppliers run short on
parts or provide defective
components. Boeing, in con-
trast to Airbus, has said it
wouldn’t produce new air-
planes without engines.
In addition to newly minted
jets, the manufacturer has
been delivering from its inven-
tory 737 MAX aircraft that
were stored during a nearly
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B6 | Tuesday, October 4, 2022 THE WALL STREET JOURNAL.

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. AnalogDevices ADI 145.13 5.79 BancoBilbaoViz BBVA 4.60 0.15 BroadridgeFinl BR 148.91 4.59 Caterpillar CAT 171.23 7.15 CoinbaseGlbl COIN 65.95 1.46 DellTechC DELL 35.88 1.71
Arca, NYSE American and Nasdaq Stock Market t-New 52-week low. AB InBev BUD 45.85 0.69 BancoBradesco BBDO 3.31 0.30 BrookfieldMgt BAM 42.18 1.29 Celanese CE 94.24 3.90 t ColgatePalm CL 71.11 0.86 t DeltaAir DAL 28.26 0.20
listed securities. Prices are composite quotations dd-Indicates loss in the most recent four t AnnalyCap NLY 17.38 0.22 BancodeChile BCH 18.35 0.68 BrookfieldInfr BIP 36.70 0.80 CelsiusHldg CELH 91.22 0.54 Comcast A CMCSA 30.63 1.30 t DentsplySirona XRAY 29.18 0.83
that include primary market trades as well as quarters. t Comerica
AnteroResources AR 31.09 0.56 BancSanBrasil BSBR 6.20 0.56 BrookfieldRenew BEPC 33.54 0.86 CenovusEnergy CVE 16.41 1.04 CMA 73.02 1.92 t DeutscheBank DB 7.53 0.13
trades reported by Nasdaq BX (formerly Boston), FD-First day of trading.
Chicago Stock Exchange, Cboe, NYSE National and h-Does not meet continued listing Aon AON 275.59 7.72 BcoSantChile BSAC 14.66 0.65 Brown&Brown BRO 62.04 1.56 Centene CNC 80.00 2.19 CommerceBcshrs CBSH 67.85 1.69 DevonEnergy DVN 65.33 5.20
Nasdaq ISE. standards AptIncmREIT AIRC 39.05 0.43 BancoSantander SAN 2.42 0.10 Brown-Forman A BF.A 69.28 1.72 CenterPointEner CNP 28.84 0.66 s SABESP SBS 11.15 2.04 DexCom DXCM 84.98 4.44
The list comprises the 1,000 largest companies lf-Late filing ApellisPharm APLS 61.04 -7.26 BanColombia CIB 25.86 1.49 Brown-Forman B BF.B 68.28 1.71 CentraisElBras EBR 8.88 0.85 ConagraBrands CAG 32.91 0.28 Diageo DEO 170.50 0.69
based on market capitalization. q-Temporary exemption from Nasdaq ApolloGlbMgmt APO 48.93 2.43 BankofAmerica BAC 31.09 0.89 Bruker BRKR 54.36 1.30 CeridianHCM CDAY 57.27 1.39 Confluent CFLT 24.73 0.96 DiamondbkEner FANG 129.52 9.06
Underlined quotations are those stocks with requirements. Apple AAPL 142.45 4.25 BankofMontreal BMO 90.41 2.77 BuildersFirst BLDR 60.28 1.36 CharlesRiverLabs CRL 203.79 6.99 ConocoPhillips COP 109.97 7.63 Dick's DKS 109.82 5.18
large changes in volume compared with the t-NYSE bankruptcy ApplMaterials AMAT 86.25 4.32 BankNY Mellon BK 39.66 1.14 Bunge BG 84.39 1.82 ChartIndustries GTLS 192.71 8.36 ConEd ED 87.66 1.90 DigitalRealty DLR 100.45 1.27
issue’s average trading volume. v-Trading halted on primary market. t Applovin APP 20.42 0.93 t BkNovaScotia BNS 48.08 1.26 BurlingtonStrs BURL 115.65 3.76 CharterComms CHTR 320.27 16.92 ConstBrands A STZ 234.52 4.84 DiscoverFinSvcs DFS 93.89 2.97
Boldfaced quotations highlight those issues vj-In bankruptcy or receivership or being Aptargroup ATR 97.44 2.41 Barclays BCS 6.61 0.21 CACI Intl CACI 269.51 8.45 CheckPoint CHKP 115.92 3.90 ConstellationEner CEG 86.59 3.40 Disney DIS 97.13 2.80
whose price changed by 5% or more if their reorganized under the Bankruptcy Code, t CBRE Group CBRE 70.28 2.77 Chemed ContinentalRscs CLR 68.28 1.47 dLocal DLO 21.32 0.80
Aptiv APTV 83.04 4.83 BarrickGold GOLD 15.92 0.42 CHE 446.68 10.12
previous closing price was $2 or higher. or securities assumed by such companies. Cooper COO 273.26 9.36
Aramark ARMK 32.00 0.80 Bath&BodyWks BBWI 32.52 -0.08 CDW CDW 159.91 3.83 CheniereEnergy LNG 167.33 1.42 DocuSign DOCU 52.93 -0.54
ArcelorMittal MT 21.08 1.17 BaxterIntl BAX 55.62 1.76 CF Industries CF 100.30 4.05 CheniereEnerPtrs CQP 53.73 0.37 Copart CPRT 109.65 3.25 t DolbyLab DLB 66.31 1.16
Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and ArchCapital ACGL 46.33 0.79 BectonDicknsn BDX 230.78 7.95 CGI GIB 78.05 2.81 ChesapeakeEner CHK 98.93 4.72 CorebridgeFin CRBG 20.23 0.54 DollarGeneral DG 246.48 7.17
changes in the closing prices from 4 p.m. the previous day. CH Robinson CHRW 98.72 2.41 Chevron Corning GLW 29.87 0.85 DollarTree DLTR 141.65 5.55
ArcherDaniels ADM 83.03 2.58 BeiGene BGNE 137.14 2.32 CVX 151.73 8.06
AresMgmt ARES 64.02 2.07 BentleySystems BSY 32.42 1.83 CME Group CME 178.18 1.05 ChewyA CHWY 31.22 0.50 Corteva CTVA 59.18 2.03 DominionEner D 71.09 1.98
Monday, October 3, 2022 Net Net arGEN-X ARGX 350.94 -2.11 Berkley WRB 66.39 1.81 CMS Energy CMS 59.85 1.61 ChinaEastrnAir CEA 17.41 0.68 Cosan CSAN 14.30 1.42 t Domino's DPZ 316.44 6.24
Net Stock Sym Close Chg Stock Sym Close Chg AristaNetworks ANET 115.83 2.94 BerkHathwy B BRK.B 272.80 5.78 CNA Fin CNA 37.68 0.78 ChinaSoAirlines ZNH 27.09 0.45 CoStar CSGP 71.99 2.34 Donaldson DCI 50.57 1.56
Stock Sym Close Chg ArrowElec ARW 95.13 2.94 BerkHathwy A BRK.A 4133006830.00 CNH Indl CNHI 11.63 0.46 Chipotle CMG 1504.70 1.94 Costco COST 477.73 5.46 t DoorDash DASH 50.52 1.07
AdvDrainageSys WMS 129.27 4.90 Alphabet A GOOGL 98.64 2.99 CRH 32.96 0.73 ChoiceHotels CHH 112.35 2.83 CoterraEnergy CTRA 27.36 1.24 Dover DOV 120.09 3.51
s AspenTech AZPN 243.19 4.99 BestBuy BBY 63.67 0.33 CRH
AdvMicroDevices AMD 66.11 2.75 Altria MO 41.37 0.99
A B C Aegon AEG 4.10 0.14 Amazon.com AMZN 115.88 2.88
Assurant AIZ 149.68 4.41 Bill.com BILL 138.18 5.81 CSX CSX 27.42 0.78 Chubb CB 187.10 5.22 Coupang CPNG 17.48 0.81 Dow DOW 45.28 1.35
AstraZeneca AZN 55.55 0.71 Bio-Techne TECH 293.07 9.07 CVS Health CVS 97.76 2.39 t ChunghwaTel CHT 35.51 -0.02 Credicorp BAP 126.40 3.60 DrReddy'sLab RDY 54.16 1.82
t ABB ABB 24.30 -0.11 AerCap AER 44.32 1.99 Ambev ABEV 3.11 0.28 t CreditSuisse CS 4.01 0.09 DraftKings DKNG 15.40 0.26
Atlassian TEAM 217.33 6.74 Bio-RadLab A BIO 427.84 10.70 CadenceDesign CDNS 170.28 6.85 Church&Dwight CHD 72.90 1.46
7.78 0.29 AgilentTechs A 126.38 5.04 Amcor AMCR 11.03 0.30 CrowdStrike CRWD 169.31 4.50 Dropbox DBX 21.27 0.55
ADT ADT AtmosEnergy ATO 105.01 3.16 Biogen BIIB 264.30 -2.70 t CaesarsEnt CZR 34.15 1.89 ChurchillDowns CHDN 186.19 2.04
AECOM ACM 70.24 1.87 agilon health AGL 23.87 0.45 Amdocs DOX 81.01 1.56 CrownCastle CCI 147.71 3.16 DukeEnergy DUK 95.33 2.31
Autodesk ADSK 192.46 5.66 BiohavenPharm BHVN 151.80 0.63 CamdenProperty CPT 122.12 2.67 Ciena CIEN 41.27 0.84
AgnicoEagle AEM 44.08 1.85 Amerco UHAL 539.10 29.88 CrownHoldings CCK 82.12 1.09 DuPont DD 52.43 2.03
AES AES 23.56 0.96 ADP ADP 232.25 6.06 BioMarinPharm BMRN 86.70 1.93 Cameco CCJ 27.51 1.00 Cigna CI 287.22 9.75
AirProducts APD 238.33 5.60 Ameren AEE 82.75 2.20 CubeSmart CUBE 40.34 0.28 Dynatrace DT 35.89 1.08
Aflac AFL 57.86 1.66 AutoZone AZO 2197.71 55.78 BioNTech BNTX 136.68 1.80 CampbellSoup CPB 47.72 0.60 CincinnatiFin CINF 93.26 3.69
Airbnb ABNB 105.00 -0.04 AmericaMovil AMX 16.87 0.40 Cullen/Frost CFR 135.53 3.31 ENI E 22.23 1.09
AGCO AGCO 99.44 3.27 Avalara AVLR 92.40 0.60 BlackKnight BKI 65.38 0.65 CIBC CM 45.17 1.41 Cintas CTAS 400.84 12.65
AkamaiTech AKAM 83.84 3.52 AmericaMovil A AMOV 16.71 0.34 Cummins CMI 209.59 6.08
AMTD Digital HKD 48.50 1.70 Avalonbay AVB 186.62 2.43 t BlackRock BLK 572.72 22.44 CanNtlRlwy CNI 112.82 4.83 CiscoSystems CSCO 41.29 1.29 EOG Rscs EOG 119.93 8.20
Albemarle ALB 273.73 9.29 t AmerAirlines AAL 11.92 -0.12 CyberArkSoftware CYBR 149.03 -0.91
Ansys ANSS 227.97 6.27 Avangrid AGR 42.64 0.94 Blackstone BX 86.49 2.79 CanNaturalRes CNQ 50.16 3.59 t Citigroup C 42.56 0.89 EPAM Systems EPAM 363.58 1.39
Albertsons ACI 25.66 0.80 AEP AEP 88.23 1.78
APA APA 37.30 3.11 t Avantor AVTR 20.21 0.61 BlockHR HRB 40.29 -2.25 CanPacRlwy CP 70.16 3.44 CitizensFin CFG 35.04 0.68 EQT EQT 41.75 1.00
ASETech ASX 5.05 0.06
Alcoa AA 37.39 3.73 AmerExpress AXP 140.02 5.11
AveryDennison AVY 168.10 5.40 t Block SQ 55.78 0.79 Canon CAJ 22.15 0.35 Clarivate CLVT 9.75 0.36
D E F EastWestBncp EWBC 69.27 2.13
Alcon ALC 59.40 1.22 AmericanFin AFG 125.83 2.90 EastGroup EGP 147.19 2.85
ASML ASML 431.68 16.33 AlexandriaRlEst ARE 144.09 3.90 AmHomes4Rent AMH 33.45 0.64 AvisBudget CAR 157.87 9.41 BlueOwlCapital OWL 9.47 0.24 CapitalOne COF 95.57 3.40 CleanHarbors CLH 115.03 5.05 DCP Midstream DCP 37.76 0.19
AT&T T 15.90 0.56 AxonEnterprise AXON 115.97 0.22 Boeing BA 126.05 4.97 CardinalHealth CAH 67.97 1.29 ClearwayEnergyC CWEN 33.64 1.79 EastmanChem EMN 74.47 3.42
Alibaba BABA 80.45 0.46 AIG AIG 49.18 1.70 DISH Network DISH 14.79 0.96
AbbottLabs ABT 99.52 2.76 BCE BCE 44.06 2.12 t BookingHldgs BKNG 1678.93 35.72 Carlisle CSL 289.73 9.32 ClearwayEnergyA CWEN.A 30.80 1.70 Eaton ETN 137.79 4.43
AlignTech ALGN 215.64 8.53 AmerTowerREIT AMT 217.17 2.47 DTE Energy DTE 116.93 1.88
ABBV 138.32 4.11 t eBay EBAY 37.22 0.41
AbbVie Alleghany Y 843.29 3.92 AmerWaterWorks AWK 134.35 4.19 BHP Group BHP 51.66 1.62 BoozAllen BAH 95.97 3.62 Carlyle CG 26.93 1.09 Cleveland-Cliffs CLF 14.62 1.15 Danaher DHR 268.79 10.50
Abiomed ABMD 255.15 9.49 BJ'sWholesale BJ 74.92 2.11 BorgWarner BWA 32.75 1.35 CarMax KMX 67.74 1.72 Clorox Ecolab ECL 149.13 4.71
Allegion ALLE 92.45 2.77 AmericoldRealty COLD 25.46 0.86 CLX 129.78 1.39 Darden DRI 125.41 -0.91
AcadiaHealthcare ACHC 81.05 2.87 BOK Fin BOKF 90.95 2.09 BostonProps BXP 75.74 0.77 t Carnival 6.85 -0.18 Cloudflare Ecopetrol EC 9.63 0.70
AlliantEnergy LNT 54.33 1.34 Ameriprise AMP 262.41 10.46 CCL NET 55.79 0.48 DarlingIngred DAR 68.99 2.84
ACN 264.89 7.59 t 6.00 -0.19 Coca-Cola EdisonInt EIX 59.40 2.82
Accenture Allstate ALL 128.28 3.75 AmerisourceBrgn ABC 139.31 3.98 BP BP 30.10 1.55 BostonSci BSX 39.88 1.15 Carnival CUK KO 56.65 0.63 Datadog DDOG 90.94 2.16
ActivisionBliz ATVI 74.36 0.02 Baidu BIDU 119.48 1.99 BristolMyers BMY 70.53 -0.56 CarrierGlobal CARR 36.81 1.25 Coca-ColaEuro CCEP 43.96 1.34 EdwardsLife EW 85.46 2.83
AllyFinancial ALLY 29.23 1.40 Ametek AME 117.55 4.14 DaVita DVA 86.41 3.64
t ElancoAnimal ELAN 12.56 0.15
Adobe ADBE 285.24 10.04 AlnylamPharm ALNY 196.79 -3.37 Amgen AMGN 230.44 5.04 BakerHughes BKR 22.28 1.32 BritishAmTob BTI 36.59 1.09 CaseysGenStores CASY 206.90 4.38 Cognex CGNX 43.44 1.99 DeckersOutdoor DECK 322.99 10.38
AdvanceAuto AAP 163.37 7.03 Alphabet C GOOG 99.30 3.15 Amphenol APH 69.39 2.43 Ball BALL 49.37 1.05 Broadcom AVGO 456.78 12.77 t Catalent CTLT 76.52 4.16 CognizantTech CTSH 59.03 1.59 Deere DE 344.05 10.16 Continued on Page B7

New Highs and Lows Stock

52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg
NielsenHoldings NLSN 27.93 0.5 AppliedGenetic AGTC 0.26 -2.4 BreadFinancial BFH 30.55 2.2 ConnexaSports CNXA 0.29 -14.7 EnvericBiosci ENVB 4.13 2.8 GroveCollabWt GROV.WS 0.20 -13.0
The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE American NightDragonA NDAC 9.95 1.3 Applovin APP 19.11 4.8 BrightGreen BGXX 0.98 -7.4 Conn's CONN 6.93 0.8 Envista NVST 32.60 1.9 GrupoTelevisa TV 5.35 1.1
and Nasdaq Stock Market stocks that hit a new 52-week intraday high or low in the latest NocturneAcqnA MBTC 11.10 7.5 AptevoTherap APVO 2.80 -4.3 BrightSphere BSIG 14.73 1.6 ConsldComm CNSL 4.10 6.5 EsteeLauder EL 213.08 1.5 HCI Group HCI 38.39 -1.9
session. % CHG-Daily percentage change from the previous trading session. NovaVisionAcqn NOVV 10.70 -0.1 Aptiv APTV 77.96 6.2 BrightSpire BRSP 6.13 1.7 ContextLogic WISH 0.70 11.3 Eventbrite EB 5.92 2.8 HF Foods HFFG 3.83 1.0
OneEquityPtrsIA OEPW 9.89 0.1 ArborRealty ABR 11.16 3.7 BroadmarkRealty BRMK 4.89 0.2 Volaris VLRS 6.86 5.6 Ever-Glory EVK 0.81 -3.5 HHG Capital HHGCU 9.98 -4.5
Monday, October 3, 2022 PonoCapTwoA PTWO 10.09 0.7 ArcherAviation ACHR 2.50 4.2 BrookfieldPropPfd BPYPP 18.26 -3.5 CorsairPtrWt CORS.WS 0.08 -0.1 EvokePharma EVOK 1.66 1.1 HUYA HUYA 2.21 2.3
Qomolangma QOMOU 10.05 -0.1 Arcimoto FUV 1.24 -6.5 BPP 5.75%Pfd3A BPYPN 16.61 -0.3 CreditSuisse CS 3.70 2.3 ExelaTech XELA 0.43 -4.3 HallofFameWt HOFVW 0.05 16.7
52-Wk % 52-Wk % 52-Wk % QuestResource QRHC 9.69 11.4 AresCapital ARCC 16.53 3.1 BrookfieldPropPf2A BPYPO 17.91 -2.6 CrescentCapBDC CCAP 14.62 -0.9 FOXOTechnologies FOXO 1.21 -0.8 Hasbro HAS 66.70 2.3
Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg ScionTechI A SCOA 9.99 0.1 ArgoGroup ARGO 19.00 -0.1 BrooklineBcp BRKL 11.59 1.5 CrownElectrokin CRKN 0.20 -11.7 FangddNetwork DUO 0.76 6.5 Helbiz HLBZ 0.33 -6.5
CorpAmAirports CAAP 7.25 8.7 InsuAcqnIII A IIII 9.96 SeniorConnectI A SNRH
... 9.96 0.1 ArlingtonAssetPfB AAICpB 16.00 2.0 BurgerFiIntl BFI 2.45 -4.6 CueBiopharma CUE 2.18 7.2 FaradayFutureWt FFIEW 0.10 -19.6 HeliusMedical HSDT 0.27 1.6
Highs CresceraCapAcqnUn CRECU 10.10 0.9 IgnyteAcqn
CrossCtyHlthcr CCRN 32.20 12.1 ItiquiraAcqnA
IGNY
ITQ
9.99 0.1
9.98
StoneBridgeA APAC
Supernova III A STRE
...
10.60
9.91
...
0.1
ArmadaHofflerPfA AHHpA 22.04
ArmourResREIT ARR 4.57
-1.5
0.4
BylineBancorp
CableOne
BY
CABO
20.15 1.1 CustomersBancorp CUBI
847.03 2.9 CustomersBncpNt34 CUBB
29.21 3.8 FaradayFuture
20.21 ... Farmmi
FFIE
FAMI
0.59 0.9 HerculesCapital HTGC
0.54 0.6 Heska HSKA
11.16
71.42
0.3
0.5
AP Acqn A APCA 10.19 -0.1 CyberOptics CYBE 53.85 ... JattAcqnA JATT 10.08 TLGAcqnOneA TLGA
... 9.92 0.3 ArmourResPfdC ARRpC 18.57 -0.3 CaesarsEnt CZR 31.31 5.9 CyxteraTech CYXT 3.79 -2.7 FathomDigital FATH 1.84 -3.4 HiltonGrandVac HGV 32.12 3.3
AchariVenturesI AVHI 10.05 0.3 EQ Health A EQHA 9.89 0.1 JackCreekA JCIC TZP Strategies A TZPS
9.96 -0.2 9.96 ... ArogoCapWt AOGOW 0.04 -23.6 CanFiteBiopharm CANF 0.70 -5.2 DPCapAcqnIWt DPCSW 0.12 -29.4 FaZe FAZE 7.88 -15.8 Hippo HIPO 16.07 -12.8
Adeia ADEA 7.76 92.2 EmbraceChange EMCG 10.03 ... KairosAcqnA KAIR 9.97 0.2Tech&TelecomA TETE 10.20 1.0 AscentSolar ASTI 4.19 -5.5 CapitalSouthwest CSWC 16.51 0.6 DataStorage DTST 1.98 2.5 FedAgriMtgPfdD AGMpD 22.07 -0.4 Histogen HSTO 1.27 -4.4
Agilysys AGYS 56.88 -1.5 11.19 9.5 LazardGrowthI 9.95 0.1TuanChe TC 4.18 12.6 AshfordHospPfdF AHTpF 14.57 0.4 CardiolTherap CRDL 0.99 -2.9 DeltaAir DAL 27.20 0.7 Femasys FEMY 1.07 -3.5 Holley HLLY 4.02 5.2
EnergemUn ENCPU LGAC
AhrenAcqnA AHRN 10.07 0.2 twoA TWOA 9.93 0.2 Astronics ATRO 7.83 6.2 CarLotz LOTZ 0.29 -0.5 DeltaApparel DLA 13.75 1.5 FidNatlInfo FIS 74.70 1.0 HomePtCap HMPT 1.36 -10.4
FortressVal III A FVT 9.91 0.1 LefterisAcqnA LFTR 10.02 0.1
AltimarAcqnIIIA ATAQ 9.94 ... Waldencast WALD 12.10 -12.0 Aterian ATER 1.14 -7.3 CarlyleSecured CGBD 11.23 1.4 Deluxe DLX 16.15 1.7 FifthThirdPfdB FITBP 23.64 -1.0 HorizonGlobal HZN 1.14 -4.9
GlbPtrII A GPAC 9.97 ... LeoHldgsII A LHC 9.97 0.1
AspenTech AZPN 244.99 2.1 WarburgPincusI-B A WPCB 9.94 0.1 AtlisMotor AMV 15.50 -9.5 Carnival CCL 6.58 -2.6 DentsplySirona XRAY 28.12 2.9 FirstCapital FCAP 25.25 -0.2 HorizonTechFin HRZN 9.67 0.5
GlobalStarAcqn GLSTU 10.01 0.1 MalaccaStraits MLAC 10.34 0.6
AvistaPubII A AHPA 10.26 0.4 XPACAcqn XPAX 9.87 0.1 ATRenew RERE 2.12 -3.0 Carnival CUK 5.80 -3.1 DeutscheBank DB 7.25 1.8 FirstCmwlthFin FCF 12.76 1.2 HothTherap HOTH 0.32 -5.9
GoldenFalconA GFX 9.96 ... MarlinTechA FINM 9.97 0.1
BuildAcqnA BGSX 9.86 -0.1 Z-WorkAcqnA ZWRK 9.88 0.1 Augmedix AUGX 1.34 -3.4 CarParts.com PRTS 4.98 1.7 DigitalAlly DGLY 0.42 -2.6 FirstFoundation FFWM 17.92 1.2 Hydrofarm HYFM 1.88 1.5
GoodWorksII A GWII 10.02 ... MerchantsBncpPfdD MBINM 25.53 0.4
Canna-GlobalA CNGL 10.12 0.1 9.91 ... MidlandStBncpPfA MSBIP 26.62 -0.6 AuroraTechRt ATAKR 0.06 16.7 Carvana CVNA 19.30 5.7 DigitalRealtyPfJ DLRpJ 21.37 -0.1 FirstGuarantyPfdA FGBIP 23.55 -1.9 HysterYaleMatls HY 21.27 4.7
GroupNineA GNAC
CapricorTherap CAPR 6.22 1.7 HamiltonLaneI A HLAH 9.90 ... MoringaAcqnA MACA 9.93 ... Lows AusterlitzII Wt ASZ.WS 0.08 -20.0 CarverBancorp CARV 3.86 -2.0 DigitalBridge DBRG 12.24 4.0 Fisker FSR 7.22 3.3 HyzonMotors HYZN
BACK
1.62
0.35
0.6
5.5
CarneyTechII A CTAQ 9.97 ... HarrowHealth HROW 13.29 6.2 MyovantSciences MYOV 25.04 36.1 ABB ABB 24.27 -0.5 AuthenticEquWt AEACW 0.01 -25.0 Catalent CTLT 72.19 5.7 Disruptive I Wt DISAW 0.03 -19.9 5EAdvMatls FEAM 9.02 4.8 IMAC
CCXI 51.88 0.3 AvantiAcqnWt AVAN.WS 0.01 -32.6 Cazoo CZOO 0.41 -8.7 DolbyLab DLB 64.64 1.8 Five9 FIVN 74.06 2.2 I-Mab IMAB 3.83 -1.0
ChemoCentryx HealthAssuranceA HAAC 10.00 0.1 NaborsEnerA NETC 10.10 0.3 ACCO Brands ACCO 4.89 3.1
Avantor AVTR 19.54 3.1 CellebriteDI CLBT 3.80 1.8 Dole DOLE 7.20 4.2 Forestar FOR 11.10 0.1 INNOVATE VATE 0.69 7.5
SABESP SBS 11.36 22.4 ICF Intl ICFI 111.21 1.4 NatrlOrderAcqn NOAC 10.00 0.1 AG Mortgage MITT 3.86 -1.9
AveannaHealth AVAH 1.44 2.0 CellectarBiosci CLRB 3.33 ... Doma DOMA 0.41 3.5 ForgeGlobal FRGE 1.63 -2.9 Invesco IVZ 13.56 4.7
AGNC Invt AGNC 8.10 1.2
AytuBioPharma AYTU 0.17 2.6 Cellectis CLLS 2.15 1.3 Domino's DPZ 300.63 2.0 FortressCapWt FCAX.WS 0.07 -12.0 ITTechPkg ITP 0.70 -6.1
AMC Ent Pfd A APE 2.41 -10.0
iBio IBIO 0.15 -2.7
ADVERTISEMENT Ammo POWW 2.86 -0.3 B&G Foods BGS 15.93 -0.2 CenntroElec CENN 0.92 -6.6 DonegalGroup A DGICA 13.05 0.1 FosterLB FSTR 9.01 0.4
ICAD 1.88 -10.2
A SPAC II Wt ASCBW 0.00 -90.3 ByndCannasoft BCAN 2.66 -7.0 CharahSolutions CHRA 1.65 -6.0 DoorDash DASH 47.52 2.2 FranklinStProp FSP 2.58 ... icad
BkNovaScotia BNS 47.35 2.7 CheetahMobile CMCM 1.96 7.5 DouglasElliman DOUG 3.98 -0.7 FusionAcqnIIWt FSNB.WS 0.05 -1.1 Icosavax ICVX 2.94 -2.5

The Marketplace
ATIPhysTherapyWt ATIP.WS 0.05 3.6
BaringsBDC BBDC 8.04 0.5 CherryHillMtg CHMI 4.61 0.2 DriveShackPfdB DSpB 17.83 -0.7 GamcoGlbGoldPfB GGNpB 22.02 1.1 Ideanomics IDEX 0.25 -5.5
A2ZSmartTech AZ 1.58 -9.3
BenessereCapWt BENEW 0.13 1.0 CherryHillPfdA CHMIpA 19.00 0.2 DynexCapital DX 11.29 1.7 GMedInnovWt GMVDW 0.02 -64.3 iMediaBrands IMBI 0.55 -10.9
AVROBIO AVRO 0.63 -1.2
BerkeleyLights BLI 2.80 2.1 CHT 35.09 -0.1 EBET EBET 1.19 -0.8 GSquaredI Wt 0.05 -29.4 Immuron IMRN 1.94 -4.1
Absci ABSI 2.86 -5.1 ChunghwaTel GSQD.WS
BYND 13.84 2.5 CCV.WS 0.08 -5.4 EagleBncpMT EBMT 18.26 -1.3 G Willi-Food ImpelPharm IMPL 4.62 -2.1
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BIG 15.19 6.9 CCVI.WS 0.08 -28.5 EaglePharm EGRX 24.35 -5.5 Gannett IndependentBank INDB 74.28 1.5
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AdvMergerPtrsWt AMPI.WS 0.04 -35.8 Biolase BIOL 2.37 2.9 CipherMining CIFR 1.13 -7.1 eBay EBAY 36.18 1.1 GigaCloudTech GCT 8.05 -18.5
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Alpine4 ALPP 0.51 -0.1 BlendLabs BLND 2.10 2.7 Codexis CDXS 5.73 0.2 EllingtonFinlPfdB EFCpB 16.34 -2.2 GreatAjax AJX 7.33 2.0
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© 2022 Dow Jones & Company, Inc. AnnalyCap NLY 16.52 1.3 BoxedWt BOXD.WS 0.08 5.6 ComputeHlthWt CPUH.WS 0.03 -12.2 EnstarGroup ESGR 169.04 0.3 GreenTree GHG 3.06 -9.7
Willem.biologicaquaresearch@gmail.com All Rights Reserved. ApolloComRlEst ARI 7.91 2.4 BraemarHtlsPfd BHRpB 14.70 -0.5 Conduent CNDT 3.31 2.4 EnteraBio ENTX 0.98 -2.9 Groupon GRPN 7.82 1.4 Continued on Page B10

I AM A VETERAN.

MY VICTORY
IS HEALING
THE HURT TO
HELP OTHER
VETERANS.
In Iraq, Latoya Lucas’s vehicle was hit by a rocket-propelled
grenade. While severely injured, her resilience and perseverance
pulled her through. Today, she speaks to veterans, using her
story to touch hearts and change lives. Each year, DAV helps
more than a million veterans like Latoya in life-changing ways
— helping them get the benefits they’ve earned.
Support more Victories for Veterans®. GO TO DAV.ORG.
 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, October 4, 2022 | B7

BIGGEST 1,000 STOCKS

Continued From Page B6 Net Net Net Net Net Net Net Net
Net Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg
Stock Sym Close Chg MolsonCoorsA TAP.A 63.07 1.67 Orange ORAN 9.22 0.23 Shell SHEL 52.33 2.57 TeledyneTech TDY 347.60 10.13 VeriskAnalytics VRSK 174.36 3.83
Graco GGG 61.33 1.38 KeysightTechs KEYS 162.42 5.06
Grainger GWW 506.82 17.63 KilroyRealty KRC 43.37 1.26
Mondelez MDLZ 56.35 1.52 Organon OGN 24.07 0.67 R S SherwinWilliams SHW 214.38 9.63 Teleflex TFX 208.50 7.04 Verizon VZ 39.16 1.19
Elastic ESTC 72.06 0.32 t MongoDB MDB 194.07 -4.49 Orix IX 72.60 1.93 ShinhanFin SHG 23.59 0.59 Ericsson ERIC 6.00 0.26 VertexPharm VRTX 297.43 7.89
GraphicPkg GPK 20.05 0.31 t KimberlyClark KMB 114.08 1.54 RBC Bearings RBC 214.00 6.19
ElbitSystems ESLT 193.15 2.98 MonolithicPower MPWR 377.00 13.60 OtisWorldwide OTIS 65.44 1.64 ShockwaveMed SWAV 278.96 0.89 TelefonicaBras VIV 8.13 0.61 Viatris VTRS 8.72 0.20
GpoAeroportuar PAC 134.49 7.71 KimcoRealty KIM 18.74 0.33 RELX RELX 24.81 0.50
ElectronicArts EA 119.86 4.15 MonsterBev MNST 89.07 2.11 Ovintiv OVV 50.24 4.24 R1 RCM Shopify SHOP 27.76 0.82 Telefonica TEF 3.37 0.13 Visa V 181.65 4.00
GpoAeroportSur ASR 203.90 7.73 KinderMorgan KMI 17.10 0.46 RCM 18.85 0.32
ElevanceHealth ELV 470.06 15.82 t Moody's MCO 250.87 7.76 OwensCorning OC 81.84 3.23 RPM Sibanye-Stillwater SBSW 9.67 0.35 TelekmIndonesia TLK 29.20 0.35 Vistra VST 21.47 0.47
EmersonElec EMR 75.54 2.32 HCA Healthcare HCA 193.26 9.47 KinsaleCapital KNSL 261.10 5.68 RPM 86.65 3.34
MorganStanley MS 80.38 1.37 PG&E PCG 13.11 0.61 SignatureBank SBNY 156.98 5.98 Tenaris TS 27.87 2.03 VMware VMW 108.56 2.10
-0.09 Knight-Swift KNX 49.90 0.97 RangeResources RRC 26.34 1.08
Enbridge ENB 38.45 1.35 HDFC Bank HDB 58.33 Morningstar MORN 213.94 1.62 PNC Fin PNC 153.80 4.38 RaymondJames RJF 101.42 2.60 SignifyHealth SGFY 29.30 0.15 TencentMusic TME 4.16 0.10 Vodafone VOD 11.86 0.53
EDR 20.23 -0.03 HF Sinclair DINO 55.65 1.81 KoninklijkePhil PHG 15.51 0.12
Endeavor Mosaic MOS 49.44 1.11 POSCO PKX 38.27 1.66 RaytheonTech RTX 83.11 1.25 SimonProperty SPG 90.98 1.23 Teradyne TER 78.69 3.54 VoyaFinancial VOYA 62.61 2.11
HPQ 25.89 0.97 KoreaElcPwr KEP 6.93 0.13
EnergyTransfer ET 11.34 0.31 HP MotorolaSol MSI 228.97 5.00 PPG Ind PPG 114.19 3.50 SiriusXM SIRI 5.86 0.15 Tesla TSLA 242.40 -22.85 VulcanMatls VMC 160.40 2.69
HSBC HSBC 26.29 0.22 KraftHeinz KHC 33.96 0.61 RealtyIncome O 59.22 1.02
EnphaseEnergy ENPH 286.61 9.14 MurphyUSA MUSA 283.34 8.43 PPL PPL 26.06 0.71 RegalRexnord RRX 144.41 4.05 Skyworks SWKS 87.88 2.61 TetraTech TTEK 128.32 -0.21
HTHT 35.82 2.28 Kroger KR 43.75 ... W X Y Z
Entegris ENTG 86.50 3.48 H World NICE NICE 192.60 4.36 PTC PTC 107.48 2.88 RegencyCtrs REG 54.30 0.45 SmithAO AOS 50.63 2.05 TevaPharm TEVA 8.23 0.16
Haleon HLN 6.14 0.05 LKQ LKQ 48.62 1.47
Entergy ETR 103.96 3.33 NIO NIO 15.49 -0.28 Paccar PCAR 86.48 2.79 Smith&Nephew SNN 23.51 0.29 TexasInstruments TXN 159.84 5.06
1.76 LPL Financial LPLA 225.57 7.09 NOV RegenPharm REGN 735.13 46.26 WEC Energy WEC 92.60 3.17
EnterpriseProd EPD 24.17 0.39 Halliburton HAL 26.38 NOV 17.15 0.97 Smucker SJM 139.56 2.15 TexasPacLand TPL 1866.00 88.77
Equifax EFX 173.34 1.91 HartfordFinl HIG 63.57 1.63 L3HarrisTech LHX 217.40 9.57 NRG Energy NRG 39.34 1.07 PackagingCpAm PKG 115.00 2.71 RegionsFin RF 20.52 0.45
Snap SNAP 9.98 0.16 Textron
W.P.Carey WPC 72.00 2.20
PalantirTech PLTR 8.24 0.11 ReinsGrp RGA 129.54 3.73 TXT 60.48 2.22 WPP WPP 42.28 1.09
Equinix EQIX 578.90 10.06 t Hasbro HAS 68.98 1.56 LabCorp.ofAmerica LH 211.80 6.99 NVR NVR 4133.14146.06 PaloAltoNtwks PANW 169.69 5.90 SnapOn SNA 206.96 5.61 ThermoFisherSci TMO 522.93 15.74
HCP 31.70 -0.49 LamResearch LRCX 389.68 23.68 NXP Semi RelianceSteel RS 182.09 7.68 Wabtec WAB 84.52 3.17
Equinor EQNR 34.57 1.46 HashiCorp NXPI 151.96 4.45 ParamountB PARA 19.62 0.58 Snowflake SNOW 172.51 2.55 ThomsonReuters TRI 104.40 1.78
21.24 0.39 LamarAdv LAMR 84.09 1.60 RenaissanceRe RNR 137.21 -3.18 WalgreensBoots WBA 32.43 1.03
Equitable EQH 27.33 0.98 HealthcareRealty HR Nasdaq NDAQ 58.33 1.65 SOQUIMICH SQM 92.51 1.76 3M MMM 113.22 2.72
EquityLife ELS 63.87 1.03 HealthpeakProp PEAK 23.76 0.84 LambWeston LW 76.63 -0.75 NationalGrid NGG 52.87 1.34 ParamountA PARAA 22.29 0.75 Repligen RGEN 197.87 10.76
SolarEdgeTech SEDG 236.84 5.38 Toast
Walmart WMT 132.53 2.83
ParkerHannifin PH 252.26 9.95 RepublicSvcs RSG 139.30 3.26 TOST 16.61 -0.11 WarnerBrosA WBD 11.95 0.45
EquityResdntl EQR 68.09 0.87 Heico HEI 147.70 3.72 LasVegasSands LVS 38.60 1.08 NatlRetailProp NNN 39.83 -0.03 Sony SONY 66.16 2.11 Toro
Paychex PAYX 114.86 2.65 ResMed RMD 224.25 5.95 TTC 88.59 2.11 WarnerMusic WMG 24.14 0.93
ErieIndemnity A ERIE 229.44 7.13 Heico A HEI.A 118.17 3.55 LatticeSemi LSCC 50.97 1.76 NatWest NWG 5.15 0.16 SouthState SSB 80.07 0.95 TorontoDomBk TD
PaycomSoftware PAYC 336.64 6.65 RestaurantBrands QSR 54.11 0.93 63.37 2.04 WasteConnections WCN 138.02 2.89
EssentialUtil WTRG 43.75 2.37 HenrySchein HSIC 68.07 2.30 Lear LEA 123.13 3.44 NetApp NTAP 64.14 2.29 Southern SO 69.73 1.73 TotalEnergies TTE 49.23 2.71
HSY 224.56 4.09 LegendBiotech LEGN 40.28 -0.52 NetEase Paylocity PCTY 243.68 2.10 RexfordIndlRealty REXR 53.78 1.78 WasteMgt WM 165.09 4.88
EssexProp ESS 246.80 4.57 Hershey NTES 76.46 0.86 SoCopper SCCO 47.74 2.90 ToyotaMotor TM 135.59 5.30
0.67 Leidos LDOS 90.79 3.32 Netflix PayPal PYPL 87.18 1.11 RioTinto RIO 57.00 1.94 t Waters WAT 277.35 7.82
t EsteeLauder EL 219.09 3.19 HertzGlobal HTZ 16.95 NFLX 239.04 3.60 SouthwestAir LUV 31.22 0.38 TractorSupply TSCO 194.12 8.24
9.88 0.33 RitchieBros RBA 63.11 0.63 Watsco B WSOB 263.77 -10.81
Etsy ETSY 104.99 4.86 Hess HES 116.80 7.81 Lennar B LEN.B 62.10 2.59 Neurocrine NBIX 106.72 0.51 Pearson PSO
SouthwesternEner SWN 6.55 0.43 TradeDesk TTD 61.13 1.38 Watsco
Lennar A LEN 78.16 3.61 PembinaPipeline PBA 32.19 1.82 Rivian RIVN 31.89 -1.02 WSO 265.41 7.95
EverestRe RE 265.89 3.45 HessMidstream HESM 26.02 0.50 NewFortressEner NFE 46.52 2.81 Splunk SPLK 78.03 2.83 t Tradeweb TW 57.58 1.16
RobertHalf RHI 76.98 0.48 WebsterFin WBS 46.42 1.22
Evergy EVRG 60.78 1.38 HewlettPackard HPE 12.37 0.39 LennoxIntl LII 228.76 6.09 Newmont NEM 43.71 1.68 PenskeAuto PAG 101.31 2.88 Spotify SPOT 89.00 2.70 TraneTech TT 150.99 6.18 WellsFargo WFC 41.58 1.36
HLT 121.77 1.15 LiAuto LI 23.46 0.45 NewsCorp A NWSA 15.63 0.52 Pentair PNR 41.81 1.18 Robinhood HOOD 10.10 ...
EversourceEner ES 80.30 2.34 Hilton StanleyBlackDck SWK 79.03 3.82 TransDigm TDG 542.35 17.53 Welltower
LibertyBroadbandA LBRDA 78.74 4.14 Penumbra PEN 195.57 5.97 Roblox RBLX 36.41 0.57 WELL 65.38 1.06
Exelon EXC 38.48 1.02 Hologic HOLX 66.12 1.60 NewsCorp B NWS 15.90 0.48 Starbucks SBUX 85.62 1.36 TransUnion TRU 60.63 1.14
PEP 165.25 1.99 RocketCos. RKT 6.58 0.26 WescoIntl WCC 122.90 3.52
Expedia EXPE 94.40 0.71 HomeDepot HD 283.70 7.76 LibertyBroadbandC LBRDK 77.83 4.03 NexstarMedia NXST 172.74 5.89 PepsiCo StateStreet STT 63.11 2.30 Travelers
Rockwell ROK 225.64 10.53 TRV 157.07 3.87 WestFraserTimber WFG 75.31 2.82
ExpeditorsIntl EXPD 90.91 2.60 HondaMotor HMC 22.38 0.79 LibertyGlobal C LBTYK 17.47 0.97 NextEraEnergy NEE 81.19 2.78 PerformanceFood PFGC 44.16 1.21 SteelDynamics STLD 75.39 4.44 Trimble
RogersComm B RCI 39.84 1.30 TRMB 56.22 1.95 WestPharmSvcs WST 255.93 9.85
ExtraSpaceSt EXR 173.60 0.89 Honeywell HON 173.04 6.07 LibertyGlobal A LBTYA 16.51 0.92 s NielsenHoldings NLSN 27.87 0.15 PerkinElmer PKI 124.54 4.21 Stellantis STLA 12.23 0.39 Trip.com
Roku ROKU 59.56 3.16 TCOM 27.68 0.37 WestAllianceBcp WAL 67.67 1.93
ExxonMobil XOM 91.92 4.61 HorizonTherap HZNP 64.26 2.37 LibertyFormOne A FWONA 54.76 2.24 t Nike NKE 85.40 2.28 PetroleoBrasil PBR 13.90 1.56 Steris STE 170.07 3.79 TruistFinl TFC 44.71 1.17 WesternDigital WDC 34.05 1.50
Rollins ROL 35.38 0.70
F5 FFIV 150.76 6.03 HormelFoods HRL 46.20 0.76 LibertyFormOne C FWONK 61.25 2.75 NiSource NI 26.01 0.82 PetroleoBrasilA PBR.A 12.45 1.37 STMicroelec STM 32.06 1.12 TurquoiseHill TRQ 30.24 0.67 WesternMidstrm WES 25.89 0.73
PFE 44.14 0.38 RoperTech ROP 372.24 12.60
FMC FMC 109.11 3.41 DR Horton DHI 70.74 3.39 LibertyBraves A BATRA 28.51 0.36 Nokia NOK 4.39 0.12 Pfizer Stryker SYK 209.84 7.30 Twilio TWLO 69.63 0.49 Westlake
85.03 2.02 RossStores ROST 85.96 1.69 WLK 90.31 3.43
FactSet FDS 408.12 8.01 HostHotels HST 16.37 0.49 LibertyBraves C BATRK 27.81 0.31 NomuraHoldings NMR 3.34 0.04 PhilipMorris PM t SumitomoMits SMFG 5.61 0.11 Twitter TWTR 42.54 -1.30 WestRock
92.01 1.97 WRK 31.92 1.03
FairIsaac FICO 423.91 11.90 HowmetAerospace HWM 32.09 1.16 LibertySirius B LSXMB 39.51 0.41 Nordson NDSN 218.60 6.33 Phillips66 PSX 84.58 3.86 RoyalBkCanada RY SunComms SUI 137.89 2.56 TylerTech
RoyalCaribbean RCL 37.59 -0.31 TYL 349.20 1.70 Weyerhaeuser WY 29.37 0.81
Fastenal FAST 47.39 1.35 Hubbell HUBB 227.11 4.11 LibertySirius C LSXMK 38.53 0.82 NorfolkSouthern NSC 216.80 7.15 Pinduoduo PDD 62.65 0.07 SunLifeFinancial SLF 41.21 1.45 t TysonFoods TSN 66.72 0.79
RoyalGold RGLD 96.46 2.64 WheatonPrecMet WPM 33.63 1.27
FederalRealty FRT 91.09 0.97 HubSpot HUBS 284.53 14.41 LibertySirius A LSXMA 38.82 0.75 NorthernTrust NTRS 88.22 2.66 PinnacleFinPtrs PNFP 83.53 2.43 SuncorEnergy SU 30.64 2.49 UBS Group UBS 14.79 0.28 Whirlpool
RoyaltyPharma RPRX 40.19 0.01 WHR 140.44 5.63
FedEx FDX 151.46 2.99 Humana HUM 499.52 14.33 LifeStorage LSI 110.67 -0.09 NorthropGrum NOC 485.71 15.39 PinnacleWest PNW 66.03 1.52 SunRun RUN 28.48 0.89 UDR UDR 42.16 0.45 Williams
RyanSpecialty RYAN 41.15 0.53 WMB 29.43 0.80
JBHunt JBHT 162.03 5.61 EliLilly LLY 321.55 -1.80 NortonLifeLock NLOK 20.52 0.38 Pinterest PINS 23.70 0.40 SUZ 8.73 0.48 UGI
Ferguson FERG 108.15 5.22 Ryanair RYAAY 59.53 1.11 Suzano UGI 33.47 1.14 Williams-Sonoma WSM 122.21 4.36
1.70 HuntingtonBcshs HBAN 13.47 0.29 LincolnElectric LECO 127.28 1.56 Novartis NVS 76.67 0.66 PioneerNatRscs PXD 231.44 14.91 SWCH 33.94 0.25 US Foods
Ferrari RACE 186.70 SAP SAP 83.94 2.69 Switch USFD 26.97 0.53 WillisTowers WTW 206.67 5.73
1.20 HuntingIngalls HII 227.08 5.58 LincolnNational LNC 45.72 1.81 NovoNordisk NVO 102.55 2.92 PlainsAllAmPipe PAA 10.93 0.41
FidNatlFin FNF 37.40 S&P Global SPGI 314.79 9.44 SynchronyFin SYF 29.86 1.67 Uber UBER 26.72 0.22 WillScotMobile WSC 42.06 1.73
t FidNatlInfo FIS 76.34 0.77 HyattHotels H 82.41 1.45 Linde LIN 275.82 6.23 Novocure NVCR 77.88 1.90 PlainsGP PAGP 11.37 0.46 SBA Comm SBAC 288.93 4.28 Synopsys SNPS 316.98 11.47 Ubiquiti UI 298.40 4.84 Wipro WIT 4.79 0.08
FifthThirdBncp FITB 32.83 0.87 ICICI Bank IBN 21.06 0.09 LithiaMotors LAD 220.03 5.48 NuHoldings NU 4.73 0.33 PlugPower PLUG 21.82 0.81 SEI Investments SEIC 50.42 1.37 Sysco SYY 72.09 1.38 UiPath PATH 12.75 0.14 Wolfspeed WOLF 108.08 4.72
FirstCitizBcshA FCNCA 825.44 28.01 ICL Group ICL 8.33 0.15 LiveNationEnt LYV 78.36 2.32 Nucor NUE 114.33 7.34 t PolestarAuto PSNY 5.16 0.10 SK Telecom SKM 19.51 0.25 UltaBeauty ULTA 404.75 3.56 WoodsideEnergy WDS 21.42 1.26
FirstFinBkshs FFIN 42.79 0.96 IdexxLab IDXX 336.68 10.88 LloydsBanking LYG 1.88 0.09 Nutrien NTR 84.71 1.33 Pool POOL 327.75 9.54 SS&C Tech SSNC 49.46 1.71 T U V Unilever UL 44.12 0.28 Workday WDAY 154.25 2.03
FirstHorizon FHN 23.21 0.31 ING Groep ING 8.71 0.21 LockheedMartin LMT 399.74 13.45 NVIDIA NVDA 125.12 3.73 PrincipalFin PFG 75.55 3.40 StoreCapital STOR 31.36 0.03
TC Energy TRP 42.41 2.12 UnionPacific UNP 200.26 5.44 WynnResorts WYNN 64.61 1.58
FirstIndRlty FR 46.01 1.20 t Invesco IVZ 14.35 0.65 Loews L 51.52 1.68 ProcoreTech PCOR 51.01 1.53 SVB Fin SIVB 354.89 19.11 TD Synnex 83.93 2.74 UnitedAirlines UAL 32.81 0.28 XP 20.73 1.72
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37.65 0.65 Icon ICLR 189.19 5.41 Lucid LCID 14.09 0.12 PLD 104.36 2.76 Sanofi
FirstEnergy FE ONEOK OKE 53.55 2.31 Prologis SNY 39.19 1.17 TelusIntl TIXT 26.59 0.43 UnitedRentals URI 281.61 11.49 Xylem XYL 90.20 2.84
Fiserv FISV 95.42 1.85 IDEX IEX 205.09 5.24 lululemon LULU 292.10 12.54 68.31 1.63 SareptaTherap SRPT 109.94 -0.60 TFI Intl
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FleetCorTech FLT 182.30 6.13 Illumina ILMN 187.24 -3.55 LyondellBasell LYB 78.22 2.94 PUK 20.32 0.40 Schlumberger SLB 38.30 2.40 T-MobileUS TMUS 138.90 4.73 UnitedHealth UNH 515.51 10.47 ZTO Express ZTO 24.24 0.21
OccidentalPetrol OXY 64.06 2.61 Prudential
Flex FLEX 17.27 0.61 ImperialOil IMO 46.13 2.86 Okta OKTA 57.82 0.95 PublicServiceEnt PEG 57.91 1.68 SchwabC SCHW 73.21 1.34 TPG TPG 28.49 0.65 UnitySoftware U 33.94 2.08 ZebraTech ZBRA 272.09 10.08
Floor&Decor FND 72.69 2.43 Incyte INCY 68.83 2.19 M N Olaplex OLPX 9.98 0.43 PublicStorage PSA 293.95 1.14 Sea SE 55.29 -0.76 TRowePrice TROW 108.72 3.71 UnumGroup UNM 39.50 0.70 Zendesk ZEN 76.30 0.20
FomentoEconMex FMX 64.14 1.39 Informatica INFA 20.91 0.84 M&T Bank MTB 181.02 4.70 OldDomFreight ODFL 261.87 13.10 PulteGroup PHM 39.25 1.75 Seagate STX 54.76 1.53 t TaiwanSemi TSM 69.25 0.69 VF VFC 31.28 1.37 t Zillow C Z 29.48 0.87
FordMotor F 11.47 0.27 Infosys INFY 17.05 0.08 MGM Resorts MGM 30.61 0.89 OldRepublic ORI 21.40 0.47 PureStorage PSTG 27.71 0.34 Seagen SGEN 137.70 0.87 TakeTwoSoftware TTWO 113.36 4.36 VICI Prop VICI 30.54 0.69 t Zillow A ZG 29.51 0.88
Fortinet FTNT 50.96 1.83 IngersollRand IR 45.03 1.77 MPLX MPLX 30.36 0.35 Olin OLN 45.11 2.23 Qiagen QGEN 42.01 0.73 SealedAir SEE 45.23 0.72 TakedaPharm TAK 13.05 0.08 VailResorts MTN 213.69 -1.95 ZimmerBiomet ZBH 107.32 2.77
Fortis FTS 38.90 0.91 Insulet PODD 232.97 3.57 MSCI MSCI 431.58 9.79 OmegaHealthcare OHI 29.61 0.12 Qorvo QRVO 82.32 2.91 Sempra SRE 155.12 5.18 Tapestry TPR 29.67 1.24 Vale VALE 14.25 0.93 ZionsBancorp ZION 52.21 1.35
Fortive FTV 60.63 2.33 Intel INTC 26.97 1.20 MagellanMid MMP 47.70 0.19 Omnicom OMC 63.57 0.48 Qualcomm QCOM 117.22 4.24 SentinelOne S 26.03 0.47 TargaResources TRGP 62.98 2.64 ValeroEnergy VLO 112.31 5.46 Zoetis ZTS 151.35 3.06
FortBrandsHome FBHS 55.81 2.12 InteractiveBrkrs IBKR 63.70 -0.21 MagnaIntl MGA 49.38 1.96 ON Semi ON 64.79 2.46 QualtricsIntl XM 10.72 0.54 ServiceCorp SCI 59.35 1.61 Target TGT 151.79 3.40 VeevaSystems VEEV 166.71 1.83 t ZoomVideo ZM 73.94 0.35
FoxA FOXA 31.26 0.58 ICE ICE 92.82 2.47 ManhattanAssoc MANH 135.59 2.56 OpenText OTEX 27.12 0.68 QuantaServices PWR 131.35 3.96 ServiceNow NOW 391.71 14.10 TataMotors TTM 24.36 0.10 Ventas VTR 40.61 0.44 ZoomInfoTech ZI 43.81 2.15
FoxB FOX 29.04 0.54 InterContinentl IHG 49.53 0.92 ManulifeFin MFC 16.13 0.46 Oracle ORCL 63.08 2.01 QuestDiag DGX 125.44 3.41 ShawComm B SJR 24.85 0.53 TeckRscsB TECK 31.69 1.28 VeriSign VRSN 179.30 5.60 Zscaler ZS 170.51 6.14
Franco-Nevada FNV 122.28 2.80 IBM IBM 121.51 2.70
MarathonOil MRO 24.97 2.39
FranklinRscs BEN 22.44 0.92 IntlFlavors IFF 92.81 1.98
MarathonPetrol MPC 102.79 3.46
FreeportMcM FCX 29.34 2.01 IntlPaper IP 32.54 0.84
Exchange-Traded Portfolios | WSJ.com/ETFresearch
MaravaiLifeSci MRVI 24.78 -0.75
FreseniusMed FMS 14.22 0.18 Interpublic IPG 26.10 0.50 Markel MKL 1129.18 44.96
FullTruck YMM 6.28 -0.27 Intuit INTU 396.80 9.48 MarketAxess MKTX 231.59 9.10
IntuitiveSurgical ISRG 193.36 5.92 Marriott MAR 140.80 0.66
G H I Closing Chg YTD Closing Chg YTD
InvitatHomes INVH 34.93 1.16 Marsh&McLen MMC 154.88 5.59 Largest 100 exchange-traded funds, latest session ETF Symbol Price (%) (%) ETF Symbol Price (%) (%)
IonisPharma IONS 44.99 0.76 MartinMarietta MLM 326.59 4.50
GFLEnvironmental GFL 25.84 0.55
IronMountain IRM 45.64 1.67 MarvellTech MRVL 44.50 1.59 Closing Chg YTD iSh20+YTreasuryBd TLT 103.83 1.59 –29.9 VangdFTSEDevMk VEA 37.17 2.23 –27.2
GSK GSK 30.25 0.82 Monday, October 3, 2022
ItauUnibanco ITUB 5.73 0.56 Masco MAS 48.53 1.84 ETF Symbol Price (%) (%) iShUSTreasuryBd GOVT 22.89 0.74 –14.2 VangdFTSE EM VWO 37.05 1.53 –25.1
Gallagher AJG 176.58 5.36 Closing Chg YTD
Masimo MASI 144.54 3.38 ETF JPM UltShtIncm JPST 50.05 –0.03 –0.9 VangdFTSE Europe VGK 47.20 2.28 –30.8
GameStop GME 25.38 0.25
J K L Symbol Price (%) (%) iShEdgeMSCIUSAQual QUAL 106.83 2.78 –26.6
Mastercard MA 290.48 6.14 SPDRBlm1-3MTB BIL 91.42 –0.03 –0.01 VangdFTSEAWxUS VEU 45.25 2.01 –26.2
Gaming&Leisure GLPI 45.48 1.24 iShGoldTr IAU 32.28 2.38 –7.3
CnsmrDiscSelSector XLY 142.59 0.10 –30.3 SPDR Gold GLD 158.43 2.43 –7.3 VangdGrowth VUG 218.94 2.33 –31.8
Garmin GRMN 82.37 2.06 JD.com JD 49.52 -0.78 MatchGroup MTCH 50.28 2.53 iShiBoxx$InvGrCpBd LQD 104.00 1.85 –21.5
MAT 19.08 0.14 CnsStapleSelSector XLP 67.88 1.72 –12.0 SPDRS&P500Value SPYV 35.42 2.70 –15.7 VangdHlthCr VHT 227.88 1.87 –14.5
Gartner IT 284.36 7.67 JPMorganChase JPM 107.73 3.23 Mattel iShJPMUSDEmgBd EMB 80.23 1.52 –26.4
DimenUSCoreEq2 DFAC 22.88 2.88 –21.0 SPDRPtfS&P500 SPLG 43.08 2.60 –22.8 VangdHiDiv VYM 97.48 2.74 –13.0
Generac GNRC 177.38 -0.76 Jabil JBL 58.78 1.07 McCormickVtg MKC.V 72.66 -0.52 iShMBSETF MBB 92.22 0.92 –14.2
72.41 1.14 EnSelSectorSPDR XLE 76.09 5.65 37.1 SPDRS&P500Growth SPYG 51.29 2.38 –29.2 VangdIntermBd BIV 74.14 1.10 –15.4
GeneralDynamics GD 220.53 8.36 JackHenry JKHY 186.75 4.48 McCormick MKC
FinSelSectorSPDR XLF 31.18 2.70 –20.2 iShMSCI ACWI ACWI 79.68 2.38 –24.7 VangdIntrCorpBd VCIT 76.48 1.34 –17.6
GeneralElec GE 63.60 1.69 JacobsSolns J 112.17 3.68 McDonald's MCD 235.34 4.60 SchwabIntEquity SCHF 28.71 2.06 –26.1
HealthCareSelSect XLV 123.60 2.06 –12.3 iShMSCI EAFE EFA 57.12 1.98 –27.4 VangdLC VV 167.75 2.56 –24.1
GeneralMills GIS 78.48 1.87 JamesHardie JHX 20.45 0.67 McKesson MCK 346.74 6.87 SchwabUS BrdMkt SCHB 43.09 2.62 –23.7
IndSelSectorSPDR XLI 85.34 3.02 –19.3 iShMSCIEmgMarkets EEM 35.45 1.63 –27.4 VangdMC VO 193.58 2.98 –24.0
GeneralMotors GM 32.87 0.78 JazzPharm JAZZ 135.45 2.16 t MedicalProp MPW 11.55 -0.31 SchwabUS Div SCHD 68.21 2.68 –15.6
QQQ 273.53 2.35 –31.2 iShMSCIEAFEValue EFV 39.49 2.49 –21.6 VangdMC Val VOE 125.26 2.87 –16.7
Genmab GMAB 33.80 1.67 JefferiesFin JEF 30.68 1.18 Medtronic MDT 82.70 1.95 InvscQQQI SchwabUS LC SCHX 43.43 2.55 –23.7
InvscS&P500EW RSP 130.83 2.79 –19.6 iShNatlMuniBd MUB 102.85 0.46 –11.5 VangdMBS VMBS 45.29 0.67 –14.3
Genpact G 44.64 0.87 J&J JNJ 163.20 -0.16 MercadoLibre MELI 882.30 54.52 SchwabUS LC Grw SCHG 57.13 2.37 –30.2
STIP 96.82 0.74 –8.6 iSh1-5YIGCorpBd IGSB 49.46 0.56 –8.2 VangdRealEst VNQ 81.60 1.78 –29.7
GenuineParts GPC 152.91 3.59 JohnsonControls JCI 51.51 2.29 Merck MRK 87.55 1.43 iSh0-5YTIPSBd SchwabUS SC SCHA 38.79 2.62 –24.2
DGRO 45.58 2.50 –18.0 iShPfd&Incm PFF 31.89 1.24 –19.1 VangdS&P500ETF VOO 336.98 2.64 –22.8
Gerdau GGB 4.86 0.34 JonesLang JLL 157.96 6.89 MetaPlatforms META 138.61 2.93 iShCoreDivGrowth Schwab US TIPs SCHP 52.28 1.35 –16.9
MET 62.62 1.84 iShCoreMSCIEAFE IEFA 53.74 2.03 –28.0 iShRussell1000Gwth IWF 215.38 2.37 –29.5 VangdST Bond BSV 75.02 0.40 –7.2
GileadSciences GILD 62.32 0.63 JuniperNetworks JNPR 26.57 0.45 MetLife SPDR DJIA Tr DIA 294.79 2.61 –18.9
31.24 1.10 MettlerToledo MTD 1133.36 49.24 iShCoreMSCIEM IEMG 43.71 1.70 –27.0 iShRussell1000Val IWD 139.73 2.75 –16.8 VangdSTCpBd VCSH 74.59 0.61 –8.2
GinkgoBioworks DNA 3.14 0.02 KB Financial KB SPDR S&PMdCpTr MDY 413.27 2.89 –20.2
KBR 45.30 2.08 MicrochipTech MCHP 63.66 2.63 iShCoreMSCITotInt IXUS 51.95 2.02 –26.8 iShRussell2000 IWM 169.29 2.65 –23.9 VangdShtTmInfltn VTIP 47.53 0.69 –7.5
GitLab GTLB 51.22 ... KBR SPDR S&P 500 SPY 366.61 2.64 –22.8
GlobalPayments GPN 110.74 2.69 KE Holdings BEKE 17.12 -0.40 MicronTech MU 51.72 1.62 iShCoreS&P500 IVV 368.14 2.65 –22.8 iShRussellMid-Cap IWR 63.91 2.83 –23.0 VangdShortTrea VGSH 57.83 0.19 –4.9
IJH 225.67 2.92 –20.3 iShRussellMCValue IWS 98.75 2.81 –19.3 SPDR S&P Div SDY 114.47 2.66 –11.3 VangdSC 175.75 2.83 –22.2
GlobalFoundries GFS 49.83 1.48 t KKR KKR 43.97 0.97 Microsoft MSFT 240.74 7.84 iShCoreS&P MC VB
iShCoreS&P SC IJR 89.39 2.52 –21.9 iShRussell1000 IWB 202.29 2.51 –23.5 TechSelectSector XLK 122.46 3.10 –29.6 VangdTaxExemptBd VTEB 48.21 0.35 –12.2
Globant GLOB 190.17 3.09 KLA KLAC 316.53 13.90 MidAmApt MAA 158.59 3.52
MIDD 130.63 2.46 iShCoreS&PTotUS ITOT 81.54 2.51 –23.8 iShS&P500Growth IVW 59.21 2.35 –29.2 UtilitiesSelSector XLU 67.43 2.93 –5.8 VangdTotalBd BND 71.77 0.84 –15.3
GlobeLife GL 102.09 2.39 KT KT 12.50 0.28 Middleby
17.49 0.61 t MitsubishiUFJ MUFG 4.56 0.06 iShCoreTotalUSDBd IUSB 44.72 0.73 –15.5 iShS&P500Value IVE 132.08 2.77 –15.7 VangdInfoTech VGT 316.70 3.04 –30.9 VangdTotIntlBd BNDX 48.08 0.84 –12.8
GlobusMedical GMED 60.85 1.28 Kanzhun BZ
GoDaddy GDDY 72.31 1.43 KarunaTherap KRTX 229.60 4.67 MizuhoFin MFG 2.21 ... iShCoreUSAggBd AGG 96.91 0.81 –15.1 iShShortTreaBd SHV 109.83 0.03 –0.5 VangdSC Val VBR 147.39 2.78 –17.6 VangdTotIntlStk VXUS 46.74 2.12 –26.5
GoldFields GFI 8.37 0.28 Kellogg K 71.07 1.41 Moderna MRNA 120.99 2.74 iShSelectDividend DVY 110.19 2.77 –10.1 iShTIPSBondETF TIP 106.25 1.29 –17.8 VangdExtMkt VXF 130.34 2.54 –28.7 VangdTotalStk VTI 184.03 2.54 –23.8
GoldmanSachs GS 299.15 6.10 KeurigDrPepper KDP 36.87 1.05 MolinaHealthcare MOH 339.33 9.49 iShESGAwareUSA ESGU 81.55 2.69 –24.4 iSh1-3YTreasuryBd SHY 81.28 0.22 –5.0 VangdSC Grwth VBK 200.37 2.69 –28.9 VangdTotWrldStk VT 80.83 2.47 –24.8
Grab GRAB 2.70 0.07 KeyCorp KEY 16.47 0.45 MolsonCoorsB TAP 48.58 0.59 iShEdgeMSCIMinUSA USMV 67.73 2.47 –16.3 iSh7-10YTreaBd IEF 96.94 1.19 –15.7 VangdDivApp VIG 138.59 2.54 –19.3 VangdValue VTV 126.78 2.67 –13.8

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B8 | Tuesday, October 4, 2022 * THE WALL STREET JOURNAL.

MARKETS DIGEST
EQUITIES

Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index
Last Year ago Last Year ago Last Year ago
29490.89 s 765.38, or 2.66% Trailing P/E ratio 17.38 23.09 3678.43 s 92.81, or 2.59% Trailing P/E ratio * 17.85 30.04 10815.43 s 239.82, or 2.27% Trailing P/E ratio *† 22.94 34.15
High, low, open and close for each P/E estimate * 15.62 18.56 High, low, open and close for each P/E estimate * 16.35 21.47 High, low, open and close for each P/E estimate *† 20.82 27.75
trading day of the past three months. Dividend yield 2.41 1.87 trading day of the past three months. Dividend yield * 1.81 1.38 trading day of the past three months. Dividend yield *† 0.99 0.72
All-time high 36799.65, 01/04/22 All-time high 4796.56, 01/03/22 All-time high: 16057.44, 11/19/21

Current divisor 0.15172752595384

33900 4300 12900

65-day moving average 33000 4175 12500

32100 4050 12100

Session high 31200 3925 11700

DOWN UP
65-day moving average
t

Session open Close

30300 3800 65-day moving average 11300
Close Open
t

Session low 29400 3675 10900

Bars measure the point change from session's open

28500 3550 10500
June July Aug. Sept. June July Aug. Sept. June July Aug. Sept.
*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*1,074,901,682 13,429,140
Industrial Average 29647.79 28855.25 29490.89 765.38 2.66 36799.65 28725.51 -13.3 -18.8 4.0 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 977,984,112 11,169,674
Transportation Avg 12554.56 12125.23 12464.96 406.70 3.37 17039.38 11999.40 -12.3 -24.4 7.9 Most-active issues in late trading Decl. volume* 90,849,135 2,119,059
Utility Average 920.28 898.29 914.79 26.32 2.96 1071.75 874.63 3.3 -6.7 1.8 Volume After Hours Issues traded 3,468 300
Company Symbol (000) Last Net chg % chg High Low
Total Stock Market 37231.80 36272.52 37032.43 934.44 2.59 48929.18 36097.99 -17.0 -23.9 7.5 Advances 2,760 217
US Steel X 9,330.3 19.47 0.08 0.41 19.54 19.39
Barron's 400 870.90 836.84 866.31 29.46 3.52 1127.20 825.73 -14.2 -21.7 9.4 Declines 571 70
Finl Select Sector SPDR XLF 8,632.2 31.20 0.02 0.06 31.25 31.18
Unchanged 137 13
Nasdaq Stock Market Invesco QQQ Trust I QQQ 5,297.3 274.16 0.63 0.23 290.93 271.17 New highs 17 …
Nasdaq Composite 10875.46 10577.89 10815.43 239.82 2.27 16057.44 10575.62 -24.1 -30.9 11.2 SPDR S&P 500 SPY 5,296.9 366.91 0.30 0.08 367.24 364.11 New lows 237 24
Nasdaq-100 11296.43 10985.01 11229.73 258.51 2.36 16573.34 10971.22 -22.4 -31.2 13.7 iShares iBoxx $ HY Cp Bd HYG 4,671.7 72.08 0.11 0.15 72.08 71.95 Closing Arms† 0.59 0.74
SPDR Portf Dev World xUS SPDW 4,524.5 26.01 -0.40 -1.51 26.47 25.65 Block trades* 5,608 118
S&P
iShares Russell 2000 ETF IWM 4,132.5 169.91 0.62 0.37 170.00 169.29
500 Index 3698.35 3604.93 3678.43 92.81 2.59 4796.56 3585.62 -14.5 -22.8 8.1 Nasdaq NYSE Arca
Advanced Micro Devices AMD 3,480.5 66.26 0.15 0.23 66.39 66.03
MidCap 400 2280.66 2211.94 2267.85 64.32 2.92 2910.70 2200.75 -15.0 -20.2 6.4 Total volume*4,415,447,327 392,465,969
SmallCap 600 1099.45 1069.33 1093.07 28.12 2.64 1466.02 1064.45 -19.1 -22.0 5.9 Percentage gainers… Adv. volume*3,509,919,283 349,869,836
Adeia ADEA 101.5 7.90 0.71 9.87 8.80 7.08 Decl. volume* 841,126,372 42,552,298
Other Indexes
Rivian Automotive RIVN 799.9 33.90 2.01 6.30 37.42 31.73 Issues traded 5,045 1,749
Russell 2000 1717.29 1671.62 1708.87 44.15 2.65 2442.74 1649.84 -22.9 -23.9 4.8
Advances 3,445 1,577
NYSE Composite 13920.41 13472.18 13855.72 383.54 2.85 17353.76 13472.18 -14.5 -19.3 3.0 Rhythm Pharmaceuticals RYTM 96.1 24.89 1.18 4.98 24.89 22.79
Declines 1,278 164
Value Line 509.06 491.56 506.36 14.80 3.01 696.40 491.56 -22.1 -24.6 0.1 Editas Medicine EDIT 148.4 12.88 0.55 4.46 12.88 12.33
Unchanged 322 8
NYSE Arca Biotech 4628.58 4509.45 4603.08 93.62 2.08 5815.27 4208.43 -17.2 -16.6 3.2
PennyMac Mortgage Inv Tr PMT 72.8 12.00 0.42 3.63 12.05 11.50
New highs 56 6
NYSE Arca Pharma 752.93 741.56 750.63 9.07 1.22 887.27 734.70 1.6 -9.3 9.2 ...And losers New lows 378 98
KBW Bank 99.27 95.65 98.71 2.89 3.01 147.56 95.83 -25.9 -25.3 1.1 LiveWire Group LVWR 51.9 8.73 -0.57 -6.13 9.71 8.50 Closing Arms† 0.65 1.62
PHLX§ Gold/Silver 106.00 102.63 106.00 5.09 5.04 167.76 91.40 -11.4 -20.0 5.9 Solaris Oilfield A SOI 180.2 9.41 -0.46 -4.66 9.87 9.41 Block trades* 22,371 1,906
PHLX§ Oil Service 64.12 61.84 63.87 3.94 6.57 88.37 49.14 6.3 21.1 0.4 Take-Two Interactive TTWO 54.4 109.10 -4.26 -3.76 114.01 108.99 * Primary market NYSE, NYSE American NYSE Arca only.
PHLX§ Semiconductor 2415.64 2321.19 2393.32 86.62 3.76 4039.51 2306.70 -24.7 -39.4 15.7 Blue Apron Cl A APRN 471.2 3.05 -0.11 -3.48 3.28 3.00 †(TRIN) A comparison of the number of advancing and declining
issues with the volume of shares rising and falling. An
Cboe Volatility 33.06 29.63 30.10 -1.52 -4.81 36.45 15.01 31.1 74.8 16.3 Genworth Financial A GNW 412.5 3.61 -0.12 -3.22 3.73 3.59 Arms of less than 1 indicates buying demand; above 1

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

International Stock Indexes Percentage Gainers... Percentage Losers

Latest YTD
Region/Country Index Close Net chg % chg % chg Latest Session 52-Week Latest Session 52-Week
Company Symbol Close Net chg % chg High Low % chg Company Symbol Close Net chg % chg High Low % chg
World MSCI ACWI 563.99 10.62 1.92 –25.3 FingerMotion FNGR 6.50 3.13 92.88 9.25 0.62 41.0 Blue Apron Cl A APRN 3.16 -2.62 -45.33 12.76 2.27 -58.9
MSCI ACWI ex-USA 249.06 2.01 0.81 –27.7 Adeia ADEA 7.19 3.45 92.25 7.76 3.54 49.5 Xperi XPER 26.00 -11.03 -29.79 26.00 13.30 ...
MSCI World 2429.91 51.26 2.16 –24.8 Myovant Sciences MYOV 24.44 6.48 36.08 25.04 7.67 13.4 Clene CLNN 2.01 -0.79 -28.21 7.98 1.72 -73.3
MSCI Emerging Markets 876.15 0.36 0.04 –28.9 LiveWire Group LVWR 9.30 2.12 29.53 12.27 6.75 -4.9 Amer Virtual Cloud Techs AVCT 2.40 -0.62 -20.63 46.95 1.98 -93.9
Americas MSCI AC Americas 1403.60 36.67 2.68 –23.2 ViaSat VSAT 38.37 8.14 26.93 68.76 25.38 -32.0 ProShr Ultra MSCI Brazil BZQ 19.08 -4.70 -19.76 42.74 17.20 -45.5
Canada S&P/TSX Comp 18881.19 436.97 2.37 –11.0 Energy Vault Holdings NRGV 6.50 1.22 23.11 22.10 3.97 -34.0 Aura Biosciences AURA 14.59 -3.53 -19.48 26.16 11.98 ...
Latin Amer. MSCI EM Latin America 2206.26 151.70 7.38 3.6 MyMD Pharmaceuticals MYMD 3.20 0.59 22.61 9.95 1.88 -54.7 Pharvaris PHVS 6.19 -1.48 -19.30 27.50 5.38 -65.1
Brazil BOVESPA 116134.46 6097.67 5.54 10.8 CompanhiaSBEDP ADR SBS 11.15 2.04 22.39 11.36 5.88 61.6 GigaCloud Technology GCT 8.24 -1.87 -18.50 62.00 8.05 ...
Chile S&P IPSA 3148.02 7.71 0.25 12.2 F-star Therapeutics FSTX 6.23 1.11 21.68 7.54 2.07 -13.1 ProShrsUltraShortSilver ZSL 28.01 -6.14 -17.98 41.76 18.22 -5.1
Mexico S&P/BMV IPC 45429.75 802.95 1.80 –14.7 Direxion Brazil Bull 2X BRZU 87.26 14.68 20.23 128.88 54.41 7.4 MicSec US Big Oil 3X Inv NRGD 49.77 -10.27 -17.11 477.00 42.07 -88.5
EMEA STOXX Europe 600 390.83 2.98 0.77 –19.9 ProShs Ultra MSCI Brazil UBR 28.60 4.78 20.07 42.17 18.06 14.2 MicroOil Gas -3x Inv OILD 4.09 -0.77 -15.84 33.42 3.29 ...
Eurozone Euro STOXX 367.74 3.12 0.85 –23.2 ProShrsUltraSilver AGQ 24.67 3.91 18.83 47.05 17.56 -26.5 FaZe Holdings FAZE 8.15 -1.53 -15.81 24.69 7.88 -16.1
Belgium Bel-20 3374.94 4.73 0.14 –21.7 Century Aluminum CENX 6.27 0.98 18.66 30.36 5.27 -55.3 SHF Holdings SHFS 5.90 -1.09 -15.59 30.47 5.50 -41.5
Denmark OMX Copenhagen 20 1551.33 24.72 1.62 –16.8 Aditxt ADTX 4.02 0.63 18.58 136.00 2.58 -94.9 Simplify Tail Risk Strat CYA 19.53 -3.47 -15.09 26.57 15.89 -20.8
0.55 –19.0 Ashford AINC 15.98 2.50 18.55 25.99 11.40 1.7 Shuttle Pharma SHPH 3.91 -0.68 -14.81 126.26 3.85 ...
France CAC 40 5794.15 31.81
Germany DAX 12209.48 95.12 0.79 –23.1
Israel Tel Aviv 1837.92 39.57 2.20 –7.1
Most Active Stocks Volume Movers Ranked by change from 65-day average*
Italy FTSE MIB 20972.57 323.72 1.57 –23.3 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 645.80 5.18 0.81 –19.1
3.42 –31.6 ProShares UltraPro QQQ TQQQ 220,911 32.1 20.66 6.94 91.68 19.28 RiverFront Dyn Core Incm RFCI 1,007 9530 21.97 0.88 25.57 21.66
Russia RTS Index 1091.87 36.15
0.79 FedNat Holding FNHC 147,154 55430.1 0.47 308.70 2.89 0.10 Xperi XPER 1,140 7323 26.00 -29.79 26.00 13.30
South Africa FTSE/JSE All-Share 64227.23 500.86 –12.9
Spain IBEX 35 7462.00 95.19 1.29 –14.4 Direxion Dly SCOND 3 BL SOXL 125,795 65.9 9.70 9.48 74.21 8.74 KFA LC Quality Div Index KLCD 463 6801 29.27 2.56 35.90 28.49
0.63 ProSh UltraPro Shrt QQQ SQQQ 125,064 -0.8 56.97 -7.09 67.69 28.15 NightDragon Acqn Cl A NDAC 2,524 5110 9.95 1.32 9.95 9.56
Sweden OMX Stockholm 710.63 4.43 –31.5
Apple AAPL 114,010 44.1 142.45 3.08 182.94 129.04 BCLS Acquisition Cl A BLSA 819 4894 10.02 0.00 10.40 9.73
Switzerland Swiss Market 10290.71 23.16 0.23 –20.1
Turkey BIST 100 3392.13 212.14 6.67 82.6 Carnival CCL 103,615 85.5 6.85 -2.56 26.42 6.58 Avista Public II Cl A AHPA 1,560 4395 10.25 0.44 10.26 9.85
U.K. FTSE 100 6908.76 14.95 0.22 –6.4 Tesla TSLA 97,788 31.5 242.40 -8.61 414.50 206.86 Invsc BS 2031 Cp Bd BSCV 669 3921 15.62 1.79 21.26 15.16
U.K. FTSE 250 17284.88 116.54 0.68 –26.4 SPDR S&P 500 SPY 89,103 16.0 366.61 2.64 479.98 357.04 iSh iBds Dec 2031 Corp IBDW 1,478 3718 19.73 1.46 25.20 19.27
Advanced Micro Devices AMD 81,426 1.4 66.11 4.34 164.46 62.83 Northern Star Inv II A NSTB 2,910 2992 9.87 0.00 9.97 9.67
Asia-Pacific MSCI AC Asia Pacific 138.79 –0.13 –0.09 –28.1
Direxion S&P Biotech Bl LABU 72,390 52.5 7.17 2.28 66.75 4.06 RiverFront Dyn US Div Adv RFDA 346 2619 39.94 2.57 48.79 38.93
Australia S&P/ASX 200 6456.90 –17.30 –0.27 –13.3
* Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least
China Shanghai Composite 3024.39 … Closed –16.9 5,000 shares =Has traded fewer than 65 days
Hong Kong Hang Seng 17079.51 –143.32 –0.83 –27.0
–2.5
Scan this code
India S&P BSE Sensex 56788.81 –638.12 –1.11
Japan NIKKEI 225 26215.79 278.58 1.07 –8.9 Get real-time U.S. stock quotes CURRENCIES & COMMODITIES
Singapore Straits Times 3107.09 –23.15 –0.74 –0.5 and track most-active stocks,
South Korea KOSPI 2155.49 … Closed –27.6 new highs/lows, mutual funds Currencies
Taiwan TAIEX 13300.48 –124.10 –0.92 –27.0 and ETFs. U.S.-dollar foreign-exchange rates in late New York trading
Thailand SET 1558.05 –31.46 –1.98 –6.0
All are available free at WSJMarkets.com US$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 .00004186 23890 4.5
CREDIT MARKETS Argentina peso .0067148.2350 44.4 Europe
Brazil real .1934 5.1717 –7.2 Czech Rep. koruna .04002 24.984 14.2
Canada dollar .7341 1.3622 7.8 Denmark krone .1321 7.5699 15.7
Consumer Rates and Returns to Investor Benchmark
Treasury yield Yields
curve Forex Race Chile peso .001063 940.46 10.4 Euro area euro 0.9825 1.0179 15.8
U.S. consumer rates Selected rates andtoRates
Yield maturity of current bills, Yen, euro vs. dollar; dollar vs. Colombiapeso .000221 4530.02 11.4 Hungary forint .002348 425.97 31.2
notes and bonds major U.S. trading partners Ecuador US dollar 1 1 unch Iceland krona .006924 144.42 11.3
A consumer rate against its 30-year mortgage, Rate Mexico peso .0499 20.0295 –2.3 Norway krone .0939 10.6509 20.9
benchmark over the past year t 3.75% Uruguay peso .02398 41.6950 –6.8 Poland zloty .2035 4.9143 22.0
Bankrate.com avg†: 7.10% 28% Asia-Pacific Russia ruble .01723 58.025 –22.4
30-year fixed-rate Raymond James Bank, NA 4.50% Tradeweb ICE 3.00 Sweden krona .0908 11.0150 21.7
Monday Close WSJ Dollar Index Australian dollar .6514 1.5352 11.5
mortgage t 6.00% St. Petersburg, FL 800-718-2265 14 Switzerland franc 1.0076 .9925 8.8
s China yuan .1405 7.1160 12.0
2.25 Turkey lira .0539 18.5448 39.2
First Shore Fed. Savings & Loan Assn. 4.75% Hong Kong dollar .1274 7.8501 0.7
4.50 0 Ukraine hryvnia .0272 36.7500 34.4
1.50 India rupee .01227 81.500 9.4
Salisbury, MD 800-634-6309 Euro UK pound 1.1322 .8832 19.5
One year ago Indonesia rupiah .0000653 15303 7.4
t

s
s
3.00 County Bank 5.00% 0.75 –14 Yen Japan yen .006918 144.56 25.6 Middle East/Africa
t
Rehoboth Beach, DE 302-226-9800 Kazakhstan tenge .002102 475.65 9.3 Bahrain dinar 2.6508 .3773 0.1
10-year Treasury 1.50 0.00 Macau pataca .1236 8.0910 0.7 Egypt pound .0510 19.6173 24.9
note yield Savings Bank of Danbury 5.25% –28
Malaysia ringgit .2157 4.6370 11.3 Israel shekel .2821 3.5450 14.0
Danbury, CT 844-723-2265 1 3 6 1 2 3 5 7 10 20 30 2021 2022
0.00 New Zealand dollar .5723 1.7473 19.5 Kuwait dinar 3.2292 .3097 2.3
Home National Bank of Thorntown 5.38% month(s) years
ON D J FMAM J J A S O Pakistan rupee .00438 228.100 29.5 Oman sul rial 2.5970 .3851 0.02
Thorntown, IN 765-436-2222 maturity Philippines peso .0170 58.940 15.6 Qatar rial .2746 3.641 –0.03
2021 2022
Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Singapore dollar .6986 1.4315 6.1 Saudi Arabia riyal .2660 3.7593 0.1
Yield/Rate (%) 52-Week Range (%) 3-yr chg South Korea won .0006975 1433.75 20.6 South Africa rand .0560 17.8416 11.9
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts)
Corporate Borrowing Rates and Yields Sri Lanka rupee .0027779 359.99 77.4
Close Net Chg % Chg YTD%Chg
Federal-funds rate target 3.00-3.25 3.00-3.25 0.00 l 3.25 1.25 Taiwan dollar .03145 31.799 14.7
Yield (%) 52-Week Total Return (%) Thailand baht .02646 37.800 13.8 WSJ Dollar Index 103.31 –0.640–0.615 15.36
Prime rate* 6.25 6.25 3.25 l 6.25 1.25 Bond total return index Close Last Week ago High Low 52-wk 3-yr
Libor, 3-month 3.75 3.64 0.12 l 3.75 1.71 Sources: Tullett Prebon, Dow Jones Market Data
U.S. Treasury, Bloomberg 2088.300 4.010 4.210 4.270 0.990 –12.560 –3.174
Money market, annual yield 0.20 0.17 0.07 l 0.20 -0.58
Five-year CD, annual yield 1.98 1.92 0.41 l 1.98 0.42 U.S. Treasury Long, Bloomberg 3224.320 3.900 3.940 4.090 1.720 –26.048 –8.534 Commodities
30-year mortgage, fixed† 7.10 6.71 3.09 l 7.10 3.22 Aggregate, Bloomberg 1927.930 4.660 4.830 4.860 1.540 –14.122 –3.194 Monday 52-Week YTD
Pricing trends on someClose
raw materials, or commodities
Net chg % Chg High Low % Chg % chg
15-year mortgage, fixed† 6.20 5.92 2.42 l 6.20 2.84 Fixed-Rate MBS, Bloomberg 1908.330 4.830 5.030 5.030 1.800 –13.437 –3.486
Jumbo mortgages, $647,200-plus† 7.13 6.74 3.09 l 7.13 2.83 DJ Commodity 1021.17 16.99 1.69 1264.48 893.10 9.31 7.92
High Yield 100, ICE BofA 2998.761 8.600 8.581 8.681 3.593 –13.093 –0.912 Refinitiv/CC CRB Index 272.82 4.53 1.69 329.59 218.39 17.05 17.41
Five-year adj mortgage (ARM)† 5.24 5.02 2.82 l 5.24 0.87
Muni Master, ICE BofA 537.247 3.745 3.705 3.787 0.895 –10.222 –1.622 Crude oil, $ per barrel 83.63 4.14 5.21 123.70 65.57 7.74 11.20
New-car loan, 48-month 5.67 5.16 3.41 l 5.67 1.04
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 718.757 8.565 8.417 8.674 4.744 –21.707 –5.973 Natural gas, $/MMBtu 6.470 -0.296 -4.37 9.680 3.561 12.21 73.46
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. 1692.90 30.50 1.83 2040.10 1623.30 -4.15 -7.37
 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, October 4, 2022 | B9

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 Platinum (NYM)-50 troy oz.; $ per troy oz. Dec 2.3170 2.4129 2.3072 2.3932 .1143 53,252 Treasury Bonds (CBT)-$100,000; pts 32nds of 100%
Oct 895.00 915.20 890.00 911.30 41.30 440 Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. Dec 126-050 129-100 126-030 128-100 1-29.0 1,205,097
Contract Open Jan'23 856.80 903.80 856.10 900.10 41.00 56,096 Nov 6.800 6.829 6.305 6.470 –.296 159,153 March'23 126-130 129-010 126-020 128-000 1-25.0 62
Open High hi lo Low Settle Chg interest Silver (CMX)-5,000 troy oz.; $ per troy oz. Dec 7.111 7.111 6.626 6.803 –.262 66,508 Treasury Notes (CBT)-$100,000; pts 32nds of 100%
Oct 20.170 20.705 20.170 20.519 1.559 261 Jan'23 7.230 7.235 6.813 6.989 –.258 92,053 Dec 111-265 113-275 111-255 113-065 1-04.5 3,834,352
Copper-High (CMX)-25,000 lbs.; $ per lb. Dec 18.995 20.780 18.980 20.589 1.550 111,483 March 5.998 6.005 5.736 5.945 –.083 72,440 March'23 112-130 114-015 112-065 113-155 1-03.5 327
Oct 3.4000 3.4600 3.3940 3.4580 0.0160 2,160 4.857 4.892 4.761 4.840 –.047 76,555 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100%
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. April
Dec 3.3965 3.4240 3.3520 3.4100 –0.0025 111,450 May 4.757 4.784 4.663 4.735 –.049 82,388 Dec 107-082 108-202 107-080 108-057 21.5 3,973,107
Nov 81.02 84.56 80.87 83.63 4.14 234,210
Gold (CMX)-100 troy oz.; $ per troy oz. Dec 80.29 83.61 80.19 82.70 3.98 238,515 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100%
Oct 1667.20 1700.00 1661.90 1692.90 30.50 1,441 Jan'23 79.45 82.31 78.61 81.38 3.63 94,577 Agriculture Futures Dec 102-178 103-015 102-177 102-288 6.6 1,954,155
Nov 1667.90 1704.00 s 1664.40 1697.20 30.00 2,138 Feb 78.37 80.89 77.84 79.96 3.33 81,957 March'23 103-053 103-053 103-047 103-037 6.6 16
Dec 1670.50 1710.40 1666.50 1702.00 30.00 379,397 June 74.51 76.57 73.00 75.67 2.67 114,469 Corn (CBT)-5,000 bu.; cents per bu. 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg.
Feb'23 1682.40 1722.80 1679.50 1714.90 30.00 33,216 Dec 70.67 72.68 70.08 72.01 2.35 149,238 Dec 680.00 687.50 672.50 680.75 3.25 691,225 Oct 96.9175 96.9200 96.9150 96.9175 .0025 408,719
April 1696.60 1735.90 1693.20 1728.00 29.80 7,386 NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. March'23 686.00 694.00 679.50 687.50 3.50 257,373 Nov 96.2900 96.3100 96.2800 96.2850 –.0100 350,961
June 1709.70 1749.00 1706.40 1741.10 29.60 5,320 Nov 3.2650 3.3795 3.2649 3.3691 .1475 84,437 Oats (CBT)-5,000 bu.; cents per bu. 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100%
Palladium (NYM) - 50 troy oz.; $ per troy oz. Dec 3.1728 3.2626 3.1569 3.2515 .1245 47,137 Dec 388.00 401.75 387.75 400.50 10.50 3,258 Dec 91-300 92-240 91-190 92-050 1-09.0 14,097
Oct 2223.20 50.00 1 Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. March'23 402.75 404.25 399.25 404.50 10.75 525 Three-Month SOFR (CME)-$1,000,000; 100 - daily avg.
Dec 2185.00 2264.50 2167.50 2232.20 50.00 6,207 Nov 2.3887 2.5255 2.3887 2.5129 .1431 96,301 Soybeans (CBT)-5,000 bu.; cents per bu. Sept 96.5925 96.6100 96.5825 96.5900 –.0075 622,310
Nov 1364.00 1376.50 1361.25 1374.00 9.25 295,089 March'23 95.5150 95.6900 95.5150 95.6200 .0400 1,061,233
Jan'23 1373.75 1386.50 1372.25 1384.00 8.50 144,446 Eurodollar (CME)-$1,000,000; pts of 100%
Soybean Meal (CBT)-100 tons; $ per ton. Oct 95.9925 96.0650 95.9925 96.0175 .0075 145,457
Bonds | wsj.com/market-data/bonds/benchmarks Oct
Dec
403.20
403.00
406.50
406.80
401.60
399.30
405.60
405.30
2.40 1,345
2.30 182,248
Dec 95.2750 95.3600 95.2700 95.3050 –.0050 1,566,909
March'23 95.2300 95.3950 95.2250 95.3200 .0250 992,711
Soybean Oil (CBT)-60,000 lbs.; cents per lb. Dec 95.4450 95.7100 95.4400 95.6200 .1100 925,780
Tracking Bond Benchmarks Oct
Dec
65.50
61.39
66.93
63.57
65.50
61.39
66.88
63.34
1.53 980
1.78 152,829 Currency Futures
Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week Rough Rice (CBT)-2,000 cwt.; $ per cwt.
Japanese Yen (CME)-¥12,500,000; $ per 100¥
highs and lows for different types of bonds Nov 17.16 17.25 16.92 16.94 –.24 7,408
Oct .6916 .6946 .6894 .6917 … 1,836
Jan'23 17.46 17.48 17.26 17.27 –.22 1,063
Total Total Dec .6968 .6994 .6938 .6965 .0001 238,016
Wheat (CBT)-5,000 bu.; cents per bu.
return YTD total Yield (%) return YTD total Yield (%) Dec 930.00 938.75 908.50 912.00 –9.50 147,085
Canadian Dollar (CME)-CAD 100,000; $ per CAD
close return (%) Index Latest Low High close return (%) Index Latest Low High Oct .7263 .7342 .7233 .7335 .0096 180
March'23 940.00 948.50 920.00 925.00 –7.00 58,096
Dec .7235 .7344 .7232 .7336 .0097 135,779
Broad Market Bloomberg Fixed Income Indices Mortgage-Backed Bloomberg Fixed Income Indices Wheat (KC)-5,000 bu.; cents per bu.
Dec 997.00 1009.75 981.25 988.75 –2.75 83,617
British Pound (CME)-£62,500; $ per £
1908.33 -13.0 Mortgage-Backed 4.830 1.800 5.030 Oct 1.1149 1.1337 1.1091 1.1313 .0137 583
1927.93 -13.9 U.S. Aggregate 4.660 1.540 4.860 March'23 992.25 1002.50 976.25 985.50 .25 35,397
Dec 1.1192 1.1347 1.1093 1.1323 .0142 261,743
Cattle-Feeder (CME)-50,000 lbs.; cents per lb.
U.S. Corporate Indexes Bloomberg Fixed Income Indices 1878.92 -11.9 Ginnie Mae (GNMA) 4.880 1.830 5.110 Oct 174.525 176.550 174.425 175.525 1.350 6,060
Swiss Franc (CME)-CHF 125,000; $ per CHF
Dec 1.0205 1.0246 1.0126 1.0147 –.0067 41,750
Nov 174.525 177.100 174.525 176.050 1.425 20,733
2798.09 -17.8 U.S. Corporate 5.540 2.110 5.770 1121.60 -13.1 Fannie mae (FNMA) 4.820 1.790 5.020 March'23 1.0280 1.0336 1.0229 1.0239 –.0068 382
Cattle-Live (CME)-40,000 lbs.; cents per lb.
Australian Dollar (CME)-AUD 100,000; $ per AUD
2727.40 -11.1 Intermediate 5.420 1.470 5.660 1719.53 -13.5 Freddie Mac (FHLMC) 4.800 1.790 5.000 Oct 143.750 144.900 143.725 144.325 1.050 27,158
Oct .6449 .6523 .6406 .6518 .0109 395
Dec 147.475 148.700 147.475 148.025 .975 115,508
-10.8 Dec .6411 .6531 .6408 .6525 .0110 142,792
3668.32 -28.0 Long term 5.760 2.940 5.960 537.25 Muni Master 3.745 0.895 3.787 Hogs-Lean (CME)-40,000 lbs.; cents per lb.
Oct 88.725 90.325 88.525 88.775 –.450 19,140
Mexican Peso (CME)-MXN 500,000; $ per MXN
545.23 -18.5 Double-A-rated 4.790 1.840 5.040 382.22 -10.1 7-12 year 3.593 0.918 3.641 Dec 75.750 78.325 75.750 77.725 1.500 92,189
Oct .04983 .00026 35
Dec .04899 .04942 .04898 .04926 .00025 181,535
423.96 -13.8 12-22 year 4.228 1.180 4.271 Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft.
735.10 -18.2 Triple-B-rated 5.860 2.320 6.090 Nov 437.70 442.30 421.30 426.00 3.50 2,267
Euro (CME)-€125,000; $ per €
Oct .9804 .9854 .9763 .9826 .0009 5,904
High Yield Bonds ICE BofA 394.55 -18.8 22-plus year 4.830 1.673 4.878 Jan'23 450.00 455.00 437.00 439.20 –5.70 511
Dec .9847 .9899 .9807 .9871 .0010 623,926
Milk (CME)-200,000 lbs., cents per lb.
448.26 -14.1 High Yield Constrained 9.474 4.086 9.590 Global Government J.P. Morgan† Sept 19.84 –.01 4,306
Nov 20.55 21.38 20.51 21.38 .75 5,300
Index Futures
417.53 -17.1 Triple-C-rated 16.605 7.257 16.697 527.88 -12.0 Global Government 2.860 0.840 3.080
Cocoa (ICE-US)-10 metric tons; $ per ton. Mini DJ Industrial Average (CBT)-$5 x index
764.40 -8.9 Canada 3.250 1.430 3.500 Dec 2,358 2,377 2,321 2,337 –17 141,235 Dec 28767 29702 t 28635 29538 737 68,913
2998.76 -13.7 High Yield 100 8.600 3.593 8.681
March'23 2,348 2,363 2,313 2,328 –12 77,182 March'23 29046 29868 t 28832 29719 737 343
388.22 -15.6 Global High Yield Constrained 9.783 4.412 9.866 345.44 -14.9 EMU§ 2.692 0.271 2.973 Coffee (ICE-US)-37,500 lbs.; cents per lb. Mini S&P 500 (CME)-$50 x index
Dec 220.80 222.65 214.75 215.75 –5.80 87,532 Dec 3593.25 3711.75 t 3571.75 3690.25 88.75 2,249,286
295.38 -15.4 Europe High Yield Constrained 8.273 2.609 8.288 645.58 -15.1 France 2.470 0.150 2.730 March'23 212.00 213.50 206.50 207.35 –5.20 48,286 March'23 3620.00 3738.75 t 3598.75 3717.75 89.75 28,363
Sugar-World (ICE-US)-112,000 lbs.; cents per lb. Mini S&P Midcap 400 (CME)-$100 x index
U.S Agency Bloomberg Fixed Income Indices 463.47 -13.7 Germany 1.840 -0.370 2.100 March 17.79 17.83 17.36 17.42 –.26 342,268 Dec 2205.60 2287.50 2194.10 2273.20 65.00 54,380
1684.04 -8.1 U.S Agency 4.300 0.820 4.500 284.24 -3.5 Japan 0.740 0.310 0.800 May 17.03 17.08 t 16.68 16.75 –.19 124,913 March'23 2276.20 67.00 1
Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. Mini Nasdaq 100 (CME)-$20 x index
1488.68 -6.9 10-20 years 4.290 0.700 4.480 500.40 -16.0 Netherlands 2.180 -0.200 2.420 Nov 34.00 –.49 1,250 Dec 11030.00 11358.25 t 10890.75 11285.75 250.25 279,090
Cotton (ICE-US)-50,000 lbs.; cents per lb. March'23 11166.75 11459.00 t 10997.75 11392.25 250.75 1,559
3250.97 -22.3 20-plus years 4.570 2.010 4.770 769.85 -25.8 U.K. 3.890 0.720 4.690 Oct 92.14 –1.08 10 Mini Russell 2000 (CME)-$50 x index
Dec 85.39 86.18 82.70 84.20 –1.14 108,268 Dec 1667.20 1723.40 1656.80 1714.90 45.10 560,764
2468.65 -14.2 Yankee 5.290 1.710 5.440 718.76 -21.8 Emerging Markets ** 8.565 4.744 8.674 Orange Juice (ICE-US)-15,000 lbs.; cents per lb. March'23 1681.90 1734.90 1670.30 1727.80 45.40 103
*Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds Nov 194.75 201.40 s 193.05 198.25 6.85 7,758 Mini Russell 1000 (CME)-$50 x index
** EMBI Global Index Sources: ICE Data Services; Bloomberg Fixed Income Indices; J.P.Morgan Jan'23 185.45 192.90 s 185.45 191.85 8.00 2,208 Dec 2000.70 2041.00 1979.30 2029.60 52.10 7,236
U.S. Dollar Index (ICE-US)-$1,000 x index
Interest Rate Futures Dec 112.15 112.53 111.41 111.66 –.43 53,255
March'23 111.77 112.14 111.10 111.35 –.42 583
Global Government Bonds: Mapping Yields Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100%
Dec 136-210 139-270 136-200 138-130 1-13.0 1,407,885 Source: FactSet
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 Cash Prices | wsj.com/market-data/commodities Monday, October 03, 2022
Coupon (%) Maturity, in years Latest(l)-1 0 1 2 3 4 5 Previous Month ago Year ago Latest Prev Year ago
These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace—
4.250 U.S. 2 4.103 t l 4.206 3.398 0.264
separate from the futures price on an exchange, which reflects what the commodity might be worth in future
2.750 10 3.650 t l 3.802 3.190 1.464 months.
2.750 Australia 2 3.316 l 3.316 3.052 0.042 -96.3 -22.8 Monday Monday Monday
-79.3
Iron Ore, 62% Fe CFR China-s 95.3 Wheat,Spring14%-pro Mnpls-u 11.2000
1.250 10 3.899 l 3.899 3.658 1.498 24.9 7.1 3.5 Energy Shredded Scrap, US Midwest-s,m n.a. Wheat,No.2 soft red,St.Louis-u 8.2950
Coal,C.Aplc.,12500Btu,1.2SO2-r,w 204.950 Steel, HRC USA, FOB Midwest Mill-s 780 Wheat - Hard - KC (USDA) $ per bu-u 10.6475
0.000 France 2 1.684 t l 1.805 0.924 -0.681 -242.6 -247.3 -95.1 Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 16.250 Battery/EV metals Wheat,No.1soft white,Portld,OR-u 9.4250
BMI Lithium Carbonate, EXW China, =99.2%-v,w 69700 Food
2.000 10 2.494 t l 2.725 2.146 0.132 -115.7 -110.4 -133.1 Metals BMI Lithium Hydroxide, EXW China, =56.5% -v,w 68850
Gold, per troy oz BMI Cobalt sulphate, EXW China, >20.5% -v,m 8601 Beef,carcass equiv. index
0.400 Germany 2 1.603 t l 1.756 1.094 -0.698 -250.7 -252.2 -96.8 BMI Nickel Sulphate, EXW China, >22%-v,m 5464 choice 1-3,600-900 lbs.-u 223.44
Engelhard industrial 1675.00
1.700 10 1.913 t l 2.111 1.523 -0.222 -171.7 -168.5 Handy & Harman base 1668.40 BMIFlakeGraphite,FOBChina,-100Mesh,94-95%-v,m 770 select 1-3,600-900 lbs.-u 198.76
-173.8 Broilers, National comp wtd. avg.-u,w 1.2402
Handy & Harman fabricated 1851.92 Fibers and Textiles
LBMA Gold Price AM *1672.75 Butter,AA Chicago-d 3.1775
0.000 Italy 2 2.625 t l 2.850 2.136 -0.464 -148.5 -142.8 -73.4 Cheddar cheese,bbl,Chicago-d 221.00
LBMA Gold Price PM *1671.75 Burlap,10-oz,40-inch NY yd-n,w 0.7700
2.500 10 4.200 t l 4.514 3.839 0.822 54.9 68.5 -64.2 Krugerrand,wholesale-e 1770.33 Cotton,1 1/16 std lw-mdMphs-u 0.8720 Cheddar cheese,blk,Chicago-d 200.00
Maple Leaf-e 1812.69 Cotlook 'A' Index-t *103.80 Milk,Nonfat dry,Chicago lb.-d 154.25
American Eagle-e 1812.69 n.a. Coffee,Brazilian,Comp-y 2.1140
0.005 Japan 2 -0.055 t l -0.040 -0.079 -0.120 -416.4 -431.9 -38.9 Hides,hvy native steers piece fob-u
Mexican peso-e 2185.56 Wool,64s,staple,Terr del-u,w n.a. Coffee,Colombian, NY-y 2.8648
0.200 10 0.244 t l 0.252 0.243 0.055 -340.7 -357.7 -140.8 Austria crown-e 1663.56 Eggs,large white,Chicago-u 4.0150
Austria phil-e 1778.81 Grains and Feeds Flour,hard winter KC-p 24.45
0.000 Spain 2 1.978 t l 2.097 1.250 -0.589 -218.1 -85.9 Silver, troy oz. n.a. Hams,17-20 lbs,Mid-US fob-u 1.05
-213.1 Barley,top-quality Mnpls-u
Hogs,Iowa-So. Minnesota-u 92.39
Engelhard industrial 20.2500 Bran,wheat middlings, KC-u 228
2.550 10 3.073 t l 3.303 2.708 0.425 -57.7 -52.5 -103.8 6.5500 Pork bellies,12-14 lb MidUS-u 1.3499
Handy & Harman base 20.4920 Corn,No. 2 yellow,Cent IL-bp,u
232.3 Pork loins,13-19 lb MidUS-u 1.2352
Handy & Harman fabricated 25.6150 Corn gluten feed,Midwest-u,w
0.125 U.K. 2 4.003 s l 3.917 3.110 0.401 -10.7 -36.2 13.1 661.9 Steers,Tex.-Okla. Choice-u n.a.
LBMA spot price *£17.1800 Corn gluten meal,Midwest-u,w
450 Steers,feeder,Okla. City-u,w 176.50
(U.S.$ equivalent) *19.0200 Cottonseed meal-u,w
4.250 10 3.959 t l 4.149 2.916 1.006 30.9 32.1 -45.8 20529 Hominy feed,Cent IL-u,w 198
Coins,wholesale $1,000 face-a Fats and Oils
Other metals Meat-bonemeal,50% pro Mnpls-u,w 375
Source: Tullett Prebon, Tradeweb ICE U.S. Treasury Close Oats,No.2 milling,Mnpls-u 4.3050 Degummed corn oil, crude wtd. avg.-u,w 63.1700
LBMA Platinum Price PM *864.0
Rice, Long Grain Milled, No. 2 AR-u,w 34.25 Grease,choice white,Chicago-h 0.7350
Platinum,Engelhard industrial 885.0
Sorghum,(Milo) No.2 Gulf-u n.a. Lard,Chicago-u n.a.
Corporate Debt Palladium,Engelhard industrial
Aluminum, LME, $ per metric ton
2220.0
*2180.0 SoybeanMeal,Cent IL,rail,ton48%-u,w 467.20 Soybean oil,crude;Centl IL-u,w 0.6835
13.4200 Tallow,bleach;Chicago-h 0.7400
Prices of firms' bonds reflect factors including investors' economic, sectoral and company-specific Copper,Comex spot 3.4580 Soybeans,No.1 yllw IL-bp,u
Tallow,edible,Chicago-u n.a.
expectations
Investment-grade spreads that tightened the most… KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; D=CME; E=Manfra,Tordella & Brookes; H=American Commodities Brokerage Co;
K=bi-weekly; M=monthly; N=nominal; n.a.=not quoted or not available; P=Sosland Publishing; R=SNL Energy; S=Platts-TSI; T=Cotlook Limited; U=USDA; V=Benchmark
Spread*, in basis points Mineral Intelligence; W=weekly; Y=International Coffee Organization; Z=not quoted. *Data as of 09/30
Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week Source: Dow Jones Market Data
Anheuser–Busch Inbev Worldwide ABIBB 4.950 5.69 Jan. 15, ’42 172 –28 n.a.
AbbVie ABBV 4.400 5.61 Nov. 6, ’42 164 –20 164
Canadian Imperial Bank of Commerce CM 3.300 4.92 April 7, ’25 85 –20 91
Borrowing Benchmarks | wsj.com/market-data/bonds/benchmarks
JPMorgan Chase JPM 4.125 5.43 Dec. 15, ’26 157 –20 134
Money Rates October 3, 2022
Target TGT 2.500 4.39 April 15, ’26 51 –19 n.a.
Celanese CE 6.050 6.81 March 15, ’25 277 –17 262 Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a
–17
guide to general levels but don’t always represent actual transactions.
Goldman Sachs GS 6.750 6.49 Oct. 1, ’37 284 262
Citigroup C 4.400 5.25 June 10, ’25 118 –16 123 Week —52-WEEK— Week —52-WEEK—
Inflation Latest ago High Low Latest ago High Low
…And spreads that widened the most Aug. index Chg From (%) Policy Rates Low 3.0500 3.0600 3.0600 0.0200
level July '22 Aug. '21 Bid 3.0800 3.0800 3.0800 0.0600
Credit Suisse CS 1.250 7.83 Aug. 7, ’26 395 155 208 Euro zone 1.25 1.25 1.25 0.00
Offer 3.1000 3.1000 3.1200 0.0800
21 Switzerland 1.00 1.00 1.00 0.00
UBS UBS 4.125 5.77 Sept. 24, ’25 170 121 U.S. consumer price index Britain 2.25 2.25 2.25 0.10 Treasury bill auction
Progress Energy … 7.000 5.94 Oct. 30, ’31 228 9 n.a. All items 296.171 –0.04 8.3 Australia 2.35 2.35 2.35 0.10
4 weeks 2.660 2.660 2.670 0.020
Sumitomo Mitsui Financial SUMIBK 3.040 5.77 July 16, ’29 215 9 188 Core 297.178 0.52 6.3
Overnight repurchase 13 weeks 3.340 3.270 3.340 0.040
7 3.02 2.99 3.02 0.01 26 weeks 3.850 3.850 3.850 0.055
Sherwin–Williams SHW 4.250 5.02 Aug. 8, ’25 97 82 International rates U.S.
Caterpillar Financial Services … 1.100 4.64 Sept. 14, ’27 69 6 56 U.S. government rates Secondary market
Week 52-Week
Coca–Cola KO 3.450 4.73 March 25, ’30 110 6 89 Latest ago High Low Discount Fannie Mae
Banco Santander SANTAN 5.147 6.13 Aug. 18, ’25 201 6 185 3.25 3.25 3.25 0.25
Prime rates 30-year mortgage yields
High-yield issues with the biggest price increases… Federal funds 30 days 6.180 6.255 6.314 2.452
U.S. 6.25 6.25 6.25 3.25
60 days 6.249 6.337 6.407 2.477
Bond Price as % of face value Canada 5.45 5.45 5.45 2.45 Effective rate 3.0800 3.0900 3.0900 0.0800
Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week Japan 1.475 1.475 1.475 1.475 High 3.2500 3.2500 3.2500 0.0900
Other short-term rates
Navient NAVI 5.625 10.18 Aug. 1, ’33 70.500 3.08 n.a.
1.93 Week 52-Week
Transocean RIG 6.800 14.87 March 15, ’38 51.625 49.500
Howmet Aerospace HWM 5.950 6.78 Feb. 1, ’37 92.480 1.79 92.500
Key Interest Rates Latest ago high low

1.56 Data are annualized on a 360-day basis. Treasury yields are per annum, Call money
Teva Pharmaceutical Finance Netherlands … 3.150 8.03 Oct. 1, ’26 83.624 81.797
on actively traded noninflation and inflation-indexed issues that are 5.00 5.00 5.00 2.00
American Airlines AAL 3.750 12.20 March 1, ’25 82.827 1.08 82.625 adjusted to constant maturities. Data are from weekly Federal Reserve
1.05 Commercial paper (AA financial)
OneMain Finance OMF 6.875 9.19 March 15, ’25 95.033 93.375 release H.15.
90 days 3.48 3.51 3.55 0.10
Ford Motor Credit … 4.389 7.28 Jan. 8, ’26 91.750 0.90 91.000 Week Ended 52-Week Week Ended 52-Week
Sep 30 Sep 23 High Low Sep 30 Sep 23 High Low
Royal Caribbean Cruises RCL 7.500 13.21 Oct. 15, ’27 79.478 0.89 85.070 Libor
Federal funds (effective) 6-month 3.90 3.86 3.90 0.05 One month 3.17443 3.11314 3.17443 0.07788
…And with the biggest price decreases 3.08 2.33 3.08 0.08 1-year 4.07 4.08 4.08 0.09 Three month 3.74829 3.64086 3.75471 0.12113
2-year 4.20 4.05 4.20 0.29 Six month 4.27286 4.24586 4.27286 0.15513
WeWork WEWORK 7.875 25.29 May 1, ’25 68.438 –0.81 70.750 Commercial paper 3-year 4.26 4.03 4.26 0.54 One year 4.80271 4.90500 4.90500 0.23200
Nonfinancial 5-year 4.06 3.81 4.06 0.98
QVC QVCN 4.850 9.33 April 1, ’24 93.898 –0.50 94.000 7-year 3.98 3.73 3.98 1.31 Secured Overnight Financing Rate
1-month 3.07 3.04 3.07 0.05
Occidental Petroleum OXY 6.450 6.47 Sept. 15, ’36 99.785 –0.34 100.050 2-month 3.29 3.00 3.29 0.05 10-year 3.83 3.59 3.83 1.43
2.98 2.99 2.99 0.03
3-month n.a. n.a. 2.63 0.05 20-year 4.04 3.82 4.04 1.85
MGM Resorts International MGM 6.000 6.38 March 15, ’23 99.826 –0.20 99.875
Financial Value 52-Week
Treasury yields (secondary market) Latest Traded High Low
Ford Motor Credit … 3.664 7.11 Sept. 8, ’24 93.900 –0.10 94.250 1-month 3.13 3.03 3.13 0.07
1-month 2.62 2.54 2.62 0.02
2-month 3.30 3.34 3.34 0.08 DTCC GCF Repo Index
Sprint S 6.000 5.24 Nov. 15, ’22 100.070 –0.03 100.125 3-month 3.48 3.48 3.48 0.10 3-month 3.27 3.21 3.27 0.04
6-month 3.82 3.77 3.82 0.05 Treasury 3.053 76.300 3.053 0.015
*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. Discount window primary credit MBS 3.147 67.700 3.147 0.018
TIPS
Note: Data are for the most active issue of bonds with maturities of two years or more 3.25 3.25 3.25 0.25
Source: MarketAxess 5-year 1.79 1.37 1.79 -1.88 Notes on data:
Treasury yields at constant 7-year 1.66 1.27 1.66 -1.47 U.S. prime rate is the base rate on corporate
maturities 10-year 1.57 1.21 1.57 -1.14 loans posted by at least 70% of the 10 largest
1-month 2.73 2.64 2.73 0.03 20-year 1.56 1.25 1.56 -0.72 U.S. banks, and is effective September 22, 2022.
Dividend Changes 3-month 3.37 3.31 3.37 0.04 Long-term avg 1.81 1.48 1.81 -0.60 Other prime rates aren’t directly comparable;
lending practices vary widely by location;
Amount Payable / Notes on data: Discount rate is effective September 22, 2022.
KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; Secured Overnight Financing Rate is as of
Company Symbol Yld % New/Old Frq Record Federal-funds rate is an average for the seven days ended Wednesday, weighted according to rates
S2:1: stock split and ratio; SO: spin-off. on broker trades; Commercial paper rates are discounted offer rates interpolated from sales by September 30, 2022. DTCC GCF Repo Index is
Stocks Depository Trust & Clearing Corp.'s weighted
discounted averages of dealer bid rates on nationally traded certificates of deposit; Discount window average for overnight trades in applicable
Amount Payable / Amer Virtual Cloud Techs AVCT 1:15 /Oct03 primary credit rate is charged for discounts made and advances extended under the Federal
Company Symbol Yld % New/Old Frq Record CUSIPs. Value traded is in billions of U.S. dollars.
Reserve's primary credit discount window program; rate is average for seven days ended Wednesday; Federal-funds rates are Tullett Prebon rates as
Foreign Inflation-indexed long-term TIPS average is indexed and is based on the unweighted average bid of 5:30 p.m. ET.
Increased First High-School Ed ADR FHS 5.7 .03469 Oct18 /Oct11 yields for all TIPS with remaining terms to maturity of 10 years or more; Sources: Federal Reserve; Bureau of Labor
Honeywell Intl HON 2.4 1.03 /.98 Q Dec02 /Nov11 Orion Engineered Carbons OEC 0.6 .0207 Q Jan10 /Jan03 Statistics; DTCC; FactSet;
Sources: Federal Reserve; for additional information on these rate data and their derivation,
Howmet Aerospace HWM 0.5 .04 /.02 Q Nov25 /Nov04 Sources: FactSet; Dow Jones Market Data please see, https://www.federalreserve.gov/datadownload/Build.aspx?rel=H15 Tullett Prebon Information, Ltd.
 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, October 4, 2022 * **** THE WALL STREET JOURNAL.

BANKING & FINANCE

China Reroutes WSJ Dollar Index

104 Monday
Quarterly change in WSJ Dollar Index
8 points 3Q 2022: Largest one-quarter

U.S. Natural Gas

point gain since the 4Q 2016
103.31
102 6
The WSJ Dollar Index, which
measures the dollar against
100 4

To Europe, Others
a basket of 16 currencies, is
up over 15% so far this year.
98 2

96 0
BY SHA HUA U.S.,” said Wei Xiong, a Bei-
jing-based senior analyst at 94 –2
SINGAPORE—The economic the consulting firm Rystad En-
slowdown in China, a Trump- ergy. The contracts, which run 92 –4
era trade deal and Europe’s up to 25 years, gave U.S. sup-
hunt for natural gas are creat- pliers the confidence to build Up for five consecutive quarters
90 –6
ing a windfall for some Chinese more multibillion-dollar LNG
energy companies. The unusual terminals along the Gulf Coast, 88 –8
alignment is helping Europe boosting the country’s capac-
stock up for the winter. ity to export more gas. Oct. 2021 Jan. ’22 Oct. 2008 ’10 ’12 ’14 ’16 ’18 ’20 ’22
With demand down, Chinese China’s ENN Natural Gas
companies that signed long- Co. is expected to profit from Performance of select currencies against U.S. dollar this year
term contracts to buy U.S. lique- this trade when it sends the
fied natural gas are selling the LNG tanker Diamond Gas Victo- Japanese yen Swedish krona British pound Euro
excess and making hundreds of ria to pick up a cargo of gas 0%
millions of dollars per cargo. from Cheniere Energy Inc.’s
Buyers include Europe, Japan plant at Sabine Pass, La., on the –5
and South Korea. Just 19 LNG Gulf Coast on Oct. 18, according
vessels from the U.S. docked in to three industry sources. –10
China in the first eight months Instead of dispatching the
Monday
of the year, compared with 133 tanker to China’s east coast, –15
for the same period last year. the vessel is scheduled to de- –20.4% –17.8% –16.3% –13.6%
China is getting nearly 30% liver LNG to Europe, they said. –20
more gas from Russia so far ENN is estimated to make a Jan. Oct. Jan. Oct. Jan. Oct. Jan. Oct.
this year, Chinese customs data profit of between $110 million
show. The boost is due to a and $130 million on this one Sources: Dow Jones Market Data (WSJ Dollar Index); Tullett Prebon (currency performance)
scheduled delivery increase cargo shipment, analysts said,
from the Power of Siberia pipe-
line and from purchases of Rus-
sian LNG, typically at a steep
basing their calculations on
market pricing data.
The deals that Cheniere
Strong since 2016.
“If you talk to any multina-
tional chief executive officer
with Netflix Inc. and Ama-
zon.com Inc., said the strong
dollar dented its revenue com-
boon for business. That is be-
cause Americans’ money goes
farther when they buy goods
discount, shipping data shows.
Chinese sales to Europe are
too small to help the continent
signed with ENN
Sinochem International Corp.
and

for 0.9 million metric tons of

avoid potential shortages this
winter. But they provide a pos-
sible preview of Moscow’s reli-
ance on Beijing. Russia turned
to China for support after the
invasion of Ukraine, yet Chinese
companies are undercutting its
effort to sow divisions in Eu-
rope by stopping gas exports.
The U.S. and China negoti-
ated a number of long-term
LNG deals amid pressure on
Beijing from the Trump admin-
istration’s trade deal to boost
imports from the U.S. Unlike
LNG contracts from other coun-
tries, U.S. LNG long-term con-
tracts typically offer destination
flexibility and their prices are
indexed to the U.S. benchmark
Henry Hub, which is a fraction
of the spot market prices for
LNG in Europe and Asia.
“This has been a win-win
relationship for China and the
U.S. liquefied natural
gas exports, quarterly
800 billion cubic feet
China Europe*
600
400
200
0
2020 ’21
*Including Turkey
Source: Energy Department
Dollar Cuts right now, they’ll talk about
two things: foreign exchange,
which is a total nightmare right
ing from trading partners
around the globe.
“We had a significant for-
and services from overseas.
For Swedish car maker
Volvo, the strong dollar has
LNG a year each came into ef-
fect in July. This year, all
available cargo was resold, ac-
Both Ways now at the strength of the dol-
lar,” said Bret Taylor, co-chief
executive officer at Salesforce
eign-exchange headwind. That
is heavily to do with Japan and
Korea, but also some of the
been a good thing. Analysts at
research firm Carlsquare esti-
mate the company’s earnings
cording to a person familiar Inc., at an investor conference other currencies like euro and will increase as much as 7%
with the deals. A LNG cargo Continued from page B1 in September. “And they’ll talk British pound,” Boku Chief Fi- compared with its earnings in
usually ranges between 60,000 that shield them from currency about the complexity of compli- nancial Officer Keith Butcher the past 12 months as a weaker
and 80,000 metric tons. fluctuations. ance globally.” said in an earnings call last Swedish krona made the com-
“We’ve resold U.S. cargo. That has caught them flat- The business-software pro- Tuesday. “All went against us.” pany’s exports more affordable
It’s allowed and the prices are footed over the past year as the vider said in August that it ex- Investment banks sell pro- for Americans and Europeans.
favorable,” said Wu Qiunan, dollar has surged, notching re- pects foreign-exchange head- tection against currency fluctu- The dollar has gained about
chief economist at PetroChina cord gains against the British winds to decrease full-year ations via derivatives or for- 18% against the krona in the
International, the trading arm pound, Japanese yen and other sales by $800 million. It had ward contracts, and many year to date.
of state-owned China National currencies. In July, the euro slid previously estimated a hit of companies have prepared for Even Salesforce acknowl-
Petroleum Corp. below parity for the first time $600 million. the volatility. edged that a stronger dollar
In 2018, Cheniere and CNPC since 2002. It briefly re- More companies have been Saga PLC, a U.K. insurance- has its benefits. Mr. Taylor said
signed a deal for LNG that bounded but is now still there, mentioning the impact of the and-travel company, said it fully the San Francisco-based com-
would gradually increase to 1.2 trading around 98 cents. stronger dollar in earnings calls hedged all fuel and dollar trans- pany recently bought a com-
million metric tons a year The WSJ Dollar Index, which and interim reports over the actions into 2024 for its ocean pany in Brazil to complement
within five years. measures the dollar against a past few months, including cruises. But the business cut its offerings. “It was probably
Nippon Yusen Kaisha, which basket of 16 currencies, is up American jeans retailer Guess full-year profit forecasts last affordable now because of the
owns the Diamond Gas Victoria, 15% so far this year. That is a Inc. and luxury Italian necktie Tuesday, citing the effects of in- exchange rate,” he said at the
ENN and Sinochem didn’t re- big gain in currency terms, and maker Brunello Cucinelli SpA. flation on insurance claims. investor conference. “This too
spond to requests for comment. the dollar also wrapped up its Mobile-payments company For companies outside the shall pass, and the dollar is not
Cheniere said it was “pleased best quarterly performance Boku Inc., which does business U.S., the strong dollar can be a going to be this strong forever.”
that we can be a reliable sup-
plier of flexible LNG to custom-
ers at such a pivotal time.”
Since 2021, U.S. suppliers
and Chinese buyers have an-
Regulators Warn on Cryptocurrency Riskiness
nounced 17 deals for a total of BY ANDREW ACKERMAN and exacerbate potential sys- posed by cryptocurrencies. of the cryptocurrency industry
around 19 million metric tons AND PAUL KIERNAN temic risks. The industry initially hoped fall under the jurisdiction of
of LNG a year that are gradu- “The financial stability risks regulators would see promise the existing financial regula-
ally coming into effect over WASHINGTON—Risks tied of crypto-assets would be sub- in the asset class, but officials tory laws.
the next five years. to cryptocurrencies could stantial if those vulnerabilities have recently warned about It called for Congress to
In August, China received grow rapidly and eventually were to remain in place while the potential for disruption consider legislation to address
three cargoes out of Sakhalin-2, threaten the broader financial the scale of crypto-asset activ- posed by financial innovation any gaps, such as over the
an oil-and-gas project that in- system, a panel of senior U.S. ities and interconnectedness without adequate regulation. “spot” market for cryptocur-
cludes LNG production in Rus- officials warned Monday, call- with the traditional financial “We can’t let this market rencies that don’t meet the
sia’s Far East, according to ing for tougher oversight of system were to grow rapidly,” undermine our broader capital definition of a security over-
shipping data from S&P Global. digital assets. the risk panel said in a 120- markets or the economy,” said seen by the SEC.
People in the market say they The Financial Stability page report. Gary Gensler, the head of the Cryptocurrencies remain
were bought at a steep dis- Oversight Council, chaired by Monday’s report is the lat- Securities and Exchange Com- largely unregulated by the fed-
count from the spot market Treasury Secretary Janet Yel- est response to a March execu- mission, ahead of a unanimous eral government, leaving in-
price by Chinese state-owned len, said the crypto industry tive order from President Bi- vote by FSOC to release Mon- vestors without protections
’22 energy companies. Sakhalin remains small compared with den, which called a number of day’s report. Mr. Gensler sits from fraud and market manip-
Energy didn’t respond to a re- the overall financial system, federal agencies to evaluate on the council. ulation that come with many
quest for comment. but that could change quickly the risks and opportunities The FSOC said large parts other types of investments.

New Highs and Lows Stock

52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg
Continued From Page B6 52-Wk % 52-Wk % OpenLending LPRO 7.84 -1.4 PolestarAuto PSNY 4.92 2.0 RubiconTech RBT 1.89 -8.0 SomaLogic SLGC 2.84 5.9 TenayaTherap TNYA 2.77 3.8 VirginGalactic SPCE 4.68 3.4
ORC 7.95 1.6 PopulationHlthWt PHICW 0.01 -47.3 RBCN 1.93 -8.4 SEV 2.45 -1.6
52-Wk % Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg OrchidIsland RubiconTech Sono TenonMedical TNON 1.25 -3.1 VirtusInvtPtrs VRTS 158.96 2.6
OtonomoTechWt OTMOW 0.03 -23.3 PoweredBrandsWt POWRW 0.00 -91.8 RubiusTherap RUBY 0.39 -4.1 SonomaPharm SNOA 2.06 3.8 TerranOrbital LLAP 1.69 -4.0 VivaniMedical VANI 2.11 1.8
Stock Sym Hi/Lo Chg LoyaltyVentures LYLT 1.00 4.1 ModelPerformWt MPACW 0.00 -7.8 Owens&Minor OMI 23.65 1.2 PriorityIncmPfdL PRIFpL 21.33 -1.3 RushStreetInt RSI 3.52 1.4 Sonos SONO 13.67 0.4 TerranOrbitalWt LLAP.WS 0.10 -26.4 Volta VLTA 1.12 -2.5
111.90 1.4 LucidDiag LUCD 1.51 8.5 Modiv MDV 13.57 -3.2 OwlRock ORCC 10.18 2.6 ProvidentFinSvcs PFS 19.28 1.8 SellasLifeSci SLS 1.92 ... SoteraHealth SHC 6.79 8.1
KimberlyClark KMB Thoughtworks TWKS 10.26 -0.9 WM Tech MAPS 1.59 6.8
KINS 2.58 -0.8 LuciraHealth LHDX 1.02 10.4 ModivPfdA MDVpA 21.43 -0.4 OwletWt OWLT.WS 0.08 -0.6 PureCycle PCYO 8.08 -1.4 SLR Invt SLRC 12.08 1.5 SouthwestAir LUV 30.20 1.2
Kingstone ThredUp TDUP 1.76 -1.6 WaldencastWt WALDW 0.43 -0.7
KintaraTherap KTRA 0.09 -10.3 LufaxHolding LU 2.47 -0.4 Momentus MNTS 1.31 ... OxfordLanePfd OXLCN 22.65 -1.1 QualigenTherap QLGN 0.26 1.1 SOS SOS 3.92 -2.7 SpectrumPharm SPPI 0.41 -3.5 Wayfair W 32.02 4.8
ThunderBridgeIVWt THCPW 0.04 -11.5
KAIIW 0.02 -47.3 Lulu'sFashion LVLU 4.57 4.3 MongoDB MDB 185.51 -2.3 OxfordLaneNts2031 OXLCL 23.15 -0.7 QuantumScape QS 8.19 8.1 SachemNts2027 SCCF 22.00 -1.6 SpireGlobal SPIR 1.03 1.9 10.86 ...
KismetTwoWt TimberPharm TMBR 0.08 -20.9 WstAstMtgCap WMC
Knightscope KSCP 2.30 2.5 MFA Financial MFA 7.40 -0.1 Moody's MCO 242.61 3.2 PDS Biotech PDSB 2.89 10.4 RLX Tech RLX 1.00 -4.8 SalemMedia SALM 1.72 2.3 SpiritAeroSys SPR 21.51 4.4 WeWork WE 2.59 -0.4
TishmanSpeyII Wt TSIBW 0.04 -23.6
Knowles KN 11.99 1.8 MGE Energy MGEE 65.45 3.1 MoringaAcqnWt MACAW 0.03 28.7 PSBusParksPfdY PSBpY 14.63 -0.4 RaMedicalSys RMED 5.44 10.7 SangomaTechs SANG 5.00 -2.9 SpiritRealtyPfdA SRCpA 22.25 -1.1 WEYS 19.89 0.4
0.04 -48.3 0.31 -1.1 Tradeweb TW 55.64 2.1 WeycoGroup
KukeMusic KUKE 0.45 6.2 MSD Acqn Wt MSDAW MullenAuto MULN PacGE pfB PCGpB 19.00 0.3 RackspaceTech RXT 4.02 0.2 SapiensInt SPNS 19.09 0.4 StdBioTools LAB 1.06 2.7 UP.WS 0.13 -15.5
MSGE 43.44 4.1 MYO 1.54 -3.1 Travel+Leisure TNL 33.57 3.8 WheelsUpWt
Kyndryl KD 8.11 0.6 MSG Entertainment Myomo PacGE pfD PCGpD 17.03 -0.1 RadiusGlbInfr RADI 9.31 7.1 SaratogaInvt SAR 20.16 0.5 Starbox STBX 1.67 -9.5
Travelzoo TZOO 4.27 2.0 WholeEarthBrds FREE 3.67 -3.9
LINKBANCORP LNKB 7.44 -0.7 MagicEmpireGlobal MEGL 3.32 -5.3 NatlCineMedia NCMI 0.56 -13.6 PagayaTech PGY 1.63 -3.0 RailVision RVSN 0.57 -4.8 SarcosTech&Robotic STRC 2.12 2.3 StarryGroup STRY 1.29 -12.8 WholeEarthBrdsWt FREEW 0.07 -5.8
MAIN 32.68 1.5 NEOG 13.64 -0.4 TritiumDCFC DCFC 3.06 -3.8
LXP Ind Pfd C LXPpC 47.53 -0.3 MainStreetCap Neogen PalisadeBio PALI 0.09 -1.3 RamacoNts2026 METCL 25.45 -0.7 SarcosTechRobotWt STRCW 0.24 -4.4 StarryGroupWt STRY.WS 0.11 -12.0 Wiley A WLY 37.33 1.3
MBUU 46.71 -1.6 NYCB 8.47 4.0 TriumphBancorp TBK 53.68 3.3
LadderCapital LADR 8.67 2.1 MalibuBoats NY CmntyBcp PapaJohn's PZZA 68.62 4.9 Rapid7 RPD 42.30 3.5 SaulCentersPfdE BFSpE 20.66 -1.4 StarwoodProp STWD 17.69 1.9 WiMiHologram WIMI 1.50 -0.6
MLVF 14.30 -0.5 NewHoldInvtIIWt NHICW 0.06 -27.4 TriumphBncpPfdC TBKCP 24.25 -1.6
LandseaHomes LSEA 4.70 3.6 MalvernBancorp PardesBiosci PRDS 1.71 -5.4 RealReal REAL 1.35 -4.0 SaveFoods SVFD 1.79 7.3 SteakholderFds STKH 1.81 -2.6 WisdomTreeInvs WETF 4.61 2.1
MTW 7.66 4.4 NexPointRealEst NREF 14.16 2.9 trivago TRVG 1.15 -0.9
LaserPhotonics LASE 2.25 -6.2 Manitowoc PediatrixMedical MD 16.31 2.5 RebornCoffee REBN 1.65 -8.7 SaverOne2014 SVRE 1.43 1.3 StratimCloudWt SCAQW 0.05 -39.2 XomaPfdA XOMAP 24.00 -0.9
MAQCW 0.02 -6.4 NightDragonWt NDACW 0.00 -95.0 TrueCar TRUE 1.47 0.7
LatchWt LTCHW 0.08 -1.9 MaquiaCapAcqnWt Peloton PTON 6.66 7.8 Redfin RDFN 5.67 ... ScottsMiracleGro SMG 42.67 2.3 Strats USC GJH GJH 9.20 -1.8 XPACAcqnWt XPAXW 0.07 24.8
MPX 7.75 4.0 NKE 82.22 2.7 Tucows TCX 37.06 2.6
Latham SWIM 3.53 9.2 MarineProducts Nike PennantPark PNNT 5.33 1.6 RedwoodTrust RWT 5.52 -1.4 ScrippsEW SSP 11.22 5.7 StryveFoodsWt SNAXW 0.05 -5.7 XBiotech XBIT 3.53 -1.7
MIGI 0.37 -2.7 NKLA 3.35 ... Tuya TUYA 0.86 -3.2
Leafly LFLY 0.67 2.3 MawsonInfr Nikola PA Reit PEI 2.65 -7.2 Renalytix RNLX 1.20 -0.8 SenesTech SNES 0.33 4.7 SumitomoMits SMFG 5.48 2.0 Xos XOS 1.02 -5.8
MCLD 1.28 -12.8 NIU 3.95 -2.7 TwoHarbors TWO 3.18 2.7
LendingTree TREE 23.22 5.5 mCloudTech NiuTech PennyMacMtg PMT 11.07 -1.7 Rent-A-Center RCII 16.82 5.3 SenstarTech SNT 1.70 -1.2 SunCountryAir SNCY 13.25 3.7 XosWt XOSWW 0.10 -3.7
LevereWt LVRAW 0.02 -61.6 MedicalProp MPW 11.30 -2.6 NomadFoods NOMD 14.01 0.5 PerimeterSolns PRM 7.82 -1.9 RenttheRunway RENT 2.10 -0.5 SevenHillsRlty SEVN 9.11 0.8 SunlinkHealth SSY 0.85 -4.2 TysonFoods TSN 65.52 1.2 Xperi XPER 13.30 -29.8
LeviStrauss LEVI 14.43 7.7 MemberCollect MCG 4.33 -7.2 Novavax NVAX 17.11 2.2 PetIQ PETQ 6.84 2.2 Repay RPAY 6.79 2.1 Shapeways SHPW 0.62 3.9 SuperiorIndsIntl SUP 2.88 2.3 UnitedGuardian UG 11.14 1.0 YoshiharuGlbl YOSH 1.22 -0.8
Li-Cycle LICY 5.16 5.3 MercuryGeneral MCY 27.89 -0.1 Novonix NVX 4.47 -2.6 PetMedExpress PETS 19.02 -1.4 ReservoirMedia RSVR 4.79 3.9 ShuttlePharm SHPH 3.85 -14.8 TH Intl THCH 5.14 -1.2 UPS B UPS 159.42 1.0 YumBrands YUM 106.16 2.6
LibertyMediaWt LMACW 0.00 -41.0 MesaAir MESA 1.58 ... NutexHealth NUTX 1.40 -2.7 Pharvaris PHVS 5.38 -19.3 ReToEcoSol RETO 0.37 -10.3 SightSciences SGHT 5.95 1.3 TPG RE Fin TRTX 6.68 ... UnityBiotech UBX 0.38 2.4 YunhongCTI CTIB 0.62 ...
LifeTime LTH 9.51 2.4 MetaMaterials MMAT 0.63 -2.0 NuvveHolding NVVE 1.35 -2.1 PhaseBioPharm PHAS 0.17 3.1 RevelationBio REVB 0.22 -8.5 SilvergatePfdA SIpA 15.05 -1.1 Taboola TBLA 1.77 0.6 Upstart UPST 20.20 -1.2 ZeppHealth ZEPP 1.30 -0.7
LifetimeBrands LCUT 6.48 -2.8 Microvast MVST 1.75 7.2 Nuwellis NUWE 0.41 -22.1 PhenixfinNts2028 PFXNZ 21.30 -1.6 RevolutionWt REVHW 0.03 -27.1 Similarweb SMWB 5.82 7.7 TaiwanSemi TSM 67.65 1.0 Upwork UPWK 13.27 3.2 ZeroFoxWt ZFOXW 0.14 -19.1
Lightng eMotors ZEV 1.47 -1.3 MidatechPharma MTP 1.84 4.3 OaktreeSpec OCSL 5.86 1.0 PierisPharm PIRS 1.06 -3.5 RingCentral RNG 37.19 -0.6 SiNtxTech SINT 0.30 -6.3 TakungArt TKAT 0.81 -13.7 UsanaHealth USNA 55.41 1.1 Zillow A ZG 27.94 3.1
LightpathTech LPTH 1.03 -2.8 Mind CTI MNDO 2.05 -0.4 OfficePropNts2050 OPINL 17.26 -4.0 PineappleEner PEGY 0.76 -8.5 Riskified RSKD 3.43 -4.6 SixFlags SIX 16.83 -0.8 TandyLeather TLF 3.45 -3.0 VIQSolutions VQS 0.58 -6.1 Zillow C Z 27.92 3.0
LionheartIII Wt LIONW 0.02 -66.6 Minim MINM 0.20 0.1 OnconovaTherap ONTX 0.85 -2.7 PioneerPwrSols PPSI 2.58 -1.8 RiteAid RAD 4.44 -1.6 Skillsoft SKIL 1.75 1.6 TattooedChef TTCF 4.87 2.2 VelodyneLidarWt VLDRW 0.37 ... ZoomVideo ZM 71.69 0.5
LiveRamp RAMP 17.87 1.9 MitsubishiUFJ MUFG 4.43 1.3 OneConnectFinTech OCFT 0.69 -3.0 PitneyBowes PBI 2.30 3.0 RithmCapital RITM 6.86 1.4 SkyHarbour SKYH 3.33 -6.8 TeladocHealth TDOC 24.67 2.1 VeryGoodFood VGFC 0.12 1.1 Zovio ZVO 0.13 10.5
Lizhi LIZI 0.55 1.9 MobileGlbEsports MGAM 1.76 -7.4 OneSpan OSPN 8.43 3.0 PlayaHotels PLYA 5.59 -0.5 RockleyPhotonics RKLY 0.68 3.9 SmileDirectClub SDC 0.85 2.2 10xGenomics TXG 27.51 -0.5 ViaRenewables VIA 6.87 0.6 Zuora ZUO 6.82 1.4
LogicMark LGMK 0.70 16.2 MobivAcqnWt MOBVW 0.03 -75.0 OneWaterMarine ONEW 29.81 1.0 Playtika PLTK 9.30 6.0 RomeoPower RMO 0.39 ... SolidPower SLDP 5.15 2.5 TenaxTherap TENX 0.15 8.8 VicinityMotor VEV 0.96 0.5 ZynerbaPharma ZYNE 0.71 6.0

Mutual Funds Data provided by

Fund
Net YTD
NAV Chg % Ret Fund
Net YTD
NAV Chg % Ret Fund
Net YTD
NAV Chg % Ret Fund
Net YTD
NAV Chg % Ret Fund
Net YTD
NAV Chg % Ret Fund
Net YTD
NAV Chg % Ret
ExtMktIdxInstPre 62.34 +1.58 -28.2 SrsGlobal 11.26 +0.22 -25.2 CorePlusBd NA ... NA LgCapGow I 48.91 +1.17 -33.5 RealEstatAdml 115.67 +2.05 -28.0 WndsrII 36.94 +1.08 -19.4
Top 250 mutual-funds listings for Nasdaq-published share classes by net assets. FidSerToMarket 12.25 +0.31 -23.0 SrsGroCoRetail 13.73 +0.31 -32.7 Lord Abbett A MidCap 86.13 +2.16 -26.6 SmCapAdml 84.21 +2.32 -21.5 VANGUARD INDEX FDS
e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes e and s GrowthCompanyK6 15.22 +0.35 -33.5 SrsIntlGrw 13.10 +0.28 -31.5 ShtDurIncmA p 3.84 +0.01 -5.7 NHoriz 49.18 +1.03 -36.0 SmGthAdml 70.46 +1.86 -28.6 ExtndIstPl 244.12 +6.17 -28.2
apply. k-Recalculated by Lipper, using updated data. p-Distribution costs apply, 12b-1. r- InflPrBdIndInsPr 9.76 +0.13 -12.5 SrsIntlVal 8.82 +0.23 -21.0 Lord Abbett I R2020 NA ... NA STBondAdml 9.84 +0.03 -6.2 IdxIntl 14.99 +0.29 -25.4
Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and r apply. v-Footnotes IntlIdxInstPrem 36.51 +0.77 -25.9 TotalBond 9.31 +0.07 -14.1 ShtDurInc p 3.84 +0.01 -5.3 R2025 NA ... NA STIGradeAdml 9.88 +0.04 -7.0 MdCpGrAdml 75.54 +2.17 -30.7
x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not available due to incomplete LgCpGwId InstPre 20.99 +0.48 -29.1 Fidelity SAI Metropolitan West R2030 NA ... NA STIPSIxAdm 23.84 +0.15 -3.4 MdCpVlAdml 64.88 +1.85 -15.4
price, performance or cost data. NE-Not released by Lipper; data under review. NN-Fund not MidCpInxInstPrem 24.74 +0.70 -22.1 TotalBd 8.83 +0.07 -13.6 TotRetBdI NA ... NA Schwab Funds TotBdAdml 9.46 +0.07 -13.9 SmValAdml 63.37 +1.79 -16.4
tracked. NS-Fund didn’t exist at start of period. SAIUSLgCpIndxFd 16.58 +0.41 -21.9 U.S.TreBdIdx 8.71 +0.06 -12.4 TRBdPlan NA ... NA 1000 Inv r NA ... NA TotIntBdIdxAdm 19.25 +0.17 -12.1 TotBd2 9.35 +0.07 -13.9
SeriesBondFd 8.85 +0.07 -13.7 First Eagle Funds MFS Funds S&P Sel NA ... NA TotIntlAdmIdx r 25.08 +0.49 -25.3 TotIntlInstIdx r 100.28 +1.97 -25.3
SeriesOverseas 9.72 +0.19 -32.5 GlbA 54.64 +1.39 -15.3 IIE 24.99 +0.47 NA TSM Sel r NA ... NA TotStAdml 89.57 +2.26 -22.9 TotItlInstPlId r 100.30 +1.96 -25.3
Monday, October 3, 2022 SerLTTreBdIdx 6.06 +0.09 -27.5 FPA Funds MFS Funds Class I TIAA/CREF Funds TxMCapAdml 190.24 +4.89 -22.5 TotSt 89.55 +2.25 -23.0
Net YTD Net YTD Net YTD SmCpIdxInstPrem 21.23 +0.55 -23.0 NwInc 9.50 +0.02 -3.5 GrowthI 132.71 +3.68 NA EqIdxInst 26.46 +0.67 -22.6 TxMIn r 11.95 +0.27 -26.0 VANGUARD INSTL FDS
Fund NAV Chg % Ret Fund NAV Chg % Ret Fund NAV Chg % Ret TMktIdxInstPrem 102.92 +2.60 -23.0 Franklin A1 ValueI 45.98 +1.31 -14.7 VANGUARD ADMIRAL USGroAdml 104.38 +1.93 -38.0 BalInst 38.88 +0.71 -19.3
TotalMarketIndex 12.97 +0.33 -22.7 IncomeA1 2.17 +0.02 -10.7 Northern Funds 500Adml 339.40 +8.57 -21.9 ValAdml 49.45 +1.34 -12.2 DevMktsIndInst 11.96 +0.27 -26.0
American Century Inv AggBdInst 9.56 +0.08 -14.5 EmgMktVa 24.60 +0.31 -18.0 FrankTemp/Frank Adv BalAdml 38.87 +0.71 -19.3 WdsrllAdml DevMktsInxInst 18.70 +0.42 -26.0
Ultra 60.46 +1.36 -31.0 CorBdInst 9.80 +0.08 -14.3 EmMktCorEq 18.61 +0.24 -23.4 USBdIdxInstPrem 10.16 +0.08 -13.8 StkIdx 40.30 +1.02 -22.0 65.53 +1.92 -19.3
Fidelity Freedom IncomeAdv 2.15 +0.03 -10.7 Nuveen Cl I CAITAdml 10.80 +0.02 -9.9
WellsIAdml 59.47 +0.95 -13.3 ExtndInst 98.92 +2.50 -28.2
American Funds Cl A ShtTBdInst 9.20 +0.02 -4.5 IntlCoreEq 11.81 +0.28 -24.7 FrankTemp/Franklin A CapOpAdml r 149.33 +2.73 -22.9 GrwthInst 112.71 +2.60 -31.5
AmcpA 29.20 +0.67 -30.9 BlackRock Funds IntSmCo 15.47 +0.34 -27.9 FF2020 12.67 +0.21 -19.6 HYMunBd NA ... NA WelltnAdml 67.30 +1.41 -18.5
Growth A 108.33 +2.92 -28.0 Old Westbury Fds DivAppIdxAdm 37.60 +0.94 -18.2 InPrSeIn 9.62 +0.12 -12.4
AMutlA 46.27 +1.18 -11.8 HiYldBd Inst 6.51 +0.03 -14.0 IntSmVa 16.28 +0.36 -22.7 FF2025 11.57 +0.21 -20.5 WndsrAdml 71.19 +2.13 -12.0
RisDv A 78.47 +2.15 -18.7 LrgCpStr 13.73 +0.35 NA EMAdmr 30.80 +0.36 -23.1 InstIdx 311.44 +7.85 -21.9
BalA 27.37 +0.58 -16.9
BlackRock Funds A LgCo 26.15 +0.66 -22.0 FF2030 14.40 +0.27 -21.2 VANGUARD FDS
Guggenheim Funds Tru
Parnassus Fds EqIncAdml 81.52 +2.24 -9.7 InstPlus 311.43 +7.85 -21.9
BondA 11.32 +0.09 GlblAlloc
-13.7 15.51 ... -20.9 US CoreEq1 28.81 +0.79 -20.0 FF2035 12.28 +0.26 -22.6
TotRtnBdFdClInst 23.32 +0.18 -16.1 ExplrAdml DivdGro 32.71 +0.74 -14.0
ParnEqFd 48.29 +1.35 -23.6
88.07 +2.48 -26.0 InstTStPlus 65.18 +1.65 -22.9
CapIBA 58.56 +1.15 -14.9
BlackRock Funds III US CoreEq2 26.22 +0.75 -19.7 FF2040 8.60 +0.19 -23.8 Harbor Funds ExtndAdml 98.93 +2.50 -28.2 IntlVal 32.44 +0.71 -22.0
MidCpInst 52.95 +1.51 -23.2
Freedom2030 K 14.40 PGIM Funds Cl Z
CapWGrA 47.03 +1.16 iShS&P500IdxK 431.29+10.88
-25.1 -23.9 US Small 37.72 +1.06 -19.2 +0.27 -21.1 CapApInst 64.65 +0.94 NA GNMAAdml 9.13 +0.06 -12.0 LifeCon 18.76 +0.26 NA MidCpIstPl 261.16 +7.48 -23.2
Idx2030InsPre 16.36 TotalReturnBond NA ... NA
EupacA 44.65 +1.02 -30.7
BlackRock Funds Inst US SmCpVal 37.81 +1.17 -12.2 +0.29 -20.7 Harding Loevner GrwthAdml 112.70 +2.60 -31.5 LifeGro 34.42 +0.68 NA RealEstaInstl 17.90 +0.32 -28.0
FdInvA 57.13 +1.60 EqtyDivd
-22.6 17.57 +0.47 -14.3 US TgdVal 26.14 +0.82 -12.6 Fidelity Invest PIMCO Fds Instl LifeMod 26.69 +0.45 NA
IntlEq 21.32 +0.41 NA HlthCareAdml r 83.24 +1.40 -10.0 SmCapInst 84.21 +2.32 -21.5
GwthA 51.31 +0.94 StratIncOpptyIns 9.25 +0.02
-30.9 -7.1 USLgVa 38.71 +1.27 -14.6 Balanc 24.00 +0.48 -20.6 AllAsset NA ... NA
HYCorAdml r 5.01 +0.03 -12.7 PrmcpCor 27.07 +0.58 -19.5
Invesco Funds A SmCapIstPl 243.05 +6.70 -21.5
HI TrA 8.91 +0.05 -12.1
Bridge Builder Trust Dodge & Cox BluCh 116.58 +2.45 -36.2 EqIncA 9.75 +0.21 -13.1 ShortT 9.57 -0.01 -1.1
InfProAd 23.62 +0.29 -12.3 STAR 24.78 +0.44 NA STIGradeInst 9.88 +0.04 -6.9
ICAA 39.46 +1.06 CoreBond
-21.9 8.81 +0.07 NA Balanced 92.73 +1.81 -13.4 Contra 13.14 +0.35 -29.1 Invesco Funds Y TotRt 8.56 +0.06 NA IntlGrAdml 87.01 +1.41 -37.5 TgtRe2020 25.73 +0.36 NA STIPSIxins 23.85 +0.15 -3.4
IncoA 21.89 +0.40 CorePlusBond 8.71 +0.07
-13.5 NA GblStock 12.37 +0.36 -14.3 ContraK 13.19 +0.35 -29.0 DevMktY 32.34 +0.66 -31.2 PIMCO Funds A ITBondAdml 10.06 +0.10 -14.0 TgtRe2025 16.46 +0.26 NA TotBdInst 9.46 +0.07 -13.9
IntBdA 12.41 +0.07 Intl Eq
-8.3 9.62 +0.23 -28.1 Income 12.06 +0.10 -12.5 CpInc 8.97 +0.12 -13.0 JHF III DispVal IncomeFd 10.34 +0.07 NA ITIGradeAdml 8.21 +0.10 -15.6 TgtRe2030 30.66 +0.54 NA TotBdInst2 9.35 +0.07 -13.9
N PerA 46.23 +0.80 LargeCapGrowth 16.84 +0.43
-30.4 -28.4 Intl Stk 38.97 +0.97 -17.6 GroCo 24.25 +0.56 -33.5 DispValMCI 23.41 +0.71 NA PIMCO Funds I2 LarCapAd 84.67 +2.12 -23.1 TgtRe2035 18.85 +0.35 NA TotBdInstPl 9.46 +0.07 -13.9
NEcoA 42.17 +0.90 LargeCapValue 14.61 +0.40
-31.8 -14.3 Stock 204.00 +5.96 -15.4 InvGrBd 9.83 +0.07 -13.7 John Hancock Income 10.34 +0.07 NA LTGradeAdml 7.72 +0.13 -27.2 TgtRe2040 32.90 +0.65 NA TotIntBdIdxInst 28.88 +0.25 -12.1
NwWrldA 62.30 +1.29 MunicipalBond 9.45 +0.01
-27.6 -10.8 DoubleLine Funds LowP 42.51 +1.18 -15.1 BondR6 13.29 +0.10 NA PIMCO Funds Instl MidCpAdml 239.72 +6.87 -23.2 TgtRe2045 22.00 +0.46 NA TotStInst 89.58 +2.26 -22.9
SmCpA 53.17 +1.18 -33.6
Calamos Funds TotRetBdI 8.93 +0.06 NA Magin 10.54 +0.30 -28.7 JPMorgan I Class IncomeFd 10.34 +0.07 NA MuHYAdml 9.98 +0.03 -14.8 TgtRe2050 36.22 +0.78 NA ValueInst 49.44 +1.33 -12.2
TxExA 11.73 +0.03 MktNeutI
-12.1 13.52 +0.08 NA Edgewood Growth Instituti NASDAQ 137.18 +3.04 -30.3 CoreBond NA ... NA Price Funds MuIntAdml 12.99 +0.03 -10.0 TgtRe2060 37.09 +0.79 NA WCM Focus Funds
WshA 48.74 +1.30 -16.0
Columbia Class I EdgewoodGrInst 33.83 +0.79 NA OTC 12.78 +0.32 -32.4 EqInc NA ... NA BlChip 113.63 +2.35 -36.1 MuLTAdml 10.21 +0.04 -14.0 TgtRet2055 40.32 +0.86 NA WCMFocIntlGrwIns 17.80 +0.44 -35.7
Artisan Funds DivIncom I 26.80 +0.75 -14.0 Fidelity Puritn 21.63 +0.43 -19.9 LgCpGwth NA ... NA DivGro 61.18 +1.60 -16.8 MuLtdAdml 10.51 ... -4.8 TgtRetInc 12.14 +0.14 NA Western Asset
IntlVal Inst 33.61 +0.57 NA Dimensional Fds 500IdxInstPrem 128.17 +3.24 -21.9 SAIUSQtyIdx 14.59 +0.36 -22.4 JPMorgan R Class Growth 66.41 +1.30 -37.5 MuShtAdml 15.46 ... -1.9 WellsI 24.55 +0.39 -13.4 CorePlusBdI NA ... NA
Baird Funds 5GlbFxdInc 9.91 +0.03 -7.0 Contrafund K6 16.61 +0.43 -28.5 SrsEmrgMkt 14.78 +0.26 -29.7 CoreBond NA ... NA HelSci 85.67 +1.69 -17.7 PrmcpAdml r 133.33 +2.46 -21.3 Welltn 38.98 +0.82 -18.5 CorePlusBdIS 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.

THE WALL STREET JOURNAL. * * * * * * Tuesday, October 4, 2022 | B11

MARKETS

Stocks Share-price and index performance

8%
late last month for unfunded
tax cuts.
The U.K. government did a

Move 7
ConocoPhillips partial about-face on Monday,
saying it would ditch a plan to
cut the 45% top rate of income

Higher 6 tax.
In Asia early Tuesday,

GEORGE FREY/AGENCE FRANCE-PRESSE/GETTY IMAGES

5 Japan’s Nikkei 225 was up 2.4%
and South Korea’s Kospi was
Continued from page B1 up 2.1%. Markets in Hong Kong
4
electric-car maker fell short of Marathon and mainland China were
analysts’ forecasts. Petroleum closed for holidays. S&P 500
In bond markets, the yield 3 Dominion futures rose 0.4%.
on the benchmark 10-year Energy
Treasury note 2 S&P 500
MONDAY’S ticked down to AUCTION RESULTS
MARKETS 3.650% from 1 Here are the results of Monday's Treasury auctions.
All bids are awarded at a single price at the market-
3.802% Friday. clearing yield. Rates are determined by the difference
between that price and the face value.
Yields and prices move in- 0 Five-minute intervals
versely. 10 a.m. 11 noon 1 p.m. 2 3 4 13-Week 26-Week
On the economic front, S&P Applications $145,230,186,600 $115,206,251,800
Global and the Institute for Source: FactSet The S&P’s energy sector rose 5.8%, with Marathon Oil up 11%. Accepted bids $60,778,726,600 $47,272,346,800
" noncomp $1,678,459,300 $2,085,944,000
Supply Management both re- " foreign noncomp $693,000,000 $400,000,000
leased September surveys of manufacturing activity fell to whether the economy has Overseas, the pan-continen- round of phone calls to inves- Auction price (rate) 99.155722 98.053611
(3.340%) (3.850%)
purchasing managers that the lowest level since May cooled and when the Fed could tal Stoxx Europe 600 rose 0.8%. tors and clients over the week- 3.415% 3.981%
showed economic activity in 2020. slow its financial tightening, Credit Suisse fell about 0.9%. end. Bids at clearing yield accepted 16.29% 77.40%
the U.S. manufacturing sector Investors are likely to con- said George Catrambone, head The Swiss bank tried to as- Markets were tumultuous 912796X95 912796YN3
Both issues are dated Oct. 6, 2022. The 13-week bills
cooled last month. ISM said tinue scrutinizing every single of Americas trading at DWS suage fears about its health in last week in part because the mature on Jan. 5, 2023; the 26-week bills mature on
Monday that its index of U.S. economic data point to gauge Group. a memo to employees and in a U.K. government unveiled plans April 6, 2023.

Credit The cost to insure against

the bank defaulting on its debt
using five-year credit-default
will be sustainable for the
long term.
The bank’s troubles come at
Price of Credit Suisse
perpetual tier 1 bond
issued July 2018
strong among its peers.
Credit Suisse’s depressed
stock price means selling new
its funding costs, or what it
needs to pay to borrow, could
rise by around $300 million a

Suisse swaps rose Monday to its

highest level in years. It cost
investors €335 euros per
a jittery time in markets.
Soaring government-bond
yields in the U.K. prompted a
$1.05

1.00
shares would erase much of
the value of the existing
shares. A large capital in-
year. They said a capital in-
crease isn’t a foregone conclu-
sion, in their view, and that

Debt Sinks €10,000 of exposure (equiva-

lent to around $9,800) from
€250 Friday, according to S&P
Global Market Intelligence.
Continued from page B1 The cost for one-year credit
Over the weekend, the scan- insurance rose to €483, mean-
dal-prone Swiss lender became ing investors were paying up
a trending topic among arm- for the likelihood a default
chair investors on Twitter and could happen quickly.
Reddit forums who speculated “Credit Suisse has quite a
that the bank was in trouble. liquid balance sheet and its
Credit Suisse has sought to re- capital position is strong. The
assure investors and clients only thing that has changed
that it is in sound shape and given the eventful weekend is
last week said it is moving to the pressure to raise capital,”
sell assets as part of its new said Filippo Alloatti, head of
business plan. financials for credit at Feder-
Credit Suisse stock tumbled ated Hermes, an investment-
as much as 11% Monday, but management company.
rebounded late in the day to He said people on Twitter
end down less than 1%. Still, and other social media seem
the shares are down substan- to be trying to spark a bank
tially for the year, and its mar- run and that Credit Suisse
ket capitalization is around may need to assemble a deal
$10.6 billion, less than half of as soon as within the next
what it was in February. couple of days or this week.
The value of one of its riski- A bank spokesman declined
est types of debt, which can be to comment. In a memo to
canceled or converted to eq- employees on Friday, the
uity if a bank gets into trouble, bank’s chief executive, Ulrich
fell to around 77 cents on the Körner, compared Credit
dollar, from 86 cents Friday. Suisse to a rising phoenix that
Bank of England rescue to
protect the nation’s biggest
pension funds and raised con- 0.95
crease would represent a clean
slate for the bank but is often
seen by bank executives as a
Credit Suisse could finance its
restructuring by selling and
exiting businesses.
cerns about other risks hiding last resort given the pain it “This is not 2008,” they
in the financial system. 0.90 causes investors, including said, referring to tweets and
Credit Suisse said in July it employees who receive stock- other claims on social media
would refashion its investment 0.85 based compensation. that Credit Suisse’s problems
bank and exit from some other Without regaining market could signal a broader melt-
businesses to become leaner 0.80 confidence, Credit Suisse risks down in financial markets.
and less risky, following finan- its counterparties pulling de- Credit Suisse’s woes come
cial disasters that included a 0.75 posits and other forms of amid a worsening outlook for
$5.1 billion hit last year from funding. In August, its credit banks across Europe. An index
Nov. 2021 Jan. ’22 Oct.
client Archegos Capital Man- rating was downgraded one that measures the costs to in-
agement. It has a large Swiss Source: Tradeweb notch by Moody’s Investors sure against default against a
business serving all types of Service to Baa2, the second- swath of the region’s banks
customers and competes glob- “They need to take the cap- lowest rung of investment also rose sharply Monday,
ally in wealth management, in- ital risks off the table. And grade, and kept on a negative though less so than Credit
vestment banking and asset they need a good business outlook. Suisse’s.
management. plan, a solid restructuring The last major global bank Bank regulators for the re-
The bank overhauled its se- plan, that appeases the mar- to face a similar choppy pe- gion have warned the financial
nior ranks over the past year, ket,” said Thomas Hallett, a riod was Deutsche Bank in late system could be tested by
including a new chief financial bank analyst at KBW. 2016. At the time its risky households and businesses
officer, Dixit Joshi, who had The current fears look over- debt also sold off and many struggling to repay loans in
his first day Monday. He stated, Mr. Hallett said. “At questioned whether it could weakening economies.
joined after a long stretch at the same time, banks are continue on its own. It raised Credit Suisse is somewhat
rival Deutsche Bank AG. based around confidence and $8.5 billion of capital in early insulated from those woes,
Mr. Körner, who started in as soon as confidence goes, it 2017 and underwent a series since Switzerland has a richer
July, has planned to unveil its becomes a self reinforcing of painful restructurings be- population and more resilient
strategy at its quarterly earn- loop,” he said. fore stabilizing. economy than those of euro-
ings on Oct. 27, but many are The Swiss bank had an eq- Citigroup analysts on Mon- zone countries. Many of Credit
calling for the bank to move uity capital ratio of 13.5% as of day said falling prices on Suisse’s wealth clients are in
more quickly. the end of June, considered Credit Suisse’s bonds indicate Asia or the Middle East.

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B12 | Tuesday, October 4, 2022 THE WALL STREET JOURNAL.

HEARD STREET FINANCIAL ANALYSIS & COMMENTARY

ON
THE

World’s Most Expensive Drugs

Share-price and index performance
20% Stoxx Europe 600
Banks Index
KBW Nasdaq
Bank Index

Can’t Cure What Ails This Biotech 0 Credit Suisse Group

–20
Bluebird Bio has priced two gene therapies at around $3 million, but its financial future remains uncertain
Bluebird Bio is about to become a single treatment. It also could with the stock market plunging, deal with the multimillion-dollar –40
the seller of the two most expen- wind up saving money: The Institute many biotech companies have been price tags. One solution—which
sive drugs in the U.S., and by ex- for Clinical and Economic Review, or frozen out of the capital markets. Bluebird is offering for Zynteglo—is
tension the world, each fetching ICER, has estimated that the treat- Bluebird’s struggles highlight a risk-sharing agreement, where the
nearly $3 million. ment could be cost-effective. the challenge of developing drugs manufacturer could make refunds if –60
While the high price tag is lead- But the economics don’t work as for extremely rare conditions. The the product doesn’t work.
Jan. 2022 June Oct.
ing to public backlash, one would well for investors because there are government does have incentives, The bull case for Bluebird, ex-
think the company and its inves- only an estimated 1,300 people with such as priority review vouchers. plains analyst Yaron Werber at Co- Source: FactSet
tors would at least see a huge pay- transfusion-dependent beta thalas- The vouchers can be redeemed to wen, is that its technology and
off as the drugs hit the market. Not
quite. Two approvals by the Food
and Drug Administration this past
summer might have rescued the
semia in the U.S. Sales for the two
treatments, Zynteglo and Skysona
for CALD, might reach just over
speed up FDA review of a future,
more profitable drug. Bluebird got
two and hopes to cash them in for
at least $200 million, giving it
manufacturing could be applicable
to other indications. The company
is currently planning to file for ap-
proval of lovo-cel early next year.
Credit Suisse
company from the financial abyss,
but Boston-area-based Bluebird,
some breathing room as it seeks to
get a potentially more lucrative
While approval certainly would
boost the company’s prospects, it Has No
which in April announced signifi-
cant cost cuts to stay afloat, is go-
ing to be cash-strapped for a while.
The challenge is that the two dis-
$218M
Cash Bluebird Bio had on hand as of
treatment for sickle cell disease
approved. The company “has a
clear path to financial sustainabil-
ity and considerable positive mo-
could still face competition. Vertex
Pharmaceuticals and Crispr Thera-
peutics are also racing to receive
approval for their gene-editing
Time
eases Bluebird’s therapies treat—
beta thalassemia and cerebral adre-
noleukodystrophy, or CALD—afflict
the second quarter mentum,” a spokeswoman wrote.
The stakes go beyond just one
company: Andrew Lo, a Massachu-
therapy to treat sickle cell. Another
problem is that, while sickle cell
disease offers a much bigger mar-
To Lose
tiny portions of the population, setts Institute of Technology finance ket, access and reimbursement re-
therefore limiting their economic $200 million by 2030, according to professor who has sought ways to main a tough challenge. Most sickle
potential. Take the treatment for Luca Issi, an analyst at RBC Capital promote investment in rare-disease cell disease patients are African- Management needs to
beta thalassemia, a genetic disease Markets. Contrast that with Blue- treatments, says there is a risk that Americans, a population that has act now to stop leaks
characterized by a shortage of bird’s cash burn rate. The company there could be a chilling effect on long lacked equal access to care.
healthy red blood cells, which leads expects to go through just under other such therapies if Bluebird At a market capitalization just
to anemia. In the most severe form $340 million this year. As of the doesn’t succeed. Currently there are shy of $500 million, Bluebird isn’t Credit Suisse risks getting
of this disease, people undergo second quarter, it had about $218 only a handful of gene therapies ap- expensive for a biotech with two caught in a doom loop as worries
blood transfusions every few weeks, million in cash. The upshot is that proved but, as more costly but po- approved therapies. But having the flood into a strategic vacuum while
basically tethering them to the doc- Bluebird needs to raise money, and tentially curative medications come most expensive drug on the mar- investors wait for a new turn-
tor’s office. Bluebird’s drug, Zynte- fast. The company has said it is ex- to the market, payers and manufac- ket isn’t always a good thing. around plan. Management needs to
glo, could be life-altering with only ploring financing opportunities. But turers will have to find a way to —David Wainer act quickly to break the cycle.
The beleaguered lender’s share
price fell as much as 10% Monday
morning, before recovering to

AMC Is Violating Laws of Economics

close down 0.9%. The apparent
trigger for the latest selloff was
nothing more than its bankers call-
ing customers and investors this
weekend to reassure them that all
There has been a lot written There are now a similar number of AMC Entertainment’s enced investors’ stakes. On Sept. 7, is in hand despite a jump in its
about how meme stocks continue to APE units, but the two trade at dif- market value by share class AMC Chief Executive Adam Aron, a credit-default swaps on Friday.
defy the law of gravity, but now ferent prices. AMC fetched $6.86 heavy personal seller of stock in the Credit Suisse isn’t alone, with
$15 billion
something far weirder is going on— Monday and APE $2.44. That makes past, issued a tweet “for those who the whole sector suffering from
violating the law of one price. no sense so, whatever one thinks incorrectly fear dilution” saying he falling share prices and rising CDS
Professional money managers about the company’s value—and APE preferred owns 793,974 shares and a similar prices this year, but its situation is
tempted to bet on or against Reddit skeptics think both shares are over- AMC number of APE units and has 2.1 more extreme. It seems caught in
favorites such as GameStop or Bed priced—it seems like free money. An 10 million more vesting in the next few a vicious cycle of leaks, profit
Bath & Beyond usually regretted it. arbitrager needs to borrow and sell years. The suggestion that his inter- warnings and speculation about
That all seemed to change when short AMC common shares and buy ests are aligned with shareholders capital raising that has more than
AMC Entertainment Holdings and an equivalent amount of APE units, simply isn’t true. AMC might not halved its share price this year to
its individual shareholders handed profiting when they converge. 5 grow or survive without a cash infu- around a fifth of book value.
them a golden opportunity. The law of one price that says sion, in which case Mr. Aron might Even after its recent history of
In August, AMC said it would give they must does have caveats such not remain employed to get share scandals and profit warnings, the
owners one share of newly issued as transaction costs. Short seller rewards, much less his millions in bank finished the June quarter
preferred stock bearing the ticker Jim Chanos, who is attempting the salary and bonus. Or it could expand with a solid 13.5% core capital ra-
0
symbol APE for each common AMC arbitrage, says the net cost of given enough cash. It used some of tio. Management insists it is well-
share. Unlike most preferreds that shorting AMC shares is around 9% 2019* ’20* ’21* ’22† its previously raised bounty to invest capitalized and that its brand re-
pay a cash dividend and carry se- annually now. That is higher than *Last day of the year †Monday in a nearly bankrupt gold miner. mains strong. But banking is a
niority in case of bankruptcy, these for many stocks but negligible Source: FactSet Even if they believe in Mr. Aron’s confidence business where worries
are almost identical to the common compared with the potential profit. vision, owners of the common shares can become self-fulfilling prophe-
shares. Many speculated the reason But the gigantic gap raises a gov- about 72 million of those to raise failed to grasp they should sell them cies. The challenge and expense of
for the exercise was because AMC ernance question for AMC manage- that amount of money, the company and use the proceeds to buy the sorting things out will likely rise
failed to get permission from share- ment, which declined to comment. would have to sell 185 million of the equivalent value of APE units. Mr. the longer it takes for the lender’s
holders to sell more common shares The company last month filed to sell basically equivalent APE units. Chanos would benefit, but so would new management to take decisive
while selling billions of the pre- “up to” 425 million APE units. Say Although economic laws are being they by enlarging their stakes. What action.
ferred APE units was possible. AMC feels it needs to raise a half- violated, the company seems to be many haven’t understood is AMC Ideally, Credit Suisse would re-
Since January 2020, the company billion dollars to shore up its fi- within its legal rights. Yet it is one can go on to be a successful com- assure the market with solid third-
issued or created 464,740,518 AMC nances. Its shareholders rejected is- thing to sell possibly overvalued pany but an awful investment if it quarter results well before the
shares, or almost 90% of all those is- suing more common shares. Yet, stock to willing buyers and another keeps treating shareholders like planned reporting date on Oct. 27.
sued and outstanding on Sept. 23. while they would need to sell only to unnecessarily devalue inexperi- monkeys. —Spencer Jakab Strong numbers seem unlikely,
though. Seesawing markets have
made it a tough quarter for wealth
management.
In investment banking, revenues
Turmoil Splits Manufacturing’s Haves and Have-Nots are down across the sector and the
business mix has been unhelpful
for Credit Suisse in particular: Le-
verage loans were hard hit, while
U.S. manufacturers have been fixed income—specifically foreign
weathering the effects of rising in- exchange and rates—was the main
terest rates, a strong dollar and a bright spot. The bank is also likely
slowing global economy remarkably nursing losses from underwriting
well. For some of them, at least, that the disappointing Citrix leveraged
probably can’t continue. buyout.
The Institute for Supply Man- That leaves bringing forward
agement on Monday reported that Credit Suisse’s new strategy an-
its index of manufacturing activity nouncement, currently scheduled
slipped to 50.9 in September from alongside the coming results, as
52.8 in August. But for the 28th the best option. The broad out-
month in a row it was above 50— lines are already known: a scaled-
the cutoff between manufacturing back investment bank and some
NIKI CHAN WYLIE FOR THE WALL STREET JOURNAL

contraction and growth. Likewise, swinging cost cuts. A key unknown

a manufacturing index from S&P is whether they will quickly cut
Global showed U.S. activity contin- the investment bank, which will
ued to grow last month. likely require raising capital at a
Manufacturers’ recovery from painfully low valuation, or try to
the plunge they experienced early self-fund the cull, which would
in the pandemic has been remark- therefore need to be slower and
able. The support many house- narrower.
holds received from the govern- Whatever the bank chooses, it
ment—plus the shift in consumer must actually deliver on the strat-
appetites toward goods—provided egy this time and end the string of
them with ample demand, and out- profit warnings and disappoint-
put quickly bounced back. So too ments. Getting the plan right does
did employment: There are now The environment for manufacturers has gone from challenging to awful. A door warehouse in Salt Lake City. take time, but strategies are art as
more factory jobs than there were well as accounting. Waiting to nail
prior to the downturn—something filling up their newly purchased counterparts, at home and abroad. ters because the auto industry and down the details risks losing more
that occurred following no reces- homes with appliances and the like. Worse, the dollar’s strength stems its many suppliers remain the big- good people and prolonging the
sion since the 1970s. Meanwhile, the dollar has shot in large part from an atrocious gest player in U.S. manufacturing. current drip-feed of leaks that are
But over the past several weeks higher, too—on a trade-weighted economic outlook overseas, partic- Furthermore, the supply-chain jangling investors’ nerves and
the environment for manufacturers basis, it was 12% higher late last ularly in Europe where energy snarls that characterized the pan- chipping away at the bank’s share
has gone from challenging to awful. month than a year earlier, accord- costs have spiraled higher as a re- demic are prompting more busi- price.
The jump in interest rates, which ing to the Federal Reserve. In real sult of Russia’s invasion of nesses to explore sourcing goods It should be possible to outline
took the average rate on a 30-year terms, which account for differing Ukraine. That means a deteriorat- and materials closer to home. Fi- a strategy and set targets that give
fixed mortgage to 6.7% at the end of inflation rates, it was likely up sig- ing market for exports. nally, U.S. manufacturers retain investors the broad direction and
September from 5.6% at the end of nificantly more. Still, the news for U.S. factories one cost advantage over their Eu- some metrics for measuring prog-
August, according to Freddie Mac, While it can take time for ex- might not be uniformly bad. There ropean counterparts: Their energy ress while leaving room to cali-
will further curtail housing activ- change-rate dynamics to affect ac- still appears to be strong underly- costs are significantly lower. brate the details as the multiyear
ity—an important source of demand tivity, the fact is the dollar’s ing demand for new cars, for ex- So some manufacturers might plan is delivered. In the confidence
for many factories. Not only will strength is making it harder for ample, and with the semiconduc- be able to keep doing well despite game of banking, delays are expen-
builders likely be ordering fewer U.S.-based manufacturers to com- tor shortage easing, that demand the difficult environment. But there sive.
materials, there will be fewer people pete on price with their overseas will be easier to meet. That mat- will be losers, too. —Justin Lahart —Rochelle Toplensky