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* * * * * * WEDNESDAY, AUGUST 9, 2023 ~ VOL. CCLXXXII NO. 33 WSJ.com HHHH $5.00

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What’s China’s Exports See Steep Slide Regional

Banks Get
News Decline, worst since drying up of Western demand sions between Beijing and the istration of Customs showed.

Business & Finance

early in pandemic,
reflects fraying trade
is hurting Beijing’s attempts
to rekindle growth.
After a short-lived rebound
U.S.-led West have prompted
some Western manufacturers
to reduce their reliance on
Compared with those of a
year earlier, China’s exports to
the U.S. and European Union
Downgrade
 China’s exports to the rest of
ties with the West
in the spring, goods exports
from China resumed a long-
term slide that dates to October
China’s supply chain, which in
turn is expected to erode trade
ties between the two sides.
plunged by more than 20%
each last month. There was a
lone bright spot: Chinese ship-
And Stocks
the world fell in July, adding to
the challenges for the world’s
second-largest economy and
BY STELLA YIFAN XIE

HONG KONG—China’s ex-

last year, when consumers in
Western developed countries
began shifting their spending
Overseas shipments from
China slumped 14.5% in July
from a year earlier, the steep-
ments to Russia soared in
July, calculations from the
customs data show.
Edge Down
offering fresh evidence that ports to the rest of the world away from buying furniture and est year-over-year decline Recent data have signaled Reaction suggests
a drying up of Western de- tumbled in July, adding to the electronic gadgets, and diverted since February 2020, in the Please turn to page A8
mand is hurting Beijing’s at- challenges for the world’s sec- it toward services such as en- earliest days of the Covid-19 sector remains at
tempts to rekindle growth. A1 ond-largest economy and of- tertainment and dining out. pandemic, data released Tues-  Key China developer sinks risk to problems that
fering fresh evidence that a Worsening geopolitical ten- day by China’s General Admin- into debt crisis.................... B5
 Moody’s downgraded 10 stirred spring panic
regional banks, sending bank
shares down and renewing
BY GINA HEEB
concerns about the health of
the sector amid higher interest
Lands Near Canyon Are Declared New Monument AND JOSH MITCHELL
rates and recent failures. A1
Moody’s Investors Service
 Major U.S. stock indexes downgraded 10 regional
slipped, with the S&P 500, banks, sending bank shares
Nasdaq and Dow losing 0.4%, down and renewing concerns
0.8% and 0.5%, respectively. B11 about the health of the sector
amid higher interest rates and
 July’s stock-market gains
recent failures.
left hedge funds closing out
The KBW Nasdaq Bank In-
short positions and cutting risk
dex and the SPDR S&P Re-
at the fastest pace in years,
gional Banking ETF both
according to data from Gold-
slipped about 1%.
man’s prime brokerage unit. A1
The Moody’s downgrades
 SoftBank posted its first late Monday hit the regional
investment gains in a year powerhouse M&T Bank as well
and a half and said it would as a number of smaller banks.

.
cautiously press ahead with Webster Financial, BOK Finan-
cial and Old National Ban-

ly
new bets in artificial-intelli-
gence-related fields. B1 corp were among the other
banks that Moody’s down-
 Barington has built a
graded. Shares of all of those
stake in Hanesbrands and is
pushing the underwear com-
pany to make changes to its
board and other moves to re-
on banks traded lower.
The reaction suggests the
sector remains vulnerable to
the problems that stirred a
verse a slide in its stock. B1
panic this spring after the
us ,

 TSMC will build its first Euro- failures of several midsize

l

pean chip factory with support lenders: devalued bonds, jit-

e
al a

from Germany, as the Continent tery investors, deposit with-

moves to reduce its depen- drawals and higher costs.
ALEX BRANDON/ASSOCIATED PRESS

“There has been more

ci on

dence on imports from Asia. B3

funding pressure, more de-
 UPS cut its financial outlook
posit pressure in the U.S.
for the year as a slowdown in
banking system than we have
global delivery volumes and the
seen in a long time,” Jill Cet-
fallout from a new labor con-
ina, Moody’s associate manag-
er s

tract weigh on the business. B3

ing director and one of the
 Lyft raised its revenue writers on the research re-
m er

and trimmed its loss in a PROTECTED: President Biden, shown with Grand Canyon National Park Superintendent Ed Keable, designated a new national port, told The Wall Street
quarter that saw the depar- monument that would protect lands near the Grand Canyon, a move that has been opposed by the mining industry. A3 Journal.
ture of its co-founders from At the same time, markets
day-to-day management. B4 broadly are on edge about the
possibility of a pullback.

Corporate Diversity Is Under Siege

m rp

World-Wide Stocks have managed to zoom

higher for much of the year,
despite a persistent fear
 Newly delivered U.S.- about how the Federal Re-
made cluster munitions serve’s higher-for-longer in-
co Fo

have given a fresh impetus terest rates will play out

to Ukraine’s campaign to
Conservative groups mount legal challenges against Amazon, Comcast and others across the economy.
retake territory captured The banking sector has
by Russia, after weeks of BY THEO FRANCIS AND LAUREN WEBER ing some of the same tactics that pro- sued in Texas over a program offering been under particular scrutiny
little progress. A1 gressive groups have used to advance an extra $10,000 to Black- or Latino- ever since Silicon Valley Bank,
 China’s top diplomat as- Conservative legal activists success- diversity, equity and inclusion, or DEI, owned delivery-service contractors. Signature Bank and First Re-
sured Russia that Beijing fully challenged the use of affirmative programs. They are arguing that compa- Starbucks directors and executives are public Bank collapsed earlier
hasn’t wavered in its stance action by universities. Now they are go- nies are violating rules against race- and being sued by a shareholder arguing this year. The banks were
on the Ukraine war, right af- ing after diversity initiatives widely de- sex-discrimination, including those they violated their duty to investors by caught flat-footed by higher
ter a Chinese envoy joined a ployed across American corporations. drawn from legislation designed to se- supporting diversity policies. interest rates, which have
multilateral forum, which ex- Some companies are already reconsider- cure the rights of Black Americans. Dozens of corporate law firms and ma- forced lenders to pay more for
cluded Moscow, to discuss ing their efforts. Comcast settled a case accusing it of jor employers have received letters from Please turn to page A2
ways to end the conflict. A7 In lawsuits, shareholder letters and illegally favoring minority-owned small- Republican officials warning them to ad-
n-

petitions to the Equal Employment Op- business customers with grants and here to laws prohibiting racial quotas and  Stocks fall on weak China
 The Supreme Court said
portunity Commission, activists are us- marketing advice. Amazon has been Please turn to page A10 data, UPS outlook............ B11
federal regulation of ghost guns
would stand while the Biden ad-
ministration appeals lower-court
no

orders finding that do-it-your-

self firearm kits weren’t covered
by the Gun Control Act. A2
U.S.-Made Coping With Record Heat
July was Earth’s hottest month on record, surpassing the Hedge Funds Suffer
 The White House is set to
ban private-equity and ven-
Cluster global monthly average temperature record set in July 2019.
For a look at how six cities around the world coped, see A6.
A Painful Drubbing
ture-capital investments in
Munitions
As Short Sales Sour
some Chinese tech companies
Global surface air temperature for July
under an executive order. A7 62°F
62.5° Fahrenheit (2023)
 Ohio voters defeated a
measure that would have
Boost Kyiv +0.59°F from previous high

made it harder to change the

state constitution, meaning
an amendment on the No-
vember ballot enshrining
abortion access faces a
lower bar for passage. A4
 Some lawmakers on recess
are diving back into efforts to
fund the government for fis-
cal 2024, seeking to gain a ne-
gotiating edge when Congress
returns in September. A4
 DeSantis named a new
campaign manager, the latest
effort to steady his struggling
bid for the 2024 Republican
presidential nomination. A5
 China released draft rules
to curb uses of facial recog-
nition, while leaving broad
exceptions for national-se-
curity-related uses. A8
CONTENTS
Arts in Review..... A13
Business News....B3,5
Crossword................ A14
Heard on Street....B12
Finance & Markets B11
Markets Digest...... B9
s 2023 Dow Jones & Company, Inc.
All Rights Reserved
BY IAN LOVETT
AND NIKITA NIKOLAIENKO
ZAPORIZHZHIA, Ukraine—
Newly delivered, U.S.-made
cluster munitions have given
fresh impetus to Ukraine’s
campaign to retake territory
captured by Russia, after
weeks of little progress.
Ukrainian soldiers said they
have used the cluster bombs—
which release dozens of
smaller bomblets and can
cause devastation over a
broader area than ordinary ar-
tillery shells—to hit concen-
trations of Russian infantry,
groups of vehicles and other
targets, clearing the way for
ground advances.
Kyiv’s counteroffensive oper-
ations have struggled in the
Opinion................ A15-17 face of wide minefields and
Personal Journal A11-12
Property Report.... B6
Moscow’s superior air power,
Sports.......................... A14 which have impeded large-scale
Technology & Media B4 efforts to use Western-supplied
U.S. News.............. A2-6 tanks and armored vehicles to
World News....A7-8,18
reach and punch through lines
of entrenched Russian forces.
> While the cluster bombs
alone won’t tilt the battlefield
Please turn to page A7
 Beijing reassures Moscow of
impartiality on Ukraine.... A7
BY JACK PITCHER
61
Betting against U.S. stocks
has gone poorly for Wall
Street speculators.
60 July’s gains left hedge funds
closing out so-called short po-
sitions and cutting risk at the
fastest pace in years, accord-
ing to data from Goldman
59 Sachs’s prime brokerage unit,
1940 ’50 ’60 ’70 ’80 ’90 2000 ’10 ’20 which caters to hedge funds.
The cumulative dollar amount
Source: Copernicus Climate Change Service of short covering by hedge
funds in June and July com-
bined was the largest over a
two-month period since 2016.
Government Agencies Bristle
Short sellers borrow shares
and then sell them, aiming to
Over Who Owns Portrait of Hugh buy them back at a lower price
later and pocket the difference.
i i i The vast majority of U.S.
short selling is done by hedge
Treasury and OCC both want 19th century funds, which seek to generate
positive returns no matter the
painting of first comptroller McCulloch direction of stock indexes.
The heavy short covering is
BY ANDREW ACKERMAN sometimes takes the shape of a providing yet another tailwind
AND RICHARD RUBIN rectangular gilded frame, two for stocks, which have rallied
federal agencies are squabbling this summer on optimism that
WASHINGTON—Do you over the 143-year-old portrait a strong economy can with-
know who Hugh McCulloch of a long-dead public servant stand higher interest rates.
was? Don’t feel bad. Almost no so obscure he’s more like Who When a rally catches short
one else remembers him ei- McCulloch to Americans today. sellers off guard, they can be
ther. In a drawn-out turf battle— forced to buy the shares back
Yet here in America’s hide- a canvas battle, actually—both at a high price to limit further
bound capital, where power Please turn to page A10 losses, creating additional de-
mand that can make prices go
even higher.
On Tuesday, the S&P 500
slipped 0.4%, extending a re-
cent decline from its 2023
highs hit last month.
“A lot of people have been
skeptical of the market, and as
they’re forced to cover short po-
sitions, that’s obviously adding
fuel to the rally,” said David
Kelly, chief global strategist at
J.P. Morgan Asset Management.
U.S. and Canadian equity
short sellers racked up $53.5
billion in mark-to-market losses
on short sales in July, and have
lost $175.2 billion betting
against the market this year,
according to data from S3 Part-
ners. Every sector was unprof-
itable for short sellers in July.
Hedge funds came into 2023
with relatively little leverage,
or borrowed money, after cut-
ting risk for most of last year
in anticipation of a recession.
But after missing out on some
of the market’s surprise rally
this year, they have added sig-
nificant leverage in an attempt
to catch up and juice returns.
Hedge funds charge their in-
vestors high fees and are un-
der pressure to generate larger
returns to justify the expense
Please turn to page A5
 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 | Wednesday, August 9, 2023
High Court Lets ‘Ghost Gun’ Rule Stand
Firearm-kit measure
will remain in place
while U.S. appeals
lower-court orders
BY JESS BRAVIN
WASHINGTON—A 5-4 Su-
preme Court said Tuesday that
federal regulation of so-called
ghost guns would stand while
the Biden administration ap-
peals lower-court orders find-
ing that do-it-yourself firearm
kits weren’t covered by the
principal federal weapons law,
the Gun Control Act.
The federal Bureau of Alco-
hol, Tobacco, Firearms and Ex-
plosives issued a rule in 2022
applying the Gun Control Act to
gun kits amid a proliferation of
such kits being sold over the in-
ternet. After lower courts said
the rule exceeded the govern-
ment’s regulatory authority, the
Los Angeles city workers went on a 24-hour strike Tuesday, picketing outside City Hall, above, and other locations. The workers’ union says the city has restricted employee rights.
WASHINGTON
Judge Eyes Limiting
Trump’s Disclosures
The judge overseeing the
criminal case against Donald
Trump alleging he conspired
to undo the 2020 election re-
sults set a court hearing for
Friday morning to resolve dis-
putes over what information
the former president and his
legal team can access and
potentially publicly expose.
U.S. District Judge Tanya
Chutkan’s decision is an early
sign that she wants to follow
a disciplined timetable, which
could run counter to the
no
Trump team’s tactics that
have led to delays in other
Downgrade
Hits Bank
Shares
Continued from Page One
deposits and weakened the
value of their securities and
loans. Deposits at many re-
gional banks have stabilized
after a hairy first quarter, but
investors are still worried.
Bank stocks broadly are
down for the year, with the
KBW Nasdaq off by 13%. The
S&P 500 is up 17% even with
last week’s decline.
All of the Moody’s cuts
were by a single notch, and all
the banks remain investment-
grade. “Big picture, we think
that U.S. banks are still very
strong,” Cetina said.
Moody’s said it would re-
view its ratings on several
other larger banks, including
U.S. Bancorp, Truist Financial,
Bank of New York Mellon and
State Street.
The firm assigned a nega-
tive outlook to PNC Financial
Services Group, Citizens Fi-
nancial Group and Fifth Third
Bancorp, among others.
Bank shares were down
across the board. Stocks were
broadly lower, with the major
indexes down.
Shares of megabanks also
fell. Bank of America, Citi-
Justice Department asked the
Supreme Court to let the regu-
lations stand while the litiga-
tion continues.
Tuesday’s order, as is typical
in emergency matters, was un-
signed and provided no rea-
sons. It noted that Justices
Clarence Thomas, Samuel Alito,
Neil Gorsuch and Brett Ka-
vanaugh would have denied the
government’s request.
The Justice Department
said it was gratified the court
permitted the government to
continue treating guns assem-
bled from kits like other
weapons, at least for now. The
rule “is about public safety—
helping law enforcement solve
crimes and reducing the num-
ber of untraceable ghost guns
flooding our communities,” a
spokesman said.
A lawyer for the Firearms
Policy Coalition, a gun group
that challenged the regulations,
said they were “deeply disap-
on
us ,
l
e
al a
ci on
er s
m er
m rp
court proceedings. She sched-
uled the hearing after a flurry
co Fo
of court filings revealed sev-
eral disagreements between
the Justice Department and
Trump’s lawyers over how
the voluminous evidence in
the case should be handled.
Trump campaigned Tues-
day in Windham, N.H., and
mocked any suggestion that
he would accept limits on
what he could say publicly.
“I’ll come here and I’ll say, ‘Hi,
everybody, listen, I’m not al-
n-
lowed to speak. Please vote
for me,’ ” he said sarcastically.
He later said on social media:
“They’re not taking away my
First Amendment right.”
—Jan Wolfe
Index and ETF performance
year to date
S&P 500
KBW Nasdaq Bank Index
SPDR S&P Regional Banking ETF
20%
10
0
–10
–20
–30
–40
Jan. 2023 Aug.
Source: FactSet
group, JPMorgan Chase and
Wells Fargo all traded lower.
The Federal Reserve’s cam-
paign to lift interest rates to
combat inflation “continues to
have a material impact on the
U.S. banking system’s funding
and its economic capital,”
Moody’s said in its report.
Higher rates have contin-
ued to reduce the value of
bonds and other assets owned
by regional banks, leaving the
lenders with “sizable unreal-
ized losses” and vulnerable to
share-price drops if investors
get spooked, Moody’s said.
Customers have been shift-
ing cash into accounts that
pay higher interest, driving up
costs for lenders and eroding
profitability.
“There remains a signifi-
cant risk that systemwide de-
U.S. NEWS
pointed that the court pressed
pause on our defeat of ATF’s
rule.” The lawyer, Cody Wis-
niewski, said he remained “con-
fident that we will yet again de-
feat ATF and its unlawful rule
at the Fifth Circuit when that
court has the opportunity to re-
view the full merits of our case.”
In its Supreme Court filing,
the Justice Department said
criminals have used ghost
guns as a loophole to frustrate
law enforcement. Exempting
them from the rules that ap-
ply to other guns “poses an
acute threat to public safety,”
the government said. More
than 19,000 ghost guns were
recovered by police in 2021, a
1,000% increase from 2017, it
said, and the number so far
this year is 23,000.
Companies that market such
kits, along with consumers who
sought to assemble homemade
firearms and gun-rights groups,
filed suit to block the rule, argu-
U.S.WATCH
NEW YORK
Drug Kingpin Gets
45-Year Sentence
A Colombian drug kingpin
who was once one of that
country’s most wanted fugi-
tives was sentenced in
Brooklyn federal court Tues-
day to 45 years in prison for
overseeing the smuggling of
more than 100 tons of co-
caine into Central America
and the U.S.
Dairo Antonio Úsuga Da-
vid, 51 years old, pleaded
guilty in January to running a
criminal enterprise and two
other drug-related charges.
The plea agreement settled
three federal indictments
posits will resume their de-
cline in coming quarters,”
Moody’s said.
The biggest banks have
been relatively immune from
this year’s bank crisis. JPMor-
gan, Wells Fargo and Bank of
America all reported higher
profits in the second quarter,
boosted by their ability to
charge more on loans.
And while even the largest
banks are paying more in in-
terest to keep yield-hungry
customers from yanking their
deposits, the extra expense
can be hard on smaller banks
that often don’t have big fee-
based businesses to lean on.
“Everybody’s kind of feel-
ing that pres-
sure,” Terry
Dolan, chief fi-
nancial officer Moody’s said it
at U.S. Bancorp, would review its
said in an in-
terview with ratings on
The Wall Street
Journal last
several other
month. “The larger banks.
smaller the
bank, you’re
probably going
to have a bit more.”
Chris Marinac, director of
research at Janney Montgom-
ery Scott, said second-quarter
results showed the sector re-
mains sound and that the
slump in bank stocks Tuesday
reflected a “knee-jerk reac-
tion” to the downgrades.
“There’s not fabulous prof-
itability, but they can still
make money,” he said.
ing it exceeded the Gun Control
Act’s scope. A federal district
judge in Fort Worth, Texas,
Reed O’Connor, agreed, issuing
an order in July blocking en-
forcement of the ghost gun rule.
“A weapon parts kit is not a
firearm,” O’Connor wrote, and
“ATF has no general authority
to regulate weapon parts.” The
Fifth U.S. Circuit of Appeals, in
New Orleans, agreed to expe-
dite the government’s appeal,
but left in place O’Connor’s or-
der blocking enforcement of the
ghost-gun regulations that had
been challenged.
The Gun Control Act’s provi-
sions are intended to make it
easier to keep guns out of the
hands of criminals by channel-
ing sales through licensed deal-
ers, and to help law enforce-
ment solve crimes involving
guns by requiring that weapons
carry serial numbers.
President Lyndon Johnson
signed the Gun Control Act in
that Úsuga David faced.
Prosecutors said in a court
filing ahead of the sentencing
that for nearly a decade
Úsuga David was the leader
of the Gulf Clan, a rural mili-
tia of at least 1,000 fighters
that operates across several
Colombian provinces. During
his reign, Úsuga David over-
saw the trafficking of drugs
while terrorizing communi-
ties, prosecutors said.
Úsuga David, who is also
known by the alias Otoniel,
was captured in 2021 in a
hideout near the Colombia-
Panama border after an ex-
tensive manhunt. He was ex-
tradited to the U.S. last year.
—James Fanelli
“Moody’s has now shouted an
alarm bell that really isn’t
anything new.”
M&T declined to comment.
BOK Financial said the down-
grade was driven by factors
that influence the broader in-
dustry, rather than just the
Oklahoma-based bank specifi-
cally. The bank said it is “posi-
tioned well to compete and
grow” and that it didn’t ex-
pect the downgrade to have a
“material impact.”
Moody’s also pointed to the
prospect that a recession in
early 2024 could erode de-
mand for loans and lead to
loan defaults.
Banks could be hit by prob-
lems in com-
mercial real es-
tate, the firm
said, including
higher interest
rates, vacant
offices due to
the shift to-
ward remote
work, and re-
duced availabil-
ity of credit.
Shares of
European banks also dropped
Tuesday after the Italian gov-
ernment announced a windfall
tax on local lenders.
If it is passed, local banks
would place a one-off levy of
40% on income from higher
interest rates.
The Italian bank giant In-
tesa Sanpaolo shed nearly 9%,
its worst session in more than
a year. UniCredit fell 6%.
* * THE WALL STREET JOURNAL.
October 1968, after the assassi- short period of time.”
nations of the Rev. Martin Lu- The government argues that
ther King Jr. and Robert F. Ken- it makes no sense to draw a line
nedy, along with mounting civil between an assembled product
unrest, pushed Congress to and a kit that can quickly be put
move the long-stalled legisla- together.
tion. Among other devices, it “Every speaker of English
covers any weapon that “will or would recognize that a tax on
is designed to or may readily be sales of ‘bookshelves’ applies
converted to expel a projectile to IKEA when it sells boxes of
by the action of an explosive,” parts and the tools and in-
as well as “the frame or re- structions for assembling
ceiver of any such weapon.” them into bookshelves. The
In its 2022 rule, the ATF said court’s insistence on treating
that regulation includes “a guns differently contradicts
weapon parts kit that is de- ordinary usage and makes a
signed to or may readily be mockery of Congress’s careful
completed, assembled, restored, regulatory scheme,” the gov-
or otherwise converted to expel ernment’s brief argues.
a projectile by the action of an BlackHawk Manufacturing
explosive.” The bureau said the Group, a ghost-gun maker that
clarification was necessitated challenged the rule, said the
by “technological advances” government’s IKEA analogy was
that have “made it easier for superficial. In the company’s
companies to sell firearm parts furniture store analogy, Con-
kits,” which include all the com- gress may have decided to tax
ponents needed “to complete a bookshelves but excluded as-
functional weapon within a semble-them-at-home kits.
.
ly
RYAN SUN/ASSOCIATED PRESS
LOS ANGELES city workers who are striking.
The union said its mem-
City Employees
bers voted to authorize the
Strike for One Day walkout because the city has
Thousands of Los Angeles failed to bargain in good faith
city employees, including san- and engaged in labor prac-
itation workers, lifeguards tices that restricted employee
and traffic officers, walked and union rights.
off the job Tuesday for a 24- It’s the latest strike to over-
hour strike alleging unfair la- take the nation’s second larg-
bor practices. est city in recent months. Hol-
Picket lines went up before lywood writers have been
dawn at Los Angeles Interna- striking since May, and actors
tional Airport and other loca- joined them last month. Los
tions, and a large rally was Angeles hotel workers have
held later in the morning staged walkouts all summer,
downtown at City Hall. SEIU and earlier this year school
Local 721 said airport custodi- staff walked picket lines. There
ans, heavy duty mechanics was also a contract dispute at
and engineers are among the Southern California ports.
more than 11,000 Los Angeles —Associated Press
CORRECTIONS  AMPLIFICATIONS
Telehealth use is able to
reduce Kaiser Permanente’s
Northwest region carbon foot-
circa 1920.
In 1804, Aaron Burr raised
print by about 7,500 metric
tons a year, according to the
company. A Banking & Finance
an expedition of men to seize
lands in Texas belonging to
Spain and lands in Louisiana
article on Thursday about vir- claimed by Spain and by the
tual healthcare incorrectly U.S., which bought them from
said telehealth use is able to France a year earlier. An essay
reduce all of Kaiser Perma- in Saturday’s Review section
nente’s carbon footprint by about how the Founding Fa-
about 7,500 metric tons a year. thers anticipated demagogic
threats incorrectly omitted the
A photo of Josephine Baker U.S. ownership.
that appeared with an Off
Duty article on Saturday about Director William Friedkin
gardening-inspired fashion was born in 1935. A U.S. Watch
was taken after 1940. The cap- item noting his death gave the
tion incorrectly said it was year incorrectly as 1939.
Readers can alert The Wall Street Journal to any errors in news articles
by emailing wsjcontact@wsj.com or by calling 888-410-2667.
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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.
Weight Drug
Shown to Cut
Heart Risks
BY PETER LOFTUS
Novo Nordisk’s anti-obesity
drug Wegovy not only helped
people lose weight but also re-
duced their risk of heart at-
tacks, strokes and cardiovascu-
lar deaths by 20% in a large
study.
The results provide evidence
that the weight loss that We-
govy delivers can have impor-
tant secondary benefits, such as
improved cardiovascular health,
in people who don’t have dia-
betes. Novo and other compa-
nies are studying whether these
types of drugs can treat sleep
apnea, liver disease and chronic
kidney disease.
Analysts say a proven heart-
health benefit beyond weight
loss could increase pressure on
more U.S. employers and insur-
ers to pay for Wegovy and simi-
lar weight-loss drugs. Many in-
surers don’t cover them,
including the federal Medicare
program for older people,
partly because of the high
cost—Wegovy has a list price of
about $1,350 a month.
Novo Nordisk said Tuesday
it plans to seek
U.S. and Euro-
pean regulatory
approvals to Evidence shows
add the evi-
dence of a heart
benefit to We-
govy’s prescrib-
Wegovy can
have important
ing label. Such
secondary
approval would benefits.
allow the com-
pany to promote
a heart benefit
in addition to weight loss for
Wegovy.
“This is a pivotal trial,” said
Dr. Ania Jastreboff, an obesity-
treatment specialist and profes-
sor at Yale University School of
Medicine. “Here you’re demon-
strating clear improvement in
health outcomes.” Jastreboff
enrolled patients in the study
and consults for Novo Nordisk.
Novo Nordisk issued limited
results of the company-funded
study in a press release, and
they haven’t been published yet
in a peer-reviewed journal.
Novo said it plans to present
full results at a scientific con-
ference later in 2023.
Obesity-treatment special-
ists say Wegovy and similar
drugs have the potential to help
people reduce cholesterol and
blood pressure, and to avoid
heart attacks and strokes,
among other benefits for com-
plications of obesity.
Obesity can increase a per-
son’s risk of cardiovascular dis-
ease. Previously, researchers
found that weight loss from
bariatric surgery can reduce a
person’s risk of heart attacks
and strokes.
Wegovy belongs to a class of
no
drugs that work by mimicking
a gut hormone known as GLP-1,
which has various effects in-
cluding promoting insulin pro-
duction and suppressing appe-
tite.
Wegovy contains sema-
glutide, the same main ingredi-
ent in the drug Ozempic, which
is approved to treat Type 2 dia-
betes and has gained popular-
ity for weight loss.
GLP-1 drugs have been used
to treat diabetes for years, and
New York City Closes Beach After Swimmer Is Bitten by a Shark
BY JOSEPH PISANI
The latest shark-biting inci-
dent in New York closed a popu-
lar beach and resurfaced fears
about increased sightings in the
area in recent years.
Marine-life experts said
cleaner waters are bringing
sharks closer to swimmers
along the Atlantic Seaboard, and
local officials have stepped up
monitoring efforts. Shark bites
remain rare, however.
Officials closed Rockaway
Beach in Queens, a swim and
surf destination about 20 miles
from Midtown Manhattan, on
Tuesday after a woman was bit-
ten on the leg the day before.
She was in stable condition
Tuesday, said a spokesman for
Jamaica Hospital Medical Cen-
ter, where the woman was
taken.
A New York City Department
of Parks and Recreation spokes-
man said it was the first shark
* *
have been shown to reduce the
risk of cardiovascular disease
in people with diabetes. But
until now, it wasn’t known
whether any of the drugs could
deliver a cardiovascular benefit
in people without diabetes,
when used as a weight-loss aid.
“To date, there are no ap-
proved weight management
medications proven to deliver
effective weight management
while also reducing the risk of
heart attack, stroke or cardio-
vascular death,” said Martin
Holst Lange, executive vice
president for development at
Novo Nordisk.
Novo Nordisk started the
heart-disease study in 2018 and
enrolled more than 17,600
adults 45 and older who had a
history of cardiovascular dis-
ease such as a heart attack, and
a body-mass index of at least
27. A BMI of 27 is equivalent to
a weight of 177 pounds for a 5-
foot-8 person.
Some were given injections
of Wegovy and others a pla-
cebo, once weekly. Researchers
tracked heart attacks and
strokes, including fatal ones, in
addition to
weight loss and
other measures
in study sub-
jects.
Researchers
found that the
people who took
on
Wegovy had
us ,
20% fewer heart
l
attacks, strokes,
e
al a
and cardiovas-
cular deaths,
combined, than those who re-
ci on
ceived a placebo in the study.
The reduction surpassed the
study’s goal of demonstrating
at least a 17% reduction in risk.
Novo Nordisk said Wegovy
er s
appeared to be safe and well-
tolerated in the study, but it
m er
didn’t release details on Tues-
day. The most common side ef-
fects of Wegovy include gut
problems such as nausea and
diarrhea. The drug’s prescrib-
m rp
ing label in the U.S. also cau-
tions that patients should be
monitored for depression and
suicidal thoughts, a potential
risk that European health regu-
co Fo
lators recently started to probe.
Novo Nordisk didn’t disclose
the magnitude of weight loss of
patients in the study.
“The positive result should
be meaningful for payers to
drive improved coverage,” in-
cluding Medicare, Jefferies an-
alyst Peter Welford said in a re-
search note.
Supplies of Wegovy, how-
ever, remain constrained. Novo
Nordisk earlier this year re-
n-
duced supplies of the lower
doses of the drug temporarily
to deter new patients from
starting treatment, while the
company builds inventory to
catch up to the strong de-
mand.
Eli Lilly is conducting a sep-
arate study of whether its drug
Mounjaro prevents heart at-
tacks, strokes and other cardio-
vascular problems in adults
with obesity, but results aren’t
expected for a couple more
years.
 Heard on the Street: Drug
revolution gets real........ B12
Unprovoked shark attacks, 1837-present
Wash.
Ore.
Calif.
Texas
Hawaii
Sources: Florida Museum of Natural History (1837-2022); trackingsharks.com (2023 data from media reports)
Brian McGill/THE WALL STREET JOURNAL
bite in recent memory at the
beach.
“Though this was a frighten-
Wednesday, August 9, 2023 | A3
U.S. NEWS
JERRY JACKSON/THE BALTIMORE SUN/ASSOCIATED PRESS
Downed power lines are shown littered along Route 140 in Westminster, Md., on Tuesday after Monday’s storms.
Eastern Storms Cause Deaths, Outages
BY JENNIFER CALFAS Service warned residents noon, down from more than 390 were canceled, according
across the mid-Atlantic of 56,000 Monday afternoon. Re- to FlightAware.
At least two people died as large hail, damaging winds maining repairs may take sev- In Maryland, dozens of ve-
powerful storms ripped and the potential for torna- eral days to complete, the util- hicles were stuck on Maryland
through the Eastern U.S. on does. The storm didn’t appear ity said. Route 140 for hours Monday
Monday, resulting in hundreds to produce tornadoes. “A single pole replacement due to fallen electric poles. All
.
of thousands of power outages Reports of large hail in Vir- takes at least eight hours and motorists and passengers
and disrupting air travel. ginia and Maryland were iden- could take up to 12 hours to were transported away from
ly
A 15-year-old boy from An- tified by the National Weather complete,” the utility said the area by 10:30 p.m., a
derson, S.C., died after a large Service’s Storm Prediction Tuesday. “With more than two spokesperson for Maryland
tree fell on him shortly after Center. dozen broken poles currently State Police said Tuesday.
he arrived at his grandpar-
ent’s house Monday, the An-
derson County Coroner’s Of-
fice said. A 28-year-old man
By late Tuesday afternoon,
about 180,000 customers were
without power across Pennsyl-
vania, North Carolina, Mary-
identified and more damage
remaining to assess, we cur-
rently have more than 80
crews working, including two
A high school in Loudon
County, Tenn., canceled
classes Tuesday because of
damage from the storm.
was struck by lightning during land, Tennessee and Georgia, dozen crews from neighboring At UNC Health Rex, a hos-
the storm Monday and died, according to data from Pow- utilities.” pital in Raleigh, N.C., an area
the Florence Police Depart- erOutage.us. More than 1,700 flights lightning strike Monday eve-
ment in Alabama said. Repair crews made prog- were canceled and nearly ning resulted in power out-
The storms carried hail and ress restoring power in many 9,000 were delayed within, ages to some parts of the hos-
lightning to communities areas. into or out of the U.S. on Mon- pital. The temporary outages
across the Eastern U.S. late The Knoxville Utilities day, according to FlightAware. lasted for a little over an hour
Monday and resulted in hun- Board in Tennessee said about By Tuesday late afternoon, and didn’t affect patients, a
dreds of thousands of power 6,000 customers remained more than 3,800 U.S. flights spokesperson for the hospital
outages. The National Weather without power Tuesday after- were delayed and more than said.
Biden Designates a National Monument
To Protect Land Near the Grand Canyon
BY TALAL ANSARI Obama-era ban on new ura-
nium mining and the prospect
President Biden designated of the new monument, saying
a new national monument it could hurt economic
that would protect lands near growth.
the Grand Canyon, a move “Why would we perma-
that has been opposed by the nently cut off access to some of
mining industry. America’s best uranium depos-
The Baaj Nwaavjo I’tah its for no scientific, health or
JONATHAN ERNST/REUTERS
Kukveni-Ancestral Footprints environmental reasons,” Curtis
of the Grand Canyon National Moore, senior vice president of
Monument in northern Ari- marketing and corporate devel-
zona covers more than opment for uranium producer
900,000 acres of public land. Energy Fuels, said before the
Biden designated the monu- monument was announced.
ment Tuesday in an announce- President Biden greeted youth leader Maya Tilousi on The Uranium Producers of
ment near the Grand Canyon. Tuesday, the day he signed the proclamation, in Tusayan, Ariz. America said it opposes the
Biden has designated five creation of the monument, and
national monuments, including In 2012, the Obama adminis- developed beyond recognition,” added that U.S. mining prac-
the Grand Canyon one, as part tration imposed a 20-year ban U.S. Interior Secretary Deb tices are “the most environ-
of his administration’s conser- on new uranium mining claims Haaland said Monday. mentally sound and regulated
vation efforts. Several tribes around the Grand Canyon. Democratic officials in Ari- in the world.”
have long sought permanent Those protections will become zona, including Gov. Katie The areas covered by the
protection of their ancestral permanent in the newly pro- Hobbs, Sen. Mark Kelly and monument contain roughly
homelands in the Grand Canyon tected areas. Existing mining Rep. Raúl Grijalva, have sup- 1.3% of the nation’s known ura-
region, as have environmental- claims won’t be affected, a se- ported the creation of a Grand nium reserves, according to a
ists. The mining industry has nior administration official Canyon monument, as has senior administration official.
opposed curtailing access to said. Kyrsten Sinema, the Demo- Nuclear power supplies
uranium deposits in the area, “These special places are cratic-turned-independent nearly 20% of U.S. electricity.
arguing it will undermine the not a pass-through on the way senator. Domestic uranium mining has
effort to produce more energy to the Grand Canyon. They’re The mining industry and dwindled, and raw uranium
in the U.S. and increase depen- sacred and significant in their some of the state’s congressio- prices haven’t been high
dence on Russia for the critical own right. They should not be nal Republicans and local offi- enough to encourage U.S. min-
nuclear-power fuel. open to new mining claims and cials have criticized the ing over cheaper imports.
when a shark is spotted.” ported in the state. Gov. Kathy
Efforts to clean up the waters Hochul said 10 additional drones
ATTACKS off the New York coast are at- would patrol the state’s beaches,
Maine tracting sharks and the fish they bringing its total number of
like to eat closer to the shore, shark-searching drones to 18.
10 50 100 200
N.Y. Mass.
said Gavin Naylor, director of At Rockaway Beach, police
2023 attack locations the Florida program for shark helicopters were sent Tuesday
Conn. R.I.
N.J. research at the Florida Museum to look for sharks after the
Md. Five unprovoked attacks of Natural History. woman was bitten, the city
Del.
on Long Island in early July. There were eight shark bites parks department said.
Va. in New York last year, according Drones, which have been
N.C. to the Florida museum’s Inter- used over the beaches of Aus-
Ala. Ga. S.C.
national Shark Attack File, tralia for years, are increasingly
Miss. which tracks incidents around being used in the U.S. to spot
La.
the world. Its website says there sharks and warn swimmers to
have been just 20 confirmed, stay away, Naylor said.
Fla. Volusia County unprovoked shark attacks in One of the New York drones
alone has seen New York in records dating back uses lasers and thermal imaging
Florida has seen over 340 attacks, Fla.
to the 1800s. to search for sharks at night or
just over 920 including three
this year. New York was the No. 2 state during bad weather. It can also
attacks since 1837.
for shark bites last year, behind drop a flotation device for peo-
Florida, which had 16 incidents. ple who need help.
None of the bites in either state To reduce the risk of attract-
were fatal. ing a shark, swimmers are ad-
New York officials pledged to vised to stay out of the water
ing event, we want to remind rare,” he said. “We remain vigi- increase shark monitoring in around dusk or dawn, avoid
New Yorkers that shark attacks lant in monitoring the beach July, the same month five sus- swimming near schools of fish
in Rockaway are extremely and always clear the water pected shark bites were re- and to not wear shiny jewelry.
 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 | Wednesday, August 9, 2023
Ohio Rejects Change Backed by Abortion Foes
BY KRIS MAHER
Voters in Ohio defeated a
measure that would have made
it harder to change the state
constitution, according to the
Associated Press, in a win for
abortion-rights supporters.
The defeat Tuesday of the
measure known as Issue 1
means a proposed constitu-
tional amendment on the No-
vember ballot enshrining abor-
tion access faces a lower bar
for passage. Issue 1 would have
made all future constitutional
amendments receive at least
60% support to be adopted, in-
stead of the current rule re-
quiring a simple majority.
The contest, which featured
millions of dollars of adver-
tisements for both sides, was
the latest fight over state-level
abortion rights since the U.S.
Supreme Court overturned
Roe v. Wade last year, ending
the federal right to abortion.
Ohio is one of several Re-
publican-dominated states to
vote with abortion-rights sup-
porters, following Kansas and
Kentucky last year.
Ohio’s Republican-con-
trolled legislature voted this
spring to put Issue 1 on the
ballot in an August special
election. At the time, abor-
tion-rights supporters were
gathering signatures for their
constitutional amendment,
which was approved for the
November ballot last month
by the secretary of state.
Democrats Bypass Iowa as It Turns Redder
BY CATHERINE LUCEY
AND PAUL OVERBERG
Just about every Republican
presidential candidate plans to
attend the Iowa State Fair that
begins in Des Moines this
week. But don’t expect to see
President Biden there.
Iowa was once a center of
gravity for both political par-
ties during presidential elec-
tions and a key swing state. In
recent years, it has turned so
red that Democrats have little
political power in the state,
and the party’s candidates
have few reasons to go.
The Hawkeye State helped
elect Barack Obama president
in 2008 and 2012 before Donald
Trump carried it in 2016 and
2020. Today, Republicans hold
majorities in both chambers of
the legislature and the gover-
nor’s mansion, and Iowa doesn’t
have a single Democratic mem-
ber of Congress. Only one Dem-
ocrat holds a statewide office,
auditor Rob Sand.
A confluence of factors that
mirrors national trends has
pushed the state to the right.
Iowa is more white and rural
than the rest of the country,
and Republicans have grown
stronger with those voters,
particularly through Trump’s
populist appeals. Meanwhile,
Democrats have lost droves of
no
voters in rural areas, and Iowa
has fewer of the minority and
urban voters who tend to be
more liberal and have helped
Governor’s Race Presents Competing Views of Mississippi
BY CAMERON MCWHIRTER
PHILADELPHIA, Miss.—Re-
publican Gov. Tate Reeves is
looking to ride record low un-
employment in this state to a
second term. His campaign
coffers are flush with cash. He
is ahead in the polls.
In a primary Tuesday he
defeated two lesser-known
GOP rivals—and will now face
off against a distant cousin of
Elvis Presley.
Brandon Presley, who ran
unopposed in the Democratic
gubernatorial primary and is
related to the King of Rock ’n’
Roll, has played down his
party affiliation and used re-
cent scandal and corruption to
build out his underdog cam-
paign in this ruby red state.
Reeves and Presley, in their
general-election matchup in
November, will present sharply
different views of the state’s
economy. Reeves argues the
state is on the upswing; Pres-
ley says Mississippi is in trou-
ble, with a government geared
toward helping the powerful
and ignoring the middle class
and poor.
For generations, politicos
have considered speaking at
the annual Neshoba County
Fair in the backwoods as the
Opponents of Issue 1, which would have made it more difficult to pass abortion protections, celebrated Tuesday in Columbus.
The measure would have
raised the bar for passage of
future constitutional amend-
ments to 60%, up from a sim-
ple majority. That threshold
could prove decisive for No-
vember’s abortion-ballot mea-
sure. A July poll by the USA
Today Network and Suffolk
University found that 58% of
likely voters in Ohio supported
the abortion-rights measure.
Residents in different parts
of the state said abortion was
top of mind as they voted on
Issue 1.
Percentage point change in Iowa’s presidential election margin,
2008–2020
More Democratic More Republican
Same
ci on
er s
Sioux City
m er
Ames
m rp
Council
Bluffs
Sources: Associated Press; U.S. Census Bureau
co Fo
the party offset rural losses.
Some Iowa Democrats say they
are struggling to connect with
voters on cultural issues as
Americans have grown more
polarized.
Iowa’s rightward shift was
evident in 2014 when Joni
Ernst, a Republican, captured
the Senate seat held for 30
years by Democrat Tom Har-
kin, with a folksy campaign
n-
that emphasized her upbring-
ing on a farm. That trend ac-
celerated with Trump, who
placed second in Iowa’s 2016
Republican caucuses but won
the state resoundingly in the
general election. Democrat Hil-
lary Clinton turned off some
unofficial start of Mississippi’s
campaign season. Presley took
the stage at the fair recently
and lit into Reeves, who was
standing nearby. “Everyone
can’t be born rich and lucky,”
said Presley, who was raised in
poverty.
Reeves, who stepped up to
the podium after Presley, was
cheered by his backers as he
fired back, arguing Presley
was a frontman for elites who
want to remake Mississippi in
the image of a state like Cali-
fornia. “I stand against the na-
tional liberals and as your gov-
ernor, I always will,” he said.
Reeves, 49 years old, and
Presley, 46, both had early
successes in politics, but they
have led very different lives.
Reeves was elected Missis-
sippi’s state treasurer at 28.
Later, he served as lieutenant
governor before becoming gov-
ernor. Reeves is the scion of
the owner of a heating and
cooling company. He attended
a private college in Jackson,
then became a financial ana-
lyst before entering politics.
Presley was elected mayor of
his small hometown, Nettleton,
Miss., at 23. Later, he was
elected to the state’s Public Ser-
vice Commission. Growing up,
his father was killed on Pres-
P W L C 10 11 12
Karen Kopack, a 56-year-old
Democrat in Mason, Ohio, and
mother of three, said she
voted against Issue 1 because
she views it as a government
overreach aimed at limiting
abortion rights.
“It’s going to effectively
end any citizen-led initiative
in the state,” Kopack said.
Ruth Edmonds, 59, a Re-
publican who works for the
Center for Christian Virtue, a
faith-based public policy or-
ganization, said she voted for
Issue 1 because she doesn’t
on
us ,
l
e
al a
+10 +20 +30 +40 pct. pts.
Waterloo
Cedar
Rapids
Des Moines Iowa Davenport
Davenport
City
voters, while Trump’s appeals
to block illegal immigration
and economic populism reso-
nated with them.
“You had these folks who
normally would have voted for
me who voted for Republi-
cans,” said Steven Sodders, a
former Democratic Iowa state
senator who lost his re-elec-
tion bid in a central Iowa dis-
trict in 2016. “Trump’s mes-
sage spoke to some of those
union members.”
According to census data,
83% of Iowa’s population is
white, compared with 58% na-
tionwide. A big part of this is
fewer Hispanics, who make up
about 7% of Iowa’s population,
ROGELIO V. SOLIS/ASSOCIATED PRESS
Mississippi Republican Gov. Tate Reeves, left, and Democrat
Brandon Presley will face off in the general election.
ley’s first day in the third
grade, and his mother struggled
to make ends meet, he said.
Republicans dominate Mis-
sissippi government, control-
ling both houses of the Legis-
lature and all major statewide
elected offices. A Democratic
gubernatorial candidate hasn’t
won here since 1999.
State polling is sparse, but
head-to-head matchups be-
tween Reeves and Presley
show the Republican with a
clear lead. Reeves has out-
paced Presley in fundraising,
with July campaign-finance
reports showing Reeves with
more than $9.6 million cash on
hand, compared with Presley’s
roughly $1.9 million.
In his speech, Reeves touted
a record-low 3.1% unemploy-
H T G K R F A M 1 2 3 4 5 6
U.S. NEWS
want special-interest groups
funding campaigns to bypass
the legislature and change the
state constitution on issues
like abortion rights.
“I think the issue of life is
superior to all other issues,”
she said.
Issue 1, which needed a sim-
ple majority to pass, also would
have required citizens who
want to put an amendment on
the ballot to get signatures
from each of the state’s 88
counties—instead of 44 cur-
rently—and eliminated a 10-
compared with 19% nationwide.
The state’s share of foreign-
born is about 5% vs 14% for the
U.S. About a third of Iowans
live in a rural area, while a fifth
of Americans overall do. Just a
few states, including Vermont
and Maine, remain solidly
Democratic in presidential elec-
tions despite being whiter and
more rural than Iowa.
Sodders also noted the so-
called brain drain in the state
that has siphoned off college-
educated voters. “My daughter
just graduated from Iowa
State with her masters and
she took a job in Pittsburgh,”
he said. “She told me with the
politics in Iowa, I’m not mov-
ing back there.”
To reverse the trend in
states such as Iowa, former Ill-
inois congresswoman Cheri
Bustos, who led the House
Democratic campaign arm dur-
ing 2020, said Democrats need
a game plan for rural America.
An election postmortem she
wrote determined that Demo-
crats who won in Trump dis-
tricts did so by engaging with
voters, focusing on issues
such as healthcare and ad-
dressing regional concerns
such as bridges or roads that
need repairs.
“As a whole, if you’re look-
ing at the national Democratic
Party, it has moved to the left,”
she said. “But if candidates
want to do well in rural Amer-
ica, the national party that has
swung leftward is not going to
ment rate and new investment
in the state, including the an-
nouncement earlier this year
of a $2.5 billion aluminum
manufacturing plant.
Presley highlighted corrup-
tion in state government that
has rocked Mississippi, sending
several Republican-appointed
officials and others to prison
for misuse of federal welfare
funds. He said the scandal,
which began under previous
Republican Gov. Phil Bryant,
took place while Reeves was
lieutenant governor.
Reeves hasn’t been charged
with wrongdoing and said he
had no role in a scandal that be-
gan before he became governor.
The state is facing other
challenges. Mississippi was
one of only three states along
7 8 9 O I X X ****** THE WALL STREET JOURNAL.
tion to protect the right to an
abortion until a doctor has de-
termined fetal viability, which
typically occurs around 22 to
24 weeks. Abortions would be
allowed after that cutoff if a
healthcare provider deter-
mines the procedure is neces-
sary to protect the life or
health of the mother.
Supporters will need to
gather 383,923 signatures to
put that amendment on the
ballot next year. Arizona law
currently bans most abortions
after 15 weeks.
In Ohio, abortion is now le-
gal up to 22 weeks of preg-
nancy. Last year, after the Su-
JAY LAPRETE/ASSOCIATED PRESS
preme Court decision, a 2019
law banning abortion at six
weeks took effect in Ohio. In
September, a state judge is-
sued an injunction blocking it
while litigation proceeds.
Supporters said Issue 1 was
needed to keep out-of-state
special-interest groups from
day period in which signatures bypassing the legislature on a
deemed faulty can be replaced. range of issues, such as redis-
Voters have favored abor- tricting or raising the mini-
tion rights in referendums in mum wage. Opponents said it
half a dozen states since the was primarily aimed at keep-
U.S. Supreme Court overturned ing the abortion-rights amend-
Roe v. Wade in June 2022. The ment from passing.
states include Kansas and Ken- The state GOP, antiabortion
tucky, which, like Ohio, voted advocates and business groups
for Donald Trump in the last that supported Issue 1 faced
two presidential elections. off against state Democrats,
On Tuesday, a coalition of abortion-rights groups and la-
abortion-rights groups in Ari- bor groups.
zona submitted language to —Eliza Collins
.
the secretary of state to and Laura Kusisto
amend that state’s constitu- contributed to this article.
ly
Lawmakers
resonate.”
Seek the
Sand said flipping Iowa
Upper Hand
back is doable. He said that in
his race he focused on his re-
cord of uncovering misspent
money, his willingness to stand In Funding
up to powerful people and at
times buck his own party.
The Democratic National
Committee said it has invested
Government
more money in Iowa since
2020, including from a DNC BY SIOBHAN HUGHES
“Red State Fund” to build
long-term infrastructure in WASHINGTON—More than
GOP states. a week into the August recess,
The Democratic Congressio- some lawmakers are diving
nal Campaign Committee has back into their efforts to fund
listed two Republican-held the government for fiscal
seats in Iowa as top targets for 2024, seeking to gain a negoti-
2024. ating edge when Congress re-
Rita Hart, a former state turns in September.
senator who chairs the Iowa Congress must pass 12 sep-
Democratic Party, said Demo- arate funding bills before Oct.
crats need to run on their re- 1 to avoid a partial govern-
cord, citing Biden’s invest- ment shutdown. When Con-
ments in broadband internet, gress left town in July, the
healthcare and infrastructure. House had passed only a sin-
“Joe Biden has a strong case to gle bill related to veterans and
make here in Iowa,” she said. the construction of military
Biden’s legislative efforts facilities, while the Senate had
have failed to gain traction. An approved none of its versions
Iowa poll conducted in the of the same bills, set at a
spring showed just 30% of Io- higher spending level. Law-
wans approved of his job per- makers could also agree to
formance. pass a short-term extension to
Democrats earlier this year buy more time.
stripped Iowa of its role host- On Tuesday, Rep. Chip Roy
ing the leadoff caucuses. The (R., Texas)—a member of the
decision followed a botched hard-right House Freedom
vote count in 2020. Republi- Caucus—circulated a letter
cans still plan to kick off in seeking to build support for a
Iowa next year, and Democrats strategy of withholding money
have said they would hold an for one of the bills, dealing
unsanctioned event there. with Department of Homeland
Security funding, unless Con-
gress also takes tougher action
to secure the southern border.
House Republican leaders
have backed fiscal 2024 spend-
ing bills that would provide
$1.59 trillion in annual discre-
with Illinois and West Virginia tionary spending, in line with
CAMERON MCWHIRTER/THE WALL STREET JOURNAL
to see its population shrink in the year’s debt deal, with the
2020 from 2010, according to price tag reduced to $1.471 tril-
the Census Bureau. The bureau lion by taking money from pro-
later said it had undercounted grams that had already been
in 2020, but it estimated Mis- funded. Fiscal conservatives
sissippi’s population in have criticized that plan, saying
mid-2022 was 2.94 million, it is a gimmicky approach that
about 1% smaller than in 2010. does little to change the longer-
Continuing crises in the term arc of spending.
state’s capital and largest city, Senate Majority Leader
Jackson, over collapsing water Chuck Schumer (D., N.Y.), be-
infrastructure and crime have fore leaving for recess, said
drawn national scrutiny. Black that all 12 bills had passed out
Democratic city officials have of committee on a bipartisan
battled with Reeves and the basis in his chamber and said
white Republican state leader- he hoped there wouldn’t be a
ship—with state officials seek- government shutdown.
ing more control over the On Tuesday, Sen. Chris Mur-
city’s affairs and city officials phy (D., Conn.) said the Senate,
asking for more funding. where appropriators have
Racial divisions are a per- agreed to add extra money to
petual issue in Mississippi, the debt-deal level, should pass
with its legacy of slavery, Jim its own funding bills quickly in
Crow and violence during the September so that the Demo-
Civil Rights era. cratic-controlled chamber
Today most Black voters in could gain leverage over the
the state back Democrats. House. Republicans hold a nar-
Most whites support Republi- row 222-212 House majority, so
cans. In recent years, Demo- even small levels of GOP oppo-
cratic candidates have at- sition could trigger a standoff
tempted to win in Mississippi and lead to a shutdown.
by building a coalition of Black “It’s important to show
voters with centrist or liberal that we can get not only a bi-
whites—but with little success, partisan vote in the commit-
unlike in Georgia, where Dem- tee, but a big bipartisan vote
ocrats had some statewide on the floor,” Murphy said, ac-
wins in federal races. cording to Politico.
 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.
Trump Allies
Wait for Call
To Join Ticket
BY ELIZA COLLINS
AND SIOBHAN HUGHES
Former President Donald
Trump and many of his sup-
porters say he has locked up
the race for the Republican
nomination even with the first
contests months away. That has
prompted early jockeying
among top Republicans to po-
tentially be his running mate.
Possible vice-presidential
candidates range from staunch
loyalists in Congress such as
Rep. Elise Stefanik of New York
and Rep. Marjorie Taylor
Greene of Georgia to other pop-
ular party figures, including
former Arizona television host
Kari Lake. One prominent critic,
Rep. Nancy Mace of South Car-
olina, has been warming to the
idea of supporting Trump and
serving alongside him, people
familiar with her thinking say.
Trump has also indicated he
could tap a current 2024 rival
for the job. He hasn’t commit-
ted to attending the first GOP
presidential debate later this
month and posted on social
media: “Let them debate so I
can see who I MIGHT consider
for Vice President!”
The Trump campaign de-
DeSantis Names New Manager of Struggling 2024 Campaign
BY ALEX LEARY
Florida Gov. Ron DeSantis
has named a new campaign
manager, the latest effort to
steady his struggling bid for
the 2024 Republican presiden-
tial nomination.
Generra Peck will move to a
senior strategist role while
James Uthmeier, chief of staff
to DeSantis as governor, will
SPENCER PLATT/GETTY IMAGES
no
Many on Wall Street have been wary of stocks’ rally, but major indexes have continued to rise.
Short Sales
Sink Hedge
Funds
Continued from Page One
now that rates are higher and
investors have low-risk options
to earn yield.
Many on Wall Street have
been wary of stocks’ recent
rally, and especially the high
valuations of megacap technol-
ogy companies that have been
a primary driver of gains. But
as major indexes have contin-
ued to climb, funds have been
closing their short positions
and getting more long expo-
sure as a result.
Billionaire Carl Icahn said
Friday his firm would wind
down bets that the stock mar-
ket would collapse, which have
inflicted heavy losses. His firm
Icahn Enterprises is itself un-
der attack from an activist
short seller, and its shares are
down 54% this year.
“Our returns have been over-
whelmed by our overly bearish
view of the market,” Icahn said
in a letter to investors.
Mike Edwards, deputy chief
investment officer of New York
clined to comment for this arti-
cle, but aides and allies have
started discussing names of
possible candidates who could
join him on the ticket in a gen-
eral election against President
Biden, who is expected to be
the Democratic Party nominee.
Trump hasn’t engaged, aides
said, and is focused on the GOP
primaries, where he has built a
strong lead in opinion polls.
They say Trump wants some-
one who has a record of win-
ning and is aligned with his
agenda. Trump also likes peo-
ple who do well on TV.
A decision could be nearly a
year away, as Trump and other
nominees have typically picked
their running mate ahead of
the summer party conventions.
Some hopefuls are working
to prove their support for
Trump as he faces several in-
dictments, including one this
month over his efforts to over-
turn the 2020 election. Some
are juggling their own ambi-
tions for other jobs while sig-
naling they remain open to a
spot on the 2024 ticket should
the opportunity arise.
Lake, the TV anchor who
narrowly lost her 2022 bid for
governor of Arizona, is ex-
us ,
become the campaign man-
l
ager, an aide said.
e
al a
“James Uthmeier has been
one of Governor DeSantis’ top
advisers for years and he is
ci on
needed where it matters most:
working hand in hand with
Generra Peck and the rest of
the team to put the governor
in the best possible position to
er s
win this primary and defeat
Joe Biden,” spokesman An-
m er
FROM PAGE ONE
m rp
co Fo
n-
Mark-to-market loss
on short sales in July
Nvidia
Alibaba Group ADR
$1.30 billion
1.06
Rivian Automotive
0.97
Coinbase Global
0.96
Meta Platforms
0.91
Source: S3 Partners
hedge fund Weiss Multi-Strat-
egy Advisers, said the heavy
short covering in July was a
“pain trade” for many funds
that hit their predetermined
thresholds to close out losing
trades and stop further losses.
“The last four or five weeks
have been characterized by ca-
pitulation on that front,” Ed-
wards said. “You have strate-
gists start to say, you can’t fight
this rally any more. I assure you
that’s coming after they’ve seen
some of their biggest clients ca-
pitulate, not before.”
Several major banks have
published rosier market fore-
casts in recent weeks, and JP-
Wednesday, August 9, 2023 | A5
U.S. NEWS
ANNA MONEYMAKER/GETTY IMAGES
DREW ANGERER/GETTY IMAGES
ROD LAMKEY/CNP/ZUMA PRESS
RON SACHS/CNP/ZUMA PRESS
Rep. Nancy Mace Kari Lake, former Rep. Elise Stefanik Rep. Marjorie Taylor Greene
of South Carolina television host in Arizona of New York of Georgia
pected to announce a run for She has previously said she 2021, Capitol riot. the list. She said Trump
Senate this fall. But she would would do whatever Trump Stefanik, who as the No. 3 “wiped out” his legacy with
agree to be Trump’s running asked of her, and she recently House Republican is in charge the Jan. 6, 2021, riot. Trump in
mate and skip the Senate bid if tweeted that Rep. Byron Don- of messaging, is interested in 2022 endorsed a primary op-
he asked, according to people alds (R., Fla.), who played a role being selected for the role, ac- ponent of Mace’s.
familiar with her thinking. in the House speaker fight, cording to two people familiar But as polling has made
Lake has been traveling the “would be GREAT!!!” as Trump’s with her thinking. clear that Trump is the clear
country this year pushing the running mate. “I’d be honored to serve in favorite for the GOP nomina-
pro-Trump agenda and false Donalds, who came in sec- the Trump administration,” tion next year, Mace has grown
claims of fraud ond in the said Stefanik, who likes to note more open to the idea of back-
in her 2022 straw poll with she is the highest-ranking GOP ing him, according to people
election loss to 24% of the at- official in Congress to endorse familiar with her thinking.
crowds of sup- ‘I will still vote tendees at the the former president. She said South Carolina is the third
porters. A straw for Trump even Turning Point she talks to Trump almost state in the GOP nominating
poll at a recent Action event, weekly. But regarding the VP process, so the endorsements
Turning Point if he’s in jail,’ said “it’s cool, job, she said, “We have not dis- of its elected officials can hold
Action gather- it’s like an cussed it.” more weight than those from
ing of conserva-
Rep. Greene honor” to be a Another Trump ally, Greene, other states. She would be
tive activists said. favorite with said she would consider an of- open to being his running mate
had her as the activists but he fer from Trump, but said she if offered, the people said.
top pick for vice hadn’t heard hadn’t spoken to the former In an interview on Fox
president, with anything from president about it. News in July, Trump said he
just under a third of the vote. Trump’s inner circle. “She’s a warrior,” Trump may consider a primary oppo-
Lake’s advisers have started One person unlikely to be in- told a Georgia crowd in early nent as his running mate.
interviewing potential staff for terested in the job: Florida Gov. June, when Greene spoke Trump declined to be specific
a Senate run and she has Ron DeSantis. He said recently, alongside him at a rally at the but praised Sen. Tim Scott of
started to indicate publicly that “I don’t want veep…I’m running state GOP convention. After South Carolina and entrepre-
she is likely to get into that to win.” Also not in the run- the indictment she said on X, neur Vivek Ramaswamy. Both
.
race, according to people famil- ning: Trump’s pick for his first the service formerly called have said they aren’t inter-
iar. Even if she runs for Senate, two campaigns, Mike Pence, Twitter: “I will still vote for ested.
ly
that wouldn’t rule out her piv- who has condemned Trump’s Trump even if he’s in jail.” —Alex Leary
oting to the VP spot. actions related to the Jan. 6, Mace is an unlikely name on contributed to this article.
on
drew Romeo said Tuesday. the Republican field, though Peck, who hadn’t run a was general counsel. He was
The appointment follows some state polls show a closer presidential campaign before, previously an adviser to for-
the dismissal of roughly a contest. DeSantis has been try- in July acknowledged hiring mer Commerce Secretary Wil-
third of the DeSantis cam- ing to emphasize policy pro- too many staffers for in-house bur Ross.
paign staff over concerns of posals, including those on the operations and events, and The campaign also said it
overspending and as DeSantis military, the southern border some DeSantis insiders said was bringing on David Polyan-
has had trouble gaining trac- and the economy. In recent her job seemed secure. But sky, an operative who had
tion in polls while facing criti- days he distanced himself from others continued to advocate worked for a pro-DeSantis su-
cism of his strategy by donors Trump’s false claims about the for a shake-up. per PAC, Never Back Down.
and other allies. 2020 election. He is also doing Uthmeier has been the gov- The staffing moves were
Former President Donald more media interviews and ernor’s chief of staff since Oc- earlier reported by the Mes-
Trump continues to dominate blanketing early voting states. tober 2021 and before that senger.
Morgan Chase said on Friday
it no longer anticipates a re-
cession in 2023.
A Goldman index of the 50 MAHOGANY MASTERY
most shorted U.S. stocks
surged 32% in June and July, CHIPPENDALE-PERIOD COMMODE
The S&P 500 was up 9.8% over
the same period.
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This important 18th-century serpentine chest of drawers was crafted
funds, which take both kinds after a design by the famed Thomas Chippendale. The mahogany
of positions, have underper- four-drawer dresser is complete with its original brass handles, and
formed benchmarks this year, the top drawer slides to reveal a green baize writing surface. The
mostly because of losses on genius of Thomas Chippendale’s designs defined British furniture
short sales.
“The recent underperfor- styles of the 18th century. He was the first cabinetmaker to possess
mance is almost completely such a strong following that an entire style bears his name and not
driven by a sharp deteriora- that of a monarch. Circa 1770. 323/4”h x 423/4”w x 241/4”d. #31-5263
tion in short side returns,”
Goldman analyst Vincent Lin
wrote in July. Scan to view a video
While all of the short cov- of this commode
ering has pushed total lever-
age at hedge funds down from
its extremes of the year, it
was still hovering around a re-
cord high in late July, accord-
ing to Goldman.
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Private Wealth Management.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
A6 | Wednesday, August 9, 2023
How Six Cities Coped With a Record July
Hottest-ever month
caused death, water
shortages, wildfires
and rising sea levels
July was Earth’s hottest
month on record, surpassing
the global monthly average
temperature record set in July
2019, according to data from
By Aylin Woodward,
Carl Churchill
and Erin Ailworth
the Copernicus Climate Change
Service, a European Union-
funded scientific agency. The
heat blanketed parts of North
America, Asia and Europe as
wildfires blazed in Greece and
Canada, hitting economies. Wa-
ter shortages and humidity af-
fected parts of the Middle East.
Residents in China contended
with both extreme flooding and
a heat wave as the country set
a new national temperature re-
cord. All this came on the heels
of the world’s hottest June on
record.
Parts of the U.S. experi-
enced record-breaking heat as
well. July was the warmest
month on record for states like
Arizona and New Mexico, the
National Oceanic and Atmo-
spheric Administration said
Tuesday. Agency data also
shows that more than 3,000
daily temperature records
were broken or tied across the
country last month. Even cit-
ies in typically colder areas
like Alaska experienced un-
precedentedly high tempera-
tures.
July is always, on average,
the hottest month of the year
annually, but these temperature
records represent merely the
newest iteration of what has be-
come a notable pattern over the
past decade. The world experi-
enced the eight warmest years
on record globally from 2015 to
2022, the World Meteorological
Organization reported earlier
this year.
The global ocean, too, is part
of this pattern: Roughly, the last
10 years were among the ocean’s
warmest since at least the
1800s, and the Copernicus
agency, a division of the Euro-
pean Centre for Medium-Range
Weather Forecasts, found that
global sea-surface temperatures
remained at record high levels
last month.
“What seems unprecedented
this year now will just be nor-
mal a few years from now,”
said Tapio Schneider, a Califor-
nia Institute of Technology cli-
mate scientist.
Heat waves have become
quotidian problems in the sum-
mer. And this year, much as in
2016, a powerful El Niño
weather pattern developing in
the Pacific has liberated heat
from the ocean depths, redis-
tributing it into the atmo-
sphere, amplifying the effects
of climate change driven by
fossil-fuel emissions.
The Wall Street Journal
no
looked at some of the cities
around the world that are
among those affected in differ-
ent ways by rising tempera-
tures.
Phoenix
Excessive heat is the No. 1
weather-related killer in the
U.S., according to the National
Weather Service. Phoenix resi-
dents endured a record stretch
of it in July, when daytime
temperatures hit 110 degrees
or above for 31 consecutive
days—the hottest month ever
in a U.S. city. Phoenix also
clocked a record 16-day stretch
when the temperatures didn’t
go below 90 degrees at night.
That nighttime heat has been
responsible for a growing num-
ber of heat-related deaths.
So far this year, Maricopa
County has recorded 39 heat-
associated deaths and is inves-
tigating another 312, according
to the most recent weekly re-
port from the public-health
department.
There were a record 425
heat-associated deaths in 2022,
a 25% increase from the previ-
ous year, according to Mari-
copa’s public-health depart-
ment.
Sonia Singh, spokeswoman
for Maricopa’s public-health de-
partment, said it is hard to pin-
point exactly what caused the
jump because so many factors
can play into a heat-associated
death, including a person’s
housing situation, substance
use and access to healthcare.
“This is a lot more than
we’re used to,” Singh said of
the recent and unusually long
Phoenix, above, saw a record 16-day stretch when the temperatures didn’t go below 90 degrees at night.
us ,
Firefighters transferred a man from a flooded area in Beijing
last week following typhoon-induced torrential rains.
al a
spate of extreme temperatures.
“Everybody needs to have a
ci on
plan for where they can go to
escape the heat.”
Even places like Arizona
that routinely experience ex-
treme heat have struggled to
er s
get people to pay attention to
the risks, according to Kristie
m er
Ebi, a professor who re-
searches health risks in a
changing climate at the Univer-
sity of Washington’s Center for
Health and the Global Environ-
m rp
ment.
“You talk with people who
say, ‘Oh, I can remember heat
waves from a couple of years
ago…I was fine,’ ” she said,
co Fo
adding, “Today’s hot isn’t hot
five years ago—it is a different
hot and that is not easy to
communicate.”
Heat-related deaths in the
U.S. have been on the rise for
the past five years, data from
the Centers for Disease Control
and Prevention show. The
agency, on average, has re-
corded some 1,200 deaths each
year from 2018 to 2022. The
agency said that better report-
n-
ing may be a factor, particu-
larly as people have become
Earth’s Hottest Month
Deadly heat waves are hitting around the world, including in parts of the U.S.,
Europe and Asia.
July mean temperatures compared with the 1980–2010 monthly average*
—10°F
Utqiaġvik
Phoenixx
Average annual warming since 2000†
Degree Fahrenheit change per year
—0.1°F 0 0.1 and higher
CHINA
RUSSIA
Arctic Oc
Ocean
cean
ALASKA
CANADA
CANA
U.S.
U.S
S.
*As of July 28 †Year-to-date through July 26 of each year ‡From January to July 2023, on a 20th century average
Sources: Climate Engine, European Centre for Medium-Range Weather Forecasts (July mean temperatures, Average annual warming);
National Oceanic and Atmospheric Administration (U.S. Data)
U.S. NEWS
BEIJING
on
l
e
more aware of how heat can
contribute to death cases. In
contrast, heart disease, the
leading cause of death in the
U.S., sees hundreds of thou-
sands of deaths recorded each
year by the agency.
Ebi said the number of heat
deaths is “massively underesti-
mated,” and that the real num-
ber is closer to 10,000 when
factoring in people who died of
things like heart issues brought
on by heat.
New York
Heat has an outsize impact
on urban areas. In cities like
New York, where asphalt, ce-
ment and buildings absorb heat,
it will not only feel hotter during
the day, but also at night, when
a lot of that heat is released, ac-
cording to Ebi, of the University
of Washington.
The compact, built-out envi-
ronments of densely populated
cities help create pockets
known as heat islands, which
experience temperatures that
can be several degrees higher
than surrounding rural areas.
Many elements of city life con-
0 10
Tehran
Tehran
New York
N Athens
Mean temperature departure from average‡
Degree Fahrenheit
—5
Carl Churchill and Camille Bressange /THE WALL STREET JOURNAL
SHENG JIAPENG/CNS/VCG/GETTY IMAGES
In Athens, officials encouraged tourists and residents to
remain inside during the hottest parts of the day.
tribute to this effect, including
traffic, industrial facilities, and
the heating and cooling of
buildings.
“Think about people who
have window air conditioners,
and you know the way they work
is they take heat from the inside
and they dump it outside,” Ebi
said. “Air conditioners can make
cities hotter as well.”
More than two-thirds of res-
idents in New York City experi-
ence at least 8 degrees Fahren-
heit more heat due to the
effect, according to the New
Jersey-based nonprofit Climate
Central.
City data on the relative risk
from extreme-heat events
shows that residents of the
south Bronx, upper Manhattan
and central Brooklyn are the
most vulnerable. In Brooklyn,
Borough President Antonio
Reynoso said the vulnerability
is largely concentrated in com-
munities of color.
Athens
Tourists saw their vacations
soured by heat waves and wild-
fires across the Mediterranean
Beijing
0 5
* * THE WALL STREET JOURNAL.
PHOENIX and humidity is an additional
issue for the region’s belea-
guered population. While tem-
perature highs haven’t ex-
ceeded those of Europe and
the southern U.S., researchers
say subtropical regions near
warm water, including the
Middle East, are less hospita-
ble even at the same tempera-
tures. High humidity levels
make it more difficult to sweat
out excess body heat.
Beijing
In recent weeks, residents in
China’s capital and surround-
ing areas have been hit by a
one-two punch of extreme heat
and deadly flooding from re-
cord rainfall following Typhoon
Doksuri.
The occurrence, intensity
and duration of such events,
research shows, are affected by
MATT YORK/ASSOCIATED PRESS
climate change. Rising temper-
atures result in increased pre-
cipitation. Ultimately the un-
predictability of these events
makes it harder to manage wa-
ter, energy and other critical
resources in a heavily urban-
ized country where people and
valuable assets are densely
ATHENS clustered, according to Scott
Moore, a University of Pennsyl-
vania political scientist and di-
rector of China programs and
strategic initiatives at the uni-
versity.
PETROS GIANNAKOURIS/ASSOCIATED PRESS
.
“There is a good argument
that, of the world’s large econ-
ly
omies, China is the most vul-
nerable to climate risk,” Moore
said. An April study published
in the journal Nature Commu-
nications identified the area
around Beijing as being among
the most at-risk for high-im-
pact heat waves.
The aftermath of Doksuri
forced more than a million peo-
ple in Beijing and surrounding
last month. Greece experienced areas to evacuate. Meanwhile,
a 15-day heat wave—its longest consistently high temperatures
on record, according to Lagou- strained electrical grids and
vardos Kostas, meteorologist exacerbated water shortages.
and research director at the A July report from China’s
National Observatory of Ath- National Climate Center
ens. Temperatures as high as showed the rate of the coun-
110 degrees Fahrenheit fried try’s temperature rise has been
the capital, prompting city offi- higher than the rest of the
cials to intermittently close world’s since the beginning of
outdoor archaeological sites the 20th century. Extreme high
like the Acropolis. temperature events have in-
“It is an open space. It is creased in frequency and inten-
very exposed to the sun, you sity in about the past six de-
have to work to climb to go cades, as well as a per-decade
there too,” Kostas said of the increase in China’s average an-
Acropolis. “It’s not an easy task nual precipitation during the
to do it even in fine weather.” same period. Indeed, the big-
Officials encouraged tour- gest threat to Beijing, Moore
ists and residents to limit said, is extreme rainfall that
their time outside. Some overwhelms the capital’s drain-
workers were given the option age system.
to telecommute rather than
risk developing health condi-
tions like heat stroke, he
·
Utqiagvik, Alaska
added. Spain and Italy were Even the Arctic isn’t im-
among other Mediterranean mune to rising temperatures.
countries experiencing ex- The U.S.’s northernmost city,
treme heat—Catania, in Sicily, Utqiaġvik—formerly known as
saw temperatures exceed 120 Barrow—north of the Arctic
degrees Fahrenheit midmonth. Circle in Alaska just experi-
Europe experienced a simi- enced its hottest July on re-
larly scorching and deadly cord. Typically, summer tem-
summer in 2022. peratures hover between 40
There were more than and 50 degrees Fahrenheit, but
61,000 heat-related deaths on on July 23, the daily average
the continent between the end temperature hit a record high
of May and beginning of Sep- of 63.5 degrees. That record
tember last year, according to a was just broken again, as the
recent study published in the average temperature there on
journal Nature Medicine. Saturday hit 66 degrees, ac-
cording to Brian Brettsch-
neider, a climate scientist at
Tehran the National Weather Service
Taps are running dry in Alaska region headquarters.
Tehran as millions in Iran and “It used to be normal to
neighboring Iraq face water have a couple inches of snow
shortages that are being com- up there in July,” he said of
pounded by the effects of ris- Utqiaġvik. Other cities around
ing temperatures. the state, like Northway, also
“In Iran they are wrestling had their warmest months on
over the available water,” said record in July. “The last two
Charles Iceland, director for months have really been kind
freshwater initiatives at the of big steps up” in a long-term,
World Resources Institute, a ongoing warming trend world-
Washington-based nonprofit. wide, Brettschneider said.
“They have been overexploiting Not only does data show
groundwater, and they are ac- Alaska is the fastest warming
tually using it faster than it is state due to climate change, but
replenished.” its North Slope is among the
Unsustainable use and man- fast-warming areas on Earth,
agement of water resources—to Brettschneider said. “It is safe to
sate a growing population and say the Arctic warms at least
economy—and inefficient irriga- twice as fast as the rest of the
tion practices have contributed world,” he added.
to scarcity, Iceland said. Roughly Loss of surrounding sea ice
80% of water use goes to agricul- due to rising surface and ocean
ture, according to Soroosh So- temperatures has decreased
rooshian, a University of Califor- surfaces that act like a mirror
nia, Irvine, professor of civil and for incoming heat from the
environmental engineering, who sun, reflecting solar energy
grew up in Iran. back into space, Brettschneider
Farmers generally flood said. Now more of it is ab-
their land using open-air ca- sorbed by the ocean, which
nals, and much of the water is further heats up and contrib-
lost to evaporation. And as utes to more ice melt as part of
temperatures continue to rise, a feedback loop. Such ice melt
Iceland said, more of that irri- can affect global ocean circula-
gation water will be lost to tion, and the additional heat
evaporation. He added that filters into the atmosphere,
mid-latitude regions including where it gets transported to
Iran and Iraq are projected to lower latitudes, affecting sea
get less rainfall over time as levels and weather systems.
the Earth continues to warm. “Warmth in Alaska doesn’t
A combination of high heat stay in Alaska,” he said.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
THE WALL STREET JOURNAL.
Beijing Reassures Moscow
Of Impartiality on Ukraine
Chinese envoy vows
to keep independent
position in seeking
ways to end conflict
BY CHUN HAN WONG
SINGAPORE—China’s top
diplomat assured Russia that
Beijing hasn’t wavered in its
stance on the Ukraine war, right
after a Chinese envoy joined a
multilateral forum—which ex-
cluded Moscow—to discuss
ways to end the conflict.
In a Monday call, Chinese
Foreign Minister Wang Yi and
his Russian counterpart, Ser-
gei Lavrov, affirmed the
strong partnership between
their governments and prom-
ised to keep working together
to resist Western efforts to
contain their countries’ devel-
opment, according to readouts
from both foreign ministries.
The two ministers also dis-
cussed the Ukraine war, but
neither of the readouts directly
mentioned a weekend diplo-
matic gathering in Saudi Ara-
bia, where China played what
the U.S. later said was a pro-
ductive role in discussing pos-
sible paths to peace in Ukraine.
Even so, Wang’s comments in-
cluded an apparent reference
to the Jeddah meeting that
sought to reassure Moscow of
China’s position on the war.
China, at any international
multilateral forum, will “uphold
an independent and impartial
stance” while promoting peace
talks and seeking a political so-
Weapons
From U.S.
Boost Kyiv
Continued from Page One
balance of power decisively in
Ukraine’s favor, soldiers said
they have helped them retake
Russian positions that they
had struggled to reach.
The munitions have been
coupled with a change in tac-
tics, which has allowed Ukrai-
nian troops to advance to
within striking distance of
the main Russian defensive
lines in some places. That
progress has come with sub-
stantial casualties.
“The cluster bombs are
good. They are effective,” said
Capt. Anatoliy Kharchenko,
commander of a reconnais-
sance company. “But the Rus-
sians are dug in deep, and
they learn quickly.”
He said Russian trenches
can be 7 feet deep and that
the Russians are adapting by
spreading their troops more
thinly to avoid heavy losses.
Recent fighting around the
village of Robotyne, southeast
of Zaporizhzhia city, has dem-
onstrated the effectiveness of
the new weapon in Ukraine’s
arsenal.
In late July, a platoon was
pinned down east of the vil-
lage, taking heavy Russian
fire. The unit radioed its com-
mander, asking to withdraw.
He told the platoon to take
cover instead. Cluster bombs
flew overhead. One soldier
said he heard what sounded
like rain, followed by chaos on
Russian radio channels.
“They were yelling, ‘We
have lots of wounded. We
need to evacuate. We’re pull-
ing back,’ ” the Ukrainian sol-
Ukraine southern front line
Ukrainian advances
Russian-held area
Pokrovske
Zaporizhzhia
Zapor
Za
appporizh
oriz
izhzhi
zhzzhiaa
Robotyne Orikhiv
er
Riv
D nip r o
Melitopol
Sources: Institute for the Study of War and AEI’s Critical Threats Project
* * * * * *
Russia’s Sergei Lavrov, left, with China’s Wang Yi in July.
lution to the “Ukraine crisis,”
the Chinese diplomat said, ac-
cording to the readout from
China’s Foreign Ministry, which
kept to Beijing’s longstanding
aversion to describing the con-
flict as a war.
Russia’s Foreign Ministry,
meanwhile, characterized the
call as confirmation that “Mos-
cow and Beijing have identical
or largely concurring ap-
proaches towards international
affairs,” without elaborating
on what was discussed regard-
ing Ukraine. Lavrov and Wang
“reaffirmed their commitment
to maintain close foreign pol-
icy coordination,” it said.
Their call came the day af-
ter the diplomatic conclave in
the Saudi Arabian city of Jed-
dah, where senior officials
from 42 countries—including
on
the U.S. and China—met to
us ,
discuss ways to reach a poten-
l
tial peace settlement.
e
al a
ci on
er s
m er
m rp
co Fo
REUTERS
A Ukrainian soldier inspects a destroyed Russian tank in the liberated village of Novodarivka.
dier said. The platoon moved
forward to capture the Rus-
sian position, soldiers said.
Ukraine still hasn’t reached
the most formidable Russian
n-
defenses, a series of trenches,
tank traps and other barriers.
Military experts said Ukraine
likely will need its Leopard 2
no
tanks and other Western-pro-
vided armored vehicles to
push through those lines.
To preserve those vehicles,
which it was losing in num-
bers in minefields in early
June, the Ukrainian military
switched tactics.
Now, infantry—bolstered
by reserves called in from
other units—are leading the
advances through minefields
on foot.
In concert with the strate-
gic changes, soldiers said,
Ukrainian forces now believe
they have a chance for a
breakthrough.
Last week, as the 16-mem-
ber platoon of Oleksandr, a 33-
year-old infantry private, ad-
vanced toward a Russian
position, it came under heavy
Russian fortifications
Velyka
Vel
Velyk
elyka Novosilka
Novos
Novosilk
vos
o ilk
ilkaa
Tokmak
UKRAINE
Area of detail
Sea of Azov
20 miles
20 km
km
Note: As of August 6
(areas of control); staff reports
Andrew Barnett/THE WALL STREET JOURNAL
Wednesday, August 9, 2023 | A7
WORLD NEWS
U.S. to Ban Some
Investments in
Chinese Tech Firms
tended the Jeddah conclave—
including China—appeared ANDREW DUEHREN try’s economic development,
willing to meet again in the has slowed in recent years as
coming weeks, with Russia ex- The U.S. is set to ban pri- the geopolitical rivalry has in-
cluded, people involved in or vate-equity and venture-capital tensified. Direct U.S. invest-
briefed on the talks said. investments in some Chinese ment into China hit a 20-year
China was represented in technology companies under low of $8.2 billion last year, ac-
Jeddah by Li Hui, Beijing’s an executive order the Biden cording to Rhodium Group,
RUSSIAN FOREIGN MINISTRY/ZUMA PRESS
peace envoy for the Ukraine administration will release which also said U.S. venture-
war. Li’s presence marked a Wednesday, escalating Wash- capital investment hit a 10-
shift for China, which didn’t ington’s efforts to prevent Bei- year low of $1.3 billion last
join similar talks held in Co- jing from developing cutting- year.
penhagen in June. edge technology for its It is unclear how much of
At the Jeddah meeting, the military. that goes toward the targeted
Chinese delegation presented The executive order is ex- sectors. A report by George-
Beijing’s 12-point position pa- pected to cover direct invest- town University researchers
per—first published in Febru- ments in three technology sec- found that U.S. investors were
ary—that called for a cease- tors: semiconductors, quantum involved in 401 transactions in
fire in Ukraine and peace talks computing and artificial intelli- Chinese AI companies between
to end the war. European dip- gence. It would prohibit invest- 2015 and 2021, with invest-
Ukraine and its Western lomats pushed back to warn ments in some forms of those ments from exclusively Ameri-
backers cast the closed-door that an unconditional cease- technologies, while requiring can investors amounting to
talks as an effort to rally fire could simply create a fro- Americans doing business in $7.45 billion in that period.
global support, particularly zen conflict and allow Russia China to inform the U.S. gov- As they crafted the execu-
from major developing coun- to consolidate its control of ernment about investments in tive order, Biden administra-
tries that have largely stayed Ukrainian territory. the three high-tech sectors tion officials struggled with
neutral, behind conditions for China’s account of the more broadly. how to distinguish forms of ar-
ending the war that would fa- phone call on Monday quoted Investors that violate those tificial intelligence that primar-
vor Ukraine. Lavrov as saying Russia ap- rules may face fines and be ily pose a national-security risk
As Russia’s most important preciates China’s constructive forced to divest themselves of from others that are broadly
diplomatic partner, China is role in trying to resolve the their stakes, according to peo- used for everyday commercial
seen as crucial to building Ukraine crisis, and that Mos- ple familiar with the order. Be- purposes, according to people
traction for the peace talks cow “highly agrees” with Bei- fore enforcing the new rules, familiar with the talks.
and potentially shaping dis- jing’s existing position paper the Biden administration is ex- Even ahead of their release,
cussions on Moscow’s red on the matter. pected to accept feedback on the new capital controls have
.
lines and concerns in any While Monday’s call under- them, which are expected to started to reshape U.S. investor
peace plan. scored Beijing’s commitment apply to future behavior. Ven-
ly
The U.S. on Monday praised to its partnership with Mos- transactions ture-capital
China’s participation in the cow, Chinese officials have at and won’t cover fund Sequoia
Jeddah meeting. times signaled concern over portfolio invest- Direct U.S. Capital split off
China was an active partici-
pant in the meetings, the head
of Ukraine’s presidential of-
fice, Andriy Yermak, said in a
the global impact from pro-
longed hostilities in Ukraine,
and warned against the use of
nuclear weapons—a veiled re-
ments in Chi-
nese stocks and
bonds, accord-
ing to the peo-
investment into
China hit a 20-
its China busi-
ness earlier this
year after per-
sistent scrutiny
televised interview that aired buke against Russia’s threats ple.
year low of $8.2 in Washington.
after the forum. to use such armaments in The rules are billion last year. Other firms
Most countries that at- Ukraine. expected to have slowed or
technically also paused transac-
apply to invest- tions in China
ments into other adversaries as they await the new rules,
such as Russia, but they are ex- according to people familiar
pected to only practically affect with their thinking.
U.S. investment into China.
A Treasury spokesman de-
clined to comment.
Industry groups in Washing-
ton sought to narrow the rules,
which the Biden administration
The executive order is a spent more than a year craft-
product of a growing biparti- ing. Other proposals to limit
san concern that American U.S. investment in China have
technology and know-how been broader.
could inadvertently help Bei- A bipartisan group of law-
jing develop weapons it could makers last year called for the
use against the U.S. in a mili- creation of an interagency
tary conflict. The Biden admin- panel that would have
istration last year restricted screened investments in a
exports of advanced semicon- wider range of technologies.
ductors and chip-manufactur- Two lawmakers this year re-
ing equipment to China, and vived elements of that plan in
the U.S. has also heightened an amendment adopted by the
scrutiny of Chinese investment Senate to its annual defense
in American technology com- policy bill. Their legislation
panies. would require disclosure of in-
While Biden administration vestments, rather than prohibi-
officials have cast the moves as tions, and may not become
targeted efforts to protect U.S. law.
national security, officials in Rep. Mike Gallagher (R.,
fire from Russian machine them years later. Beijing say they are aimed at Wis.) and the House committee
guns. The Ukrainians were Russian forces have been kneecapping China’s economic dedicated to China have called
forced to retreat. using cluster munitions growth and development. Chi- for restrictions that also apply
Then Ukraine hit the tree throughout the war: The nese President Xi Jinping com- to the much larger flows of U.S.
line hiding the Russian forces white shell casings that carry plained to President Biden portfolio investment into
with cluster munitions. Brush them stick out of fields about the export controls on China. In a recent letter, the
and grass caught fire. When around the country. semiconductors last year. And committee criticized BlackRock
the next assault began, Olek- Ukraine also used them at in a step widely interpreted as and MSCI, a top stock-market-
sandr could see the Russians times last year, according to a retaliation for the U.S. export index compiler, for facilitating
he was firing at, who were no United Nations report. restrictions, China banned its investment in Chinese compa-
longer concealed in the scrub. A soldier in an artillery major firms from buying tech- nies the U.S. government has
His platoon captured the po- unit who has fired the cluster nology from Micron Technol- accused of bolstering China’s
sition, killing about 12 Russians munitions said they were ogy, the largest memory-chip military and violating human
and taking several others cap- most effective in fields, maker in the U.S., earlier this rights.
tive. The prisoners had suffered where they dispersed over a year. Within the Biden adminis-
concussions and burns from wider area. The new investment restric- tration, officials from the Trea-
the cluster bombs, he said. “Cluster munitions are im- tions risk refreezing an at- sury and Commerce depart-
“With the cluster bombs, you portant, but they’re not a tempted thaw in diplomacy be- ments had successfully sought
fire three times and the trees turning point,” he said. tween the two superpowers. to limit the scope of the execu-
totally collapse,” he said, adding —James Marson U.S. investment into China, tive order, according to people
that there was less incoming contributed to this article. which helped drive the coun- familiar with the deliberations.
fire after the cluster attack. Be-
cause the munitions cause dam-
age across a wide area, he said,
they didn’t need to be as accu-
rate to be effective.
Lt. Gen. Ben Hodges, a for- SAVE SMARTER
mer commander of the U.S.
Army in Europe, said the U.S.
sent cluster munitions instead
of more howitzer ammunition,
which is running low in the
West. He expected cluster
bombs would be more effective. Earn 8x the national average*
“Part of the way you deal with a Synchrony Bank
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DREAM
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social media show Russian
BIGGER
soldiers with half a dozen Synchrony
r Bank National
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small wounds after Ukrainian
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Hodges said the bombs also fit
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criticized the U.S. decision to banks (ranked by total deposits) provided by Curinos LLC as of 7/3/23. High Yield Savings Rates:
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from public sources; accuracy and completeness is not guaranteed. Curinos is not
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jure people who come upon
 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 | Wednesday, August 9, 2023 THE WALL STREET JOURNAL.

WORLD NEWS

Beijing to Curb Facial-Recognition Tech

Proposed limits on
uses would leave
exceptions for
national security
BY KAREN HAO
AND LIZA LIN

China released draft rules

on Tuesday to curb uses of fa-
cial recognition, taking a step
to limit the expansion of a po-
larizing technology while leav-
ing large carve outs for na-
tional-security-related uses.
The draft from the internet
regulator, the Cybersecurity
Administration of China, pro-
poses to restrict the use of the
technology to instances where
it has a specific purpose and
is sufficiently necessary. The
rules also ban the use of the
technology for identifying
race, ethnicity, religious belief
or health status—applications
that haven’t been scientifically
proved—unless a person has
given consent or for the pur-
poses of national security.
The stipulations bring
China’s stance on private and
commercial uses of facial rec-
QILAI SHEN/BLOOMBERG NEWS

ognition closer to Western

norms, including rules pro-
posed in the European Union
and by local governments in
the U.S. It also leaves excep-
tions for national-security-re-

.
lated uses of the technology, a
common feature among China’s

ly
A facial recognition display at a conference in Shanghai during July. Facial-recognition use in China has been burgeoning during the past seven years.
data and security regulations.
“Within one law you have generative AI tools similar to in public spaces by police and with the means to use your ernment has carried out a cam- of facial recognition.
provisions that reflect an au- OpenAI’s ChatGPT. Last year, other state security forces. face as a form of identity paign of forced ethnic assimila- Tuesday’s proposed regula-
thoritarian tech-enabled super-
power and also genuine con-
cern about misuse of the
technology,” said Samm Sacks,
it began regulating the algo-
rithms that underpin popular
apps and internet platforms
including TikTok’s Chinese
on The Chinese rules also
come after China’s Covid con-
trols led to the blanket adop-
tion of location logging and
mushrooming in malls, office
buildings, airports and hotels.
Surveillance cameras are
ubiquitous in many Chinese
tion targeting Turkic Muslims.
Authorities in Xinjiang have
used facial recognition and
other surveillance tools to track
tion pulls together and fleshes
out in one framework the re-
strictions on the use of face-rec-
ognition technology scattered
a senior fellow at Yale Law equivalent Douyin and the access-control technologies. cities, and some of China’s and sort Muslims, sending hun- throughout various laws in
us ,

School’s Paul Tsai China Center. ubiquitous super app WeChat. Graham Webster, a re- largest facial-recognition sup- dreds of thousands to intern- China, including in the national
l

“That’s the sweet and sour ap- There is no national law search scholar who heads the pliers have partnerships with ment camps for political indoc- privacy law passed in 2021. It
e
al a

proach of Chinese governance.” regulating the use of facial Stanford University-based local police to provide the trination, researchers said. states, for example, that facial
The proposal is the latest in recognition in the U.S., even DigiChina Project that exam- technology for security pur- China has rejected those allega- data shouldn’t be collected and
a series of moves by China’s though some states including ines China’s digital-policy de- poses—tracking not just crim- tions, referring to its policies in used without consent, reiterat-
ci on

government to put guardrails Massachusetts and cities such
around how companies use as San Francisco have im-
data and artificial intelligence, posed limits, particularly with
putting it at the forefront of regard to law enforcement’s
global attempts to regulate use of the technology. In Eu-
er s
velopments, said the draft
seems aimed at discouraging
unnecessary use of facial rec-
ognition. “If enforced, it
would cool the proliferation of
inals but also dissidents, eth-
nic minorities and others the
government sees as threaten-
ing national security.
Such technology is at the
Xinjiang as a campaign to pre-
vent terrorism.
Many people in China
greeted the initial rollout of
smart cameras with enthusi-
ing a key aspect of China’s 2017
Cybersecurity Law, which re-
quires individual consent for
personal-data collection.
The proposed regulation is

cutting-edge technology. rope, policy makers recently biometric gadgetry outside se- heart of international criticism asm or indifference, adopting the latest effort by authorities
This year, the regulator im- agreed on a draft version of a curity contexts,” he said. of Beijing for its treatment of the technology in their every- to walk the fine line between
m er

plemented rules on so-called law governing artificial intelli- Facial-recognition use in ethnic minority groups in the day life. Still, Chinese leaders acknowledging public debate
deepfakes, AI-generated me- gence, which will ban the use China has been burgeoning northwestern region of Xin- have faced growing unhappi- and maintaining tight control
dia, and proposed others on of real-time facial recognition during the past seven years, jiang, where the Chinese gov- ness over the widespread use on the country’s security.
m rp

Chinese China's imports and exports,

change from one year earlier
cludes Singapore and Indone-
sia, each dropped by about 21%.
Separately, the U.S.’s trade
40%
Exports See with the rest of the world fell
in June as both imports and
co Fo

Imports exports declined, the latest

30

Deep Slide
Continued from Page One
deepening troubles for China’s
economy. The country’s belea-
guered housing market
showed new signs of distress
this week. Youth unemploy-
ment has hit record highs. And
the latest data show China is
n-
TINGSHU WANG/REUTERS
20
Exports sign that high interest rates are
cooling U.S. economic activity.
U.S. imports fell 1% in June
from the prior month to a sea-
10 sonally adjusted $313 billion,
the lowest since November
0 2021, the U.S. Commerce De-
partment said Tuesday. Ex-
-10 ports slipped 0.1%.
U.S. goods imports from
China fell 4.3% in June from
-20
the prior month. The trade def-
2022 ’23

on the brink of falling into de-
flation, a scenario that many
fear could drag the economy
into a downward spiral.
no
icit with China decreased $2.1
Source: General Administration of Customs billion to $22.8 billion in June,
and exports to China were the
lifting of Covid-control mea- lowest since February 2021.

Asia’s other export power- sures late last year, has been On a 12-month basis, the U.S.
houses are also grappling with losing steam since April. trade deficit with China fell to
People walked across a damaged bridge in China after rains brought by remnants of Doksuri. crumbling global trade de- The private sector has been $313.1 billion in June, the low-
mand. South Korea’s exports battered by the years of est level since January 2021.

Typhoon, Flooding Kill Dozens, fell 16.5% year over year in

July, widening from a 6% drop
in June. Purchasing managers
indexes showed the manufac-
Covid-19 restrictions and reg-
ulatory crackdowns, and weak
confidence among consumers
has caused them to avoid
Chinese shipments to Rus-
sia, a country under Western
sanctions over its invasion of
Ukraine, rose 52% in July from

Leave Millions at Risk in China turing sectors in five out of

seven Asian countries, includ-
ing China and Vietnam, were
splurging on big-ticket items
from apartments to home ap-
pliances, economists say.
a year earlier, helped by sales
of high-value goods including
automobiles. For the first
in contraction last month, After a short-lived rebound seven months of this year,
BY SELINA CHENG Khanun is forecast to hit the Four reservoirs in the area pointing to weak underlying early in the year, China’s real- Chinese exports to Russia
Korean Peninsula in the com- continued discharging to demand from the West. estate market has deteriorated soared 73% from a year ear-
HONG KONG—Dozens of ing days. maintain safe water levels, the Taken together, sluggish further this year. Investment lier, even as China’s total ex-
people died and millions more China’s typically arid north- local government said in a so- figures in China and other in the property industry, a key ports have fallen 5%, data
have been displaced after the east may again expect torren- cial-media post. parts of Asia suggest that the growth driver, fell 8% in the from Chinese customs show.
remnants of Typhoon Doksuri tial rain this weekend, after Heilongjiang, a major food- global growth slowdown is first six months from a year Still, economists said given
battered China’s northeast, accumulating around 4 inches, producing province, saw starting to bite harder. earlier, curbing China’s appe- that the overall size of the
dumping torrential rain and of rainfall in some areas over 160,000 people displaced and Economists predict that tite for commodities. trade relationship with Russia
causing widespread flooding, five days last week, China’s around 220,000 acres of agri- growth headwinds in the U.S. On Monday, Country Garden remains relatively small,
according to local govern- meteorological service said. cultural land affected, the and Europe, in part the result Holdings, a property developer booming trade between the
ments and state media. That is more than a fifth of People’s Daily reported on of persistent inflationary pres- that had been lauded by China’s two neighbors and geopolitical
The northeastern provinces the annual average for Hei- Sunday. sures, will continue to curb authorities as a model for oth- partners wouldn’t reverse the
of Jilin and Heilongjiang were longjiang province. Areas further south and consumer spending and busi- ers, missed interest payments longer-term overall slowdown
the latest to feel the afteref- Rising waters have strained surrounding Beijing and He- ness borrowing for the rest of on two U.S. dollar bonds. in Chinese exports.
fects from a storm that made embankments and flood ba- bei, an industrial province the year as the threat of a re- Steve Cochrane, chief Asia- The bad news for many Chi-
landfall nearly two weeks ago sins of the Songhua and Nen southwest near Beijing, were cession lingers. Pacific economist at Moody’s nese manufacturers and ex-
in Fujian, about 2,000 miles to rivers in the northeast, the among the earliest to face the “Overall, the outlook for Analytics, said July’s subpar porters is that rich countries
the south. Ministry of Emergency Man- effects of the typhoon. global trade in the second half trade figures spell more bad in the West are reducing their
Beijing and the nearby ma- agement said on Monday. The As the recent heavy rains of 2023 is pessimistic,” the news for Chinese policy mak- reliance on Chinese goods. U.S.
jor port city of Tianjin, as well arrival of Khanun is expected feed into river systems, the United Nations Conference on ers and their hopes for an eco- officials and their allies in Eu-
as surrounding regions, con- to make rescue efforts more port city of Tianjin is bracing Trade and Development wrote nomic acceleration in the rope have been prompting
tinued to suffer the aftermath difficult, it said. for floods by Wednesday even in a June report. third quarter. “It’d be a long firms to move production
from days of heavy rainfall, The central government has though the weather there has The organization now fore- slog back for China,” he said. away from China toward a cir-
even though the weather in yet to release nationwide fig- cleared, state media reported casts the global goods trade to July’s 14.5% drop in Chinese cle of trusted nations.
the Chinese capital on Tues- ures for the total number of earlier. Around 80,000 people shrink by 0.4% in the second outbound goods shipments That has weakened trade
day was partly sunny—with people who have died, gone have been evacuated from quarter when compared with was sharper than the 12.4% links between the U.S. and
no rain. missing or have been dis- their homes, the city’s Bureau the previous quarter, after ris- year-over-year decline in June China. The U.S. became a rela-
Millions of people living placed, 10 days after hundreds of Emergency Management re- ing 1.9% in the first three and outpaced the 12% decline tively less important export
across swaths of China still of counties and towns were ported on Sunday. months of the year, due to a expected by economists polled market for China over the past
face the risk of flooding from submerged by the floods. host of factors including infla- by The Wall Street Journal. year and a half, while the
the heavy precipitation In Jilin, 14 people died, in- tion and the war in Ukraine. Chinese goods shipments to U.S.’s dependence on China as
dumped by Doksuri as it cluding three local officials, Watch a Video For China, weakening ex- the U.S. fell 23% in July com- a goods supplier has de-
ground north. authorities said on Sunday. Scan this code ports signal more trouble for pared with a year earlier. Ship- creased by even more, accord-
A second typhoon, Khanun, Another official was missing. for a video on its domestic economy, which ments to the European Union ing to Unctad.
is now threatening China’s Around 100,000 people from the flood is sputtering on several fronts. and to the Association of —Grace Zhu, Harriet Torry
northeast after making a zig- one town were affected by the evacuations in The country’s economic recov- Southeast Asian Nations, a and Anthony DeBarros
zag to briefly menace Japan. floods. northeast China. ery, which was sparked by the group of 10 countries that in- contributed to this article.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. Wednesday, August 9, 2023 | A9

Our friend and colleague, Evan Gershkovich, was detained by Russia on

March 29 during a reporting trip and accused of espionage. The Wall
Street Journal and the U.S. government vehemently deny the allegation
and have called for his immediate release.

Evan’s Journal colleagues will be sharing stories of their work with him
each week.

To show support for Evan, please follow the latest updates at WSJ.com/Evan
and add the hashtag #IStandWithEvan across social media.

.
ly
on
Since Evan was wrongfully detained in Russia in March I’ve worn a Free
us ,

Evan pin. Sometimes I forget it’s there until someone asks, “Who’s Evan?”
l
e
al a

“He’s my colleague in jail in Russia,” I say, adding the length of time he’s
been detained.
ci on

But he’s much more than that. He’s humble, kind and ebullient—one of the
most enthusiastic members of The Wall Street Journal newsroom and
er s

a pleasure to work with.

m er

When I asked Evan how he got Russians to talk about the war in Ukraine
as they laid flowers at a statue of a Ukrainian poet in Moscow, he said he got
lucky as a child of immigrants to the U.S.
m rp

“My mom’s from St. Petersburg and my dad’s from Odesa. I guess they
trust me,” he said. When I said he was brave, he again demurred,
“They’re brave.”
co Fo

Each time he’s in a cage in a Russian court we see how brave he is.

One time, my daughter’s friend asked what Evan had done wrong.

“Nothing, he was just doing his job as a journalist,” my 5-year-old

interjected. “That’s crazy,” her friend replied. I couldn’t agree more.

A cashier who saw my pin told me to keep telling Evan’s story so that the
n-

people who have taken him know that the world is watching. “The worst
thing you can do is keep quiet.”
no

Joanna Sugden
Assistant News Editor, London

#IStandWithEvan

©2023 Dow Jones & Co, Inc. All rights reserved. 6DJ0046
 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 | Wednesday, August 9, 2023
Agencies
Bristle Over
Painting
Continued from Page One
claim to be the rightful owners
of the only known portrait of
McCulloch. The painting cur-
rently hangs in a third-floor
hallway at the Treasury De-
partment, which might seem
fair enough. McCulloch was a
two-time Treasury secretary.
Not fair at all, says the Of-
fice of the Comptroller of the
Currency, an independent
agency within the Treasury
that occupies a separate build-
ing a mile and a half away. Mc-
Culloch was appointed during
the Lincoln administration as
the nation’s first comptroller of
the currency, and was best
known for creating a national
currency that helped to bank-
roll the Union in the Civil War.
Diversity
Programs
Under Fire
Continued from Page One
preferences in employment and
contracting decisions.
Edward Blum, who also or-
ganized the challenge that cul-
minated in the U.S. Supreme
Court’s decision to overturn
affirmative action, used a re-
cently formed nonprofit group
to sue Georgia investment
manager Fearless Fund, charg-
ing that a grant program for
startups is discriminatory.
Fearless makes early-stage in-
vestments in businesses run
by women of color.
Companies say their initia-
tives fall within the law. Many
say they remain committed to
increasing the demographic
diversity of their workforces
and suppliers, citing business
benefits and the hurdles some
groups continue to face in
American corporations.
Privately, many are asking
their lawyers if and how much
they should modify their
methods in light of the affir-
mative-action decision.
Many of the legal efforts
against corporate diversity
programs predate the high
court’s June 29 decision. That
ruling, centered squarely on
higher-education admissions,
didn’t address employment or
business practices.
But it added momentum to
an effort by conservative ac-
tivists and public officials to
challenge corporate diversity
programs. Companies have
long relied on rationales simi-
lar to those buttressing affir-
mative action at universities—
that there are benefits to
diversity. By dismissing that
rationale, the high court
weakened the justification for
other programs that promote
it.
no
“Anything a company’s do-
ing that is treating someone
differently because of their
race, even if it’s a small part
of the decision-making pro-
cess, is going to be scruti-
nized,” said Dan Lennington, a
former Wisconsin deputy so-
licitor general and deputy
counsel for Wisconsin Insti-
tute for Law and Liberty, the
legal group behind the Com-
cast lawsuit.
Employment lawyers say it
is likely a matter of time be-
fore one of these cases
reaches the Supreme Court.
Some companies have decided
they aren’t going to wait for
the court to weigh in. That is
especially true for programs
that were quickly adopted af-
ter the May 2020 killing of
George Floyd in police cus-
tody, said Angela Berg, who
led the global DEI practice at
HR consulting firm Mercer
and now consults indepen-
dently.
Some executives “were un-
comfortable with equity pro-
grams from the get-go,” said
Berg, referring to initiatives
such as mentorship or train-
ing programs. The Supreme
Court has changed the risk
calculation, she said.
Companies are evaluating
diversity programs in light of
litigation threats that often
seem designed to stoke public
fear, said Fordham University
law professor Atinuke Adedi-
ran. She has received inquiries
on the subject from an associ-
ation of human-resources offi-
cers at large companies.
“Most of what the firms are
doing for diversity is legal,”
More than three decades
ago, the OCC says, it lent the
portrait to Treasury. Since
then, despite the OCC’s pleas,
Treasury won’t give it back.
Current acting Comptroller
Michael Hsu and his staff want
the painting returned, people
familiar with their thinking
said, although they haven’t
said so publicly. Hsu, after all,
is a career federal employee
who got his current job thanks
to Treasury Secretary Janet
Yellen.
Social media and streaming
content may rule supreme
these days, but in Washington,
portraits are still a big deal.
Paintings of committee chair-
men adorn congressional hear-
ing rooms. The president gets
at least two—the official por-
trait in the White House and
another in the National Por-
trait Gallery.
They also can cause partisan
bickering. Earlier this year, af-
ter Republicans took control of
the House Ways and Means
Committee, a painting of for-
mer Rep. Charles Rangel (D.,
on
us ,
l
e
al a
ci on
er s
m er
Starbucks officers and directors were sued last year over policies that involve increasing workforce diversity.
she said. “Companies may
need to be ready to defend
themselves.”
m rp
Invoking 1866 law
Cable giant Comcast limited
a small-business grant program
co Fo
to companies at least 51%
owned and operated by some-
one identifying as Black, indig-
enous, a person of color, or fe-
male—people the company said
had been disproportionately af-
fected by the pandemic.
The Wisconsin Institute for
Law and Liberty, in suing Com-
cast in April 2022, cited the
1866 Civil Rights Act. One pro-
vision often referred to as Sec-
tion 1981 says all Americans
n-
should have the same rights to
sue and enforce contracts “as
is enjoyed by white citizens.”
The institute, which says it
supports litigation promoting
“individual initiative and or-
dered liberty that leads to
prosperity,” essentially turned
that section on its head by
gathering several white, male
business owners as plaintiffs.
In mid-September, when
Comcast announced the next
round of grants, it opened the
program to all small busi-
nesses. Two months later, Com-
cast settled the litigation.
A Comcast spokesman de-
clined to comment. In a news
release about the program in
May, Comcast described the
program as evolving “from
helping businesses survive the
pandemic, to helping busi-
nesses and their communities
thrive with a focus on eco-
nomic growth.”
Florida Gov. Ron DeSantis’s administration appealed a judge’s decision to halt enforcement of elements of the Stop Woke
Act; Bradley Gayton, Coca-Cola’s ex-general counsel, announced new guidelines for the makeup of attorneys Coke hires.
FROM PAGE ONE
N.Y.) disappeared from the
hearing-room walls. Others, in-
cluding William McKinley (R.,
Ohio)—a Ways and Means guy
before he won the presidency—
appeared.
Democrats were concerned,
said one House Democratic
aide. A House Republican aide
said the portraits needed refur-
bishing and cleaning. Rangel
reappeared.
“Charlie’s back where he be-
longs,” says Rep. Gwen Moore,
a Wisconsin Democrat. “All’s
well that ends well.”
Unfortunately for the OCC,
there’s apparently only one
original portrait of McCulloch.
It was painted by George Peter
Alexander Healy, a famous 19th
century portraitist. His 1868
painting called “The Peacemak-
ers”—of Lincoln and the Union
high command—still hangs in
the White House.
The wall of the comptrol-
ler’s office is adorned with
paintings of recent comptrol-
lers, but the one of the nation’s
first is just a copy. Former
comptrollers and their staffers
A federal lawsuit against
Amazon.com filed outside Dal-
las in July 2022 also invokes
the 1866 law. It targets a pro-
gram awarding an additional
$10,000 to Black, Latino and
Native American delivery-ser-
vice contractors to defray
startup costs. The lawsuit also
criticizes an Amazon program
aimed at helping Black-owned
businesses sell products on
Amazon’s website.
The plaintiff, a Denton
County, Texas, resident, wants
to apply to start
an Amazon de-
livery-service
contractor, but Plaintiffs have
says she won’t cited an 1866
until the com-
law aimed at
pany eliminates
the assistance
for minority
helping non-
contractors or white people.
offers whites
and Asians the
same benefit,
the complaint says. The plain-
tiff can’t apply to become an
Amazon delivery service part-
ner “without subjecting herself
to racial discrimination,” the
lawsuit says.
The case seeks class-action
status. It was filed by attorneys
including the general counsel
of America First Legal, a Wash-
ington, D.C., nonprofit headed
by former Trump administra-
tion adviser Stephen Miller.
America First Legal describes
itself as combating “an unholy
alliance of corrupt special in-
terests, big tech titans, the fake
news media, and liberal Wash-
ington politicians.”
Amazon has moved to dis-
say they lent the original of
McCulloch to Treasury before
the department’s bicentennial
in the late 1980s, and that
when the Treasury staff turned
over between the Reagan and
George H.W. Bush administra-
tions, the department reneged
on a promise to return it.
“Sure, we’ll bring it back
when the celebration is over,”
Bob Clarke, comptroller during
those two administrations, re-
calls being told by a former top
Treasury official. “I made a
terrible mistake, of course, by
not getting it in writing.”
Former Comptroller Clarke
and his successors through dif-
ferent administrations have at-
tempted to get the painting re-
turned. Their entreaties were
ignored or met with evasive re-
sponses, said Jesse Stiller, a
former historian for the OCC.
In 1999, Comptroller of the
Currency Jerry Hawke pressed
Treasury Secretary Robert Ru-
bin to return McCulloch. The
portrait, he wrote in a letter,
had been a part of the OCC
since it was unveiled in 1881,
miss the lawsuit, saying its se-
lection process for delivery
contractors is race-neutral and
that the plaintiff doesn’t have
standing to sue because she
hasn’t applied to be an Amazon
contractor.
In court filings, the company
calls her complaint “the epit-
ome of an abstract and gener-
alized grievance by a member
of the general population about
an internal corporate program
that has no actual effect on
her.”
Amazon de-
clined to com-
ment on the
lawsuit. “We
believe in the
importance of
diversity, equity,
and inclusion,”
a spokesman
said in a written
statement.
“We’ll investi-
gate the poten-
tial impact of any legal deci-
sions on our programs and
adjust as necessary to comply
with the law.”
Title VII of the Civil Rights
Act of 1964 bans workplace dis-
crimination. The recent affir-
mative-action decision didn’t
address employment practices
directly. But Supreme Court
Justice Neil Gorsuch in a con-
curring opinion noted “materi-
ally identical language” on dis-
crimination in the laws
governing higher education
and employment.
Starbucks officers and direc-
tors were sued in August 2022
by National Center for Public
Policy Research, a conservative
THE WALL STREET JOURNAL.
and when the OCC moved out sury, you ought to send a team
of the Treasury building to
L’Enfant Plaza in 1974, “the
in” to grab back the old paint-
ing, he joked at an unveiling
portrait moved with the
agency.”
A few weeks later, an assis-
ceremony, according to the
American Banker publication.
About a decade ago, the
tant to Rubin responded that
the department had paid $500
for the McCulloch portrait in
staff for Comptroller of the
Currency Thomas Curry asked
to display the McCulloch paint-
1881, so it was rightfully theirs. ing during the OCC’s 150th an-
Former OCC officials say niversary. Treasury officials
who paid for it is irrelevant be- again said they had no plans to
cause, at the time, Treasury break up their complete collec-
paid for all of the comptroller’s tion of Treasury secretary por-
nonexamination expenses. traits, and they also reminded
Treasury had no intention of the OCC staff that they were
breaking up its collection of just a bureau of the Treasury,
“fine and decorative arts,” the according to former regulatory
department’s then chief finan- officials.
cial officer, Nancy Killefer, Joseph Otting, the last Sen-
wrote to Hawke, because it was ate-confirmed comptroller of
small and needed to be shared the currency, joked with his
among “a large number of ex- staff that the original portrait
ecutive offices and members of was rightfully theirs, and “we
the public who tour the build- should go get it,” according to
ing.” former aides.
Former Comptroller Hawke, But Treasury’s views about
who died last year, was still the painting haven’t changed,
bristling about McCulloch at an agency official said. So for
the unveiling of his own por- now, Treasury is still the con-
trait in 2006. “The next time troller of the comptroller’s por-
they have a fire at the Trea- trait.
proxy proposals from the group
suggesting Starbucks favors
liberal or “woke” perspectives.
Coca-Cola is among the
companies that has already
backtracked. In early 2021,
then-General Counsel Bradley
Gayton addressed a letter to
outside law firms saying that
30% of new legal work for the
soda giant should be performed
by lawyers who are women,
LGBTQ+, disabled or members
.
of racial and ethnic minority
groups. Law firms had to re-
ly
port demographic data to Coke,
which could cut their fees if
the guidelines weren’t met, the
letter said. Gayton stepped
down from the role three
months later.
American Civil Rights Proj-
ect, a nonprofit law firm that
also represents NCPPR in its
Starbucks lawsuit, threatened
to sue Coke officials on behalf
of shareholders. In a letter to
the company that June, the
group called the policies “text-
MARIO TAMA/GETTY IMAGES
book violations” of Section
1981.
In early 2022 Gayton’s suc-
cessor, Monica Howard Doug-
las, wrote to the American Civil
Rights Project that while the
company remained fully com-
mitted to advancing DEI in the
think tank that owns 56 shares legal profession, she had con-
in the coffee chain. It accuses tacted law firms to tell them
Starbucks of violating Title VII the guidelines were never com-
and Section 1981, and the offi- pany policy.
cials of breaching their fidu- America First Legal Founda-
ciary duty to shareholders by tion, the group backing the
embracing policies it says vio- Texas lawsuit against Amazon,
late antidiscrimination law in has written to the Equal Em-
areas including employment, ployment Opportunity Commis-
supplier contracts and execu- sion, urging the four current
tive compensation. commissioners to bypass the
usual complaint process and
open investigations into diver-
Corporate culture sity practices at a range of
Under the policies, Star- brand-name companies.
bucks says it wants at least Andrea Lucas, who was nom-
30% of its U.S. workforce at all inated to the commission by
levels to be Black, indigenous President Trump, declined to
or people of color by 2025. It comment on the likelihood that
plans to implement an analyt- she or other commissioners
ics tool that lets managers see would open investigations. She
their progress and uses work- said she sees “significant legal
force diversity measures to and practical risk” in many cor-
help set executive pay. porate diversity programs.
Starbucks and company offi- “Equal opportunity is our
cials are seeking to dismiss the charge,” she said of the agency’s
case, with a hearing scheduled mission, “but the law does not
for Friday. They say NCPPR demand equal outcomes.”
hasn’t shown any real harm Civil-rights lawyers say con-
from the policies, which are servative activists’ arguments
covered by a legal principle distort the original purpose of
that gives company officials laws designed to protect
broad discretion in running groups that, historically, have
their business, and that courts had fewer labor-market oppor-
have upheld diversity policies tunities or difficulty cracking
as permissible. Acceding to the corporate ceilings.
lawsuit’s demands would leave “The intent here is more po-
Starbucks vulnerable to other litical gain and a chilling ef-
litigation, they say. fect—unfortunately it’s effec-
“We remain committed to tive,” said Katy Youker, an
creating a culture of warmth attorney with the Lawyers’
and belonging, where everyone Committee for Civil Rights Un-
is welcome,” a company der Law, which has been track-
spokeswoman said. ing challenges to corporate
In court, Starbucks and its programs.
officials also argue NCPPR In Florida, a federal judge
doesn’t represent shareholders, last year halted enforcement of
who have rejected previous provisions in HB 7, better
known as the Stop Woke Act,
which would have restricted
FROM LEFT: DANIEL A. VARELA/MIAMI HERALD/ASSOCIATED PRESS; COCA-COLA/BUSINESS WIRE
private employers from con-
ducting some diversity-related
training. The judge said the
measures violated companies’
free speech rights. Gov. Ron
DeSantis’s administration has
appealed the decision.
The pressure leaves employ-
ers vulnerable to litigation for ei-
ther going too far or not far
enough in addressing barriers to
equity and inclusion, lawyers say.
“Employers still have obliga-
tions to comply with civil rights
statutes,” said Charles McLaurin,
senior counsel with the NAACP
Legal Defense and Educational
Fund. Rolling back DEI programs
designed to expand workplace
opportunities, he added, “has the
potential of creating a hostile en-
vironment for certain marginal-
ized groups. Companies would
still face exposure.”
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
© 2023 Dow Jones & Company. All Rights Reserved.
BY KATIE MOGG
P
rofessional headshots
generated by artificial
intelligence are in vogue
with young workers. But
some women of color
say the technology has
misfired for them, lightening skin
tones, botching hairstyles and
changing facial shapes.
Rona Wang, a 24-year-old re-
cent graduate from the Massachu-
setts Institute of Technology, up-
loaded a photo to Playground AI
hoping to turn a casual selfie into
a professional headshot.
Rather than altering the back-
ground of the image or changing
Wang’s clothing from a college
shirt to a blazer, the tool lightened
Wang’s hair, made her eyes round
and blue, and took the yellow un-
dertones out of her skin.
“The overall effect definitely
just made me look like a white
person,” said Wang, who is Asian-
American.
Suhail Doshi, the founder of
Playground AI, said the service
isn’t intended to be used for pro-
fessional headshots: “If people are
using us for that, they are going to
be disappointed.”
Body and facial distortions
As résumés and professional so-
cial-media profiles start to look
more like Instagram, many work-
ers are experimenting to create
the perfect headshot. Booking a
photo shoot with a professional
photographer and ensuring hair
and makeup is top-tier can easily
top $1,000.
For $12 to $50, people can up-
load their own photos into various
AI platforms. These AI
models then create images
resembling the user in a
professional context based
on the uploaded photos, as
well as millions of other
images paired with text
CLOCKWISE FROM TOP: AI. PHOTO ILLUSTRATION BY THE WALL STREET JOURNAL, SECTA LABS (2), PLAYGROUND AI; RONA WANG; CHRISTINE COAKLEY PHOTOGRAPHY; NICOLE HARRIS
descriptions that they are
trained on, according to
AI founders. The catch is
that many Black, Latina
and Asian women say AI
photo misfires are going
beyond well-documented
technology fumbles like
giving a person too many
teeth or more than five
fingers on a hand.
Danielle DeRuiter-Wil-
liams, a 38-year-old diver-
sity, equity and inclusion
specialist based in New Or-
leans, used a service called AI Sui-
tUp. She said she was surprised
that the AI-generated photos nar-
rowed her nose and lightened her
skin. “It was just more comical
than anything,” she said. “And just
a demonstration to me of how in
the nascent stages a lot of this
technology is, especially when it
comes to its adaptability to non-
white people.”
Racial and gender bias is baked
into the base technology that
many AI platforms use, said AI
SuitUp founder Simon Restelli.
Many online photos of doctors
that a platform like AI SuitUp
would train on tend to be of men.
More attention needs to go into
the data and photos that are fed
into the models that companies
like Restelli’s build on, he said.
Flubbed Black hairstyles
no
Nathalie Walton heard about AI
headshots via Chief, a private net-
work for women executive leaders,
Sobering News About Women and Alcohol
BY SUMATHI REDDY
W
omen are closing a gender
gap, but it isn’t a good one:
They’re catching up to men
when it comes to problem drinking.
Women’s drinking, on the rise for
the past two decades, jumped dur-
ing the pandemic as women re-
ported more stress. Although men
still drink more alcohol than women
and have higher alcohol-related
mortality rates, doctors and public
health experts say women are nar-
rowing that divide.
“There used to be
a large gender gap in
alcohol use and alco-
hol use disorder be- Women’s
tween men and drinking jumped
women,” says Dawn
Sugarman, a research during Covid as
psychologist at
McLean Hospital and
women reported
assistant professor of more stress.
psychology at Har-
vard Medical School.
“That is shrinking.”
Over the past couple of decades,
problem drinking has risen most
among 30- and 40-something
women, says Aaron White, senior
scientific adviser to the director of
the National Institute on Alcohol
ISTOCK
Abuse and Alcoholism.
PERSONAL JOURNAL.
AI Botched Their Headshots
Artificial-intelligence software can make skin tones lighter and change facial features
on
us ,
l
e
al a
ci on
er s
m er
 Nicole Harris used Secta Labs to
m rp
generate headshots for her
business’s website, but the images
didn’t work out.
and was excited to try it out. She
co Fo
chose photos showcasing different
hairstyles, such as a slicked down
bun, to give the AI more source
material.
The results made Walton feel
‘Frankensteined.’
“It just really seems that Black
people were just not considered
when this technology was rolled
out,” she said.
Marko Jak, the founder of
Secta Labs, said his company is
working hard to rectify the AI
n-
snafus. Secta Labs recently rolled
out a new version of its technol-
ogy that allows users to identify
their race when they create an ac-
count. That way, he said, the AI
can draw from more narrow, eth-
nicity-specific base models to gen-
erate people’s headshots.
In recent years, a growing culture
of mom drinking escalated during
the pandemic, as some mothers
juggling remote school and work
drank more to cope with stress, and
the habit stuck, doctors say.
Federal dietary guidelines recom-
mend that women consume one
drink or less a day, or not drink at
all. NIAAA defines heavy drinking
for women as having more than
three drinks a day or more than
seven drinks a week.
Signs of problem drinking include
consuming for longer or taking in
more than you in-
tended, or struggling
to scale back or ab-
stain from alcohol if
you’re trying to. Hav-
ing cravings or symp-
toms of withdrawal,
getting sick or hung
over frequently and
noticing that drinking
interferes with your
daily life are warning
signs, says Sugarman.
During pandemic lockdowns in
2020, the number of days that
women reported drinking to ex-
cess—four or more drinks in a few
hours—increased significantly, by
41% compared with the same period
a year prior, a 2020 study in the
THE WALL STREET JOURNAL.
 Nathalie Walton was excited to
try AI out for her professional
headshots but the results made
her feel ‘Frankensteined.’
Sophia Carter, a Raleigh, N.C.-
based workforce strategist for
FedEx, said she recently had a
positive experience with Secta
Labs.
Though the AI didn’t properly
generate Carter’s sisterlocks, a
hairstyle consisting of hundreds
of tiny dreadlocks, she said she
was pleased with the variety of
other Black hairstyles in her re-
sults, including cornrows, Afros
and twist-outs.
She got at least 100 “usable,
amazing headshots,” Carter said.
Nicole Harris decided to use
Secta Labs to generate headshots
for her business’s website after
coming across a promotion on
LinkedIn.
She was impressed by the AI
model’s ability to emulate Black
medical journal JAMA Network
Open found.
A follow-up study examined alco-
hol consumption between May
2020 and March 2021 and found
that men reported drinking less
over the period while drinking levels
remained stable for women.
“By the third wave in the pan-
demic, men’s and women’s drinking
average in terms of the number of
Wednesday, August 9, 2023 | A11
ly
 The tool lightened Rona Wang’s
hair, made her eyes round and
blue, and took the yellow
undertones out of her skin.
hair and was hoping to reflect her
self-described ‘cultural’ clothing
style.
Several images came back
showing Harris with a bindi, even
though she isn’t South Asian or
Hindu, or sporting other ethnically
ambiguous adornments.
She now plans to invest hun-
dreds of dollars in professional
headshots by a photographer in-
stead of relying on AI tools.
Underlying problem
AI image generators often use
foundational base models made
up of “a soup of data” from the
internet that reflect and perpetu-
ate historical racial and gender
bias in people, said Liz O’Sullivan,
chief executive of Vera, a com-
pany that is developing software
drinks per day was similar,” says
Joan Tucker, a senior behavioral sci-
entist at RAND and co-author of
the study.
Alcohol-related deaths are rising
faster among women than men, a
July study in JAMA Network Open
found.
While more men die from alcohol
than women do, women’s average
rate of alcohol-related death in-
.
to help AI firms control
the behavior of the mod-
els they want to use. Sim-
ply reflecting what’s on
the internet can create
some of the wacky results
that people of color are
getting, she said.
“If you’re not taking
the time and care—and
spending the money—to
curate your training data
and figure out whether
those correlations are
present, then you’re just
getting what you pour
into it. And that is how
things go wrong,” she
said.
One open-source base
model that many AI image genera-
tion services use is owned by Sta-
bility AI. Several AI service found-
ers, including Jak and Restelli, say
Stability AI’s model appears to use
data sets that perpetuate racial
and other biases.
The company said it’s working
to solve these biases.
The latest version of its model,
released July 26, should improve
the accuracy of images for people
of all racial and ethnic back-
grounds. The new model generates
images with more vibrant and pre-
cise colors, lighting and shadows,
the company said.
“All AI models have inherent
biases that are representative of
the data sets they are trained on,”
a company spokesman said. “We
intend to train open-source mod-
els on data sets specific to differ-
ent countries and cultures, which
will serve to mitigate biases
caused by overrepresentation in
general data sets.”
creased 14.7% a year since 2018 com-
pared with 12.5% for men, says Ibra-
heem Karaye, an assistant professor
of population health at
Hofstra University and
lead author of the study.
Drinking affects
women’s bodies differ-
ently than it does men’s.
Women tend to store
more body fat than men.
Fat contains less water
than muscle, so women’s
bodies tend to have less
water. That difference
means women’s bodies
feel the effects of alco-
hol more quickly.
Women also have
higher levels of estrogen
than men do, and the
hormone affects the liver
in a way that makes its
cells and tissue more
vulnerable to damage
from alcohol, says Dr. G.
Scott Winder, a psychia-
trist who works in the
hepatology department
at the University of Michigan.
Winder says alcohol-related liver
problems in women in their 20s and
30s were growing more common
before Covid-19 but became starkly
apparent during the pandemic.
“This gradual scarring of the liver
that used to be a disease stereotyp-
ically of men in their 60s now is a
disease increasingly of women in
their 30s,” says Winder.
 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 | Wednesday, August 9, 2023
Bakeries Are Creating a Knead
For Treats With Scarce Deals
Offering limited-time specials or hard-to-find items entices customers and cuts down on food waste
BY ALINA DIZIK
B
akeries are learning
that the most delicious
pastry is the one their
customers can’t have.
Creating scarcity, via
limited-time deals or
hard-to-find items, is a tried-and-
true strategy for consumer-facing
businesses. It also comes with the
risk of turning off customers.
Smaller independent bakeries
are becoming particularly success-
ful at it now with limited runs of
croissants or other baked goods
that then are quickly advertised
on social media. Keith Wilcox, a
professor of marketing at Texas
A&M University in College Station,
says the scarcity strategy has
helped bakeries increase the per-
ception of quality and connect di-
rectly with customers.
Bakeries have the added pres-
sure to sell croissants and other
products that otherwise would
lose their value in mere hours. Call
it the croissant theory.
Rafael Flores is among the cus-
tomers who don’t mind bakeries
playing hard-to-get.
Each Saturday morning he has
one priority: scoring a flaky pastry
from his favorite bakery. It isn’t
easy. The $7 triple chocolate crois-
sant with a chocolaty crust that he
covets is often sold out if he arrives
after 10:30 a.m. Flores, 36 years
old, recently skipped his morning
workout to arrive closer to 8.
no
Credit Card,
PayPal or
Cash App?
How You Pay
Matters
BY IMANI MOISE
B
uyers have more ways to pay
for things than ever before:
Apple Pay, Venmo, credit cards
and dozens of other options. What
you choose might matter as much
as the purchase itself.
Each of the different payment
methods provides different conve-
niences, perks and protections from
fraud. Credit cards have long been
the default option of choice. But
higher interest rates have now
raised the cost of carrying a credit-
card balance.
Money-transfer apps such as
Venmo and Zelle processed nearly
$900 billion last year, and the Con-
sumer Financial Protection Bureau
expects that number to reach $1.6
trillion by 2027.
These apps and services provide
easy instant payments, usually for
free. The downside is that these op-
tions offer fewer protections from
scams and unfulfilled orders.
“The U.S. consumer is very driven
by convenience. They may not be di-
rectly driven by security,” said James
PERSONAL JOURNAL.
on
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Customers craving fresh croissants and other pastries arrive early at Nick
& Sons bakery in Brooklyn, N.Y. Open from 8 a.m. to 1 p.m., the bakery
typically sells out of almond croissants, right, by 10 a.m.
co Fo
“It’s so good—the different
kinds of the chocolate flavors hit
you on different levels,” says
Flores, who works in outdoor ad-
vertising and visits Radio Bakery
in Brooklyn, N.Y., about a 15-min-
ute commute from his apartment.
Threading the needle
The bakeries’ strategy is in part
driven by all of the pressures on
their businesses. Bakers say they
n-
are navigating labor shortages,
higher ingredient costs and irregu-
lar demand throughout the week.
To get more customers in the
Anderson, managing director at Paze,
a bank-owned digital wallet.
Payment apps are among the
fastest-growing sources of fraud re-
ports and losses, according to Fed-
eral Trade Commission data. Overall
fraud losses have increased more
than fivefold to $1.2 trillion since
2019. Losses tied to payment apps
jumped from $5 million to $47 mil-
lion over the same period, according
to the FTC data.
As new payment options gain ac-
ceptance, consumers should try to
educate themselves how to use
these methods safely, said Seth
Ruden, director of global advisory at
BioCatch, a fraud-detection soft-
ware company.
“The channel itself is not the vil-
lain. The bad actors are the scam-
mers, the social engineers and ex-
ploit artists,” he said.
Credit and debit cards
When you swipe or tap your card or
authorize a card transaction online,
the merchant’s bank communicates
with your bank through a card net-
work such as Mastercard or Visa to
ask permission to withdraw a certain
amount. Your bank then decides
whether to approve the transaction
based on your available funds or
credit and the likelihood the transac-
tion is fraudulent. If approved, your
bank puts a hold on the funds until
they are sent to the merchant’s ac-
count, usually within a business day.
Credit cards can be the most re-
warding way to pay online. Card issu-
ers use the revenue from transaction
fees to fund perks for customers.
A credit card can be expensive if
door, bakeries have attempted to
build a culture around people trek-
king to their store for high-quality,
day-of baked goods, waiting in
line, posting a photo online and
returning the next time to try a
pastry that was sold out. By an-
nouncing on social media when
items are sold out for the day,
bakeries also create cronut-level
excitement around more standard
breads.
“If it doesn’t sell out, we don’t
make it anymore,” says Mindy Se-
gal, founder of Mindy’s Bakery in
Chicago.
you don’t pay your balance in full,
and higher interest rates have now
raised the cost of carrying a credit-
card balance. Paying off a $1,000
balance in 12 months at the current
average annual percentage rate of
22.16% means $103 in interest, com-
pared with $77 roughly a year ago
when the average was 16.65%, ac-
cording to estimates from the Fed-
eral Reserve.
Debit cards don’t offer the same
rewards as credit cards since their
issuers make less money from each
transaction. They do come with
similar fraud and payment protec-
tions as credit cards.
Federal regulations require issu-
ers to reimburse customers for un-
authorized transactions of more
than $50 and allow customers to
dispute charges within 30 days.
ly
Stand-alone bakery sales
topped $7.7 billion in 2022, com-
pared with $6.1 billion in 2018, ac-
cording to data from Sundale Re-
search, a market research firm in
Bay Shore, N.Y.
After experiencing a drop in
wholesale business during the
pandemic, Nick Heavican, co-
owner of Brooklyn bakery Nick &
Sons, says he has seen more con-
sumer demand in recent years. He
Many credit cards also provide pur-
chase protection, meaning you can
ask for reimbursements directly
from your issuer if something you
buy is lost, damaged or inconsistent
with what was advertised.
Digital wallets
Digital wallets such as PayPal or
Apple Pay are among the safest
and easiest ways to pay online.
All of the protections and bene-
fits associated with the underlying
card are still in effect for wallet
transactions, so it is best to con-
nect these wallets to a credit card
directly to maximize your protec-
tion, said Corie Wagner, an analyst
at Security.org, a safety-product re-
view site.
If a digital wallet gives you the
option to link a bank account di-
THE WALL STREET JOURNAL.
has also kept shorter hours since
the pandemic because items tend
to go faster. The bakery is open
from 8 a.m. to 1 p.m., compared
with 7 a.m. to 4 p.m. prepandemic.
“We see the same revenue with
half the staff and half of the
hours,” says Heavican, who
opened a second location in
Spring Lake, N.J., in 2021.
Nick & Sons typically sells out of
almond croissants by 10 a.m., he
says. They are more time-consum-
ing and expensive to bake. The bak-
ery regularly sells out of regular
croissants and other specialty pas-
tries later, he says. It closes early
on days that most pastries sell out.
“It took some training for [cus-
tomers] to get used to the idea
that we weren’t going to have ev-
erything they wanted any time
they wanted,” he says.
Encountering a sold-out pastry
display only made Isabella Estrada
more determined for her next visit
to Nick & Sons. On a recent week-
end morning, she waited with a
friend to buy a pain au chocolat,
which hadn’t been available on a
previous visit. Once she entered
the bakery and saw other items in
stock, she added a ham and cheese
croissant, a fig jam Danish, an ap-
ple tart and two plain croissants
to her order.
“I stocked up, because that’s
what I’ve seen others do,” says Es-
trada, a 22-year-old speech ther-
apy graduate student.
Telltale signs
Sarah Kalczynski, a 28-year-old
digital strategist in Los Angeles,
says she can tell just by seeing the
croissants in person if they are
.
worth a try. Kalczynski has now
visited more than 30 bakeries and
ranks croissants on her TikTok.
She says that the shiny, filled-out
facade of each pastry often guar-
antees a crispy result.
She has learned
that bakeries offer-
ing croissants later
in the afternoon can
be a red flag. “It
could mean that the
croissants aren’t that
good,” she says.
At Wentworth &
Fenn, a bakery with
two locations in
Charlotte, N.C.,
owner Samantha
Ward offers no more
than a dozen of her
bourbon butter oat-
meal creme pies at
each location. Often
that means the bak-
ery’s most popular
dessert sells out by
noon, she says. Posts
on Instagram of lim-
ited pastry runs, in-
cluding of a lemon
cayenne tart, are es-
pecially popular,
Ward says: “You
have to get here
ASAP so you’re not
missing out.”
LANNA APISUKH FOR THE WALL STREET JOURNAL (3)
Instead of waking up early,
Shelby Stern, 36, who stays at
home with her two children, says
she often visits nearby coffee
shops and boutique grocers that
carry pastries from her favorite
spots near her Denver home. Some
bakeries sell items to local cafes
where they have a lower likelihood
of selling out.
“I can look at their social me-
dia and play the game,” she adds.
rectly, you should read the policy
agreement to make sure you under-
stand what is protected.
Wallets also offer additional lay-
ers of security through encryption
and biometric verification and many
don’t share sensitive financial data
such as your 16-card number with
individual merchants.
Peer-to-peer payment apps
Apps such as Venmo, Cash App and
Zelle were designed to help people
send money to friends and family,
but they are now used in more set-
tings. They move money more
quickly than card payments because,
instead of waiting on banks to ap-
prove the transaction, the payment is
authorized once the sender hits sub-
mit. It is almost impossible to get
money back once it has been sent.
These payment methods aren’t
regulated as heavily as cards, so us-
ers might still be on the hook for
unauthorized payments if a swin-
dler gets control of their accounts.
“Use it to pay people you know,
and trust,” said Meghan Fintland, a
Zelle spokeswoman.
Bank transfers
Businesses are increasingly offering
ways to pay with your bank account
directly since Automated Clearing
House, or ACH, transfers are much
cheaper to process than cards. This
option should only be considered in
exchange for a discount, payments
executives said. Consumers should
be selective in sharing their bank in-
formation with merchants since
wire transfers don’t have the same
ISTOCK
protection guarantees as cards.
 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. NY Wednesday, August 9, 2023 | A12A

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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.

A12B | Wednesday, August 9, 2023 NY / NE THE WALL STREET JOURNAL.

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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.
OPERA REVIEW
Passionate Singing in Santa Fe
BY HEIDI WALESON
T
Santa Fe, N.M.
his summer, the Santa Fe
Opera presented Monte-
verdi’s “Orfeo” with a
new orchestration by
Nico Muhly. “Orfeo”
(1607), one of the earli-
est operas, is typically performed
with period instruments; Mr.
Muhly’s resourceful version cap-
tured the tang and transparency of
those instruments with the tools of
a modern opera orchestra. His se-
lection of sonorities—such as low
winds and harp for continuo; a sin-
gle violin for poignant moments;
celesta and piano for color—always
fit the moment, supported the vo-
cal line, and never slipped into
overblown Romanticism. I missed
only the harsh rasp of the regal,
the period organ that accompanies
the character Caronte. As led by
Harry Bicket, the
company’s music di-
rector and an expert
in early repertoire, The summer
“Orfeo” retained its season includes
17th-century impulse
in a new guise. Monteverdi,
As Orfeo, Rolando
Villazón was less
Wagner, Dvořák
successful. The and Debussy.
tenor’s voice has
lowered and dark-
ened in recent years,
fitting the role’s baritone tessitura,
but his timbre is harsh and barky.
Orfeo’s music is supposed to en-
chant; we got histrionics instead.
Lauren Snouffer had a lovely,
floating sound as La Musica, who
introduces the story, and Sper-
anza, who escorts Orfeo to the
no
portal of the Underworld; Paula
Murrihy (La Messaggera) and
Blake Denson (Plutone) were also
standouts.
CURTIS BROWN (2)
The thoughtful production—di-
rected by Yuval Sharon, with a vi-
sual environment by Alex
Schweder and Matthew Johnson,
TELEVISION REVIEW | JOHN ANDERSON
Alien Characters,
Familiar World
T
o paraphrase another famous
comic strip, we have met the
strangers of “Strange Planet,”
and they are us. That, as becomes
abundantly clear, is the Jupiter-size
joke in Nathan W. Pyle’s webcomic-
cum-series on Apple TV+. The more
immediate, Mars-equivalent gag is
the translation of very earthy reality
into absurdist techno-speak: Par-
ents are “life-givers”; years are “rev-
olutions”; unwanted cilantro in your
“swaddled mush” is “soap leaf.” You
may find your mouth stones on
edge before episode 3, and it won’t
be from too much jitter liquid.
On the other hand, “Strange
Planet” is an exceedingly low-key,
gently amusing offering that’s a far
cry from the screamingly conven-
tional anime of the popular “One
Piece” or some of the needlessly
edgy entries on Adult Swim. There
is a place for grown-up animation
APPLE TV+
amid the vast plastic-trash island of
an oceanic medium and, besides,
ARTS IN REVIEW
and lighting by Yuki Nakase Link—
had an ingenious solution to the
on
living world/underworld transi-
tion. The shepherds’ chorus ca-
vorted on and around a green half-
globe. Then the globe gradually
lifted, swaths of fabric unfurled
us ,
beneath it, and Orfeo sang his plea
l
to Caronte while suspended from a
e
al a
harness in the gloom. The gods
seemed more powerful because
they were invisible; the denizens
ci on
of the very dark underworld had
chic lighted headdresses (Carlos J
Soto did the costumes).
In the production of Debussy’s
“Pelléas et Mélisande” by Netia
er s
Jones (director; scenic, costume
and projection designer), the sub-
m er
text involving the toxic clash of
modernity and nature didn’t read
clearly enough. This Symbolist
story was set in what appeared to
be a dark basement, reached by a
m rp
pair of spiral staircases, with a
large revolving ter-
rarium that also
served as a bed. In
the first half of the
co Fo
opera, its grass was
green; in the second,
it was wilted and
yellow. A stream ran
along the front edge
of the stage; the
three principal char-
acters, mystifyingly,
had doubles who
acted out their scenes upstage.
Arkel, Golaud and Mélisande all re-
ceived oxygen when they were ill
or wounded; there were projec-
n-
tions of computer code, scientific
diagrams, and plumbing pipes;
even the images of water and trees
were gloomy.
Musically, however, it was a tri-
umph. Mr. Bicket brought marked
clarity to the orchestra, reflecting
the characters’ unspoken emotions
through sonic detail rather than
indulging in a misty, nonspecific
wash of sound. Zachary Nelson
was splendid as the tormented Go-
“Strange Planet” has a
back story that may be
more familiar to some
than the cartoon itself:
Mr. Pyle’s 2019 web-
comic on Instagram and
his follow-up books
were sensations, until a
2017 tweet from Mr.
Pyle came to light, one
that expressed mea-
sured support for the
antiabortion March for
Life. At that point, he
became the target of an abortion-
rights backlash, aka the “milkshake
duck” internet phenomenon (I had
to look it up). Mr. Pyle didn’t apolo-
gize and he wasn’t canceled, not
judging by the arrival of this 10-epi-
sode series created by the cartoon-
ist with Dan Harmon (“Rick and
Morty”). So, happy endings.
There are many of those in
“Strange Planet,” the point of it be-
ing simple moral lessons—about
 Ailyn Pérez as the titular water
nymph in David Pountney’s
production of ‘Rusalka’
laud, his velvety baritone turning
desperate as he tried unsuccess-
fully to find out the truth. As Mé-
lisande, Samantha Hankey’s rich,
bright mezzo made her more hu-
man than fey; Huw Montague Ren-
dall was arresting in Pelléas’s
awakening of feeling for her. Ray-
mond Aceto was affecting as
Arkel, the king with no power; as
Geneviève, Susan Graham’s mezzo
has lost luster, but she looked
great in the watery green silk
gown that seemed to symbolize
the family’s last connection to the
natural world. Treble Kai Edgar
was a strong Yniold.
David Pountney’s production of
Dvořák’s fairy tale “Rusalka” also
required advance information for
full comprehension. But even with-
out that, it was theatrically clearer
than “Pelléas.” Set in a Viennese
psychiatric hospital, circa 1900, it
explored water nymph Rusalka’s
yearning for a human form and
kindness, or pets—and its shtick be-
ing about a view of contemporary
human life (“existence”) as if it
were being lived in a parallel soci-
ety, one in which everyone looks like
an upside-down periwinkle teardrop
and no one has a name; the elderly
look like baby-blue raisins. The voice
artists include Tunde Adebimpe
(“Rachel Getting Married”), Demi
Adejuyigbe (“The Amber Ruffin
Show”), Lori Tan Chinn (“Awkwafina
Wednesday, August 9, 2023 | A13
ly
soul through a Freudian lens—the
violent and confusing sexual transi-
tion from childhood to adulthood.
The intriguing set (Leslie Travers)
went from an orderly white room
of closets and drawers to the
Prince’s palace, in which glass dis-
play cases housed his other female
conquests. For Act 3, when every-
thing has fallen apart for both the
Prince and Rusalka, the cases were
empty and chaotically tilted. Marie-
Jeanne Lecca’s Victorian costumes
underlined the power of the adult
women who control everything:
The witch Ježibaba wore a corseted
black gown, and a red riding habit,
complete with tall boots and a rid-
ing crop, gave the Foreign Princess
a dominatrix vibe.
The singers brought out the
complexity of the characters be-
yond their fairy-tale identities. Ai-
lyn Pérez was a passionate
Rusalka, especially forceful in Act
3, as she asks the Prince why he
betrayed her. Raehann Bryce-Davis
brought a big sound and almost
comical vanity to Ježibaba; Robert
Watson made the Prince, for all his
Is Nora From Queens”), Danny Pudi
(“Community”) and Hannah Ein-
binder (“Hacks”). But who does
whom is a bit of a mystery.
The motion-picture adaptation of
a comic strip is certainly nothing
new, but some cartoons are more
vulnerable than others to having
their irony lost in translation or
their humor transformed altogether
(“Peanuts” comes to mind, as does
“Fritz the Cat”). The wry simplicity
 Luke Harnish, Rolando Villazón,
Lauren Snouffer, Luke Elmer and
Le Bu in ‘Orfeo’
tenorial bluster, a weak man; and
as Vodník, James Creswell—who
had excellent diction—could only
threaten vengeance on those who
hurt his daughter, as he was
trapped in a wheelchair. Mary Eliz-
abeth Williams’s harsh timbre felt
right for the imperious Foreign
Princess. Conductor Lidiya Yank-
ovskaya captured the score’s
jaunty folk-tinged sections along
with its sweep and lyricism.
For the most part, the company
orchestra sounded much more pol-
ished this season than it has in re-
cent years, with the exception of
Wagner’s “The Flying Dutchman.”
Conducted by Thomas Guggeis, it
was raucously loud throughout,
with no expressive subtleties. The
principal singers, all substantial
Wagnerians boasting excellent
range, breath control and volume,
seemed to be trying to match the
orchestra for sheer decibel level.
As the Dutchman, Nicholas Brown-
lee sounded thrillingly savage as
he launched his opening aria, “Die
Frist ist um,” but it quickly be-
came assaultive rather than excit-
ing. Morris Robinson (Daland),
Elza van den Heever (Senta) and
Chad Shelton (Erik) were similarly
afflicted. Only Bille Bruley (the
Steersman) escaped that fate—his
ballad is brief. “Dutchman” needs
more than a little bel canto spirit;
there was none to be had here.
David Alden’s ugly, updated pro-
duction matched the hard-edge mu-
sicianship. Paul Steinberg’s set ap-
peared to be built of shipping
.
containers; the women’s chorus in
the Spinning Song were
working in some sort of
industrial plant, dressed
in protective gear (Con-
stance Hoffman did the
costumes) and moving
like automatons. Other
chorus scenes were cha-
otic in addition to being
earsplitting, with sailors
rolling around the stage.
The Act 3 party, in which
the sailors and the
women try to awaken
the Dutchman’s crew,
was a bacchanal;
strangely, everyone was
facing away from the
Dutchman’s barely visible
ship (Maxine Braham
was credited with chore-
ography). Direction of
character scenes was
minimal to nonexistent.
The most entertaining
moments involved some
zombies who periodically carted
the Dutchman’s treasure on and off
the stage.
Puccini’s “Tosca” was also hard
to take. Designer Ashley Martin-Da-
vis’s De Chirico-inspired sets, sensi-
tively lighted by Allen Hahn, were
fine, but his 1930s diva costumes
did not flatter Leah Hawkins in the
title role, and Keith Warner’s di-
recting made Tosca a vain egotist
without vulnerability and Scarpia
(Reginald Smith Jr.) a leering, eye-
rolling sex maniac. Joshua Guer-
rero’s Cavaradossi was compara-
tively unobjectionable; his “E
lucevan le stelle” was the evening’s
sole musical high point. John
Fiore’s conducting—ploddingly slow
in Act 1, slightly more buoyant in
Acts 2 and 3—reflected the produc-
tion’s overall confusion. The season
runs through Aug. 26.
Ms. Waleson writes on opera for
the Journal and is the author of
“Mad Scenes and Exit Arias: The
Death of the New York City Opera
and the Future of Opera in Amer-
ica” (Metropolitan).
A scene from the
animated comedy
‘Strange Planet’
of “Strange Planet,” in
its single frames or
quadrants, strains
when asked to support
a 20-odd-minute prem-
ise. But it also becomes
a different animal, ex-
ploring, say, the inven-
tion of air travel and its
effect on the mind of
“beings,” as the whole
race is called. (“I’d love
some tiny snacks!” says
one, upon taking to the
commercial air, where
tiny snacks abound.) “Is
mild poison available?”
a passenger asks, to
which a flight atten-
dant replies “Yes, if you
can prove you’ve existed long
enough.” Documents are produced,
along with some laughs, which
might be more raucous were a
viewer under the influence of some
mild poison.
Strange Planet
Wednesday, Apple TV+
Mr. Anderson is the Journal’s TV
critic.
 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 | Wednesday, August 9, 2023 THE WALL STREET JOURNAL.

SPORTS
The Pac-12 Was in Trouble When
Then, three weeks after officially
taking over on July 1, 2021, the col-
lege sports landscape began to
change when Texas and Oklahoma
announced they would leave the Big

He Took Over. Then It Collapsed. 12 for the SEC.

A year later, Kliavkoff and the
rest of the Pac-12 were blindsided
when USC and UCLA announced a
Commissioner George Kliavkoff is overseeing the likely demise of a storied college conference departure for the Big Ten.
The Pac-12 had no choice but to
BY LAINE HIGGINS take its broadcast rights to the open

T
wo summers ago, George
Kliavkoff took on one of the
least desirable and most
difficult executive jobs in
college sports: resuscitating
the rapidly fading Pac-12 Confer-
ence.
Revenue in the so-called “Con-
ference of Champions” lagged well
behind the two giants that now
dominate college sports, the Big
Ten and Southeastern Conferences.
The Pac-12 hadn’t produced a foot-
ball or men’s basketball champion
since 2004. It was burdened by its
once-innovative television network,
which never reached its potential.
Kliavkoff won the job as Pac-12
commissioner with a résumé full of
digital media jobs—at places like
Major League Baseball and NBCUni-
versal—that seemed to prepare him
for finding a lucrative path into a
future that would be dominated by
streaming, rather than cable and
broadcast deals.
But almost immediately after
Kliavkoff took over, he realized that
he was taking over “not just a
dumpster fire, but multiple dump-
ster fires,” according to a person fa-
miliar with his thinking.
Kliavkoff was stymied by the
market—where the TV industry was
increasingly under economic pres-
sure. Kliavkoff eventually delivered
two options. One was a traditional
five-year deal involving traditional
networks, with three cable partners
and one digital bidder splitting the
Pac-12 rights. It would have eventu-
ally given schools a disbursement of
about $30 million a year—far less
than the Big Ten and SEC, but in
line with the new Big 12 deal.
The second option–a streaming
deal with Apple—had more risk and
more upside. Schools would start
out making less—Arizona president
Robert Robbins this week put the
figure at $23 million—but could
make more depending on how many
subscriptions they generated.
But just days before the July 31
deadline, the ground shifted under
Kliavkoff’s feet when Colorado an-
nounced it was leaving the Pac-12
for the Big 12. Apple declined to
comment.
Kliavkoff presented this revised
Apple deal to the Pac-12’s remaining
nine presidents and chancellors on
Tuesday morning. As late as Thurs-
day evening, Kliavkoff and others in
the conference believed that the
George Kliavkoff, left, with the Arizona basketball team during a ceremony after the 2022 Pac-12 tournament. deal and a new grant of rights—a
legal document that binds the

.
Pac-12’s own member schools, who remaining members—Stanford, Cal- keeping everything in-house from a TurnkeyZRG, which helped hire Kli- schools together for the duration of
shut down possible expansion in ifornia, Oregon State and Washing- gleaming new production studio in avkoff—in an interview in May. the television contract—would be

the summer of 2021. He was stiff-
armed by television networks that
dragged their feet in negotiations.
He miscalculated the market for a
new broadcast deal, allowing rivals
at other conferences to outflank the
Pac-12 in college sports’ ruthless
race for domination.
ton State. At the moment, no push
is underway to save it, according to
people familiar with the matter. Kli-
on
avkoff will likely be out of a job if
the Pac-12 disbands after June 30,
2024, when its broadcast deal ex-
pires.
The Pac-12 was already loaded
us ,
downtown San Francisco.
The Pac-12 Network never took
off, in part because of its inability
to reach an agreement with Di-
recTV that limited distribution.
Poor distribution meant lagging
revenue from television rights, put-
ting the Pac-12 in last place among
The Pac-12 members told them-
selves, “We think it’s going to
streaming, we need a streaming ex-
ecutive,” Perna said.
Kliavkoff fit the bill. He had little
experience in college sports, but
had worked at MLB Advanced Me-
dia and NBC Universal, where he
ly
finalized at a board meeting sched-
uled for Friday.
What Kliavkoff and other Pac-12
presidents didn’t know was that the
Big Ten had reengaged in conversa-
tions with Oregon and Washington.
“It was about stability,” Washington
president Ana Mari Cauce said over

Kliavkoff now presides over the with problems when Kliavkoff took the five major conferences. Tax re- helped launch Hulu and at one time the weekend.
l

rubble of a once iconic conference. over from former commissioner cords show that in the 2021-22 fis- served as its interim chief execu- On Friday morning, Cauce and
e
al a

In the last year, eight Pac-12 mem- Larry Scott in 2021. Many of them cal year, Pac-12 schools received an tive. her counterpart at Oregon, John
bers have defected to other were related to the Pac-12 Network, average disbursement of $37 mil- “My background was the unique Karl Scholz, informed Kliavkoff of
leagues—including five who rushed the brainchild of Scott and source lion; the Big Ten schools received combination of media and large- their plans to leave for the Big Ten,
ci on

ETHAN MILLER/GETTY IMAGES

to the exits last Friday, when the
conference’s future melted down
just hours after Kliavkoff thought
he had clinched a streaming deal
with Apple that would stabilize the
of plentiful headaches since its
launch in 2012. Lacking lucrative
options with networks, the Pac-12
opted to retain full ownership—un-
like other conference TV channels
er s
$58 million.
When the Pac-12 leaders sought
a replacement for Scott, they
thought that their savior might lie
in the changing nature of television
scale live entertainment and sports
betting and some legislative stuff
that collectively I think gave me a
unique kind of résumé that I think
spoke to the Pac-12 board of direc-
moves that became official hours
later. This killed the Apple deal and
prompted Arizona, Arizona State
and Utah to follow Colorado to the
Big 12 later that evening.

Pac-12. that partnered with established net- distribution, said Len Perna—chief tors,” Kliavkoff said in an interview —Joe Flint
Now the conference has just four works with national distribution— executive of executive search firm in June. contributed to this article.
m er

The WSJ Daily Crossword | Edited by Mike Shenk

1 2 3 4 5 6 7 8 9 10 11 12 13 26 Name on the
U.S. Women’s Team Lost Early
m rp

block?
14 15 16

17 18 19
27 Lab pest
29 Didn’t just
—But Had Its Biggest Payout
imply
co Fo

20 21 22 23 BY RACHEL BACHMAN the men and women reached of a pay equity lawsuit
33 See 18-Down with U.S. Soccer last year to brought by the U.S. women’s
24 25 26 27 Auckland, New Zealand help resolve the women’s gen- players, saw the gap in World
34 Fret THE U.S. WOMEN’S SOCCER der-discrimination claims Cup prize money as a road-
28 29 30 36 Doing team suffered its worst-ever against the federation. block to resolving it. (The U.S.
nothing finish in a major tournament, Under the pact, the women and U.S. Soccer
31 32 33 34 playing to a scoreless draw women’s and men’s teams reached a $24 million settle-
37 Some balls with Sweden then losing on agreed to pool and split the ment in February 2022, and
35 36 37 38 39 40 41 penalty kicks in the Women’s prize money from their re- the new labor deal was an-
38 Doesn’t play World Cup Round of 16. spective World Cups. Here’s nounced three months later.)
42 43 44 39 Pasta sauce But a sharp increase in how it works. The U.S. men, meanwhile,
brand tournament prize money for At the 2022 Qatar World had been playing under an
45 46 47 48 49 50 this tournament allowed the Cup, the U.S. men also expired collective-bargaining
n-

40 A bunch U.S. women to secure their reached the Round of 16. Be- agreement for several years,
51 52 53 54 55 biggest prize purse ever, de- cause the men’s tournament and it paid them significantly
41 Chop ___ spite not winning the title. prize pool is $440 million, or less than they thought they
56 57 58 And their pay is boosted even
45 Produces
no

cross words higher thanks to a unique

59 60 61 62 63 64 agreement in which they
46 Prayer book share in the prize money won
65 66 67 by the U.S. men’s team at the
47 Have lofty 2022 World Cup in Qatar.
68 69 70 ambitions Between the two, the U.S.
49 Fantasy women players will receive a
fiend total of $7,312,500 in net
LAND REFORM | By Gary Larson & Amy Ensz prize money from this
Across 31 In the 61 Surveyor’s 8 Assume as 50 Caterpillars, 2022-23 World Cup cycle.
manner of tool? a fact e.g. That’s the same as the U.S.
1 Bit of dust men’s team, which also lost
32 Before the 65 “Still mooing,” 9 Chips in 52 Winner of in the round of 16 at their
5 Start of present when three World Cup.
Kalamata ordering 10 Little hellion directing FIFA more than tripled the
34 “Didn’t I warn Oscars in the
10 Boardwalk 11 Wine bar total Women’s World Cup
you?” 66 Adjust, as a 1930s prize pool for the 2023 tour-
treats brooch order
35 Holy lands? nament, to $110 million from The U.S. women’s team lost to Sweden in the Round of 16.
14 Roast setting 12 Mass 53 King or $30 million in 2019. FIFA’s
67 Massage queen
42 Teller of target departure designated award for reach- four times as much as the should be getting. That moti-
15 Golf green’s groan-worthy 54 Skip the ing the knockout stage, where women’s, the U.S. men landed vated the men to agree to a
border jokes 68 Knocked off 13 Anfernee the U.S. women finished, is a much bigger FIFA prize for nearly identical CBA deal to
ceremony
16 Lengthy of the Trail $3.25 million per team. the same placement as the the U.S. women—deals that
43 20-20, e.g. 69 Fight site Blazers
garment 58 Irish writer Under the U.S. women’s women: $13 million. gave both the men and
44 Reed heard 70 Gardener’s O’Brien current labor deal with the U.S. Soccer also took a 10% women significant raises and
17 Online 18 With
on records purchase U.S. Soccer Federation, play- cut from the men’s prize revenue-sharing arrange-
real estate 33-Down, 60 Hardly any ers are set to receive 90% of money, which left $11.7 million ments with U.S. Soccer.
listing? 45 Trifling Down barely gets that payout, or $2.925 mil- for the players. The U.S. men also secured
62 Food
48 Like some 1 Tool for a 22 Solemnly container lion. U.S. Soccer keeps a 10% Together the men’s net about $11 million in retroac-
19 Senior cut. That’s more than the net prize money, $11.7 million, and tive pay for the period in
moment? roads custodian serious
63 Vital force $2,730,000 that U.S. players the women’s, $2.925 million, 2019-2022 between their ex-
20 Throw 51 Savvy 2 Egg cells 24 Way, way of Chinese received for winning the 2019 makes $14.625 million. Split pired deal and the new one,
together real estate off medicine Women’s World Cup, where that in two, and the U.S. men’s said Mark Levinstein, the
3 Velocity for the title purse from FIFA was and women’s teams each get men’s players’ association’s
investments?
21 Struggles free fall 25 Annoy 64 Baltic catch $4 million. That sum, agreed $7,312,500 in net prize money executive director and gen-
55 Bloated to with U.S. Soccer in a previ- from this 2022-23 World Cup eral counsel. The World Cup
23 Botheration 4 Protect, in Previous Puzzle’s Solution
56 Telepath’s a way A C H E A P P L E P S A T
ous labor deal, was a set cycle. The prize-sharing ar- prize money sharing deal was
24 Come to skill T R A Y G L E A N R I M E amount regardless of FIFA rangement—in which the men part of the new men’s and
mind 5 Bucks B A R E R A N T O O D I N prize money. Now, U.S. play- agreed to share their World women’s CBAs.
57 Name in a A S L V A I N E S T E G O ers’ take is based on actual Cup prize money with the U.S. The agreement runs for
26 Vacation 6 Tablet T H E D A N Y C A R S O N World Cup prize amounts. women, despite the huge gap one more World Cup cycle,
“Breaking Y E S T WO M E H
installation
HAMISH BLAIR/ASSOCIATED PRESS

properties? Bad” spinoff P I Q U E R I M E V O K E In addition to the women’s in the two prize pools—helped 2027-28, when the teams can
title 7 Site of O N U S R U S E S SWAM tournament prize money, the resolve a situation in which revisit it. And its implications
28 Subtle tact I C I M E T E R E D B R B U.S. women also will get a U.S. Soccer faced labor prob- could shift: FIFA president
a 2002
58 Goofs S U F N I S H S A O T OM E share of the U.S. men’s World lems with both teams. Gianni Infantino has said soc-
30 Bestow Winter E R E N S T T O O B A D
happiness 59 “In your Olympics U F O S L A D Y
Cup prize money, just as the Officials at U.S. Soccer, cer’s governing body aims to
upon dreams!” skating venue S E N D I N T H E C L OWN S men get part of the women’s whose sponsors criticized the award equal prize money at
A R O A R O U I E T H A N prize money. That was part of federation for what they saw the men’s and women’s World
▶ Solve this puzzle online and discuss it at WSJ.com/Puzzles. C A B L E P E A S A Y S O the parallel labor agreements as sexist arguments in defense Cups by then.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
THE WALL STREET JOURNAL.
OPINION
Impeaching a Trump Impeachment
Let the par-
tisan spittle
fly, as it did
during the
first Trump
impeach-
ment. Who
BUSINESS
s a c k e d
WORLD
U k ra i n e ’s
By Holman W.
prosecutor
Jenkins, Jr.
general in
2016 and
why? This question is back
thanks to congressional testi-
mony by former Hunter Biden
partner Devon Archer.
Whatever happened, it
wasn’t what Donald Trump said
happened. It also wasn’t what
Joe Biden said happened. His
claim to have arranged the fir-
ing of prosecutor Viktor Shokin
with an ultimatum to then-Pres-
ident Petro Poroshenko was just
another Joe tall tale. Mr.
Shokin’s dismissal came months
later at the behest of several
Western governments.
But Mr. Archer’s testimony
puts the kibosh on the simple
tale told by Trump partisans
that Mr. Shokin was canned to
protect Joe and Hunter Biden.
According to Mr. Archer, Mr.
Shokin was valued by
Ukraine’s leadership precisely
because he kept a lid on the
long-running investigation of
Burisma, a gas company on
whose board Hunter sat.
This accords with my take
at the time. Mr. Biden didn’t
need to do anything. In fact, he
was free, along with the Euro-
pean Union and other donors,
to strike an anticorruption
pose over Mr. Shokin because
he knew Ukraine had every in-
The 2024 Election Will Break New Ground
It is likely,
though not
certain, that
the 2024 gen-
eral election
will be a re-
POLITICS match between
Joe Biden and
& IDEAS
Donald Trump.
By William
If so, the con-
A. Galston
test will break
new ground in
at least four important ways,
and perhaps a fifth.
First, a rematch would be
only the second time in U.S.
history—the other was 1892—
that an incumbent president
faced the man he defeated in
the prior election. This rare
circumstance will transform
the race.
When incumbents face
challengers who haven’t
served as president, the elec-
tion is mainly a referendum
on the president’s perfor-
mance. Voters first typically
decide whether the incumbent
has done well enough to merit
re-election. If they decide he
hasn’t, they then must decide
whether they are willing to
entrust the Oval Office to his
opponent. (Even Ronald Rea-
gan, during his 1980 race
against the unpopular incum-
bent Jimmy Carter, had to re-
no
assure voters that he was a
safe choice.)
But when a president faces
a former president, each has a
record to defend, and the
election is a choice between
comparable options. Each
candidate’s agenda for the fu-
ture can be weighed against
his past performance, and
‘In My Room’ on the Riverfront
By Bob Greene
I
was walking along the
Hudson River in lower
Manhattan when I decided
to turn onto Pier 45, a prome-
nade that allows pedestrians
to get close to the water.
Scores of people were on the
pier, savoring a summer Sun-
day afternoon.
At the far end I heard some-
one singing lyrics that I have
known for 60 years: “There’s a
world where I can go, and tell
my secrets to . . . ”
It was “In My Room,” the
1963 Beach Boys song in which
Brian Wilson’s pure, youthful
RB/REDFERNS
voice told a haunting story of
finding solace behind a closed
door.
“In this world I lock out all
my worries and my fears . . .”
It wasn’t Mr. Wilson’s voice
I was hearing on Pier 45,
though. Someone else was
singing a live version of the
song.
An African-American man,
around 70, sat alone at an elec-
tric keyboard. He didn’t face
in, toward the people walking
on the pier, as he sang, but
centive to protect the Bidens.
Whatever the reason for the
firing, it certainly wasn’t for
the purpose of making trouble
for Burisma.
If so, Democrats now only
have to defend a Hunter busi-
ness scam of peddling an “illu-
sion of access,” as party spin-
meisters are putting it. Joe
only has to be excused for in-
souciantly abetting the illusion
with a few restaurant stop-bys,
a few speakerphone chats
about the weather, and by
lending Hunter the trappings
of the White House, Air Force
Two, etc.
That is, pending the failure of
other evidence to pan out. Mr.
Archer says that on one occasion
at least, over drinks, Burisma
founder Mykola Zlochevsky
urged Hunter to “phone D.C.” on
his behalf and Hunter did. An
FBI informant says Mr.
Zlochevsky claimed to have re-
corded calls with both Bidens
and paid $10 million in bribes.
The laptop evidence presents
various complications too.
My working assumption all
along, though, has been that
Joe Biden wasn’t so dumb as
to do anything when he knew
Hunter could extract millions
for doing nothing.
But there’s also political
risk in the Justice Depart-
ment’s stringing out a tax in-
vestigation to allow charges
related to Hunter’s Burisma
earnings to fall away due to
the statute of limitations. Of
Hunter’s several windfalls, his
Burisma earnings most di-
rectly leveraged his father’s
role, most directly link to a
us ,
l
voters will view promises to
e
al a
accomplish more than what
each candidate did over his
previous four-year term with
ci on
skepticism.
A second key difference be-
tween 2024 and typical elec-
tions: If Mr. Biden is the Dem-
ocratic nominee, he will
er s
probably face a challenge un-
like any Democratic incum-
m er
bent since 1948—namely,
breakaway candidacies from
both his left and his right.
Harry S. Truman had to sur-
mount challenges from both
m rp
former Vice President Henry
Wallace’s Progressive Party
and Sen. Strom Thurmond’s
Dixiecrats. In 2024 Mr. Biden
may contend with the Green
co Fo
Party’s Cornel West as well as
a bipartisan centrist No La-
bels ticket. Although Truman
lost nearly 5% of the popular
vote to the breakaway candi-
dacies, he nonetheless re-
ceived nearly 50% of the pop-
ular vote and handily defeated
Republican Thomas Dewey.
With the political parties
more balanced today than in
1948, Mr. Biden would be
harder-pressed than Truman
n-
to survive a four-way race. He
had to reunify the Democratic
Party, which had splintered
four years earlier during the
bitter primary contest be-
tween Hillary Clinton and Ber-
nie Sanders, to beat Mr.
Trump in 2020.
Third, Donald Trump is
facing an unprecedented set
of legal challenges—multiple
criminal indictments that
could have him shuttling
back and forth between court
out, toward the river itself.
Mr. Wilson, 81, has been
ailing lately. He isn’t touring
or performing in public.
Those who love his music
miss him.
Brian Wilson
And here was this man on
the pier, singing to the water.
Singing the words on which
Brian’s voice had conferred a
kind of immortality. I contin-
ued my walk and left the pier,
but quickly decided to circle
back and talk with the man.
His name was Daniel Al-Ma-
teen, and he was 74. He liked
specific act by his father (the
Shokin firing), and provide the
most direct credence to Mr.
Trump’s first impeachment de-
fense, concerning his phone
call to President Zelensky fish-
ing for information about Bi-
den dealings in Ukraine.
There’s some new news
here. Mr. Trump may well have
been informed by Attorney
General William Barr about the
Burisma insider who spoke to
New Hunter Biden
details justify the
infamous 2019
Ukraine phone call.
the FBI—which means Mr.
Trump both can keep a secret
and had a stronger foundation
for his request to Mr. Zelensky,
whose cooperation he sought
in an FBI investigation that we
now know was under way in
response to the confidential
informant’s testimony.
Hmmm.
The White House’s latest de-
fense implicitly allows that Joe
may have discussed business
with Hunter but he wasn’t “in
business” with Hunter. Plenty of
room to maneuver is permitted
if the facts show Joe did every-
thing and anything to facilitate
Hunter’s “illusion of access”
short of selling an official act or
joining Hunter’s payroll.
Can Mr. Biden be re-elected
despite all this? Yup, just as
Mr. Trump can be elected from
on
prison. Silence reigns in Demo-
appearances and campaign
events. Massive legal fees are
draining funds from his cam-
paign coffers, and this bur-
den is unlikely to decrease
between now and 2024. So
far, his legal troubles have
broadened and intensified his
support with the Republican
base, but it’s hard to predict
what effect they will have on
the swing voters who will de-
termine the outcome of the
general election.
A former president,
breakaway candidates
and legal troubles
have few precedents.
Fourth: When the general-
election campaign begins next
summer, Mr. Biden will be 81
and Mr. Trump 78. Already in
2020 they were the oldest
nominees ever. While polls sug-
gest that Mr. Biden’s age is
seen as more of a problem than
Mr. Trump’s, the actuarial ta-
bles indicate that each man is
at heightened risk for a serious
health event that could trans-
form the contest and even force
his party to select an alterna-
tive presidential candidate.
After the 1972 Democratic
convention, the revelation of
vice-presidential nominee
Thomas Eagleton’s past epi-
sodes of depression forced
George McGovern, the party’s
nominee for president, to re-
place his running mate. Se-
lecting a new presidential
to play and sing, he said, and
his favorite genres were
rhythm-and-blues and reggae.
I told him that as a friend of
some of Brian’s band members,
I knew that Brian would be
warmed to hear about this solo
performance on the Hudson,
and that I was pretty sure I
could get word to him. But I had
a question: Why “In My Room,”
in this place, on this day?
Walking along the
Hudson, I heard the
Beach Boys classic.
Mr. Al-Mateen said he had
been feeling especially wistful
about all the losses in his life
as the years have passed. His
mother, gone. His father, gone.
His brother, gone. His sister,
gone. His best friends, gone.
His wife, gone.
So he put his keyboard and
a power pack into a shopping
cart and wheeled it out to the
end of the pier. “In My Room,”
he had long thought, was “so
beautiful, so poignant in its
cratic circles, though, because
it also increases the possibility
that Mr. Biden will become
“indisposed” and bow out of
the race.
It occurs to some that Jack
Smith, the Justice Department
special counsel, is but the ex-
ecutor of a policy decision
made elsewhere, telegraphed
in the New York Times in April
2022, by Mr. Biden to run up
the charges against Mr. Trump
as part of his election strategy.
Mr. Biden plays dice with
the country because he thinks
Mr. Trump is the one GOP
nominee he can defeat.
A flutter of hope passed
through the electorate with
the prospect of a TV debate
between Florida’s Ron DeSan-
tis and California’s Gavin
Newsom, perhaps starting a
groundswell for an alternative
presidential slate in 2024. A
widely read interview with
Obama biographer David Gar-
row, of “Eyes on the Prize” and
Martin Luther King Jr. biogra-
phy fame, put the question of
Obama-style cynicism on the
table. Joe Biden cultivated a
belief in millions of voters that
he would he wave away their
student debt though he knew
he couldn’t. Mr. Biden is doing
all he can now to make sure
the country must choose be-
tween him and Mr. Trump. But
many a slip occurs between
cup and lip—a health crisis, a
Hunter blowup, a Trump ac-
quittal, a reverse in Ukraine—
that could make Messrs. Biden
and Smith the men who deliv-
ered the White House to Don-
ald Trump.
nominee on short notice
would be far more difficult—
and consequential—but the
odds of such an event next
year are higher than in any
previous election cycle.
The possible fifth factor:
We are living in an unprece-
dented era of close presiden-
tial elections. In the 17 races
between 1920 and 1984, the
winner prevailed in the popu-
lar vote by 10 points or more
on 10 occasions, and by 20
points or more five times. In
the nine elections since, no
winner has come close to a 10-
point margin of victory, and
on two occasions the candi-
date with a plurality of the
popular vote lost the Electoral
College. During this period,
the number of truly contested
swing states declined sharply,
to only eight by 2020. A shift
of 43,000 votes in Wisconsin,
Georgia and Arizona, states
Mr. Biden carried by wafer-
thin margins, would have
yielded a tie in the Electoral
College, throwing the election
to the House for the first time
since the 1824 election.
Public opinion surveys thus
far are pointing to yet an-
other close contest whose
outcome will be determined
by narrow margins in the
same states that became the
sites of postelection legal
struggles four years ago. Until
the American people decide to
award one party a majority
that extends beyond a single
presidency, today’s challenges
to effective governance and
national unity are all but cer-
tain to persist.
seeming simplicity.” He
wanted to remind himself that
“the people we have loved may
have left us, but they are with
us forever, every time we think
about them.”
“Do my dreaming and my
scheming, lie awake and pray /
Do my crying and my sighing,
laugh at yesterday . . .”
I asked him about the set-
ting: Why, with the private
thoughts that were filling him,
had he left his own room to
come sing “In My Room” to
the river?
“You don’t need a castle,”
he said. “You just need a place
where you can go to stay out
of the maelstrom.”
I promised him I would find
a way to let Brian know about
his lovely rendition on this
New York day.
“Please tell him thank
you,” Mr. Al-Mateen said.
“Please tell him thank you for
everything.”
Mr. Greene’s books include
“When We Get to Surf City: A
Journey Through America in
Pursuit of Rock and Roll,
Friendship, and Dreams.”
Wednesday, August 9, 2023 | A15
BOOKSHELF | By Mark P. Mills
A Tale
Of the Tape
Recoding America
By Jennifer Pahlka
(Metropolitan, 319 pages, $31.99)
A
pparently the swamp in Washington, D.C., is not a
political but a bureaucratic mire. As Jennifer Pahlka
writes in “Recoding America: Why Government Is
Failing in the Digital Age and How We Can Do Better,”
bureaucracy “bogs down our systems,” creating a chasm
“between policy intentions and actual outcomes.” She
believes we “desperately need to simplify and rationalize”
it all because the bureaucratic “implementation crisis
threatens our democracy.”
Given the allusion to computer code in her book’s title,
you’d be forgiven for thinking that “Recoding America” is
about algorithms and artificial intelligence put in the
service of taming, not draining, the swamp. But the term
“artificial intelligence” appears only twice here, both times
to dismiss its relevance.
While that omission may
be refreshing in the wake
of all the ChatGPT hype,
it’s also puzzling given
how Ms. Pahlka asserts
that our “digital age is
different from previous
eras.”
Among her many roles
in government, Ms. Pahlka
has served as President
Barack Obama’s deputy
chief technology officer for
government innovation.
Most of her book is a
.
chronicle of her experiences
working on various task
ly
forces for President Obama
and California’s Gov. Gavin Newsom. There are her
journeys through bureaucracies involving the reclassifying
of criminal records that have been rendered moot by
California’s marijuana legalization; implementing
ObamaCare; reforming the Veterans Administration;
taming the Medicare morass; and, most recently,
distributing California’s gusher of Covid unemployment
payments. Ms. Pahlka details the “messy task of [policy]
implementation through digital technology,” as well as the
challenges created by “archaeological” layers of legacy
computer systems and bureaucratic processes that bog
things down.
Ms. Pahlka saw firsthand the “gap between policy in-
tentions and actual outcomes” and “the famous slowness
of bureaucracy.” One cannot resist paraphrasing the
author’s former boss: “The 1300s are calling and they
want their bureaucratic characterizations back.” In 1321,
Dante, himself a Florentine bureaucrat, wrote “The Divine
Comedy,” which frames Hell as the epitome of bureaucracy.
And that was before the invention of the printing press
and its epic contribution of paperwork.
For those not steeped in the modern bureaucratic
process and its intersection with the arcana of computer
systems, Ms. Pahlka’s clear, diarylike explanations of (and
frustrations with) bureaucracy are illuminating. As she
notes, it’s a daunting task even to get an accurate count of
the number of eligible recipients for government largess.
While her concern for quickly and fairly delivering
government services is universally shared, it’s in the
procedures used to get “the outcomes the democratic
process has agreed upon” where we find the devil-in-the-
details truism.
The bigger obstacle to modernizing
Washington and making government more
efficient is politics, not bureaucratic red tape.
As advice for well-meaning bureaucrats, Ms. Pahlka
admiringly quotes Gen. Stanley McChrystal’s dictum:
“Don’t follow my orders, follow the orders I would have
given you if I were there and knew what you know.” But
that is precisely where the battles over bureaucratic
authority are being fought. As Ms. Pahlka observes,
Republicans are opposed to “federal activism” and look
for “ways to curb the power” of agencies. Democrats,
meanwhile, want “administrative agencies to be able to
exercise their own judgment.” That’s no mere detail; it’s
the essence of the political debate over the administra-
tive state.
Ms. Pahlka sees two main problems with today’s bu-
reaucracy: a lack of sufficient “technological know-how”
in the workforce, and too much outsourcing. “Why do
we treat the experts we do have with so little regard?”
Ms. Pahlka asks. “It wasn’t always that way.” Indeed, that’s
the core of the debate of our times; serious tomes have
been devoted to that question.
Ms. Pahlka’s proffered solutions include improving the
bureaucratic “culture” with more internal training pro-
grams, more tech talent and less outsourcing. She suggests
that the government seek out the kind of young graduates
—as identified by a survey of Stanford undergraduate
students—who prioritize a project’s mission ahead of
building their own skills or compensation.
The debate over outsourcing is not new. Among the
many known benefits of outsourcing is that contractors
can be more easily held to account and fired when under-
performing. When it comes to the U.S. government, how-
ever, insourcing all outsourced labor would expand the
civil-service workforce from today’s three million people
to about 10 million. Moving in that direction would be a
political issue of consequence.
But Ms. Pahlka is onto something. Before Congress
created the Office of the President in 1939, for example,
a president had but a handful of advisers and personal
staff. Today that one small office, among the dozens of
administrative agencies, has a $1.5 billion budget and
more than 3,000 employees (only a few of which require
Senate approval). The world and the economy are bigger
now, but bureaucratic expansion has been incommensurate
in scale, complexity and authority.
Ms. Pahlka’s book is a cri de coeur for better “product
delivery” from the now massive labyrinth of government
services. Count me among those who believe the artificial-
intelligence revolution could unlock some bureaucratic
transparency and superior service delivery. But whether
that will happen, or whether the bog will assimilate yet
another technological revolution, is a matter of politics,
not process.
Mr. Mills, a senior fellow at the Manhattan Institute, is
a partner at Montrose Lane, an energy-tech venture fund,
and the author of “The Cloud Revolution.”
 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 | Wednesday, August 9, 2023 * *** THE WALL STREET JOURNAL.

OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR

A Peacetime Fiscal Blowout How We Treat Anxiety in Our Anxious Age

C
ongratulations, of a perverse sort, to spring bailouts of Silicon Valley Bank and oth- I respect David H. Rosmarin’s work Prescribing offers the illusion of
President Biden and his Congressional ers. CBO says Treasury will get much of that and agree with several aspects of his good care and gives the doctor the
essay “Screening for Anxiety Will feeling of having satisfied the institu-
comrades. The latest budget figures back from asset liquidations and higher premi-
Just Make Us More Anxious” (Review, tional demand. It is too easy for even
show that they are breaking ums for deposit insurance. But July 29). But prevention, wellness the most well-intentioned but harried
peacetime, non-crisis records Interest on federal the failures wouldn’t have cost and screening are all good reasons to physician to prescribe and tell the pa-
for spending and deficits. And debt has hit 15.5% so much if Biden regulators seek professional help even in the ab- tient, “Well, your score tells me you
there’s no respite in sight. hadn’t been so choosy about sence of definite pathology. need treatment.” Don’t think this is a
The Beltway brethren of all federal revenue. which institutions they let bid The GAD-2 is a medical screening rarity. The collateral damage of inap-
racked up a deficit of $1.62 on the failing banks. test that checks for symptoms, and in propriate prescribing isn’t to be
trillion for the first 10 months The biggest increase in out- the hands of primary-care clinicians, it swept under the rug while drug com-
of the fiscal year, according to the Congressio- lays so far this year has been net interest on the might call for further evaluation and panies applaud these mandates.
nal Budget Office’s monthly review for July. soaring federal debt: a rise of $146 billion to testing, not immediate diagnosis or RICHARD MOLDAWSKY, M.D.
That’s up from $726 billion a year earlier. If not $572 billion, or 34%. That interest total is nearly prescription of medication. The panel Lincoln, Neb.
of experts who recommended this op-
for shifts in the dates of some payments, CBO double all corporate tax revenue so far this year
tion knew that, given the high rate of The essay ignores psychotherapy
says the deficit would have been even higher of $319 billion. suicide in this country, it is critical to and the importance of understanding
at $1.7 trillion, or a 131% increase. Interest on the debt this fiscal year has give those front-line physicians the the meaning and underlying causes of
What’s astounding is that this Beltway blow- climbed to 15.5% of all federal revenue, and tools that they need to identify poten- anxiety, depression, sleeplessness or
out is happening when the economy is growing, most of the 10 months through July were well tial disorders before they get worse. lack of appetite. While psychiatric
the Covid crisis is past, and there are no domes- before interest rates hit their current levels. In- If you are worrying constantly and medications can be lifesaving and
tic emergencies to address. This is when defi- terest payments will keep soaring as Treasury feeling poorly, I would reiterate that very useful, we need to differentiate
cits are supposed to decline, as they did during is scheduled to issue $1 trillion in new debt at it’s OK to seek help. You wouldn’t ig- when someone requires psychiatric
the economic expansions of the 1980s, 1990s higher rates in the current fiscal quarter. Much nore a toothache or a pain in your medication from when he or she
and 2000s. Deficits also fell under President more debt will be needed to finance the Biden leg, and you shouldn’t ignore trouble- needs psychotherapy. Yes, it is time-
Obama after Republicans regained control of spending binge that has only begun for the In- some mental-health symptoms either. intensive, but it’s highly effective and
PETROS LEVOUNIS, M.D. evidence-based.
the House in 2010. flation Reduction Act, the Chips Act and the in- President, American Psychiatric Demand outstrips supply when it
CBO lays out the gory details. Revenues have frastructure bill. Association comes to mental-health professionals.
fallen about 10%, despite the Democrats’ in- This is a dreadful fiscal show by any mea- New York We need to increase the numbers of
crease in corporate taxes. Individual income-tax sure, or any country for that matter. The next those professionals and pay them
revenue is down 20%, or about $442 billion, and time the U.S. Treasury lectures the Greeks or Those who mandate screening market rates, rather than institute su-
CBO speculates one reason is smaller capital- Italians about their fiscal woes, the southern must not minimize the costs of doing perficial screenings that will only cre-
gains realizations. Soaking the rich doesn’t Europeans should laugh out loud. so. They have unfounded trust in ate more demand and crowd out
work when the rich aren’t making money in the This is all the more dismaying because the most physicians’ ability to discern a those who do need professional men-
financial markets. booming deficit will make it that much harder disorder from a nondisorder, that the tal-health care.
Outlays are up 11% so far this year, or $473 to raise spending on national defense in a world health systems will allow time to do LINDA MICHAELS, PSY.D.
so, and that useless medications Chair, Psychotherapy Action Network
billion, and they would have been higher at of growing threats. Student-loan write-offs
won’t be offered as an easy way out. Chicago
$536 billion without the shifts in payment tim- won’t stop a Chinese invasion of Taiwan or a
ing. Spending lowlights include $71 billion more North Korean missile aimed at Seattle.

.
for Mr. Biden’s latest student loan non-repay- The deficit will also complicate the case for

ly
ment plan; $111 billion more for Social Security, keeping tax rates low and extending the Trump
largely for cost-of-living adjustments for infla- tax rates when they expire in 2025. Higher taxes
Republicans Keep the Trump Circus in Business
tion; and $104 billion for Medicare from higher will reduce the economic growth needed to fi- Your editorial “Democrats and the mainly because these candidates
payments rates and more care. on
nance all this spending. Few Presidents have
Taxpayers also doled out $52 billion for the had a worse fiscal record than Joe Biden.
Trump Spectacle” (Aug. 4) almost
makes it sound like it is the Demo-
crats who keep the Trump train
wreck in the news. If Republicans
wouldn’t be term-limited lame ducks
after six months in office. But there
is a part of me that wants revenge,
pure and simple, and Mr. Trump can
Biden’s Monumental Gift to Putin want it out of the news, I have a put the horrors of the administrative
us ,

quick solution: They should stop sup- state and unequal justice in focus like
l

W
porting Donald Trump. no one else.
e
ith a stroke of his pen, President Bi- tional monument—the fifth of the Biden
al a

Never interfere while your enemy is MARIE CLAUSE

den on Tuesday walled off from de- Presidency—will make it that much harder for making a mistake—that’s an old rule. Sierra Madre, Calif.
velopment nearly a million acres of the U.S. to replace Russian uranium. Vladimir So, as Trump supporters wear their
ci on

land that includes some of Putin sends his thanks. red hats, run around with “Trump In “The Unprecedented Jack
America’s richest uranium de- A new land grab makes The unstated purpose of won” signs and ignore all the other Smith” (Potomac Watch, Aug. 4),
posits. This is another monu- the U.S. more dependent the national monument ap- qualified presidential candidates, of Kimberley Strassel conflates facts
ment to the Administration’s pears to be to block uranium course the Democrats sit back and with legal theories. Her counterexam-
destructive energy policy. on Russian uranium. mining. Arizona Democrat laugh and then laugh some more. ples involve politicians advancing
er s

The Antiquities Act of 1906 The 81 million Americans who policies or arguments based on “bold
Rep. Raul Grijalva has pro-
voted for Joe Biden in 2020 knew he if untested legal claims.”
lets Presidents set aside fed- posed legislation that would
m er

was old. They also knew that Kamala Neither Al Gore nor George W.
eral land for national monuments to protect permanently withdraw the Grand Canyon area Harris wasn’t a strong choice for vice Bush deliberately made up facts to fill
historic objects. Barack Obama used the law to from new mining claims. Democrats couldn’t president. But when the alternative is their lawsuits in 2000. A novel legal
remove millions of acres of federal land from pass this through Congress, so Mr. Biden is do- a candidate as unqualified as Mr. theory based on a set of facts isn’t a
oil and gas development. Yet even he resisted ing so by decree. Trump, you have to choose wisely. lie. By contrast, Mr. Trump’s entire
m rp

progressive calls to set aside uranium-rich land Tribes claim that uranium mining could con- The people did that in 2020 and will enterprise was driven by deliberately
outside the Grand Canyon. Mr. Biden shows no taminate water and wildlife. But a U.S. Geologi- do the same if faced with the same false statements of fact about ram-
such restraint. cal Survey in 2021 found springs and wells in candidates in 2024. pant fraud. The core of Mr. Smith’s
On Tuesday he declared a national monu- the region met federal drinking-water stan- MIKE WRIGHT case against Mr. Trump isn’t only
ment on 1,562 square miles in Arizona called dards despite decades of uranium mining. Presi- Marietta, Ga. that he advanced a dubious legal
co Fo

theory, but that the theory was based

Baaj Nwaavjo I’tah Kukveni, meaning “where dent Biden doesn’t seem to think it’s possible
I favor the election of other GOP in full on lies.
tribes roam.” The monument will conserve to develop and protect America’s natural re- candidates (Ron DeSantis, Chris GREG MARGOLIS
“landscape sacred to Tribal Nations and Indige- sources at the same time, though miners have Christie, even Vivek Ramaswamy) New York
nous peoples and advance President Biden’s been doing so for decades.
historic climate and conservation agenda,” the Progressives want to block all mining in the
White House says. U.S., including for critical minerals such as lith-
The statement omits that the land also in- ium and nickel that are needed to power their
When My School Defied the Supreme Court
cludes America’s only source of high-grade ura- green-energy transition. But that means mining I share with Justice Samuel Alito authority to disregard the decisions
nium ore that is economically competitive on will occur in countries with fewer environmen- (Weekend Interview by David Rivkin of the Supreme Court. When I was 15
the global market. The U.S. imports about 95% tal protections. Jr. and James Taranto, July 29) a years old, our public-high-school
of uranium used for nuclear power reactors, There is currently no limit to a President’s concern that the left’s calls for defi- principal in Dekalb County, Ga.,
ance may lead people in a position of stated on the PA system something to
mostly from Kazakhstan, Canada, Russia and power under the Antiquities Act to remove land
n-

the effect of: “I don’t care what the

Australia. Russia is the U.S.’s third biggest ura- from development and public use. Environmen- Supreme Court says; we are going to
nium source. tal groups even argue that Presidents can’t roll Don’t Blame the Accounting have prayer in our school.”
Mr. Biden banned imports of Russian fossil back predecessors’ designation. This interpre- Thereafter we had two days in
fuels by executive order last spring, but U.S. nu- tation of one-way executive power is more Rule for the Manager’s Error
no

which students chose and read on the

clear plants continue to rely on Russian ura- sweeping than the Grand Canyon and is crying Peter Cappelli’s argument in “How
nium for 12% of their fuel supply. The new na- out for a legal challenge. a Common Accounting Rule Leads to
More Layoffs and Less Job Training”
(Journal Report, July 31) is like the
The Judicial Politicians of Wisconsin argument that a hammer is the cause
of bad construction. Accounting is a
PA short religious statements. On the
third day, a different student loudly
advised us: “You must believe in Jesus
or you will burn forever in the flames
of hell” and continued in the same
tone and direction for about three

F
or a window on what happens when
judges become political, take a look at
Wisconsin’s new progressive Supreme
Court majority. They became a 4-3 majority last
week with the ascension of new Justice Janet
Protasiewicz, and their first act was an adminis-
trative coup.
On Friday the four liberals made changes to
court procedures that let them usurp the power
of the Chief Justice, including control of the cal-
endar for oral arguments, rules hearings and
administrative conferences. They also issued a
new rule requiring dissents to be written within
seven days of the majority opinion.
Why flex their power so soon and without
the usual judicial collegiality? Perhaps because
control of the judicial calendar means control
of the political calendar.
The court may soon hear challenges to the
state’s legislative maps, the same maps that
Justice Protasiewicz called “rigged” when she
was running this year in an election for the Su-
preme Court seat. Limiting dissent writing to
seven days will speed up the timetable for rul-
ings and give conservatives less time to marshal
their arguments. Imagine the uproar if six con-
servative Justices pulled that stunt at the U.S.
Supreme Court.
National and Wisconsin Democrats have long
wanted to overturn the state’s legislative maps,
and now they’re raising their bid. The Cam-
paign Legal Center, Law Forward, the Election
Law Clinic at Harvard and other groups are ask-
ing the Wisconsin court to overturn the legisla-
tive maps and issue a “writ quo warranto” to
require all state legislators, including those
elected in November 2022, to run again in
newly drawn districts.
The Wisconsin Supreme Court approved the
current Wisconsin legislative maps in 2022, af-
ter initially approving maps drawn by Gov. Tony
Evers. When the Evers maps were overturned
by the U.S. Supreme Court, the Court approved
the current ones, which were drawn by the GOP
Legislature.
But the petitioners are still counting on the
new liberal court majority they helped to elect
to overturn the maps—pronto. Elections that
were held in “unconstitutionally configured dis-
tricts.” the petition says, should be declared
“unlawful” and the Court should “order special
elections in November 2024 for all . . . state sen-
ate districts that would not otherwise occur un-
til November 2026.”
The petitioners suggest the Supreme Court
issue its ruling by March 19, 2024, and no won-
der: Nominating papers for the November 2024
election begin circulating April 15.
Translation: The sooner the court tosses the
maps, the sooner Democrats can elect a new pro-
gressive legislature. The goal is to flip enough
seats to create a new Democratic legislative ma-
jority in Wisconsin. This would help Mr. Evers
overturn former Gov. Scott Walker’s collective-
bargaining reforms known as Act 10 and kill Wis-
consin’s school-choice programs.
The Wisconsin constitution says the Chief
Justice of the state Supreme Court “shall be the
administrative head of the judicial system.”
Current Chief Justice Annette Ziegler called the
new liberal majority’s changes an “attempt to
gut the Chief Justice’s constitutional authority
as administrator of the court.” That sounds
right. The progressive four show no concern
about looking political, as they race to turn the
Badger State into Minnesota or Illinois.
tool used to communicate some rela- minutes. I don’t know whether it was
tively reliable and objective informa- complaints by parents and faculty or
tion to aid in decision-making, such the widespread laughter, anger and
as allocating capital. If management derision of the students, but that was
chooses to misuse the tool and un- the last prayer we heard in school.
derinvest in employees to boost cur- JOHN B. SIVERTSEN
rent accounting earnings at the ex- Alpharetta, Ga.
pense of future accounting earnings,
then perhaps the problem lies with
management. Like a hammer, ac- San Francisco’s Priorities
counting rules don’t think, and like a
The San Francisco homeless catas-
good carpenter, good managers do.
trophe (“Why San Francisco Is a
PROFS. JENNIFER BLOUIN AND PAUL FISCHER
Wharton, University of Pennsylvania
Homeless Mecca,” Review & Outlook,
Aug. 7) isn’t growing despite its in-
Philadelphia
creasing budget, but because of it. In
the words of Ronald Reagan: “If you
want more of something, subsidize it.”
As Much Nothing as Possible SAM COX
In his review of “Random Acts of New York
Medicine” (Bookshelf, Aug. 3), Alex
Tabarrok writes, “There is now wide-
spread recognition that too much
medical care can be wasteful, but less
Pepper ...
recognition that it can also be harm- And Salt
ful.” This isn’t a revelation. In addi-
THE WALL STREET JOURNAL
tion to the ancient physician’s admo-
nition, “first, do no harm,” during the
Carter administration the bestselling
author Sam Shem summed it up in
his comic novel “The House of God”:
“The delivery of good medical care is
to do as much nothing as possible.”
NOAM B. KATZ
Chevy Chase, Md.
Letters intended for publication should
be emailed to wsj.ltrs@wsj.com. Please
include your city, state and telephone
number. All letters are subject to
editing, and unpublished letters cannot
be acknowledged.
 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.
Korea Is
A Model
For Middle
East Peace
By Eli Cohen
N
Jerusalem
ext month marks the third
anniversary of the signing of
the Abraham Accords, a
groundbreaking peace agreement
that reshaped ties between Israel
and several Arab nations and of-
fered a beacon of hope for lasting
stability in the Middle East.
Since the signing of the peace
and normalization accords by Israel,
the United Arab Emirates, Bahrain
and Morocco—and especially after
the establishment of Israel’s new
government—Jerusalem has sought
to build bridges with additional
Arab and Muslim countries. A sig-
nificant focus has been on forging
ties with Saudi Arabia, the power-
house of the Arab world.
Securing an alliance with Saudi
Arabia wouldn’t be merely another
diplomatic achievement; it would
form the foundation upon which
true regional harmony can be built.
Such a partnership might inspire
other nations to pursue enduring
peace.
The U.S. nuclear umbrella
could shield Arab states
from Iran, as it protects
Seoul from Pyongyang.
The U.S. has done a great deal to
help facilitate dialogue between
Saudi Arabia and Israel in recent
months. As part of these efforts, the
Saudis made several demands of the
U.S., which, in their view, are key to
advancing the normalization pro-
cess with Israel. Most of these re-
quests concern Iranian aggression
and the kingdom’s ability to defend
itself against this threat.
This underscores Saudi Arabia’s
perspective: The primary challenge
isn’t Israel but Iran, which is intent
on spreading its Shiite Islamic revo-
lution throughout the region by
means of violence, terrorism and
nuclear-weapons development.
A nuclear-armed Iran is no mere
hypothetical threat. If the regime
builds a nuclear weapon, it would
almost certainly ignite a regional
nuclear arms race. Nations such as
Saudi Arabia, the Gulf states, Egypt
and Turkey might feel pressured to
bolster their defenses. While a re-
gional arms race might seem an in-
evitable response to Iran’s growing
might, it would severely destabilize
the area, potentially plunging the
entire Middle East into conflict.
A potential blueprint for de-esca-
lation exists in East Asia. My recent
trip to South Korea and the demili-
tarized zone was revealing. South
Korea, despite living under the
shadow of a nuclear-armed neigh-
bor and having the means to de-
velop its own nuclear weapons, has
abstained from nuclear-weapons de-
velopment. The U.S.’s defense com-
mitment acts as South Korea’s de-
terrent against Northern
no
aggression.
A comparable American defense
pledge could reassure Middle East-
ern nations, primarily Saudi Arabia
and the Gulf states. This approach
would make individual nuclear am-
bitions unnecessary, bolster re-
gional stability, and promote the
peace and normalization agenda.
A united front, bringing together
moderate Sunni nations and Israel,
would be an effective check on
Iran’s growing ambitions.
This solution is no substitute for
the ceaseless efforts of the interna-
tional community, and of Israel, to
prevent the Iranian ayatollah re-
gime from attaining nuclear military
capabilities. The way to achieve this
is through international economic
and diplomatic pressure and a cred-
ible military threat that will force
the Iranian regime to recalculate its
path and stop the race for a nuclear
weapon once and for all.
Mr. Cohen is Israel’s foreign
minister.
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Why Woke Works for Ben & Jerry’s
By Anson Frericks
C
ompanies ranging from An-
heuser-Busch to Disney and
BlackRock have recently
lost loyal customers and
billions of dollars in market
capitalization and assets after wad-
ing into controversial political is-
sues. The reason customers left and
investors bailed is simple: These
companies failed to carry out what
they had promised in their mission
statements.
Clear mission statements are crit-
ical for company success. A 2016
Harvard Business Review study
found that companies that clearly es-
tablish their purpose innovate more
successfully and increase revenue
faster than companies that don’t.
That’s because clear mission state-
ments explain why a company exists
and what it hopes to achieve. They
also identify its present—and, ide-
ally, future—customers. This aligns
internal employees and external in-
vestors in pursuit of a common goal:
delivering great products and ser-
vices to increase shareholder value.
Anheuser-Busch’s mission is clear:
“Dream Big to Create a Future With
More Cheers.” The company has sev-
eral brands to achieve this aim with
different consumers. Michelob Ultra
is for athletes who understand “it’s
only worth it if you enjoy it.” Busch
Light is for hunters, farmers, and
fishermen who want to “crack a cold
one” and head for the great out-
doors. Bud Light is supposed to be
for everyone because it is “Easy to
Drink, Easy to Enjoy.”
Bud Light’s controversial partner-
ship with transgender activist Dylan
Mulvaney in April didn’t create a
“future with more cheers,” or make
on
Bud Light “easy to enjoy.” It thrust
the brand into a charged political
discussion unrelated to the com-
pany’s mission. Loyal consumers left,
and shareholders are paying the
us ,
price as billions of dollars in market
l
cap have been erased.
e
al a
Disney experienced similar mis-
sion failure last year. The com-
pany’s stated mission is “to enter-
ci on
tain, inform and inspire people
around the globe through the power
of unparalleled storytelling, reflect-
ing the iconic brands, creative
minds and innovative technologies
er s
that make ours the world’s premier
m er
Australia Asks Voters to Expand a Racial Welfare State
Sydney
m rp
The social-justice
debate that has been
roiling our politics
in recent years is
hardly unique to the
co Fo
U.S. At an academic
UPWARD
MOBILITY conference in the
U.K. this year, I
By Jason L.
heard all the same
Riley
references to “sys-
temic racism,” “un-
conscious bias” and “white privilege”
that now dot our stateside discus-
sions. The only difference was the
accents.
Turns out, these conversations are
taking place not only on the other
side of the Atlantic but also on the
n-
other side of the world. You can’t
visit Australia these days without
hearing about the Australian Indige-
nous Voice referendum. After Prime
Minister Anthony Albanese, leader of
the center-left Labor Party, was
elected last year, he promised to
push for a ballot initiative amending
the constitution to give indigenous
Australians—and only them—a spe-
cial “voice to parliament.” In June a
law that would alter the constitution
was approved by the Parliament,
triggering a nationwide vote due to
be held before the end of the year.
It’s difficult not to sympathize
with the socioeconomic plight of ab-
original Australians. A 2016 report
by the Australian Broadcasting
Corp., the state news agency, noted
that suicide rates in some indige-
nous communities are “among the
worst in the world.” In one West
Australian community 80% of the
125 suicides were indigenous people.
Seventy-one percent of them were
men, more than half of whom were
under 30 and more than a quarter of
whom were teenagers.
Aboriginal Australians are only
about 3% of the country’s inhabitants
yet are roughly 15% of its homicide
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Chief Executive Officer, News Corp
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OPINION
entertainment company.” Creating
movies like “The Lion King” and
“Star Wars” is on mission. Less so
is public criticism of such legisla-
tion as Florida’s Parental Rights in
Education Act, which prohibits the
state’s educators from teaching
about sexual orientation and gender
identity in classes from kindergar-
ten through third grade.
Politics is central to its
mission but a distraction
from Anheuser-Busch’s,
Disney’s and BlackRock’s.
When Disney announced its oppo-
sition to the bill in 2022, the major-
ity of its customers disagreed. Dis-
ney’s public approval rating cratered
to 33% in 2022 from 77% in 2021.
Customers spoke with their wallets.
The company’s streaming service,
Disney+, saw canceled memberships,
and attendance at Disney theme
parks suffered. The company’s stock
remains depressed even after it
swapped in new leadership.
BlackRock, the world’s largest as-
set-management company, has also
victims and more than a quarter of
its prison inmates. Writing in the
current issue of Quadrant, an Austra-
lian monthly, Peter Purcell noted that
in far too many aboriginal communi-
ties, domestic violence and child
abuse are endemic. “Adult fighting
among both men and women is com-
mon, as are clashes between families
armed with machetes, crowbars and
bats,” he wrote. “Daylight home in-
vasions, vehicle theft, property dam-
age and physical violence are the
daily experience for townspeople.” In
Alice Springs, in the Northern Terri-
tory that is home to the highest pro-
portion of indigenous residents in
the country, children as young as 5
can be found roaming the streets at
night, “many drinking alcohol—in-
cluding hand sanitizer—in soft
drinks, or sniffing glue or petrol.”
The dozens of indigenous and
non-indigenous Australians I spoke
with during my weeklong visit
weren’t indifferent to or unaware of
these horrors. Still, the Voice refer-
endum, based on current polling, is
expected to fail, and some are now
calling for Mr. Albanese to abandon
the effort. Proponents must garner a
majority of the total vote nationwide
and a majority of the vote in four of
the country’s six states. Earlier this
year, it looked as if support would be
relatively strong and bipartisan, but
July surveys showed that enthusiasm
‘Public’ Schools That Aren’t Public
By Keri D. Ingraham
T
eachers unions and education
bureaucrats hail public
schools for being open to all
children while condemning private
schools for limiting access. But most
“public” schools aren’t public at all.
In most communities, children
are restricted to a single assigned
school based on their home ad-
dress and arbitrary boundary lines.
Private schools often have aca-
demic, behavioral or other admis-
sions standards, but they don’t
keep children out simply based on
where they live.
The cost of tuition is the primary
barrier to parents who want to en-
roll their children. Nine states—Ari-
zona, Arkansas, Florida, Indiana,
Iowa, Ohio, Oklahoma, Utah and
West Virginia—have enacted univer-
sal or near-universal school choice
into law, thus the financial barrier
for families to enroll their children
in private schooling—whether tradi-
tional, online, hybrid or micro
schools—is crumbling.
Yet unions, bureaucrats and their
Wednesday, August 9, 2023 | A17
pressuring him to step down over
perceived failures to implement ESG
more broadly. New York City’s comp-
troller wrote a letter questioning
BlackRock’s investment actions com-
pared with its ESG commitments.
CLOCKWISE FROM TOP LEFT: GETTY IMAGES; ASSOCIATED PRESS; BLOOMBERG NEWS; REUTERS
Anheuser-Busch, Disney and
BlackRock could learn about proper
mission control from Ben & Jerry’s.
The ice-cream company has been
aligning customers and sharehold-
ers behind a progressive and social
mission for decades. Its mission
states: “We believe that ice cream
can change the world. We have a
progressive, nonpartisan social mis-
sion that seeks to meet human
needs and eliminate injustices in
our local, national, and international
communities by integrating these
concerns in our day-to-day business
activities.”
When Ben & Jerry’s supports re-
turning to Native Americans what it
claims is stolen land, when it advo-
cates overturning voter-integrity
laws, or when it favors defunding the
police, its customers aren’t surprised.
This is because Ben & Jerry’s has
struggled with fidelity to its stated been advocating such change since
mission “to help more and more peo- two Vermont hippies founded the
ple experience financial well being.” company in 1972. When they sold the
Studies have shown that use of business to multinational conglomer-
ESG—environmental, social and gov- ate Unilever in 2000, they main-
ernance—criteria to inform the allo- tained an independent board to
cation of client capital isn’t profit- make decisions on the company’s so-
able. Nevertheless, reports show that cial mission. Their customers expect
BlackRock gave greater investment this activism and buy such ice-cream
to companies with lower carbon out- flavors as “Save our Swirled” and
put and better diversity-and-inclu- “Empower Mint” to support social
sion scores. These standards cost the causes.
company billions from investors who Given the companies’ longstand-
.
prefer asset managers that steer ing purposes, it would be inauthentic
clear of divisive ESG policies. for Anheuser-Busch, BlackRock and
ly
Amid the capital outflows in re- Disney to change their mission to
cent months, BlackRock CEO Larry support the same social and political
Fink has retreated from his previous agendas as Ben & Jerry’s. It would
positions and has added Amin Nas-
ser, CEO of Saudi Aramco, the
world’s largest oil company, to Black-
Rock’s board. Saudi Aramco is con-
also alienate most of their existing
customer base. A recent poll found
58% of consumers don’t want com-
panies taking stances on political
trolled by the Saudi government, and social issues. To maximize mar-
which is one of the world’s leading ket potential and shareholder value,
violators of human rights, making most companies should cater to the
Mr. Nasser’s appointment at odds larger group of people who don’t
with ESG’s social component. want politics with their beer, their
Caught between his company’s ac- theme-park vacations or their invest-
tivism and the reality that a mission ment accounts.
of helping “more people experience
well being” requires not alienating Mr. Frericks is a co-founder of
investors with different views, Mr. Strive Asset Management, which
Fink has choices to make for the fu- competes with BlackRock, and a for-
ture. Climate activists are already mer Anheuser-Busch executive.
among Labor and opposition voters in the Voice referendum is a racist,”
alike had faded. said veteran Australian journalist
Part of the problem is the studied Niki Savva, “you can bet your bottom
vagueness of the referendum’s lan- dollar that every racist will vote No.”
guage, which gives the impression Advocates speak of “historical in-
that Mr. Albanese and his allies have justices” and “reconciliation” with
something to hide. Australia already the same frequency and fervor of
has an indigenous affairs minister, black and Native American activists
and aboriginal Australians won the in the U.S., but much of the harm be-
right to vote in 1962. What, precisely, ing done to these communities is
self-inflicted. In his essay, Mr. Purcell
wrote that some 70% of aboriginal
The referendum to give Australians in jail “are there for
crimes of violence against their
indigenous people a loved ones.” For many in the No
special ‘voice’ would only camp, it’s not clear how a successful
referendum would help close the gap
worsen disparities. in outcomes between indigenous and
non-indigenous Australians.
Australia already spends billions
does enshrining an indigenous voice of dollars annually on indigenous
to Parliament in the constitution welfare programs. If a greater
mean in practice? How can the gov- “voice” for the indigenous popula-
ernment give a special voice to one tion simply translates into more
racial group without necessarily di- government lucre for politically con-
minishing other voices? Indian-Aus- nected tribal elders and aboriginal
tralians are the fastest-growing mi- elites in urban areas—which is the
nority. Do they deserve track record of racial preferences
constitutionally embedded special for minorities in countries all over
rights as well? the world—the result may well be
Supporters of the referendum wider social and economic dispari-
can’t or won’t answer these ques- ties for everyday indigenous Austra-
tions. They say the details will be lians. Worse, it will further subsi-
fleshed out at some future date and dize antisocial behavior and thereby
accuse skeptics of having ulterior retard the development of attitudes,
motives. “While it is not true to say habits and skills that facilitate up-
that every Australian who votes No ward mobility.
political allies continue to insist not public schools despite other schools
only on keeping kids in the public in the area having room to admit
system but restricting them to a them. That’s discriminatory: Chil-
single assigned “public” school, dren from specific ZIP codes and
even if it is failing to educate chil- neighborhoods aren’t allowed to at-
dren or keep them physically safe. tend better-performing public
Parents have been charged with schools, making taxpayer-funded
stealing public education, fined and government K-12 schools far from
sentenced to jail time. Sixteen par- accessible to all.
ents in Maryland and Virginia were While historically K-12 public ed-
ucation has maintained a near mo-
nopoly, its stronghold is weakening
Far from being open to all, with the advancement of universal
admission is restricted by school choice. Now empowered with
their children’s education funding,
arbitrary district lines. parents in a growing number of
states are free to select from among
private-school providers.
charged for providing fraudulent ad- As most communities across the
dresses for their children to attend country continue to restrict any
a public school other than their spe- form of public-school choice, the
cifically assigned school without private-school market will benefit
paying nonresident tuition of by welcoming students from all
$10,000 to $14,000 a year. A recent neighborhoods. For schools to be
report found that in at least 24 truly public, they have to be open to
states, parents can be criminally all.
prosecuted for providing false home
address information to enroll their Ms. Ingraham is director of the
children in a “public” school. Discovery Institute’s American Cen-
Children are often kept in failing ter for Transforming Education.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
A18 | Wednesday, August 9, 2023
Latin America Takes Aim at Deforestation
Summit participants
look to stem risks to
Amazon that many
tie to climate change
BY SAMANTHA PEARSON
AND LUCIANA MAGALHAES
SÃO PAULO—The Latin
American countries that share
the Amazon rainforest em-
barked on a two-day meeting
Tuesday in the Brazilian jun-
gle city of Belém with an
aim to halt the deforestation
that many scientists blame for
accelerating climate change.
Brazil, home to 60% of the
world’s biggest rainforest, held
a meeting for presidents and
top officials from countries
that are home to the rest of
the Amazon: Peru, Colombia,
Bolivia, Venezuela, Ecuador,
Guyana and Suri-
name. The summit is the first
in 14 years for the Amazon Co-
operation Treaty Organiza-
tion, a group that arose from a
treaty Amazonian nations
signed in 1978 to promote har-
monious development of the
region. France, which oversees
French Guiana on South Amer-
ica’s northeast shoulder, was
represented by the French am-
bassador in Brasília.
The meeting comes as Bra-
zilian President Luiz Inácio
Lula da Silva seeks to position
his country as a leading voice
in the global fight against de-
forestation, and facilitator
of cross-border environmental
cooperation on the continent
Jordan Blocks Satire Site, Seriously Danish Commune
BY HUMZA JILANI
AND DION NISSENBAUM
LONDON—Isam Uraiqat
spent years testing the line in
the Middle East between sat-
ire and insult. Now the
founder of the region’s best-
known satirical news site
seems to have found it.
After a decade lampooning
the region’s kings, autocrats
and despots, the website Al-
Hudood has been blocked in
Jordan, where it was founded
in 2013, with Uraiqat and his
team of writers now effec-
tively personae non gratae.
Their offense? Mocking the
COURTESY ALHUDOOD
lavish wedding of the king-
dom’s crown prince.
While parts of the Middle
East are in the midst of a
modernization push, the re-
gion is still wrestling with
how seriously to take itself.
Police crackdowns and a flurry
of new laws restricting free
speech are growing.
“The space for comedy and
political satire in the Middle
East has shrunk,” said Céline
Assaf Boustani, president of
Human Rights Foundation, a
New York-based human-rights
organization. Many comedians
no
now reside in exile in the
West.
The United Arab Emirates,
a favorite target of AlHudood,
or “the Limit,” blocked the sa-
tirical website two years ago.
In Jordan, widely regarded
as one of the region’s more
progressive countries, the gov-
ernment is clamping down on
its online critics, including Al-
Hudood. Parliament in July
approved a cybercrime bill
that expands the government’s
powers to prosecute people
accused of undermining na-
tional unity. Ahead of the vote,
a State Department spokes-
man warned that the draft law
SUDAN
Conflict Displaces
Over Four Million
Sudan’s escalating conflict
has driven more than four
million people from their
homes, including over
884,000 who have fled to
neighboring countries, a
United Nations official said
on Tuesday.
The fighting that started in
April has also triggered disease
outbreaks and an increase in
malnutrition, said William
Spindler, a spokesperson for
the U.N. refugee agency.
His remarks came as
clashes between the army
and its rival paramilitary force
intensify in the eastern part
of the capital, Khartoum, and
the nearby city of Omdurman.
—Associated Press
An indigenous man marched in defense of the Amazon and native peoples in Belém, capital of Brazil’s Para state, on Tuesday.
through the 45-year-old treaty.
“It’s never been more ur-
gent to resume and widen this
cooperation—it’s the challenge
of our era,” said da Silva in his
opening speech Tuesday.
Other countries with large
tropical forests, such as Indo-
nesia, Republic of Congo and
the Democratic Republic of
Congo, were expected to join
the meeting along with Norway
us ,
l
e
al a
ci on
er s
m er
m rp
co Fo
Isam Uraiqat, seen in 2019, plans to expand the offerings of his AlHudood website.
could “further shrink the civic
space that journalists, blog-
gers, and other members of
civil society operate in.”
AlHudood is often com-
pared with the Onion, the
n-
American satirical news site.
But while Uraiqat says he sees
everyone as fair game, satire
in the Middle East is a differ-
ent proposition.
A joke can be easily mis-
construed by intelligence ser-
vices as part of a psyop, short-
hand for psychological
operations, concocted by the
U.S. or the Israelis, he says, or
by the Saudis, Qataris or Ira-
nians, for that matter.
“People always ask us, who
do you work for? Who is fund-
ing you?” Uraiqat said one re-
cent afternoon in London,
where he runs the satirical web-
site while living in exile from
his home in Jordan. “We are
equal opportunity offenders.”
The website is irreverent
and ruthless in challenging
POLAND
Parliamentary Vote Soccer Fan Killed
Is Set for October In Clash of Rivals
President Andrzej Duda on
Tuesday said Poland would
hold its parliamentary election
on Oct. 15, marking the official
start of an electoral campaign
that has informally been under
way for months and is being
shaped by Russia’s war
against Ukraine.
Duda said the elections for
the 460-seat lower house of
parliament, the Sejm, and for
the 100-seat Senate will both
take place on that Sunday.
Polls show Law and Justice,
which has governed Poland
since 2015, is heading toward
the election as the most pop-
ular party, but is likely to fall
short of an outright majority.
—Associated Press
WORLD NEWS
and Germany, which contribute
to deforestation programs. The
United Arab Emirates, which
will host this year’s United Na-
tions climate summit in Dubai,
was also to attend.
Twice the size of India, the
Amazon rainforest has long
absorbed more carbon than it
releases, acting as a vital
brake on global climate
on
change. But with close to 20%
feared Middle East rulers and
daily political life in the region.
It has published sardonic
stories about a joint Saudi-
Turkish “counter-journalism
agreement,” a British-French
team of crocodiles patrolling
the English Channel looking for
migrant boats, and an Israeli
offer to help the Syrian gov-
ernment bomb Syrian cities.
But it was AlHudood’s cov-
erage this summer of a royal
wedding that seemed to be the
final straw in Jordan. It pub-
lished a series of stories pillo-
rying Jordan’s royal family for
spending so much on the wed-
ding when millions in the
country struggle with poverty.
Uraiqat suspects the post
that got him in trouble was
one about the royal wedding
that urged citizens to “be
happy, dog,” a pointed insult
in the Middle East. The Jorda-
nian government declined to
comment on its reasons for
imposing the ban.
WORLDWATCH
GREECE
A 29-year-old soccer fan
was killed in clashes between
rival supporters in Athens,
prompting European football
governing body UEFA to post-
pone a Champions League
qualifying match between
AEK Athens and Croatia’s Di-
namo Zagreb on Tuesday.
Eight fans were also in-
jured in the extensive clashes
outside AEK’s stadium in the
northern suburb of Nea Phila-
delphia, while Greek police
said they had made 88 ar-
rests, mostly of Croatian sup-
porters. Amateur video of the
incident showed fans hurling
flares and gasoline bombs
and wielding wooden bats.
—Associated Press
of the original forest now
gone, scientists tracking the
forest say the Amazon could
now be close to its so-called
irreversible tipping point, at
which it would dry out and
eventually become savanna.
The effects could be global.
Climate scientists have
blamed forest loss for contrib-
uting to global warm-
ing, which the U.S. Environ-
Most of AlHudood’s 17-
member staff operate in ano-
nymity, and it recently shut its
offices in the region to limit
the threat of reprisals.
It is a different mood from
when AlHudood first began.
“There was an atmosphere of
freedom,” said an editor in
Jordan, who joined the outlet
in 2013.
Now, Uraiqat starts his
mornings by tinkering with a
VPN to log into editorial meet-
ings. He says the state keeps a
close eye on him. When people
ask where he works, he says
he is a freelance writer. “It’s
very hard now,” he said.
Still, Uraiqat and his team
aren’t backing down. “The
plan is to do what we’re good
at, poking at them to poke
holes in the narratives of au-
tocracy and repression,” he
said, adding that AlHudood
plans to launch two new pod-
casts, a fresh social-media
campaign and a new TV series.
SAD FAREWELL: Fans of singer Sinead O’Connor mourn in Bray, Ireland, before her funeral.
THE WALL STREET JOURNAL.
preliminary data from Brazil’s
National Institute of Space Re-
search, known as INPE. While
da Silva has vowed to bring
jungle destruction down to
zero by 2030, he has argued
that this can’t be done at the
cost of the livelihoods of the
some 30 million people who
live in Brazil’s Amazon.
Instead, Brazil must build a
new green economy in the Am-
azon with financing and invest-
ment from abroad, da Silva ar-
gues, as well as develop a
regulated carbon market. Brazil
relies on foreign donations to
help operate its underfunded
environmental enforcement
agencies, which use helicop-
ters, drones and other equip-
ment to monitor illegal defor-
estation across the vast area.
“What we want is to tell the
world what we’re going to do
ANDRE BORGES/EPA/SHUTTERSTOCK
with our forests and what the
world has to do to help us,” da
Silva said. He said he plans to
pressure wealthy nations to
fulfill the pledge they made
during the 2015 Paris climate
accord to provide $100 billion
a year to help developing coun-
tries fight climate change.
Such a summit seemed a
mental Protection Agency has distant possibility just a year
said explains why heat waves ago, when da Silva’s right-wing
in countries such as the U.S. predecessor Jair Bolsonaro was
are becoming more common. president. Bolsonaro, who jok-
Deforestation in Brazil’s ingly referred to himself as
Amazon has hit its lowest level “Captain Chainsaw,” cut fund-
.
in four years since da Silva’s ing for environmental enforce-
administration started in Jan- ment and bristled at attempts
ly
uary, dropping about 34% in from foreign nations to influ-
the first six months of this ence his stewardship of the Am-
year compared with the same azon even as he called on them
period last year, according to to fund deforestation efforts.
Combats Criminals
BY SUNE ENGEL RASMUSSEN residents and drug dealers in
Christiania is a consequence of
COPENHAGEN—For 50 a Danish, and European, drug
years, Christiania, an anarchic, market that is growing larger
free-spirited commune in Den- and more violent. It also
mark’s capital, has gained marks a turning point for one
global fame for its open-air of Europe’s most radical and
cannabis market, attracting enduring social experiments,
visitors from across the world, which has survived at odds
along with hardened criminals with the law since its founding
and regular police crackdowns. in 1971, when a band of hippies
Now a group of residents occupied an abandoned mili-
has risen up against the gangs tary barrack and established
that have taken control of the an anticapitalist haven.
trade, in a risky, clandestine “We need a moment of
operation aimed at shutting truth,” a resident involved in
down the famed Pusher Street. Tuesday’s operation said. “We
In recent years, organized have gone from being a role
criminals have pushed out model of green energy, art,
most of Christiania’s residents culture and LGBTQ rights to
from the lucrative cannabis spending all our community
trade, souring one of Northern meetings discussing violent
Europe’s biggest tourist at- episodes in Pusher Street.”
tractions and a symbol of Dan- Christiania’s early cannabis
ish tolerance. trade was driven by hippies
After a spate of violent in- transporting drugs from Asia
cidents, including several kill- to Copenhagen in beat-up
ings, many residents have had Volkswagen vans. Today,
enough. Before dawn on Tues- about $150 million of canna-
day, about 50 Christianites—as bis flows each year through
residents of the commune are roughly 30 plywood stalls
called—gathered to watch the crammed into the 100-yard
cranes they ordered use ship- cobble-stoned pedestrian strip
ping containers and concrete that is Pusher Street. It com-
walls to block off entrances prises about two-thirds of
into Pusher Street, hours be- Denmark’s total cannabis
fore drug dealers would arrive economy, said Kim Møller, as-
to begin the day’s business. sociate professor of criminol-
“This action is taken in the ogy at Malmö University in
hope of freeing Christiania Sweden and expert on Christi-
from the tyranny of gangs and ania.
hard-core criminals,” the ac- In the end, the predawn op-
tivists said, adding that they eration ensured that no drug
did so at great risk to their dealers confronted the activ-
own safety. “We are ordinary ists as they moved around
people who have to go to work Christiania, guiding the ship-
and pack lunchboxes for our ping containers into place in
children. The gangs are ready the dark. While younger par-
to use violence and kill people ticipants trashed cannabis
in order to protect their in- stalls, middle-aged residents
come and territories.” spray-painted the containers:
The showdown between “Pusher Street is closed.”
LIAM MCBURNEY/PA WIRE/ZUMA PRESS
 BUSINESS & FINANCE
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S&P 4499.38 g 0.42% S&P FIN g 0.87%
Activist Takes On Hanesbrands
Barington pushes
underwear firm to
find new directors,
possibly a new CEO
BY LAUREN THOMAS
Hanesbrands has drawn an
activist investor who is push-
ing the underwear company to
make changes to its board and
other moves to reverse a slide
NICK OXFORD/REUTERS
Americans pay an average of nearly 25% more for power than they did before the pandemic and Russia’s invasion of Ukraine. Downed Oklahoma power lines.
Electricity Bills
Likely to Decline
BY BOB HENDERSON
Three years of rising elec-
tric bills might be ending for
U.S. consumers.
A slide in prices for natural
gas and coal—which together
fuel about 60% of U.S. power
production—has only begun
feeding through to ratepayers
according to some Wall Street
analysts. Retail rates typically
lag behind fuel costs by six to
nine months, partly because
utilities often protect against
price swings by buying in ad-
vance, Goldman Sachs econo-
mist Spencer Hill found in a
recent research note.
Hill’s modeling suggests
that cheaper fuels will drag
down average electricity
prices 3%-4% from their peaks
no
by fall. National electricity
rates already were sliding
early in the year but re-
New Lending by Mortgage REITs Has Dried Up
BY PETER GRANT
Some of the biggest names
in commercial real-estate lend-
ing have all but turned off the
spigot.
Blackstone Mortgage Trust
and KKR Real Estate Finance
Trust, two of the biggest mort-
A Test Is Approaching
For Musk’s Cybertruck
BY REBECCA ELLIOTT
Elon Musk is seeking to rei-
magine the classic American
pickup with the Cybertruck, a
distinctive-looking truck that
is all angles and unpainted
stainless steel.
Now, with Tesla expected to
debut the truck by the end of
the year, the coming months
will test whether he can exe-
cute on that vision and deliver
the company’s first new pas-
senger vehicle in more than
three years.
Bringing the Cybertruck to
market has already proven
challenging, with years of de-
lays that have included design
changes, cost overruns and
* * * * *
S&P IT g 0.78% DJ TRANS g 0.56%
in its stock.
Barington Capital has built
an undetermined stake in
Hanesbrands, known for its
everyday basic underwear and
T-shirts, and is asking the
company to find new board
members with apparel and
manufacturing experience and
possibly a new chief executive,
according to a letter made
public Tuesday.
It couldn’t be learned
whether Barington will seek to
on
us ,
l
e
al a
ci on
er s
m er
bounded in June after a
m rp
Southwestern heat wave
spurred a surge in natural-gas
prices, to a recent average of
17 cents per kilowatt-hour,
6.3% higher than a year be-
co Fo
fore.
Electricity prices vary
wildly with seasons, location
and weather, but Americans
pay an average of nearly 25%
more for power than they did
before the pandemic and Rus-
sia’s invasion of Ukraine.
While Boston has been hit
with a 23% hike over the past
year—to 32 cents per kilowatt-
hour—New York City and
Phoenix rates have held fast at
n-
25 cents and 16 cents per kilo-
watt-hour, respectively.
Some of the variability in
Please turn to page B2
 Heard on the Street: Musk
sees demand surge. B12
gage real-estate investment
trusts, have halted loans to any
new borrowers. While these
firms continued to provide fi-
nancing related to existing
loans, they didn’t originate any
new loans during the first half
of this year, according to the
companies. Starwood Property
pandemic uncertainties. The
latest twist came Monday
when the electric-car maker
announced Zach Kirkhorn, who
played an important role in
keeping company costs in line
as CFO, had stepped down.
The electric truck was de-
signed to break the mold of a
traditional pickup, with a tri-
angular profile and the prom-
ise of a bulletproof body. Some
industry observers worry the
uniquely designed vehicle will
have limited appeal to buyers
and that the costs of beginning
production will hurt profitabil-
ity as margins are already un-
der pressure.
Investors are betting the
Please turn to page B2
THE WALL STREET JOURNAL.
WSJ $ IDX À 0.44%
nominate its own director can-
didates ahead of Hanesbrands’
coming shareholder meeting
or just encourage the company
to refresh its board. A nomina-
tion window runs from Oct. 17
through Nov. 16, according to
proxy materials.
Hanesbrands said in a
statement that its manage-
ment team has held discus-
sions with Barington over the
past year. It said its board re-
mains committed to “ongoing
U.S. city average electricity price
17 cents per kilowatt-hour
16
15
14
13
Jan.
Sources: Labor Dept. (electricity price); FactSet (performance)
Trust, another lender in the
sector, has greatly decreased
its appetite for new lending in
recent quarters, securities fil-
ings show.
Mortgage REITs, which lend
to property owners instead of
buying and developing real es-
tate like equity-oriented REITs,
INSIDE
BUSINESS NEWS
Taiwan’s TSMC plans
to build a $3.8 billion
chip plant
in Germany. B3
EARNINGS
Lyft improved its
revenue and narrowed
its loss in the
latest quarter. B4
2–YR. TREAS. yield 4.756% NIKKEI (Midday) 32241.63 g 0.42% See more at WSJ.com/Markets
refreshment and having the
right mix of expertise and di-
versity.” The company also
said it is “open-minded with
regard to additional paths to
improve performance and cre-
ate value.”
Barington, which has suc-
cessfully pushed for changes
at retailers and restaurant
chains including L Brands (be-
fore it broke into Victoria’s Se-
cret and Bath & Body Works),
Avon Products and Olive Gar-
Futures performance, past three years
800%
2023
600
2022
400
200
0 were hit hard by higher inter-
2021
Index and sector performance, year to date
20%
15
10
2021
5 the offensive, particularly with
0
2020
–5
2019
–10
June Dec. Jan. 2023
typically originate an average
of about $10 billion in loans a
quarter, according to Jade Rah-
mani, an analyst at Keefe,
Bruyette & Woods. But lately
“hardly anyone has made new
loans,” he said.
Mortgage REITs are pulling
back to protect their balance
WeWork Raises
Doubt on Survival
BY ALEXANDER SAEEDY
AND BEN GLICKMAN
WeWork on Tuesday raised
doubt about its ability to stay
in business as the co-working
space provider faces losses
and a dwindling cash pile
amid major changes in the
way people work.
WeWork, once one of the
world’s most valuable start-
ups, valued at $47 billion,
said excess supply of commer-
cial real estate, greater com-
petition for flexible space and
uncertain economic conditions
resulted in losses in the sec-
ond quarter.
Wednesday, August 9, 2023 | B1
den parent Darden Restau-
rants, is also asking for Hanes-
brands to cut costs by at least
$300 million annually and
slash its inventory levels.
Winston-Salem, N.C.-based
Hanesbrands is known for
making clothing under its
namesake brand as well as
Champion and Bonds. Its
products are mostly sold
through other retailers and
online, but it has a handful of
Please turn to page B2
ly
Coal
Natural gas
’22 ’23
S&P 500
S&P 500
utilities sector
Aug.
sheets during one of the most
troubled commercial real-es-
tate markets in decades. De-
fault rates are rising for all
lenders because higher interest
rates are making it tougher for
many borrowers to refinance
and many properties, especially
Please turn to page B6
The company has seen
higher churn and lower de-
mand than it anticipated, with
memberships at its locations
falling from a year ago, in-
terim Chief Executive Officer
David Tolley said.
WeWork’s management
also warned that “as a result
of our losses…which have been
impacted by the recent in-
creases in member
churn…substantial doubt ex-
ists about the company’s abil-
ity to continue as a going
concern.”
WeWork raised billions of
dollars from firms like Soft-
Bank, its largest financial
Please turn to page B4
SoftBank
Posts First
Investment
Gain in
Over a Year
BY MEGUMI FUJIKAWA
TOKYO—SoftBank Group
posted its first investment
gains in a year and a half and
said it would cautiously press
ahead with new bets in artifi-
cial-intelligence-related fields.
The Japanese technology
investor reported $1 billion in
investment gains at its flag-
ship Vision Fund unit during
the April-June quarter, a re-
sult that Chief Financial Offi-
cer Yoshimitsu Goto said en-
couraged the company to look
for new places to park its
money.
“I hope that the tide is
turning” in the tech startup
sector, Goto said at a press
conference, referring to the re-
cent rebound in technology
.
shares.
In a sign of improving mar-
ket conditions, the company
said the number of companies
in its Vision Fund 1, Vision
Fund 2 and Latin American
funds whose value increased
during the latest quarter
nearly doubled from the previ-
ous quarter.
The Vision Fund unit made
investments valued at $1.8 bil-
lion in the quarter, compared
with $500 million in each of
the previous three quarters. It
was the first time in six quar-
ters that the unit was profit-
able.
Overall, SoftBank reported
a net loss of ¥477.6 billion,
equivalent to about $3.3 bil-
lion, for the quarter ended
June 30. The yen’s weakness
inflated the company’s dollar-
denominated debt, while reve-
nue at chip designer Arm de-
clined amid a slowdown in the
semiconductor industry.
The company has been
wary about making new in-
vestments after its holdings
est rates and a global tech
selloff. In a measure to pre-
serve cash, it completed the
sell-down of its stake in Chi-
nese e-commerce company
Alibaba Group Holding earlier
this year.
But as the technology sec-
tor has recovered, SoftBank
has said it is ready to go on
investments in artificial intel-
ligence.
On Tuesday, Vision Fund
Chief Executive Officer
Navneet Govil said Vision
Fund 2 still has about $8 bil-
lion for new investments.
Chief Executive Masayoshi
Son told shareholders at the
company’s annual meeting in
June that he had devoted him-
self to AI and was making his
own inventions, often by talk-
ing to AI chatbot ChatGPT.
Goto said SoftBank would
select new investments with a
stricter eye on their AI tech-
nology because some people
doubt if SoftBank’s existing in-
vestments are truly AI-centric.
One recent Vision Fund invest-
ment is a deal with Tractable,
a U.K. startup that helps insur-
ers process claims using AI.
Preparations for the listing
of chip designer Arm in the
U.S. are progressing and an
announcement will be made
soon, Goto said, declining to
provide further details.
 Heard on the Street: AI
frenzy hits SoftBank..... B12
Softbank’s quarterly
net profit/loss
–¥477.6B
¥3 trillion
2
1
0
–1
–2
–3
–4
FY2020 ’21 ’22 ’23
Notes: Latest fiscal quarter ended June 30
¥1 trillion = $6.98 billion
Sources: S&P Capital IQ; the company
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

B2 | Wednesday, August 9, 2023 * *** THE WALL STREET JOURNAL.

INDEX TO BUSINESSES BUSINESS & FINANCE

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

A
Alphabet.........................................B6
Fox......................................................B4
G
PG&E...............................................B12
PNC Financial...................A2,B11
Bacardi’s Russian Business Grows
Amazon............................................A1 Goldman Sachs.........................A1 R-S
American Electric Power.B2 BY SAABIRA CHAUDHURI geo’s Guinness beer and Bai-
H Rivian Automotive................B4
Apollo Global Management Sealed Air....................................B11 AND ALISTAIR MACDONALD leys liqueur as available to
............................................................B5 Hanesbrands...............................B1 buy, among other brands.
Société Générale...................B11
Houlihan Lokey Capital...B11 Shortly after the invasion Some drinks makers that
B SoftBank...............................B1,B12
Huntington Bancshares..B11 of Ukraine, Bacardi said it had have stayed in Russia have
Bacardi.............................................B2 Southern Co................................B2
I SpaceX...........................................B12 paused exports to Russia. faced a backlash. Chivas
Banco BPM...............................B12
Bank of America...........A2,B11 Icahn Enterprises...................A5 Starbucks.......................................A1 Since then, the liquor com- whisky owner Pernod Ricard
Bank of Montreal.................B11 Infineon Technologies........B3 Starwood.......................................B6 pany has sent millions of dol- initially continued to operate
Bank of New York Mellon Intel....................................................B3 Stellantis........................................B5 lars of products to the country there after the invasion. In
..................................................A2,B11 International Flavors & State Street................................A2 and has been advertising for April of this year, though, it

SERGEI PETROV/TASS/ZUMA PRESS

Barington Capital....................B1 Fragrances...............................B11
T new employees. said it had halted exports to
Blackstone Mortgage Trust
Intesa Sanpaolo....................B12 Continuing to bring in the country after criticism
Taiwan Semiconductor
............................................................ B1 J-K Manufacturing......................B3 brands such as Grey Goose from restaurants, consumers
BNP Paribas..............................B11 JPMorganChase......................A2 Tesla.........................................B1,B12 vodka, Martini vermouth and and politicians in the West.
BOK Financial.............................A1 KKR......................................................B1 Truist Financial........................A2 its namesake Bacardi rum Russia is an important mar-
Bosch................................................B3 helped the family-owned com- ket for Bacardi, which de-
L-M U
C-D pany report a rise in sales and scribes itself as the world’s
Lyft.....................................................B4 UniCredit......................................B12 profit in Russia for last year largest privately held alcohol
Citigroup........................................A2 M&T Bank.....................................A1 UPS...........................................B3,B11 at the same time many of the Bacardi employs 350 people across seven cities in Russia. maker.
Citizens Financial...................A2 Marriott International........B6 U.S. Bancorp......................A2,B11 world’s biggest booze brands Bacardi was founded in
Coca-Cola....................................A10 Meta Platforms.......................B6 W-Z have beaten a costly retreat heart rum, Dewar’s Scotch and Johnnie Walker Scotch 1862 by Don Facundo Bacardí
Comcast...........................................A1 Mizuho Financial Group.B11
Walt Disney................................B3 from the country. whisky, Patrón tequila and whisky, said it left Russia at Massó in Santiago de Cuba,
Country Garden.......................B5 Moelis.............................................B11
Webster Financial..................A1 Bacardi issued a statement Martini-branded vermouth, the end of last year. Its local where the company developed
Dominion Energy...................B2 N-P Wedbush Securities...........B11 soon after the war started prosecco and other products. business reported a loss of 122 a lighter, drier rum that would
E-F New York Times.....................B4 Wells Fargo.......................A2,B11 that said it had paused ex- Meanwhile, Bacardi Rus re- million rubles for 2022, com- become known as Cuban-style
Eli Lilly.........................A3,B11,B12 Novo Nordisk...................A3,B12 WeWork..........................................B1 ports to Russia and frozen ad- ported an 8.5% rise in annual pared with a net profit of 325 rum.
FedEx...............................................B11 Old National Bancorp.........A1 Xcel Energy.................................B2 vertising investments in the revenue to 30 billion rubles, million rubles in 2021, accord- The Bacardi family fled
Fidelity Investments...........B5 PayPay...........................................B12 Zoom.................................................B6 market. That language re- equivalent to about $314 mil- ing to data from Russia’s fed- Cuba after the government of
Fifth Third Bancorp.............A2 Penn Entertainment............B3 Zume...............................................B12 mained on its website through lion, for 2022, according to eral tax agency. Fidel Castro expropriated
at least most of last year but data from Russia’s federal tax Others are struggling to their business, though they
has since been removed from agency. Profit jumped to 4.7 find buyers or close deals to continued to operate the com-
INDEX TO PEOPLE the original statement.
“The departure of several
billion rubles from 1.5 billion
rubles in 2021.
exit. Budweiser brewer An-
heuser-Busch InBev is in talks
pany from overseas—making
its namesake rum from Puerto
leading international brand Bacardi isn’t the only busi- to sell its stake in a large Rus- Rico, the U.S., Mexico, Spain
A I Nelson, Ronald.........................B2 owners from the alcohol mar- ness that has sian beer joint and the Bahamas.
Anderson, Matthew.............B6 Icahn, Carl.....................................A5 Neumann, Adam.....................B4 ket has reduced competition chosen to stay. venture. Hei- The company started sell-
Newman, Brian........................B3
Arison, George..........................B6 K and has created an opportu- Earlier this neken said in ing its brands in Russia in
B Katz, Gregg..................................B6
P nity for the ones that have re- month, JDE The majority of March that it 1992, opening an office there a
Beaulieu, Cindy.......................B11 Kelly, David...................................A1
Portnoy, David...........................B3
R
mained as well as for local Peets defended products sold by was doing ev- decade later. In 2016 it formed
Bratspies, Stephen................B2 Kirkhorn, Zach............................B1 companies,” said Ivan Kolarov, its decision to erything it a partnership with Beluga
C Kolarov, Ivan...............................B2 Rahmani, Jade...........................B1 an analyst at IWSR, a drinks- stay in Russia, booze makers could to find a Group, Russia’s largest spirits
L Risher, David..............................B4 industry tracker. describing the new owner for maker, to bottle its William
Cetina, Jill......................................A1 aren’t subject to

.
Chaloff, Alex...............................A5 Lange, Martin Holst............A3 S Bacardi didn’t respond to tea and coffee its Russian op- Lawson Scotch. The whisky
requests for comment. it sells there as sanctions. erations. Carls- has since become a top-seller

ly
Charney, Sam............................B6 Levien, Meredith Kopit.....B4 Seigerman, Evan...................B12
Connell, Jennifer.....................B6 Lin, Vincent.................................A5 Son, Masayoshi..............B1,B12 Many Western companies essential and berg recently in the country.
E M-N T said they would close opera- saying it is struck a deal to In 2018, Bacardi named
Edwards, Mike..........................A5 Mitarotonda, James.............B2 Tolley, David................................B1 tions and pull out of Russia complying with sell its business Russia among five emerging
G
Gayton, Bradley....................A10
Goto, Yoshimitsu.....................B1
Govil, Navneet...........................B1
Mullarkey, Dec.........................B11
Murdoch, Lachlan..................B4
Murray, Lewiston...................B6
Musk, Elon..........................B1,B12
Y
on
Tomé, Carol.................................B3

Yang Guoqiang.........................B5
Yang Huiyan...............................B5
within days of Moscow’s inva-
sion of Ukraine in February
2022. Some companies charac-
terized their moves as taking
a moral stand, while others
us ,
sanctions.
Bacardi rival Davide Cam-
pari-Milano, which makes
aperitif labels Aperol and
in Russia, but the government
has since seized the brewer’s
local operations and installed
new leadership.
markets that it said would
drive most of its growth.
Today, Bacardi employs 350
people across seven cities in
Campari, has also remained in Despite exits, many West- Russia, according to its web-

said Western sanctions Russia, importing millions of ern booze brands are still site. The company has contin-

Activist
l

aged to end last year with in- against Russia made it hard or dollars of both brands since available in the country. Amid ued to advertise for new staff
e
al a

ventory levels 6% lower than impossible to continue doing the invasion, the Export Ge- the onslaught of Western locally since the start of the
in 2021. business. The majority of nius data show. sanctions, the Russian govern- Ukraine war.

Targets “We believe that Hanes- products sold by big booze Campari said in April 2022 ment encouraged so-called In recent months, Bacardi
ci on

brands currently sits at a criti- makers like Bacardi aren’t that it stopped all investments parallel imports, permitting executives have shared job
cal juncture and must immedi- subject to sanctions. in Russia and “reduced the companies to bring in foreign postings on LinkedIn advertis-

Hanes ately focus on cash generation

and debt reduction,” Baring-
ton founder James Mitaro-
Bacardi’s Russian business,
Bacardi Rus LLC, imported
$169 million of products dur-
business to the bare minimum
necessary to pay the salaries
of our colleagues.” It declined
products through third par-
ties, without the permission of
brand owners.
ing for Russia-based positions,
including a talent-acquisition
expert tasked with recruiting
er s

tonda said in the letter to ing the 12 months to June 30, to comment beyond that A government decree in Oc- managers and helping new
Continued from page B1 Hanesbrands Chairman Ronald according to Russian govern- statement. tober listed a range of alcohol employees adapt. Other job
m er

its own bricks-and-mortar Nelson dated Monday. “We be- ment customs data collected Other alcohol makers that brands that can be imported postings include a training-
shops. lieve that management’s by Export Genius, a trade-data have departed Russia or without permission, including and-development coordinator
Shares of Hanesbrands have largely ineffective response to specialist. Products imported halted operations there have products made by Diageo. and a warehouse manager.
tumbled 18% so far this year. recent market challenges is re- include Grey Goose vodka, taken a financial hit. Diageo, Russian booze retailer wine- —Kate Vtorygina
The S&P 500 Retail index, by sponsible for the company’s Bombay Sapphire gin, Oak- the owner of Smirnoff vodka style.ru, for instance, lists Dia- contributed to this article.
m rp

comparison, is up about 10% rapidly deteriorating results.”

in the same period. Hanesbrands current CEO,
The stock plummeted ear-
lier in the year after Hanes-
brands said it would eliminate
Stephen Bratspies, has been in
the position since August
2020, when he joined from
Musk’s
Cybertruck
co Fo

its dividend to shore up its Walmart. In its letter, Baring-

balance sheet. Consumers ton argues that Bratspies’s ex-
have been pulling back in the perience “has not prepared
U.S. as well as overseas, and
retailers are cutting their or-
ders to reduce their own in-
him” for the role at Hanes-
brands, which lost its chief fi-
nancial officer earlier in the
Faces Test
BOB DAEMMRICH/ZUMA PRESS

ventory positions. year.

Hanesbrands’ total sales Barington was founded in Continued from page B1
dropped 8% in 2022 and are 2000 by Mitarotonda, who has truck will be worth the wait,
expected to fall again this sat on boards of companies in- and that it will inject new ex-
year, which led the company cluding Pep Boys and Avon citement into the Tesla brand,
to push an $8 billion annual Products. The firm primarily which has an older lineup than
sales target back by two years invests in consumer and in- many of its competitors.
n-

to 2026. Hanesbrands man- dustrial companies. Musk has been hyping the Bringing Tesla’s Cybertruck to market has already proven challenging after years of delays.
truck for years. In April, Musk
said Tesla likely would begin not affordable, that will con-

Electricity Goldman Sachs estimates delivering the new pickups in strain people’s ability to buy it
no

that power producers’ natu- small numbers by the end of because they don’t have the
ral-gas and coal costs were September. Output is expected money,” Musk said in January

Bills Set 54% lower in July than a year to climb in 2024. 2022, adding that he worried
JOURNALISTS DON’T
earlier, but rising labor and During the company’s most about making a truck that was ‘JUST WRITE STORIES.’
interest expenses are helping recent call with Wall Street an- within reach for Tesla’s cus-

To Decline to prop rates up. Power pro-

viders might also be cautious
about reducing rates when
alysts, however, Musk side-
stepped a question about pric-
ing and delivery schedules.
tomers.
He initially promised three
tiers of the truck, starting with
THEY RECORD HISTORY.
they think costs could re- Instead, he said deliveries a $39,900 entry-level model
Continued from page B1 bound. would come this year. He also and topping out at a higher-
rates stems from differences “One thing you don’t want echoed past warnings that be- end version starting at
in state rules that govern to do is whipsaw your rate- ginning production of a new $69,900. He has since said the
when and how utilities can payers,” said Tyler Herrald, vehicle can be tricky. pricing and specs would be dif-
hedge costs and pass on board member of Hingham “The production ramp will ferent, citing inflation and
changes to customers. In New Municipal Lighting Plant, a move as fast as the slowest “various issues” without shar-
Jersey, utilities hedge as far utility in Massachusetts. and least lucky elements of the ing specifics.
three years in advance, mean- Higher costs and reduced entire supply chain and inter- The company has taken on
ing rates react more slug- power demand due to mild nal production,” Musk said last an array of new manufacturing
gishly to price swings than in weather in the first half of the month. challenges with the Cy-
Florida, where power produc- year have kept utilities’ prof- Tesla didn’t respond to re- bertruck, which uses stronger,
ers hedge less. its in check. American Elec- quests for comment. heavier stainless steel instead
California was one of the tric Power, Dominion En- Ramping up production of of the sheet metal typically
few places in the U.S. that ergy, Southern Co. and Xcel new vehicles has bedeviled used in car bodies.
were colder than normal last Energy all recently reported Tesla, where Musk has de- Some auto observers had
winter. High heating demand second-quarter earnings that scribed the launch of the expected more.
and limited pipeline capacity were lower than last year. Model 3 sedan several years “It’s unconventional in some
into the state drove natural- Shares of utility companies ago as “production hell” that areas, but for the most part it’s
gas prices to multiples of are lagging behind those of nearly killed the company. a conventional build,” said
those elsewhere, and utilities every other S&P 500 sector Originally expected in 2021, Sandy Munro, an engineering
raised rates. this year, having slid 9.5% the Cybertruck began to face consultant who tears apart
Joy Lanfranchi, a nurse and compared with the broad mar- challenges almost as soon as it cars and has reviewed pictures
Southern California Edison ket’s 18% gain. That repre- was first shown in November of early versions of the Cy-
customer in La Habra Heights, sents a reversal from 2022, 2019. bertruck. “It’s not the dramatic
Calif., tries to keep her bills when investors flocked to the Within months, the Covid-19 change that I was looking for-
down by only running the industry’s dividend-paying pandemic was wreaking havoc ward to,” he said, adding that
dishwasher after 8 p.m. and stocks for protection against a on global supply chains and he still thinks the vehicle will
by only heating and cooling feared recession. That limited the Cybertruck took a back “take the market by storm.”
the rooms of her family’s the sector’s decline to 1.4% seat to surer bets designed to Musk has said he expects to
1,200-square-foot bungalow even as the S&P 500 dropped quickly expand Tesla’s market make 250,000 or more Cy-
when they are occupied. 19%. share or pad the bottom line, bertrucks a year once output
Nonetheless, she was hit with The expected decline in people familiar with the matter ramps up.
her highest-ever bill, for $575, prices prompted Goldman to said.
Learn more about the impact your
in February after her house- cut its December headline in- Later, as employees turned
hold was forced to rely more flation forecast by two tenths their attention to the Cy- Watch a Video journalism career can have on the world.
Wall Street Journal reporter Erin Ailworth
than usual on space heaters of a percentage point to a bertruck, they struggled to de- Scan this code
and others share career advice at
for warmth. 2.9% annual rise.Hill also esti- liver on their boss’s promises for a video on dowjonesnewsfund.org/careers.
“That’s obscene,” she said mated that the discount could while keeping a lid on costs. the Cybertruck’s
of her bill. “For a house that trigger a consumer-spending “You can make something potential impact
size, that’s crazy.” spurt. infinitely desirable, but if it’s on the market.
 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. * * Wednesday, August 9, 2023 | B3

BUSINESS NEWS

TSMC to Build Plant in Germany ESPN, Penn

Strike Deal
Move reflects efforts
by Europe to curb its On Sports
reliance on high-tech
imports from Asia Wagering
BY YANG JIE BY KATHERINE SAYRE
AND BERTRAND BENOIT
ESPN agreed to a $2 billion
BERLIN—Taiwan Semicon- deal to allow its brand to be
ductor Manufacturing Co. will used in Penn Entertainment’s
build its first European chip online sportsbook, a strategic
factory with support from the turn for both companies as
German government, the latest they try to tap into the sports-
move to make the continent betting sector’s growth.
less dependent on high-tech Penn Entertainment, whose
imports out of Asia. shares surged more than 20%
TSMC said it had approved a after hours on news of the
$3.8 billion investment in the pact, said its Barstool Sports-
factory in Germany, with total book app would be rebranded
investments in the plant ex- as ESPN Bet this fall as part of
pected to exceed 10 billion eu- the 10-year agreement. In ad-
ros, equivalent to $11 billion, dition to $1.5 billion in cash
including government support. over the term of the agree-
SAM YEH/AGENCE FRANCE-PRESSE/GETTY IMAGES

The German Economics ment, Walt Disney-owned

Ministry said the government ESPN will receive warrants
would support the project sub- worth about $500 million to
ject to approval by the Euro- purchase shares in Penn.
pean Union, which has eased The move marks a dramatic
limits on government subsidies pivot for Penn, which has
for semiconductor projects. struggled to secure market
The widely anticipated deci- share in the competitive U.S.
sion comes weeks after Berlin sports-gambling industry. The
said it would pay €10 billion to company also said it has sold
support a €30 billion invest- its ownership of Barstool
ment by Intel, the U.S. chip The Taiwan chip maker said total investments in the plant are expected to exceed 10 billion euros, including government support. Sports Inc. to Barstool founder
maker, in two plants in Magde- David Portnoy in exchange for
burg, in eastern Germany— Since Russia launched its logical reliance on the country, tensions by spreading its assets scarcity of skilled workers re- 50% of the proceeds on any fu-
among the biggest foreign in- full-scale invasion of Ukraine in part through more state sup- around the globe. quired to build and run a chip ture sale of the media brand.
vestments ever made in the last year, sending Europe port for high-tech and strategic The company, which makes factory in Europe compared Penn acquired Barstool

.
country. scrambling to replace Moscow industries. chips for a host of major elec- with Taiwan. through a pair of transactions
The EU is seeking to double as one of its main energy sup- TSMC’s German factory will tronics products including Skills shortages have been valued at a combined $550

its share of the global semicon- pliers, governments on the con-
ductor market as part of a tinent have sought ways to in-
broader effort to strengthen its sulate themselves from future
high-tech supply chains and re-
duce its dependence on outside
suppliers in high-growth indus-
tries.
geopolitical shocks.
One of these would be a de-
cision by China to invade Tai-
wan, the self-ruled island it
on
The effort is partly a reac- considers its own territory, in a
us ,
be set up as a joint venture
with several EU-based chip
companies including Bosch, In-
fineon and NXP, according to
the four companies involved.
TSMC said it would run the
plant and hold 70% of the joint
venture, with the other three
those of Apple, is building chip-
manufacturing plants outside
of its home base, Taiwan, in
countries like the U.S. and
Japan.
The new multibillion-dollar
German plant will be located in
Dresden, in the eastern state of
ly
an obstacle to the company’s
expansion abroad. Last month
it said a planned factory in Ari-
zona would miss its target of
starting mass production next
year, as people with expertise
in building semiconductor facil-
ities were in short supply lo-
million.
Portnoy, whose company
has drawn scrutiny from regu-
lators, said the companies un-
derestimated how tough it
would be for Barstool to oper-
ate in the regulated gambling
industry.

tion to the Biden administra- scenario that European officials companies each holding 10%. Saxony, which has become a cally. Industry experts had said He said he plans to never
l

tion’s $53 billion Chips Act, fear could wreak economic Construction is expected to technology and industrial hub TSMC is likely to face a similar sell the company again. “For
e
al a

which aims to draw semicon- havoc on the continent. An- start in the second half of since German reunification talent shortage in Japan and the first time in forever, we
ductor investments to the U.S., other impetus for the change in 2024, with production begin- three decades ago. The plant Europe too. don’t have to watch what we
and its Inflation Reduction Act, policy was the Covid-19 pan- ning by the end of 2027, the will specialize in the produc- The company is seeking up say, how we talk, what we do,”
ci on

which offers incentives for sup- demic, which severed crucial
port for green technology in- supply chains in a range of in-
vestments. dustries.
Europe’s attempts to bolster Last month, Germany re-
its domestic chip industry also leased its first-ever strategic
er s
company said.
TSMC faces challenges in-
cluding soft consumer demand,
rising costs and a shortage of
various types of skilled work-
tion of less advanced chips typ-
ically used in cars, the com-
pany said.
People familiar with TSMC’s
plans said government subsi-
to $15 billion from the Biden
administration for its plans to
build two chip factories in Ari-
zona, and is concerned about
the U.S. rules that could require
Portnoy said in a video on X,
formerly known as Twitter.
“It’s back to the pirate ship.”
The ESPN Bet app will be
promoted on the broadcaster’s

reflect a strategic effort to re- policy document on China, say- ers. But like Europe and the dies would help offset regional it to share profits from the fac- platforms and will have access
duce its reliance on Chinese ing it would reduce its econ- U.S., it has sought to reduce its disadvantages such as higher tories and provide detailed in- to ESPN programming and tal-
m er

technology imports. omy’s exposure to and techno- vulnerability to geopolitical operating costs and the relative formation about operations. ent.
m rp

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In the U.S. domestic market, average daily package volume fell 9.9% in the June quarter.

Teamsters Contract Fallout,

Delivery Slowdown Hit UPS
BY ESTHER FUNG UPS quarterly revenue, than 1% at $180.55. So far this
change from a year earlier year, UPS shares have gained
United Parcel Service cut 3%, while the S&P 500 has
its financial outlook for the 25% climbed more than 17% over the
year as a slowdown in global same period.
delivery volumes and the fall- 20 UPS Chief Executive Carol
out from a new labor contract Tomé said the new agreement
15
are weighing on the business. restores labor certainty and ad-
The tempered forecast Tues- 10 dresses the concerns of work-
day came as the package-deliv- ers, shareholders and the com-
ery company said that its reve- 5 pany itself. The company is
nue and profit fell in the second now focused on winning back
quarter from the prior year. 0 customers that diverted vol-
The challenges in the June ume, estimated at around one
quarter were due in part to –5 million packages a day, to other
customers moving business carriers during the labor nego-
away from UPS as it negotiated –10 2Q 2023 tiations, she said.
its largest labor contract with –11% Tomé said that she expects
the International Brotherhood –15 workers to ratify the labor
of Teamsters. 2020 ’21 ’22 ’23 agreement in two weeks.
UPS and the Teamsters last Sources: S&P Capital IQ; the company In the U.S. domestic market,
month reached a tentative five- average daily package volume
year deal that covers more than penses, executives said. During fell 9.9% in the June quarter,
300,000 workers, avoiding a the quarter, UPS reduced work- and the amount of revenue
strike that could have created ing hours by 10%, alongside the earned per package rose 3.3%. FLOORLINER™ CARGO LINER
big problems in U.S. supply decline in parcel volume. Internationally, average daily
chains. It also reduced flights and package volume fell 6.6% over
Revenue in the second quar- lowered volume in nonauto- the same period.
ter slipped nearly 11% from a mated buildings by 18%, en- UPS said revenue this year
year earlier to $22.1 billion, abling the company to decrease would be about $93 billion. Ear-
missing the $23 billion consen- operations head count, said lier this year, the company said
sus forecast from analysts Chief Financial Officer Brian it expected 2023 revenue to be
polled by FactSet. Profit fell Newman. The company added at least $97 billion. UPS gener- Auto. Home. Pet. Find Your Fit. 1-800-441-6287
27% to $2.08 billion. On a per- that it reduced management ated $100.3 billion in revenue
share basis, its profit was head count by more than 2,500 last year. The company now ex-
$2.42. from a year earlier. pects an adjusted operating
© 2023 MacNeil IP LLC
The profit picture would After showing larger de- margin of around 11.8% this Made in USA
have been worse if the com- clines early in Tuesday trading, year, down from an earlier
pany hadn’t worked to cut ex- UPS shares closed down less guidance of 12.8% to 13.6%.
 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 | Wednesday, August 9, 2023 * *** THE WALL STREET JOURNAL.

TECHNOLOGY & MEDIA WSJ.com/Tech

Lyft Boosts Revenue, Outlook Rivian Speeds Up

Company expects
improved
Lyft’s quarterly revenue,
change from a year earlier
Quarterly adjusted Ebitda*
2Q 2023
Share-price and index
performance, year to date
Production, Helping
performance for
current quarter
125%

100
$50 million

0
$41M 60%
To Narrow Losses
40 BY SEAN MCLAIN Rivian adjusted its produc-
75
BY PREETIKA RANA –50 tion forecast for the year to
50 S&P 500 Rivian Automotive deliv- 52,000 vehicles, up from its
Lyft raised its revenue and 2Q 2023 –100 20 ered a stronger-than-expected previous guidance of 50,000.
trimmed its loss last quar- +3% second quarter and raised its Rivian also lowered its guid-
25
ter, a tumultuous period that –150 production guidance slightly, ance on capital expenditures
marked the departure of its 0 0 as the electric truck and to $1.7 billion in 2023 from $2
co-founders from day-to-day sport-utility vehicle maker billion previously after it
–200
management, the appoint- –25 Lyft showed progress in speeding pushed back some expenses
ment of a new chief executive –20 up output at its Normal, Ill., until next year.
and the layoff of 24% of its –50 –250 factory. Production at Rivian’s fac-
staff. The Irvine, Calif.-based tory in Normal, Ill., is picking
The company increased its –75 –300 –40 startup said Tuesday it was up after the company strug-
revenue and active riders in 2020 ’21 ’22 ’23 2020 ’21 ’22 ’23 Jan. 2023 Aug. moving toward its goal of gled last year with manufac-
line with analysts’ projections *Earnings before interest, taxes, depreciation Sources: the company (revenue, Ebitda); FactSet (performance) slowing its cash burn by rene- turing issues and parts short-
while reporting a better-than- gotiating supplier contracts ages.
expected net loss and adjusted larger rival Uber Technologies, and increasing factory output. The company said it in-
earnings. It also beat analysts’ according to market-research The company said its gross creased customer vehicle de-
projections in its outlook for firm YipitData. Lyft’s gains losses per vehicle shrank by liveries 60% quarter over
the current quarter that ends came after the company used about $35,000 as the cost of quarter to 12,640 vehicles,
Sept. 30. the money it saved from the producing its R1T truck and beating analysts’ estimate of
The ride-sharing company latest layoffs to cut ride prices R1S SUV fell. 11,000 units, according to
has struggled with eroding and bring them in line with The company’s net loss FactSet.
market share, a sliding stock Uber’s. shrunk to $1.2 billion from Rivian has made 23,387 ve-
price and low employee mo- That has helped lift the $1.7 billion a year prior. The hicles in the first half of the
rale. Since taking the reins as company’s stock price in re- result beat analysts’ expecta- year, and executives have said
Lyft’s CEO in mid-April, David cent weeks, though investors tions of a $1.5 billion loss, ac- increasing production volume
Risher has cut hundreds of are watching to see how soon cording to FactSet. is key to stemming losses.
jobs, introduced new features Risher can set long-term tar- Adjusted net loss per share This quarter marks a bit of
MICHAEL M. SANTIAGO/GETTY IMAGES

for riders and drivers, and gets including projecting was $1.08, lower than ana- good news for a company that
mandated that employees re- when the business can turn a lysts’ average forecast of $1.41, has laid off workers and
turn to the office. profit. Uber reported its first according to FactSet. slashed spending amid spiral-
He is also shedding noncore operating profit in the most Revenue rose to $1.1 billion ing losses and missed produc-
operations. Risher is now recent quarter. from $364 million in the year- tion targets.
looking to sell Lyft’s bikes In an interview, Risher said ago quarter. Analysts on aver- The market has rewarded
fleet or forge a partnership he expects to outline such tar- age expected the company to the company for beating deliv-

.
with an investor that infuses gets by the fourth quarter. His report revenue of $1 billion. ery expectations, and as of
cash into the division. team, he said, is gearing up to Cash on hand was $9.26 bil- Monday’s close, Rivian’s share

ly
Lyft recently clawed back “reintroduce Lyft to the Lyft’s gains came after the company used the money it lion, down from $11.24 billion price was up around 46% since
some market share from world.” saved from the latest layoffs to cut ride prices. in the previous quarter. the end of June.

Fox Reports Higher Profit, Touts Its Pay-TV Bundle

on
us ,
l

BY JOE FLINT AND WILL FEUER viders of sports content. It has ble-TV bundle. pany’s revenue remained flat in Stripping out one-time items, this year with a big charge tied
e
al a

deals to carry professional foot- Murdoch said the company the quarter ended June 30 as Fox Corp. reported an adjusted to its settlement of Dominion
Fox Corp. said it remains ball and baseball, as well as col- will put its content wherever it the soft advertising mar- profit of 88 cents a share, top- Voting Systems’ defamation
bullish on the value of the tradi- lege football and the World Cup can reach consumers, “provided ket weighed on growth. Revenue ping the 71 cents a share that lawsuit for $787.5 million. Since
ci on

tional pay-television bundle for soccer tournament. It also owns we get full value for those rights was $3.03 billion, in line with analysts expected. The company then, the departure of Fox News
its sports and entertainment the cable channel Fox Sports 1 to brands.” analysts’ expectations. Higher also raised its semiannual divi- former prime-time host Tucker
content, despite continued sub- and is a partner in the Big Ten The continued belief in the revenue from affiliate fees was dend by a penny to 26 cents a Carlson has weighed on ratings
scriber losses due to cord-cut- network. bundle comes after a quarter in offset by a 4% decrease in ad- share. and helped fuel viewership at ri-
ting and an industrywide shift Murdoch’s comments came which Fox experienced an 8% vertising revenues and lower Fox Corp. and Wall Street val Newsmax.
er s

to streaming. in contrast to Walt Disney’s decline in net subscribers due to political advertising for Fox TV Journal parent company News While Fox News ratings are
The cable-television paywall ESPN, which is in deep discus- cord-cutting. Despite that, affili- stations compared with the Corp share common ownership. still down in prime time in the
m er

“drives value of Fox Sports and sions about offering a direct-to- ate fees were up for the quarter same period last year. In Fox’s cable-network pro- wake of Carlson’s April depar-
will for a long time to come,” consumer streaming version of as the company’s Fox News and The company posted quar- gramming business, which ture, Murdoch said he was
said Chief Executive Lachlan the sports network. Given that Fox Sports 1 are among the terly earnings of $375 million, or houses the Fox Business Net- pleased with the network’s new
Murdoch on a call Tuesday with sports is the most valuable con- most expensive cable networks 74 cents a share, compared with work and Fox Sports 1 channel prime-time lineup that launched
financial analysts to discuss the tent on television, a decision to to carry. a profit of $306 million, or 55 as well as Fox News, revenue fell in mid-July, and noted that
m rp

company’s latest quarterly re- offer live sports as a stand-alone All cable networks are seeing cents a share, a year earlier. about 3% as sales from advertis- prime-time ratings since the
sults. streaming option would likely significant subscriber declines Fox shares closed 5.6% higher ing and affiliate fees declined. shuffle are higher than they
Fox is one of the biggest pro- accelerate the decline of the ca- due to cord-cutting. The com- Tuesday. The company was hit earlier were in June.
co Fo

New York Times Fan Makes Replicas of Steve Jobs’s Worn Sandals
Gains Subscribers BY JACOB GALLAGHER

The Steve Jobs-owned

Birkenstocks that sold at auc-
“Steve Jobs had always been
someone that I look up to,”
wrote Josewong over email.
“His dressing style, especially
BY ALEXANDRA BRUELL tion last November looked like his unique sandals, is always
they’d been run over by a something that people would
New York Times Co. said it semitruck full of iPhones. like to imitate or try on.”
increased its digital-sub- Worn by the Apple impresario Beyond his prowess as a Sil-
scriber base to 9.19 million in throughout the 1970s and icon Valley Merlin, Jobs’s foot-
n-

the second quarter and gener- ’80s, the straps on the brown wear choices—or often, lack
ated more revenue from each suede sandals were saggy and thereof—have remained a per-
of them than it did a year ago, stretched, the leather insoles sistent fascination well past his
MICHAEL M. SANTIAGO/GETTY IMAGES

as a wave of introductory dis- were curling at the edges like death. He’s been held up as a
no

counts expired for some exist- burned paper and the footbed dadcore icon for his near-reli-
ing users. was about as black as a well- gious dedication to New Bal-
Chief Executive Meredith done steak. ance’s blocky running sneakers.
Kopit Levien said it was the And yet, the pulverized He was often photographed
first time revenue per digital shoes hammered out for a during his lifetime going con-
user grew yearly since its ac- staggering $218,000—a reflec- spicuously barefoot around the
quisition of the Athletic, a tion of Jobs’s lofty status as a Apple offices. In his biography
sports publication bought for pop-cultural icon almost a de- of Jobs, author Walter Isaacson
$550 million last year that CEO Meredith Kopit Levien cade after his death. recalled how in the mid-1970s,
the company is offering to us- The buyer of Jobs’s sandals the budding tech savant ar-
ers who subscribe to a bundle boosted by subscription and remains a mystery. They were rived at the Atari offices wear-
JOSEWONG

of apps including its core advertising revenue growth. on display at a Birkenstock ing sandals and was referred to
news, games and cooking of- While it continued to offer event in New York City just as a “hippie kid.”
ferings. heavily discounted access to weeks after they were sold at Steve Jobs’s beat-up Birkenstocks sold for $218,000 last year. Over five months, Jose-
The publisher also saw a its bundle of products, the auction, but at the time the Josewong’s replicas in front of Jobs’s childhood home. wong painstakingly recreated
larger-than-expected increase New York Times said it in- German footwear company de- Jobs’s battered suede shoes,
in digital-advertising revenue, creased the amount of revenue nied that it purchased them. gratulating Josewong, 23, on But Josewong hadn’t actu- copying each crease, fold and
a quarter after it warned that it brings in per user to $9.15 So when a pair of smashed- his seemingly historical acqui- ally plopped down the price of charred toe print.
its advertising business faced from $8.83 a year earlier. in sandals that looked identi- sition. As images of the shoes a tiny Cupertino studio apart- “I tried to match all details
cyclical challenges. The company said that sub- cal to Jobs’s famed Birken- spread outward, even more ment on the shoes. No, the de- from the original pair, even
New York Times shares scription revenue from digital- stocks surfaced on the footwear fanatics and tech-in- signer, a full-blown Steve Jobs the colorway of the hardware,”
closed 8.5% higher Tuesday. only products increased 13% to Instagram account of a Paris- dustry watchers became con- fanboy, took a page from the he wrote of his replicas. He
The company said it added $269.8 million, benefiting based product creator who vinced that this young designer, enterprising tech icon and has never seen Jobs’s authen-
180,000 digital subscribers in from price increases on sub- goes by Josewong last month, who wasn’t yet a teenager created a pair himself. tic pair in person, so he and
the second quarter. Taking scribers to single products, as people thought the mystery when Jobs died in 2011, had Steve Jobs built the iPod. his manufacturer in China re-
into account its print opera- well as the end of some pro- was solved. taken home the most famous Josewong built a replica ver- lied on existing photos of the
tions, the New York Times had motional pricing. Comments poured in con- sandals this side of Jesus. sion of Steve Jobs’s sandals. shoes to duplicate the details.
a total subscriber base of Overall, revenue increased
about 9.88 million. 6.3% from a year earlier to
“More than one-third of
our nearly 10 million subscrib-
ers are now bundle or multi-
$590.9 million, while net profit
decreased 25% to $46.6 million
from $61.8 million, partly due
WeWork WeWork went public in 2021
through a merger with a spe-
cial-purpose acquisition com-
industry job cuts have
weighed on demand for co-
working desks, part of broader
approximately $1.6 billion of
its debts for a mix of new debt
and equity in WeWork, and
product subscribers, which
supports our belief that over
the next few years we can get
to a year-earlier one-time gain
and an impairment charge this
quarter, both of which were
Issues pany.
However, the company’s
stock is down more than 95%
turmoil affecting the commer-
cial-real-estate market be-
cause of employees’ reluc-
the transaction reduced the
company’s debt by more than
$1.5 billion.
to 50% or more of our total
subscribers on the bundle,”
Kopit Levien said.
related to real estate.
Digital-advertising revenue
grew 6.5%, as the company
Warning since its public listing, with an
estimated market capitaliza-
tion of around $450 million as
tance to return to the office.
Facing these headwinds,
WeWork attempted earlier
Shares tumbled as much as
29% in after-hours trading on
Tuesday.
The Times said last month saw improvements with pre- of Tuesday, and based on its this year to try The New York-based com-
it was dismantling its sports mium ads, including with Continued from page B1 share price, SoftBank has lost to strengthen the company’s pany said it posted a loss of
desk and would rely on the games and the Athletic, al- backer, but its growth stalled billions of dollars on its in- finances to weather the $349 million, or 21 cents a
Athletic for its daily sports though the growth was par- after investors raised con- vestment in the company. downturn. In March, it agreed share, for the second quarter,
coverage, part of an effort to tially offset by weakness in cerns over its charismatic co- WeWork said that its ability to a debt restructuring deal compared with a loss of $577
further integrate the publica- podcast advertising, the com- founder Adam Neumann’s un- to continue in existence as a with SoftBank as well as some million, or 76 cents a share, a
tion and increase subscrip- pany said. The Times expects orthodox management business depends “upon suc- of its major Wall Street credi- year earlier. Revenue rose 4%
tions of its bundle. digital ads to continue to in- style and his related-party cessful execution of manage- tors, including King Street from a year earlier to $844
The Athletic’s total revenue crease in the mid-single digits transactions with the com- ment’s intended plan over the Capital Management and Bri- million, below the $850 mil-
increased by 55% from a year in the next quarter, Kopit Le- pany. He was ousted in 2019 next twelve months.” gade Capital Management. lion expected by analysts
earlier to $30.4 million, vien said. and under new management Recession fears and tech- SoftBank agreed to swap polled by FactSet.
 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.
Key China Developer Sinks Into Debt Crisis
County Garden’s U.S.
dollar bonds plunge
after it misses
interest payments
BY REBECCA FENG AND CAO LI
HONG KONG—Country
Garden Holdings, a 31-year-
old property developer that
had been lauded by China’s
authorities as a model for oth-
ers, missed interest payments
on two U.S. dollar bonds,
marking a new stage of dis-
tress for the country’s real-es-
tate market.
The developer didn’t pay
$22.5 million in interest that
was due Monday on debt secu-
rities with a total face value of
$1 billion, the company con-
firmed on Tuesday. Prices of
the two bonds, which were
scheduled to mature in 2026
and 2030, plunged to less than
8 cents on the dollar, according
to Tradeweb. Such levels indi-
cate that investors are expect-
ing the company to default.
Country Garden has a 30-
day grace period to make the
interest payments before bond-
UAW Slams Jeep Maker Stellantis’s Call for Givebacks
BY RYAN FELTON
The United Auto Workers
president took aim Tuesday at
Jeep maker Stellantis, criti-
cizing the car company for de-
manding concessions at the
bargaining table that he de-
scribed as a “slap in the face”
to union-represented auto
workers.
The move marked an un-
usually public escalation be-
tween the UAW and the global
automaker only weeks af-
ter negotiations for a new
FAYEZ NURELDINE/AGENCE FRANCE-PRESSE/GETTY IMAGES
The kingdom’s Public Investment Fund will sell milk from camels as it backs homegrown startups.
With Dates, Coffee and Camels,
Saudi Fund Puts Bets at Home
no
BY RORY JONES
AND STEPHEN KALIN
Saudi Arabia’s sovereign-
wealth fund made a global
splash with investments in
SoftBank’s Vision Fund, New-
castle United soccer club and
professional U.S. golf. Its next
big bet? Camel dairy farming
at home.
After pumping tens of bil-
lions of dollars into high-profile
global investments, the $700
billion Public Investment Fund
is now accelerating spending at
home, often on obscure start-
ups and projects that it plans
to own and operate. Last
month, PIF said it would start
selling milk from camels and
dates grown in the region
around the holy city of Medina.
Before that, it launched a halal
meats exporter and a company
aiming to make Saudi coffee
globally popular.
The bets are all part of
Crown Prince Mohammed bin
Salman’s push to diversify the
country’s economy away from
oil by creating jobs for Saudi
nationals, boosting domestic
consumption and attracting
foreign investment. But with
unrivaled resources and politi-
cal clout, PIF’s top-down deci-
sion making and investments
are raising questions about
whether this could squeeze
out the private sector from
the economy and expand the
government’s role—the oppo-
site of what Mohammed set
out to do.
* *
holders can send a notice of
default to the company. Its
Hong Kong-listed shares, which
have lost more than half their
value since the start of this
year, plummeted 14% on Tues-
day and led a selloff in prop-
erty and other Chinese stocks.
The developer’s cash
crunch shows how quickly
China’s housing market has
deteriorated following a short-
lived rebound early this year.
Dozens of Chinese developers,
including China Evergrande
Group and Sunac China Hold-
ings, defaulted on their bonds
and other financial obligations
over the past two years,
spooking home buyers across
the country and sending the
broader market into a deep
slump.
Country Garden’s missed
payments “will have a nega-
tive spillover effect for the
sector,” said Sandra Chow, co-
head of Asia-Pacific Research
at CreditSights. “The fact that
the company is struggling to
address an interest payment,
rather than a full bond princi-
pal repayment, perhaps un-
derscores its very tight liquid-
ity,” she said.
four-year labor contract began
in late July.
Shawn Fain, the newly
elected head of the union, said
Stellantis is pressing for a
number of givebacks, includ-
ing on medical benefits and
workers’ profit-sharing bo-
oncomment Tuesday on Fain’s
nuses. He also said, during a
us ,
Facebook livestream event
l
with union members, that
e
al a
Stellantis wants to introduce
new wage levels, while the
UAW is trying to eliminate
ci on
pay tiers altogether.
To punctuate his frustra-
er s
m er
m rp
co Fo
n-
The challenge for the fund,
said Robert Mogielnicki, resi-
dent scholar at the Arab Gulf
States Institute, a Washington,
D.C. think tank, is to harness
its growing global reputation
to channel investor interest
into the Saudi market without
crowding out private business.
“Is the pie big enough for
the PIF to come in, get visibil-
ity and then share the wealth
as well?” he said. “That’s go-
ing to be the tricky balance.”
PIF didn’t respond to a re-
quest for comment.
Flush with cash after a bum-
per year for oil prices, the Saudi
government is using PIF to dou-
ble down on domestic invest-
ments, fueled by ad hoc capital
injections from the government,
dividends from its companies
and the transfer of assets from
the state. It is also borrowing
tens of billions of dollars to fi-
nance bigger projects.
The Saudi government wants
PIF to help jump-start the tra-
ditionally risk-averse private
sector and improve corporate
governance. To boost private
participation in PIF projects,
the fund created a national de-
velopment division headed by a
former McKinsey consultant,
Jerry Todd. The state is also
spending tens of billions of dol-
lars to stimulate private sector
investment.
“By acting as a cornerstone
investor, PIF’s size and long
investment horizon mean we
can step in at the early stages,
lay the foundations and
BUSINESS NEWS
Bid prices of two U.S. dollar
bonds that Country Garden
missed interest payments on
80 cents on the dollar
Due Feb. 2026
Due Aug. 2030
60
40
20
0 0
Feb. 2023 Aug.
Note: 10 billion yuan=$1.39 billion
Bonds of other privately
run developers also dropped
in value on Tuesday, reflecting
investor worries that more
dominoes could topple.
Less than a year ago, Coun-
try Garden was widely re-
garded by investors as one of
the biggest beneficiaries of a
host of supportive measures
that authorities in China
rolled out to aid the real-es-
tate sector. The developer has
tion, he made a show of
throwing the company’s pro-
posals into a trash can.
Stellantis didn’t have a
remarks.
The UAW is also negotiat-
ing new labor agreements
with General Motors and Ford
Motor. The current contacts,
set to expire Sept. 14, cover
about 146,000 blue-collar
workers at the Detroit car
companies’ U.S. factories.
For its part, the UAW has in
recent weeks presented the
‘crowd in’ the private sector,’”
Todd wrote earlier this year in
a Saudi newspaper. “This is
particularly important in sec-
tors that don’t exist currently
or are in the early stages of
growth in the kingdom.”
Until 2015, when Moham-
med became the day-to-day
ruler of the kingdom, indus-
tries such as entertain-
ment, cinemas and tour-
ism didn’t exist in the
conservative Muslim state.
Saudi bank Jadwa Invest-
ment last month said it fore-
casts gross domestic product
growth unrelated to oil will
grow at 5.9% this year, com-
pared with a 7.5% contraction
in GDP related to hydrocarbons.
What might seem like an
eclectic bunch of investments
at PIF makes sense, said Has-
nain Malik, a Dubai-based an-
alyst at Tellimer Research.
Creating a distributor with
coffee beans grown in the
kingdom or with milk from
camels reared there is argu-
ably simpler than the higher-
profile initiatives PIF is un-
dertaking, he said.
For example, PIF this year
began investing billions of
dollars in local soccer teams
paying lucrative transfer fees
for stars in a bid to make do-
mestic competition as big as
the English Premier League.
Coffee beans, camel milk
and dates, “at the end of the
day those are indigenous re-
sources,” Malik said. World-
class “footballers are not.”
Wednesday, August 9, 2023 | B5
Country Garden’s pledged financial support late Yang Huiyan, and founder,
contracted sales, monthly last year for the companies. Yang Guoqiang, were working
Investors bid up Country Gar- as usual at its headquarters,
60 billion yuan
den’s shares and bonds, and after speculation swirled
many believed the worst was about their whereabouts.
over for the developer. The company was unable to
50 Country Garden also re- make its interest payments
sumed buying land in April because of the recent deterio-
40 following a long hiatus, signal- ration in its sales and a short-
ing its executives’ confidence age of available funds, accord-
in a housing market recovery. ing to a spokesperson.
30
China’s property market is “The fact that they need to
now slumping again, and Coun- defer coupon payments now
20 try Garden’s monthly con- shows their worse-than-ex-
tracted sales dropped more pected liquidity situation,”
10 than 30% in the first six months said Iris Chen, an analyst at
of 2023 from the same period a Nomura. The company has to
year ago. Many of the devel- make other bond payments
oper’s bonds had fallen back to next month, and it is possible
2021 '22 '23 distressed levels by July. that Country Garden will ask
Sources: Tradeweb (bid prices); the company (sales) In the past two weeks, bondholders to give it more
Country Garden was hit by a time to pay to stave off a de-
residential projects in many of wave of bad news and market fault, she added.
the country’s less prosperous rumors about its financial Chinese authorities recently
cities, and was China’s largest health. The company warned signaled further support for
by contracted sales last year, on July 31 that it could record the property market. The
when it reported the equiva- a net loss for the first half. It country’s top decision-making
lent of around $50 billion in considered doing a share body, the Politburo, said last
nationwide transactions. placement to raise funds but month that housing policies
The Foshan, Guangdong- decided not to proceed. need to be adjusted. Regula-
based company was also In recent days, it denied a tors and cities across the
among a select group of devel- rumor about the city of Fos- country have responded with
opers that were held out as han sending a working group additional measures such as
models for the industry, and to the company. Country Gar- tax rebates and cash subsidies
Chinese banks publicly den also said its chairwoman, to encourage home purchases.
.
automakers with its own de- Facebook livestream. “My So far, Fain has said all
ly
mands, including some that message to Stellantis is very three car companies are being
seek to significantly advance simple: Quit with the games,” targeted, but he has been un-
worker pay and regain bene- he added. usually outspoken about his
fits lost in previous rounds of
talks.
Among them is a desire
to increase wages by at least
The UAW has historically
zeroed in on one automaker as
a “strike target” to negotiate
with first and then picket if a
gripes with Stellantis, saying
its robust profit in North
America has come off the
backs of workers. Since form-
40% during the life of the next deal can’t be reached. ing in early 2021 through the
contract, a boost that would Once an agreement is com- merger of Fiat Chrysler and
be the largest in recent mem- pleted at the first company, PSA Group, the carmaker has
ory. the union will typically use it consistently posted double-
“I’ve been shocked to see as a template for deals with digit profit margins in the re-
how one company in particu- the other two car companies, gion that have surpassed
lar is trying to lowball and un- a process known as pattern those of both rivals GM and
dercut us,” Fain said in a bargaining. Ford.
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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.
B6 | Wednesday, August 9, 2023
Tourists Flock to New York City’s Harlem
Marriott to open
new hotel in storied
neighborhood as it
stages a comeback
BY KATE KING
Visitors are returning to
Harlem, providing a much-
needed boost to the famous
neighborhood as it helps drive
New York City’s tourism re-
covery from the pandemic.
Visits to Harlem over the
past year are up more than
15% compared with the 12
months leading into the pan-
demic, according to cellphone
data analyzed by retail and
commercial real-estate data-
analytics firm RetailStat. Peo-
ple traveling to the neighbor-
hood from more than 5 miles
away are helping drive the in-
crease in foot traffic, said
Gregg Katz, head of product
innovation and marketing at
RetailStat.
“It’s great when you hear
all the different languages on
the streets of Harlem because
it’s such a major driver of cof-
fee shops, retail—all the small
businesses,” said Marcus Sam-
uelsson, an award-winning
chef and owner of the well-
known Harlem restaurant Red
Rooster.
Covid-19 hit the neighbor-
hood hard. City data shows
residents there suffered
higher infection and death
rates than Manhattan overall.
Now, New York City’s tourism
is recovering as the pandemic
ebbs. More than 56 million
people visited the city last
year and total visitation is
projected to surpass 2019 lev-
els by the end of 2024, accord-
ing to New York City Tourism
and Conventions, the city’s of-
ficial tourism organization.
Harlem is attracting visi-
tors to its brownstone homes,
music scene and historic
churches. In another positive
sign, Marriott is poised to
open a 211-room Renaissance-
flagged hotel, which is be-
lieved to be the first full-ser-
vice hotel built in Harlem in
over a century, said developer
Jeff Lam, chief executive of
Lam Generation.
The neighborhood’s promi-
nence in movies, television
and music, as well as its leg-
acy as a hub for Black history
and culture, draws interna-
tional tourists, business own-
ers there said, making Harlem
a must-see for visitors as they
return to New York City post-
pandemic.
At the same time, a recent
flurry of art-gallery openings is
attracting locals, and restau-
rants and bars are benefiting
no
JASON HENRY FOR THE WALL STREET JOURNAL
The maker of work-from-home software plans to require some staff to be on-site twice weekly.
Zoom, Others Call Staff Back to Office
BY CHIP CUTTER
Some of the pioneers of the
work-from-home movement
are ordering employees back
to the office for at least part
of the week, in another sign
the era of remote work is
evolving.
Among the latest to reverse
course is the technology com-
pany Zoom, maker of the vid-
eoconferencing software that
became ubiquitous during the
pandemic. Executives in re-
cent days have told employees
that they see value in staffers
working with their teams in-
person, and that the company
would begin requiring people
who live near its offices to
work on-site two days a week.
“We believe that a struc-
tured hybrid approach—mean-
ing employees that live near
an office need to be on-site
two days a week to interact
with their teams—is most ef-
THE PROPERTY REPORT
on
us ,
l
e
al a
ci on
er s
m er
m rp
from residents staying closer to from Kingsport, Tenn.,
home because of remote work, snapped pictures outside the
said Lloyd Williams, chief exec- Apollo Theater on 125th Street
utive of the Greater Harlem one recent afternoon. Tarter
co Fo
Chamber of Commerce. In- said he grew up watching
creased tourism is helpful as “Showtime at the Apollo,” a
the neighborhood, which like popular television variety
other areas of the city still has show, and opted to visit the
some vacant storefronts and theater over the Statue of Lib-
struggling businesses, contin- erty or Ellis Island during his
ues its economic recovery from trip to New York.
the pandemic. “I’m definitely familiar
Jermeil Tarter, in town with the culture and wanted
n-
fective for Zoom,” a spokes- sent a companywide email in
woman said in a statement. June telling workers that office
“Additionally, we will continue attendance would begin to fac-
to hire the best talent, regard- tor into performance reviews.
less of location.” Google requires most employ-
Zoom’s hybrid work model ees to be in the office three
applies to employees who live days a week.
within about 50 miles of a The online-dating platform
company office, the spokes- Grindr told employees that it
woman said, and it will take ef- would implement a hybrid
fect in August and September. work model requiring them to
Insider earlier reported on work in an office two days a
Zoom’s new mandate. week beginning in October.
Other companies have Grindr CEO George Arison
changed return-to-office poli- said last week that the com-
cies in recent months. Meta pany is no longer “remote
Platforms workers assigned to first” and that a hybrid sched-
an office will need to come in ule would provide flexibility
three days a week starting in while allowing for greater col-
September, as part of a more laboration, in a memo viewed
structured hybrid schedule, the by The Wall Street Journal
company said in June. Meta Employees at Grindr who
said at the time that the man- don’t live within commuting
date only applies to workers distance of a designated com-
already in an office some days, pany office will need to relo-
and doesn’t apply to workers cate, with the company offer-
who have remote positions. ing relocation assistance, or
Alphabet-owned Google accept a severance package.
Clockwise from top: Marcus Samuelsson’s Red Rooster
restaurant; walking-tour operator Carolyn Johnson; the
Renaissance Hotel in Harlem; and Harlem brownstones.
to be a part of it,” he said.
Carolyn Johnson, a walk-
ing-tour operator, said her
business, Welcome to Harlem,
has rebounded strongly, with
revenue up about 15% com-
pared with prepandemic. New
York City residents from other
neighborhoods were the first
to start booking tours in the
fall of 2021, followed by for-
eigners after the U.S. relaxed
international travel restric-
Mortgage
REITs Pare
Lending
Continued from page B1
office buildings, are suffering
higher vacancy rates.
Total commercial and multi-
family mortgage lending is ex-
pected to fall to $504 billion
this year, a 38% decline from
2022, according to the Mort-
gage Bankers Association.
Other big lenders, including
small and regional banks and
issuers of commercial mort-
gage-backed securities, also
have greatly curtailed new
loans. That is leaving many
commercial property owners in
a bind to refinance debt as it
comes due, increasing the like-
lihood that more owners will
default and could lose their
properties.
The dearth of financing al-
ready is forcing some owners
to raise more equity to renew
Shares-price performance of mortgage REITs, past two years
10%
0
–10
–20
–30
–40
Starwood Property Trust
Blackstone Mortgage Trust Cl A
–50
KKR Real Estate Finance Trust
–60
Sept. 2021 ’22
Source: FactSet
* *** THE WALL STREET JOURNAL.
the past decade, according to
brokerage Brown Harris Ste-
vens Development Marketing,
with the average contract
signing for more than $1.3
million this year, a 79% in-
crease from 2013.
Still, quality-of-life issues
exacerbated by the pandemic,
including drug use, mental ill-
ness and crime, remain seri-
ous concerns, said Syderia As-
berry-Chresfield, a longtime
resident and co-founder of the
advocacy group Greater Har-
lem Coalition. The group has
pushed the city to provide
more homeless and addiction
services as well as increased
police patrols, efforts she said
have led to improvements.
“January of this year, we
were afraid to go outside after
dark,” she said. “Now, we feel a
lot safer. But we still are not
back to where we were before.”
A few doors down from the
Apollo, workers are putting the
finishing touches on the Renais-
sance New York Harlem Hotel.
The hotel is expected to
charge about $250 a night,
said Jennifer Connell, global
brand leader for Renaissance
Hotels. The property was built
in the footprint of the historic
Victoria Theater, which
opened as a vaudeville house
in 1917 and later became a
movie theater, but then sat va-
.
cant for decades.
The hotel preserves ele-
ly
ments of the Victoria, includ-
ing the exterior facade, mar-
quee and outdoor ticket booth
as well as the lobby’s stair-
case, Lam said. The décor
evokes giants from Harlem’s
storied music history, includ-
ing Billie Holiday, Josephine
Baker, Louis Armstrong and
Cab Calloway.
YUVRAJ KHANNA FOR THE WALL STREET JOURNAL (4)
The hotel, which was built
as part of a larger public-pri-
vate partnership development,
is in a building that also in-
cludes retail as well as two
theaters and office space that
will be operated by the Apollo.
About half of the hotel’s 70
employees are expected to be
Harlem residents, said general
manager Lewiston Murray.
Katrina Parris, a longtime
Harlem resident and owner of
the Lenox Avenue gift shop
NiLu, said the neighborhood
has long needed more lodging
tions last summer. options to keep visitors in the
Restaurants and bars in neighborhood longer and gen-
Harlem also are on the up- erate foot traffic for small
swing, with spending at these businesses.
establishments 7% higher be- “You’ve got the happenings,
tween April 2022 and March but you don’t have a place for
2023 than during the 12- people to sleep,” she said. “To
month period leading up to have people come here, spend
the pandemic, according to an a short amount of time and
analysis by the Mastercard then go back to their hotels in
Economics Institute. Midtown, go back to the res-
Prices for new apartments taurants downtown, it’s less
in Harlem have increased over than ideal.”
maturing loans, according to
real-estate analytics firm Green
don’t face liquidity issues.
While their share prices tum-
Street. “A failure to do so could bled last year, they have
result in forced sales leading to
further declines in real-estate
prices,” the firm said a report
started to rebound as recession
fears have eased and these
firms have strengthened their
last month.
Borrowing opportunities for
property owners have been
balance sheets.
But many of them aren’t
able to issue new stock because
shrinking fast. A New York their share prices have fallen
venture of Canyon Partners, so far since interest rates
Tavros and developer Sam surged. Mortgage REITs also
Charney last year was talking can face capital calls from their
to 10 potential lenders to fi- banks if the quality of their
nance the construction of a loan portfolio deteriorates to a
260-unit apartment building in certain point, which could hap-
the Gowanus section of Brook- pen in an economic downturn.
lyn. Mortgage REITs also have to
Five of those lenders pay most of their taxable in-
dropped out this year as the come as dividends. This makes
commercial property market them highly vulnerable to eco-
deteriorated, Charney said. The nomic downturns. Many have
development venture said this decided to stockpile their capi-
month that it had obtained a
$119.9 million loan from Bar-
ings, a subsidiary of insurer
tal as long as a recession is
possible.
These REITs also are coping
MassMutual. “We were able to with problem loans that are
pull it off,” Charney said. “It cropping up in their portfolios
was just more arduous and the because some of their borrow-
economics were different than ers are having difficulty refi-
we had hoped.” nancing loans or are struggling
Most mortgage REITs aren’t with weakening cash flows
in financial peril. They have ac- from problems such as the
cess to lending markets and weak return to offices.
Commercial real-estate lend-
ing volume has fallen in part
because investors are buying
less property and borrowing
less. Investors bought only
$83.6 billion of commercial
property in the second quarter,
a 63% decline from the same
period in 2022, according to
data firm MSCI Real Assets.
Refinancing activity also has
greatly declined because bor-
rowers who obtained loans
when interest rates were low
want to avoid the cost of to-
day’s higher rates. “If you’re a
borrower, you’re exercising ev-
ery option you have to extend
’23 existing loans,” said Matthew
Anderson, managing director
at data firm Trepp.
 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. Wednesday, August 9, 2023 | B7

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. CoinbaseGlbl COIN 88.04 2.08 EdisonIntl EIX 70.50 0.71 GeneralDynamics GD 224.47 -2.72 InteractiveBrkrs IBKR 88.90 -1.20 Noble NE 52.24 0.54
Arca, NYSE American and Nasdaq Stock Market t-New 52-week low. ColgatePalm CL 76.33-0.57 EdwardsLife EW 78.59 -1.25 GeneralElec GE 113.55 -1.18 ICE ICE 114.87 -1.20 M N Nokia NOK 3.90 ...
listed securities. Prices are composite quotations dd-Indicates loss in the most recent four Comcast A CMCSA 45.40 -0.05 ElbitSystems ESLT 208.73 -3.97 t GeneralMills GIS 71.36 -2.10 s InterContinentl IHG 76.23 2.69 Nomura NMR 3.83 -0.06
that include primary market trades as well as quarters. M&T Bank MTB 139.49 -2.06
Comerica CMA 52.95 -0.39 ElectronicArts EA 122.61 -1.44 GeneralMotors GM 36.84 -0.25 IBM IBM 145.91 -0.27 Nordson NDSN 245.79 -2.42
trades reported by Nasdaq BX (formerly Boston), FD-First day of trading. MGM Resorts MGM 45.99 0.29
SABESP SBS 10.98 0.10 ElevanceHealth ELV 462.67 -8.15 Genmab GMAB 37.54 -0.06 t IntlFlavors IFF 64.78 -15.56 NorfolkSouthern NSC 219.58 -4.70
Chicago Stock Exchange, Cboe, NYSE National and h-Does not meet continued listing t GNTX 33.99 -0.18
MPLX MPLX 34.89 -0.06
ConagraBrands CAG 31.22 -0.88 EmersonElec EMR 96.50 -0.72 Gentex IntlPaper IP 35.85 -0.29 NorthernTrust NTRS 79.59 -1.26
Nasdaq ISE. standards MSA Safety MSA 176.67 0.84
The list comprises the 1,000 largest companies lf-Late filing Confluent CFLT 34.60 0.12 Enbridge ENB 36.02 0.03 GenuineParts GPC 155.37 -1.10 Interpublic IPG 33.30 -0.75 NorthropGrum NOC 432.90 -3.76
MSCI MSCI 548.07 -3.43
based on market capitalization. q-Temporary exemption from Nasdaq ConocoPhillips COP 115.59 1.11 EncompassHealth EHC 71.35 -0.32 Gerdau GGB 5.45 -0.15 Intuit INTU 500.81 -4.45 NorwegCruise NCLH 18.42 -0.06
MagellanMid MMP 63.55 -0.47
Underlined quotations are those stocks with requirements. ConEd ED 91.19 0.57 Endeavor EDR 23.58 ... GileadSciences GILD 80.08 -0.59 IntuitiveSurgical ISRG 302.87 -6.37 Novartis NVS 103.05 0.25
s MagnaIntl MGA 59.82 -1.30
large changes in volume compared with the t-NYSE bankruptcy ConstBrands A STZ 270.99 0.36 EnergyTransfer ET 12.88 -0.06 GitLab GTLB 45.45 -1.95 InvitatHomes INVH 34.95 0.02 s NovoNordisk NVO 189.17 27.81
s ManhattanAssoc MANH 185.77 -3.40
issue’s average trading volume. v-Trading halted on primary market. ConstellationEner CEG 104.81 1.06 EnphaseEnergy ENPH 135.77 0.32 GlobalPayments GPN 124.37 1.78 IronMountain IRM 60.77 -0.66 NuHoldings NU 7.99 0.15
ManulifeFinl MFC 19.45 -0.15
Boldfaced quotations highlight those issues vj-In bankruptcy or receivership or being Cooper COO 385.06 -4.77 Entegris ENTG 101.59 -1.40 GlobalFoundries GFS 60.13 0.98 ItauUnibanco ITUB 5.57 -0.05 Nucor NUE 169.91 0.65
MarathonOil MRO 25.82 -0.20
whose price changed by 5% or more if their reorganized under the Bankruptcy Code, Copart CPRT 87.86 -1.62 Entergy ETR 97.38 0.15 Globant GLOB 168.62 -5.77 Nutanix NTNX 29.62 -0.44
s MarathonPetrol MPC 141.78 1.78
previous closing price was $2 or higher. or securities assumed by such companies. Core&Main CNM 32.51 -0.07 EnterpriseProd EPD 26.51 0.03 GlobeLife GL 114.12 -1.24 J K L s Markel MKL 1500.75 2.00
Nutrien NTR 66.30 -0.05
CorebridgeFin CRBG 19.39 -0.27 Equifax EFX 199.17 1.12 GoDaddy GDDY 70.82 -0.04 nVentElectric NVT 55.20 -0.11
JD.com JD 38.05 -0.86 MarketAxess MKTX 237.03 -7.35
Corning GLW 32.83 -0.28 Equinix EQIX 774.49 0.22 GoldFields GFI 13.18 -0.17 NVIDIA NVDA 446.64 -7.53
Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and JPMorganChase JPM 155.88 -0.88 s Marriott MAR 206.46 1.76
changes in the closing prices from 4 p.m. the previous day. Corteva CTVA 54.18 -0.39 Equinor EQNR 30.86 -0.04 GoldmanSachs GS 348.26 -7.30
GRAB 3.64 0.05 Jabil JBL 108.31 -0.49 Marsh&McLen MMC 189.41 -2.64 O P Q
Cosan CSAN 16.00 0.01 Equitable EQH 29.09 0.01 Grab
GGG 77.52 -0.72 JackHenry JKHY 170.52 -1.48 MartinMarietta MLM 457.29 -4.95
CoStar CSGP 81.88 0.33 EquityLife ELS 69.09 -1.05 Graco
Tuesday, August 8, 2023 Net Net GWW 713.48 -3.77 JacobsSolns J 134.36 5.87 MarvellTech MRVL 61.96 -1.59 OGE Energy OGE 34.53 -0.13
Costco COST 556.12-2.29 EquityResdntl EQR 65.57 -0.56 Grainger
Stock Sym Close Chg Stock Sym Close Chg s JamesHardie JHX 31.04 3.93 Masco MAS 59.82 -0.30 ONEOK OKE 64.15 -1.05
Net CoterraEnergy CTRA 27.60 -0.20 ErieIndemnity ERIE 275.02 0.04 GraphicPkg GPK 22.82 -0.43
GRFS 10.40 0.22 JazzPharm JAZZ 132.24 0.73 MasTec MTZ 92.70 -3.44 ON Semi ON 101.38 -2.21
Stock Sym Close Chg Coty COTY 11.95 -0.25 EssentialUtil WTRG 40.50 -0.45 Grifols
AresMgmt ARES 100.20 -1.99 Brown-Forman B BF.B 69.75 -0.80 JefferiesFinl JEF 35.40 -0.17 Mastercard MA 393.19 -3.68 OReillyAuto ORLY 929.20 -2.56
Coupang CPNG 17.89 -0.11 EssexProp ESS 242.55 -2.79 GpoAeroportuar PAC 181.91 -0.50
argenx ARGX 487.89 4.10 Brown-Forman A BF.A 71.05 -0.73 J&J JNJ 173.18 0.08 MatadorRscs MTDR 58.93 0.33 OccidentalPetrol OXY 63.75 -0.15
A B C AristaNetworks ANET 180.45 1.18 Bruker BRKR 65.58 -1.17
Credicorp BAP 156.43 0.86 t EsteeLauder EL 168.14 -2.01 GpoAeroportSur ASR 274.86 -0.66
JohnsonControls JCI 61.38 -1.19 MatchGroup MTCH 44.79 1.35 Okta OKTA 71.48 -1.64
CrowdStrike CRWD 145.88 -5.09 t Etsy ETSY 82.50 -1.93 Guidewire GWRE 81.72 -3.20
AECOM ACM 85.40 -1.65 ArrowElec ARW 127.51 1.08 BuildersFirst BLDR 151.70 -0.52 JonesLang JLL 175.05 1.19 Mattel MAT 21.43 0.15 OldDomFreight ODFL 409.10 -0.26
t CrownCastle CCI 104.04 0.19 Everest EG 346.06 -12.61 HCA Healthcare HCA 267.61 -4.97
t AES AES 19.62 -0.08 AspenTech AZPN 185.07 -3.73 Bunge BG 114.09 -1.89 JuniperNetworks JNPR 27.72 -0.37 McCormickVtg MKC.V 86.20 -2.11 OldRepublic ORI 27.81 -0.08
CrownHoldings CCK 89.32 -0.94 Evergy EVRG 58.08 0.44 HDFC Bank HDB 66.52 -0.44
Aflac AFL 77.06 -0.89 Assurant AIZ 143.09 0.99 BurlingtonStrs BURL 165.93 -1.43 DINO 57.42 1.04 KB Financial KB 39.55 -0.12 McCormick MKC 85.78 -1.84 Olin OLN 58.95 0.19
CubeSmart CUBE 41.25 -0.57 t EversourceEner ES 66.94 -0.14 HF Sinclair
AGCO AGCO 128.87 -1.70 AstraZeneca AZN 70.48 0.55 s CACI Intl CACI 354.36 -3.56
Cullen/Frost CFR 106.39 -3.09 ExactSciences EXAS 84.50 -0.57 HP HPQ 33.07 0.32 KBR KBR 60.86 -0.91 McDonald's MCD 289.58 -1.82 OmegaHealthcare OHI 31.68 -0.32
AMC Ent AMC 5.09 -0.03 AtlantaBravesC BATRK 38.46 0.59 CBRE Group CBRE 85.05 0.11 HSBC 40.91 -0.61 KKR KKR 61.19 -0.62 McKesson MCK 427.73 5.50 Omnicom OMC 80.37 -1.14
Cummins CMI 238.33 1.09 Exelon EXC 40.08 0.11 HSBC
Ansys ANSS 302.39 -4.31 AtlantaBravesA BATRA 45.80 0.82 CDW CDW 202.68 -0.16 HTHT 46.73 0.18 KLA KLAC 498.64 -7.80 Medpace MEDP 263.16 2.77 OnHolding ONON 35.70 0.43
s Curtiss-Wright CW 207.50 ... Expedia EXPE 109.84 2.35 H World
APA APA 43.33 1.16 Atlassian TEAM 196.13 2.61 CF Industries CF 79.26 -1.23 8.41 0.04 t Kellogg K 63.46 -1.35 Medtronic MDT 82.24 -2.48 OpenText OTEX 36.85 0.26
ExpeditorsIntl EXPD 119.32 -5.49 Haleon HLN
ASE Tech 7.60 -0.19 AtmosEnergy ATO 117.14 -0.85 CGI A GIB 100.62 0.67 D E F Kenvue KVUE 23.38 -0.16 MercadoLibre MELI 1328.36 -30.45 Oracle ORCL 115.23 -0.87
ASX ExtraSpaceSt EXR 128.75 -2.35 Halliburton HAL 39.78 0.19
ASML ASML 679.37 -14.05 Autodesk ADSK 203.23 -0.49 CH Robinson CHRW 97.92 -2.08 KeurigDrPepper KDP 33.43 -0.39 Merck MRK 106.41 0.32 Orange ORAN 11.03 -0.07
ExxonMobil XOM 107.73 0.53 HartfordFinl HIG 73.08 -0.56
AT&T T 14.18 0.17 Autoliv ALV 99.78 -1.68 CME Group CME 205.09 -3.27 DTE Energy DTE 108.15 0.37 HAS 65.68 0.90 KeyCorp KEY 11.94 -0.11 MetaData AIU 1.06 0.03 Orix IX 90.40 -1.05
F5 FFIV 159.82 -0.95 Hasbro
AbbottLabs ABT 105.58 -2.87 ADP ADP 248.34 -2.48 CMS Energy CMS 57.89 0.35 Danaher DHR 259.07 3.45 18.50 -1.23 KeysightTech KEYS 156.91 -2.22 MetaPlatforms META 312.64 -3.92 Oshkosh OSK 104.38 -1.76
t FMC FMC 88.62 -2.43 HealthcareRealty HR
AbbVie ABBV 149.62 -0.71 AutoNation AN 155.88 -0.64 CNA Fin CNA 41.28 -0.86 Darden DRI 164.79 ... KimberlyClark KMB 127.54 -1.04 MetLife MET 63.50 -0.68 OtisWorldwide OTIS 88.94 -1.26
FactSet FDS 420.34 -4.45 HealthpeakProp PEAK 21.06 -0.43
AcadiaHealthcare ACHC 76.34 -0.75 AutoZone AZO 2461.11 -2.90 CNH Indl CNHI 13.93 -0.07 DarlingIngred DAR 68.38 ... Heico HEI 176.10 -1.84 KimcoRealty KIM 19.98 -0.15 Mettler-Toledo MTD 1254.94 -4.61 Ovintiv OVV 48.73 0.13
FairIsaac FICO 856.16 -5.11
Accenture ACN 315.15 -0.72 Avalonbay AVB 185.44 -2.42 CRH CRH 59.78 -0.26 Datadog DDOG 88.04 -18.26 HEI.A 140.69 -1.77 KinderMorgan KMI 17.48 0.10 MicrochipTech MCHP 84.53 -0.28 OwensCorning OC 142.85 0.28
Fastenal FAST 56.70 -0.53 Heico A
ActivisionBliz ATVI 91.59 0.02 t Avangrid AGR 34.99 -0.09 CSX CSX 31.31 -0.47 DaVita DVA 110.79 -1.89
FederalRealty FRT 102.08 -1.85 HenrySchein HSIC 75.94 0.07
KinsaleCapital KNSL 366.13 -11.07 MicronTech MU 67.65 -1.73 PDD PDD 83.72 -1.88
Adobe ADBE 520.60 -9.13 Avantor AVTR 20.64 -0.12 CVS Health CVS 74.00 0.09 s DeckersOutdoor DECK 565.09 -0.46 HSY 224.30 -4.58 Knight-Swift KNX 59.62 -0.94 Microsoft MSFT 326.05 -4.06 PG&E PCG 17.53 0.11
FedEx FDX 268.26 3.90 Hershey
AdvDrainageSys WMS 133.99 -0.17 AveryDennison AVY 184.58 -2.30 CadenceDesign CDNS 228.93 -3.51 Deere DE 430.46 -0.85 HES 153.41 1.57 Philips PHG 20.40 -0.39 MidAmApt MAA 145.60 -1.29 PNC Finl PNC 130.05 -2.35
Ferguson FERG 160.72 -0.77 Hess
AdvMicroDevices AMD 113.23 -3.58 AvisBudget CAR 224.95 0.63 CAE CAE 22.08 -0.57 s DellTechC DELL 57.58 3.01 HessMidstream HESM 30.70 -0.29 KoreaElecPwr KEP 7.35 0.05 Middleby MIDD 146.92 0.52 POSCO PKX 112.97 4.72
Ferrari RACE 310.98 -1.26 MitsubishiUFJ MUFG 7.81 -0.19 PPG Ind
5.42 -0.05 AxonEnterprise AXON 175.73 -3.94 CaesarsEnt CZR 56.60 0.45 DeltaAir DAL 45.79 0.55 KraftHeinz KHC 34.46 -0.54 PPG 143.33 0.07
Aegon AEG FidNatlFinl FNF 39.65 -0.23 s HewlettPackard HPE 18.07 0.52 MFG 3.32 -0.04 PPL
AerCap AER 64.00 -0.77 BCE BCE 41.80 -0.44 CamdenProperty CPT 108.62 -1.28 DentsplySirona XRAY 39.38 -0.11 Hilton HLT 153.73 0.25 Kroger KR 48.87 -0.83 MizuhoFin PPL 26.10 -0.01
FidNatlInfo FIS 57.66 -0.67
AgilentTechs A 128.35 1.84 BHP Group BHP 59.43 -0.51 Cameco CCJ 34.00 0.07 DeutscheBank DB 10.75 -0.35 HOLX 76.34 -0.73 LKQ LKQ 53.32 -0.91 Mobileye MBLY 38.61 -0.20 PTC PTC 142.84 -0.06
BILL 109.22 -2.97 t CampbellSoup CPB 43.31 -1.03 FifthThirdBncp FITB 28.05 -0.53 Hologic Moderna MRNA 99.74 -1.46 Paccar
agilon health AGL 20.04 -0.10 BILL DevonEnergy DVN 50.77 -0.04
FirstCitizBcshA FCNCA 1488.50 -23.57 HomeDepot HD 327.81 -1.36
LPL Financial LPLA 230.78 -3.36 PCAR 85.42 0.78
AgnicoEagleMines AEM 48.20 -0.27 BJ'sWholesale BJ 68.35 -0.30 CIBC CM 42.05 -0.75 DexCom DXCM 110.19 -10.78 L3HarrisTech LHX 185.58 -2.34 MolinaHealthcare MOH 310.00 -1.00 PackagingCpAm PKG 152.45 -0.60
36.97 -0.07 CanNtlRlwy CNI 117.06 -1.21
FirstHorizon FHN 13.74 0.02 HondaMotor HMC 31.15 -0.04 MolsonCoorsA TAP.A 72.00 -0.25 PalantirTech PLTR 17.04 -0.95
AirProducts APD 283.54 -3.76 BP BP Diageo DEO 170.99 -0.19 FirstIndRlty FR 51.07 -0.68 Honeywell HON 187.65 -1.95 LabCorp.ofAmerica LH 213.87 -0.53
Airbnb ABNB 139.55 -3.65 BRP DOOO 87.67 -1.14 CanadianNatRscs CNQ 60.98 0.38 DiamondbkEner FANG 149.20 0.61 FirstSolar LamResearch LRCX 696.00 -9.36 MolsonCoorsB TAP 64.85 -0.17 PaloAltoNtwks PANW 211.48 -3.76
BWXT 73.29 -2.41 CdnPacKC 80.75 -0.90
FSLR 196.10 0.50 HorizonTherap HZNP 104.08 2.94
AkamaiTech AKAM 94.95 -0.38 BWX Tech CP Dick's DKS 145.52 -0.32 FirstEnergy FE 36.48 0.36 HormelFoods HRL 40.14 -0.62
LamarAdv LAMR 89.46 -0.76 monday.com MNDY 154.49 -8.47 ParamountA PARAA 20.23 0.33
Albemarle ALB 195.65 -1.10 Baidu BIDU 143.92 -3.08 CapitalOne COF 114.59 -0.68 DigitalRealty DLR 119.11 -1.78 Fiserv DHI 127.53 0.04 LambWeston LW 100.42 -2.68 Mondelez MDLZ 73.40 -0.86 ParamountB PARA 16.35 0.26
FI 125.20 -0.68 DR Horton
Albertsons ACI 21.69 -0.04 BakerHughes BKR 35.65 0.06 CardinalHealth CAH 91.76 -0.46 DiscoverFinSvcs DFS 104.64 1.70 FiveBelow LandstarSystem LSTR 197.49 -0.95 MongoDB MDB 370.19 -27.36 ParkerHannifin PH 425.12 0.17
BALL 56.27 -0.82 Carlisle CSL 285.11 -0.60 FIVE 192.52 -3.16 HostHotels HST 16.76 -0.03
Alcon ALC 81.35 -0.64 Ball Disney DIS 88.13 1.30
FleetCorTech FLT 244.54 -2.24 HoulihanLokey HLI 99.64 -0.86 LasVegasSands LVS 57.52 -0.62 MonolithicPower MPWR 529.70 -12.02 Paychex PAYX 123.90 -1.17
AlexandriaRlEst ARE 122.49 -1.73 BancoBilbaoViz BBVA 7.59 -0.11 Carlyle CG 32.10 -0.82 DocuSign DOCU 51.09 -0.42 Flex FLEX 27.53 0.11 HowmetAerospace HWM 50.50 0.05
LatticeSemi LSCC 91.10 -2.07 MonsterBev MNST 57.41 -1.08 PaycomSoftware PAYC 291.56 -1.55
Alibaba BABA 94.22 -2.34 BancoBradesco BBDO 2.82 0.02 CarMax KMX 85.83 1.08 DolbyLab DLB 77.56 -1.38 HUBB 314.15 4.42 Lear LEA 153.89 -1.62 Moody's MCO 337.82 -4.59 Paylocity PCTY 200.49 -7.81
Floor&Decor FND 105.49 1.57 Hubbell
AlignTech ALGN 357.75 -3.50 BancodeChile BCH 21.03 -0.32 Carnival CCL 17.92 -0.12 DollarGeneral DG 165.27 -1.69
FomentoEconMex FMX 113.00 -0.16 HubSpot HUBS 484.11 -10.05 LegendBiotech LEGN 68.38 -1.55 MorganStanley MS 88.47 -0.61 PayPal PYPL 63.19 -1.23
Allegion ALLE 111.81 -1.41 BancSanBrasil BSBR 5.60 -0.05 Carnival CUK 16.29 -0.02 DollarTree DLTR 146.80 -3.00
FordMotor F 12.88 -0.06 Humana HUM 493.22 -1.45 Leidos LDOS 97.00 -0.63 Morningstar MORN 220.47 -0.38 Pearson PSO 10.82 0.13
AllegroMicro ALGM 41.34 -0.70 BcoSantChile BSAC 19.45 -0.46 CarrierGlobal CARR 57.39 -0.71 t DominionEner D 49.27 0.13
Fortinet FTNT 58.57 0.87 JBHunt JBHT 205.10 -2.02 Lennar B LEN.B 114.92 -0.40 Mosaic MOS 41.76 0.06 PembinaPipeline PBA 30.84 -0.22
AlliantEnergy LNT 51.52 0.19 BancoSantander SAN 3.86 -0.09 Carvana CVNA 44.01 -0.80 Domino's DPZ 398.01 -0.68 Lennar A LEN 127.03 -0.28 MotorolaSol MSI 277.80 -2.61 PenskeAuto PAG 165.60 -2.21
29.26 -0.21 CaseysGenStores CASY 246.44 -0.61 Fortis FTS 40.14 0.27 HuntingtonBcshs HBAN 12.00 -0.27
Allstate ALL 110.44 -0.30 BanColombia CIB Donaldson DCI 62.75 0.07 LennoxIntl LII 377.38 0.23 NICE NICE 215.69 -4.25 s Pentair PNR 71.72 0.44
Fortive FTV 78.73 0.29 HuntingIngalls HII 226.02 -4.52
AllyFinancial ALLY 29.52 0.22 BankofAmerica BAC 31.27 -0.61 Catalent CTLT 47.24 1.94 DoorDash DASH 84.63 0.27 115.49 0.18 LiAuto LI 42.63 -4.02 NIO NIO 14.07 -0.75 Penumbra PEN 247.89 -4.77
FortuneBrands FBIN 71.31 -0.21 HyattHotels H
AlnylamPharm ALNY 184.84 0.55 BankMontreal BMO 88.19 -0.97 Caterpillar CAT 282.89 1.24 Dover DOV 143.99 0.61 IBN 23.66 0.08 LibertyBroadbandC LBRDK 91.32 0.02 NNN REIT NNN 39.90 -0.58 PepsiCo PEP 184.44 -2.45
45.72 -0.61 Celanese CE 125.33 0.60 FoxA FOXA 34.93 1.85 ICICI Bank
Alphabet A GOOGL 131.40 -0.13 BankNY Mellon BK Dow DOW 55.01 -0.51 ICL Group ICL 6.34 -0.02 LibertyBroadbandA LBRDA 91.53 -0.05 NOV NOV 20.27 -0.02 PerformanceFood PFGC 58.75 -1.11
BankNovaScotia 47.57 -0.89 CELH 143.36 0.14 FoxB FOX 32.87 1.73
Alphabet C GOOG 131.84 -0.10 BNS CelsiusHldg s DrReddy'sLab RDY 69.99 0.86 IDXX 509.76 1.42 LibertyGlobal C LBTYK 19.76 0.18 NRG Energy NRG 36.78 -0.74 PetroleoBrasil PBR 13.49 0.02
7.61 -0.16 Cemex 7.92 0.05 Franco-Nevada FNV 137.93 -0.76 IdexxLab
Altria MO 44.24 0.12 Barclays BCS CX DraftKings DKNG 31.71 0.08 ING Groep ING 14.60 -0.23 LibertyGlobal A LBTYA 18.58 0.17 NVR NVR 6348.76 -38.98 PetroleoBrasilA PBR.A 12.35 0.05
FranklinRscs BEN 28.15 -0.39
Amazon.com AMZN 139.94 -2.28 BarrickGold GOLD 16.45 -0.05 CenovusEnergy CVE 19.27 0.07 Dropbox DBX 27.80 -0.44 16.75 -0.23 LibertyFormOne C FWONK 71.75 -1.56 NXP Semi NXPI 216.89 -1.84 Pfizer PFE 35.64 -0.04
FreeportMcM FCX 42.69 0.40 Invesco IVZ
Ambev ABEV 2.94 -0.02 Bath&BodyWks BBWI 39.31 0.01 Centene CNC 66.28 -0.55 DukeEnergy DUK 92.13 2.47 IQV 218.86 -0.44 t LibertyFormOne A FWONA 63.16 -1.00 Nasdaq NDAQ 50.04 0.04 PhilipMorris PM 97.15 -0.06
BAX 42.77 -0.77 CenterPointEner CNP 28.92 -0.08 FreseniusMed FMS 25.95 0.06 IQVIA
Amcor AMCR 9.71 -0.20 BaxterIntl DuPont DD 77.59 -0.49 ITT ITT 100.84 -1.36 LibertySirius C LSXMK 22.56 -0.52 NationalGrid NGG 63.18 0.70 Phillips66 PSX 112.68 1.24
FullTruck YMM 6.82 -0.19
Amdocs DOX 86.75 -2.60 BectonDicknsn BDX 281.10 5.88 CentraisElBras EBR 7.49 0.13 Dynatrace DT 47.20 -1.08 IcahnEnterprises IEP 23.52 -0.14 t LibertySirius A LSXMA 22.70 -0.76 s NatlInstruments NATI 59.34 -0.01 PinnacleWest PNW 77.08 0.46

.
BGNE 191.59 4.07 CeridianHCM CDAY 74.47 1.20 Futu FUTU 54.28 -2.05
Ameren AEE 81.35 0.14 BeiGene elfBeauty ELF 131.53 0.63 Icon ICLR 255.24 3.67 s EliLilly LLY 521.60 67.52 NatWest NWG 6.12 -0.09 Pinterest PINS 26.79 -0.38
AmericaMovil AMX 19.97 -0.10 BentleySystems BSY 50.65 -0.39 ChampionX CHX 35.90 0.16 s EME 221.18 0.40 LincolnElectric LECO 194.79 -2.20 NTAP 77.89 -0.40 PioneerNatRscs PXD 233.39 1.07
EMCOR G H I IDEX IEX 223.90 0.06 NetApp

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AmerAirlines AAL 16.18 0.19 Berkley WRB 62.68 -0.33 CharlesRiverLabs CRL 206.24 0.96 ENI E 30.23 -0.08 IllinoisToolWks ITW 248.74 -0.99 Linde LIN 381.78 -3.19 NetEase NTES 106.95 -1.25 s PlainsAllAmPipe PAA 15.11 0.04
t AEP AEP 80.82 -0.06 BerkHathwy A BRK.A 5531011181.00 ChartIndustries GTLS 165.76 1.98 EOG Rscs EOG 128.40 0.77 GE HealthCare GEHC 73.93 -1.66 Illumina ILMN 186.16 -1.06 LithiaMotors LAD 299.27 -1.64 Netflix NFLX 438.30 -2.46 PlainsGP PAGP 15.74 0.01
AmerExpress AXP 165.87 -1.09 BerkHathwy B BRK.B 363.73 1.15 CharterComms CHTR 419.78 0.35 EPAM Systems EPAM 243.55 -3.29 GFLEnvironmental GFL 33.55 0.09 ImperialOil IMO 54.01 1.31 LiveNationEnt LYV 87.88 -1.34 Neurocrine NBIX 101.19 -0.08 Polaris PII 126.03 -2.79
AmericanFin AFG 113.35 -0.46 BerryGlobal BERY 61.54 -1.84 CheckPoint CHKP 126.46 -0.29 EQT EQT 42.91 0.91 GSK GSK 34.98 0.34 Incyte INCY 64.53 -0.38 LloydsBanking LYG 2.16 -0.02 NewOrientalEduc EDU 52.55 -3.25 PolestarAuto PSNY 4.25 -0.08
AmHomes4Rent AMH 36.41 -0.25 BestBuy BBY 79.16 -0.91 Chemed CHE 514.20 -0.51 EastWestBncp EWBC 59.78 -1.34 GXO Logistics GXO 65.34 0.59 Informatica INFA 21.18 -0.57 LockheedMartin LMT 449.47 -0.31 NY CmntyBcp NYCB 13.27 -0.18 Pool POOL 386.27 0.18
BILI 17.28 -0.44 CheniereEnergy LNG 163.18 1.50
AIG AIG 61.50 -0.41 Bilibili
AmerTowerREIT AMT 184.61 1.09 Bio-Techne

AmericoldRealty COLD 32.03 -0.34 Biogen

TECH 84.30

Ameriprise AMP 347.06 -2.47 BioMarinPharm BMRN 90.62 2.79 ChewyA

AmerisourceBrgn ABC 185.37 -1.21 BioNTech
3.01 CheniereEnerPtrs
AmerWaterWorks AWK 142.07 -0.04 Bio-RadLab A BIO 402.81 1.29 ChesapeakeEner CHK 87.20 0.30
BIIB 274.14 2.91 Chevron

BNTX 101.77 3.27 Chipotle

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CQP 49.48 -1.13

CVX 159.65 -0.24

CHWY 31.23 -0.90
CMG 1861.35 -28.65
EastGroup

eBay
Ecolab
Ecopetrol
EGP 174.64 -1.79 Gallagher

EBAY 43.52 -0.33 Gartner

ECL 185.21 0.70 GenDigital
EC 11.58 0.10 Generac
AJG 220.53 -3.53 Infosys
EastmanChem EMN 84.16 -0.76 Gaming&Leisure GLPI 48.10 -0.44 s IngersollRand IR
Eaton ETN 220.20 -0.89 Garmin GRMN 104.92 -1.20 Ingredion
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INFY 16.77 -0.01
68.62 0.71
INGR 101.03 -8.57
337.14 -4.56 InspireMedical INSP 244.99 -20.51
GEN 20.28 -0.84 Insulet
GNRC 108.34 -2.27 Intel
PODD 238.34 -22.51
INTC 35.02 -0.21
Loews

Lucid
lululemon
L 63.61 0.11
LogitechIntl LOGI 67.84 -0.52
Lowe's LOW 220.91 -2.39
LCID 7.19

LyondellBasell LYB 98.42 0.07

0.78 t
LULU 380.70 -1.80
Newmont NEM 39.84 -0.64 s Primerica PRI 215.00 -0.76
NewsCorp B NWS 20.79 0.15 PrincipalFinl PFG 79.01 -0.78
NewsCorp A NWSA 20.38 0.17 ProcoreTech PCOR 64.89 0.17
NextEraEnergy NEE 68.71 0.07 Procter&Gamble PG 157.09 0.17
Nike
NiSource
NKE 109.69 -0.79 Progressive PGR 126.50 -1.16
NI 26.74 0.07 Continued on Page B10
Ametek AME 160.50 -0.10 BlackKnight BKI 74.61 0.25 Chubb CB 201.08 -1.94
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Amgen AMGN 260.80 7.86 BlackRock BLK 696.98 -15.57 ChunghwaTel CHT 36.82 0.18
AmkorTech AMKR 27.62 -1.04 Blackstone BX 103.77 -0.16 Church&Dwight CHD 95.50 -0.18
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Amphenol APH 88.77 -0.11 Block SQ 62.38 -1.63 ChurchillDowns CHDN 121.52 -0.23
AnalogDevices ADI 186.61 -3.49 BlueOwlCapital OWL 12.00 -0.29 Cigna 292.15 0.33
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ABSOLUTE AUCTION
m er

BANK-OWNED
BANKRATE.COM® MMA, Savings and CDs
REAL ESTATE AUCTION
Average Yields of Major Banks Tuesday, August 8, 2023 of AireHealth, Inc . SEPTEMBER 21, 2023
m rp

Type MMA 1-MO 2-MO 3-MO 6-MO 1-YR 2-YR 2.5YR 5YR
Remote Patient Respiratory Care Platform
National average
Savings
Jumbos
0.51
0.89
0.21
0.23
0.24
0.27
1.43
1.48
1.28
1.37
1.52
1.63
1.30
1.44
1.21
1.31
1.12
1.25 ONLINE AUCTION 5 VACANT LAND PARCELS
Weekly change
COMBINED INTO 4 SEPARATE OFFERINGS
Savings 0.00 0.00 0.00 -0.03 -0.02 -0.01 -0.02 0.00 -0.01
SEPTEMBER 13 • 11 AM ALL LOCATED IN FREDERICKSBURG, VIRGINIA
co Fo

Jumbos 0.02 -0.01 0.00 -0.02 -0.02 -0.02 -0.02 -0.01 -0.02
Various potential uses from Hotel, Retail, Office, Assisted Living and more.
Consumer Savings Rates
1 3.44 Acres, Ø Overview Dr., Cosner East 36-21-E. Zoned C-3.
OFFERING

Below are the top federally insured offers available nationwide according to Bankrate.com's
weekly survey of highest yields. For latest offers and reviews of these financial institutions, please You essentially receive two high-visibility stop light corner
visit bankrate.com/banking/reviews. Information is believed to be reliable, but not guaranteed. lots at the entry way to the Spotsylvania Regional Medical
High yield savings Center. The corner of Spotsylvania Pkwy and Hospital Blvd.
Bank Yield Bank Yield Previously Valued to $1,675,000 • Suggested Opening Bid $650,000
Phone number Minimum (%) Phone number Minimum (%)

2
Money market account Six-month CD 3.3 Acres, Ø Hospital Blvd., Pod C Parcel 4 Cosner East.
OFFERING

CFG Community Bank $1,000 5.17 Popular Direct $10,000 5.35 Zoned C-3. SouthsIde of Overview Dr., Eastside of Hospital Dr.
(888) 205-8388 (800) 274-5696
Vio Bank $100 5.15 America First FCU $500 5.30 where Hospital intersects Mill Dr. Adjacent to Bojangles,
n-

(888) 999-9170 (801) 627-0900 Sheetz Gas Station.

Popular Direct $100 5.15 Bank5 Connect $500 5.30 FRANCIS D. SANTOS Previously Priced to $950,000 • Suggested Opening Bid $375,000
(800) 274-5696 (508) 679-8551
FisherAuction.com • 754.220.4116
3
One-month CD One-year CD 5.56 Acres, Parcel 4 & 5 Harrison Crossing, 5535 & 5541
OFFERING

FL LIC #AB106, AU93 • AUCTION SUBJECT TO TERMS OF SALE

VirtualBank $10,000 2.48 Popular Direct $10,000 5.50
no

Plank Rd., to be sold in bulk. Adjacent to Giant Grocery Store,

(877) 998-2265 (800) 274-5696
Lone Star Bank $1,000 0.20 Sallie Mae Bank $2,500 5.50 Burger King, Chipotle, Taco Bell, Home Depot, Firestone, and
(713) 358-9400 (877) 346-2756 much more.
Presidential Bank, FSB $1,000 0.10 Rising Bank $1,000 5.40 Previously Priced Over $2,160,000 • Suggested Opening Bid $825,000
(800) 799-1424 (888) 222-9484 MINNESOTA INVESTMENT PROPERTIES

4
Two-month CD Two-year CD 1.140 Acres, Cosners Corner, East of Patriot Hwy (U.S. 1)
OFFERING

VirtualBank $10,000 2.74 Luana Savings Bank $2,000 5.01 Zoned C-3. Between Rt. 17 (Mills Dr.) to the North and
(877) 998-2265 (800) 666-2012
Spotsylvania Pkwy to the South. Behind a GNC store,
Lone Star Bank $1,000 0.20 MySavingsDirect $1,000 5.00 Farm Land, MN 27-LOT RENO NV SUBDIVISION
(713) 358-9400 (914) 771-6770 a Hair Cuttery and diagonally across from a Gourmeltz,
Presidential Bank, FSB $1,000 0.10 First Internet Bank of Indiana $1,000 4.85
839 Acres Approved tentative map
adjacent to Target, Publix, Kohls, Petsmart, etc.
City-View lots, Strong Bldr Mkt
(800) 799-1424 (888) 873-3424 $16,500 per acre Previously Priced to $700,000 • Suggested Opening Bid $350,000
Suggest gated community, $1.1mm
Three-month CD Five-year CD Rochester, MN (Near Mayo Clinic)
Highly Productive
FERRARI-LUND REAL ESTATE BUY
Goldwater Bank $5,000 5.00 First National Bank of America $1,000 4.65 Larry Barnes, Bs.21554 • 775-846-5080 SOME
(480) 281-8200 (800) 968-3626 Lester Conklin, s.32291 • 775-762-0338 OR ALL
Jon Rausch - 612 685 8288 FOR INFORMATION CONTACT
Popular Direct $10,000 4.75 Popular Direct $10,000 4.60
(800) 274-5696
Merrick Bank $25,000 4.75
(800) 274-5696
First Internet Bank of Indiana $1,000 4.59 Rick Levin & Associates, Inc. | since 1991
(866) 638-6851 (888) 873-3424
MASSACHUSETTS
312.440.2000 | www.ricklevin.com
High yield jumbos - Minimum is $100,000 IN CONJUNCTION WITH WOLTZ & ASSOCIATES, INC.
Money market account Six-month CD LICENSED VIRGINIA REAL ESTATE BROKER & AUCTIONEER
LICENSE #321
Vio Bank
(888) 999-9170
5.15 Popular Direct
(800) 274-5696
5.35
NOTABLE 4 ABSOLUTE
Western State Bank
(701) 277-5003
5.15 America First FCU
(801) 627-0900
5.30
COmmErCiAL AUCTIONS
UFB Direct
(877) 472-9200
5.06 Bank5 Connect
(508) 679-8551
5.30
prOpErTiEs MASSACHUSETTS

One-month CD One-year CD EVERy WEdNESdAy WHITMAN, MA

VirtualBank 2.48 Connexus Credit Union 5.50 “Peaceful Meadows Ice Cream”
(877) 998-2265 (800) 845-5025
Lone Star Bank 0.20 Popular Direct 5.50 BANKRUPTCY SALE Previously Licensed
(713) 358-9400 (800) 274-5696 LIST yOUR for 160 Beds
Presidential Bank, FSB 0.10 Sallie Mae Bank 5.50 PROPERTy TOdAy • Prime location with great
(800) 799-1424 (877) 346-2756 proximity to 2 major hospitals
Two-month CD Two-year CD •    
VirtualBank 2.74 Luana Savings Bank 5.16 (800) 366-3975 Expressway I-291 & easy
(877) 998-2265 (800) 666-2012 access to I-90 & I-91
0.20 5.00 sales.realestate@wsj.com
Lone Star Bank MySavingsDirect 67, 81 & 94 (Lot 1 & 2) BID DEADLINE SEPT. 14 • Also suitable for conversion
(713) 358-9400 (914) 771-6770 For more information visit: Bedford St. (Rt. 18) to multifamily apartments or
Presidential Bank, FSB 0.10 Connexus Credit Union 4.96
(800) 799-1424 (800) 845-5025
wsj.com/classifieds • Operating Complex with Home &
Offices on 4± Acres
FORMER SKILLED   

Three-month CD Five-year CD • 55± Acres Agricultural Land NURSING/

Goldwater Bank 5.00 Popular Direct 4.60 • 3BR, 2BA Home on 1± Acre ASSISTED LIVING
(480) 281-8200
Merrick Bank 4.75
(800) 274-5696
First Internet Bank of Indiana 4.59
• 4BR, 2BA 2-Family Home on 5± Acres
Tues., Aug. 29 at 11am On-site FACILITY
(866) 638-6851 (888) 873-3424 Preview: Tues., Aug. 22 (11am-1pm)
Popular Direct 4.75 Barclays Bank 4.50
200 KENDALL STREET
(800) 274-5696 (888) 720-8756
SPRINGFIELD, MA
Notes: Accounts are federally insured up to $250,000 per person. Yields are based on method of
compounding and rate stated for the lowest required opening deposit to earn interest. CD
figures are for fixed rates only. MMA: Allows six (6) third-party transfers per month, three (3) of Info, Full Terms, Broker Reg & More at: Sales 855.755.2300 HilcoRealEstate.com
which may be checks. Rates are subject to change. JJManning.com U.S. Bankruptcy Court District of Massachusetts (Springfield). Petition No: 23-30136, In re: Chapin Center RE LLC.
Source: Bankrate.com, a publication of Bankrate, Inc., Palm Beach Gardens, FL 33410 © 2023 Dow Jones & Company, Inc. 800.521.0111 Lic# 111
All Rights Reserved.
Internet: www.bankrate.com
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

B8 | Wednesday, August 9, 2023 THE WALL STREET JOURNAL.

COMMODITIES wsj.com/market-data/commodities

Futures Contracts Open

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

Metal & Petroleum Futures Coffee (ICE-US)-37,500 lbs.; cents per lb. Canadian Dollar (CME)-CAD 100,000; $ per CAD
Agriculture Futures Sept 162.15 162.90 159.55 161.35 –2.60 64,301 Aug .7466 .7482 .7408 .7453 –.0029 376
Contract Open Dec 162.05 162.45 159.30 160.85 –2.60 72,273 Sept .7483 .7485 .7410 .7456 –.0029 134,607
Open High hi lo Low Settle Chg interest Corn (CBT)-5,000 bu.; cents per bu. Sugar-World (ICE-US)-112,000 lbs.; cents per lb. British Pound (CME)-£62,500; $ per £
Copper-High (CMX)-25,000 lbs.; $ per lb. Sept 482.00 488.75 477.25 485.75 3.50 323,834
Oct 23.70 23.71 23.29 23.45 –.29 383,403 Aug 1.2761 1.2785 1.2686 1.2746 –.0038 300
3.7800 3.7800 3.7085 3.7480 –0.0650 515 Dec 495.75 501.25 490.50 498.75 3.00 596,526 23.95 23.95 23.56 23.70 –.26 236,392
Aug March'24 Sept 1.2783 1.2790 1.2687 1.2749 –.0038 195,482
Sept 3.8420 3.8420 3.7265 3.7665 –0.0685 107,633
Oats (CBT)-5,000 bu.; cents per bu. Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. Swiss Franc (CME)-CHF 125,000; $ per CHF
Sept 408.50 413.25 400.00 410.75 3.50 979 Sept 39.52 39.52 39.52 39.52 … 783
Gold (CMX)-100 troy oz.; $ per troy oz. Sept 1.1507 1.1517 1.1435 1.1471 –.0036 41,621
Dec 428.25 434.75 419.00 430.50 3.50 3,081 May'24 41.00 41.00 41.00 41.24 –.25 1,868
Aug 1931.70 1933.20 1923.00 1924.10 –9.40 2,405 Dec 1.1614 1.1629 1.1550 1.1585 –.0035 746
Soybeans (CBT)-5,000 bu.; cents per bu. Cotton (ICE-US)-50,000 lbs.; cents per lb. Australian Dollar (CME)-AUD 100,000; $ per AUD
Sept 1941.80 1943.40 1928.20 1930.80 –9.90 2,667 Aug 1400.25 1431.25 1395.00 1430.00 15.50 503 Oct 85.50 86.18 85.26 86.20 –.18 103 Aug .6574 .6577 .6499 .6539 –.0036 484
Oct 1951.70 1953.10 1937.30 1940.50 –10.00 32,943 Nov 1302.00 1311.00 1282.25 1306.00 4.00 306,334 Dec 85.43 85.45 84.40 85.20 –.14 137,537 Sept .6583 .6586 .6506 .6547 –.0036 175,613
Dec 1971.50 1972.80 1956.50 1959.90 –10.10 366,930 Soybean Meal (CBT)-100 tons; $ per ton. Orange Juice (ICE-US)-15,000 lbs.; cents per lb. Mexican Peso (CME)-MXN 500,000; $ per MXN
Feb'24 1991.20 1991.40 1977.00 1980.20 –10.20 14,875 Aug 448.40 451.10 434.60 433.20 –13.00 474 Sept 304.70 306.85 295.60 296.95 –8.20 7,448 Aug .05812 .05853 .05787 .05841 –.00016 37
April 2010.80 2010.80 1996.50 1999.70 –10.20 6,927 Dec 391.60 395.10 387.60 394.00 2.40 204,172 Nov 291.45 291.45 283.65 284.90 –6.15 2,166 Sept .05812 .05815 .05741 .05804 –.00015 228,327
Palladium (NYM) - 50 troy oz.; $ per troy oz. Soybean Oil (CBT)-60,000 lbs.; cents per lb. Euro (CME)-€125,000; $ per €
Aug 1207.20 –18.10 Aug 66.50 66.50 65.00 66.58 –.08 436 Interest Rate Futures Aug 1.1005 1.1014 1.0933 1.0963 –.0048 2,265
Sept 1240.00 1240.00 1196.50 1218.10 –18.10 15,493 Dec 59.85 60.51 57.86 59.85 … 192,971 Sept 1.1024 1.1033 1.0951 1.0981 –.0049 743,695
Platinum (NYM)-50 troy oz.; $ per troy oz. Rough Rice (CBT)-2,000 cwt.; $ per cwt. Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100%
Aug 897.90 –23.60 4 Sept 15.83 15.98 15.76 15.89 –.03 7,609 Sept 126-290 129-110 126-290 128-100 1-03.0 1,565,398
Dec 129-160 131-020 128-220 130-040 1-06.0 1,105 Index Futures
Oct 926.00 926.90 899.70 904.20 –22.70 69,253 Nov 16.10 16.14 15.95 16.08 –.02 2,206
Silver (CMX)-5,000 troy oz.; $ per troy oz. Wheat (CBT)-5,000 bu.; cents per bu. Treasury Bonds (CBT)-$100,000; pts 32nds of 100% Mini DJ Industrial Average (CBT)-$5 x index
Sept 121-130 123-050 121-120 122-140 28.0 1,302,772 Sept 35563 35569 35076 35395 –159 109,427
Aug 22.960 22.965 22.850 22.717 –0.425 45 Sept 657.50 662.25 643.00 656.25 –1.25 122,831
Dec 121-270 123-120 121-200 122-210 28.0 16,246 Dec 35836 35885 35410 35726 –157 547
Sept 23.200 23.255 22.720 22.807 –0.425 92,515 Dec 681.00 687.00 668.25 681.50 .50 127,617
Wheat (KC)-5,000 bu.; cents per bu. Treasury Notes (CBT)-$100,000; pts 32nds of 100% Mini S&P 500 (CME)-$50 x index
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. Sept 111-000 111-220 110-310 111-130 9.0 4,819,557 Sept 4539.50 4541.00 4482.00 4518.50 –19.25 2,196,655
Sept 82.53 83.08 79.90 82.92 0.98 291,477 Sept 769.00 776.25 757.75 770.50 .75 61,558
Dec 111-170 112-075 111-165 111-305 9.5 33,322 Dec 4591.00 4591.00 4531.75 4568.25 –20.00 27,616
82.04 82.52 79.52 82.36 0.87 247,456 Dec 782.00 789.25 771.25 781.50 –.75 73,786
Oct 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% Mini S&P Midcap 400 (CME)-$100 x index
Nov 81.56 81.99 79.12 81.85 0.83 139,994
Cattle-Feeder (CME)-50,000 lbs.; cents per lb. Sept 106-285 107-082 106-275 107-035 4.5 5,656,732
Aug 247.025 247.500 244.175 246.000 –.975 9,404 Sept 2713.30 2714.20 2660.60 2689.80 –24.10 39,609
Dec 81.03 81.49 78.70 81.35 0.82 232,565 Dec 107-165 107-267 107-140 107-220 5.0 26,045 Dec 2708.20 –24.00 n.a.
Sept 250.875 251.275 247.850 249.425 –1.450 18,559 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100%
June'24 78.25 78.62 s 76.26 78.52 0.70 127,070 Mini Nasdaq 100 (CME)-$20 x index
Dec 75.57 76.05 s 73.99 75.95 0.64 125,512
Cattle-Live (CME)-40,000 lbs.; cents per lb. Sept 101-221 101-252 101-212 101-230 .1 3,723,584
Aug 180.000 180.600 179.300 179.700 … 18,293 Sept 15495.00 15497.75 15218.00 15354.25 –131.25 260,070
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. Dec 102-060 102-100 102-057 102-073 –.1 4,738 Dec 15696.00 15696.00 15414.00 15548.25 –134.00 9,496
Oct 181.600 182.000 180.500 180.900 –.525 138,319 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg.
Sept 3.0329 3.0917 2.9374 3.0856 .0701 74,355
Hogs-Lean (CME)-40,000 lbs.; cents per lb. Mini Russell 2000 (CME)-$50 x index
Oct 3.0117 3.0647 s 2.9174 3.0585 .0641 54,995 Aug 94.6725 94.6750 94.6700 94.6700 –.0025 377,102 Sept 1968.30 1969.00 1928.20 1955.10 –12.40 511,826
Aug 102.125 102.650 101.700 102.100 .575 14,926 Oct 94.6400 94.6450 94.6350 94.6350 ... 328,049
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. Oct 84.975 85.825 83.850 84.575 –.250 89,616 Dec 1987.30 1988.30 1949.20 1975.20 –12.60 2,442
Sept 2.8325 2.8514 2.7359 2.8451 .0407 107,111
Three-Month SOFR (CME)-$1,000,000; 100 - daily avg. March'24 1994.70 –11.60 16
Lumber (CME)-27,500 bd. ft., $ per 1,000 bd. ft. May 94.8575 ... 27,746
Oct 2.5909 2.6143 2.5078 2.6085 .0431 78,798 Sept 501.00 519.00 498.50 499.50 4.00 4,500 Mini Russell 1000 (CME)-$50 x index
Dec 94.6500 94.6750 94.6350 94.6500 –.0050 1,283,001
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. Nov 508.00 517.50 506.00 508.50 3.00 2,414 Sept 2458.50 2485.70 2456.50 2477.10 –10.90 8,190
Sept 2.735 2.801 2.692 2.777 .052 281,449 Milk (CME)-200,000 lbs., cents per lb. U.S. Dollar Index (ICE-US)-$1,000 x index
Currency Futures Sept 101.90 102.63 101.89 102.34 .48 28,666
Oct 2.828 2.886 2.783 2.864 .051 125,939 Aug 17.31 17.38 17.27 17.36 … 5,131
3.189 3.261 3.148 3.243 .066 131,679 Japanese Yen (CME)-¥12,500,000; $ per 100¥ Dec 101.67 102.26 101.61 102.01 .48 622
Nov Sept 17.90 18.02 17.76 17.97 .03 5,372
Jan'24 3.816 3.887 3.784 3.876 .064 89,101 Cocoa (ICE-US)-10 metric tons; $ per ton. Aug .7005 .7028 .6976 .6980 –.0049 544
March 3.459 3.511 3.427 3.499 .050 76,618 Sept 3,456 3,456 3,266 3,333 –143 59,946 Sept .7065 .7068 .7014 .7019 –.0049 222,100 Source: FactSet
April 3.153 3.197 3.131 3.192 .039 68,778 Dec 3,486 3,487 3,338 3,376 –121 138,321

Bonds | wsj.com/market-data/bonds/benchmarks
Exchange-Traded Portfolios | WSJ.com/ETFresearch
Closing Chg YTD Tracking Bond Benchmarks
Largest 100 exchange-traded funds, latest session ETF Symbol Price (%) (%)
Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week
Closing Chg YTD TechSelectSector XLK 170.32 –0.77 36.9 highs and lows for different types of bonds
Tuesday, August 8, 2023
ETF Symbol Price (%) (%) UtilitiesSelSector XLU 64.28 0.47 –8.8
Closing Chg YTD VangdInfoTech VGT 432.10 –0.93 35.3
Total Total
ETF Symbol Price (%) (%) iSh1-3YTreaBd SHY 81.14 0.05 –0.0 return YTD total Yield (%) return YTD total Yield (%)
VangdSC Val VBR 172.19 –0.68 8.4
CnsmrDiscSelSector XLY 171.93 –0.80 33.1 iShRussMC IWR 74.07 –0.76 9.8 close return (%) Index Latest Low High close return (%) Index Latest Low High
VangdExtMkt VXF 152.60 –0.88 14.9
CnsStapleSelSector XLP 74.72 –0.72 0.2 iShRuss1000 IWB 246.97 –0.49 17.3
VangdSC Grwth VBK 229.79 –0.87 14.6 Mortgage-Backed Bloomberg Fixed Income Indices
DimenUSCoreEq2 DFAC 27.72 –0.43 14.2 iShRuss1000Grw IWF 276.90 –0.48 29.2
VangdDivApp VIG 163.44 –0.64 7.6
Broad Market Bloomberg Fixed Income Indices
EnSelSectorSPDR 87.45 0.49 –0.0 iShRuss1000Val IWD 161.09 –0.44 6.2
XLE
193.08
VangdFTSEAWxUS VEU 54.64 –0.83 9.0
1979.44 1.5 U.S. Aggregate 4.890 3.580 5.210 1959.87 1.2 Mortgage-Backed 4.970 3.500 5.380
FinSelSectorSPDR XLF 35.08 –0.90 2.6 iShRussell2000 IWM –0.63 10.7
VangdFTSEDevMk VEA 46.20 –0.75 10.1
HealthCareSelSect XLV 134.96 0.77 –0.7 iShS&P500Grw IVW 70.88 –0.27 21.2 1934.98 1.6 Ginnie Mae (GNMA) 5.010 3.500 5.370
VangdFTSE EM VWO 41.28 –1.03 5.9 U.S. Corporate Indexes Bloomberg Fixed Income Indices

.
IndSelSectorSPDR XLI 109.07 –0.46 11.1 iShS&P500Value IVE 164.33 –0.63 13.3
VangdFTSE Europe VGK 61.85 –0.53 11.6
InvscQQQI QQQ 372.00 –0.85 39.7 iShSelectDiv DVY 115.52 –0.50 –4.2 2946.81 2.6 U.S. Corporate 5.530 4.390 6.130 1152.18 1.1 Fannie mae (FNMA) 4.960 3.500 5.390

ly
VangdGrowth VUG 283.96 –0.42 33.2
InvscS&P500EW RSP 151.86 –0.50 7.5 iSh7-10YTreaBd IEF 95.30 0.51 –0.5
iShCoreDivGrowth DGRO 52.46 –0.38 4.9 iShShortTreaBd SHV 110.10 0.02 0.2
VangdHlthCr VHT 247.30 0.70 –0.3
2864.86 2.8 Intermediate 5.460 4.170 6.050 1767.66 1.3 Freddie Mac (FHLMC) 5.060 3.500 5.370
VangdHiDiv VYM 108.92 –0.48 0.7
iShCoreMSCIEAFE IEFA 67.64 –0.65 9.7 iShTIPSBondETF TIP 106.54 –0.02 0.1
iSh20+YTreaBd TLT 96.69 1.16 –2.9
VangdIntermBd BIV 74.65 0.39 0.4 3878.09 2.2 Long term 5.680 4.800 6.370 565.78 1.7 Muni Master 3.485 2.513 3.936
iShCoreMSCIEM IEMG 49.89 –1.17 6.8
VangdIntrCorpBd VCIT 78.41 0.23 1.2
62.90 –0.85 8.7 iShUSTreasuryBd GOVT 22.64 0.35 –0.4
iShCoreMSCITotInt IXUS
567.17 1.9 Double-A-rated 4.950 3.790 5.320 404.03 1.5 7-12 year 3.119 2.392 3.794
iShCoreS&P500
iShCoreS&P MC
iShCoreS&P SC
iShCoreS&PTotUS
iShCoreTotalUSDBd
IVV
IJH
IJR
ITOT
IUSB
451.16
267.47
103.25
99.26
44.96
–0.42
–0.85
–0.68
–0.50
0.29
17.4
10.6
9.1
17.1
0.1
JPMEquityPrem
JPM UltShIncm
ProShUltPrQQQ
SPDRBbg1-3MTB
SPDR DJIA Tr
JEPI
JPST
TQQQ
BIL
DIA
55.44
50.08
41.08
91.52
353.02
–0.32

0.02
–0.45
on 1.7
0.02 –0.1
–2.56 137.5
0.1
6.5
VangdIntermTrea
VangdLC
VangdMC
VangdMC Val
VangdMBS
VangdRealEst
VGIT
VV
VO
VOE
VMBS
VNQ
58.44
205.35
222.28
141.45
45.42
83.53
0.29
–0.41
–0.75
–0.62
0.38
–0.64
–0.1
17.9
9.1
4.6
–0.2
1.3
785.20 3.1
High Yield Bonds ICE BofA
493.48 6.5
Triple-B-rated 5.800 4.710 6.440

High Yield Constrained 8.528 7.409 9.623

454.47
427.27
2.6
3.7
Global Government J.P. Morgan†
12-22 year
22-plus year
3.818 3.078 4.428
4.453 3.787 5.131

iShCoreUSAggBd AGG 96.93 0.24 –0.1 SPDR Gold GLD 178.64 –0.63 5.3
us ,

32.56 –0.76 9.7 VangdS&P500ETF VOO 412.29 –0.43 17.3

iShEdgeMSCIMinUSA USMV 74.77 –0.25 3.7 SPDRPtfDevxUS SPDW
VangdST Bond BSV 75.69 0.09 0.5 471.55 12.2 Triple-C-rated 13.674 12.836 16.916 527.41 1.1 Global Government 3.230 2.110 3.330
iShEdgeMSCIUSAQual QUAL 137.74 –0.40 20.9 SPDRS&P500Value SPYV 44.06 –0.59 13.3
l

VangdSTCpBd VCSH 75.84 0.07 0.9 767.54 0.5 Canada 3.630 2.800 3.820
iShGoldTr IAU 36.46 –0.63 5.4 SPDRPtfS&P500 SPLG 52.78 –0.43 17.3 3318.51 6.6 High Yield 100 7.940 6.786 8.753
e
iShiBoxx$HYCpBd HYG 74.95 0.21 1.8 SPDRS&P500Growth SPYG 61.37 –0.29 21.1 VangdShortTrea VGSH 57.74 0.03 –0.1
al a

iShiBoxx$IGCpBd LQD 106.06 0.40 0.6 SPDR S&P 500 SPY 448.75 –0.43 17.3 VangdSC VB 203.57 –0.74 10.9 429.09 5.8 Global High Yield Constrained 8.578 7.593 9.945 341.24 2.5 EMU§ 3.235 1.691 3.490
iShJPMUSDEmBd EMB 86.18 0.26 1.9 SchwabIntEquity SCHF 35.63 –0.61 10.6 VangdTaxExemptBd VTEB 49.66 0.28 0.3
iShMBS MBB 92.04 0.36 –0.8 SchwabUS BrdMkt SCHB 52.44 –0.51 17.0 VangdTotalBd BND 71.85 0.36 0.0 325.62 5.4 Europe High Yield Constrained 7.405 5.952 8.508 631.20 1.8 France 3.110 1.520 3.310
ci on

iShMSCIACWI ACWI 96.73 –0.58 14.0 SchwabUS Div SCHD 74.54 –0.36 –1.3 VangdTotIntlBd BNDX 48.67 0.56 2.6
VangdTotIntlStk VXUS 56.37 –0.83 9.0
U.S Agency Bloomberg Fixed Income Indices 450.05 1.5 Germany 2.530 0.880 2.760
iShMSCI EAFE EFA 72.33 –0.60 10.2 SchwabUS LC SCHX 53.09 –0.51 17.6
iSh MSCI EM EEM 39.99 –1.21 5.5 SchwabUS LC Grw SCHG 75.43 –0.49 35.8 VangdTotalStk VTI 223.57 –0.46 16.9 1725.06 2.0 U.S Agency 4.890 3.350 5.080 279.87 0.7 Japan 0.970 0.570 1.060
iShMSCIEAFEValue EFV 49.63 –0.88 8.2 SchwabUS SC SCHA 44.93 –0.71 10.9 VangdTotWrldStk VT 98.03 –0.62 13.7
iShNatlMuniBd MUB 105.87 0.37 0.3 SPDR S&PMdCpTr MDY 489.27 –0.85 10.5 VangdValue VTV 145.54 –0.45 3.7 1526.97 2.0 10-20 years 4.890 3.310 5.100 487.10 1.6 Netherlands 2.790 1.200 3.000
iSh1-5YIGCorpBd IGSB 50.25 0.06 0.9 SPDR S&P Div SDY 124.12 –1.08 –0.8 WisdTrFRTrea USFR 50.39 ... 0.2
3272.61 2.6 20-plus years 4.830 3.740 5.240 753.80 -3.7 U.K. 4.500 2.200 4.700
er s

2603.99 2.7 Yankee 5.320 4.140 5.840 802.29 4.4 Emerging Markets ** 7.677 7.084 9.159
ADVERTISEMENT *Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds
** EMBI Global Index Sources: ICE Data Services; Bloomberg Fixed Income Indices; J.P.Morgan
m er

Business Real Estate & Services

To advertise: email sales.realestate@wsj.com or WSJ.com/classifieds
Global Government Bonds: Mapping Yields
Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in
m rp

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
BANKRUPTCY SALE Coupon (%) Maturity, in years
4.750 U.S. 2 4.756
Latest(l)-1 0 1 2 3 4 5 Previous
l 4.756
Month ago
4.931
Year ago
3.214
Latest Prev Year ago

3.375 10 4.024 t l 4.076 4.047 2.763

0.250 Australia 2 3.794 t 3.929 4.413 2.704 -84.2 -50.1
co Fo

l -96.4
3.000 10 4.031 t l 4.200 4.256 3.227 0.3 10.8 46.9
0.000 France 2 3.230 t l 3.275 3.463 0.385 -152.8 -149.5 -282.1
3.000 10 3.004 t l 3.124 3.186 1.445 -102.4 -96.8 -131.4
3.100 Germany 2 2.921 t l 2.973 3.266 0.454 -183.7 -179.7 -275.2
2.600 10 2.469 t l 2.599 2.636 0.898 -156.0 -149.2 -186.0
3.600 Italy 2 3.615 t l 3.669 3.918 1.345 -114.3 -110.2 -186.1
4.350 10 4.135 t l 4.253 4.354 3.038 10.7 16.1 28.0
0.005 Japan 2 0.017 t l 0.024 -0.042 -0.099 -474.1 -474.7 -330.4
0.400 10 0.611 t l 0.628 0.436 0.178 -341.7 -346.3 -258.0
0.000 Spain 2 3.325 t 3.414 3.561 0.686 -135.7 -252.0
BID DEADLINE SEPT. 12 BUILDING RENDERING
l -143.2
3.550 10 3.501 t l 3.630 3.631 1.994 -52.7 -46.1 -76.4
n-

PARTIALLY 0.625 U.K. 2 4.917 t 4.933 5.380 1.868 16.0 16.2 -133.8
• In the heart of downtown, steps from Lake l

Dillon & minutes from 4 world-class ski & 4.250 10 4.387 t l 4.458 4.651 1.953 35.9 36.6 -80.5
COMPLETED, summer resorts Source: Tullett Prebon, Tradeweb ICE U.S. Treasury Close
no

LUXURY CONDO • Site prep work complete & partial construction

of podium foundation Corporate Debt
DEVELOPMENT • Plans in place for 6-story, Prices of firms' bonds reflect factors including investors' economic, sectoral and company-specific
expectations
80 UNITS PLANNED 80-unit, mid-rise building
Investment-grade spreads that tightened the most…
WITH STUNNING LAKE Potential TIF Agreement Spread*, in basis points
& MOUNTAIN VIEWS with Town of Dillon
Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week

International Business Machines IBM 4.000 5.49 June 20, ’42 115 –19 n.a.
240 LAKE DILLON DRIVE Sumitomo Mitsui Financial SUMIBK 2.130 5.39 July 8, ’30 138 –12 142
DILLON, CO 855.755.2300 ENEL Finance International ENELIM 6.800 5.71 Oct. 14, ’25 93 –5 87
Sales HilcoRealEstate.com Kraft Heinz KHC 6.750 5.35 March 15, ’32 136 –5 n.a.
MassMutual Global Funding II MASSMU 5.050 5.11 June 14, ’28 101 –5 103
U.S. Bankruptcy Court District of Colorado (Denver). Petition No: 23-10617-TBM, In re: Uptown 240 LLC. Progress Energy … 6.000 6.04 Dec. 1, ’39 170 –4 n.a.
PPL Electric Utilities … 6.250 5.52 May 15, ’39 117 –4 n.a.
NOTICE OF PUBLIC SALE OF COLLATERAL AEP American Electric Power 5.699 5.79 Aug. 15, ’25 103 –3 82

On the 29th day of September, 2023, commencing at 10 a.m. prevailing …And spreads that widened the most
Eastern Time, in front of the New York County Supreme Court, located at 60 United
Volkswagen Group of America Finance VW
Airlines UAL
4.750
5.800
5.30
5.73
Nov. 13, ’28
July 15, ’37
122
173
32
14
103
160
Centre Street, New York, New York, PFP Holding Company VI, LLC (“Secured General Motors GM 6.250 6.69 Oct. 2, ’43 235 13 223
Party”) shall cause the following property to be sold by public auction to Verizon Communications VZ 4.522 5.79 Sept. 15, ’48 160 12 148
3.125 5.31 July 27, ’26 90 9 82
the highest qualified bidder: 100% of the membership interests in Hertz American Honda Finance
Morgan Stanley MS
HNDA 4.600 4.98 April 17, ’30 92 8 90
Cleveland 600 Superior, LLC, a Delaware limited liability company, which Wells Fargo WFC 5.375 6.05 Nov. 2, ’43 169 7 n.a.
4.700 4.84 June 10, ’30 77 6 63
is the owner of certain real property and personal property, including that John Deere Capital …

certain real property, and improvements thereon, located at 600 Superior High-yield issues with the biggest price increases… Bond Price as % of face value
Avenue, Cleveland, Ohio 44114. The membership interests are being offered Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week

7.750 21.25 July 1, ’26 71.875 6.13 64.655

as a single lot on an “as-is, where-is” basis, with no express or implied BrightSphere
Dish DBS
Investment
…
BSIG 4.800 6.35 July 27, ’26 95.876 0.63 n.a.
warranties, representations, statements or conditions of any kind made by Navient NAVI 5.875 7.08 Oct. 25, ’24 98.620 0.61 99.043
0.32 103.824
the Secured Party or any person acting for or on behalf of the Secured Party, Occidental Petroleum OXY 6.450 6.11 Sept. 15, ’36 103.064
Prime Security Services Borrower PRSESE 5.750 6.53 April 15, ’26 98.100 0.32 97.936
without any recourse whatsoever to the Secured Party or any other person Bath & Body Works BBWI 9.375 6.14 July 1, ’25 105.688 0.31 n.a.
acting for or on behalf of the Secured Party. CSC Holdings CSCHLD 5.250 12.68 June 1, ’24 94.438 0.19 93.000
OneMain Finance OMF 7.125 7.60 March 15, ’26 98.885 0.14 99.059
Secured Party reserves the right to reject all bids and terminate or adjourn
…And with the biggest price decreases
the sale to another time or place, or to effectuate a private sale instead of Hughes Satellite Systems … 6.625 12.50 Aug. 1, ’26 85.770 –3.07 90.875
a public sale, without further publication, and further reserves the right to Telecom Italia Capital TITIM 7.721 9.43 June 4, ’38 86.500 –1.65 88.974
bid for the collateral at the sale and to credit bid by applying some or all of Transocean
United States Steel X
RIG
6.650
7.500
7.11
9.87
June 1, ’37
April 15, ’31
96.019
87.440
–1.12
–0.56
98.043
88.000
its secured debt to the purchase price. Interested parties who would like Hat Holdings I … 3.750 7.61 Sept. 15, ’30 79.125 –0.38 79.986
additional information concerning the items to be sold at the sale and the Venture Global Calcasieu Pass VENTGL 4.125 6.76 Aug. 15, ’31 83.875 –0.38 84.500
7.995 15.44 June 1, ’36 58.913 –0.34 57.010
terms and conditions of the sale, including the eligibility requirements to be Sealed Air
Embarq EMBARQ
SEE 6.875 6.49 July 15, ’33 102.750 –0.15 104.754
a qualified bidder, should contact Jonathan P. Cuticelli at 203-561-8737 or *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.
Jcuticelli@hilcoglobal.com. Note: Data are for the most active issue of bonds with maturities of two years or more
Source: MarketAxess
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. Wednesday, August 9, 2023 | B9

MARKETS DIGEST
EQUITIES

Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index
Last Year ago Last Year ago Last Year ago
35314.49 t 158.64, or 0.45% Trailing P/E ratio 25.71 19.34 4499.38 t 19.06, or 0.42% Trailing P/E ratio * 22.43 22.56 13884.32 t 110.07, or 0.79% Trailing P/E ratio *† 32.02 26.82
High, low, open and close for each P/E estimate * 19.38 17.41 High, low, open and close for each P/E estimate * 20.75 18.22 High, low, open and close for each P/E estimate *† 29.15 23.06
trading day of the past three months. Dividend yield 2.01 2.14 trading day of the past three months. Dividend yield * 1.56 1.58 trading day of the past three months. Dividend yield *† 0.81 0.83
All-time high 36799.65, 01/04/22 All-time high 4796.56, 01/03/22 All-time high: 16057.44, 11/19/21

Current divisor 0.15172752595384

35800 4600 14500

Session high
DOWN UP 35200 4500 14000
t

Session open Close

Close Open
t

34600 4400 13500

Session low

34000 4300 13000

33400 4200 65-day moving average 12500

65-day moving average 65-day moving average

32800 4100 12000

Bars measure the point change from session's open

32200 4000 11500
May June July Aug. May June July Aug. May June July Aug.
*Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.; † Based on Nasdaq-100 Index

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

Latest 52-Week % chg Most-active and biggest movers among NYSE, NYSE Arca, NYSE Amer. Volume, Advancers, Decliners
High Low Close Net chg % chg High Low % chg YTD 3-yr. ann. and Nasdaq issues from 4 p.m. to 6 p.m. ET as reported by electronic NYSE NYSE Amer.
Dow Jones trading services, securities dealers and regional exchanges. Minimum Total volume* 842,078,009 10,961,931
Industrial Average 35346.64 35007.41 35314.49 -158.64 -0.45 35630.68 28725.51 7.8 6.5 8.8 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 293,347,453 6,167,984
Transportation Avg 16324.96 16158.97 16304.99 -91.16 -0.56 16695.32 11999.40 12.2 21.8 15.5 Most-active issues in late trading Decl. volume* 538,633,220 4,667,502
Utility Average 891.98 879.13 891.43 3.96 0.45 1061.77 838.99 -12.9 -7.9 1.9 Volume After Hours Issues traded 3,018 315
Company Symbol (000) Last Net chg % chg High Low
Total Stock Market 45024.66 44619.27 44986.97 -223.42 -0.49 45969.67 36056.21 8.3 16.8 9.6 Advances 1,088 125
Lyft LYFT 12,898.7 10.86 -0.70 -6.06 13.49 10.36
Barron's 400 1029.04 1010.81 1023.80 -5.24 -0.51 1036.97 825.73 8.0 11.2 12.0 Declines 1,813 172
Rivian Automotive RIVN 8,331.6 25.02 0.22 0.89 26.10 23.56
Unchanged 117 18
Nasdaq Stock Market PENN Entertainment PENN 6,203.8 29.53 4.69 18.88 33.45 24.61 New highs 64 5
Nasdaq Composite 13899.74 13769.34 13884.32 -110.07 -0.79 14358.02 10213.29 11.1 32.7 8.0 SPDR S&P 500 ETF Trust SPY 5,780.7 448.68 -0.08 -0.02 448.90 445.22 New lows 65 14
Nasdaq-100 15295.80 15148.25 15273.05 -134.80 -0.87 15841.35 10679.34 17.4 39.6 11.1 DraftKings Cl A DKNG 4,928.5 28.98 -2.74 -8.63 31.86 28.43 Closing Arms† 1.19 0.40
Bank of America BAC 3,860.4 31.22 -0.05 -0.16 31.43 28.99 Block trades* 3,839 129
S&P

.
-0.42
Upstart Holdings UPST 3,452.3 41.70 -10.05 -19.42 52.50 40.88
500 Index 4503.31 4464.39 4499.38 -19.06 4588.96 3577.03 9.1 17.2 10.3 Nasdaq NYSE Arca

ly
Dynavax Technologies DVAX 3,428.5 14.75 -0.14 -0.94 15.00 14.25
MidCap 400 2681.37 2652.12 2679.35 -23.80 -0.88 2728.44 2203.53 7.3 10.2 11.4 Total volume*5,284,559,809 243,008,170
SmallCap 600 1258.84 1241.49 1258.40 -8.36 -0.66 1315.82 1064.45 2.4 8.7 11.3 Percentage gainers… Adv. volume*2,294,175,332 89,424,346
Tango Therapeutics TNGX 1,196.2 6.10 2.27 59.27 7.40 3.83 Decl. volume*2,931,083,948 152,068,288
Other Indexes
Russell 2000
NYSE Composite
Value Line
1947.63 1924.23 1947.42 -11.52
16208.23 16025.37 16176.35 -31.88
585.33 575.58 581.31 -4.02
-0.59
-0.20
-0.69
on 2021.35 1655.88
16427.29 13472.18
606.49 491.56
1.8
6.0
2.1
10.6
6.5
8.4
7.5
8.2
6.8
PENN Entertainment
Array Technologies
Azenta
PENN
ARRY
AZTA
6,203.8
952.3
50.6
29.53
20.70
55.20
4.69
2.82
7.20
18.88
15.77
15.00
33.45
20.92
55.20
24.61
17.00
48.00
Issues traded
Advances
Declines
Unchanged
4,488
1,666
2,607
215
1,793
505
1,261
27
NYSE Arca Biotech 5183.61 5148.95 5179.05 26.84 0.52 5644.50 4390.11 3.8 -1.9 -3.0
SciPlay SCPL 491.6 22.55 2.90 14.76 22.80 19.65
New highs 62 8
us ,

NYSE Arca Pharma 913.53 872.89 909.34 36.44 4.17 909.34 737.84 12.9 4.8 11.2 ...And losers New lows 204 15
l

KBW Bank 87.70 85.23 87.63 -1.07 -1.21 115.55 71.96 -19.2 -13.1 4.2 445.5 25.91 -6.88 -20.98 32.79 25.06 Closing Arms† 0.82 0.51
e
Doximity DOCS
al a

PHLX§ Gold/Silver 118.62 116.11 118.40 -0.35 -0.29 144.37 91.40 7.2 -2.0 -8.4 Upstart Holdings UPST 3,452.3 41.70 -10.05 -19.42 52.50 40.88 Block trades* 39,047 1,116
PHLX§ Oil Service 93.25 90.03 93.09 0.76 0.82 93.94 56.08 42.3 11.0 34.5 Yellow YELL 1,147.9 2.58 -0.50 -16.23 3.25 2.44 * Primary market NYSE, NYSE American NYSE Arca only.
ci on

PHLX§ Semiconductor 3684.98 3631.81 3679.42 -59.99 -1.60 3861.63 2162.32 28.3 45.3 19.1 Veritone VERI 62.0 3.45 -0.55 -13.75 4.08 3.20 †(TRIN) A comparison of the number of advancing and declining
issues with the volume of shares rising and falling. An
Cboe Volatility 18.14 15.96 15.99 0.22 1.40 33.63 12.91 -26.6 -26.2 -10.4 Nerdy Cl A NRDY 51.7 4.45 -0.67 -13.09 5.45 4.15 Arms of less than 1 indicates buying demand; above 1

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

International Stock Indexes Percentage Gainers... Percentage Losers

er s

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

World MSCI ACWI 688.28 –4.14 –0.60 13.7 Bruush Oral Care BRSH 7.70 4.48 139.13 71.25 2.76 -87.8 ESGL Holdings ESGL 4.00 -3.70 -48.02 24.72 3.81 -59.9
MSCI ACWI ex-USA 303.41 –2.48 –0.81 7.9 Tilray Brands TLRY 3.02 0.80 36.04 5.12 1.50 -21.4 VistaGen Therapeutics VTGN 7.42 -5.63 -43.14 24.71 1.62 56.7
MSCI World 2988.10 –15.67 –0.52 14.8 Paymentus Holdings PAY 14.04 3.34 31.21 15.05 6.75 26.9 SeaChange International SEAC 4.68 -3.20 -40.60 12.20 4.59 -59.7
MSCI Emerging Markets 1003.71 –12.60 –1.24 4.9 Fresh2 Group ADR FRES 3.30 0.78 30.90 11.99 2.52 -33.4 Thoughtworks TWKS 5.21 -1.81 -25.78 17.44 4.60 -68.5
m rp

Americas MSCI AC Americas 1703.48 –8.35 –0.49 16.9 Bright Minds Biosciences DRUG 4.17 0.95 29.50 23.75 2.01 -17.4 Everbridge EVBG 22.79 -6.35 -21.79 42.90 22.17 -23.1
Canada S&P/TSX Comp 20205.98 –30.06 –0.15 4.2 Telephone & Data Sys TDS 16.99 3.79 28.71 17.42 6.44 -0.8 Axogen AXGN 6.67 -1.61 -19.44 13.66 5.80 -29.3
Latin Amer. MSCI EM Latin America 2423.14 –21.83 –0.89 13.9 Viant Technology DSP 5.89 1.31 28.60 6.05 3.15 4.6 Rigetti Computing RGTI 1.87 -0.45 -19.40 5.90 0.36 -57.0
Brazil BOVESPA 119090.24 –289.26 –0.24 8.5 Biolase BIOL 6.79 1.48 27.87 594.00 4.65 -98.8 Intl Flavors & Fragrances IFF 64.78 -15.56 -19.37 127.63 62.28 -46.1
Chile S&P IPSA 3521.66 –43.46 –1.22 11.0 Yellow YELL 3.08 0.60 24.19 8.51 0.43 -57.2 Arcturus Therapeutics ARCT 25.73 -6.12 -19.22 37.75 13.02 41.1
co Fo

Mexico S&P/BMV IPC 53663.02 –369.81 –0.68 10.7 Ceco Environmental CECO 14.56 2.82 24.02 16.73 8.41 62.3 Missfresh ADR MF 2.12 -0.49 -18.77 6.30 0.41 -54.9
EMEA STOXX Europe 600 458.60 –1.08 –0.23 7.9 US Cellular USM 38.42 7.16 22.90 39.38 13.79 21.5 SunCar Tech Cl A SDA 16.24 -3.75 -18.76 45.73 3.80 59.4
Eurozone Euro STOXX 453.44 –4.36 –0.95 10.6 Sterling Infrastructure STRL 75.58 13.77 22.28 75.95 20.46 206.1 RingCentral Cl A RNG 31.80 -7.18 -18.42 54.76 25.32 -35.1
Belgium Bel-20 3699.10 –16.92 –0.46 –0.1 908 Devices MASS 7.65 1.38 22.01 21.37 5.69 -59.2 Alteryx Cl A AYX 30.87 -6.75 -17.94 70.63 28.90 -51.1
Denmark OMX Copenhagen 20 2189.22 187.28 9.35 19.3 Capricor Therapeutics CAPR 5.73 1.02 21.66 6.58 3.30 24.3 Datadog DDOG 88.04 -18.26 -17.18 120.75 61.34 -19.8
7269.47 –0.69 12.3 Brookdale Senior Living BKD 4.59 0.80 21.11 5.49 2.27 -8.7 Teradata TDC 46.08 -9.40 -16.94 57.73 28.65 32.9
France CAC 40 –50.29
Germany DAX 15774.93 –175.83 –1.10 13.3
Israel Tel Aviv 1860.55 –11.86 –0.63 3.5
Most Active Stocks Volume Movers Ranked by change from 65-day average*
Italy FTSE MIB 27942.25 –605.36 –2.12 17.9 Volume % chg from Latest Session 52-Week Volume % chg from Latest Session 52-Week
Company Symbol (000) 65-day avg Close % chg High Low Company Symbol (000) 65-day avg Close % chg High Low
Netherlands AEX 767.00 –5.13 –0.66 11.3
Oslo Bors All-Share 1402.06 2.9 Mullen Automotive MULN 314,066 29.5 0.11 -0.88 23.25 0.10 Invsc BuyBack Achievers PKW 4,937 18056 93.76 -0.27 94.15 73.80
Norway –9.20 –0.65
T2 Biosystems TTOO 202,297 170.1 0.31 26.69 15.00 0.05 InFinT Acquisition Cl A IFIN 1,678 10880 10.96 0.27 10.97 10.08
South Africa FTSE/JSE All-Share 76837.44 –176.30 –0.23 5.2
n-

Spain IBEX 35 9301.80 –56.80 –0.61 13.0 Proterra PTRA 192,993 8816.2 0.17 -88.31 7.71 0.15 Timothy Plan US SC Core TPSC 829 8269 33.54 -0.77 34.63 27.67
822.16 –0.66 5.2 Palantir Technologies PLTR 142,234 64.9 17.04 -5.28 20.24 5.92 Franklin Sys Sty Premia FLSP 645 6779 22.05 0.20 23.86 18.05
Sweden OMX Stockholm –5.46
3.1
Tilray Brands TLRY 124,455 533.8 3.02 36.04 5.12 1.50 SeaChange International SEAC 476 6325 4.68 -40.60 12.20 4.59
Switzerland Swiss Market 11057.32 –50.15 –0.45
Turkey BIST 100 7412.20 –57.90 –0.78 34.5 ProSh UltraPro Shrt QQQ SQQQ 118,925 0.4 18.59 2.65 69.55 16.38 Gl X Genomics Biotech GNOM 3,372 6214 11.35 0.27 16.75 11.20
no

U.K. FTSE 100 7527.42 –27.07 –0.36 1.0 Infinity Pharmaceuticals INFI 115,470 12151.7 0.13 45.88 1.76 0.09 Oxbridge Acquisition A OXAC 727 5731 9.03 -3.22 17.50 7.96
U.K. FTSE 250 18841.54 –20.13 –0.11 –0.1 Tesla TSLA 96,386 -27.6 249.70 -0.70 314.67 101.81 Trajan Wealth Incm Opps TWIO 478 4677 8.74 0.09 9.60 8.28
ProShares UltraPro QQQ TQQQ 93,940 -6.4 41.08 -2.56 47.14 16.10 Delek Logistics Partners DKL 2,038 3899 39.03 6.76 64.47 36.50
Asia-Pacific MSCI AC Asia Pacific 164.88 –1.47 –0.89 5.9
Lucid Group LCID 88,986 100.3 7.19 12.17 19.16 5.46 GraniteSh Platinum PLTM 642 2295 8.82 -2.16 11.04 8.04
Australia S&P/ASX 200 7311.10 1.90 0.03 3.9
* Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least
China Shanghai Composite 3260.62 –8.21 –0.25 5.5 5,000 shares =Has traded fewer than 65 days
Hong Kong Hang Seng 19184.17 –353.75 –1.81 –3.0
65846.50 –0.16 8.2
Scan this code
India S&P BSE Sensex –106.98
Japan NIKKEI 225 32377.29 122.73 0.38 24.1 Get real-time U.S. stock quotes CURRENCIES & COMMODITIES
Singapore Straits Times 3313.79 3.92 0.12 1.9 and track most-active stocks,
South Korea KOSPI 2573.98 –6.73 –0.26 15.1 new highs/lows, mutual funds Currencies
Taiwan TAIEX 16877.07 –118.93 –0.70 19.4 and ETFs. U.S.-dollar foreign-exchange rates in late New York trading
Thailand SET 1518.44 –14.07 –0.92 –9.0
All are available free at WSJMarkets.com US$vs, US$vs,
Sources: FactSet; Dow Jones Market Data Tues YTDchg Tues YTDchg
Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%)
Americas Vietnam dong .00004212 23740 0.5
CREDIT MARKETS Argentina peso .0035284.1095 60.7 Europe
Brazil real .2041 4.8988 –7.3 Czech Rep. koruna .04515 22.149 –1.9
Canada dollar .7452 1.3420 –1.0 Denmark krone .1470 6.8005 –2.1
Consumer Rates and Returns to Investor Benchmark
Treasury yield Yields
curve Forex Race Chile peso .001162 860.46 1.4 Euro area euro 1.0959 .9125 –2.3
U.S. consumer rates Selected rates andtoRates
Yield maturity of current bills, Yen, euro vs. dollar; dollar vs. Colombiapeso .000247 4051.34 –16.4 Hungary forint .002811 355.71 –4.7
notes and bonds major U.S. trading partners Ecuador US dollar 1 1 unch Iceland krona .007583 131.88 –6.8
A consumer rate against its 5-year CDs Mexico peso .0584 17.1185 –12.2 Norway krone .0974 10.2642 4.6
benchmark over the past year 5.00% Uruguay peso .02627 38.0687 –4.8 Poland zloty .2456 4.0723 –7.0
Bankrate.com avg†: 2.85% t 12% Asia-Pacific Russia ruble .01029 97.205 31.8
Federal-funds Colorado Federal Savings Bank 4.45% 4.00 WSJ Dollar Index Euro Sweden krona .0933 10.7145 2.7
Tradeweb ICE s s
Australiadollar .6544 1.5281 4.1
target rate 5.00% Greenwood Village, CO 877-484-2372 Tuesday Close 6 Switzerland franc 1.1421 .8756 –5.4
China yuan .1386 7.2170 4.6
t 3.00 Turkey lira .0371 26.9810 44.4
Barclays Bank 4.50% Hong Kong dollar .1280 7.8142 0.1
.0272 36.7500 –0.3
t Ukraine hryvnia
4.00 0 India rupee .01206 82.920 0.2
Wilmington, DE 888-720-8756 One year ago 2.00 UK pound 1.2750 .7843 –5.1
Five-year CD yields Indonesia rupiah .0000658 15187 –2.4
t 3.00 First Internet Bank of Indiana 4.59% 1.00 –6 s Japan yen .006974 143.38 9.4 Middle East/Africa
Indianapolis, IN 888-873-3424 Yen Kazakhstan tenge .002239 446.61 –3.5 Bahrain dinar 2.6529 .3770 –0.03
2.00 Popular Direct 4.60% 0.00 –12 Macau pataca .1242 8.0510 0.04 Egypt pound .0324 30.8983 24.8
Malaysia ringgit .2182 4.5825 4.0 Israel shekel .2687 3.7214 5.6
Miami Lakes, FL 800-274-5696 1 3 6 1 2 3 5 7 10 20 30 2022 2023
1.00 New Zealand dollar .6065 1.6488 4.7 Kuwait dinar 3.2499 .3077 0.6
First National Bank of America 4.65% month(s) years
A S O N D J F MAM J J A Pakistan rupee .00348 287.670 26.9 Oman sul rial 2.5974 .3850 ...
East Lansing, MI 800-968-3626 maturity Philippines peso .0177 56.442 1.4 Qatar rial .2744 3.644 –0.6
2022 2023
Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Singapore dollar .7421 1.3475 0.5 Saudi Arabia riyal .2665 3.7518 –0.2
Yield/Rate (%) 52-Week Range (%) 3-yr chg South Korea won .0007593 1317.02 4.4 South Africa rand .0528 18.9332 11.2
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts)
Corporate Borrowing Rates and Yields Sri Lanka rupee .0031160 320.92 –12.7
Close Net Chg % Chg YTD%Chg
Federal-funds rate target 5.25-5.50 5.25-5.50 2.25 l 5.50 5.25 Taiwan dollar .03140 31.843 3.9
Yield (%) 52-Week Total Return (%) Thailand baht .02856 35.020 1.2 WSJ Dollar Index 97.23 0.4300.444 0.70
Prime rate* 8.50 8.50 5.50 l 8.50 5.25 Bond total return index Close Last Week ago High Low 52-wk 3-yr
SOFR 5.30 5.31 2.25 l 5.31 5.21 Sources: Tullett Prebon, Dow Jones Market Data
U.S. Treasury, Bloomberg 2107.780 4.400 4.480 4.560 3.100 –3.899 –5.327
Money market, annual yield 0.57 0.56 0.12 l 0.57 0.32
Five-year CD, annual yield 2.85 2.85 1.83 l 2.86 2.17 U.S. Treasury Long, Bloomberg 3116.260 4.300 4.230 4.570 3.170 –14.155–14.537 Commodities
30-year mortgage, fixed† 7.55 7.38 5.46 l 7.55 4.48 Aggregate, Bloomberg 1979.440 4.890 4.920 5.210 3.580 –3.293 –4.657 Tuesday 52-Week YTD
Pricing trends on someClose
raw materials, or commodities
Net chg % Chg High Low % Chg % chg
15-year mortgage, fixed† 6.73 6.65 4.87 l 6.75 4.11 Fixed-Rate MBS, Bloomberg 1959.870 4.970 4.950 5.380 3.500 –4.200 –4.033
Jumbo mortgages, $726,200-plus† 7.60 7.44 5.46 l 7.60 4.50 DJ Commodity 999.76 0.81 0.08 1113.32 930.59 -6.30 -4.67
High Yield 100, ICE BofA 3318.509 7.940 7.902 8.753 6.786 4.144 1.579 Refinitiv/CC CRB Index 279.23 0.04 0.01 301.75 253.85 -1.87 0.53
Five-year adj mortgage (ARM)† 6.37 6.32 4.20 l 6.37 3.14
Muni Master, ICE BofA 565.777 3.485 3.377 3.936 2.513 –0.216 –1.511 Crude oil, $ per barrel 82.92 0.98 1.20 97.01 66.74 -8.38 3.31
New-car loan, 48-month 7.30 7.26 5.07 l 7.64 3.03
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 802.288 7.677 7.582 9.159 7.084 3.050 –4.070 Natural gas, $/MMBtu 2.777 0.052 1.91 9.680 1.991 -64.55 -37.94
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. 1924.10 -9.40 -0.49 2048.00 1623.30 7.25 5.74
 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 | Wednesday, August 9, 2023 NY THE WALL STREET JOURNAL.

BIGGEST 1,000 STOCKS

Continued From Page B7 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 RIO 63.57 Suzano SUZ 10.15 -0.11 TexasInstruments TXN 166.73 -2.23 UnitedAirlines UAL 54.86 1.18 WarnerBrosA WBD 14.42 -0.05 Weyerhaeuser WY 33.37 0.23 XcelEnergy XEL 59.64 -0.12
RioTinto -0.48 SherwinWilliams SHW 272.81 -1.51
Rivian RIVN 24.80 0.52 ShinhanFin SHG 27.14 -0.32 SynchronyFinl SYF 34.84 0.09 TexasPacLand TPL 1765.26 19.24 UnitedMicro UMC 7.11 -0.21 WarnerMusic WMG 32.72 2.15 WheatonPrecMet WPM 43.75 0.25 XPeng XPEV 17.73 -0.97
Prologis PLD 123.42 -1.01
RobertHalf RHI 75.82 0.28 ShockwaveMed SWAV 219.48 -25.79 Synopsys SNPS 435.99 -8.01 TexasRoadhouse TXRH 108.58 -0.96 UPS B UPS 180.55 -1.60 WasteConnections WCN 140.17 -3.02 Whirlpool WHR 141.76 -1.11 Xylem XYL 105.15 -1.81
PrudentialFinl PRU 97.31 -0.82
Robinhood HOOD 11.10 -0.24 Shopify SHOP 56.19 -1.38 Sysco SYY 73.11 -1.06 Textron TXT 78.18 -1.42 UnitedRentals URI 480.55 -4.53 WasteMgt WM 159.80 -1.45 Williams WMB 34.83 0.36 YPF YPF 14.33 0.38
Prudential PUK 26.16 -0.31
Roblox RBLX 37.74 0.14 SimonProperty SPG 119.00 -0.66 ThermoFisher TMO 555.78 3.99 US Bancorp USB 40.23 0.11 Waters WAT 296.73 7.01 Williams-Sonoma WSM 139.57 0.01 Yum!Brands YUM 134.14 -0.97
PublicServiceEnt PEG 60.59 0.09
PublicStorage PSA 281.83 -1.18 RocketCos. RKT 11.37 -0.21 SiriusXM SIRI 4.82 0.01 T U V ThomsonReuters TRI 130.44 0.01 UnitedTherap UTHR 236.78 -1.02 Watsco WSO 360.59 -3.20 WillisTowers WTW 203.44 -8.16 YumChina YUMC 56.65 ...
3M MMM 104.12 -1.11 UnitedHealth UNH 505.86 -4.88 Wayfair W 81.76 -1.50 WillScotMobile WSC 43.25 -0.44
s PulteGroup PHM 86.01 0.38 Rockwell ROK 305.55 -4.91 SiteOneLandscape SITE 162.93 -1.88 TC Energy TRP 36.20 0.41 Toast ZTO Express ZTO 26.60 -0.17
TOST 20.22 -0.15 UnitySoftware U 38.89 -1.06 WebsterFin WBS 45.96 -0.42 Wipro WIT 4.98 0.04
PureStorage PSTG 36.97 -0.69 RogersComm B RCI 41.34 -0.70 SkechersUSA SKX 54.75 0.47 TD Synnex SNX 99.47 0.56 Toll Bros ZebraTech ZBRA 253.68 5.45
TOL 80.76 0.50 UnivDisplay OLED 160.56 -4.04 WellsFargo WFC 44.48 -0.58 Wolfspeed WOLF 57.63 -1.32
Qiagen QGEN 44.60 -0.62 RoivantSciences ROIV 11.39 0.15 Skyworks SWKS 108.76 -1.41 TE Connectivity TEL 137.40 -2.02 s TopBuild Zillow C Z 56.78 0.79
AOS 73.24 -0.60 BLD 298.96 1.77 UniversalHealthB UHS 136.28 -0.41 s Welltower WELL 85.29 0.50 WoodsideEnergy WDS 25.29 0.18
Qorvo QRVO 106.20 -0.52 Roku ROKU 86.54 -1.86 SmithAO Telus TU 17.11 -0.13 Toro Zillow A ZG 55.31 0.79
TTC 102.07 -0.83 UnumGroup UNM 49.71 -0.69 WescoIntl WCC 152.30 -1.53 Woodward WWD 127.62 0.10
QCOM 117.66 -1.68 Rollins ROL 40.45 0.03 Smith&Nephew SNN 28.22 -0.32
Qualcomm Ternium TX 41.09 0.01 TorontoDomBk TD 63.68 -1.11 VF VFC 19.58 0.52 s WestPharmSvcs WST 399.87 21.17 Workday WDAY 227.54 -6.01 ZimmerBiomet ZBH 124.86 -0.77
QuantaServices PWR 202.70 0.58 RoperTech ROP 491.28 -1.42 Smucker SJM 146.49 -2.64 ZTS 189.30 8.61
TFI Intl TFII 132.58 -0.21 TotalEnergies TTE 60.85 -0.16 VICI Prop VICI 31.14 -0.14 WesternDigital WDC 43.16 -0.34 WW Ent WWE 107.04 -0.52 Zoetis
QuestDiag DGX 134.92 -1.69 RossStores ROST 113.18 -0.28 Snap SNAP 10.54 -0.03 67.55 -1.11
TIM TIMB 14.90 0.25 ToyotaMotor TM 170.29 -3.10 VailResorts MTN 231.73 -1.22 WesternMidstrm WES 27.98 0.02 WynnResorts WYNN 103.07 -1.96 ZoomVideo ZM
RoyalBkCanada RY 95.01 -1.34 Snap-On SNA 272.89 -0.85
TJX TJX 86.58 0.29 TractorSupply TSCO 221.77 -1.03 Vale VALE 13.75 -0.12 Westlake WLK 132.59 -1.36 XP XP 26.25 0.08 t ZoomInfoTech ZI 18.45 -0.07
R S RoyalCaribbean RCL 106.15 -1.91 Snowflake SNOW 156.33 -10.34 T-MobileUS TMUS 136.26 -0.39 TradeDesk TTD 85.30 -0.50 ValeroEnergy VLO 131.34 2.05 WestRock WRK 34.79 0.37 XPO XPO 73.06 0.78 Zscaler ZS 138.69 -6.65
RoyalGold RGLD 112.36 -0.99 SOQUIMICH SQM 69.77 -0.13
RB Global RBA 58.09 -0.45 TPG TPG 27.62 -2.17 Tradeweb TW 81.83 -2.13 VeevaSystems VEEV 193.99 -2.83
RoyaltyPharma RPRX 30.55 -0.27 SoFiTech SOFI 9.31 -0.08
RELX RELX 32.89 0.02 T.RowePrice TROW 114.81 -1.81 TraneTech TT 205.54 -2.81 Ventas VTR 45.49 -0.10
RyanSpecialty RYAN 43.37 -0.95 t SolarEdgeTech SEDG 178.45 -2.29
TaiwanSemi TSM 94.49 -1.86 s TransDigm VeriSign VRSN 203.21 -2.04
RH
R1 RCM
RH 399.57 -2.27
RCM 17.23 -0.15
Ryanair
SAP
RYAAY 101.00
SAP 134.63
-1.20 Sony
-1.17 Southern
SONY 89.82 -0.62
SO 68.81 0.79
TDG 888.86 -25.32
TakeTwoSoftware TTWO 140.14 -1.04 TransUnion TRU 77.81 -0.77 VeriskAnalytics VRSK 232.53 -1.00 Borrowing Benchmarks
RPM RPM 103.70 0.31 TakedaPharm TAK 15.36 -0.01 Travelers TRV 167.88 -2.24 Verizon VZ 32.57 0.04
RTX RTX 86.21 0.74
S&P Global SPGI 386.51 -3.87 SoCopper SCCO 83.64 0.58
Tapestry TPR 41.60 -0.79 Trex TREX 73.75 -1.08 VertexPharm VRTX 344.47 -0.85 wsj.com/market-data/bonds/benchmarks
SBA Comm SBAC 223.04 2.93 SouthwestAir LUV 33.74 0.77
RalphLauren RL 130.15 -1.47 TargaResources TRGP 82.83 0.74 Trimble TRMB 54.53 -0.54 Vertiv VRT 36.22 0.50
SEI Investments SEIC 61.96 -1.10 SouthwesternEner SWN 6.54 -0.01
Target TGT 130.98 -0.96 Trip.com TCOM 39.94 -0.52 Viatris VTRS 11.15 0.15
RangeResources RRC 33.42 0.06
RaymondJames RJF 108.31 -0.63
SK Telecom SKM 19.74
SS&C Tech SSNC 56.00
-0.33 Splunk
-1.21 Spotify
SPLK 100.20 -2.14
SPOT 138.37 -3.62 TechnipFMC FTI 18.10 -0.10 TruistFinl TFC 32.41 -0.19 Vipshop
Visa
VIPS 17.52
V 239.29
-0.11
-2.22
Money Rates August 8, 2023
RealtyIncome O 59.00 -1.11 Saia SAIA 425.33 -3.73 StanleyBlackDck SWK 97.39 -1.36 TeckResourcesB TECK 41.83 -0.21 Twilio TWLO 58.40 -3.19
TeledyneTech TDY 385.00 2.77 TylerTech Vistra VST 28.82 0.12
RegalRexnord RRX 161.47 -0.44 Salesforce CRM 211.58 -4.48 Stantec STN 66.91 -0.36
Teleflex
TYL 377.59 -5.49
TFX 229.75 -10.42 TysonFoods TSN 55.05 0.75 VMware VMW 158.38 -0.85
Key annual interest rates paid to borrow or lend money in U.S. and
RegencyCtrs REG 65.48 -1.16 Samsara IOT 24.67 -0.62 Starbucks SBUX 100.70 -1.05
RegenPharm REGN 780.32 5.58 Sanofi SNY 52.66 0.62 StateStreet STT 72.73 -1.17 Ericsson ERIC 4.97 -0.06 UBS Group UBS 22.03 -0.14 Vodafone VOD 9.28 -0.09 international markets. Rates below are a guide to general levels but
8.76 0.01 UDR VoyaFinancial VOYA 72.89 -0.80
RegionsFinl RF 20.90 -0.08 SareptaTherap SRPT 103.10 0.60 SteelDynamics STLD 103.95 -0.51 TelefonicaBras VIV
Telefonica 3.81 -0.01 U-Haul
UDR 39.69 -0.70
VulcanMatls VMC 226.84 -1.88 don’t always represent actual transactions.
ReinsGrp RGA 139.76 0.16 Sasol SSL 13.45 0.05 Stellantis STLA 19.34 -0.24 TEF UHAL 58.12 -1.18
RelianceSteel RS 284.37 0.01 Schlumberger SLB 58.51 0.54 Steris STE 225.24 -0.95 TelekmIndonesia TLK 24.23 0.14 U-Haul N UHAL/B 55.93 -1.64
RenaissanceRe RNR 183.40 -12.57 SchwabC SCHW 65.52 -0.45 s Stevanato STVN 35.49 2.92 TempurSealy TPX 45.65 0.30 US Foods USFD 42.10 -0.14
W X Y Z Inflation Week —52-WEEK—
Latest ago High Low
RentokilInit RTO 38.87 0.01 Sea SE 57.33 -1.20 STMicroelec STM 49.04 -0.94 Tenaris TS 33.01 0.30 UWM UWMC 6.31 -0.53 WEC Energy WEC 87.69 0.20 June index Chg From (%)
Repligen RGEN 172.88 1.50 Seagate STX 67.06 -1.45 Stryker SYK 282.33 -3.94 TencentMusic TME 6.30 0.06 Uber UBER 45.16 0.21 WEX WEX 192.01 -2.55
RepublicSvcs RSG 147.27 -1.62 Seagen SGEN 194.65 1.00 SumitomoMits SMFG 8.97 -0.22 TenetHealthcare THC 73.19 -2.51 Ubiquiti UI 170.25 -0.28 W.P.Carey WPC 66.49 -0.77
level May '23 June '22 Secondary market
t ResMed RMD 179.27 -7.40 Sempra SRE 143.31 0.91 SunComms SUI 127.00 -2.26 Teradyne TER 106.27 -2.65 UiPath PATH 15.83 -0.36 WPP WPP 50.24 -1.44
RestaurantBrands QSR 74.29 -0.26 ServiceCorp SCI 63.12 0.22 SunLifeFinancial SLF 51.05 -0.87 Tesla TSLA 249.70 -1.75 UltaBeauty ULTA 438.17 -1.78 Wabtec WAB 114.75 -0.90 U.S. consumer price index Fannie Mae
Revvity RVTY 123.18 0.38 ServiceNow NOW 552.83 -2.06 SuncorEnergy SU 31.11 0.23 TetraTech TTEK 166.92 -0.87 Unilever UL 52.08 -0.13 WalgreensBoots WBA 29.53 -0.35 All items 305.109 0.32 3.0 30-year mortgage yields
RexfordIndlRealty REXR 53.17 -0.76 Shell SHEL 61.68 0.24 SuperMicroComp SMCI 347.40 -5.89 TevaPharm TEVA 9.78 0.15 UnionPacific UNP 228.63 -1.07 s Walmart WMT 160.65 0.16
Core 308.910 0.26 4.8 30 days 6.387 6.459 6.812 4.569
60 days 6.396 6.471 6.988 4.608
International rates
Cash Prices | wsj.com/market-data/commodities Tuesday, August 8, 2023 Week 52-Week
Other short-term rates
These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace—separate from the futures price on an Latest ago High Low Week 52-Week
Latest ago high low
exchange, which reflects what the commodity might be worth in future months. Prime rates
Tuesday Tuesday Tuesday Tuesday U.S. 8.50 8.50 8.50 5.50 Call money
(U.S.$ equivalent) *23.3950 Wool,64s,staple,Terr del-u,w n.a. select 1-3,600-900 lbs.-u 260.91 Canada 7.20 7.20 7.20 4.70 7.25 7.25 7.25 4.25
Energy Coins,wholesale $1,000 face-a Broilers, National comp wtd. avg.-u,w 1.0849
20008 Japan 1.475 1.475 1.475 1.475
Grains and Feeds Butter,AA Chicago-d 2.6500 Commercial paper (AA financial)
Coal,C.Aplc.,12500Btu,1.2SO2-r,w 66.250 Other metals
Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 14.300 LBMA Platinum Price PM *930.0 Barley,top-quality Mnpls-u n.a. Cheddar cheese,bbl,Chicago-d 180.00 Policy Rates 90 days 5.52 5.47 5.54 2.64
Platinum,Engelhard industrial 910.0 Bran,wheat middlings, KC-u,w 145 Cheddar cheese,blk,Chicago-d 196.50 Euro zone 4.25 4.00 4.25 0.50
Metals Corn,No. 2 yellow,Cent IL-bp,u 5.2100 Milk,Nonfat dry,Chicago lb.-d 112.50 Secured Overnight Financing Rate
Palladium,Engelhard industrial 1230.0 Switzerland 2.25 2.25 2.25 0.25
Corn gluten feed,Midwest-u,w 159.4 Coffee,Brazilian,Comp-y 1.6175 5.30 5.31 5.31 2.25
Gold, per troy oz Aluminum, LME, $ per metric ton *2178.0 Britain 5.25 5.00 5.25 1.75
Engelhard industrial Copper,Comex spot Corn gluten meal,Midwest-u,w 541.7 Coffee,Colombian, NY-y 1.9443
1929.00 3.7480 Australia 4.10 4.10 4.10 1.85 Value 52-Week
Iron Ore, 62% Fe CFR China-s Cottonseed meal-u,w 345 Eggs,large white,Chicago-u 1.1150 Latest Traded High Low
Handy & Harman base 1926.40 n.a.
Hominy feed,Cent IL-u,w 165 Flour,hard winter KC-p 18.85
Handy & Harman fabricated 2138.30 Shredded Scrap, US Midwest-s,m n.a. Overnight repurchase DTCC GCF Repo Index
Meat-bonemeal,50% pro Mnpls-u,w 438 Hams,17-20 lbs,Mid-US fob-u 1.02
LBMA Gold Price AM *1936.90 Steel, HRC USA, FOB Midwest Mill-s n.a. U.S. 5.32 5.35 5.35 2.25
Oats,No.2 milling,Mnpls-u 4.3075 Hogs,Iowa-So. Minnesota-u 101.64 Treasury 5.324 20.696 5.365 2.221
LBMA Gold Price PM *1931.70 Battery/EV metals Rice, Long Grain Milled, No. 2 AR-u,w 37.25 Pork bellies,12-14 lb MidUS-u n.a. MBS 5.340 30.300 5.407 2.319
Krugerrand,wholesale-e 2012.57 BMI Lithium Carbonate, EXW China, =99.2%-v,w 38775 Sorghum,(Milo) No.2 Gulf-u n.a. Pork loins,13-19 lb MidUS-u 1.2208
U.S. government rates
Maple Leaf-e 2060.71 BMI Lithium Hydroxide, EXW China, =56.5% -v,w 37450 SoybeanMeal,Cent IL,rail,ton48%-u,w 456.35 Steers,Tex.-Okla. Choice-u n.a. Discount
American Eagle-e 2060.71 BMI Cobalt sulphate, EXW China, >20.5% -v,m 6090 Notes on data:
Soybeans,No.1 yllw IL-bp,u 13.7800 Steers,feeder,Okla. City-u,w 274.75 5.50 5.50 5.50 2.50 U.S. prime rate is the base rate on corporate

.
Mexican peso-e 2484.60 BMI Nickel Sulphate, EXW China, >22%-v,m 4638 Wheat,Spring14%-pro Mnpls-u 9.1575
Austria crown-e 1890.77 BMIFlakeGraphite,FOBChina,-100Mesh,94-95%-v,m 620 Wheat,No.2 soft red,St.Louis-u 6.0975
Fats and Oils loans posted by at least 70% of the 10 largest
Federal funds

ly
U.S. banks, and is effective July 27, 2023. Other
Austria phil-e 2022.20 Wheat - Hard - KC (USDA) $ per bu-u 8.1050 Degummed corn oil, crude wtd. avg.-u,w n.a. prime rates aren’t directly comparable; lending
Fibers and Textiles Effective rate 5.3400 5.3400 5.3400 2.3300
Silver, troy oz. Wheat,No.1soft white,Portld,OR-u n.a. Grease,choice white,Chicago-h 0.6400 High 5.6500 5.6500 5.6500 2.4500
practices vary widely by location; Discount rate
Engelhard industrial 22.9000 Burlap,10-oz,40-inch NY yd-n,w 0.7200 Lard,Chicago-u is effective July 27, 2023. Secured Overnight
n.a. Low 5.3100 5.3100 5.3100 2.3000
Handy & Harman base 22.7200 Cotton,1 1/16 std lw-mdMphs-u 0.8320
Food Soybean oil,crude;Centl IL-u,w 0.7220
Financing Rate is as of August 7, 2023. DTCC
Bid 5.3300 5.3300 5.3300 2.3000 GCF Repo Index is Depository Trust & Clearing
Handy & Harman fabricated
LBMA spot price
28.4000
*£18.3800
Cotlook 'A' Index-t
Hides,hvy native steers piece fob-u on*95.05
n.a.
Beef,carcass equiv. index
choice 1-3,600-900 lbs.-u

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;
285.77
Tallow,bleach;Chicago-h
Tallow,edible,Chicago-u

K=bi-weekly; M=monthly; N=nominal; n.a.=not quoted or not available; P=Sosland Publishing; R=SNL Energy; S=Platts-TSI; T=Cotlook Limited; U=USDA; V=Benchmark Mineral Intelligence; W=weekly; Y=International Coffee
0.6800
0.7700
Offer 5.3500

Treasury bill auction

4 weeks
13 weeks
5.275
5.290
5.3700 5.3700

5.275 5.840 2.110

5.280 5.300 2.580
2.3200 Corp.'s weighted average for overnight trades in
applicable CUSIPs. Value traded is in billions of
U.S. dollars. Federal-funds rates are Tullett
Prebon rates as of 5:30 p.m. ET.
Sources: Federal Reserve; Bureau of Labor
Statistics; DTCC; FactSet;
Organization; Z=not quoted. *Data as of 8/7
26 weeks 5.265 5.270 5.290 3.020 Tullett Prebon Information, Ltd.
us ,

Source: Dow Jones Market Data

l
e
al a

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as enacted in New York, by virtue of certain Event(s) of
UNDER $100 PSF Default under that certain Membership Interest Pledge
GROCERY ANCHORED AT $6.1M Agreement dated as of October 28, 2021 (the “Pledge
Agreement”), executed and delivered by SDS COLCON
CALL/EMAIL, B. BROOKS, BROKER, LLC (the “Pledgor”), TIG ROMSPEN US MASTER

folio analytics & risk mgmt. Prior exp must incl
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MORTGAGE LP (“Secured Party”) will offer for sale at
(512) 328-7800, bb3105@Hotmail.com public auction all of Pledgor’s right, title, and interest
in and to the following: (i) 100% of the limited liability
membership interests in SDS COLCON OWNER LLC
(the “Company”), and (ii) all other collateral pledged
NOTICE OF SALE pursuant to the Pledge Agreement ((i) and (ii) are the
“Collateral”).
Based upon information provided by Pledgor and its
affiliates, Secured Party’s understanding (made without
NOTICE OF PUBLIC UCC SALE any representation or warranty by Secured Party as to

opportunities.
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To see if you qualify for your Free, initial,confidential,
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no obligation, no-chase consultation: Salary range: $150,000 - $174,999/yr. Email
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JAnthony@dkp.com & ref. code JS7026194.
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Vice President, Trading
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see currency exposure for voice & electronic
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PLEASE TAKE NOTICE, that in accordance with
applicable provisions of the Uniform Commercial Code as
enacted in New York and by virtue of certain Event(s) of
Default under that certain Ownership Interests Pledge
and Security Agreement dated as of October 5, 2023 (the
“Pledge Agreement”), executed and delivered by Queens
Theater Holdco LLC (the “Pledgor”), RKO Flushing
Development Mezz LLC (the “Secured Party”) will offer
for sale at public auction all of Pledgor’s right, title, and
interest in and to the following: (i) 100% of the limited
liability membership interests in Queens Theater Owner
LLC (the “Company”); and (ii) all other collateral pledged
pursuant to the Pledge Agreement ((i) and (ii) are the
“Collateral”).
Based upon information provided by Pledgor and its
affiliates, Secured Party’s understanding (made without
any representation or warranty by Secured Party as to
the accuracy or completeness of the following matters)
is that: (i) Pledgor owns 100% of the limited liability
company membership interests in the Company; (ii)
the principal asset of the Company is that certain
fee interest in real property commonly known as
135-35 Northern Boulevard, Flushing, NY 11354 (the
the accuracy or completeness of the following matters)
is that: (i) Pledgor owns 100% of the limited liability
company membership interests in the Company; (ii)
the principal asset of the Company is that certain
fee interest in real property commonly known as 63
Columbia Street, Brooklyn, New York (the “Property”);
(iii); and (iv) the Property is encumbered and subject
to, among other things, a first priority mortgages held
by the Company securing indebtedness in the principal
amount of $14,700,000.00.
Mannion Auctions, LLC, under the direction of Matthew
D. Mannion, licensed auctioneer (DCA #1434494), will
conduct a public sale (the “Public Sale”) consisting of
the Collateral on September 28, 2023 at 10:00 am via
Zoom, Meeting link and/or at Secured Party’s sole
option, in-person in the offices of Greenspoon Marder
LLP, 590 Madison Avenue, 18th Floor, New York, New
York 10022. The URL address, password and telephone
numbers for the Zoom on-line video conference will be
provided to all confirmed participants that have properly
registered for the Public Sale.
The Collateral will be sold to the qualified bidder

https://ms.taleo.net/careersection/2/jobsearch. submitting the highest and best bid; provided, however,

how to increase the cash transfer by more than $2m and “Property”); and (iii) the Property is encumbered by and that Secured Party reserves the right to (i) for itself and
ftl?lang=en Scroll down & enter 3229535 as the subject to, among other things, a first priority mortgage
lowering the tax bill by at least $3 million at the same any assignee, bid (whether by cash and/or by crediting
“Job Number” & click “Search jobs.” No calls given by the Company securing indebtedness in the some or all of its secured claim), (ii) reject any and
time, preserving my key employees, still allowing me to Mitch Levin, MD, Founder pls. EOE original principal amount of $34,425,000.00. all bids, in whole or in part, (iii) cancel the sale in its
participate in the future growth of the company.” Corporate Finance Solutions Mannion Auctions, LLC (“Mannion”), under the entirety, (iv) adjourn the sale and/or (v) set minimum
Serving Business Owners and Investors Since 1988. direction of Matthew D. Mannion, licensed auctioneer price(s) for the Collateral. The sale is being held to
— Jordan P, Mid-size distributor South (DCA #1434494) (the “Auctioneer”), will conduct a public
no

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alliance mortgage fund
4-Time Best-Selling Author, Speaker, and Business Coach
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CAREERS CAREERS
Financial Services Senior Associate, Quant
Morgan Stanley & Co., LLC hiring for following
Morgan Stanley Investment Management, Inc.
roles thruout facilities in NY, NY: Associate to hiring for following role in NY, NY: Senior Asso-
analyze & improve existing algorithm execution ciate, Quant to work as part of quantitative re-
PUBLIC NOTICES
NOTICE OF PUBLIC DISPOSITION OF COLLATERAL
On August 14, 2023, at 10:00 a.m. prevailing Eastern
time (the “Sale Date”), H.I.G. Realty Financing II, LLC
(“Secured Party”) shall appear at the offices of King
& Spalding LLP, legal counsel to Secured Party, at
1185 Avenue of the Americas, 34th Floor, New York,
NY 10036, and shall then and there offer for sale at a
public auction (the “Sale”), pursuant to the Uniform
Commercial Code (as enacted in the State of New York),
the personal property of East Chestnut Realty Holdings
LLC (“Original Debtor”), EC21 Holdings LLC (“EC
sale consisting of the Collateral (as set forth in Schedule
A below) on October 4, 2023 at 3:30pm (New York time)
via Zoom per the following instructions: Meeting link:
https://bit.ly/RKOucc (URL is case sensitive), Meeting
ID: 856 1722 0080, Passcode: 734392. One Tap Mobile:
+16465588656,,85617220080#,,,,*734392# US (New
York); +16469313860,,85617220080#,,,,*734392# US
Dial by your location: • +1 646 558 8656 US (New York),
+1 646 931 3860 US, +1 301 715 8592 US (Washington
DC), +1 305 224 1968 US, +1 309 205 3325 US, +1 312
626 6799 US (Chicago), +1 386 347 5053 US, +1 507 473
4847 US, +1 564 217 2000 US, +1 669 444 9171 US, +1
689 278 1000 US, +1 719 359 4580 US, +1 720 707 2699
US (Denver), +1 253 205 0468 US, +1 253 215 8782 US
(Tacoma), +1 346 248 7799 US (Houston), +1 360 209
5623 US
The Collateral will be sold to the qualified bidder
enforce Secured Party’s rights in the Collateral which
secures payment of outstanding indebtedness owing
from the Company to Secured Party, following the
Company’s defaults under applicable loan documents.
There shall be no warranty or representations relating
to title, possession, quiet enjoyment, merchantability,
fitness, or the like, in this disposition.
The public sale of the Collateral shall be subject to the
further terms and conditions set forth in the “Terms of
Sale” (including without limitation terms and conditions
with respect to the availability of additional information,
bidding requirements, deposit amounts, bidding
procedures, and the consummation of the public sale),
which are available by contacting the broker for Secured
Party, Brett Rosenberg, Senior Managing Director, Jones
Land LaSalle Americas, Inc., 330 Madison Ave., Floor
4, New York, New York 10017, (212) 812-5926, brett.
rosenberg@jll.com (the “Broker”). Upon execution of a

8%-9% Return
logic for trading sys’s, & dvlp new strategies
(3237609, sal range $200,000 to $200,000);
Vice President to provide fin’l advisory & capi-
search & model review group (salary range
$130,000 to $155,000). Position req’s rel de-
gree &/or exp &/or skills. For more info & to ap-
Debtor”), and DC21 Holdings LLC (“DC Debtor”; together
with Original Debtor and EC Debtor, “Debtors”), each a
Delaware limited liability company, on account of unpaid
indebtedness owed by Debtors to Secured Party. The
submitting the highest and best bid; provided, however,
that Secured Party reserves the right to (i) for itself and
any assignee, bid (whether by cash and/or by crediting
some or all of its secured claim) and to become the
confidentiality and non-disclosure agreement, additional
documentation and information will be made available.
Parties interested in bidding must contact the Broker
well in advance of the auction to receive the Terms of
REAL ESTATE SECURED tal-raising srvcs, incl advice on M&A, restricting,
equity, & debt capital mkts for corp & institu-
ply, visit https://ms.taleo.net/careersection/2/ property offered for sale (collectively, the “Collateral”)
shall consist of any and all right, title and interest of
purchaser at the sale, (ii) reject any and all bids, (iii)
cancel the sale in its entirety, and/or (iv) adjourn
Sale, bidding instructions, and required deposit and
FIXED INCOME FUND tional clients (3236403, sal range $275,000 to
jobsearch.ftl?lang=en Scroll down & enter
3236502 as the “Job Number” & click “Search
Debtors in, to, or under that certain property identified
in (a) Uniform Commercial Code Financing Statement,
the sale. The sale is being held to enforce Secured
Party’s rights in the Collateral which secures payment
registration information. Parties who do not qualify to
bid prior to 10:00 a.m. New York time on September 26,
SEEKING RIA’S & $275,000); Vice President to execute equity &
debt financings, as well as M&A mandates &
jobs.” No calls pls. EOE Filing No. 2020 1885773, that was filed by Secured Party
against Original Debtor with the Delaware Department
of outstanding indebtedness owing from Pledgor to
2023 and deliver a good faith deposit of $50,000.00 by
10:00 a.m. New York time on September 26, 2023 will
Secured Party, following Pledgor’s defaults under
ACCREDITED INVESTORS activism defense for biotechnology (3229600,
sal range $275,000 to $275,000); Vice Presi-
of State on March 13, 2020, and (b) Uniform Commercial
Code Financing Statement, Filing No. 2021 5553285,
applicable loan documents. There shall be no warranty
forfeit their opportunity to register and may be barred
from bidding. Only qualified bidders will be permitted to
CALL: dent, Institutional Equity to implement & en-
Financial Services that was filed by Secured Party against EC Debtor and
or representations relating to title, possession, quiet
enjoyment, merchantability, fitness, or the like, in this
bid. All deposits must be paid via wire transfer. Persons
Morgan Stanley Smith Barney LLC hiring for fol- interested in bidding should contact the Broker to obtain

866-700-0600
hance pricing analytics, risk, & PnL (3236566,
sal range $250,000 to $250,000); Vice Presi-
dent to form investment views in leveraged fin’c
ALLIANCE PORTFOLIO mkts (3236448, sal range $235,000 to
120 Vantis Dr., Ste. 515 • Aliso Viejo, CA 92656 $250,000); All positions req rel degree &/or exp
&/or skills. Multiple open positions at various
www.AlliancePortfolio.com
RE Broker • CA DRE • 02066955 Broker License ID prof’l levels. For more info & apply, visit
https://ms.taleo.net/careersection/2/jobsearch.
ftl?lang=en Scroll down to “Join our team”
heading & search for these opp’tys. No calls
pls. EOE
Sewing Factory
Lowell, Mass. Financial Services
Able to add Production.
Morgan Stanley Services Group Inc. hiring for
Fast, strong, clean factory.
following roles thruout facilities in NY, NY: Vice
Please contact Joe Gatta President to work as Sr Dbase Dvlpr to build
rules engine & dbase solution for bus.’ compen-
jvgatta@gmail.com sation sys (3229521, sal range $200,000 to
(401) 864-0278 $200,000; Associate to contribute to design &
dvlpmt of hi-performance, low-latency elec-
tronic trading algorithms (3229602, sal range
$151,000 to $151,000); Associate to dvlp softw
apps that provide clients & their fin’l advisors w/
MIAMI clear, accurate & timely info & book keeping
srvcs on corp actions affecting investments
Adult Entertainment Club (3226206, sal range $156,000 to $156,000);
Executive Director, Finance responsible for
Turn-key and Spectacular Design. analyses performed by Fin’l Planning & Analy-
Fully Licensed, 5:00 am license. sis (FP&A) & Centralized Analytics Teams per-
taining to Investment Banking (IBD) (3236370,
$2,500,000 sal range $200,000 to $250,000); Vice Presi-
dent, Risk Management to perform credit anal-
Pat Burnside Realty 305-389-5800
ysis on borrower's fin’l health, assessment of
risk ratings, & collateral analysis (3237732, sal
range $187,000 to $190,000); Vice President to
advise on SEC, CFTC, & FINRA regulations as
THERE IS ONLY ONE… applied to Broker-Dealers, Swap Dealers, Se-
curity-Based Swap Dealers, & OTC Derivatives
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Dealers (3238217, sal range $200,000 to
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Best offer / Transferable &/or skills. Multiple open positions at various
prof’l levels. For more info & to apply, visit
License Plate https://ms.taleo.net/careersection/2/jobsearch.
ftl?lang=en Scroll down to “Join our team”
jkg@gradyresearch.com heading & search for these opp’tys. No calls
- Ends 8/25 - pls. EOE
lowing roles thruout facilities in NY, NY: Assis-
tant Vice President to perform fin’l data anal-
yses to drive insights & conclusions, incl fin’l
modeling (3229603, sal range $145,000 to
$145,000); Executive Director, Wealth Manage-
ment Field to create & deliver Practice Mgmt
Strategy across NY Metro region (3238821, sal
range $249,000 to $249,000). All positions req
rel degree &/or exp &/or skills. Multiple open po-
sitions at various prof’l levels. For more info &
apply, visit https://ms.taleo.net/careersection/2/
jobsearch.ftl?lang=en Scroll down to “Join our
team” heading & search for these opp’tys. No
calls pls. EOE
Financial Services
Morgan Stanley Services Group Inc. hiring for
following roles thruout facilities in NY, NY: Vice
President to analyze bus. req’mts for new apps
or change requests, dvlp detailed technl req’mt
specs, & design & dvlp efficient technology so-
lutions (3236388, sal range $180,000 to
$200,000); Vice President, Technology to con-
tribute to operating technology dvlpmt using Ag-
ile framework (3229511, sal range $158,000 to
$200,000); Vice President to implement srvr-
side components for venues of trading module
for equity, MF, & ETF trading sys’s (3229598,
sal range $187,000 to $200,000); Associate to
create & review data architecture, eng’g stand-
ards, & best practice architecture models as
part of global ENS network eng’g team
(3236493, sal range $150,000 to $150,000);
Associate, Institutional Securities Tech to de-
sign, dvlp, & maintain softw apps (3236071, sal
range $155,000 to $155,000); Associate, Java
Developer to work on margin & collateral mgmt
softw sys’s (3236409, sal range $140,000 to
$150,000); Associate, Institutional Securities
Tech to design, dvlp, & maintain softw apps
(3236436, sal range $152,000 to $152,000). All
positions req rel degree &/or exp &/or skills.
Multiple open positions at various prof’l levels.
For more info & to apply, visit https://ms.
taleo.net/careersection/2/jobsearch.ftl?lang=en
Scroll down to “Join our team” heading & search
for these opp’tys. No calls pls. EOE
DC Debtor with the Delaware Department of State on
July 15, 2021, with respect to certain personal property
of Debtors (including, without limitation, all of Original
Debtor’s membership interests in East Chestnut Realty
LLC, a Delaware limited liability company (“Original
Owner”), all of EC Debtor’s membership interests in
EC21 Realty LLC, a Delaware limited liability company
(“EC Owner”), and all of DC Debtor’s membership
interests in DC21 Realty LLC, a Delaware limited liability
company (“DC Owner”; together with Original Owner
and EC Owner, “Owners”), together with the certificates
(if any) evidencing same (collectively, the “Pledged
Interests”); all securities, security certificates, moneys
or property representing the Pledged Interests or
representing dividends or interest on any of the Pledged
Interests, or representing a distribution in respect of the
Pledged Interests, or resulting from a split-up, revision,
reclassification or other like change of the Pledged
Interests or otherwise received in exchange therefor,
and any subscription warrants, rights or options
issued to the holders of, or otherwise in respect of, the
Pledged Interests; proceeds of any policy of insurance
payable by reason of loss or damage to the Pledged
Company Interests and any other pledged collateral;
all “accounts”, “general intangibles”, “instruments”
and “investment property” (in each case as defined in
the Uniform Commercial Code) constituting or relating
to the foregoing; all proceeds of any of the foregoing
property; and all rights of Debtors under Owners’
organizational documents or any other agreement or
instrument relating to the Pledged Interests). Owners
are the owners, as tenants in common of the real
property and improvements located at and known by
the street address of 21 East Chestnut Street, Chicago,
Illinois.
On the Sale Date, the Collateral will be offered for
sale, as one unit, on an “AS IS, WHERE IS” basis, and
sold to the highest bidder at the conclusion of the
Sale, as determined by Secured Party in its reasonable
discretion. In its sole and absolute discretion, Secured
Party reserves its rights, on or prior to the Sale Date,
to withdraw any or all of the Collateral from the Sale for
any reason whatsoever, to modify, waive or amend any
terms or conditions of the Sale, to reject any or all bids,
to continue the Sale to such time and place as Secured
Party may deem fit, to offer the Collateral for sale in
multiple lots or to cancel or postpone the Sale without
notice. Secured Party also reserves its right to credit
bid at the Sale. Further information regarding the Sale
and the Collateral may be obtained by contacting Britney
Baker at King & Spalding LLP, 1180 Peachtree Street,
N.E., Atlanta, Georgia 30309, Email: bbaker@kslaw.com.
disposition.
wire transfer instructions. Within 24 hours after the
The public sale of the Collateral shall be subject to the conclusion of the auction the successful bidder (other
further terms and conditions set forth in the “Terms of
than the Secured Party) must deliver an additional
Sale” (including without limitation terms and conditions
with respect to the availability of additional information,
deposit to the Secured Party such that the successful
bidder has deposited an amount equal to 10% of the
bidding requirements, deposit amounts, bidding
successful bid, with the balance to be delivered within
procedures, and the consummation of the public sale), ten (10) business days of the Public Sale, including the
which are available by contacting the broker for Secured
payment of all transfer taxes, stamp duties and similar
Party, Brock Cannon, Head of National Sales, Newmark, taxes incurred in connection with the purchase of the
125 Park Avenue, New York, New York 10017, (212)
Collateral.
372-2066, brock.cannon@nmrk.com (the “Broker”). The Collateral consists of membership interests in
Upon execution of a confidentiality and non-disclosure
the Company and has not been and will not at the time
agreement, additional documentation and information
will be made available. Parties interested in bidding
of sale have been registered for sale under any Federal
or State securities or blue sky laws, and as such may
must contact the Broker well in advance of the auction
to receive the Terms of Sale, bidding instructions, and
not be sold or otherwise transferred by a purchaser
of any Collateral except in accordance with applicable
required deposit and registration information. Parties law. As a result, each prospective bidder seeking to be
who do not qualify to bid prior to 10:00 a.m. New York
a “Qualified Bidder” (as determined by Secured Party
time on September 28, 2023 and deliver a good faith in its sole and absolute discretion) shall be required,
deposit of $110,000 by 10:00 a.m. New York time on among other things, to execute and deliver to Secured
October 3, 2023 will forfeit their opportunity to register
and may be barred from bidding. Only qualified bidders
Party a “Bidding Certificate” certifying, among other
things, that such bidder: (i) will acquire the Collateral
will be permitted to bid. All deposits must be paid via for investment purposes, solely for its own account
wire transfer. Persons interested in bidding should
and not with a view to distribution or resale; (ii) is an
contact the Broker to obtain wire transfer instructions. accredited investor within the meaning of the applicable
Within 24 hours after the conclusion of the auction the
securities laws; (iii) has sufficient knowledge and
successful bidder must deliver an additional deposit to
experience in financial and business matters so as to be
the Secured Party such that the successful bidder has
deposited an amount equal to 10% of the successful bid.
capable of evaluating the merits and risks of investment
and has sufficient financial means to afford the risk of
The Collateral consists of membership interests in
the Company and has not been and will not at the time
investment in the Collateral; and (iv) will not resell or
otherwise hypothecate the Collateral without either a
of sale have been registered for sale under any Federal
or State securities or blue sky laws, and as such may
valid registration under applicable federal or state laws,
including without limitation the Securities Act of 1933
not be sold or otherwise transferred by a purchaser as amended, or an available exemption therefrom.
of any Collateral except in accordance with applicable THIS NOTICE DOES NOT CONSTITUTE AN OFFER
law. As a result, each prospective bidder seeking to be TO SELL, NOR THE SOLICITATION OF AN OFFER TO
a “Qualified Bidder” (as determined by Secured Party BUY, THE COLLATERAL TO OR FROM ANYONE IN ANY
in its sole and absolute discretion) shall be required,
JURISDICTION IN WHICH SUCH OFFER OR SOLICITATION
among other things, to execute and deliver to Secured IS NOTAUTHORIZED.
Party a “Bidding Certificate” certifying, among other
things, that such bidder: (i) will acquire the Collateral
for investment purposes, solely for its own account
and not with a view to distribution or resale; (ii) is an
accredited investor within the meaning of the applicable
THEMARKETPLACE
securities laws; (iii) has sufficient knowledge and
experience in financial and business matters so as to be
capable of evaluating the merits and risks of investment
and has sufficient financial means to afford the risk of ADVERTISE TODAY
investment in the Collateral; and (iv) will not resell or
otherwise hypothecate the Collateral without either a (800) 366-3975
valid registration under applicable federal or state laws,
including without limitation the Securities Act of 1933
© 2023 Dow Jones & Company, Inc.
as amended, or an available exemption therefrom. All Rights Reserved.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. * * * * * Wednesday, August 9, 2023 | B11

FINANCE & MARKETS

Stocks Fall on Weak China Wells Fargo, BNP,

Data, UPS Outlook, Banks Others Fined for
Banned Apps Use
BY RYAN DEZEMBER Index performance on Tuesday The Chinese economy’s
0% sluggish emergence from its
Weak Chinese export data, a strict Covid lockdowns might BY MENGQI SUN you wait for us to come call-
dimmer financial outlook from S&P 500
not be as bad as it seems for ing,” Gurbir S. Grewal, director
United Parcel Service and a –0.25 the global economy, said Dec Several financial firms, in- of the SEC’s enforcement divi-
Dow Jones Industrial Average
credit downgrade for 10 Mullarkey, managing director cluding Wells Fargo and BNP sion, said Tuesday, adding that
smaller U.S. banks sent stock Nasdaq Composite of investment strategy and as- Paribas, have agreed to pay the SEC has to date brought 30
–0.50
indexes down on Tuesday. set allocation at the $270-bil- about $555 million in total to enforcement actions on re-
The S&P 500 lost 0.4% and lion money manager SLC Man- two regulators, admitting that cord-keeping issues, imposing
the Dow Jones Industrial Aver- –0.75 agement. their employees used banned $1.5 billion in fines.
age declined about 0.5%, or 159 Chinese consumers are at a messaging applications that The firms in the settlements
points. The Nasdaq Composite disadvantage to those in the broke record-keeping rules. Tuesday admitted that their em-
–1.00
lost 0.8%. The U.S. since they didn’t receive The firms involved in the ployees, including those at se-
TUESDAY’S declines mostly nearly the stimulus during the settlement with the Securities nior levels, often communicated
MARKETS negated Mon- –1.25 pandemic, Mullarkey said. and Exchange Commission and internally and externally through
day’s blue- “The consumer there is not Commodity Futures Trading various unapproved messaging
chip-driven gains and resumed feeling very confident,” he said. Commission include various platforms, such as Apple’s iMes-
the slide stocks have been on –1.50 “They didn’t have the same de- sage and the encrypted Whats-
U.S. brokerage units of Wells
since the start of August. gree of handouts.” Fargo, BNP Paribas, Bank of App, to discuss business since at
Government bond prices –1.75 Five-minute intervals In overseas markets, the Montreal, Société Générale least late 2019. The majority of
climbed, pushing yields down. 10 a.m. 11 noon 1 p.m. 2 3 4 Stoxx Europe 600 shed 0.2%, and Mizuho Financial Group. this written communication
The benchmark 10-year U.S. with UniCredit and other Ital- Brokerage firms wasn’t captured
Treasury yield dipped below Source: FactSet ian banks sinking after Rome Houlihan Lokey or retained by
4% but ended at 4.024%, down said it plans a windfall tax. Capital, Moelis these firms, in
from 4.076% Monday. system’s ability to withstand lowest price in more than a de- Early Wednesday, South Ko- & Co., Wedbush Regulators are violation of fed-
Bonds are getting more at- sharply higher interest rates. cade. rea’s Kospi was up 1%, but Securities and pushing for eral securities
tractive compared with stocks PNC Financial Services Sealed Air, which makes Japan’s Nikkei 225 was down SMBC Nikko Se- laws and impair-
lately given higher yields and Group and Huntington Banc- bubble wrap and other packag- 0.4%. S&P 500 futures rose curities America compliance with ing regulators’
the risk that recession hits cor- shares lost 1.8% and 2.2%, re- ing materials, also trimmed its 0.1%. also settled the ability to con-
porate earnings in the future, spectively. Bank of America 2023 outlook. Its shares fell claims with the
record-keeping duct oversight of
said Cindy Beaulieu, a portfolio declined 1.9%. 9.5%.
AUCTION RESULTS
two regulators. requirements. financial mar-
manager and soon-to-be chief Healthcare shares were the Adding to Tuesday’s caution, Here are the results of Tuesday's Treasury auctions.
As part of kets.
investment officer for North top-performing segment of the UPS lowered its financial fore- All bids are awarded at a single price at the market- the settlements, Wells Fargo,
clearing yield. Rates are determined by the difference
America at Connings, which S&P 500. Eli Lilly jumped 15% cast for the remainder of the between that price and the face value. the firms also which agreed to
manages $205 billion. to a record and led the broader year because of lower package 52-WEEK BILLS agreed to retain independent pay about $125 million to the
“When you look at all-in index higher after the drug- volumes and fallout from its Applications $122,476,974,400 compliance consultants to re- SEC and $75 million to the
Accepted bids $43,806,079,400

.
yields relative to dividend maker beat Wall Street’s quar- down-to-the-wire labor negoti- " noncompetitively $1,917,865,100 view their policies and proce- CFTC, had a longstanding and
yields in equities, it’s a tough terly earnings expectations and ations with the International $0 dures related to the retention firmwide failure of its employ-

ly
" foreign noncompetitively
Auction price (rate) 94.883778
trade-off,” she said. “You have reported booming sales for its Brotherhood of Teamsters. (5.060%) of electronic communications ees to comply with the record-
to wonder how much good diabetes treatment Mounjaro, The shipping giant’s shares Coupon equivalent 5.351% on personal devices as well as keeping requirements and
Bids at clearing yield accepted 11.81%
value equities are in that sce- which is gaining popularity for declined 0.9% after the com- Cusip number 912797GK7 their respective frameworks firm’s own policies, according
nario.”
Financial shares were stung
when Moody’s lowered credit
ratings for 10 smaller U.S.
weight loss.
International Flavors &
Fragrances was the S&P 500’s
biggest loser. The ingredient
on pany said it was trying to win
back customers who diverted
one million packages a day
from UPS during the labor
The bills, dated Aug. 10, 2023, mature on Aug. 8, 2024.

Applications
Accepted bids
THREE-YEAR NOTES
$137,539,296,800
$57,712,800,900
for addressing their employ-
ees’ breaches of these policies.
The fines, which many of
the firms had already dis-
to the SEC’s settlement order.
The SEC noted that, between
2019 and 2022, a significant
number of Wells Fargo’s indus-
" noncompetitively $250,425,700
banks and said it was review- maker shed 19% after it again talks. Shares of rival FedEx closed to shareholders, are try group heads, lead and se-
us ,

" foreign noncompetitively $250,000,000

Auction price (rate) 99.936014
ing ratings for six larger ones, slashed its sales forecast for gained 1.5% Tuesday. part of an industrywide sweep nior lead investment bankers
l

(4.398%)
including Bank of New York this year, this time by more New Chinese data showed Interest rate 4.375% by U.S. regulators amid wider and other executives responsi-
e
al a

Mellon and U.S. Bancorp. The than 5%. It was the stock’s that exports from the world’s Bids at clearing yield accepted 95.89% efforts to push broker-dealers ble for supervising junior per-
Cusip number 91282CHU8
move renewed concerns over worst day in at least 50 years second-largest economy tum- The notes, dated Aug. 15, 2023, mature on Aug. 15,
and investment advisers to sonnel routinely used unap-
tighter lending and the banking and dropped shares to their bled in July. comply with record-keeping proved messaging apps on their
ci on

2026.
requirements. personal devices to discuss
Banks and brokerage firms business, including investment

Money-Market Yields Hit Highest Level Since ’07 are required to preserve and
monitor their employees’ writ-
ten communications, which
strategy, analysis and activity
trends and events.
At BNP Paribas, which
er s

creates a paper trail for regu- agreed to pay the CFTC $75
BY GUNJAN BANERJI recently hovered at 5.13%, the seen as “cash equivalents.” side yields in some of the saf- lators to monitor and enforce million and an additional $35
m er

highest level since 2007. Inves- For years after the 2008 fi- est investments this year. compliance with the federal million to the SEC, the noncom-
Good news for savers: tors have taken note, sending nancial crisis, investors held Many investors predicted that securities laws. pliance was also firmwide and
Money-market funds are offer- assets in such funds to $5.9 on to the belief that “there is higher Treasury yields and an “So here are three take- involved employees at all levels,
ing the most attractive yields trillion, the most on record. no alternative” to stocks—or aggressive interest-rate hiking aways for those firms who ha- the CFTC said in its settlement
in around 16 years. Money-market funds are TINA—for high returns. Now, cycle would lead to a big sell- ven’t yet done so: self-report, order. “Employees’ use of unap-
m rp

The average yield on 100 of considered low-risk and invest there are alternatives—includ- off in stocks. Instead, riskier cooperate and remediate. If proved communication methods
the largest money-market in short-term debt, such as ing one that is yielding 5%. assets have climbed alongside you adopt that playbook, you’ll was not hidden within the
funds tracked by Crane Data U.S. Treasury bills. They are Stocks have climbed along- bond yields. have a better outcome than if firm,” the CFTC said.

New Highs and Lows

co Fo

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

Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg
AllogeneTherap ALLO 4.12 4.9 DigitalBrands DBGI 0.40 -0.7 JinkoSolar JKS 35.66 -4.0 NL Industries NL 5.36 -2.4 PacGE pfE PCGpE 16.27 -3.2 SeresTherap MCRB 4.17 -6.9 Thoughtworks TWKS 4.60 -25.8
The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE Alpine4 ALPP 1.49 -9.6 DigitalHlthWt DHACW 0.03 16.3 Jiuzi JZXN 1.34 -2.9 NRX Pharm NRXP 0.31 -4.6 Paragon28 FNA 14.81 -0.7 SharecareWt SHCRW 0.07 -19.2 TivicHealth TIVC 0.04 -8.9
American and Nasdaq Stock Market stocks that hit a new 52-week intraday high or low Alteryx AYX 28.90 -17.9 DominionEner D 48.32 0.3 KaivalBrands KAVL 0.50 -3.4 NatlStorage NSA 30.91 -2.7 PAVmed PAVM 0.32 -7.9 ShiftPixy PIXY 0.72 -2.3 TreasureGlobal TGL 0.55 -0.2
in the latest session. % CHG-Daily percentage change from the previous trading session. AEP AEP 79.70 -0.1 EBET EBET 0.03 -15.0 Kellogg K 63.41 -2.1 Nautilus NLS 1.01 -4.7 PerfectWt PERF.WS 0.10 30.6 Shineco SISI 0.20 -12.9 TrioPetroleum TPET 0.60 -4.0
AmericanWell AMWL 1.86 -5.6 ESGL ESGL 3.81 -48.0 KezarLifeSci KZR 2.04 -2.8 NearIntelligence NIR 0.69 -9.9 PetcoHealth WOOF 7.17 -2.4 Silicom SILC 26.76 1.5 2seventybio TSVT 5.73 -4.3
Amyris AMRS 0.42 -24.2 Eargo EAR 3.50 0.8 Kineta KA 1.90 -6.0 NetcapitalWt NCPLW 0.05 5.7 PetMedExpress PETS 12.86 -2.2 SilkRoadMed SILK 19.56 -1.9 UGI UGI 23.56 -1.7
Tuesday, August 8, 2023 AngioDynamics ANGO 8.08 -2.6 ELWS 1.42 -6.3
Earlyworks KioraPharm KPRX 0.55 -1.6 Netgear NTGR 12.91 -1.3 PhioPharm PHIO 2.42 -0.4 SmartPowerr CREG 1.15 -5.6 UGI Un UGIC 59.48 -2.8
52-Wk % 52-Wk % 52-Wk % AnikaTherap ANIK 20.34 ... Eightco OCTO 1.21 -1.6 LeapTherap LPTX 2.11 -10.5 Neuronetics STIM 1.75 -0.5 PhoenixNewMedia FENG 1.46 -5.7 SocietyPass SOPA 0.46 0.2 UcommuneIntl UK 0.32 -3.9
Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg AptevoTherap APVO 0.48 -7.3 ElectriqPower ELIQ 2.87 -8.5 LibertyBroadPfdA LBRDP 20.90 -3.8 NexPointResidentl NXRT 38.41 -2.0 PlutonianAcqnWt PLTNW 0.03 -25.0 SolarEdgeTech SEDG 176.24 -1.3 uniQure QURE 8.52 -3.8
ArtesianRscs A ARTNA 44.37 -0.7 EledonPharm ELDN 1.20 2.4 LibertyFormOne A FWONA 62.93 -1.6 NextEraEnergy NEE 67.91 0.1 PowerbridgeTech PBTS 0.17 -16.4 Sono-Tek SOTK 4.39 -4.8 UnitedFire UFCS 19.52 -4.3
GlobalIndemnity GBLI 35.20 1.6 PulteGroup PHM 86.12 0.4
ASTI 0.06 -5.7 EMKR 0.63 5.3
Highs GlobalPtrII
GolubCapital
GPACU 11.00
GBDC 14.50
1.6
2.0
Quanterix
RMGAcqnIII
QTRX
RMGCU
28.77
11.66
16.9
5.1
AscentSolar
AshfordHospPfdG AHTpG 12.25 -6.3
Emcore
EnantaPharma ENTA 15.63 -4.2
LibertyLiveA LLYVA
LibertySirius A LSXMA
32.25 -4.9
22.50 -3.2
NextEraEnergy NEP
NioCorpDevts NB
47.28 -3.3
4.22 -3.1
PowerFleet PWFL
PreludeTherap PRLD
2.22 -12.5
3.45 -2.7
Stereotaxis
StokeTherap
STXS
STOK
1.33 -5.3
5.33 -5.1
UTime
Vaccinex
UTME
VCNX
0.40 -7.7
0.26 -2.0
AGNC InvtPfdE AGNCO 23.36 -0.1 AshfordHospPfdH AHTpH 13.00 -1.5 EQRxWt EQRXW 0.07 -2.1 LionGroup LGHL 3.00 -2.9 NorthwestNat NWN 40.61 -1.0 ProSomnus OSA 1.39 -9.7 ValmontInds VMI 247.76 -2.4
GreatElmNts24 GECCN 25.29 1.3 RaveRestaurant RAVE 2.35 ... StrongGlbEnt SGE 2.15 0.4
ANI Pham ANIP 56.47 4.0 AshfordHospPfdD AHTpD 14.69 0.1 ErayakPwr RAYA 1.42 -8.6 LixteBiotech LIXT 2.80 -5.2 NovoIntSci NVOS 0.08 -4.1 Proterra PTRA 0.15 -88.3 VersusSystems VS 0.33 -10.6
GreenlightCapRe GLRE 11.64 0.6 ReataPharm RETA 167.60 0.4 SunPower SPWR 8.22 -1.7
abrdnIncmPfdA ACPpA 26.33 1.1 AstraSpace ASTR 0.34 -3.4 EsportsEnt GMBL 0.21 -8.4 Luxfer LXFR 11.86 -1.3 NuSkinEnts NUS 25.59 -3.4 Quantum QMCO 0.69 -30.8 VertexEnergy VTNR 4.73 ...
Haemonetics HAE 95.26 1.5 RexAmerRscs REX 37.81 1.2 SuperLeagueGam SLGG 0.30 -2.9
AbriSPACI ASPA 12.50 3.0 Athersys ATHX 0.40 -10.8 EsteeLauder EL 166.27 -1.2 MOGU MOGU 1.71 7.0 NutexHealth NUTX 0.33 -6.1 RebornCoffee REBN 0.64 -2.9 VicariousSurgical RBOT 0.82 5.5
HewlettPackard HPE 18.14 3.0 SP Plus SP 41.76 3.3 SuperCom SPCB 0.71 -8.3
AcmeUnited ACU 33.79 -0.8 AtlanticaSust AY 22.34 -1.4 Etsy ETSY 80.38 -2.3 MaravaiLifeSci MRVI 9.20 0.7 Nuwellis NUWE 2.09 0.9 RedHillBio RDHL 0.85 -2.2 VigilNeurosci VIGL 5.93 -1.3
HitekGlobal HKIT 12.50 3.3 Sagimet SGMT 18.33 -0.1 SurfAirMobility SRFM 1.27 -1.4
AmicusTherap FOLD 13.87 10.5 AultAlliance AULT 2.22 ... Everbridge EVBG 22.17 -21.8 Marpai MRAI 1.43 -7.1 NuZee NUZE 7.56 2.6 RegencellBio RGC 14.00 -11.4 VinceHolding VNCE 2.58 8.2
HollyEnergy HEP 20.96 5.4 SaratogaNts2027 SAJ 26.49 0.7 SwvlWt SWVLW 0.01 -21.6
AmphastarPharm AMPH 65.53 3.0 Avangrid AGR 34.51 -0.3 EversourceEner ES 66.14 -0.2 MartiTech MRT 0.99 -3.8 Nxu NXU 0.32 -9.7 RepareTherap RPTX 8.02 1.0 VisionaryEduc VEDU 0.31 -6.2
ICF Intl ICFI 130.80 0.6 ShoulderUpTechA SUAC 11.09 -4.8 Synaptogenix SNPX 0.58 -2.1
ApogeeTherap APGE 21.99 4.7 Axogen AXGN 5.80 -19.4 Expensify EXFY 5.67 1.7 MaxLinear MXL 22.14 0.9 OMNIQ OMQS 2.90 0.6 ReShapeLife RSLS 1.17 -9.2 VolitionRX VNRX 1.21 -1.6
SportsMapTech SMAPU 10.91 2.6
n-

InFinTAcqnA IFIN 10.97 0.3 4.01 -2.2 88.54 -2.7 SyndaxPharm SNDX 17.88 -1.2
APxAcqnI A APXI 10.83 0.6 BRC BRCC FMC FMC Mediaco MDIA 0.64 -6.5 Olaplex OLPX 2.69 -9.5 ResMed RMD 176.14 -4.0 VorBiopharma VOR 2.62 -1.5
InfuSystems INFU 11.13 1.8 StandexIntl SXI 164.48 3.3 2.40 -7.6
Arconic ARNC 29.94 0.1 Baijiayun RTC 5.00 -11.2 FatProjectsWt FATPW 0.00 -1.5 MedTechAcqnA MTAC 8.43 -4.8 Oncocyte OCX 3.53 -5.3 SWK Holdings SWKH 15.70 -1.9 System1 SST WNS WNS 63.41 -3.1
IngersollRand IR 68.92 1.0 SterlingInfr STRL 75.95 22.3
BOS BetterOnln BOSC 3.92 3.2 BeamTherap BEAM 25.01 2.8 FateTherap FATE 3.46 -0.6 micromobility.com MCOM 0.06 -12.0 180LifeSci ATNF 0.69 -6.3 Safehold SAFE 20.62 -10.0 TD Holdings GLG 0.45 -1.7 Warrantee WRNT 1.31 -1.5
IntegralAcqn1 INTE 11.59 0.4 Stevanato STVN 35.87 9.0
BellRing BRBR 38.63 2.8 Beneficient BENF 1.69 -3.8 FibroGen FGEN 1.41 -18.6 MingZhuLogistics YGMZ 0.70 1.4 OpGen OPGN 0.51 -6.2 SatixFyComms SATX 0.28 -2.7 TPIComposites TPIC 5.45 -3.2 WideOpenWest WOW 7.19 -8.9
InterContinentl IHG 76.33 3.7 SummitMaterials SUM 39.55 0.5
BowenAcqn BOWNU 10.17 0.1 BenitecBiopharm BNTC 1.88 -3.0 FirstWaveBio FWBI 0.45 -3.5 MiratiTherap MRTX 27.30 -0.9 OppFiWt OPFI.WS 0.04 -11.6 SciSparc SPRC 0.40 8.5 TTEC TTEC 29.05 -3.1 Yunji YJ 0.88 -7.9
IntlGeneralIns IGIC 10.06 1.8 SunCarTechWt SDAWW 0.79 13.4
BridgetownUn BTWNU 10.73 ... BioCardia BCDA 0.85 -6.1 Fitell FTEL 4.35 1.0 MisterCarWash MCW 6.78 -1.4 Orgenesis ORGS 0.94 -6.0 SeaChange SEAC 4.59 -40.6 Taoping TAOP 3.20 -3.6 ZappEV ZAPP 1.31 -9.5
JamesHardie JHX 31.93 14.5 Tanger SKT 25.18 ...
CACI Intl CACI 359.33 -1.0 TatTechnologies TATT 7.83 4.3 BioCryst BCRX 6.62 4.6 ForwardIndustries FORD 0.81 3.6 Monro MNRO 34.10 0.8 OriginAgritech SEED 3.18 -4.7 SenesTech SNES 0.77 -8.3 TempestTherap TPST 0.54 -29.4 ZoomInfoTech ZI 18.00 -0.4
no

KeenVisionAcqn KVACU 10.15 0.5 BiofronteraWt BFRIW 0.06 52.4 FreightTech FRGT 0.56 -14.6 MWG 0.47 -5.1 OutfrontMedia OUT 11.52 -4.4 SensientTech SXT 59.61 -1.9 Theratechnologies THTX 1.42 -15.7 ZYXI 7.69 -3.4
C5AcqnA CXAC 10.78 0.2 TenXKeaneAcqn TENK 10.66 0.1 MultiWays Zynex
KnifeRiver KNF 52.40 8.3 BionanoGenom BNGO 3.82 -13.9 Frontier ULCC 7.53 -1.5
CONSOL Energy CEIX 80.90 9.5 ThirdCoastBcshs TCBX 21.50 0.8
CSLM Acqn Un CSLMU 11.60 8.7
KratosDefense KTOS 17.27 2.9 Bionomics BNOX 1.21 -1.6 G1Therapeutics GTHX 1.97 ...
EliLilly LLY 538.00 14.9 TidewaterWt TDW.WS 5.27 12.9
CSW Industrials CSWI 187.45 0.7 TopBuild BLD 300.31 0.6 BraemarHtls BHR 3.09 -4.6 GRI Bio GRI 3.19 -7.5
CaliforniaRscs CRC 55.81 1.4 LincolnEduc LINC 9.25 3.7 BrightScholar BEDU 0.81 -8.9 Gaucho VINO 0.43 -5.9
CapitalSouthwest CSWC
CarrolsRestr TAST
22.54
6.24
3.9
5.9
MSC Industrial MSM 102.25
MarathonPetrol MPC 142.62
0.6
1.3
Transcat
TransDigm
US Cellular
TRNS
TDG
USM
95.39
940.00
39.38
4.8
-2.8
22.9
BristolMyers BMY
CadrenalTherap CVKD
59.71 -0.5
0.71 -5.0
GeneralMills
GeneticTech
GIS
GENE
71.20 -2.9
0.71 -2.1
Dividend Changes
CedarRealtyPfC CDRpC 15.15 0.2 Markel MKL 1513.45 0.1 Calix CALX 40.16 1.5 Genpact G 35.31 -1.6
Marriott MAR 207.20 0.9 Ultralife ULBI 9.05 2.2
CellebriteDIWt CLBTW 1.45 12.8 UnvlTechInst UTI 8.03 2.4 CampbellSoup CPB 43.28 -2.3 Genprex GNPX 0.66 -2.9 Amount Payable / Amount Payable /
CellebriteDI CLBT 8.09 9.0 MauiLand MLP 15.60 0.8 Carecloud CCLD 2.42 ... GladstonePfdB LANDO 19.36 -4.1
MedTechAcqnWt MTACW 0.20 35.7 VeecoInstr VECO 30.63 6.8 Company Symbol Yld % New/Old Frq Record Company Symbol Yld % New/Old Frq Record
ChinaYuchai CYD 11.58 2.7 VelocityFinl VEL 15.55 9.5 CasaSystems CASA 0.93 -4.4 Glatfelter GLT 2.02 -1.4
ChoiceHotels CHH 132.35 2.5 MiddlefieldBanc MBCN 30.21 0.8 CassavaSciences SAVA 18.37 -0.9 GoldRoyalty GROY 1.61 3.0 Brookfield Infr Nts 2081 BIPH 6.9 .3125 Q Oct02 /Sep15
ViantTech DSP 6.05 28.6
CivitasRscs CIVI 77.98 1.4 ModineMfg MOD 45.99 3.7
WMT 161.62 0.1 Castellum CTM 0.35 -8.8 GoldenHeaven GDHG 3.03 3.2 Increased
ComfortSystems FIX 182.94 -0.1 Moog A MOG.A 115.33 1.1
Walmart
Celularity CELU 0.33 -1.7 GoldenMinerals AUMN 1.09 1.8
Danaos DAC 4.3 .75 Q Sep01 /Aug23
Welltower WELL 85.63 0.6 Bridge Investment BRDG 5.9 .17 /.15 Q Sep15 /Sep01
ConstBrands A STZ 273.65 0.1 MountainI Wt MCAAW 0.23 -7.5
WestPharmSvcs WST 399.96 5.6 CheetahNetSupply CTNT 2.21 -15.5 Gulf Resources GURE 2.05 3.8 Esports Ent 10% Pfd. A GMBLP 20.2 .08 M Aug31 /Aug15
ConstellationEner CEG 104.93 1.0 NatlInstruments NATI 59.40 ... CherryHillMtg CHMI 4.08 1.0 HainCelestial HAIN 10.98 -3.5 Delek US Holdings DK 3.4 .235 /.23 Q Aug21 /Aug14
NatlWesternLife NWLI 444.99 0.4
XtantMedical XTNT 1.33 16.1 First Majestic Silver AG 0.3 .0051 Q Aug31 /Aug16
CoreMoldingTech CMT 25.30 11.0 ChickenSoupA CSSE 1.02 -2.8 HannonArmstrong HASI 21.31 0.3 eXp World Holdings EXPI 0.8 .05 /.045 Q Sep04 /Aug18
NatureSunshine NATR 14.50 -1.5 ICICI Bank ADR IBN 0.5 .17365 A Aug08 /
CraneNXT
Curtiss-Wright CW
CXT 63.36
208.87
8.8
... NYTimes A NYT 44.54 8.5 Lows Chimerix CMRX
CitizensHolding CIZN
1.03 ...
10.01 -10.2
Hanryu
HarborCustom HCDI
HRYU 4.50 -7.9
2.17 -0.9 PLDT ADR PHI 5.4 .87889 SA Sep18 /Aug16
DeckersOutdoor DECK 568.47 -0.1 NewMarket NEU 465.84 0.8 AerwinsTech AWIN 0.20 -9.9 ClarivatePfdA CLVTpA 29.67 -3.3 Harmonic HLIT 10.12 -3.9 Initial
DellTechC DELL 58.72 5.5 NovoNordisk NVO 192.18 17.2 AES AES 19.19 -0.4 Clarivate CLVT 6.41 -1.8 HeliosTech HLIO 48.03 -12.2 Perdoceo Education PRDO 2.6 .11 Sep15 /Sep01 Scorpio Tankers Nts 2025 SBBA 7.0 .4375 Q Oct02 /Sep15
DigitalHealth DHACU 12.44 8.1 OtterTail OTTR 92.74 1.7 AGBA AGBA 0.93 -9.0 ClearwayEnergyC CWEN 23.60 -1.7 IGM Biosci IGMS 7.64 1.1
DiversifiedHlthcr DHC 3.30 9.8 ParPacific PARR 35.15 7.5 ATA Creativity AACG 1.12 -5.4 ClearwayEnergyA CWEN.A 22.17 -2.3 I-Mab IMAB 2.46 -3.1 Special
DrReddy'sLab RDY 70.14 1.2 Paymentus PAY 15.05 31.2 Aceragen ACGN 0.41 -12.2 Clene CLNN 0.64 3.0 IdexBiometrics IDBA 4.33 -2.0
Stocks
Berry (bry) BRY 5.8 .02 Aug25 /Aug15
EMCOR EME 222.27 0.2 Pentair PNR 71.82 0.6 Adaptimmune ADAP 0.85 ... CompleteSolaria CSLR 2.80 -7.1 ImmunoPrecise IPA 2.03 -4.8 Altisource Asset Mgmt AAMC 2:1 /Sep14
EzgoTech EZGO 2.40 17.0 PerdoceoEduc PRDO 17.05 -1.5 Addentax ATXG 2.82 -2.9 ConagraBrands CAG 31.13 -2.7 Impinj PI 57.26 -4.8
BlackRock TCP Capital TCPC 10.7 .10 Sep29 /Sep15
EchoStar SATS 23.90 1.0 PermianRscs PR 12.37 1.6 Aditxt ADTX 0.35 -1.6 Concentrix CNXC 75.68 -1.8 Infinera INFN 3.68 -3.4 Foreign Chord Energy CHRD 3.1 .11 Aug29 /Aug15
ePlus PLUS 75.90 15.2 PhillipsEdison PECO 36.09 0.1 Aenza AENZ 1.52 1.8 Cronos CRON 1.64 -4.4 Inogen INGN 5.53 -13.6
Fastly FSLY 21.36 0.8 PlainsAllAmPipe PAA 15.16 0.3 Agenus AGEN 1.18 -8.1 CrownCastle CCI 102.20 0.2 InteractStrength TRNR 1.60 -7.4 Algonquin Pwr Nts 2079 AQNB 6.6 .3875 Q Oct02 /Sep15 Sources: FactSet; Dow Jones Market Data
FedAgriMtg A AGM.A 142.00 4.9 Primerica PRI 220.00 -0.4 AinosWt AIMDW 0.14 -13.9 Cryoport CYRX 12.91 -1.2 IntlFlavors IFF 62.28 -19.4 BIP Bermuda Nts BIPI 7.4 .32031 Q Oct02 /Sep15 KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual;
FinVolution FINV 6.05 -4.5 PrimorisSvcs PRIM 34.30 5.2 AkoustisTechs AKTS 2.11 2.7 DZS DZSI 2.94 0.5 iTeosTherap ITOS 12.13 -2.2
Fitell FTEL 5.26 1.0 ProfireEnergy PFIE 1.55 8.5 AllianceBernstein AB 29.14 -2.3 Deswell DSWL 2.45 -0.4 JamesRiver JRVR 16.25 -8.4 Brookfield Fin Nt 101680 BNH 7.0 .28906 Q Oct16 /Oct02 S2:1: stock split and ratio; SO: spin-off.

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
LgCpGwId InstPre 26.97 -0.14 29.8 SrsIntlVal 11.15 -0.13 11.2 Lord Abbett I R2025 15.96 -0.04 9.2 PrmcpAdml r 157.48 +1.68 20.4 Welltn 41.12 -0.08 8.2
Top 250 mutual-funds listings for Nasdaq-published share classes by net assets. MidCpInxInstPrem 28.57 -0.22 10.6 TotalBond 9.36 +0.03 2.8 ShtDurInc p 3.82 ... 2.5 R2030 24.16 -0.08 10.5 RealEstatAdml 118.37 -0.76 3.5 WndsrII 42.05 -0.29 13.7
e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes e and s SAIUSLgCpIndxFd 19.88 -0.08 18.3 Fidelity SAI Metropolitan West R2040 27.64 -0.15 13.2 SmCapAdml 97.53 -0.76 11.8 VANGUARD INDEX FDS
apply. k-Recalculated by Lipper, using updated data. p-Distribution costs apply, 12b-1. r- SeriesBondFd 8.86 +0.03 1.7 TotalBd 8.85 +0.02 2.8 TotRetBdI 8.99 +0.03 1.8 Putnam Funds Class A SmGthAdml 80.77 -0.75 14.9 ExtndIstPl 285.61 -2.62 15.5
Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and r apply. v-Footnotes SeriesOverseas 12.40 -0.06 14.2 U.S.TreBdIdx 8.64 +0.03 1.1 TRBdPlan 8.43 +0.03 1.8 PutLargCap p 30.75 -0.10 9.7 STBondAdml 9.93 +0.01 1.9 IdxIntl 18.08 -0.15 9.9
x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not available due to incomplete SerLTTreBdIdx 5.72 +0.06 -0.6 Fidelity Selects MFS Funds Schwab Funds STIGradeAdml 10.03 +0.01 2.6 MdCpGrAdml 88.28 -0.85 14.5
price, performance or cost data. NE-Not released by Lipper; data under review. NN-Fund not SmCpIdxInstPrem 24.15 -0.14 11.7 Semiconductors r 24.33 -0.38 66.9 IIE 32.00 -0.11 13.7 1000 Inv r NA ... NA STIPSIxAdm 23.76 ... 2.3 MdCpVlAdml 73.28 -0.42 5.7
tracked. NS-Fund didn’t exist at start of period. TMktIdxInstPrem 124.71 -0.62 17.9 Softwr 25.31 -0.49 28.8 MFS Funds Class I S&P Sel NA ... NA TotBdAdml 9.47 +0.03 1.7 SmValAdml 73.97 -0.49 9.6
TotalMarketIndex 15.75 -0.07 18.0 Tech 25.92 -0.29 45.3 GrowthI 165.37 -0.87 25.1 TSM Sel r NA ... NA TotIntBdIdxAdm 19.45 +0.10 3.7 TotBd2 9.35 +0.03 1.6
TtlIntIdxInstPr 12.88 -0.09 10.0 First Eagle Funds ValueI 48.81 -0.20 3.0 TIAA/CREF Funds TotIntlAdmIdx r 30.25 -0.25 10.0 TotIntlInstIdx r 120.95 -1.02 10.0
Tuesday, August 8, 2023 USBdIdxInstPrem 10.17 +0.04 1.6 GlbA 63.38 -0.40 9.3 Natixis Funds EqIdxInst 31.97 -0.15 17.8 TotStAdml 108.82 -0.52 17.8 TotItlInstPlId r 120.98 -1.01 10.0
Net YTD Net YTD Net YTD Fidelity Freedom Franklin A1 LSGrowthY 22.91 -0.15 40.7 IntlEqIdxInst 21.38 -0.13 11.9 TxMCapAdml 232.52 -1.06 18.3 TotSt 108.79 -0.52 17.7
Fund NAV Chg % Ret Fund NAV Chg % Ret Fund NAV Chg % Ret FF2020 13.73 -0.02 7.8 IncomeA1 2.28 ... 4.3 Neuberger Berman Fds LrgCpGrIdxInst 48.07 -0.24 29.7 TxMIn r 14.84 -0.11 11.2 VANGUARD INSTL FDS
FF2025 12.73 -0.02 8.7 FrankTemp/Frank Adv LCVal Inst 42.79 -0.08 -0.6 VANGUARD ADMIRAL USGroAdml 133.44 -1.04 31.7 DevMktsIndInst 14.86 -0.11 11.3
AB Funds Artisan Funds US CoreEq1 34.20 -0.15 15.7 FF2030 16.05 -0.03 9.7 IncomeAdv 2.26 ... 4.4 Northern Funds 500Adml 415.53 -1.76 18.3 ValAdml DevMktsInxInst 23.22 -0.18 11.2
MuniIncmShares 10.84 +0.05 2.8 IntlVal Inst 44.08 -0.38 14.2 US CoreEq2 30.96 -0.13 14.9 FF2035 56.77 -0.26 5.0
13.99 -0.05 11.5 FrankTemp/Franklin A StkIdx 47.89 -0.20 18.2 BalAdml 43.47 -0.07 11.2
WdsrllAdml 74.59 -0.51 13.7 ExtndInst 115.74 -1.06 15.5
AB Funds - ADV Baird Funds US Small 42.67 -0.32 10.9 FF2040 10.04 -0.05 13.4 Growth A 121.54 -0.53 18.9 Old Westbury Fds CAITAdml 11.16 +0.02 1.8 GrwthInst 146.17 -0.65 33.7
LgCpGrAdv 85.84 -0.35 22.8 AggBdInst 9.61 +0.04 2.0 US SmCpVal 43.09 -0.23 10.6 Freedom2030 K 16.05 WellsIAdml 59.83 +0.04 2.7
-0.03 9.8 RisDv A 88.47 -0.50 7.7 LrgCpStr 16.53 -0.12 13.4 CapOpAdml r 172.09 +1.69 17.8 InPrSeIn 9.46 +0.01 1.7
American Century Inv CorBdInst 9.90 +0.03 2.3 US TgdVal 30.46 -0.17 12.1 Idx2030InsPre 18.36 WelltnAdml 71.00 -0.14 8.2
-0.04 9.5 Guggenheim Funds Tru Parnassus Fds DivAppIdxAdm 44.35 -0.28 8.7 InstIdx 375.95 -1.59 18.3
Ultra 72.28 -0.63 31.0 BlackRock Funds USLgVa 43.91 -0.17 7.0 Idx2035InsPre 20.79 WndsrAdml 74.51 -0.42 10.0
-0.06 11.2 TotRtnBdFdClInst 23.24 +0.08 2.8 ParnEqFd 54.93 -0.37 17.4 EMAdmr 34.35 -0.36 6.6 InstPlus 375.94 -1.59 18.3
American Funds Cl A HiYldBd Inst 6.80 ... 6.6 Dodge & Cox VANGUARD FDS
Idx2040InsPre 21.39 -0.09 12.9 Harbor Funds PGIM Funds Cl Z EqIncAdml 86.70 -0.26 3.9 InstTStPlus 78.23 -0.38 17.8
AmcpA 36.31 -0.25 21.0 BlackRock Funds III Balanced 99.70 -0.11 8.9 Idx2045InsPre 22.29 -0.11 13.2 CapApInst 86.69 -0.31 38.1 TotalReturnBond 11.73 +0.03 NA ExplrAdml 97.61 -0.89 12.4 DivdGro 36.02 -0.23 3.1
MidCpInst 60.81 -0.46 9.9
AMutlA 50.16 -0.20 4.5 iShS&P500IdxK 528.03 -2.24 18.3 GblStock 14.58 -0.07 15.6 Fidelity Invest Harding Loevner PIMCO Fds Instl ExtndAdml 115.74 -1.06 15.5 IntlVal 40.25 -0.36 12.6 MidCpIstPl 299.88 -2.29 9.9
BalA 30.87 -0.03 8.1 BlackRock Funds Inst Income 12.31 +0.03 2.9 Balanc 26.08 -0.04 14.7 IntlEq 25.55 -0.26 9.1 AllAsset 10.90 ... NA GNMAAdml 9.13 +0.02 1.3 LifeCon 20.22 ... 7.1 RealEstaInstl 18.32 -0.12 3.5
BondA 11.26 +0.03 1.0 EqtyDivd 19.12 -0.14 7.4 Intl Stk 48.68 -0.30 12.9 BluCh 159.92 -0.81 42.2 Invesco Funds A TotRt 8.44 +0.02 NA GrwthAdml 146.16 -0.65 33.6 LifeGro 39.99 -0.17 12.1 SmCapInst 97.52 -0.76 11.8
CapIBA 64.51 -0.30 3.8 StratIncOpptyIns 9.21 +0.02 2.9 Stock 236.95 -0.54 11.6 Contra 15.42 -0.05 29.4 EqIncA 10.20 -0.03 4.9 PIMCO Funds A HlthCareAdml r 89.27 +0.68 2.7 LifeMod 29.77 -0.07 9.6 SmCapIstPl 281.49 -2.19 11.8
CapWGrA 58.01 -0.34 13.6 TotRet 9.87 +0.03 NA DoubleLine Funds CpInc 9.37 -0.01 7.1 Invesco Funds Y IncomeFd 10.44 ... 4.5 HYCorAdml r 5.22 ... 5.0 PrmcpCor 31.61 +0.31 16.3 STIGradeInst 10.03 +0.01 2.6
EupacA 54.94 -0.29 12.4 Calamos Funds TotRetBdI 8.71 +0.03 1.7 GroCo 30.45 -0.17 35.3 DevMktY 39.20 -0.36 12.1 PIMCO Funds I2 InfProAd 23.22 +0.02 1.6 STAR 26.66 -0.08 11.2 STIPSIxins 23.78 ... 2.3
FdInvA 69.37 -0.32 16.9 MktNeutI 14.60 ... 6.6 Edgewood Growth Instituti InvGrBd 9.87 +0.04 2.6 JHF III DispVal Income 10.44 ... 4.7 IntlGrAdml 103.16 -1.34 14.1 TgtRe2020 27.23 -0.02 7.4 TotBdInst 9.47 +0.03 1.7
GwthA 62.17 -0.37 25.6 Columbia Class I EdgewoodGrInst 40.07 -0.22 28.0 LowP 49.44 -0.21 7.0 DispValMCI 26.73 -0.16 9.5 PIMCO Funds Instl ITBondAdml 10.11 +0.03 2.1 TgtRe2025 18.17 -0.03 8.9 TotBdInst2 9.35 +0.03 1.6
HI TrA 9.20 ... 5.4 DivIncom I 30.37 -0.17 6.1 Federated Hermes Int Magin 11.46 -0.05 20.0 John Hancock IncomeFd 10.44 ... 4.8 ITIGradeAdml 8.39 +0.02 3.2 TgtRe2030 34.51 -0.09 10.0 TotBdInstPl 9.47 +0.03 1.7
ICAA 48.42 -0.27 18.2 Dimensional Fds TtlRtnBdI 9.39 +0.03 1.4 NASDAQ 175.62 -1.39 33.2 BondR6 13.31 +0.04 2.4 Price Funds LarCapAd 103.68 -0.47 18.7 TgtRe2035 21.47 -0.07 11.0 TotIntBdIdxInst 29.19 +0.15 3.8
IncoA 22.92 -0.10 2.8 5GlbFxdInc 10.10 ... 2.7 Fidelity OTC 16.88 -0.14 31.6 JPMorgan I Class BlChip 141.02 -0.72 36.2 LTGradeAdml 7.73 +0.05 1.9 TgtRe2040 38.04 -0.15 11.9 TotStInst 108.83 -0.53 17.8
N PerA 55.87 -0.13 18.1 EmgMktVa 29.09 -0.24 11.1 500IdxInstPrem 156.28 -0.66 18.3 Puritn 23.03 -0.05 13.3 CoreBond 10.10 +0.04 2.1 DivGro 68.89 -0.12 8.1 MidCpAdml 275.26 -2.09 9.9 TgtRe2045 25.75 -0.12 12.8 ValueInst 56.77 -0.26 5.0
NEcoA 52.10 -0.36 19.8 EmMktCorEq 21.94 -0.22 10.2 Contrafund K6 21.50 -0.06 27.9 SAIUSQtyIdx 18.29 -0.08 19.5 EqInc 22.64 -0.10 1.5 Growth 82.62 -0.32 34.1 MuHYAdml 10.36 +0.03 3.3 TgtRe2050 42.86 -0.22 13.4 WCM Focus Funds
NwWrldA 75.05 -0.24 12.9 IntlCoreEq 14.75 -0.11 11.0 ExtMktIdxInstPre 72.72 -0.67 15.5 SrsEmrgMkt 17.24 -0.22 10.4 LgCpGwth 55.43 -0.35 23.9 HelSci 89.14 +0.68 -0.8 MuIntAdml 13.38 +0.02 1.8 TgtRe2060 44.03 -0.23 13.4 WCMFocIntlGrwIns 22.27 -0.06 13.3
SmCpA 63.07 -0.70 12.4 IntSmCo 18.67 -0.17 8.6 FidSerToMarket 14.85 -0.08 17.9 SrsGlobal 13.60 -0.10 10.1 JPMorgan R Class LgCapGow I 60.92 -0.35 32.7 MuLTAdml 10.62 +0.03 2.5 TgtRet2055 47.81 -0.25 13.4 Western Asset
TxExA 12.10 +0.02 2.1 IntSmVa 20.57 -0.21 11.0 GrowthCompanyK6 20.59 -0.11 33.8 SrsGroCoRetail 18.40 -0.11 33.6 CoreBond 10.11 +0.03 2.1 MidCap 101.01 -0.72 13.9 MuLtdAdml 10.67 +0.01 1.4 TgtRetInc 12.84 ... 5.9 CoreBondI NA ... NA
WshA 55.27 -0.14 9.8 LgCo 30.70 -0.13 18.3 IntlIdxInstPrem 46.13 -0.25 12.0 SrsIntlGrw 16.20 -0.07 13.6 CorePlusBd 7.11 +0.02 2.2 NHoriz 53.35 -0.49 15.2 MuShtAdml 15.59 +0.01 1.5 WellsI 24.70 +0.02 2.7 CorePlusBdI NA ... NA
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

B12 | Wednesday, August 9, 2023 THE WALL STREET JOURNAL.

HEARD STREET FINANCIAL ANALYSIS & COMMENTARY

ON
THE

The Obesity Drug Revolution Just Got Real

Wegovy reduces risk of heart attack, stroke in study, paving way for greater insurance coverage

The argument that obesity medi-
cations are mere vanity drugs has
been getting harder to make, though
some insurers have tried. Now it has
gotten pretty much impossible.
New data from a five-year Novo
Nordisk trial showing major car-
diovascular benefits from its drug
Wegovy will add pressure on in-
surers to cover this new class of
medications known as GLP-1s, and
could eventually pave the way for
Medicare coverage. That will have
significant implications for our so-
ciety, where four in 10 adults are
obese, as well as for investors in
this space’s emerging duopoly: Eli
Lilly and Novo Nordisk.
We always knew Wegovy, the
weekly anti-obesity injections,
helps patients lose weight. But
now we have confirmation that
the medication helps prevent
strokes and heart attacks as well.
Novo Nordisk said on Tuesday
that patients in a long-term trial,
the first of its kind, had 20% fewer
heart attacks, strokes, and cardio-
vascular deaths combined than
those who received a placebo in
the study. The reduction sur-
passed the study’s goal of demon-
strating at least a 17% reduction in
risk.
The news was described by Wall
Street analysts as a best-case result,
and sent the stocks of both Novo
Nordisk and Lilly soaring Tuesday.
Evan Seigerman, an analyst at BMO
Capital Markets, called it a “home
run scenario.”
What is new about this study is
that it excluded patients with diabe-
tes. It was already known that
GLP-1s, which have primarily been
used in diabetic patients, help re-
duce heart disease for them. In fact,
a study of Wegovy sister drug
Ozempic had previously found that
the Novo Nordisk drug reduced the
incidence of adverse cardiac events
by about 26% relative to placebo.
What the latest study shows is that
the benefit also is conferred to non-
diabetic obese and overweight pa-
tients.
Novo Nordisk said Tuesday it
plans to seek U.S. and European
regulatory approvals to add the
evidence of a heart benefit to We-
govy’s prescribing label.
The results will also strengthen
the companies’ effort to lobby for
better insurance coverage, just as
some employers had started balking
at the cost, cutting off the medica-
tion to employees. The surging de-
mand for GLP-1s has prompted ana-
lysts to raise their forecasts for the
global obesity market, with Morgan
Stanley recently revising its esti-
mate to $77 billion in annual sales
by 2030, up from $54 billion.
For now, doctors are prescribing
more of Mounjaro and Wegovy
than the companies can make, with
a lack of manufacturing capacity
frequently leading to shortages. Eli
Lilly on Tuesday reported $980
million in Mounjaro sales in the
second quarter, trouncing analyst
estimates of $740 million on Fact-
Set. The Mounjaro beat allowed the
company to raise its annual guid-
ance as well. Mounjaro is approved
for diabetes and is expected to re-
ceive Food and Drug Administra-
tion approval for obesity treatment
this year, though doctors already
are prescribing it off-label.
Insurance coverage is still spotty,
and how the U.S. healthcare system
will deal with the immense cost re-
mains a major question. Medicare
still doesn’t cover drugs for obesity,
and there is good reason to be cau-
tious: A recent article in the New
England Journal of Medicine
warned that if just 10% of obese
Medicare beneficiaries were to take
Wegovy, it would cost the program
$27 billion a year.
And while commercial coverage
has grown rapidly, it is running into
a difficult reality: With the drugs
being so pricey—Wegovy’s list price
is about $13,600 annually—employ-
ers are inevitably wondering if the
drugs are worth it.
Success in the Novo Nordisk trial
goes a long way toward convincing
payers of all stripes that the drugs
do more than just help patients
shed some pounds.
—David Wainer

Is Musk Right About Electricity Needs? Italian Tax

Shows the

.
Making predictions, especially

ly
about the future, is dangerous.
That didn’t stop Elon Musk, the
Danger of
chief executive of Tesla and
SpaceX, from making a rather star-
tling one recently: U.S. electricity
on Seeing Banks
demand will triple by around 2045,
in part due to widespread adoption
As Utilities
of electric vehicles.
us ,

That estimate puts him way out The thesis that banks could be
l

ahead of utilities like PG&E, which as good an investment as safe,

e
al a

is forecasting a 70% rise over the dividend-paying utilities keeps

next 20 years, and consulting firm getting undermined.
McKinsey, which expects demand On Tuesday, shares in Italian
ci on

to double by 2050. A National Re- lenders such as UniCredit, Intesa

newable Energy Laboratory sce- Sanpaolo and Banco BPM
nario from 2018—assuming 88% of dropped like a stone after the gov-
light-duty cars in the U.S. are elec- ernment in Rome approved a pro-
tric by 2050—put electricity de- posal to introduce a 40% tax on
er s

mand that year about 60% above bank windfall profits.

BEN BREWER/BLOOMBERG NEWS

the level reached in 2022. Nearly Officials are after the excess net
m er

all the increase in the NREL sce- interest income generated in 2022
nario is from vehicle electrification: and 2023 relative to 2021, resulting
EVs made up only about 7% of ve- from banks raising lending costs in
hicles sold in the U.S. last year. lockstep with central-bank policy,
Musk’s specific figures may while refusing to reward deposit
m rp

turn out to be off the mark, and
he certainly has a vested interest
in faster electricity supply growth.
But his general point—that the
U.S. power supply risks falling se-
holders with a similar uplift in in-
terest rates. Deputy Prime Minister
investment in electric power construction has slowed sharply this year; solar panels at a farm in Minnesota. Matteo Salvini said Monday that the
tax will collect “a few billion” euros.
U.S. private investment, quarterly less Congress or federal regulators This could dent Italian banks’
co Fo

riously behind the curve—is start- act quickly. earnings by roughly 19%, analysts at
$100 billion
ing to look prescient. This year’s unexpectedly strong Citi estimated. It comes as a big
In theory, the U.S. has an enor- Manufacturing construction surge in manufacturing investment blow for investors. Ever since the
90
mous pipeline of power projects in Power distribution and transmission equipment raises further uncomfortable ques- 2008 global financial crisis, money
the works: over 2,000 gigawatts of 80
Electric power construction tions. The 2018 NREL scenarios as- has mostly eschewed bank stocks,
planned capacity and storage, sumed that U.S. industrial energy especially in Europe, because strin-
nearly all of it renewable, were in 70
demand growth would remain gent new regulations have curbed
the grid connection queue at the tepid through 2050, even as EV risk-taking and slashed their aver-
end of 2022, according to the Law- 60 power demand soars. But if U.S. in- age return on equity from 15% to
rence Berkeley National Lab. In- dustrial policy succeeds, for better about 10%. Policy makers have ex-
centives in the newly minted Infla- 50 or worse, in triggering a sustained plicitly aimed to turn banks into
tion Reduction Act and the 2021 manufacturing investment boom something akin to public utilities.
bipartisan infrastructure law 40 over the next decade, those projec- Ever since interest rates
n-

should help dramatically boost tions could prove too conservative. started to go up again, however,
clean power construction: Total 30 And that is before accounting for a many analysts have argued there
generation capacity of all types, potential artificial intelligence is a potential upside, because util-
including gas and coal, was only 20 arms race or other electricity-in- ities are safer than the broader
no

about 1,200 gigawatts in 2022. 2002 ’05 ’10 ’15 ’20

tensive new technologies that market and regularly pay income
But in reality, investment in could come out of left field. to shareholders.
electric power construction has Note: Figures are in 2012 dollars, seasonally adjusted annual rate. Source: CEIC To be sure, plenty of new tech- Banks have responded by upping
slowed sharply this year—just as nologies will help save power and their dividends and buybacks. Uni-
overall U.S. manufacturing invest- ment actually fell. Total clean that is part politics and part a use existing grid resources more Credit had become a poster child
ment is ramping up, in part due to power installations were down consequence of the nature of wind efficiently, too. For example, idle for this thesis: Its shares are up al-
tax credits from the IRA and other 19% year over year in the first half and solar plants, which require EV batteries might one day help most 60% this year, compared with
related industrial-policy legislation of 2023 according to the American more grid development because of balance a grid more dependent on a 13% increase for the broader Euro
like the CHIPS semiconductor law. Clean Power Association, and their intermittency and often far- intermittent wind and solar farms. Stoxx 50, partly because the bank
Real, annualized private manufac- newly announced purchasing flung locations. A lack of clear le- But unless legal barriers to new has generated much higher net in-
turing construction investment power agreements were down 47% gal guidelines on who should pay electricity infrastructure are re- terest margins. That is paired with
rocketed higher in the second in megawatt terms. for long-distance transmission solved, America’s plan to recharge high levels of excess capital that can
quarter, according to figures from A big part of the problem ap- lines and how to resolve permit- manufacturing—to say nothing of be paid out to investors, and a very
data provider CEIC. But private pears to be rising waiting times ting disputes could strangle the the transport sector—may fall attractive valuation.
power-sector construction invest- for grid connections—an issue renewable build-out in its crib un- short. —Nathaniel Taplin Yet the demise of Credit Suisse
back in March was a warning that
even giant banks that comply with
all capital and liquidity regulations
remain vulnerable to a sudden fall
The AI Frenzy Resurrects the Old SoftBank in confidence among customers,
unlike utilities. Meanwhile, Italy’s
latest move highlights the down-
side of being seen as a public util-
SoftBank is on the offensive Cumulative investment gains at has raised hopes of a higher valu- losses at the Vision Fund seg- ity with an implicit taxpayer back-
again. Many longtime investors SoftBank's Vision Fund segment ation for chip designer Arm, ment still amount to $7.5 billion stop: When profits get too high,
are probably viewing that pros- which is in the process of an ini- since the first fund was launched governments have a tendency to
pect with no small amount of $70 billion tial public offering. SoftBank in 2017. take them. —Jon Sindreu
trepidation. bought the British company in Two recent startup failures
60
SoftBank, including its Vision 2016 for $32 billion. serve as an unwelcome reminder Developed-world stocks,
Fund, invested $1.8 billion in start- 50 But SoftBank’s actual earnings of SoftBank’s previous headlong monthly return on equity
ups and other companies last remain in a dire shape. On Tues- dives into tech bubbles. Robotic
quarter, compared with only day SoftBank reported its third pizza-making and delivery com- 18%
40
around $500 million in each of the consecutive quarter of net losses: pany Zume and social-media app
previous three quarters. That’s a 30 around $3.3 billion for the three IRL have both shut their doors. 15 Banks
far cry from SoftBank’s heyday, months ending in June. Cash infusions from SoftBank Utilities
when the company could easily 20 The tech rebound did help its helped both companies attain cov-
12
spend more than $10 billion in a Vision Fund business, which re- eted “unicorn” status, joining the
single quarter, but still represents 10 turned to a profit of around $426 ranks of companies valued above
a clear strategy change. million after five quarters of $1 billion. SoftBank has just filed a 9
0
The new frenzy in artificial in- losses. But a big part of that lawsuit against IRL, meaning “in
telligence is one reason. In emo- QUARTERLY came from a $1.2 billion valua- real life,” alleging the company
-10 6
tional remarks in June, SoftBank tion gain in companies SoftBank faked its user base by employing
Chief Executive Masayoshi Son 2018 ’19 ’20 ’21 ’22 ’23 controls, mainly Arm and Japa- bots. The irony won’t be lost on
said he wants the company to Source: the company nese payment firm PayPay. The many. As SoftBank now starts to 3
lead the AI revolution—a revela- Vision Fund business owns part embrace the AI bacchanal, more
tion that came after a period of from the AI boom. Its stock has of SoftBank’s stakes in these two such mishaps may be inevitable. 0
tearful, deep self-reflection, ac- gained 24% this year, driven by companies. But for better or worse, that
cording to Son. the upswing in tech stocks. More And even factoring in those seems unlikely to deter Mr. Son or 2005 ’10 ’15 ’20
SoftBank has already benefited specifically, surging interest in AI gains, cumulative investment SoftBank itself. —Jacky Wong Source: MSCI via FactSet