For personal, non-commercial use only. Do not edit, alter or reproduce.
For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
DJIA 35215.89 g 66.63 0.19%
What’s
News
Business & Finance
 Amazon reported quarterly
profit that trounced expecta-
tions, capping earnings reports
from tech giants that showed
improving health in areas from
online retail to digital advertis-
ing after a stretch of slowing
growth and mass layoffs. A1
 Apple said revenue declined
for the third consecutive quar-
ter, the company’s most pro-
longed sales slump since 2016
as the iPhone-maker contin-
ued to deal with declining de-
mand for consumer devices. B1
 Disney’s ESPN is hunting
for a strategic partner as it
tries to bring order to the
messy world of streaming
and secure its own future. A1
 U.S. stocks extended
their recent slide, with the
S&P 500, Dow and Nasdaq
declining 0.3%, 0.2% and
0.1%, respectively. B11
 The UAW is pressing the
Detroit car companies to give
its factory workers a 40% pay
hike over four years, an in-
crease that would be the
largest in recent memory. B1
 AB InBev said its U.S.
sales, profit and market
share fell sharply in the sec-
ond quarter as consumers
abandoned Bud Light after a
promotion it did with a
transgender influencer. B1
 The Bank of England
raised its key interest rate for
the 14th time in a row, and
said it may do so again as it
tries to cool the fastest rise in
consumer prices in the G-7. A7
 KKR is in advanced talks
to acquire Simon & Schuster
for about $1.65 billion, accord-
ing to people familiar with
the situation, capping a years-
long effort by Paramount
Global to sell the publisher. B1
World-Wide
 Trump pleaded not guilty
to charges that he conspired
to overturn the results of
the 2020 election, appearing
in a federal courtroom just
blocks from the U.S. Capitol
his supporters stormed on
Jan. 6, 2021. A1, A4
 Israeli military reservists
began skipping duty, following
through on a threat from
thousands of their peers to
suspend service after the gov-
ernment moved to limit the
Supreme Court’s power. A1
 A federal appeals court
allowed the Biden adminis-
tration to enforce its new
asylum rules while litiga-
tion continues over the pol-
icy, blocking a lower court
decision that would have
barred enforcement. A3
 Russia is looking to buy
more ammunition from
North Korea to replenish its
dwindling stockpiles amid
Moscow’s ongoing war in
Ukraine, the U.S. said. A8
 Striking Los Angeles hotel
workers are calling for a levy
on employers to subsidize the
construction of affordable
employee housing, saying in-
flation has eroded their pre-
vious wage increases. A3
 The American Academy of
Pediatrics plans to review the
evidence for gender-affirming
medical care and potentially
amend its policies that help
guide doctors and clinicians
providing the treatment to
transgender youth. A3
 Islamic State said its little-
known top leader had been
killed, a confirmation that
came months after Erdogan
said the man died in the
course of a Turkish intelli-
gence operation in Syria. A16
CONTENTS
Arts in Review. A10-11
Business & Finance B2,10
Business News.. B3,6
Crossword................ A10
Heard on Street.. B12
Mansion............... M1-10
s 2023 Dow Jones & Company, Inc.
All Rights Reserved
NASDAQ 13959.72 g 0.1%
no
Markets...................... B11
Markets Digest...... B7
Opinion................ A13-15
Sports.......................... A12
Technology................ B4
U.S. News.............. A2-6
World News.. A7-8,16
> right uniform, lest
* * * * FRIDAY, AUGUST 4, 2023 ~ VOL. CCLXXXII NO. 29 WSJ.com HHHH $5.00
STOXX 600 457.93 g 0.6% 10-YR. TREAS. g 28/32 , yield 4.188% OIL $81.55 À $2.06 GOLD $1,932.00 g $5.40 EURO $1.0950 YEN 142.54
Trump Pleads Not Guilty to Vote Plot
Former president is he improperly retained classi-
fied government documents
arraigned on charges at his Mar-a-Lago resort in
that he conspired to Florida, and obstructed the
government’s efforts to re-
overturn election trieve them. Local prosecu-
tors in New York have
WASHINGTON—Former charged him with 34 felony
President Donald Trump counts related to a hush-
pleaded not guilty Thursday money payment made to a
to charges that he conspired porn star in the final stretch
to overturn the results of the of the 2016 election. And the
2020 election, appearing in a district attorney in Fulton
County, Ga., also has been in-
By Sadie Gurman, vestigating Trump for elec-
Andrew Restuccia tion interference.
and Byron Tau The latest indictment, re-
turned earlier this week and
federal courtroom just blocks brought by special counsel
from the U.S. Capitol his sup- Jack Smith, accuses Trump of
porters stormed on Jan. 6, conspiring to subvert the will
ALEX BRANDON/ASSOCIATED PRESS
2021. of American voters by trying to
While the plea amounted to cling to power after his defeat
two words, their resonance in 2020, actions that culmi-
was enormous. Trump denied nated in the attack on the Cap-
the charges in the indictment, itol. Smith personally appeared
the first time a U.S. president in court Thursday, sitting qui-
has been accused of blocking etly behind Thomas Windom
the peaceful transfer of power and Molly Gaston, the prosecu-
to his successor. Donald Trump at Ronald Reagan Washington National Airport after his court appearance. tors handling the hearing.
To his supporters, Trump’s Wearing a red tie and a
postelection campaign to rectly relate to Trump’s con- “This is a very sad day for and his team arrived in black navy blue suit, Trump, 77
claim he actually won the duct in the aftermath of the America,” Trump said after SUVs for him to surrender to years old, sat in the hearing
election was an act of cour- 2020 election that he lost to the hearing. “This is a perse- authorities. It marked the Please turn to page A4
.
age; for his detractors, the Joe Biden, and will shadow cution of a potential political third time in four months that
charges are a long-awaited ac- him on the 2024 campaign opponent.” Trump has been arraigned on  New lawyer says case is
ly
counting for the loss he re- trail as he seeks to win the Hundreds of people massed criminal charges. abuse of power.................. A4
fused to accept. The charges Republican nomination and outside the courtroom to In a separate federal case,  Trump attorneys hint at
brought in Washington di- recapture the White House. watch the spectacle as Trump Trump is facing charges that defense strategy............... A4
on
Amazon Profits Soar as Tech Giants Israeli
us ,
Reservists
Show Signs of Recovery After Cuts
l
e
al a
Skip Duty
ci on
BY DANA MATTIOLI
Amazon.com reported quar-
e-commerce business, which
had plunged into the red last
year amid a pandemic hang-
showed recovery in digital ad-
vertising revenue. Semicon-
ductor giant Intel posted a
have been uneven. Apple on
Thursday said revenue de-
clined for the third consecu-
In Protest
terly profit that trounced ex- over. Overall revenue for the surprise quarterly profit, after tive quarter, the company’s
er s
pectations, capping earnings second quarter rose by nearly two quarters of record losses, most prolonged sales slump BY DOV LIEBER
reports from tech giants that 11% to $134.2 billion, which thanks to strength in the per- since 2016, amid soft demand
m er
showed improving health in also beat expectations, and sonal-computer market. And for iPhones and other con- TEL AVIV—Col. Nissim Yo-
areas from online retail to dig- the company projected a simi- Uber Technologies on Tuesday sumer devices—though it also gev spent 25 years as a combat
ital advertising after a stretch lar pace of expansion in the posted the first operating reported record revenue in its flight navigator in the Israeli
of slowing growth and mass current quarter. profit in its history, thanks to services unit. Air Force, where he fought in
layoffs. Amazon’s earnings report robust demand for both its And Amazon reported a Israel’s war with Lebanon and
m rp
The Seattle company’s on Thursday followed strong ride-hailing and deliveries continued deceleration in its saw his best friend disappear
earnings nearly doubled ana- results last week from Google businesses. cloud-computing business, in combat, never to return.
lysts’ estimates, buoyed by re- parent Alphabet and Facebook The improvements for tech long the engine of its profits, Last week, he said he made
silience in its core consumer parent Meta Platforms that companies in recent months Please turn to page A6 the hardest decision of his life
when, with tears streaming
co Fo
down his face, he wrote to his
For Some New Moms, a Difficult Reality
commander that he would stop
reporting for volunteer reserve
duty, where he trained cadets
at the air force’s only flight
school. “The flight school will
probably be OK without me,
Mood and anxiety disorders are common—but for many, help is hard to find but I cannot be OK with myself
as long as things continue this
way,” he wrote.
BY ANNA MUTOH When Yogev, 64, missed his
first day of teaching last week,
Jaclyn Ohmer couldn’t wait to have a baby. he was following through on a
n-
Before she was pregnant, she bought onesies threat from thousands of vol-
and beagle-shaped booties. She and her hus- unteer military reservists like
band, her high-school sweetheart, found out him to suspend their service
they were having a son and prepared a Star after Prime Minister Benjamin
Wars-themed baby room. The 26-year-old Netanyahu’s coalition passed
from Parma, Ohio, was ready for his arrival. the first part of an effort to
Things got harder after he was born in limit the Supreme Court’s
June of last year. Ohmer loved him but she power. The reservists say the
MADDIE MCGARVEY FOR THE WALL STREET JOURNAL
often felt sad. She grew anxious waiting for legislation undermines Israel’s
his next cry. She wasn’t sure she was fit to be liberal democracy, breaking the
a mom. social contract for which they
When he was shrieking one day, Ohmer have put their lives at risk.
had a terrifying thought: “If I put my hand Brothers in Arms, one of the
over his mouth, he will be gone. He wouldn’t largest groups organizing the
have to live with me, or go through this.” push for refusing to serve, said
She became increasingly fearful of hurting there are thousands of others
her baby—and more convinced that her fam- like Yogev who have withheld
ily would be better off without her. Ohmer their reserve-duty service.
tried to seek help, but help was hard to find. It is unclear how many re-
Researchers estimate that one in five new servists have missed days they
Please turn to page A9 Jaclyn Ohmer shuttled between doctors and hospitals in search of treatment. Please turn to page A7
Where Have All
The Lindas Gone?
Pork Prices
Fly High
Disney’s ESPN Charts
Its Streaming Future
i i i Animal-welfare law in
California helps fuel rise in
Those who share the once-popular name pork-belly prices. B11
still gather for an annual convention Wholesale pork-belly price BY JESSICA TOONKEL cutters in two to three years,
AND ISABELLA SIMONETTI or once its reach in the cable-
$2.50 a pound
BY JON KAMP The 65-year-old, who grew TV world falls below 50 mil-
up nearby and lives in Ken- Thursday ESPN is hunting for a stra- lion households, people famil-
NIAGARA FALLS, N. Y.—Giv- tucky, took charge of this $2.37 tegic partner as it tries to iar with the plans said.
ing instructions with military year’s 35th convention of Lin- 2.00 bring order to the messy world Major League Baseball has
precision, a retired U.S. das Involved in Network De- of streaming—and secure its had early talks with ESPN
Army Sergeant First Class velopment Association, or own future in the process. about having the network
told conventioneers in a the L.I.N.D.A. Club. They 1.50 Talks with potential partners stream local baseball games in
Sheraton hotel function formed in the Midwest and investors have touched on certain markets, people familiar
room here when to in the 1980s over a several roles ESPN can play in with the matter said. The bank-
assemble for break- sisterhood shared by the fragmented streaming in- ruptcy of the largest player in
fast, a group photo many women of a 1.00 dustry, from carrying local local sports TV, Diamond Sports
and a trip to the falls. certain age: the U.S. is broadcasts for professional Group, has led the league to ex-
She also repeatedly just stuffed with Lindas. sports teams to serving as an plore new options for delivering
implored them to don the The name saw an extreme 0.50 industrywide hub to stream any games to consumers.
boom during the ex- live game, people familiar with ESPN could offer those
anyone forget. Lynda tremes of the baby boom, the discussions said. baseball games as an add-on to
“Be in your Linda but also fell sharply and On another track, ESPN is Please turn to page A6
0
shirts!” Linda Norris said, ad- has yet to regain its mojo. working to make a stand-alone
dressing more than 40 other The women who assembled Feb. 2022 ’23 version of its flagship televi-  Warner Bros. Discovery sets
Lindas in the crowd. Please turn to page A2 Source: USDA/Factset sion channel available to cord- news, sports to stream.... B2
 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 | Friday, August 4, 2023 * *** THE WALL STREET JOURNAL.

U.S. NEWS
U.S. Debt Problems Set to Remain Economic
Slowdown
Fitch’s downgrade will to address our entitlement U.S. debt held by the public as Factors driving the deficits’ and Democrats.

likely won’t break

Washington’s tax
programs or the revenue that
funds them and the rest of the
government,” said Shai Akabas,
a share of GDP
100% of GDP
and spending habits
executive director of economic
policy at the Bipartisan Policy
Center. “It’s a sign of worse
BY ANDREW DUEHREN
growth include higher net in-
terest costs, a product of the
Federal Reserve’s interest-rate
During this year’s debate
over raising the debt limit, for
example, both parties shied
Is Pending,
80
increases. The U.S. has spent
$131 billion more on interest
payments so far this fiscal
away from considering cuts to
Social Security or Medicare.
The programs are hugely pop-
Says Fed

Fitch Ratings chastised

Washington policy makers this
things to come if we don’t get
our fiscal house in order.”
Biden administration offi-
cials lambasted the Fitch deci-
week for fighting too much, sion, blaming the Trump ad-
spending too much and cut- ministration for destabilizing
ting taxes too much. the political system and point-
Republicans and Democrats ing to their own deficit-reduc-
are likely to keep doing all tion efforts. Republicans said
three. Democrats’ spending plans
Fitch’s downgrade of its had knocked the economy off
U.S. government debt rating the track, doubling down on
Tuesday only fueled more of calls for cuts that the White
the partisan bickering that the House has rejected.
firm said was raising concerns Helping enable Washing-
about America’s ability to ton’s deadlock is the markets’
tackle its swelling budget defi- muted reaction to the down-
cits. And as Congress prepares grade—and global investors’
to hash out spending for next seemingly bottomless appetite
fiscal year, the two parties for U.S. government debt.
aren’t considering the policies Gone are the days when so-
that could meaningfully ad- called bond vigilantes stalked
dress the problem: raising the Treasurys market de-
taxes or cutting spending on manding lower deficits. Even
major programs such as Medi- this spring’s debt-ceiling fight
care or Social Security. had only a limited impact on
“There’s no imminent signs trading in the roughly $25
of Congress having the political trillion market.
60
40
20
RECESSION
0
1970 ’80 ’90 2000
Note: Seasonally adjusted
Source: U.S. Office of Management and Budget
via St. Louis Fed
In its report this week,
Fitch pointed to projections
for rising U.S. deficits as a
sign of the country’s troubled
fiscal outlook. After dropping
sharply last year, the gap be-
tween spending and revenue
has grown by 170% in the first
nine months of this fiscal
year, according to Treasury
data through June.
year, a 25% increase from the
prior year. Tax revenue has
also dropped by 11% after
surging last year.
Net interest costs are ex-
pected to reach an amount
equivalent to 3.7% of U.S.
gross domestic product in fis-
cal year 2033, according to the
Congressional Budget Office.
Social Security, Medicare
and Medicaid—which account
’10 ’20 for roughly two-thirds of all
federal spending—will also
continue to get more expen-
sive. CBO expects spending on
Social Security to grow from
5.1% of GDP in 2023 to 6.0% in
2033. Spending on Medicare,
Medicaid and other manda-
tory health programs will rise
from 5.8% of GDP to 6.6% over
the same period, per CBO.
While some lawmakers
have floated ways to overhaul
Social Security and Medicare,
the topic largely remains a
third rail for both Republicans
ular across the political spec-
trum. A lower credit rating
isn’t likely to change that fun-
damental political calculation.
“I don’t think it should
shape how people feel about
debts and deficits. We’ve
known we’ve had a long-term
imbalance for decades and
this doesn’t change anything,”
said Ben Harris, a former top
economist at the Biden Trea-
sury Department.
Congress will have to act
eventually. Social Security’s
trust fund will run out in
2034, meaning the govern-
ment won’t be able to pay the
full amount of promised bene-
fits, the government estimates.
And Medicare’s hospital-insur-
ance trust fund will be able to
cover all benefits until 2031.
Lawmakers will be forced to
act on taxes far sooner, in
2025, when many of the most
popular of the Trump-era tax
cuts are set to expire.
Bank Chief
BY BOB FERNANDEZ
The impact of Federal Re-
serve interest-rate rises “should
start to really hit around now,”
the president of the Federal Re-
serve Bank of Richmond said,
adding that those who keep
predicting a recession will
eventually be right.
“No one banished the busi-
ness cycle,” Tom Barkin said
at an event in Blacksburg, Va.
“Most recessions come sud-
denly. Remember the pan-
demic or the global financial
crisis. Unexpected shocks
cause consumers and busi-
nesses to pull back in unison.”
A recession now could be
less severe than what was ex-
perienced in the 1980s or dur-
ing the 2007-09 financial cri-
sis, Barkin said.
“Recent large company lay-
off announcements have tar-
geted administrative func-
tions, not front-line workers,”

.
Barkin said. “These profes-
sionals may have a lower pro-

ly
pensity to file for unemploy-
ment, be unemployed for
shorter periods and often can
on leverage backup savings to
bridge their consumption. Un-
employment for those with a
college degree runs at 2%.”
Fed policy makers have
us ,

raised interest rates 11 times

l

to cool the economy since

e
NAOMI HARRIS FOR THE WALL STREET JOURNAL (3)

al a

March 2022, seeking to bring

inflation down to its 2% tar-
get. Recent government re-
ci on

ports show inflation has fallen

to 3%, an encouraging sign.
The Fed’s next meeting to
consider interest rates and in-
flation is set for September.
er s

Forecasters have been pre-

dicting a recession for some
m er

time.
“So, why haven’t we seen a
Top left, attendees gathered at this year’s 35th convention of Lindas Involved in Network Development Association, or the L.I.N.D.A. Club; Linda Emerson recession?” he asked. “I think
shared a snack with Linda Gray; below, Linda Dudley was the youngest Linda at the July convention. it’s because the pandemic is
still with us—not the public
m rp

Where Are her generation. Talking to

some, she learned it was a
name often picked by immi-
health crisis, thankfully, but
the economic dislocation it
unleashed.”

All the grants who didn’t speak Eng-

lish and wanted something  BOE raises key interest
co Fo

they felt was American-sound- rate to 5.25%....................... A7

Lindas? ing and easy to pronounce. In

her case, her Vietnamese-immi-

Continued from Page One

grant parents were inspired by
a physician named Linda who
frequented a Houston conve-
Florida
in Niagara Falls know it, from a
childhood where they often had
to use last initials in school, to
nience store where they
worked. For Linda Floyd, a 40-
year-old also from a Vietnam-
Blocks
adult years where they kept
running into Lindas at work or
in their neighborhoods. Also,
ese immigrant family, there
was another inspiration: Won-
der Woman Lynda Carter.
AP Psych
the youngest attendee at the In an interview, Lynda
Courses
n-

July convention was 57. “We Carter said was born a “Linda,”
need some younger ones, get too, but switched to the less-
some new blood,” Norris said. common spelling when she was BY GINGER ADAMS OTIS
Members pay $20 annually, a teenager. She got the idea
no

raise money for charities at from actress Lynda Day Florida has “effectively
each convention, support a George’s Dove soap commercial banned” the Advanced Place-
scholarship “for a person in the 60s. ment Psychology high-school
named Linda/Lynda,” get four Olivia topped the list for girls’ of their early conventions. Old- names for their vodka beverage “I changed it from an ‘i’ to a course because it includes
newsletters a year, and have a names. Linda ranked at 807 fashioned names from great- company Mom Water, the Indi- ‘y’ because there were so many content on sexual orientation
nine-Linda board of directors. last year, a modest improve- grandparents can sound quaint ana couple, both in their Lindas around, I didn’t just and gender identity, the Col-
This year’s gathering in- ment from 2021 but also the and charming, helping them re- mid-40s, were inspired by a want to be another Linda,” the lege Board said Thursday.
cluded a ride on the “Maid of name’s third year in the 800 bound, Suzanne said. But YouTube clip of a 3-year-old 72-year-old said. “I went to The state’s education de-
the Mist,” a silent auction and range, federal data show. The names of more recent vintage boy saying things like “Listen school with a lot of Lindas.” partment told school superin-
a skit in which the “man of the registry site Babylist scanned that are still heavily associated Linda” while arguing with his Linda Jack, a 17-year-old tendents at a meeting that the
mist” suffered a curse that samples of roughly 20,000 with parents and grandpar- mother over a cupcake. from Philadelphia, takes pride AP Psychology curriculum vio-
could only be broken by a kiss baby registrations between the ents—Linda among them—can Flavor names for their in what, to her, has been a lates Florida law, the College
from the right Linda. Attendees years 2018 and 2022 and found seem out of fashion, she said. canned drinks include Carol, unique moniker. “I’ve never Board said.
often use each other’s last just two examples of infants “I had three kids and I Susan and Nancy. As for the met someone with my name Florida has emerged as a
names to avoid confusion. named Linda. wanted to pay them to name most popular, “It’s kind of a tie that was under the age of 30,” national model for socially
Their name’s popularity Linda likely rose in popular- their kids Linda,” said Linda right now between Karen and she said. Her mother, Terry conservative education with a
climbed in the 1930s, then ity as one of many names that Barron, who was at the conven- Linda,” Bryce Morrison said. Jack, named Linda after her series of recent legislation
eclipsed “Mary”—a biblical jug- originated from German names tion from Cedar Rapids, Iowa. Linda Nguyen, a 40-year-old own mother, Linda DiSalvo. passed there that limits what
gernaut—in 1947, a year when ending in “linde,” said Sherri “It didn’t get done.” photographer and content cre- DiSalvo, 71, was so excited she can be taught in schools.
nearly 100,000 baby girls in the Suzanne, founder of the nam- A baby named Linda was a ator in North Carolina, con- signed herself and baby Linda Gov. Ron DeSantis, who is
U.S.—or about one in every 18 ing consultancy My Name for joke in a 2017 episode of the fronted the name’s older con- up for the L.I.N.D.A. Club when seeking the Republican presi-
born—were Lindas. There were Life. Also, it means “beautiful” sitcom “Unbreakable Kimmy notations while dating before the newborn was just three dential nomination, has tar-
nearly 5,000 Lyndas, too, a in Spanish. The name got a Schmidt,” where one character she married. “There was a days old. They have attended geted what he considers the
name the club accepts. Such boost by actress Linda Darnell, said: “That’s not a baby name! theme when guys would meet several conventions together, excessive influence of left-
dominating popularity is un- in the 1940s, and then turbo- That’s a name for an adult me and say, ‘Oh you have the and the younger Linda remains leaning ideas about race, gen-
heard of today, Social Security charged in 1946 by the Jack woman who worked in human same name as my mom,’” she the club’s youngest member. der and other cultural issues
Administration data show. Lawrence song “Linda,” said resources.” said. The club has drawn a line on in classrooms.
There were fewer than 17,000 many Lindas named around When Jill and Bryce Morri- But she also noticed many close-but-not-quite names. “We Florida’s Parental Rights in
new Olivias last year, though that time. He performed at one son were picking momish Lindas of Asian heritage from had a couple of Lindas that had Education Act restricts teaching
named their daughters Me- about sexual orientation and
linda, but it was like, sorry,” gender identity in public-school
THE WALL STREET JOURNAL
(USPS 664-880) (Eastern Edition ISSN 0099-9660)
CORRECTIONS  AMPLIFICATIONS said Linda Siebert. The 78-
year-old from Illinois is one of
classrooms.
The law, often referred to as
(Central Edition ISSN 1092-0935) (Western Edition ISSN 0193-2241)
Editorial and publication headquarters: 1211 Avenue of the Americas, New York, N.Y. 10036 three club members—along the “Don’t Say Gay” law, was
Published daily except Sundays and general legal holidays. Florida Gov. Ron DeSantis of the chairman’s term. with Lindas Cornell and Vav- passed in 2022.
Periodicals postage paid at New York, N.Y., and other mailing offices. said in an interview that he roch from Iowa—who have hit The governor’s office re-
Postmaster: Send address changes to The Wall Street Journal, 200 Burnett Rd., Chicopee, MA 01020.
would work to oust Federal Revenue officers in the In- all 35 conventions. ferred a request for comment to
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Powell before his post ex- longer make unannounced the lookout for new recruits. ment.
Letters to the Editor: Fax: 212-416-2891; email: wsj.ltrs@wsj.com
pires in 2026. In some edi- home and business visits ex- Many travel to conventions to- The Florida Department of
Need assistance with your subscription? tions Tuesday, a U.S. News cept in a few circumstances, gether, several Lindas to a van Education said the AP course is
By web: customercenter.wsj.com; By email: wsjsupport@wsj.com
By phone: 1-800-JOURNAL (1-800-568-7625)
article about DeSantis’s plat- the Treasury Department said. or truck, often in their T-shirts. still available to students.
Reprints & licensing:
form in one instance said the A July 25 U.S. Watch article Linda Rumppe said she has “We encourage the College
By email: customreprints@dowjones.com candidate hadn’t said incorrectly in one instance re- success in restaurants, where Board to stop playing games
By phone: 1-800-843-0008
whether he would seek to re- ferred to “revenue agents,” a she tends to find a lot of Lin- with Florida students and con-
WSJ back issues and framed pages: wsjshop.com
Our newspapers are 100% sourced from sustainably certified mills.
move Powell before the end different category of worker. das. “If they see our shirts tinue to offer the course and al-
some place and somebody low teachers to operate accord-
GOT A TIP FOR US? SUBMIT IT AT WSJ.COM/TIPS Readers can alert The Wall Street Journal to any errors in news articles by knows a Linda, we give them a ingly,” the department said
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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.
Court Lets
Asylum Policy
Stay in Place
BY ALICIA A. CALDWELL
A federal appeals court
Thursday allowed the Biden
administration to enforce its
new asylum rules while litiga-
tion continues over the policy.
In a 2-1 ruling, the U.S.
Court of Appeals for the Ninth
Circuit agreed to a Biden ad-
ministration request and
blocked for now a lower court
decision that would have
barred the administration from
enforcing its new policy.
The policy generally re-
quires migrants coming to the
U.S. border to have asked for
protection in
another coun-
try and have
been denied, to The policy is a
be eligible to pillar of Biden’s
ask for asylum
in the U.S. border
Immigration
lawyers and ad-
enforcement
vocates have ar- efforts.
gued that be-
cause most
Latin American
countries have either fledgling
or nonexistent asylum proto-
cols, the rule is nearly impossi-
ble for migrants to follow, ren-
dering the policy as a ban on
asylum for most migrants
caught crossing the border ille-
gally into the United States.
The policy has been a pillar
of President Biden’s border
enforcement efforts following
the expiration of the Title 42
rule. Put in place by the
Trump administration at the
start of the pandemic, Title 42
allowed migrants to be quickly
expelled at the border without
a chance to ask for asylum.
Last week, U.S. District
Judge Jon Tigar, who was ap-
pointed by President Barack
Obama, ruled that the new
policy violates U.S. asylum
laws that allow for anyone
who enters the country to ask
Doctors to Review Guidelines for Treating Transgender Youth
BY JATHON SAPSFORD
AND STEPHANIE ARMOUR
The American Academy of
Pediatrics, the nation’s pre-
mier association of pediatri-
cians, plans to review the evi-
dence for gender-affirming
medical care and potentially
amend its policies that help
guide doctors and clinicians
providing the treatment to
transgender youth.
The exact scope of the re-
view has yet to be determined,
but it is expected to include
no
Mississippi Ex-Officers
Admit Rights Offenses
BY SURYATAPA BHATTACHARYA
Six white former law-en-
forcement officers in Missis-
sippi pleaded guilty Thursday
to federal civil-rights offenses
against two Black men they
assaulted during a home raid.
The charges were unsealed
Thursday after the five former
Rankin County sheriff’s depu-
ties and a former Richland po-
lice officer appeared in federal
court in Jackson.
“The defendants in this
case tortured and inflicted un-
speakable harm on their vic-
tims, egregiously violated the
civil rights of citizens who
they were supposed to pro-
tect, and shamefully betrayed
the oath they swore as law en-
forcement officers,” Attorney
General Merrick Garland said.
Officers burst into a home
without a warrant Jan. 24 and
assaulted the two men, Michael
Jenkins and Eddie Parker. The
officers held the men down
and poured cooking oil, milk,
alcohol and chocolate syrup on
their faces and in their mouths,
authorities said. The men were
struck with objects including a
sword, officials said, and were
stunned with a Taser.
One officer placed a gun in
Jenkins’s mouth and fired,
said U.S. Attorney Darren La-
Marca.
The bullet lacerated Jen-
kins’s tongue, broke his jaw
* * * * * Friday, August 4, 2023 | A3
U.S. NEWS
PATRICK T. FALLON/AGENCE FRANCE-PRESSE/GETTY IMAGES
for protection—regardless of
how they arrived.
In a dissent to Thursday’s
ruling, Judge Lawrence Van-
Dyke said the Biden version of
the asylum rule was nearly
identical to the one proposed
by the Trump administration
and blocked by Tigar and later
the Ninth Circuit.
“The Biden administra-
tion’s ‘Pathways Rule’ before People picket in support of striking hotel workers with Unite Here Local 11, which represents 15,000 cooks, housekeepers,
us in this appeal is not mean- dishwashers and other hospitality workers in Southern California.
ingfully different from the
Strikers Ask for Affordable Housing
prior administration’s rules
that were backhanded by my
two colleagues,” wrote Van-
Dyke, a Trump appointee.
“This new rule
looks like the BY CHRISTINE MAI-DUC ment tax, to build homes af- Labor unions have increas- that are beyond the hotels’
Trump admin- fordable to hotel workers and ingly demanded that employers control,” Pete Hillan, a spokes-
istration’s Port LOS ANGELES—Delmy Ca- provide loans and other assis- take steps to address housing man for the Hotel Association
of Entry Rule bañas and thousands of other tance to workers at risk of los- affordability in contract negoti- of Los Angeles, an industry
and Transit hotel workers in this city have ing their housing. The union is ations. Housing costs in and group, said of the union’s de-
Rule got to- spent the past five weeks de- also asking hotel owners to en- around many urban areas have mands related to housing pol-
gether, had a manding higher wages, better dorse a 2024 ballot measure in outpaced wage increases, mak- icy. “We cannot be held re-
baby, and then health benefits and, in a less the city of Los Angeles that ing it difficult for service work- sponsible for an issue that has
dolled it up in a conventional ask for striking would require them to make ers and other low-income peo- been decades in the making be-
stylish modern workers, help solving L.A.’s af- vacant rooms available to ple to live close to where they cause of failed policies.”
outfit, com- fordable-housing shortage. homeless people. work. Regarding the L.A. ballot
plete with a “I want to spend more time “We are pushing the edge, In the Los Angeles metro measure, Hillan said forcing
phone app.” Under the Biden with my kids,” said Cabañas, a but look, our members are liv- area, median monthly rents in- hotels to place unhoused peo-
.
rule, migrants need to use a housekeeper who drives nearly ing paycheck to paycheck more creased 24% to $2,100 between ple in rooms next to paying
cellphone app to apply for an four hours round-trip each day than ever, I would argue, be- 2017 and 2022, according to guests would decimate busi-
ly
appointment to request asy- to her job at the Ritz Carlton cause of the cost of housing,” rentals website Apartment List. ness.
lum at a legal border crossing. hotel downtown from her said Kurt Petersen, co-presi- A worker in Los Angeles Petersen called the charges,
The Department of Home- home in Riverside. dent of Unite Here Local 11. County would need to make which are pending, frivolous.
land Security said on Thurs-
day: “We will continue to ap-
ply the rule and immigration
consequences for those who do
on Cabañas is a member of
Unite Here Local 11, which rep-
resents 15,000 cooks, house-
keepers, dishwashers, front-
$42.73 an hour to afford a typi-
cal two-bedroom apartment,
according to 2023 data from
the National Low Income Hous-
Keith Grossman, a lawyer
representing the hotels, said
they offered the union an im-
mediate $2 hourly wage in-
not have a lawful basis to re- desk attendants and other ing Coalition, an advocacy crease, with additional in-
us ,
main in the United States.” hospitality workers in South- group. The minimum hourly creases amounting to $4.25 per
l
Immigrant advocates who ern California. Union leaders wage for Unite Here hotel hour through 2027. Unite Here
CHRISTINE MAI-DUC/THE WALL STREET JOURNAL
e
al a
filed suit challenging the new say that soaring housing costs workers in Southern California rejected that proposal, Gross-
rule said they would continue have eaten away at wage in- is currently $19. man said. Petersen said hotel
to fight the policy. creases they previously won, A group representing 44 operators walked out of negoti-
ci on
“The stay ruling doesn’t say and that the hotel industry L.A. area hotels filed unfair la- ations before his union could
anything about the legality of should bear some of the bur- bor practice charges in July respond.
the ban, and we are confident den for addressing the prob- with the National Labor Rela- The two sides haven’t met
that we will prevail when the lem. tions Board, accusing Unite since July 18. Contracts cover-
court has a full opportunity to In addition to an $11-an- Here of bargaining in bad faith ing some 15,000 hotel workers
er s
consider the claims,” said Ka- hour wage increase over three by making demands that have in Southern California expired
trina Eiland, deputy director of years, union leaders are de- nothing to do with their mem- at the end of June. Since then,
m er
the ACLU’s Immigrants’ Rights manding employers institute a bers’ labor contracts. union members have been
Project, who argued the case. 7% fee, or a similar govern- Housekeeper Elvia Zuñiga “They’re asking for things holding rolling work stoppages.
m rp
an evaluation of medical inter- Its goal will seek to confirm the fact that the board is very coming as the nation’s doctors land, Norway and France—to
co Fo
ventions such as puberty best practices for treatments concerned about the restric- face intense and growing urge more caution in the use
blockers and hormones, which of transgender youth, adoles- tions,” said AAP Chief Execu- scrutiny of their treatment of of puberty blockers and other
are in some cases used to de- cents and young adults, the tive Mark Del Monte. gender-diverse youth. The medical interventions, noting
lay puberty or boost physical AAP said. The association’s The AAP issued a policy AAP is one of a number of that there isn’t enough evi-
features associated with a board, voting in its headquar- statement in 2018 supporting medical associations whose dence to support claims that
gender different from the pa- ters in the Chicago area, ap- the use of gender-affirming guidelines for such treatments the benefits outweigh the
tient’s sex at birth. proved the external review care. The older policy was up are cited in everything from risks. In the U.S., about 1.6
The process, known as a sys- Thursday. for its mandatory, five-year court cases to insurance million people ages 13 and
tematic evidence review, typi- The vote comes after a num- review later this year. The claims to media reports over above identify as transgender,
cally looks at all relevant evi- ber of Republican-run states board voted to reaffirm the whether medical interventions according to the Williams In-
dence behind any given introduced bans or other re- policy, but officials said it are appropriate for children. stitute at University of Cali-
treatment, adjusting for bias strictions on gender-affirming could possibly be revised sub- In Europe, systematic evi- fornia, Los Angeles. In recent
and other potential flaws. It care, saying the science doesn’t ject to the review. dence reviews have led to at months, the treatment of this
n-
will be conducted by an exter- support medical interventions. The stakes are potentially least five European coun- community has become a focal
nal organization, the AAP said. The systematic review “reflects significant, with the review tries—the U.K., Sweden, Fin- point for the nation’s politics.
and exited out his
neck. “Thank God, he did live,”
LaMarca said.
The officers tried to cover
up the incident, planting and
fabricating evidence, threaten-
ing witnesses and lying to in-
vestigators, LaMarca said.
The Justice Department be-
gan investigating the officers
in February after Jenkins’s
lawyer, Malik Shabazz, wrote
to the department.
“Today is truly historic for
Mississippi and for civil and
human rights in America,”
Shabazz said after the guilty
pleas were announced.
The six former law-enforce-
ment officers—Brett McAlpin,
Christian Dedmon, Jeffrey
Middleton, Hunter Elward,
Daniel Opdyke and Joshua
Hartfield—pleaded guilty to
all charges against them.
Three also pleaded guilty to
charges in an unrelated inci-
dent. The 16 total felonies in-
clude civil rights conspiracy,
conspiracy to obstruct justice
and obstruction of justice.
Jeff Reynolds, a lawyer for
Opdyke, said his client “has
taken responsibility for his
wrongdoing.” Lawyers for
Hartfield said he will accept the
consequences of his actions.
Lawyers for the other offi-
cers didn’t respond to re-
quests for comment. Sentenc-
ing for all six defendants is
scheduled for November.
 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 | Friday, August 4, 2023
New Lawyer Says Case Is Abuse of Power
Lauro, who recently
joined Trump team,
sees charges as an
attack on free speech
BY JAN WOLFE
AND JAMES FANELLI
When former President
Donald Trump appeared in a
federal courthouse in Wash-
ington on Thursday, he was
accompanied by the recently
hired John Lauro, a seasoned
trial lawyer retained exclu-
sively to battle special counsel
Jack Smith’s sweeping indict-
ment released this week.
“This case with President
Trump is going to be a tough
one because the government
has something like 60 lawyers
and investigators all aligned,”
Lauro said in an interview. “It
is going to be a real courtroom
battle, and we anticipate there
may be over 100 witnesses
called and the trial could last
many, many months.”
The indictment unsealed on
Tuesday accuses Trump of a
criminal scheme to stay in
power after his November
2020 election defeat. He
pleaded not guilty Thursday to
Trump
Pleads
Not Guilty
Continued from Page One
room in the federal court-
house between his attorneys
John Lauro and Todd Blanche,
accompanied by a phalanx of
security personnel as U.S.
Magistrate Judge Moxila Up-
adhyaya read the charges, in-
formed Trump of his rights
and took his plea. Trump’s le-
gal team is due back in court
on Aug. 28 for a hearing in
front of Judge Tanya Chutkan,
who will ultimately preside
over the case.
Trump sat impassively as
the charges and potential pen-
alties were read to him, speak-
ing only occasionally in re-
sponse to questions from the
judge.
As in the New York and
Florida criminal cases, prose-
cutors didn’t ask for Trump to
be detained pending trial. A
law-enforcement official said
Trump was processed and fin-
gerprinted, but had no mug
shot taken during processing
by U.S. marshals at the federal
courthouse—the equivalent of
an arrest for suspects who
surrender.
As part of his conditions of
release, Trump agreed not to
commit crimes and not to
communicate about the case
with anyone who is a potential
witness.
The charges haven’t de-
terred Trump’s devoted sup-
no
porters and have resulted in a
surge of fundraising dollars
for his 2024 presidential cam-
paign. The hearing is taking
place just blocks from the
Capitol, where rioters that day
attacked police officers and
smashed windows in an at-
tempt to prevent Congress
from certifying the victory of
Biden, a Democrat.
One man outside the court-
house Thursday waved a sign
that said, “Jail Trump for-
ever.” Another group danced
in front of a sign that read,
“Trump Indictment Celebra-
tion Tour” as the song “Cele-
bration” by Kool & the Gang
blared. A group of Trump sup-
Defense Team Hints at Possible Strategy Against Criminal Charges
BY CORINNE RAMEY
Former President Donald
Trump pleaded not guilty
Thursday to four criminal
charges stemming from his ef-
forts to reverse the results of
the 2020 election.
The latest indictment,
brought by special counsel Jack
Smith and unsealed this week,
accuses Trump of conspiring to
subvert the will of voters by
trying to upend the 2020 presi-
dential vote, which was won by
Joe Biden. Those actions, Smith
alleges, led to the Jan. 6, 2021,
attack on the U.S. Capitol by
Trump’s supporters.
Trump’s lawyers have since
taken to the airwaves and
hinted at a multipronged
strategy. They have said that
charges including conspiracy to
defraud the U.S. and conspiracy
against the rights of voters.
The unprecedented criminal
trial of a former president will
carry high stakes for Lauro,
the Justice Department, and a
country that is polarized by
politics and approaching a
presidential campaign in
which Trump is the Republi-
can front-runner to take on
President Biden’s re-election
bid. A rematch between the
former and current presidents
is already reopening the divi-
sive debate over Trump’s false
claims about the 2020 elec-
tion, which are at the heart of
the case against Trump.
Lauro, who said his political
views “trend conservative,”
describes the case against
Trump as emblematic of a
concern he has had for years:
the overcriminalization of
American life. “We’re in an era
when prosecutors are really
making up criminal theories
that haven’t been used before,
and that has really scary con-
sequences for all Americans,”
Lauro said. “That’s a big con-
cern of mine, and a reason I
got involved in this case.”
Before representing Trump,
Lauro’s most newsworthy en-
on
us ,
l
e
al a
ci on
er s
m er
m rp
co Fo
Demonstrators for and against Donald Trump waved signs outside the courthouse in Washington, D.C., where the former president was arraigned Thursday.
porters waved a flag that
read, “Trump or Death.”
Daniel DeMoura, 32, was
n-
among the Trump supporters
who gathered in front of the
courthouse on Thursday. He
argued that the former presi-
dent was standing up against
a corrupt system. “He’s really,
basically, a lion,” he said. “He
is very brave.”
Domenic Santana, 61, said
he traveled from Miami to
Washington to demonstrate
outside the courthouse. “He
should have been locked up a
long, long time ago,” said San-
tana, who was wearing a
b l a c k- a n d - w h i t e - s t r i p e d
prison uniform.
Trump arrived in Washing-
ton on Thursday afternoon af-
ter traveling from his golf club
in Bedminster, N.J., where he
lives during the summer.
In Washington, Trump was
charged with four crimes, in-
they would seek to move the
trial to a jurisdiction with a
friendlier jury pool and that
they could seek to delay the
trial, citing his candidacy for
the 2024 Republican presiden-
tial nomination.
Trump’s lawyers have also
laid out several possible argu-
ments they could make to re-
but Smith’s charges.
First Amendment
Smith alleged that Trump
and his supporters repeatedly
made false claims about the
integrity of the electoral pro-
cess and the actual results of
the election.
Trump’s lawyer, John
Lauro, has argued that Trump
had a right to free speech
P W L C 10 11 12
John Lauro arriving Thursday for the hearing in Washington.
gagement was his defense of
former NBA referee Tim Don-
aghy, who admitted to betting
on games he officiated. Don-
aghy was sentenced to 15
months in prison after pleading
guilty to two federal charges.
A longtime contributor to
Fox News, Lauro is no
stranger to media interviews,
and he plans to frequently ap-
pear on television as the case
unfolds. Since the indictment
cluding conspiring to defraud
the U.S., obstructing an offi-
cial proceeding, and conspir-
ing against the rights of vot-
ers. Trump has accused
prosecutors of pursuing him
to undermine his bid to re-
turn to the
White House.
Biden has
declined to The first
comment pub- hearing in the
licly on the lat-
est indictment. federal criminal
The unprece-
dented charges
case is set for
alleging a for-
mer president
tried to thwart
the peaceful
transfer of power will test the
country’s legal system, as con-
servatives launch an aggres-
sive campaign to question the
Justice Department’s integrity.
Attorney General Merrick
Garland has denied that the
when he made false claims
about the election. The indict-
ment is criminalizing a right
enshrined in the First Amend-
ment of the Constitution,
Lauro has said.
“This defense of Mr. Trump
is not just for him, but also, in
my mind, for all Americans
who want to exercise free
speech and take unpopular po-
litical positions,” Lauro said.
Prosecutors appeared to
pre-empt that argument by
saying in the indictment that
Trump indeed had a right to
contest an election, an ac-
knowledgment some defense
attorneys said was uncommon.
“This unusual tactic very
effectively sets the table to ex-
plain all the reasons it is a
crime to do what was done
H T G K R F A M 1 2 3 4 5 6
U.S. NEWS
was unsealed, Lauro has ap-
peared on Fox News, CNN, and
NBC’s “Today” show, among
other outlets. In his television
appearances, Lauro has
framed the case as an assault
on free speech.
“This defense of Mr. Trump
is not just for him, but also, in
my mind, for all Americans
who want to exercise free
speech and take unpopular po-
litical positions,” Lauro said.
investigations are politically
motivated, and Biden has said
he respects the department’s
independence. They are also
likely to strain Trump’s finan-
cial resources as his legal bills
mount, and cut into his ability
to campaign for
the nomination.
The indict-
ment charges
Trump alone,
but describes
six co-conspira-
tors working
with him, in-
Aug. 28. cluding lawyers
identifiable as
former New
York Mayor
Rudy Giuliani and several oth-
ers who tried to contest the
2020 results.
Many of the details refer-
enced in the case have been
previously revealed, including
from a House panel that in-
here, which was to engage in
fraud and deceit to interfere
with the lawful results and
certification of a presidential
election,” said Barry Berke, a
criminal-defense lawyer and
partner at Kramer Levin Naf-
talis & Frankel.
Prosecutors will likely seek
to show that Trump’s behavior
went beyond speech—and that
he took distinct actions, often
alongside others, to overturn
the election’s results.
Advice of counsel
The former president might
also argue that he was merely
following the advice of his law-
yers in trying to contest the
election, so therefore didn’t
commit a crime. “You are enti-
7 8 9 O I X X ** THE WALL STREET JOURNAL.
“What we’re seeing in society
now is you’re getting censored
or canceled or told you can’t
raise your voice and speak
what you want.”
Anticipating that defense,
Smith said in the indictment
that Trump is being prose-
cuted for “unlawful means of
discounting legitimate votes
and subverting the election
results,” not for his political
speech.
“The Defendant had a right,
ALEX BRANDON/ASSOCIATED PRESS
like every American, to speak
publicly about the election
and even to claim, falsely, that
there had been outcome-de-
terminative fraud during the
election and that he had won,”
the indictment stated.
“Indeed, in many cases, the
Defendant did pursue these
methods of contesting the elec-
tion results. His efforts to
change the outcome in any
state through recounts, audits,
or legal challenges were uni-
formly unsuccessful.” By press-
ing those issues further, with
the result being the assault on
the Capitol on Jan. 6, 2021, the
same day Congress was certify-
ing Biden’s victory, prosecutors
argue, Trump broke the law.
Smith and Lauro share
some history. Lauro, 65 years
ly
vestigated the Capitol attack.
But the 45-page document
paints a detailed portrait of
Trump’s efforts to press
claims that the election had
been marred by fraud, even
though he had been told re-
peatedly they had no merit,
and how he leaned on officials
in battleground states he had
lost, including Arizona, Geor-
gia and Michigan, to support
his efforts.
After those initial efforts
failed, the indictment alleges,
Trump pushed his Justice De-
partment to falsely claim elec-
tion fraud and pressed Vice
President Mike Pence to over-
turn the results, telling Pence
at one point: “You’re too hon-
est.” He then called his sup-
porters to Washington and
urged them to “fight like hell”
just before they marched to
the Capitol on Jan. 6.
Pence, who is also seeking
tled to believe and trust advice
of counsel,” Lauro said in a
“Today” show interview.
Lauro said Trump had fol-
lowed the advice of a lawyer,
John Eastman, who advised
him to press Vice President
Mike Pence to alter the election
results. Reliance on Eastman
“eliminates criminal intent” on
the part of Trump, Lauro added.
Acting in good faith
To establish that Trump
had the criminal intent
needed for a conviction, pros-
ecutors will likely need to
show that Trump didn’t be-
lieve the election fraud claims
he was espousing.
Trump could counter this
by arguing he was acting in
old, worked in the narcotics
division at the U.S. attorney’s
office for the Eastern District
of New York in the late 1980s.
Smith, the special counsel and
Lauro’s chief adversary in the
Trump case, worked at the
same U.S. attorney’s office a
decade later.
Lauro later practiced at the
law firm Zuckerman Spaeder,
but left to open his own office.
Patricia Pileggi, who
worked with Lauro in the gov-
ernment, said lawyers often
call him to brainstorm about
their cases. Lauro provides his
own clients with a clear pic-
ture of where they stand in
their case, she added.
“John is very good at really
assessing the evidence and
making the decision of what is
in the client’s best interest to
do,” said Pileggi, a partner at
law firm ArentFox Schiff.
Sean O’Shea, a partner at
law firm Cadwalader, Wicker-
sham & Taft, said Lauro is
fearless in the courtroom, not-
ing how he can remain unflap-
pable even when a judge
chews him out, sometimes un-
fairly, in front of a jury.
“I think the former presi-
dent is in very good hands,”
O’Shea said.
.
SHURAN HUANG FOR THE WALL STREET JOURNAL
the GOP nomination, tweeted
on Thursday: “President
Trump was wrong in saying
that I had some right to over-
turn the election. My duty on
January [6] wasn’t a belief,
it’s the law, and history of this
country.”
As he left the courthouse,
Trump’s motorcade was met
with a chorus of cursing and
derision. One man shouted,
“Terrorist!” and another
yelled, “Good riddance!” A
woman posed for a selfie with
her middle finger in the air.
—Aaron Zitner
and Alex Leary
contributed to this article.
Watch a Video
Scan this code
for a video on
the conflict
between Trump
and Pence.
good faith and legitimately be-
lieved that he won the elec-
tion when he sought to over-
turn the results. Prosecutors
could likely counter this argu-
ment at trial by calling wit-
nesses who provided advice to
the former president.
In the indictment, prosecu-
tors allege numerous people
who Trump trusted, including
Justice Department officials,
Pence and senior White House
lawyers, told him the election
fraud allegations were unsup-
ported. “The Defendant was
notified repeatedly that his
claims were untrue—often by
the people on whom he relied
for candid advice on important
matters,” the indictment says.
—Jan Wolfe
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. * * * * Friday, August 4, 2023 | A5

U.S. NEWS

Wisconsin Supreme SALT Deduction-Cap Battle

Court Swings to Left Divides House Republicans
With New Justice Tax bill stalls as Average state and local tax deducted per filed federal tax to business-tax changes but
return by county, 2018 also want to expand the child
BY ISAAC YU GOP lawmakers tax credit in ways that Republi-
in areas with high 0 500 1,000 1,500 2,000 $3,050 per filed return cans oppose.
Progressives gained control Smith suggested that SALT
of Wisconsin’s highest court levies seek changes cap changes could be possible
Tuesday and appear ready to in an end-of-year bipartisan
KAYLA WOLF FOR THE WALL STREET JOURNAL

move quickly to pursue cases BY RICHARD RUBIN bill—but not now. “You don’t
that could shift policy and po- vote against a bill because of
litical power in the state. WASHINGTON—The what’s not in it,” Smith said.
Janet Protasiewicz, elected $10,000 cap on the state and
in April after the most expen- local tax deduction is bedevil-
sive contest for a state Su- ing Congress. Again. Contentious for years
preme Court seat in U.S. his- Taxpayers who itemize de- The SALT fight has dogged
tory, was sworn in to the ductions can get a federal break lawmakers for years. In 2017,
state’s seven-member Supreme for state and local income- and House Republicans considered
Court on Tuesday, creating a property-tax payments. Repub- eliminating the deduction be-
narrow liberal majority. The licans in 2017 limited that de- fore settling on the $10,000
court, which came within one New Justice Janet Protasiewicz duction to help pay for tax cuts, cap. The House passed that bill
vote of nullifying Joe Biden’s and the new restrictions largely with 12 Republicans opposed,
narrow win in Wisconsin dur- portunity to transform the po- pinched high-income people in but Smith and House Speaker
Republican representatives in competitive House districts,
ing the 2020 election, has often litical landscape of Wisconsin high-tax states. Kevin McCarthy (R., Calif.)
according to Cook Political Report
been the ultimate stage of po- through the redistricting law- That decision split the GOP, don’t have that cushion now
litical clashes in a state evenly suit, filed on Wednesday by divided Democrats who tried COUNTY WITHIN DISTRICT WITH with their 222-212 majority.
divided between Democrats Madison-based nonprofit advo- to repeal it, and just sparked REPRESENTATIVE DISTRICT HIGH SALT DEDUCTIONS?* “I’m going to continue to
and Republicans. cacy group Law Forward. The yet another intraparty fight. David Schweikert Ariz. 1st No stand firm,” said Rep. Nick La-
The newly created majority current maps have all but guar- The latest dispute over Juan Ciscomani Ariz. 6th No Lota (R., N.Y.), who represents
wasted little time, informing a anteed Republicans a tight hold what is colloquially known as John Duarte Calif. 13th Yes eastern Long Island and is
top courts administrator Tues- on the state Legislature, where the SALT cap pits a group of Mike Garcia Calif. 27th Yes seeking a much higher cap, at
day that he they hold about suburban Republicans against Ken Calvert Calif. 41st Yes least. “This is oxygen to many
would be fired. two-thirds of the rest of their party. The Lauren Boebert Colo. 3rd Yes of my constituents. This is the
On Wednesday, seats in a state lawmakers, who largely come Julia Letlow La. 5th No one thing that cuts through all
a liberal law Many important where voters from competitive districts in Thomas Kean Jr. N.J. 7th Yes the partisan BS.”
group an- rulings have are evenly di- high-tax states, say they will George Santos N.Y. 3rd Yes Garcia, the Los Angeles-
nounced it vided. The court block a GOP tax bill unless the Anthony D'Esposito N.Y. 4th Yes area lawmaker, would prefer
would file a law- broken along could decide the top tax writer, Rep. Jason Mike Lawler N.Y. 17th Yes no cap but said he would set-
suit challenging case before the Smith (R., Mo.), agrees to raise tle for doubling it. Leaving it
clear ideological Marc Molinaro N.Y. 19th No

.
the maps of 2024 election. or scrap the $10,000 limit. Brandon Williams N.Y. 22nd No at $10,000, he said, would be
state legislative lines. “The extreme “In my district, if you own “a continuation of this middle-

ly
Lori Chavez-DeRemer Ore. 5th Yes
districts. partisan gerry- a home and you have a job, finger mentality” toward his
Positions on mander is an af- you hit the $10,000 cap,” said constituents.
*Any county within the district that averages over $1,000 in SALT deductions
the court are front against de- Rep. Mike Garcia, a Republi- per filed federal tax return in 2018. In the 2018 election, subur-
technically nonpartisan, but
many important rulings have
broken along clear ideological
lines. In recent elections politi-
mocracy. Every day it continues
is a violation of the most funda-
mental rights of every Wiscon-
sinite,” said Jeff Mandell, an at-
oncan who represents a Los An-
geles-area district. “This issue
and our ability to navigate the
SALT is going to be what al-
Sources: Internal Revenue Service via Tax Foundation; Cook Political Report

The SALT cap, meanwhile, is

cal parties and advocacy torney and co-founder of Law
us ,
lows us to keep the majority.”
most hated in suburban dis-
tricts in high-tax states that
mous tax bills because of a pro-
vision that changed how they
deduct research costs.
ban districts helped give Demo-
crats the House majority—and
prompted a new SALT battle.
Lawmakers from California,
New Jersey and New York in-

groups have poured money into Forward. have been among the hardest- While Smith’s bill doesn’t sisted on raising or repealing
l

candidates’ campaigns. Before Rick Esenberg, founder of fought races in recent elections. address the SALT cap, it the cap in any tax legislation,
Geography is key
e
al a

her election, Protasiewicz made the conservative Wisconsin In- Those areas gave Democrats would temporarily expand the using a “No SALT, No Deal” ral-
her stances on issues such as stitute for Law & Liberty, said In Congress, geography control of the House during the standard deduction for indi- lying cry. The House eventually
abortion and redistricting clear, Republicans in the state are sometimes trumps ideology, Trump administration and viduals. That would make the passed a bill with an $80,000
ci on

calling the state’s legislative concerned about potential deci-
maps “rigged” for Republicans. sions by the court. “We will be
Abortion could come before playing defense more than we
the justices through a case have in the past,” he said.
from Wisconsin Attorney Gen- Esenberg added that voters
er s
and the SALT cap scrambles the
usual partisan discourse re-
garding taxes. Republicans op-
pose raising taxes on top earn-
ers, but most support the cap
were pivotal in the shift to a
narrow GOP majority last year.
Now the issue is complicat-
ing legislation that Smith and
House GOP leaders want to
$10,000 limit less important
for some households.
Smith, who leads the House
Ways and Means Committee,
said he has been meeting with
cap, but it flopped in the Sen-
ate and never became law.
Rep. Richard Neal (D., Mass.)
was Ways and Means chairman
then. He watches Republicans

eral Josh Kaul, challenging the tend to swing between the two because it reduces what they pass that would reverse busi- Republicans from high-tax struggle now and describes
state’s 1849 abortion ban. Po- parties in Supreme Court elec- see as a federal subsidy for res- ness-tax increases that Republi- states and is confident he has himself as overjoyed. “In the
m er

tential suits addressing voting tions, meaning the new major-
rights and public-sector unions ity’s time in power “could be
could also reach the court in short-lived.” Ann Walsh Brad-
coming years. ley, a liberal justice, is up for
The new court has the op- re-election in 2025.
m rp
idents of high-tax states. Demo-
crats who oppose the cap run
into objections in their own
party because the break mainly
benefits high-income people.
cans baked into the 2017 law
and that took effect in recent
years. Without quick action by
Congress, many small research-
intensive companies face enor-
enough votes to get his bill
through the House after Con-
gress’s summer break. It ap-
pears unlikely to become law
as written. Democrats are open
minority, they made it sound
simple,” he said. “They’ve now
discovered that their majority
hinges upon six people who re-
ally need some SALT relief.”

U.S.WATCH
Gene-Edited Meat Brings Oversight Turf War NORTH CAROLINA
co Fo

BY LIZ ESSLEY WHYTE

Rep. Bishop Won’t
Seek Re-Election
The future of genetically U.S. Rep. Dan Bishop, a vo-
modified bacon, steak and fish cal member of the Freedom
is at the center of a Washing- Caucus that has become a foil
ton food fight. to House Speaker Kevin
The White House is referee- McCarthy, said Thursday that
ing whether the Food and Drug he would run for North Caro-
Administration or the Agricul- lina attorney general next
FROM TOP: MICHAEL SHORT/BLOOMBERG NEWS, MICHAEL CONROY/ASSOCIATED PRESS

ture Department should regu- year rather than seek to re-

late disease-resistant pigs, main in Congress.
n-

hornless cattle and faster- Bishop joined Congress in

growing salmon—gene edits 2019 by narrowly winning a
that could also result in unin- special election, after raising
tended consequences if not his profile in state politics as a
no

done carefully. chief sponsor of the contro-

Food companies have sought versial 2016 “bathroom bill.”
gene-edited cattle and fish be- Bishop’s decision opens a
cause they promise to grow seat within a 14-member dele-
bigger, faster and more resis- gation now evenly split be-
tant to climate change and vi- tween Democrats and Republi-
ruses. Pork producers and cans. The Eighth Congressional
other industry players have District that Bishop currently
been pushing for USDA over- represents stretches over all
sight, saying the agency would or parts of eight suburban and
be faster and less expensive to rural counties east of North
deal with than the FDA. Carolina’s largest city and is
Consumer and environmen- solidly conservative.
tal groups, worried about —Associated Press
safety, counter that the USDA
is too close to industry and say A genetically modified hornless cow in a pasture, above left. PITTSBURGH
the FDA brings the scientific At left, bioengineered salmon eggs in an incubation tray.
expertise demanded by such a
Death Sentence
technical area. has the expertise in-house the they have remained parked at Formally Imposed
Officials from both agencies way that FDA does.” the White House, awaiting ap- The man who killed 11 con-
met at the White House last Proponents of FDA over- proval for more than a year. gregants at a Pittsburgh syn-
week, a person familiar with sight point to the hornless cat- “Healthy programs evolve, agogue was formally sen-
the matter said. The White tle engineered by Minnesota- and there are lessons learned,” tenced to death Thursday, one
House referred requests for based company Recombinetics said Tracey Forfa, director of day after a jury determined
comment to USDA and FDA. as an example of the impor- the FDA’s Center for Veterinary that capital punishment was
USDA said discussions between tance of the agency’s over- Medicine, which oversees gene- appropriate for the perpetra-
the two agencies were ongoing sight. The company hailed the edited animals. “We want to tor of the deadliest attack on
and that it provides leadership cattle as a breakthrough ad- support innovation, but we Jews in U.S. history.
based on the best available sci- vance for animal welfare, since also want to make sure that U.S. District Judge Robert
ence. The FDA said it balances farmers often put dairy cows consumers know FDA has Colville imposed the sentence
innovation and safety. through painful dehorning pro- looked at all these things.” on Robert Bowers, a 50-year-
The FDA has been oversee- cedures. But FDA scientists in FDA supporters also worry old truck driver whose anti-
ing much of the sector to date. 2019 found the engineered USDA is too cozy with industry semitism led him to shoot his
It has approved five products, plants, should gain oversight as the agency cleared in 2015. The cows had genes that could to safely regulate the sector, way into a place of worship.
including pigs safe for people the technology matures and FDA said it took so long be- make the animals resistant to since part of the agency’s mis- “I have nothing specific
with tick-derived meat allergies the animals become more com- cause it was the first product certain antibiotics. sion is to promote U.S. agricul- that I care to say to Mr. Bow-
to eat. The agency also has mon. FDA’s oversight is too of its kind when the technology Recombinetics said it didn’t ture. Bailey, the pork lobbyist, ers,” Colville said.
deemed another 45 genetically time-consuming and expensive, was nascent. screen for those genetic effects said USDA is known as a strong Bowers, from suburban
modified animals as low-risk industry representatives say. The FDA and its allies say at the time and should have. regulator in meat and poultry Baldwin, ranted about Jews
enough to not require approval. “We’re only falling further the agency already has the le- The company said it no longer plants and has clear authority online before carrying out the
Genetically engineered ani- and further behind some of our gal authority as well as the ex- uses those cattle cells or that in food safety. attack at the Tree of Life syn-
mals were a $4.2 billion market international competitors,” pertise to avoid potential dan- technology, and it remains The Biden administration’s agogue on Oct. 27, 2018.
in 2020, expected to grow to said Andrew Bailey, a lobbyist gers. committed to responsible gene- most recent budget proposal An appeal is expected,
$6.4 billion by 2027, according for the National Pork Producers “FDA has a clear public editing to promote animal wel- suggests it is leaning toward meaning that Bowers will
to estimates from Global Mar- Council, a trade group. health mission,” said Peter Lu- fare and sustainability. picking USDA. The proposal in- likely spend years on federal
ket Insights. It took the FDA nearly 20 rie, president of the Center for FDA allies say it has gotten cluded nearly $5 million and 25 death row even if the Justice
Pork producers and other years before approving AquAd- Science in the Public Interest, a fast and is trying to be faster. new full-time employees for Department lifts the morato-
companies say USDA, which al- vantage Salmon, a faster-grow- consumer advocacy group. “It’s The agency has written new USDA to develop the expertise rium on executions.
ready regulates gene-edited ing version of the fish, which not obvious to me that USDA guidelines for the sector, but to regulate gene-edited animals. —Associated Press
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
A6 | Friday, August 4, 2023
ESPN Eyes
Streaming
Future
Continued from Page One
its $9.99-a-month ESPN+ ser-
vice, but it isn’t interested in
paying a big fee for the media
rights, as TV broadcasters have
done. ESPN sees the potential
for similar arrangements with
other pro sports leagues.
Bob Iger, CEO of ESPN-par-
ent Disney, in July said the
sports network was seeking a
strategic partner and was
open to selling an equity
stake. The network, which is
led by ESPN chairman Jimmy
Pitaro, has talked to other
leagues, including the Na-
tional Basketball Association,
National Football League and
the National Hockey League.
Media executives say big
tech players from Amazon to
Google to Apple also would
have a lot to offer in helping
ESPN reach a big audience
and sign up subscribers. ESPN
could tie up with more than
one strategic partner, people
close to the discussions said.
Amazon
Posts Strong
Profit Gain
Continued from Page One
which expanded at its slowest
pace on record as business
customers remain cautious in
their spending. Microsoft last
week also reported subsiding
growth in its cloud business.
“Every company in the
world is trying to save as
much money as they can,”
Amazon Chief Executive Andy
Jassy said on a call with ana-
lysts after Thursday’s results.
Amazon’s shares rose by
about 10% in after-hours trad-
ing following Thursday’s earn-
ings report. The stock had
jumped by more than half this
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* * THE WALL STREET JOURNAL.
U.S. NEWS
The search for a partner un-
derscores how cord-cutting is
upending the sports-media
In the shorter term, ESPN is
trying to create a tool in its app
to let consumers search for and
of discussions with the NBA to
renew their media partnership,
which gives the network rights
DAVID J. GRIFFIN/ICON SPORTSWIRE/GETTY IMAGES
landscape and pushing ESPN to stream all major sports events. to many regular season and
plot a future in streaming. The For many people, figuring out playoff games, with the finals
network has been one of the where to watch their favorite on Disney’s ABC. The strategic-
biggest attractions of the tradi-
tional cable-TV bundle, and has
delivered big profit for Disney.
teams has become a headache.
CNBC earlier reported on
plans to create the live-sports
partnership talks have inter-
sected with that dialogue, peo-
ple familiar with the talks said.
But its grip is loosening as hub and some details of Big tech and telecom com-
more people cancel their cable ESPN’s talks with leagues as panies would bring a different
subscriptions and the costs of potential strategic partners. dimension as strategic part-
sports rights rise. In Disney’s Creating the new live- ners, media executives said,
most recent quarter, operating sports hub, which is internally using their vast reach to pro-
income from the TV segment dubbed “Marketplace,” re- vide a distribution boost for
that includes ESPN fell 35%. Major League Baseball has had talks with ESPN about having quires striking deals with any new products ESPN brings
Ed Desser, president of the network stream local baseball games in certain markets. owners of sports rights—from to the market.
sports-media consulting firm leagues to rival streaming ser- “They have the footprint, the
Desser Sports Media and a carries some live sporting ship launch, but will likely feel vices and tech giants—so skill sets and they have money,”
former senior NBA media ex- events, as well as scripted and urgency to act when the num- ESPN can link out to their said Jonathan Miller, chief ex-
ecutive, said ESPN, in looking unscripted programs. It ber of cable and satellite-TV apps. ESPN would make ecutive of Integrated Media,
for a strategic partner, needs doesn’t offer access to the households that ESPN reaches money from those arrange- which specializes in digital-me-
to consider who can help draw ESPN channel itself, including falls below 50 million, as more ments through a share of rev- dia investments. Miller is a for-
in younger viewers and cord- high-value NBA and NFL tele- people cut the cord. Some 71 enue or a fee when users sign mer executive at Wall Street
cutters. “That’s the missing casts that are only available million households now have up to one of its rivals’ services Journal parent News Corp.
link that is important for Dis- with a pay-TV subscription. access to ESPN via traditional through the ESPN platform, Amazon has a business,
ney and ESPN to capture be- ESPN is planning to offer a cable packages or digital dis- people familiar with the dis- Amazon Channels, that serves
cause they have either left the more-robust service to bring tributors like YouTube TV. cussions said. The company as a hub for streaming ser-
ecosystem or were never part the network’s full suite of pro- When it launches, the Flag- hopes to complete work on the vices from competitors, as
of it,” Desser said. gramming to the legion of cord- ship streaming service would hub in as soon as a year. does Google through its You-
ESPN isn’t alone in explor- cutters who don’t sign up for carry a premium price—media As strategic partners, Tube Primetime Channels. Ve-
ing a path for sports in the cable, an effort The Wall Street executives say it could easily leagues could supply content rizon operates a subscription-
streaming world. Warner Bros. Journal reported was internally reach $30 a month, depending for ESPN’s various streaming management platform called
Discovery on Thursday said it code-named “Flagship.” The on a number of factors. ESPN initiatives. That could create a +play that sells streaming ser-
is investigating ways to inte- company will continue to offer is considering keeping ESPN+ challenge for leagues with vice subscriptions and offers
grate its sports properties into the ESPN TV channel after that in the market so consumers their other media partners, discounts on some bundles.
streaming offerings. streaming service launches. who can do without the full who may want assurances that —Amol Sharma
ESPN+ is a direct-to-con- The network hasn’t an- live-sports menu would still they are being treated fairly. and Sarah Krouse
sumer streaming service that nounced a date for the Flag- have a lower-priced option. ESPN is in the early stages contributed to this article.
year through the close of reg-
ular trading, regaining ground
after steep losses. Amazon’s
cuts have improved margins—
at the expense of tens of thou-
sands of jobs—and excitement
Amazon’s quarterly revenue,
change from a year earlier
that it can shorten the dis-
tance packages travel to cus-
tomers. In addition to speed-
still its slowest pace since the
company began separating out
the unit’s performance in
50%
stock hit an all-time high in over new generative artificial ing up delivery, the move is 2015. The cloud-computing
2021 but then fell by more intelligence systems has bol- expected to cut the cost of unit’s operating profit fell
2Q 2023
than 50% through the end of stered investor sentiment. shipping packages for Ama- from the year-earlier period to
40 AWS
.
last year, as the company Thursday’s results put on zon. $5.4 billion, though still ac-
segment
worked through changes in display the effects of Ama- “We’re encouraged by the counted for the bulk of the
ly
+12.2%
consumer demand and an ex- zon’s effort to reduce costs by 30 progress we’re making on sev- company’s total.
pensive overbuild of its logis- cutting jobs and curtailing op- eral key priorities namely, Olsavsky said the cloud
tics network. erations that have been mired lowering our cost to serve in unit’s growth rates stabilized
As with other tech giants,
Amazon’s business has been
whipsawed in recent years as
sales boomed during the pan-
on in red.
“While we’re pleased with
the progress we’ve made, we
see more opportunities to
20
10
our stores business,” said
Jassy on a call with analysts,
adding that the company is
planning to double the num-
during the second quarter.
Jassy said Amazon saw
continued strong demand for
its advertising services, with
demic, when much of work drive improved cost efficien- ber of those same-day facili- revenue in the segment grow-
us ,
and life shifted online, then cies going forward,” Chief Fi- Total revenue ties. ing 22% to $10.7 billion.
l
slowed afterward as more nancial Officer Brian Olsavsky 0 +10.8% Analysts had expected Am- Amazon said it expects its
e
al a
normal patterns of shopping said in a call following the azon to be back in the black in operating income for the third
2020 ’21 ’22 ’23
and business spending re- earnings report, adding that the latest quarter, but fore- quarter to be between $5.5
sumed. In the spring of last inflationary pressure contin- casts had centered on a profit billion and $8.5 billion, com-
ci on
Sources: S&P Capital IQ; the company
year, Amazon was still adjust- ues to ease, helping curb of $3.6 billion. The actual pared with $2.5 billion in the
ing to that newer reality, transportation costs. ing employees to either relo- number, $6.75 billion, was third quarter of 2022. It ex-
which led to a $2 billion loss Amazon has laid off more cate to major Amazon corpo- Amazon’s largest profit since pects sales between $138 bil-
for the second quarter of than 27,000 employees over rate hubs, such as Seattle and the final quarter of 2021. lion and $143 billion, suggest-
2022. the past year. Its office work- New York, or face termination. Revenue at Amazon Web ing growth of about 9% or
er s
Now demand for some tech force could shrink further as it The company has also over- Services rose by 12.2%, some- higher from the same quarter
services has stabilized, cost rolls out a new policy requir- hauled its logistics network so what better than expected but last year.
m er
m rp
co Fo
V I S I T G E T W S J . C O M /G I F T 2 3 O R C A L L ( 8 0 0 ) 2 1 0 - 7 7 8 8
n-
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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. * * * * Friday, August 4, 2023 | A7

WORLD NEWS
BOE Raises Interest Rate to 5.25% U.S. Set to
Put Troops
U.K. central bank
signals it could be in
terest-rate increases. As
Americans have done, Britons
locked in ultralow rates on
On Ships to
the final stages of its
long series of rises
debt such as mortgages and
auto loans in the decade-plus
that followed the 2008 finan-
Deter Iran
cial crisis. Though rates on
BY PAUL HANNON some loans such as credit BY GORDON LUBOLD
AND CHELSEY DULANEY cards are rising along with in- AND VIVIAN SALAMA
terest rates, a chunk of con-
LONDON—The Bank of Eng- sumer debt is still tied to the WASHINGTON—The Penta-
land on Thursday raised its low rates of past years. gon is poised to offer armed
key interest rate for the 14th But unlike in the U.S., sailors and Marines to com-
time in a row and said it where interest rates on mort- mercial vessels transiting the
might do so again as it tries to gages are fixed for between 15 Persian Gulf region to deter
cool the fastest rise in con- and 30 years, British mort- Iranian forces from attacking
sumer prices in the Group of gages typically carry a fixed their ships, according to U.S.
Seven advanced democracies. rate for between two and five officials.
The U.K.’s central bank in- years before being renegoti- The U.S. military would put
creased its bank rate to 5.25% ated, so a rising number of armed U.S. sailors and Marines
TAYFUN SALCI/ZUMA PRESS

from 5%, lifting it to its high- homeowners have been seeing on commercial vessels that are
est level since February 2008 their mortgage move to considered vulnerable to at-
and matching recent moves by sharply higher interest rates. tack by Iranian forces, particu-
both the Federal Reserve and Oxford Economics’ Michael larly those ships steaming
the European Central Bank. Saunders, who was a BOE rate through the Strait of Hormuz.
Like the U.S., the U.K.’s setter until last year, estimates Roughly one-fifth of the
economy has proved surpris- The Bank of England boosted its key interest rate to its highest level since February 2008. that the average interest rate world’s oil passes through that
ingly resilient during the past on a U.K. mortgage loan rose heavily trafficked but increas-
year, defying expectations that might be in the final stages of U.K. key interest rate gesting two more quarter- by 0.9 of a percentage point ingly dangerous choke point.
it would slip into recession fol- its long series of rate rises. 6% point increases. Expectations through June from late 2021, The scale and scope of the
Thursday
lowing the surge in food and The central bank forecast have fallen sharply since early compared with a likely total new effort could mean hun-
energy prices that followed that inflation would be below 5.25% July, when investors had an- increase of 2.5 percentage dreds of military personnel al-
5
Russia’s invasion of Ukraine. its 2% target from mid-2025 if ticipated rates to peak around points by the end of 2026. ready deployed to the region
However, economists warn it were to raise its key rate to 6.5%, according to interest- “The BoE are likely to be would be offered to ship opera-
that rising borrowing costs 6%, which financial markets 4 rate swaps markets. aware that even if the policy tors whose vessels are consid-
could push it into contraction. viewed as the likely peak be- Markets’ attention is now rate and interest rates on new ered high risk. Before offering
The BOE began to raise its fore Thursday’s announce- 3 shifting to what comes next loans stop rising, the economy the additional security, mili-
key interest rate before the ment. after central banks end their will face a powerful delayed tary officials will consider the
Fed and the ECB, but the U.K.’s The BOE also described its 2 most aggressive tightening cy- monetary tightening through country to which the ship is
inflation rate has fallen less policy stance as “restrictive,” cles in decades. Investors be- the refinancing of expiring flagged, the nationality of the

.
rapidly than that of either the meaning it is weakening activ- 1 lieve the Fed is done raising fixed rate mortgages over the owner, the composition of the
U.S. or the eurozone. In June, ity and cooling inflation. rates after its 11th increase next few years,” Saunders crew and the nature of the

ly
U.K. consumer prices were Previous falls in the infla- 0 last month, while the ECB wrote in a note to clients. cargo, according to an official.
7.9% higher than a year ear- tion rate largely have been be- could deliver one more in Sep- Roughly three million Iranian ships have targeted
lier, compared with 5.5% in the cause of energy prices, which 2022 ’23 tember, according to swaps households are expected to certain commercial vessels for
eurozone and 3% in the U.S.
With further to go before it
can be sure that inflation will
fall to its 2% target, the BOE
aren’t affected by BOE policy.
That is a further indication
that policy makers aren’t con-
vinced they need to push rates
onSource: Bank of England

course later alongside a rise in

U.S. Treasury yields.
said it would raise its key in- much higher to get inflation
us ,
“I think the market has a
markets. All three central
banks likely will keep rates on
hold for nine to 12 months be-
fore moving to interest-rate
see their monthly mortgage
payments rise by the end of
the year, according to BOE
data.
attack or seizure. That and
other concerns about Iran’s ac-
tions in the region have
prompted the U.S. to pour more
cuts in 2024, Kumar said. One of the BOE’s nine rate military forces into the region.

terest rate again if there are under control. bit of a quandary here,” said However, the BOE has un- setters voted against the in- The Pentagon’s recent ac-
l

signs that big wage increases “They are suggesting that Ben Nicholl, a portfolio man- derestimated the scale and crease, arguing that the tions in the region compli-
e
al a

are set to lead to additional they are coming to the end of ager at Royal London Asset persistence of the U.K.’s infla- lagged impact of previous cates efforts by some inside
price rises, particularly in the the rate-hiking cycle,” said Management. “The bank tion problem since consumer moves would be enough to the administration to remove
dominant services sector. Mohit Kumar, chief European talked about a few different prices began to rise rapidly in bring inflation down to the troops and weaponry from the
ci on

“I don’t think it is time to economist at Jefferies. “It
declare it’s all over, and we’re could mean maybe one or two
sticking where we are,” more rate increases, but they
said BOE Gov. Andrew Bai- are not going to do a lot
ley. “If we get more evidence of more.”
er s
paths.”
Investors pared bets on
how high they expect the BOE
to ultimately lift borrowing
costs after the decision.
mid-2021. The BOE last week
tapped former Fed Chair Ben
Bernanke to conduct a review
of its forecasting process, with
the results expected to be
central bank’s 2% target. Two
rate setters voted for a larger,
half-percentage-point rise,
given that the central bank
had underestimated inflation
Middle East, and instead focus
military assets in the Indo-Pa-
cific region to deter China.
The Pentagon and the White
House declined to comment.

more persistent inflation, then The British pound and gov- Markets are pricing in a published in spring 2024. in the past. The Iranian mission to the
we will have to react to that.” ernment bond yields fell after peak policy rate of about The economy has yet to feel —Joe Wallace United Nations didn’t respond
m er

The BOE signaled that it the decision but reversed 5.75% by early next year, sug- the full force of the BOE’s in- contributed to this article. to a request for comment.

Israeli
m rp

Reservists PREPARE TO HIT THE

Skip Duty OPEN ROAD
co Fo

Continued from Page One

were supposed to be in service.
But there are signs the military
is feeling the loss. In at least RACKSACK®
AMIR COHEN/REUTERS

one recent pilot-training

course, almost none of the in-
structors showed up, a person
familiar with the matter said.
Netanyahu has said the re-
servist protest is undemocratic; Brothers in Arms members attended a protest in March.
n-

that soldiers are trying to dic-

tate policy to the government. military officer in May 2022. reservists from air-force head-
The coalition says it is enacting Those above the age of active quarters have suspended their
policies favored by its voters reserve duty can continue to service, Naveh said.
no

who say the top court is con- volunteer for reserve duty, and “The reserve pilots are a
trolled by liberal justices who some—like Yogev—hold posi- cornerstone of the Air Force’s
too quickly overturn the will of tions that require their service operational ability to reach its
the people. The legislation, on a weekly or biweekly basis, goals, and their contribution to
they say, is aimed at restoring and have their days of duty Israel’s security is significant,”
a proper balance of power. scheduled in advance. the Israeli military said when
The reservists’ protest is Flight-academy instructors asked about the air-force re-
one of the starkest examples of such as Yogev sign up months servists refusing to serve.
how Netanyahu’s push to re- in advance for teaching slots “At present, the Air Force is
make the judiciary has torn the and are also expected to come fully capable and ready to op-
country apart. Israel’s army in on short notice when erate. Failure to report for an
has long been a unifying force needed. He said he missed his extended period may put the
for a divided society and is es- first day of teaching at the end [Israel Defense Forces] and the
sential for a coun- of July and won’t Air Force in a state of de-
try that has been show up for his creased competence and readi- CUPFONE®
embroiled in con- next scheduled ness for war.”
flicts since its An erosion teaching day in The Israeli military declined
founding 75 years of unity mid-August. to comment when asked how
ago. An erosion of Eyal Naveh, 47, many reservists have sus-
unity could harm could harm a reservist officer pended their service.
the people’s army in Israel’s most Over time, the absences will
model on which Is-
the Israeli elite commando impact the training schedule of
rael’s military is military. unit, Sayeret Mat- Israel’s air-force cadets, in-
based. It could also kal, and a leader of structors who have suspended
harm the military the Brothers in their service say.
in more immediate Arms protest or- Brig. Gen. Offer Lapidot, 73, Focus on the journey without stressing the details with
ways, impacting operational ganization, said the group has a former commander of the Air WeatherTech’s road trip essentials. RackSack allows you
readiness if reservists’ skills a list of thousands of reservists Force Academy, said there
become outdated. who have signed letters to aren’t enough regular service to safely carry cargo on the roof of your vehicle to free up
“The damage to fitness is commanders or told them in instructors for all of the cadets
limited, but there is a possibil- person that they won’t be re- without major assistance from
space in your interior. Plus, with your mobile device sitting
ity of damage to fitness in the porting for duty. Naveh said the reservists. snugly in your cup holder, thanks to CupFone, you’ll have
long term,” Defense Minister they include intelligence and After spending his entire
Yoav Gallant said in a parlia- cyber specialists, as well as adult life in the air force, Lapi- the room and gadgets you need for a fantastic journey.
mentary committee meeting members of the naval reservist dot sent his suspension-of-ser- Visit WeatherTech.com to gear up for your next adventure.
this week. command. vice letter to his commander a
Also this week, Israel’s mili- Most concerning for the mil- week and half before Netan-
tary chief of staff held group itary is the hundreds of air- yahu’s government passed the
meetings with every single offi- force reservists who have put first judicial legislation. He said
cer ranked colonel and above to their service on pause. Reserv- he hoped to apply enough pres-
talk about how to deal with po- ist protest leaders say that in- sure to stop the bill from pass-
litical disagreement within the cludes hundreds of active ing. He said he has been forced Auto. Home. Pet. Find Your Fit. 1-800-441-6287
military. fighter pilots, drone operators, to weigh “the safety of the
Israel’s military has hun- navigators and instructors. Un- country, versus the very exis-
dreds of thousands of reserv- like most reservists, air-force tence of the country that we
ists, some 120,000 of whom are volunteers serve on a regular fought and were ready to give Made in USA © 2023 MacNeil IP LLC
in active reserve duty between basis and are a pillar of the air our lives for.”
the ages of 22 and 45, accord- force, itself a backbone of na- —Ari Flanzraich
ing to statements by a senior tional security. Many veteran 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.
A8 | Friday, August 4, 2023
Stranded Chinese Residents Saved From Floodwaters
KEVIN FRAYER/GETTY IMAGES (2)
CFOTO/DDP/ZUMA PRESS
TO THE RESCUE: Disaster-response teams used construction vehicles and rafts to evacuate people trapped in Zhuozhou county in Hebei province in China
on Thursday. The rainfall from Typhoon Doksuri was the heaviest to hit nearby Beijing in 140 years, inundating the capital and triggering flash floods.
U.S. Sailors Charged With Spying
Two men serving in
Navy are accused
of giving Beijing
military intelligence
BY NANCY A. YOUSSEF
AND WARREN P. STROBEL
Federal prosecutors charged
two enlisted Navy sailors with
providing military intelligence
to China, including details of
U.S. naval ships’ operating sys-
tems and information about
upcoming military exercises in
the Pacific, officials said
Thursday.
In both instances, according
to unsealed federal indict-
ments, a Chinese intelligence
officer allegedly approached
the junior sailors, suggesting
that China is reaching deep
within the military ranks in
search of information about
the Pentagon’s effort to coun-
ter perceived threats from Bei-
jing in the Asia-Pacific region.
China “stands apart in
terms of the threat that its
Foreigner Travelers Grow Scarce in China
no
BY WENXIN FAN
Half a year after China lifted
Covid-19 restrictions and re-
opened its borders, few inter-
national travelers are coming—
another sign of decoupling
between China and the West
that could have negative reper-
cussions for a long time.
Foreign travelers’ absence is
particularly evident in major
cities like Beijing and Shanghai,
where the numbers of foreign-
ers who visited in the first half
of the year totaled less than a
quarter of comparable figures
in 2019, before the Covid pan-
demic.
Nationwide, just 52,000 peo-
ple arrived to mainland China
from overseas on trips orga-
nized by travel agencies during
the first quarter, the latest pe-
riod for which national data is
available, compared with 3.7
million in the first quarter of
2019. As in past years, nearly
half of the visitors came from
the self-ruled island of Taiwan
and the Chinese territories of
Hong Kong and Macau, rather
than farther-away places like
the U.S. or Europe.
“The number of visitors
from Europe, America, Japan
and Korea are all dropping,
substantially,” said Xiao Qian-
hui, a director with the semiof-
ficial China Tourism Associa-
tion in a speech in May.
Fewer tourists and business-
people from overseas means
fewer opportunities for for-
eigners to see China and inter-
act with locals, an important
on
us ,
l
e
al a
government poses to the
United States,’’ Randy Gross-
ci on
man, U.S. attorney for the
Southern District of Califor-
nia, said Thursday.
While both sailors’ indict-
ments were unsealed a day af-
er s
ter they were arrested
Wednesday in California, the
m er
amount and type of informa-
tion they allegedly provided
was different, according to the
charging documents.
Jinchao “Patrick” Wei, a
m rp
22-year-old petty officer sec-
ond class, served as a machin-
ist’s mate on the amphibious
ship USS Essex. He faces four
charges, including one that
co Fo
falls under the rarely used Es-
pionage Act. Prosecutors al-
lege that he was part of a con-
spiracy to send national
defense information to Chi-
nese officials.
The USS Essex currently is
under maintenance at Naval
Base San Diego, where Wei
was arrested as he arrived to
work, officials said. He has
served in the Navy since July
2021, according to his public
n-
Foreign visitors’ absence is particularly evident in major cities such as Shanghai.
factor in reducing geopolitical
tensions, experts say.
The dearth of visitors could
also be contributing to less in-
vestment in China. Foreign di-
rect investment fell to $20 bil-
lion in the first quarter,
compared with $100 billion in
last year’s first quarter, accord-
ing to an analysis of govern-
ment figures by Mark Witzke
at Rhodium Group, a research
firm.
The drop in foreign invest-
ment and arrivals comes as
China’s economy stagnates,
with a depressed housing mar-
ket, record youth unemploy-
ment and widening fears the
WORLD NEWS
service record, and agreed to
work with an unnamed Chi-
nese intelligence officer less
than a year after joining the
Navy, according to the indict-
ment. He continued spying for
a year, prosecutors alleged.
Non-U.S. citizens can join
the military if they are legally
eligible to work,
live in the U.S.
and speak Eng-
lish. Wei, who The cases
was born in suggest China is
China, allegedly
agreed to spy reaching deep
while he was
applying to be-
within U.S.
come a natural- military ranks.
ized U.S. citizen,
prosecutors
said. When he
became a U.S. citizen in May
2022, his Chinese handler con-
gratulated him, prosecutors
said. Wei told his handler he
knew what he was doing would
be considered spying, prosecu-
tors said, but accepted several
thousands of dollars in pay-
ments.
The second indictment
country could be slipping into
deflation. The Chinese econ-
omy barely grew in the second
quarter from the first three
months of the year.
A shortage of available
flights to China is partly to
blame for the low arrival num-
bers, with carriers not yet re-
storing the same level of ser-
vice they offered pre-Covid.
But Chinese and overseas tour-
ism experts say foreign visitors
are also staying away because
of deteriorating relations be-
tween China and the West,
which has made them more
wary of visiting.
In June, the U.S. government
* *** THE WALL STREET JOURNAL.
ly
charges a 26-year-old sailor, the charging document.
Wenheng “Thomas” Zhao, Neither Wei nor Zhao could
with allegedly sending photo- be reached for comment and it
graphs, videos and documents wasn’t clear whether they had
to an unnamed Chinese intelli- legal representation.
gence officer over a two-year It is unclear whether the
period in exchange for just same unnamed Chinese intelli-
under $15,000. He is charged gence officer approached the
with conspiracy and receiving sailors, but in both instances
a bribe. the operative allegedly told
Zhao, who Wei and Zhao to destroy evi-
has been in the dence to help them cover their
Navy since 2017, tracks, officials said.
is a petty offi- Liu Pengyu, a spokesperson
cer second class for the Chinese Embassy in
who worked as Washington, said that although
an electrician China wasn’t aware of the de-
and held a se- tails of the cases, “the U.S.
cret clearance government and media have
while he was frequently hyped up cases of
based in a naval ‘espionage’ related to China.’’
base in Ventura He added: “China firmly op-
County, Calif. Among the infor- poses the U.S. side’s ground-
mation he allegedly sent were less slander and smear of
blueprints for a radar system China.”
operating on a U.S. military The Navy referred ques-
base in Okinawa, Japan. tions about the cases to the
In Zhao’s case, many of the Justice Department, saying in
documents were classified a statement: “We take allega-
CUI, or controlled unclassified tions of misconduct seriously,
information, or sensitive but and the Navy is cooperating
not releasable, according to with the Justice Department.”
tracking,” she said. “There was
a lot of animosity around the
subject of China.”
The company has yet to put
its China packages back online,
although Goldman said she be-
lieves China will become popu-
lar again eventually.
Leisure travel from North
America to China in the first
half of 2023 was about 40% of
the same period of 2019, ac-
cording to Mondee Holdings, a
travel technology company
based in Austin. Mondee sold
about half a million flights
from North America to China
RAUL ARIANO/BLOOMBERG NEWS
in 2019 through travel agents
and other intermediaries,
roughly one-fifth of all air
travel from North America to
China that year.
Although business execu-
tives are still making inquiries
about traveling to China, many
now are focusing on risks,
whereas in the past, they
issued a travel advisory warn- wanted to find out how to ex-
ing Americans to reconsider pedite a visa, said Dan Harris, a
travel to mainland China be- partner in Seattle at Harris
cause of what it called “the ar- Bricken, a law firm that advises
bitrary enforcement of local on investments in China.
laws,” including exit bans and “Companies are very, very
the possibility of wrongful de- concerned about their people
tentions. going to China. Why wouldn’t
Friendly Planet Travel, a they be?” he said, pointing to
Pennsylvania-based boutique news of China’s recent investi-
operator, used to send as many gations into Western due-dili-
as 1,500 tourists to China a year. gence and other firms, which
Since Covid, it hasn’t had a sin- included government raids on
gle request, said Peggy Gold- global consultancies including
man, its founder and president. Bain & Co. “People are not go-
When her team researched ing to China unless they have
the destinations people are to.”
searching for online, “China is —Liyan Qi
really at the bottom of that contributed to this article.
Russia Is Set
To Buy More
North Korean
Munitions
BY VIVIAN SALAMA
WASHINGTON—Russia is
looking to buy more ammuni-
tion from North Korea to re-
plenish its dwindling stock-
piles amid Moscow’s ongoing
war in Ukraine, the U.S. said
Thursday.
An arms deal between
North Korea and Russia would
be a violation of several United
Nations Security Council reso-
lutions, said John Kirby, Na-
tional Security Council spokes-
man.
The U.S. will continue to
identify and stop Russian ef-
forts to acquire ammunition
from North Korea, or any
other state that might be pre-
pared to support the Kremlin’s
war in Ukraine, he said.
“This is yet another exam-
ple of how desperate [Russian
President Vladimir] Putin is
becoming, because his war
machine is being affected by
the sanctions and the export
controls,” Kirby said. “He is
going through a vast amount
of inventory to try to subju-
gate Ukraine.”
The revelation, which is
based on declassified U.S. in-
telligence, follows a visit by
.
Russian Defense Minister Ser-
gei Shoigu to Pyongyang last
week seeking to reaffirm their
military partnership.
Ammunition shortages have
been a problem for both sides
in the Ukraine war. President
Biden last month warned that
Ukraine was running out of
ammunition. And Moscow has
turned to Pyongyang for sup-
plies, according to U.S. offi-
cials.
Earlier this year, the White
House said Russia was negoti-
ating a deal with North Korea
to exchange weapons for food
and other commodities.
The U.S. also has imposed
sanctions and export controls
on individuals who have alleg-
edly attempted to facilitate
arms deals between Russia
and North Korea.
The Russian embassy in
Washington, D.C., referred
questions to the defense min-
istry in Moscow, which didn’t
respond immediately. The
North Korean mission to the
United Nations also didn’t re-
spond to a request for com-
ment.
The U.S. has, in recent
months, cited intelligence indi-
cating a willingness by China
and Iran to supply Russia with
lethal aid. To date, the U.S. has
said that there is no evidence
China has followed through
with those discussions.
Iran, meanwhile, has ex-
panded its military trade with
Russia, providing hundreds of
drones to Moscow to pursue
the war. Russia has used Ira-
nian drones to attack Ukraine’s
electrical grid and other civil-
ian infrastructure, according
to Ukrainian and western offi-
cials.
Tehran repeatedly has de-
nied that it has provided Rus-
sia with arms for use in the
Ukraine conflict. Russia has
denied that its forces have
used Iranian-provided drones
in the country.
The U.S., Britain and France
have demanded that the U.N.
investigate Russia’s reported
use of hundreds of Iranian-
provided drones in the war,
which would violate U.N. sanc-
tions. It is unclear whether the
U.N. would do so because it
would face strong opposition
from Moscow.
A large amount of muni-
tions on both sides is being ex-
pended amid Ukraine’s coun-
teroffensive aimed at breaking
the winter’s stalemate and re-
capturing territory taken by
Russian forces last year.
Some U.S. and European of-
ficials said they believe a suc-
cessful Ukrainian offensive
could pave the way for negoti-
ations between Kyiv and Mos-
cow by the end of the year,
and that China could help
bring Russia to the table.
This weekend, senior offi-
cials from up to 30 countries
are preparing to meet in Jed-
dah, Saudi Arabia, to talk
about ending the war in
Ukraine. Russia, however,
won’t be there, and the Saudis
aren’t expected to communi-
cate outcomes.
Ukraine and European offi-
cials hope the process will lead
to a major peace summit
where the participants can
sign off on a shared vision of
how the war should end.
 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.
A Difficult
Reality for
New Moms
Continued from Page One
mothers in the U.S. suffers
from mood and anxiety disor-
ders during pregnancy and up
to a year after giving birth—
about 800,000 mothers every
year. Yet studies show that a
large majority of women who
suffer from maternal mental-
health disorders aren’t able to
get help.
A major cause is the piece-
meal nature of the U.S. health-
care system, where no one
medical professional takes re-
sponsibility for new mothers
and their mental health. Obste-
tricians, usually the first medi-
cal point of contact for new
mothers, often don’t specialize
in it. Pediatricians focus on the
children. Many women seeking
help go from doctor to doctor,
who struggle to find care amid
a shortage of mental-health
specialists.
“Obstetricians may not take
ownership. Pediatricians may
not take ownership. Psychia-
trists may not take ownership,”
said Joy Burkhard, founder of
Policy Center for Maternal
Mental Health, a nonprofit or-
ganization. “All of them are
punting the mother to each
other, and moms fall through
the cracks.”
Death rates
The U.S. is already the most
dangerous place among high-
income nations to give birth,
with the highest rate of deaths
related to pregnancy and child-
birth, according to the World
Health Organization. The num-
ber of women in the U.S. who
died during pregnancy or
shortly after recently grew to
its highest rate since 1965, ac-
cording to the National Center
for Health Statistics, to 33
deaths per 100,000 live births.
Last September, the Centers
for Disease Control and Preven-
tion said mental-health disor-
ders have become the leading
cause of maternal death, con-
tributing to nearly one in four
pregnancy-related deaths.
These include deaths due to
suicide and drug overdose dur-
ing pregnancy or within a year
after birth.
Treatments that have been
shown to be effective for ma-
ternal mental health, such as
psychotherapy, are hard to get.
New mothers can also face the
stigma of being seen as an un-
fit parent and have their baby
taken away, leaving some reluc-
tant to seek help.
This week, the Food and
Drug Administration is ex-
pected to announce a decision
on zuranolone, the first pill to
treat postpartum depression. If
approved, the challenge “will
be in making sure people can
access it. Because that is the
piece that new medication does
not solve,” said Dr. Nancy By-
att, a perinatal psychiatrist at
UMass Chan Medical School.
no
In the struggle to find treat-
ment, Ohmer was no excep-
tion.
Ohmer told her obstetrician
at University Hospitals Health
System that she often felt sad
and anxious. Her OB said those
feelings were normal for a new
mother, and prescribed her
anxiety medication.
Days later, Ohmer called her
husband at work in a panic.
She was having suicidal
thoughts. Her OB sent her to
the emergency room.
The ER didn’t admit her be-
cause Ohmer didn’t have a spe-
cific plan to end her life, ac-
cording to Ohmer and her
family. Instead, they told her to
go see her primary care doctor
at Cleveland Clinic, who set her
up with a social worker. The
social worker recommended an
outpatient postpartum depres-
sion care center not affiliated
with Cleveland Clinic. It had a
one-year wait list.
Ohmer’s anxiety worsened
over the next two months,
leading to nightly panic attacks
and regular hallucinations. She
found herself shuttled between
doctors and hospitals. She re-
peatedly tried to overdose on
her anxiety medication. She
was eventually sent for both
inpatient and outpatient care
at Highland Springs, a general
behavioral health facility near
Cleveland.
She went for a month, but
said she didn’t feel any better.
“Nobody in there could relate
to her and talk to her about
what she was going through,”
said Tiffany McBroom, 51,
Ohmer’s mother.
University Hospitals, Cleve-
* * * *
land Clinic and Highland
Springs declined to comment,
citing patient privacy.
“The whole time, we’re
trusting all these doctors with
everyone saying, ‘Oh, yeah,
we’re gonna help you,’ but ev-
ery time it’s been a letdown,”
said Nick Ohmer, 25, Ohmer’s
on
husband.
us ,
Scientists aren’t sure what
l
causes postpartum depression
e
al a
and associated mood disorders,
but one potential cause could
be some women’s sensitivity to
ci on
fluctuating hormones. A recent
study from the University of
North Carolina School of Medi-
cine suggests inflammation in
neural pathways may contrib-
er s
ute to the syndrome.
A growing number of Amer-
m er
icans have been diagnosed with
mental-health disorders, due in
part to factors like increased
screening and the toll of the
pandemic. But therapists are in
m rp
short supply. The shortage is
even worse for those who focus
on new mothers, doctors say.
Across the country, there
are only three inpatient care
co Fo
facilities dedicated to maternal
mental-health care, according
to Postpartum Support Inter-
national, a nonprofit organiza-
tion, and nearly 30 more that
offer outpatient care.
‘Hiding it very well’
Brenda Encarnacion, 30,
from Santa Clarita, Calif., was
voted Most Likely to Know Ev-
eryone in high school. She had
n-
been working as an extra in
movies but became a federal
deportation officer because she
wanted more financial stability
so she could start a family with
her husband, Mitchail Encarna-
cion, 31.
After their baby girl was
born in October 2020, some
friends said they saw a change
in her mood, but thought it
was normal stress. “She was
hiding it very well,” her father,
Miguel Ayala, 57, said.
Mitchail Encarnacion no-
ticed changes after three
months when his wife stopped
breast-feeding and she re-
turned to work after maxing
out her unpaid 12-week family
leave. She would start crying
while baking a pie or simply
because she wore the “wrong
pants,” he said.
A trained paramedic, he no-
ticed bruise marks on her legs,
and one day saw his wife
punching her limbs. He begged
her to go see a therapist, he
said. She began to see a general
therapist once a week but
stopped when she didn’t find it
helpful. At each pediatric visit
for their daughter, staff rou-
tinely asked if she was feeling
depressed or had suicidal
thoughts, her husband said, but
he didn’t feel staff members
were really engaging with her.
“It was not even like a second,
and obviously Brenda’s going to
be like, ‘No.’”
One day Brenda told her
husband that she felt worth-
less—a sign that suggested she
might be having suicidal
thoughts, he said. He tried to
convince her to leave her job,
but they got into an argument
because that would mean los-
ing their health insurance.
The following morning, at
around 5 a.m., Mitchail woke
Friday, August 4, 2023 | A9
FROM PAGE ONE
MADDIE MCGARVEY FOR THE WALL STREET JOURNAL
‘The lack of care, I just don’t understand.’
Jaclyn Ohmer, above, with her husband and son.
.
up to a text from Brenda. She doesn’t have paid maternity disorders, and less likely to get age her identity as a mother
apologized and cryptically told leave, according to the non- help. Black women who do seek and motivation for recovery.”
ly
him she left so he couldn’t stop profit Bipartisan Policy Center, help are often labeled angry Williams had her second
her, he said. She told him that and an estimated one in four and emotional, said Da’na child a few months later. After
she loved him, and to make women return to work within Langford, co-founder of Village she told a drugstore employee
sure their daughter knew she two weeks of giving birth. The of Healing, an Ohio maternal-
loved her too. stress of juggling a job during health care provider run by
In a panic, Mitchail rushed the physical and emotional Black women.
to the local train station that changes of new motherhood Only 5% of psychologists and
she wanted to kill herself and
her children, emergency medi-
cal services took her to a hospi-
tal where she was handcuffed,
Brenda used for her commute. puts women at higher risk for 6% of psychiatrists are Black, shackled and labeled a prisoner
Her car was there, engine run- postpartum depression, studies according to industry groups. under arrest in need of medical
ning, and the door unlocked. have found. Belinda Staley in New York care, according to medical re-
He opened the car door and The statistics are worse for said the stigma and difficulty cords. New York’s child protec-
found his wife inside, dead. Black women in the U.S. Ac- of getting help had an impact tive services took her children,
“She shot herself on her sister, Denise and temporary custody was
in the heart,” said Williams, a former given to her sister. Williams
Brenda’s father. supervisor at Costco was discharged three days
Later that day, a and a single mother later.
package of hundreds of two young daugh- Ten days later, Williams’
of printed photos, ters. Williams was mother called an ambulance
downloaded from “bubbly and could because Williams was acting
Brenda’s phone, ar- light up the room,” erratically. She died at the hos-
rived at the family’s said her sister, add- pital two days later, at age 29.
home, Mitchail said— ing, “There was The autopsy report said she
sent by his wife. nothing Denise had died of a pulmonary embo-
Reasons for sui- wouldn’t do for her lism, a blood clot that travels
cide are rarely clear babies.” to the lungs.
or simple. Brenda About a year after Looking back at how Wil-
had kept a lot to her- her first daughter liams was treated, Staley said,
self, said Jeriann was born in 2018, “the help wasn’t there for my
CARLOS JARAMILLO FOR THE WALL STREET JOURNAL
Ledner, 32, one of Williams began to sister.”
her closest friends. “I change, Staley said,
have come to terms secluding herself in
that she had the dis- her room for hours at Treatment
ease of postpartum a time. Then she Ohmer finally found help at
depression, because started asking, “Am I the University of North Caro-
that is not something a great mom?” Staley lina Chapel Hill’s Center for
that the Brenda we said. Women’s Mood Disorders, one
loved would have Williams’ appar- of the three inpatient facilities
done,” she said. ent depression grew in the U.S. for maternal men-
Her husband said worse when she was tal health. While such facili-
he’s now living with pregnant with her ties have existed in other
his parents, who help second child, Staley countries for over 60 years,
him take care of their said. At times, she UNC was the first to open spe-
daughter, and thinks ‘I have come to terms that
would wander out- cialized inpatient care in the
every day about how side at 2 a.m. with U.S. in 2011, said Dr. Samantha
he could have pre- she had the disease of
her toddler, said Meltzer-Brody, department
vented his wife’s sui- Charlene Magee, 50, chair of the center.
cide. He said he has postpartum depression.’
Williams’ aunt. Two weeks after she got in
since been diagnosed In 2021, when Wil- touch with UNC, Ohmer, her
with post-traumatic liams was about six husband and her mother drove
stress disorder, anxi- Jeriann Ledner on her friend, months pregnant the nine hours from Ohio to
ety and severe de- Brenda Encarnacion, pictured with her baby. with her second North Carolina. She was told
pression. daughter, she went to she would stay anywhere be-
Women who attempt suicide cording to the National Center a police station across the tween a week and 20 days.
typically overdose or cut them- for Health Statistics, their mor- street seeking help and was Within a week, Ohmer
selves, both of which can be re- tality rate was 2.6 times as sent to a hospital psychiatric passed an evaluation process to
versed if caught in time, said much as the rate for white ward for two weeks, Staley get brexanolone, the first drug
Adrienne Griffen, founder of women. Public-health experts said. approved by the FDA in 2019
Maternal Mental Health Lead- have attributed the disparity in Putting a woman with a ma- specifically for postpartum de-
ership Alliance, a nonprofit or- part to less access to health- ternal mental-health disorder pression. The 60-hour intrave-
ganization focused on health care, fewer economic and edu- into a general psychiatric ward nous infusion treatment is
policy. Women who have re- cational opportunities that is “like offering headache med- made from a derivative of the
cently given birth, however, of- contribute to maternal health ication to somebody with a hormone progesterone.
ten choose more lethal means and unintentional bias among stomachache,” said Kallen Patients need to be moni-
of death, including jumping, healthcare workers. Thornton, manager of Gender tored during treatment because
hanging and shooting. “They Studies have found that Responsive Services at the Col- it can cause excessive sedation
are so desperate,” she said. Black mothers are more likely orado Behavioral Health Ad- and sudden loss of conscious-
The U.S. is the only high-in- than white mothers to suffer ministration, a state agency. In ness, but it can start working
come nation in the world that from maternal mental-health addition, she said, “It can dam- within days. Speed of recovery
is especially important for new
mothers to achieve baby bond-
FROM LEFT: SHANE WILLIAMS; GABRIELA BHASKAR FOR THE WALL STREET JOURNAL
ing, doctors say.
Without insurance, Ohmer’s
total treatment cost for three
weeks at UNC, including the in-
fusion and other therapy,
would have been over
$180,000. With insurance, she
paid just under $1,500. The bill
still added to the thousands of
dollars in medical debt the
family had accumulated.
After two days of the treat-
ment, Ohmer’s family noticed a
difference. “Her voice had a
lightness,” said her mother.
Ohmer said she is still work-
ing through her mental-health
challenges, but they feel much
more manageable.
“Nobody cares about the
mental state of moms until you
‘The help wasn’t there for my sister.’ hear about it on the news when
they’re already gone or the
baby is gone,” she said. “The
Belinda Staley, pictured with her mother and her sister’s children. lack of care, I just don’t under-
Left, her sister, Denise Williams. stand.”
 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 | Friday, August 4, 2023 THE WALL STREET JOURNAL.

ARTS IN REVIEW
Roger Bart as Doc Brown
and Casey Likes as
Marty McFly in Broadway’s
‘Back to the Future’
gerous Libyan terrorists
from whom Doc obtained
the plutonium. Here, Marty’s
flight into the past is occa-
sioned by the discovery that
Doc has been exposed to ra-
diation, necessitating
Marty’s rush to the hospital
that turns disastrous when
he hits the forbidden 88
miles an hour.

The show mostly

mirrors the original
story, but adds a
generic score.

The musical has been

staged in lavish style. Tim
Hatley’s sets are evocative
and detailed, particularly
Doc’s bric-a-brac-stuffed lair.
His costumes, on the other
hand, are almost comically
retro, particularly some of
the garish 1980s outfits that
no one in that famously
taste-free decade probably
had sufficient bad taste to
wear. And the DeLorean,
with its glowing neon trim,
has been glamorized effec-
THEATER REVIEW | CHARLES ISHERWOOD tively, looking like something
sprung to life from a video

Doc’s DeLorean on Broadway game; the show’s big “ooh-

aah” moment comes when it
levitates and surges out
above the first rows of the
audience.
A musical adaptation of ‘Back to the Future’ attempts to replicate the charms of the ’80s classic But the musical as a

I
whole never achieves liftoff,

.
New York cluding the execrable The new songs are by Hackmann) in both decades. insecurities as a hapless or even the stage equivalent
n the unlikely event “Ghost” and “Dirty Dancing” Alan Silvestri (who scored Mr. Bart, a Tony nominee teenager whom Marty practi- of 88 miles an hour. It

that I find myself in- (the latter, thankfully, never
side a plutonium- made it to Broadway), the
fueled DeLorean—I show will probably satisfy
suppose today it would
be a Tesla—capable of
transporting me to the past,
and thus enabling me to al-
devoted fans of the hugely
popular movie, since with a
few small tweaks it mirrors
the original story. But what
ter my future, fairly high on should be the reanimating
us ,
the movie) and Glen Ballard
(the producer and co-writer
of Alanis Morissette’s smash
on
album “Jagged Little Pill,”
which also inspired a bland
Broadway musical). But the
score also includes songs
from the movie, Chuck
for his breakthrough in
“The Producers” who origi-
nated this role in London,
gives an energetically manic
performance as Doc, his
face twitching and contort-
ing, eyes afire with mad-
scientist obsession, gray
ly
cally has to shove into the
arms of his future mother,
Lorraine (Liana Hunt, who
deftly transitions from bub-
bly bobby-soxer to dead-
eyed, cynical drunk chugging
cheap vodka—or rather vice
versa). But his wheedling
cruises along in a low gear
for almost three hours. Un-
fathomable as it may seem,
the show won the presti-
gious Olivier Award for best
new musical in London. I
fancifully imagine Sir Lau-
rence was doing a bit of

the list of life changes I’d element—the score—instead Berry’s classic “Johnny B. hair forming an electrified- voice and gawky manner are, grave-spinning when that
l

consider would be somehow proves to be a drag on the Goode”—superior by some looking nimbus around his again, basically facsimiles of trophy was bestowed.
e
al a

avoiding having to view the proceedings, pumping the measure to any of the new head. But it’s impossible to the eccentric performance of
sluggish slog that is the brakes on the show with ge- numbers—and “The Power escape the conviction that Crispin Glover.
stage adaptation of “Back to neric-sounding Broadway of Love,” a finale of sorts, he’s basically channeling The book, by one of the
ci on

Back to the Future:

the Future.”
Originating from London,
whence have come some
other markedly awful
screen-to-stage-musicals, in-
pop-rock songs for the
scenes set in 1985, and tran-
sitioning to equally generic,
sub-“Grease” ditties when
the show moves to 1955.
er s
from the 1980s band Huey
Lewis and the News.
The movie is a light-
weight, amusingly loopy di-
version. The stage tran-
the performance of Christo-
pher Lloyd in the movie—
with less subtlety.
Likewise, Mr. Coles, an-
other import from the Lon-
movie’s screenwriters, Bob
Gale, predictably and under-
standably makes virtually no
significant alterations to the
cleverly conceived plot; the
The Musical
Winter Garden Theatre, 1634
Broadway, New York, $69-
$225, 212-239-6200

scription, as is despairingly don version, brings to anx- only one I noticed was the Mr. Isherwood is the
often the case, tries might- ious life George’s neurotic wise elimination of the dan- Journal’s theater critic.
m er

ily but with little success to

recapture its breezy plea-
sures. And the leading ac-
tors have the unenviable The WSJ Daily Crossword | Edited by Mike Shenk
task of essentially mimick- 1 2 3 4 5 6 7 8 9 10 11 12
PUZZLE
m rp

ing the vivid performances

from the film. 13 14 15 16 CONTEST
Marty McFly, the inad-
vertent time-traveler, is 17 18 19
played by the, um, very lik-
18 Salon supplies
co Fo

able Casey Likes, who is, re- 20 21 22 23

markably, leading his sec- 23 Septet in una
ond Broadway show in less 24 25 semana
than a year after starring in 24 Puff
a prior screen-to-stage me- 26 27 28 29 30 25 Thurmond of
diocrity, “Almost Famous.” South
(Here’s hoping the third 31 32 33 34 Carolina
time proves the charm; my
35 36 37
26 Oxford
advice—don’t go back to cincher
the movies.) He’s a strong
singer, and shines in the 38 39 40 27 Thrusting
funny scenes when Marty weapons
meets his future parents 41 42 43 28 Pillworms, e.g.
n-

back in 1955 and finds his 29 Palmyra

mother quickly besotted by 44 45 setting
this newcomer to town. But 30 Malagasy
Michael J. Fox, whom the 46 47 48 49 50 51
mammal
no

movie turned into an A-list

star overnight, had a boy- 52 53 54 55 32 Walt Disney
ish, almost luminous vul- Concert Hall
nerability that cannot be 56 57 58 architect
easily transmitted from the 34 Crimson Tide,
stage in the Winter Garden 59 60 61 for short
Theatre, one of Broadway’s 36 Noisy
larger houses. fireworks
Faring worse are Roger TERRIBLE TWOS | By Mike Shenk
37 Victim
Bart, who plays Doc, the The answer to 25 Filthy 43 Supreme 3 Coffee
madcap scientist who in- 39 “If I ___
this week’s contest quarters god of ancient grinder Hammer”
vented the souped-up vehi- crossword is an 26 Site of an Egypt coarseness
cle, and Hugh Coles, in the occupation. setting 40 Sprint parent
annual 44 It’s followed
role of Marty’s father, endurance by the ides 4 Sleeper, e.g. 42 Rogue seller
Across
Victoria Byrd, Casey Likes, Jonalyn Saxer, Liana Hunt and George, a put-upon nerd race of March 43 Team booster,
Becca Petersen, above; Daryl Tofa, Nathaniel Hackmann, who is abused and bullied 1 End of many 5 Employment
a business 29 One of 45 Surfeit with opportunity perhaps
Will Branner, Mr. Likes and Hugh Coles, below by the lug Biff (Nathaniel
name Eastern sweetness 6 Not so many 45 Packing box
6 Carell’s “Date Christianity’s 46 Hail fellow? 7 Way to go 46 Baby llama
Night” co-star Three 47 Lends a hand
Hierarchs 48 Eats 8 Despite that
9 Warren in the 49 Pendulum 9 Soft leathers 48 Act the rodent
Pro Football 31 Mocking
path 10 Short-haired 49 Garden exile
Hall of Fame 32 Pita
52 Disposes feline 50 Box score
13 Tussle sandwiches
(of) 11 Where to number
14 Suit 33 S. Dak. spend a sol 51 Go for
53 Gotham
neighbor
16 Service that crime 12 Kitchen work 54 Word of
dropped “Cab” 35 Early Briton fighters support
15 Many an
from its name 36 Candidate 56 Thought online 55 Animation
in 2011 of 1992 and assistant collectible
57 Jeans part
17 Accompanied 1996
by, as a wine 58 Isn’t upright Previous Puzzle’s Solution
37 Cotton
to an entree 59 Org.’s kin L A O I C E B A T H O H S
variety A N N N A T A S H A P E A
19 Jane who 38 Twisty fish 60 Flabbergasted S T O C K MA R K E T P E A K
grew up at feeling T I N N Y H O R D E
Gateshead 39 Pronoun E V E N S O S A D P A L S
option 61 Site of a X E S MA C A R O N T I E
Hall movie I N F L E C T I O N P O I N T
MATTHEW MURPHY AND EVAN ZIMMERMAN (3)

20 Gullible sort 40 Dream, in nightmare T O E I N A LB S R O V E S

Dresden M E L F L Y E R Z E D
21 Vladivostok Down T O F U A G E S
veto 41 Presidential
1 Egyptian B R O T H E R
Medal of S T O L I Z O O E B S E N
22 Makes sense Freedom serpents C O L A A O R T A R E L O
24 Fishing awardee from 2 Sweet Sixteen A U D I A N T E D A C A I
venue Reagan org. B R E D H E E L S D S L R
▶ Email your answer—in the subject line—to crosswordcontest@wsj.com by 11:59 p.m. Eastern Time Sunday,
August 6. A solver selected at random will win a WSJ mug. Last week’s winner: Ryan Bernstein. Complete
contest rules at WSJ.com/Puzzles. (No purchase necessary. Void where prohibited. U.S. residents 18 and
over only.)
 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.
FILM REVIEW | KYLE SMITH
When Melodies and Memories Resurface
A film dramatizes the story of two brothers whose home-recorded ’70s album put them in the spotlight decades later
‘SEEMS LIKE THINGS were a lot
easier when I was a teenager,” a
struggling middle-aged man notes
in “Dreamin’ Wild,” and the ex-
tent to which that notion is both
true and false imbues this quiet
drama with considerable depth.
The film recounts the story of
two real-life musicians, Donnie
and Joe Emerson, who as teens
growing up in rural Fruitland,
Wash., recorded a little-noticed
album, “Dreamin’ Wild,” in 1979
in a studio custom-built for them
by their proud father on the fam-
ily farm. In the movie, the title of
that debut record turns out to
have unexpected resonance for
the pair, who midway through
their lives seem to have ceased
dreamin’ anything at all.
After the album flopped, Donnie
(played with a typical flinty an-
guish by Casey Affleck) went on to
work on a solo project in Los An-
geles, but that didn’t pan out. As
the film opens, it’s about 30 years
later. Donnie and his wife, Nancy
(Zooey Deschanel), are scraping by
as musicians who play cover songs
at weddings while running a fail-
ing recording studio. The film cap-
tures their astonishment and grati-
tude when, in 2008, Donnie and
Joe’s album is rediscovered on so-
cial media and becomes a sort of
samizdat treasure to connoisseurs
ROADSIDE ATTRACTIONS (2)
of obscure pop acts. The burst of
attention leads to a New York
no
Times profile, a deal with a record
company that specializes in reis-
sues and a certain hipster notori-
ety for the band’s dreamy song
TELEVISION REVIEW
JOHN ANDERSON
Thorny
Drama on a
Flower Farm
Down Under
F
irst impressions can mean ev-
erything. When Sigourney
Weaver makes her inaugural
appearance during “The Lost Flow-
ers of Alice Hart,” she’s dressed like
Annie Oakley en route to a funeral:
Her all-black western wear and
even blacker mood set up her char-
acter, June Hart, as a Stetson-wear-
ing, gun-toting avenger of the se-
nior-discount variety. Which is
exactly what she is.
But it isn’t all she is. And be-
cause miniseries creator Sarah
Lambert strives to remain faithful
to the Holly Ringland novel, the re-
sulting chemistry is out of kilter:
What might come across as tanta-
lizing revelations in a book seem
like purposeful obfuscations in a
television adaptation, because so
AMAZON STUDIOS (2)
much is obscured by mysterious
flashbacks, overly artful cinematog-
raphy and no end of deep secrets.
We know how we feel about each
person in the story before we know
ARTS IN REVIEW
on
us ,
l
e
al a
ci on
er s
m er
m rp
co Fo
“Baby” (which earned still more
admiration when it was covered by
the indie singer Ariel Pink).
Co-written and directed by Bill
Pohlad, the film at first appears to
be setting off on a well-trod cine-
matic path. When the Emersons
are presented with their first roy-
alty check, we seem to be in for a
sweet but predictably uplifting un-
derdog story about a pair of aging
mutts who finally have their day.
Instead, “Dreamin’ Wild” turns in-
n-
ward and becomes a character
study about Donnie and his mixed
feelings about being rediscovered.
What is bothering him about this
unexpected windfall of good for-
tune? It’s not that he dare not re-
new his dreams. But there is con-
flict between who he has become
who they are or have any inkling
about what they’ve done. It may be
the fault of the intensely earnest
acting and the overly ominous mu-
sic, but everything, as this is being
written, feels like a spoiler—not just
the relationships between the char-
acters, but the meaning of the title.
If you don’t want to know more,
look away. The young Alice Hart (an
extraordinary Alyla Browne) enjoys a
seemingly idyllic life on some remote
piece of the Australian coast, except
for the bruises: Both she and her
mother, Agnes (Tilda Cobham-
Hervey), are routinely brutalized by
Alice’s father, Clem (Charlie Vickers),
so when Alice asks, “Why don’t we
In ‘Dreamin’ Wild,’
Casey Affleck is
captivating as a man
searching for some
kind of tranquility.
and who he once thought he might
be. Moreover, the revival of the old
record triggers feelings of guilt
and shame relating to how he
treated his brother (Walton Gog-
gins expertly plays the role as a
man who is comfortable with his
own ordinariness) and father
(Beau Bridges, in a glowing perfor-
have any other family?” no one has
an answer. The implication is that
they are outcasts. And that other
family will turn up. Including June.
It is probably good for a viewer
to know the domestic-abuse angle
going into “The Lost Flowers of Al-
ice Hart.” While most of the vio-
lence is treated rather discreetly, or
off-screen entirely, it is a major part
of the story, which is both disturb-
ing and unique: June, tough as nails
because she has to be, runs a ref-
uge for abused women, its cover
being a vast native flower farm
called Thornfield. Although she op-
erates as a wholesale florist—and
the “language” of flowers is a run-
mance that reminds us he is too
seldom seen on screen, at least in
movies as good as this one). Flash-
backs explore how the young Don-
nie (Noah Jupe) and Joe (Jack Dy-
lan Grazer) made their dad proud,
but also how the expenses associ-
ated with recording drove him to-
ward financial suffering and even
physical illness.
Structured much like “Love &
Mercy,” Mr. Pohlad’s 2015 film
that sought to explain the psyche
of Brian Wilson by jumping back
and forth between scenes of him
in youth and in middle age,
“Dreamin’ Wild” suffers from the
occasional corny moment, and
some of the dialogue is too direct,
tending to spell out what ought to
be implied. But Mr. Affleck easily
Sigourney Weaver, left,
and Alycia Debnam-Carey,
below, in the series ‘The
Lost Flowers of Alice Hart’
ning theme—the real purpose of the
many-acred Thornfield is kept se-
cret to the extent that it arouses
suspicions among the townsfolk.
These include the local librarian,
Sally (Asher Keddie), who reports
Alice’s obvious abuse and, after the
girl is rendered mute by tragedy, re-
gards her adoption by June as its
Friday, August 4, 2023 | A11
.
ly
Walton Goggins, Beau
Bridges, Barbara Deering,
Casey Affleck and Chris
Messina, left; Mr. Affleck
and Zooey Deschanel, top
holds the film together with an-
other captivating performance. As
he proved in his Oscar-winning
turn in “Manchester by the Sea,”
he has a gift for portraying un-
sentimental torment and self-
chastisement. Even when it be-
comes apparent that there is no
conventional plot to the movie,
Mr. Affleck provides us with a
reason to keep watching as we
hope Donnie achieves some kind
of tranquility.
Even more affecting than Mr.
Affleck is the collection of Donnie
Emerson’s songs, performed both
by some of the actors and the ac-
tual Emerson brothers. The com-
positions are pained, lush, delicate
and entrancing, and so the music
accomplishes everything the dia-
logue is meant to do and then
some in establishing Donnie’s soul-
ful angst. Mr. Pohlad (if the name
is familiar, it may be because he is
the brother of Minnesota Twins
owner Jim) would perhaps have
been wise to trim the movie a lit-
tle here and there and trust the
audience to grasp what is going on
with Donnie without handing it to
them, but even as it is “Dreamin’
Wild” is an elegant appreciation of
the many textures of aging, bal-
ancing the feel of rhapsodic mem-
ories and shuddery regrets.
own Dickensian nightmare, thus im-
periling Thornfield’s security. Sally,
who has secrets of her own, doesn’t
know anything close to the whole
story. And neither, for an in-
ordinate amount of time,
does the audience.
There’s a difference be-
tween sitting on the edge of
your seat and merely sitting
there scratching your head.
June is a potent character,
one who goes out and gets
herself purposely beat up by
the abusers of her “flow-
ers”—baiting violent men to
the end of their short teth-
ers—in order to get them
thrown back in jail. She pa-
trols Thornfield with a rifle
that she is more than ready
to use. She is no shrinking
violet. But she’s no lily of
the Australian valley, either.
As the fully blossomed Alice
(Alycia Debnam-Carey) will
discover, a lot more than
botany has gone on at
Thornfield, and the seeds of
retribution are swirling in,
and down under, the wind.
She might not want to hang around
till harvest time, though. And nei-
ther might we.
The Lost Flowers of Alice Hart
Friday, Prime Video
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.
A12 | Friday, August 4, 2023
They’re a sputtering
powerhouse, flirting
with disaster, their
sharpest critics on the
verge of selling
branded USWNT paper
bags for embarrassed heads.
They’re lucky to still be in it, and
they might not be in it much lon-
ger. Another misstep and it’ll be
four years of soul searching for the
former juggernaut known as Ameri-
can women’s soccer.
Am I doing this right?We are
barely half done with the Women’s
World Cup in Australia and New
Zealand, and the doomsday talk is
in high gear: The United States
Women’s National Team is pre-
sumed to be on its way out the
door. The planet’s No. 1-ranked
women’s squad, four-time winners
of the World Cup, including the last
two, snuck itself meekly into the
knockout round with a group stage
performance which alarmed and
underwhelmed the soccer cogno-
scenti, setting up a brutal Round of
16 game Sunday (5 a.m. ET) versus
Sweden.
The USWNT’s struggles aren’t
hard to see. Even if you don’t know
football from North American foot-
ball, you can tell something looks
off.
There’s a case that this is prog-
ress, that a Women’s World Cup
run is no longer an USWNT given,
that global soccer is catching up
and threatening decades of domi-
nance. Brilliance is starting to
flicker elsewhere, and new powers
are coming. Look at the rise of a
team like Jamaica, which knocked
out Brazil. Or South Africa’s Ban-
yana Banyana, into the knockout
for the first time.
It’s fresh theater, a broader
product, good for the game. Not
long ago, only a handful of nations
had a chance to knock off the US-
WNT. Now potholes lurk every-
where, like Portugal, which came
within a closing-minutes thuuuu-
unnnk off the post from sending
the U.S. women home from New
Zealand in their worst loss ever.
“The player of the match was
that post,” teammate-turned-US-
WNT ombudsman Carli Lloyd said
on Fox in the aftermath of the 0-0
tie. Yeow.
You could see this as progress,
too, that the kid gloves are off, the
hot takes are sizzling, and the US-
WNT is fair game like any other un-
derachieving juggernaut. Sports
media—really the media in gen-
The Mets Buy Themselves a Future
BY LINDSEY ADLER
L
ast winter, the baseball world
got to see how a hedge-fund
manager would build a Major
League Baseball team when Mets
owner Steve Cohen assembled the
most expensive roster ever.
A few months later, the Mets
season is in shambles. And Cohen
has pivoted to instead building
what seems to be the most expen-
sive minor-league system ever.
The sharp pivot is the result of
a flurry of deals
ahead of the Aug. 1
trade deadline, in
which the Mets un-
loaded two expen-
sive veteran start-
no
ers they had only
recently acquired—
Max Scherzer and
Justin Verlander—
in exchange for a
selection of top mi-
nor-league pros-
pects. They were
the cappers in a se-
ries of transactions
that signaled an
abandonment of
the 2023 season.
To make those
deals and restock
the Mets’ farm sys-
tem, Cohen agreed
to continue paying
most of Scherzer
and Verlander’s
gargantuan contracts, which could
total up to $88 million over the
next three seasons.
Here’s how it happened. First,
the Mets sent the 39-year-old
Scherzer to the Texas Rangers in
exchange for top shortstop pros-
pect Luisangel Acuña, the younger
brother of Atlanta outfielder Ron-
ald Acuña Jr. To make that happen,
the Mets agreed to pay at least
$35.5 of the remaining $58.2 mil-
lion left on the three-year-$130 mil-
lion contract he signed ahead of
the 2022 season.
The Scherzer deal caused major
aftershocks in the rest of the trade
market. The Mets were also trying
to unload 40-year-old Justin Ver-
lander—who they had just acquired
FRANK FRANKLIN II/ASSOCIATED PRESS
in the off season on an equally gi-
gantic deal. In Houston, Verlander’s
previous home, Astros owner Jim
Crane thought: If the Mets were
giving away three-time Cy Young
winners at a steep discount, why
not?
The Mets sent Verlander back to
the Astros in exchange for two no-
Will the U.S. Team Please Show Up?
Instead of cruising to a Women’s World Cup three-peat, a juggernaut is battling for survival
Alex Morgan, left, and Sophia Smith, right, react during the U.S. team’s 0-0 draw against Portugal on Aug. 1.
eral—loves nothing better than a
behemoth in distress, and the U.S.
women fit the bill. Add some side-
bar fuel about alleged patriotism—
complaints that not enough players
noisy bonfire back home.
on
are singing along to the national
anthem—and you have tinder for a
Some of this blowback is over-
heated, tinged with politics and
us ,
Schadenfreude from USWNT de-
l
tractors who don’t intend to watch
e
al a
a minute of action. But the vibe is
undeniably different. The USWNT is
a historic success story, a program
ci on
built on the pillars of Title IX,
transforming women’s sports in
this country, successfully achieving
pay equity with the men’s team and
minting celebrities like Mia Hamm,
er s
Abby Wambach, Alex Morgan and
Megan Rapinoe.
m er
m rp
table outfield prospects, Drew Gil-
bert and Ryan Clifford. To get
higher-ranked prospects as a re-
co Fo
turn for a 40-year-old pitcher with
a significant single-year salary, the
Mets agreed to pay most of the
cost of employing Verlander for the
next couple of years.
Verlander’s two-year contract
with the Mets was for $86.6 mil-
lion, with a $35 million vesting op-
tion for 2025 that will be guaran-
teed if Verlander throws 140
innings in 2024. All told, the Mets
n-
New York Mets owner Steve
Cohen said that he considered the
money he allocated to payroll this
season ‘already spent.’
would have owed Verlander
roughly $92.5 million over the rest
of his contract if the third year had
vested.
Instead, the Mets will pay Ver-
lander up to $52.5 million over the
next two-plus years while Houston
is on the hook for roughly $40 mil-
lion.
“I don’t think anybody’s ever
seen anything like this,” Crane told
reporters. “It’s an unprecedented
amount of money they left on the
table and we filled the gap. I can
see why Mr. Cohen thought it made
sense that if he was gonna go, he
was gonna go all-in.”
The Verlander deal brings a
strange sense of closure to the last
year in Houston.
An impending free agent in
2022, it was clear that the Astros
might not be the highest bidder for
Verlander on the open market. Still,
SPORTS
JASON GAY
They have had their wobbles
and setbacks (no Olympic gold
since London 2012) but come World
Cup season they reliably turned
into Marvel characters. For all the
hand-wringing at the moment, they
still have a shot at figuring this out
and becoming the first team, men’s
or women’s, to ever win three con-
secutive World Cups.
But it’s feeling like a reach—and
not just because here come the
Swedes, a nemesis which beat the
USWNT at the Rio and Tokyo
Games. The 2023 U.S. team has in-
deed been underwhelming. It me-
anders, it plays with little urgency
or even a clear strategy. Anyone
who woke up at 3 a.m. ET for the
0-0 Portugal result and managed to
stay awake should be studied by
scientists. The team looks stuck be-
he won his third Cy Young with
Houston in 2022, and hoisted his
second World Series trophy in five
years on the field in an Astros uni-
form.
The Astros now get to reacquire
Verlander while paying him signifi-
cantly less than his market value.
Verlander will get his market value
while pitching for a contender
where he spent five remarkable
years of his career.
The Mets will pick up the tab—
and possibly revive their farm sys-
tem. It all reflects
Cohen’s unusual
perspective as
baseball’s richest
owner.
Cohen said in a
press conference in
June that he con-
sidered the money
he allocated to pay-
roll this season “al-
ready spent.” In
that sense, Cohen
has saved himself
some cash. It may
be an understand-
able mind-set for a
man whose day job
is in high-stakes
trading, but is an
anomaly in the
risk-conscious
world of Major
League Baseball.
By sending cash
to his competitors
for higher-caliber prospects, Cohen
is hoping to speed up the process
of creating a sustainable major-
league roster built from club-con-
trolled players who are paid below
market value. The Mets’ farm sys-
tem was lacking when Cohen took
over as controlling owner, and this
unexpected roster teardown was
leveraged to fortify the team’s ros-
ter of future prospects.
“I do want to be clear that it’s
not a rebuild,” general manager
Billy Eppler said. “This is just a re-
purposing of Steve’ investment in
the club, and kind of shifting that
investment from the team into the
organization.”
The next question for the Mets
is what 2024 looks like now that
they have traded away the most ex-
pensive players on this season and
next season’s projected rosters.
“It looked good on paper,” Ep-
pler said of the roster he has since
deconstructed. The paper became
the biggest star of the 2023 Mets,
and they sent plenty of it to Texas
to buy themselves a future.
tween the USWNT of the future
and the USWNT of the past, as its
present slips away.
Pointy fingers are everywhere:
at head coach Vlatko Andonovski,
for having too much confidence in
inexperienced players; at a short-
ened pre-World Cup schedule
which featured only a single
friendly with this roster; at the U.S.
program for not developing the tal-
ent to preserve its dynasty. Injuries
haven’t helped. The USWNT could
surely use a scorer like Mallory
Swanson, who was lost to a hurt
knee, or Becky Sauerbrunn, the de-
fense’s aging Gandalf, left home
with a bad foot.
And yet they still should have
enough. As the Journal’s Rachel
Bachman has pointed out: the US-
WNT remains abundant with stars,
USA Gymnastics Has Deal
With Nike as Biles Returns
BY LOUISE RADNOFSKY
SIX YEARS AFTER A DEVASTATING
sexual-abuse scandal caused spon-
sors to flee and threatened the very
existence of USA Gymnastics, two
events this week may finally be tak-
ing the organization out of survival
mode.
On Thursday, the gymnastics
federation announced a deal with
Nike that the sports governing body
says is its largest ever. It ends a
long period during which big
brands shied away from USA Gym-
nastics. And on Saturday, Simone
Biles—thought to be perhaps re-
tired for the past two years—will
be back competing in a USA Gym-
nastics event.
Both developments could have
seemed unlikely in the summer of
2021. Back then, Biles was in the
middle of a turbulent Olympics and
USA Gymnastics was still locked in
settlement negotiations with her
and hundreds of other gymnasts.
“I can’t say enough in terms of
what [the Nike] announcement
means in terms of how far we’ve
come as an organization,” said USA
Gymnastics’ chief executive Li Li
Leung. The Nike agreement is ex-
pected to bring an infusion of sup-
port for all levels of gymnastics
starting this year, and Nike
swooshes on leotards and other
competition apparel from 2025.
Leung also said she is buoyed by
the return of Biles, along with To-
kyo Olympic all-around champion
Sunisa Lee, their teammate Jordan
Chiles and the Tokyo Olympic floor
champion, Jade Carey. They are all
set to compete this weekend at an
event newly rebranded as Core Hy-
dration Classic, from a deal with a
THE WALL STREET JOURNAL.
including scorers like Morgan, So-
phia Smith and Trinity Rodman.
The problem is that they don’t ap-
pear to align. The offense shows
flurries of wizardry, but not much
coherence, leaving them vulnerable
against a tactical, experienced
team. A one-game suspension for
sparkplug Rose Lavelle (two yellow
cards in group play) could be a
killer versus Sweden.
Headlines back home have been
tough. Lloyd sandblasted her for-
mer club for celebrating and sign-
ing autographs for fans after the
Portugal tie. The anthem complaint
has pivoted from kneeling partici-
pants to wanting a more committed
chorus. (Was there comparable fer-
vor for the U.S. men’s basketball
team’s Star-Spangled silence at the
recent Tokyo Olympics?)
Streams are getting crossed:
concerns about on field perfor-
mance co-mingled with grievances
about team personalities and so-
cial/political activism. Stirring out-
rage is always an easier sell than
discussing the games themselves,
and few teams on earth are as rig-
orously scrutinized for outrage bait
as the USWNT.
Rapinoe, a bench player in her
last Cup at age 38, drew the ire of
President Donald Trump during the
last World Cup when a video circu-
lated of her saying the team didn’t
.
plan on going to the “[expletive]
White House,” turning her into a
ly
White House target even as she
won the Golden Boot as the tourna-
ment’s top scorer, and the Golden
Ball as its MVP.
Early next week, the U.S. women
could be heading home, and this
week’s tempest will look mild to the
inferno an early dismissal will pro-
voke. The best case scenario is
they’re actually too good to fail.
This presumption has been the US-
WNT’s downfall before—playing
like they believe it—but perhaps
this team is truly undeniable, and
IRA L. BLACK/ZUMA PRESS
the generations on the roster sud-
denly gel into something good
enough to win it. The history is
there. They have done this before.
There’s still time to improve the
vibe. But not much.
Simone Biles is
set to return to
competition.
water brand, after previously being
known as the U.S. Classic.
The return of much of the Tokyo
team is “another vote of confidence
in terms of the cultural transforma-
tion that we’ve been working on for
so many years,” she said.
During the Tokyo Olympics,
Biles pulled out of the team final
mid-event, and then withdrew from
defending her all-around, floor and
vault titles, saying that she was dis-
oriented and unable to perform
safely or effectively. She reappeared
for the beam final, taking a bronze
medal with a modified dismount—
and hasn’t competed since.
The now-26-year-old has offered
few comments about her decision
to resume elite gymnastics, or how
far she intends to take it, saying
only on Instagram that she is “ex-
cited to get back out on the compe-
tition floor!”
Her registration for the U.S.
Classic puts her on a path to qual-
ify for the national championships
at the end of August, and a poten-
tial run at the world championships
in the fall, and the Summer Olym-
pics in Paris in 2024. A handful of
training videos, and reports from a
national team training camp in
July, indicate that she still has
some of her most explosive skills
with which she shattered difficulty
barriers in the sport. Harder to pre-
dict is how she responds to being
back as a competitor.
Nike’s deal with USA Gymnastics
JAMIE SQUIRE/GETTY IMAGES
doesn’t extend to naming rights for
competitions but is bigger than any
kind of partnerships the organiza-
tion has had in the past, both in an-
nual and total revenue, it said. USA
Gymnastics officials declined to dis-
cuss figures more specifically.
 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
The Unprecedented Jack Smith
If there’s one
word to de-
scribe what
everyone
might wish
Washington
POTOMAC would stop
WATCH producing, it’s
“unprece-
By Kimberley
dented.” Yet
A. Strassel
here we go
again, with
special counsel Jack Smith’s
unprecedented indictment of
a politician for engaging in “a
conspiracy to defraud the
United States.” Be prepared
for this new and startlingly
elastic precedent to ensnare
plenty of others.
That’s the biggest problem
with Mr. Smith’s latest broad-
side against Donald Trump,
on top of its untested legal
theories and evidence of a
Justice Department double
standard. As former Attorney
General William Barr told
CNN on Wednesday, “there
were reasons not to bring”
the case, and among them is
“the slippery slope of crimi-
nalizing legitimate political
activity.”
Take Mr. Trump out of the
equation and consider more
broadly what even the New
York Times calls Mr. Smith’s
“novel approach.” A politician
can lie to the public, Mr.
Smith concedes. Yet if that
politician is advised by others
that his comments are un-
truthful and nonetheless uses
them to justify acts that un-
dermine government “func-
tion,” he is guilty of a conspir-
acy to defraud the country.
Dishonest politicians who act
on dubious legal claims?
Of Making Many Books There Is No End
HOUSES OF What makes Glazer’s works of sociology on Let’s take the man at his Soviet refusenik Natan Sha-
WORSHIP a book Jew- the Jewish shelf. His 1963 “Be- word, I taunted. His commen- ransky’s memoir of his strug-
By Elliot ish? I am
Kaufman dogged by
the question
as my wife
and I merge our collections.
We set aside one bookcase for
fiction and two for seforim,
the beautifully bound codes of
law, volumes of Talmud and
selection of commentaries by
which a knowledgeable ob-
server could identify precisely
what kind of Jews we are. Fi-
nally, we devoted two large
bookcases to nonfiction, split
up between the Jewish and
non-Jewish. That is where the
trouble set in.
Blame it on “Vichy
France”—the 1972 classic by
Robert O. Paxton. The Ameri-
can historian punctured the
myth of “passive resistance” to
the Nazis erected by Marshal
Philippe Pétain, who told
Frenchmen in August 1944, “If
I could not be your sword, I
tried to be your shield.” This
excused their behavior even
more than his own. Mr. Paxton
exposed the regime’s “quest for
collaboration,” which “enjoyed
mass support and elite partici-
pation,” emphasizing “all the
no
things Vichy had done without
German pressure and all the
things Vichy had begged and
implored the Germans to do.”
When my wife objected to
the volume’s placement on our
Jewish nonfiction bookcase, I
was stunned. Surely, I stam-
mered, the record of Vichy
collaboration is of Jewish rel-
evance. But when she gently
instructed that we “keep the
French away from the Jews,” I
couldn’t argue.
Next came the neoconser-
vatives. I wanted Nathan
Unclaimed Funds Brought My Father Back
By Michael Joseloff
I
got word via email in
February that New York
state’s unclaimed-funds
office was holding money for
me, a health-insurance check.
I filled out the required paper-
work and sent it off. Months
went by. Puzzled by the delay,
I revisited the funds website
and was shocked when my
late father’s name, Stanley Jo-
seloff, popped up. He too had
unclaimed funds, from song
royalties.
I knew that my father had
moonlighted as a songwriter
and had written the lyrics to
“Dear Arabella,” which Glenn
Miller’s orchestra recorded in
1941. Again, I collected and
mailed off the necessary pa-
perwork.
This was the second time
since dad died in 1989 that
Arabella and I had crossed
paths. A decade ago, my wife
There aren’t enough prisons
to hold them all.
Consider how many politi-
cians might already be doing
time had prosecutors applied
this standard earlier. Both Al
Gore and George W. Bush filed
lawsuits in the 2000 election
that contained bold if un-
tested legal claims. Surely
both candidates had advisers
who told them privately that
they may have legitimately
lost—and neither publicly
conceded an inch until the Su-
preme Court resolved the
matter. Might an ultimate
sore winner have used this
approach to indict the loser
for attempting to thwart the
democratic process?
And why limit the theory
to election claims? In 2014
the justices held unanimously
that President Barack Obama
had violated the Constitution
by decreeing that the Senate
was in recess so that he could
install several appointees
without confirmation. It was
an outrageous move, one that
Mr. Obama’s legal counselors
certainly warned was a loser,
yet the White House vocally
insisted the president had to-
tal “constitutional authority”
to do it. Under Mr. Smith’s
standard, that was a lie that
Mr. Obama used to defraud
the public by jerry-rigging the
function of a labor board with
illegal appointments.
What’s the betting some-
one told President Biden he
didn’t have the power to erase
$430 billion in student loan
debt. Oh, wait! That’s right.
He told himself. “I don’t think
I have the authority to do it
by signing with a pen,” he
on
us ,
l
e
al a
ci on
yond the Melting Pot,” with
Daniel Patrick Moynihan, has
a remarkable second edition
from 1970 that apologizes, in
so many words, for not seeing
er s
the ’60s coming. It also in-
cludes blunt observations,
m er
such as, “Jews have become
far more aware of the virtue
of conservative working-class
and middle-class values,
which they always practiced
m rp
but refused to celebrate,” and
quaint ones, such as, “Inter-
marriage, an important sign of
integration, remains low
among Jews.”
co Fo
The problem, my wife rec-
ognized, is that the book also
covers the Irish, the Italians
and the rest of the New York
City mix. Would it really fit
next to “Franz Rosenzweig,”
by Nahum N. Glatzer, on the
Jewish shelves? Suspiciously
similar name aside, Glazer
was too expansive for our pa-
rochial people. I had to re-
strain myself from arguing
that all modern social science
n-
is, at bottom, Jewish.
Defeated twice, and then a
third time on the matter of
Samuel Goldman’s “Christian
Zionism” (me: “it’s Zionism!”;
her: “it’s Christian!”), I did the
sensible thing: switch sides
and carry on the argument.
Leon Kass’s “The Beginning
of Wisdom,” it suddenly oc-
curred to me, had no place on
our Jewish bookcase. In this
work, beloved to us both, the
University of Chicago profes-
sor stipulates that he will read
the Book of Genesis in “the
same spirit in which I read
Plato’s Republic”—without
“presuppositions and interme-
diaries,” Jewish or otherwise.
and I were listening to WNYC
when Danny Stiles, a broad-
caster who billed himself as
the “Vicar of Vintage Vinyl,”
introduced “The Glenn Miller
orchestra playing ‘Dear Ara-
bella,’ with lyrics by Stan Jo-
seloff, music by Sidney Lipp-
man.” I was thrilled.
His song royalties
reminded me of his
World War II ditty.
A World War II ditty, “Dear
Arabella” tells of a draftee,
Pvt. Johnny, who’s writing to
his girlfriend back home:
“Dear Arabella, this Army
life’s OK / But Arabella I miss
you more each day / . . .
Kindly remember wherever
you may be / You’re your pri-
vate’s private property.”
After my two Arabella en-
said in 2021. The House
speaker advised him it was il-
legal: “People think that the
president of the United States
has the power for debt for-
giveness. He does not,” Nancy
Pelosi said. Yet Mr. Biden
later adopted the lie that he
did, and took action to de-
fraud taxpayers by obstruct-
ing the federal function of
loan processing—until the Su-
preme Court made him stop.
If lying politicians
can be prosecuted
for ‘fraud,’ we’ll need
a lot of new prisons.
If even a former president
can be hit with conspiracy
charges, what’s to protect a
mere congressman, or a failed
candidate, or a consultant?
For how long did Stacey
Abrams falsely dispute her
loss in the 2018 Georgia gov-
ernor’s race and pressure
Georgia lawmakers to alter
election procedures in ways
that might undermine voting
integrity on the basis of un-
truths? Would the advisers
who egged her on in that pur-
suit qualify as co-conspira-
tors, like the lawyers in Mr.
Smith’s indictment?
The press is rooting for the
special counsel to go after Re-
publican lawmakers who on
the basis of Mr. Trump’s
claims objected to slates of
electors on Jan. 6, 2021. Let’s
line them all up, including
dozens of Democrats who ob-
jected to slates in 2001, 2005
tary isn’t Jewish.
In my wife’s dismay, I saw
the danger of the entire enter-
prise. Who am I to write out
from the Jewish tradition
such a book, by a Jew turning
to a Jewish text for wisdom?
It is as if I had been misin-
terpreting the Modern Ortho-
dox Jewish slogan of Torah
U’Madda, or Torah and secu-
lar learning, to mean nothing
Deciding which ones
belong on the Jewish
shelf is a sure path to
weariness of the flesh.
deeper than Lenny Bruce’s
“Jewish and Goyish” bit, in
which the world is divided
neatly in two. “Ray Charles is
Jewish. Eddie Cantor is goy-
ish. B’nai Brith is goyish; Ha-
dassah, Jewish,” Bruce joked.
“Pumpernickel is Jewish, and,
as you know, white bread is
very goyish. . . . All Italians
are Jewish. Greeks are goy-
ish—bad sauce.”
The pairings on our Jewish
nonfiction bookcase, the prod-
uct of alphabetical order, are
nothing like that. Rather than
elevate and denigrate, they
jive and commiserate, always
honoring the breadth of Jew-
ish experience. Jon Levenson’s
“The Love of God: Divine Gift,
Human Gratitude, and Mutual
Faithfulness in Judaism” is at
the ready next to “The
Drowned and the Saved” by
Primo Levi, for whom
Auschwitz was the final word
on our Creator. “Fear No Evil,” nal’s letters editor.
counters, I searched my fa-
ther’s old files and discovered
more than 50 original songs
and poems and a letter to his
“Arabella” collaborator. Witty
and rhyming, it was classic
dad: “I could write a war song
of bombs bursting in air, but
who’d be left to sing it by the
rockets’ red glare?”
My father wanted to make
songwriting his career, but his
parents weren’t keen on it. So
after graduating from college
and law school, he took a job
as in-house counsel to Lee and
J.J. Shubert, the powerhouse
theater producers and owners,
which led to a 12-week gig in
1937 writing songs for “Billy
Rose’s Aquacade.” Rose, an
impresario and showman par
excellence, staged his extrava-
ganzas in an outdoor amphi-
theater with a large pool and
cast of synchronized swim-
mers, actors and singers.
Dad’s big break came when
and 2017—on the basis of lies
and with the purpose of con-
spiring to obstruct (as the
Smith indictment puts it) “the
lawful federal government
function by which the results
of the presidential election
are collected, counted, and
certified.”
We now know that Rep.
Adam Schiff looked at a clas-
sified surveillance warrant ap-
plication against a Trump ad-
viser, lied about its contents
publicly, memorialized those
lies in an official memo, and
used it to help gin up an in-
vestigation that definitely im-
peded the function of the
Trump administration. We
have evidence that the Federal
Bureau of Investigation offi-
cials behind that application—
James Comey, Andrew Mc-
Cabe, Peter Strzok—used a
dossier full of lies to get that
warrant. Fortunately for them,
special counsel John Durham
chose not to take a flyer by
indicting them for conspiracy.
Smith fans will say this is a
special case, the “big” lie, a
one-time necessity for justice.
Yet once a bar is lowered, it
will be lowered further. Re-
member when impeachments,
special committees, the strip-
ping of committee assign-
ments, and contempt citations
were rare? Of course future
prosecutors will take this
precedent and expand it in
ever more novel ways.
There are any number of
things as certain as death and
taxes. One is that politicians
will lie, and act on those un-
truths. Now that might make
them felons.
Write to kim@wsj.com.
gle against the KGB to make it
to Israel, seems to triumph
more fully as it meets Malka
Simkovich’s “Discovering Sec-
ond Temple Literature.”
The Jewish story bursts out
of our crude system of classi-
fication. Every book on the
Jewish bookcase seems to di-
rect me to another on the
non-Jewish one and then to a
third, usually by a Jewish au-
thor, that could go either way.
How about our volume of
Kafka’s diaries? As the author
of “The Trial” told the assimi-
lated, German-speaking lite-
rati at Prague’s Jewish Town
Hall in 1912: “Ladies and gen-
tlemen, you know more Yid-
dish than you think.”
Some shelves are more
Jewish than others, but all are
in conversation. Robert Bork’s
“Slouching Towards Gomor-
rah” might sound goyish, and
it is on the non-Jewish book-
case, but resting beside Allan
Bloom’s “The Closing of the
American Mind,” the reso-
nances overwhelm and even
wink at the dissonances.
The profane still must be
separated from the sacred, and
my wife and I have no desire
to place Lori Cox Han’s volume
of Pat Buchanan’s White House
memos next to Moshe Halber-
tal’s “Nachmanides.” The two
bookcases will stay separate—
and separate again, from the
fiction and the seforim—but it
is my fervent hope that the
learning from each of them
will mingle and merge in the
development of our minds and
our marriage.
Mr. Kaufman is the Jour-
“Dear Arabella” won first
prize in a Hearst Newspapers
song contest. Glenn Miller
chose it as his “Song of the
Week,” and Hearst published
the music and lyrics in 20
newspapers nationwide.
Few people outside the
family have heard of the song
today. But the unclaimed-
funds notice and the play on
the car radio brought my fa-
ther back to me in a way
nothing else could.
I’m still waiting for the
royalty check, not that I’m go-
ing to cash it. I’m going to
frame it and place it along-
side a treasured 78 rpm re-
cord with the trademark dog
and phonograph RCA logo and
the title “Dear Arabella” on
the label.
Mr. Joseloff is a television
producer and author of “Chas-
ing Heisenberg: The Race for
the Atom Bomb.”
Friday, August 4, 2023 | A13
BOOKSHELF | By Danny Heitman
Enemies
Of Conversation
Talking Cure
By Paula Marantz Cohen
(Princeton, 215 pages, $24.95)
A
s we’ve often been told, the art of conversation is on
life support, ravaged by the excesses of technology.
Hooked to our phones and laptops, or so the theory
goes, we’ve lost the true gift for gab. Sherry Turkle, one of
many writers who have noted the problem, weighed in with
her book “Reclaiming Conversation,” in 2015. “We hide
from each other even as we’re constantly connected to each
other,” Ms. Turkle told readers. “For on our screens, we are
tempted to present ourselves as we would like to be.”
In “Talking Cure,” billed as “an essay on the civilizing
power of conversation,” Paula Marantz Cohen echoes some
of Ms. Turkle’s laments about online culture as a corrupting
influence on conversation. But Ms. Cohen, a professor of
English at Drexel University and the dean of its honors
college, finds other culprits, too—some well-publicized,
and others that readers might not have considered.
Political polarization
quickly rears its head as a
conversation killer, blocking
the interchange of different
perspectives that give a good
talk its vitality. “To speak to
the converted or the entirely
familiar is not to truly con-
verse,” Ms. Cohen writes. “It
is to have one’s beliefs re-
inforced; it is self-soothing but
not self-developing.” Mention-
ing the liberal pedigree of her
family, Ms. Cohen writes grate-
.
fully about how her world view
was expanded by a deep friend-
ly
ship and decades of thoughtful
exchanges with a conservative colleague who has since died.
“What sustained us in our disagreement,” she recalls,
“was our mutual respect, indeed deep affection, for each
other. It was a feeling that carried moral as well as emo-
tional weight.”
Disagreement, Ms. Cohen suggests, is an essential ele-
ment: “Good conversation digs deep into a subject, turns it
over, examines it from angles that might otherwise remain
in shadow, and presents hypotheses that may be wrong or
even unpleasant, but thought-provoking.” Such openness to
opposing viewpoints is now harder to come by in national
life. “I used to routinely adopt the devil’s advocate position
in class,” she writes, “but I find it harder to do this now,
when dissenting viewpoints are less tolerated and when
playful or ironic positions are taken literally.”
As in many of her previous writings, such as “On Human
Kindness,” a 2021 book that explored lessons from Shake-
speare about empathy, in “Talking Cure” Ms. Cohen looks to
literature for useful instruction about her subject. Though
she makes numerous arguments for the civic benefits of
conversation, the chief value of this book is its abiding
reminder of the pleasure of good talk.
Ms. Cohen is deeply read, and her mind is like a curio
cabinet that displays a collection of bright and interesting
things.
In surveying centuries of celebrated talk—touching on
figures as varied as Epictetus, William Wordsworth, Virginia
Woolf and Langston Hughes—Ms. Cohen’s book offers evi-
dence that for all its challenges, conversation has been an
impressively resilient fixture of our species. Her models of
good conversation include Samuel Johnson, the 18th-century
English wit whose bon mots were copiously recorded by his
friend and biographer, James Boswell. But Ms. Cohen makes
the point that Boswell was more than a mere stenographer
of Johnson’s dinner-table pronouncements. He was a cheer-
ful interlocutor, challenging Johnson’s assumptions in a way
that brought out the best in his mentor. It’s a lesson in how
conversation can reveal our truest, fullest selves.
To chat with those who already agree with us
can be comforting, but it proves no substitute
for a real, revealing exchange of views.
The obstacles to good conversation can be as simple as
the spaces in which we’d like to linger and chat. Ms. Cohen
sighs at the popular fashion in industrial décor at restau-
rants, where steel tables and backless chairs don’t exactly
invite warm exchanges. More broadly, she finds that talk “of
a staged and highly predictable sort” is all around us, “on
talk shows, TV panels, interviews, YouTube clips and pod-
casts,” ersatz conversation that replaces the unpredictable,
real thing with an often scripted substitute. One surprising
figure she calls out for a negative effect on conversation is
Ronald Reagan. His disciplined PR strategy, still a popular
model, “flies in the face of the serendipity and spontaneity
that characterize real conversation,” she writes. “It may
well be that Reagan’s example, through its extraordinary
success and superficial appeal, debased political conver-
sation—and beyond that, all conversation—more thor-
oughly than any other figure in history.”
One wouldn’t even have to be a particular fan of Reagan
to find Ms. Cohen’s assertion a strange piece of hyperbole.
(Later in “Talking Cure,” she points to more obvious ene-
mies of conversation, dictators such as Hitler and Stalin.)
Ms. Cohen’s glancing takedown of the 40th president
doesn’t reflect the general tone of “Talking Cure,” which is
measured and magnanimous. Elsewhere, she mentions in a
more salutary vein Reagan’s convivial chats with his politi-
cal opponent, House Speaker Tip O’Neill. In a passage argu-
ing that women’s talk has often been unfairly dismissed as
trivial, Ms. Cohen sympathetically cites former First Lady
Nancy Reagan as a likely victim of sexism.
Maybe, as with the long-predicted demise of poetry,
reading and the republic itself, the art of conversation just
might pull through in spite of our folly. The poor state of
good talk, after all, is an enduring complaint. Ms. Cohen
quotes one commentator’s fear that conversation, “so useful
and innocent a pleasure, so fitted for every period and con-
dition of life, and so much in all men’s power, should be so
much neglected and abused.”
That was Jonathan Swift, who left the scene in 1745.
Mr. Heitman, a columnist for the Baton Rouge Advocate,
frequently reviews books for the Journal.
Coming in BOOKS this weekend
The 2nd Amendment and its discontents • Appreciating
the phage, the ‘good virus’ that eats bacteria • The drama
of August Wilson • The life at the bottom of the sea •
Sam Sacks revisits ‘The Brothers Karamazov’ • & more
 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 | Friday, August 4, 2023 THE WALL STREET JOURNAL.

OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR

Devon Archer’s Full Biden Story How President Biden Dodges Hunter’s Scandal

A
s soon as Devon Archer’s closed-door were using Hunter’s presence on the Burisma In “Devon Archer Throws a Curve” Your editorial “Hunter Was Selling
sitdown with the House Oversight board to “undermine” the U.S. anti-corruption (Main Street, Aug. 1), William the Biden ‘Brand’” (Aug. 1) reports
McGurn writes, “The real danger for that Rep. Dan Goldman says “Mr. Ar-
Committee ended Monday, New York’s message. The following year a top diplomat in
Mr. Biden in the 2024 debates is if cher told the committee that the Bi-
Daniel Goldman emerged to Kyiv, George Kent, was even the Republican candidate asks him dens never discussed business on
give the Democratic spin: VP Biden mixed the more blunt in a message to the obvious: ‘Mr. President, we have those calls [during Hunter’s business
President Biden’s conversa- family business with his State. learned since 2020 that almost every- meetings], so the testimony was much
tions with his son’s business “Ukrainians,” Mr. Kent thing you claimed about your son’s ado about nothing.” Yeah, and the lo-
partners were innocent dis- Ukraine diplomacy. said, “heard one message business overseas the last time you cal mafioso was only offering “protec-
cussions about the weather or from us and then saw another were on this debate stage was untrue. tion” and inquiring about the business
other niceties. That was ex- set of behavior, with the fam- Why should the American people be- owner’s children, not making a threat.
posed as false on Thursday when the commit- ily association with a known corrupt figure lieve anything you say now?’” Let me SHELDON KAUFMAN
tee made the complete transcript public. whose company was known for not playing by give you the Biden campaign’s an- Randolph, N.J.
Mr. Archer is a former business partner of the rules in the oil/gas sector.” swer: There will be no debate.
DANIEL S. SMITH Even assuming that nothing more
Hunter Biden and served with him on the board Mr. Archer also explained how Hunter re-
Duck, N.C. significant than the weather was dis-
of Ukrainian energy giant Burisma. Mr. Archer ceived $142,300 from Kazakh oligarch Kenes cussed on those phone calls, Hunter’s
described the value-added that Hunter brought Rakishev to buy an “expensive car”—either a Mr. McGurn reminds us that Mr. Bi- point was clear: If you pay to play, I
to the business as the “brand,” which was the Fisker or a Porsche. Mr. Rakishev attended a den denied in the 2020 debates that can get my father on the line.
Biden name. When Hunter put his father on spring 2014 business dinner at Washington’s Hunter Biden received money from PETER DODGE
speakerphone with his business clients, “there Cafe Milano with the Vice President and his several countries, insisting that his St. Augustine, Fla.
was [a] brand being delivered.” son. Also in attendance was Elena Baturina, the son did nothing wrong in Ukraine,
He further clarified that it was Joe Biden wife of Moscow’s mayor, who wired $3.5 mil- China and Russia. Mr. Biden has also But for a divided Congress and an
“that brought the most value to the brand.” In lion to a company linked to Mr. Archer. The said countless times that he never independent judiciary, the cloaked
other words, Hunter was selling his father’s House Committee says it will provide more de- discussed Hunter’s business dealings manipulation behind the special
with him. How could Mr. Biden possi- treatment of Hunter Biden might
power in Washington. That is what Burisma tails when it releases its next tranche of related
bly have known where Hunter made never have been revealed. What will
was paying for, and it looks like it got its financial documents. money if he had never discussed the happen if either party again controls
money’s worth. “Burisma would have gone out When the public first learned of Hunter’s matter with him? both Congress and the White House?
of business if it didn’t have the brand attached sleazy deals, Joe Biden denied ever discussing CHARLES LEVINE LEE BLACKMAN
to it,” Mr. Archer said. his son’s business with him. But Mr. Archer has Clyde Hill, Wash. Tucson, Ariz.
Joe Biden famously bragged of his role in also released a letter from Mr. Biden—on offi-
using $1 billion in U.S. aid to get Ukrainian cial vice presidential stationary—saying how
prosecutor Viktor Shokin fired during his De- “happy” he was that Mr. Archer was in busi-
cember 2015 visit to Kyiv. Mr. Archer says Mr. ness with his son. The letter was written right Cardinal Dolan on Christians in Modi’s India
Shokin, who was investigating Burisma, was after a lunch he and Mr. Archer attended with
not “specifically on my radar,” and that he was visiting Chinese President Hu Jintao. While I am usually enlightened by dia, encouraged—my on-the-ground
Walter Russell Mead’s columns, I re- sources tell me—by the radical Hindu
spun a tale how of Mr. Shokin was actually i i i
gret that his “The Movement Shaping nationalists and Prime Minister Nar-
“good for Burisma.” But he also said he wasn’t It’s one thing to develop relationships in of- a Modern India” (Global View, July endra Modi’s ruling party.
on the phone with Hunter, Burisma owner fice that turn into business opportunities later,

.
25) doesn’t emphasize more the CARDINAL TIMOTHY MICHAEL DOLAN
Mykola Zlochevsky and Burisma exec Vadym the way Jared Kushner, Donald Trump’s son-in- tragic persecution of Christians in In- Archbishop of New York

ly
Pozharski when they “called D.C.” after a meet- law, did in the Middle East. It’s another to lever-
ing in Dubai to discuss how Washington might age the office while in office to promote the fam-
alleviate the pressure on them. ily business. As Mr. Archer said, the advantage
on
All of this underscores Joe Biden’s horren- of the Biden brand is that legally “people would
Research and Your Attitude Toward Menopause
dous judgment in blending his son’s business be intimidated to mess with them.” “What if We Could Get Rid of ing to disease perpetuate negative
with his duties as Vice President. Mr. Biden Whether or not Joe Biden took a dime Menopause?” (Review, July 15) attitudes toward menopause, disre-
was the Obama Administration’s point man for from these dealings, this is a form of politi- showcases ideas to delay or end gard the role of general aging and
menopause in an effort to improve make women vulnerable to exploita-
us ,

Ukraine, which was fighting Russia’s first inva- cal corruption. Covered up by the press in
women’s health. Although early tion by those aiming to profit from
l

sion, and he can’t claim ignorance about his 2020, it will be an issue in 2024. Democrats menopause (before 40) is associ- their fears.
e
son’s dealings. should worry that as more facts emerge
al a

ated with negative health outcomes Research related to women’s mid-

Amos Hochstein, a senior energy official in about the Biden mix of politics and business, later in life, only about 1% of life health is limited. A bipartisan bill,
the Obama Administration, warned the Vice it could help Mr. Trump neutralize his many women experience it. the Menopause Research Act, was in-
ci on

President in 2015 that Russia-backed media legal vulnerabilities. We represent a group of experts in
menopause research and care, and we
find the argument that delaying or
Democrats and the Trump Spectacle ending menopause will lead to longer,
healthier lives to be scientifically
troduced to Congress in September
2022, and called for $100 million a
year for two years for research on
menopause and midlife women’s
health. This important funding would

D
er s

onald Trump pleaded not guilty in fed- and last what they think about Mr. Trump’s in- misleading. Such arguments ignore assist but likely wouldn’t come close
the multifactorial nature of cardio- to filling the research void. The less
eral court in Washington, D.C., on dictment, and then upbraids them if they aren’t
m er

vascular disease, cognitive function scientific knowledge there is about

Thursday, as the world’s cameras fo- sufficiently critical. Their policies, or differences and other key aspects of women’s menopause, the more vulnerable
cused on the spectacle of a for- with Mr. Trump, might as well health. They also ignore the health women are to false claims. All women
mer President and current can- They want the election to be shouts in the forest. Chris risks associated with advanced ma- who live long enough will experience
didate in the dock. The legal be all about the former Christie, who is Mr. Trump’s ternal age (40 or older), including hy- menopause. They deserve better.
m rp

case will play out in the com- most vocal critic, is ignored ex- pertension and gestational diabetes. PAULINE MAKI, PH.D., AND NINA COSLOV
ing months, but the political President, all the time. cept for what he says about Mr. Attempts to link reproductive ag- Chicago and Cambridge, Mass.
point to keep in mind is that Trump.
this is exactly where Demo- All of this has Democrats
crats want voters to focus: On Mr. Trump all day, elated because they want Mr. Trump to be the The Naiveté of Disney and Steinem on Korea
co Fo

every day. Republican nominee. They hope GOP voters

Abigail Disney and Gloria Steinem Ms. Disney and Ms. Steinem is aston-
The more the press is preoccupied by Mr. will respond to the indictments by nominating (Letters, July 31) are upset that their ishing. Certainly, all of us in this
Trump’s courtroom dramas, the less public at- Mr. Trump as a form of political retribution. so-called Korea peace movement was country and South Korea would like
tention there will be to President Biden’s declin- No matter that this essentially means Republi- labeled a “deception” by Ji Seong-ho for there to be peace between the Ko-
ing capacities or to the facts emerging about Mr. cans would be letting Democrats choose their (“The Phony Korean ‘Peace’ Move- reas. But it takes two to tango.
Biden’s promotion of the family business. (See nominee. ment,” op-ed, July 26), who fled Does anyone really believe that
nearby.) The indictments keep all eyes on Mr. And so we careen, without an apparent off- North Korea on crutches after nearly North Korea’s Kim Jong Un is going
Trump’s troubles rather than on Mr. Biden’s re- ramp, toward a 2024 campaign debate about a starving to death. Ms. Disney and Ms. to enter a peace deal on any terms
cord or debates about the next four years. sitting President’s age and family business and Steinem write about their mass meet- but his own? That would mean the
Mr. Trump on trial also means his competi- what a former President did in 2020 as he tries ing with North Korean women in departure of all foreign troops from
tors for the GOP presidential nomination can to stay out of jail. To mention a quaint notion: 2015 as if it were a free and open ex- South Korea, leaving the South wide
change of ideas, and not set pieces open for Mr. Kim to invade at a time
barely get media attention. The press asks first This isn’t good for the country.
n-

orchestrated by the omnipresent of his choosing. Threatening to use

North Korean secret police. nuclear arms against any nation that

Republicans Return to the SALT Mines The deception that should concern
them is their own self-deception,
tries to intervene, he could accom-
plish the takeover that his grandfa-

T
no

which boils down to a toxic mix of ther tried and failed to achieve in the
he House GOP’s slim majority guarantees high earners, the deduction’s benefits flow in Neville Chamberlain and “better red 1950s. To think otherwise borders on
frequent drama, and the latest episode substantial part to the wealthiest taxpayers. A than dead.” Ms. Disney and Ms. dangerous fantasy.
has some Members endorsing Demo- 2020 analysis by the Brookings Institution Steinem should recall that in the WILLIAM H. CONNER
cratic tax policy. A group from found that the top 1% of earn- Democratic People’s Republic, there Cary, N.C.
high-tax states want to boost Eight Members want ers would claim 57% of the are few heiresses (everyone but the
the deduction for state and lo- Kim family and its cronies is dirt
to subsidize high taxes benefit from eliminating the
cal taxes, and they’re holding SALT cap.
poor) and no feminist journalists. In Need of His Own Vision
JOHN FORTUGNO
up a GOP tax bill to do it. in Democratic states. Ways and Means Chairman Olympia, Wash.
The upshot of “DeSantis’s Unstable
At least eight Members are Jason Smith hasn’t budged on Economic Fusion” (Review & Outlook,
maneuvering to increase the SALT and says he doesn’t Aug. 1) is that running a state is a lot
With all due respect, the naiveté of
amount of state and local tax that can be de- want his Missouri constituents subsidizing the less complicated than running a na-
tion. Despite his efforts, Florida Gov.
ducted from federal tax bills. If they succeed, tax preferences of the progressive coasts. He’s
Ron DeSantis won’t impress the
they’ll undo a hard-won GOP policy. Republi- right politically and on the tax-policy merits. What Ever Happened to the Trump base with his economic policy
cans capped that write-off, known as SALT, at Lifting SALT would increase political pressure Private Sphere in America? because most of it is similar to Presi-
$10,000 in their 2017 tax reform. The Joint to raise federal tax rates to make up for lost dent Trump’s—and if you liked that
Committee on Taxation estimates that the cap revenue. Darcy Stamler argues convincingly
policy, which proved enormously suc-
that many private universities receive
raises federal revenue by about $80 billion a The Ways and Means plan is mediocre even cessful, then you’ll probably support
significant government support
year, which helped offset lower tax rates on without the SALT baggage. It does the good through grants, tax breaks, etc., some-
the former president. None of Mr.
businesses and individuals. deed of extending expiring provisions of the Trump’s rivals have been able to ar-
times receiving even more than many
Legislators from high-tax states say the cap 2017 tax bill, but it includes a misguided boost ticulate a more convincing vision.
public schools do (Letters, July 27).
is a rotten deal for their constituents. “Congress to the standard deduction. For only two years, J.J. CROVATTO
But in this era, when government has
Ramsey, N.J.
screwed New Yorkers on SALT,” said Rep. Nick it would add $4,000 to the general write-off such an expansive role, what large in-
LaLota, one of the group’s leaders, in July. “I available to filers who don’t itemize, bringing stitution can claim it is insulated from
will not be part of another Congressional at- the sum to about $32,000 for joint filers. government support? Can you point
tempt to screw NY.” The bonus would be smaller for taxpayers to a university, hospital, bank, utility Pepper ...
He’s joined by fellow New York Reps. An- earning more than $400,000, tapering off com- or even semiconductor company that
isn’t entangled with and benefiting
And Salt
thony D’Esposito, Marc Molinaro, Mike Lawler pletely around $480,000. Unlike cutting in-
from the federal bureaucracy? THE WALL STREET JOURNAL
and Andrew Garbarino, along with New Jersey’s come-tax rates, this brief and limited rebate
Given that context, is there a limit
Tom Kean and Chris Smith, and California’s would offer little incentive for taxpayers to to the Supreme Court’s ruling on ra-
Mike Garcia. All say they’ll vote against a pend- work or invest more. Limiting the standard de- cial preferences? Who can legally
ing tax-cut package that has passed the Ways duction by income is also a bad tax precedent give preferences to minorities, if they
and Means Committee unless it’s amended to that Democrats will expand on. so choose? The merits of Students for
increase or eliminate the cap on SALT, accord- House GOP leaders announced their tax plan Fair Admissions v. Harvard aside, the
ing to a Capitol Hill source. That’s more than shortly after the June debt-ceiling deal with freedom of people to run their busi-
the five votes Republicans can afford to lose in President Biden, hoping it would show voters nesses as they see fit should also be a
an expected party-line floor vote. more of their fiscal priorities. Speaker Kevin concern.
But how does the lack of a special favor McCarthy originally sought a vote on the pack- MICHAIL TSATSANIS
Huntington Beach, Calif.
“screw” New York? State tax rates are set in age before Congress’s August recess, but the
state capitals like Albany, and state politicians SALT standoff has delayed it until September
Letters intended for publication should
are free to cut those rates. The SALT deduction at the earliest. be emailed to wsj.ltrs@wsj.com. Please
makes it easier to keep taxes high because the The fight shows the disunity within the include your city, state and telephone
write-off shields residents from the pain of House majority over tax issues that used to be number. All letters are subject to
those punitive rates. a GOP strength. The division over special tax editing, and unpublished letters cannot “How would we ever know
be acknowledged.
And since blue-state taxes are stacked on carve-outs plays into Democratic hands. if money can’t make us happy?”
 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.
BlackRock Gives Investors a Say
By Salim Ramji
And Joud Abdel Majeid
T
he dog days of summer
mark the end of proxy sea-
son, when most American
corporations hold their an-
nual meetings and share-
holders vote on the election of direc-
tors, compensation and other
corporate matters.
As more individual and institu-
tional investors have turned from in-
dividual stocks to mutual and ex-
change-traded funds, the
responsibility for voting at these an-
nual meetings has been entrusted to
fund managers like BlackRock.
Many investors value having their
asset managers handle proxy voting.
Proxy statements can run more than
100 pages. For a person invested in
500 companies through an ETF or in-
dex fund, that could mean more than
1,000 hours of wading through mate-
rials to make informed decisions on
BlackRock clients who
represent more than $550
billion in assets joined the
Voting Choice program.
thousands of proxy votes. Many of
our clients trust our record as a fidu-
ciary acting in their long-term finan-
cial interests.
Still, we believe in offering clients
choices. Our firm has always used
technology to give clients easier ac-
cess to an array of investment op-
tions. Two years ago, we announced
that we would begin providing
choices for clients that want to par-
ticipate more directly in proxy vot-
ing, starting with institutional ones
like pension funds.
China Can’t Seem to Make Friends or Influence People
China has spent tens
of billions of dollars
to boost its global
popularity over the
past decade. It hasn’t
worked. In soft
power—the attrac-
EAST IS
tiveness of a coun-
EAST
try’s ideas, institu-
By Sadanand
tions and culture—
Dhume
the U.S. far outstrips
China. That’s an op-
portunity for Washington.
Not long ago many scholars be-
lieved China’s economic progress
would automatically translate into
greater soft power, as it had for
America, Japan and South Korea,
among others. In these pages in
2005, Joseph Nye, the Harvard pro-
fessor who coined the term “soft
power,” quoted a 22-country BBC
poll that found more people viewed
China positively (nearly 50%) than
the U.S. (38%). “China has always
had an attractive traditional culture,
but now it is entering the realm of
global popular culture as well,” Mr.
Nye wrote. He cited the Nobel litera-
ture laureate Gao Xingjian, Houston
Rockets star Yao Ming and “Crouch-
ing Tiger, Hidden Dragon” as exam-
ples of China’s growing appeal. The
PR bonanza of the 2008 Beijing
Olympics loomed.
Instead, global public opinion has
no
soured on China, despite Xi Jinping’s
doubling down on soft power. At a
2014 Communist Party meeting, Mr.
Xi, who became president the year
before, urged the party to “increase
China’s soft power, give a good Chi-
nese narrative, and better communi-
cate China’s message to the world.”
In a recent 24-country poll by the
Pew Research Center, two-thirds of
respondents viewed China unfavor-
ably. Only 28% held a positive opin-
ion. Beijing has particularly lost es-
teem in high-income nations, where
Pew said negative views “currently
stand at or near historic highs.”
Among middle-income countries,
anti-China sentiment is at highs in
Argentina, India and Brazil.
Sometimes it’s all right to be un-
popular if you’re also respected, but
only 9% of respondents said the Chi-
nese military is the best in the
world. Even fewer felt that way
about China’s universities (6%), en-
tertainment (3%) and standard of
living (3%). Only in tech did a signif-
icant proportion (19%) consider
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Rupert Murdoch
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Emma Tucker
Editor in Chief
Liz Harris, Managing Editor
Charles Forelle, Deputy Editor in Chief
Elena Cherney, News; Chip Cummins, Newswires;
Andrew Dowell, Asia; Brent Jones, Culture,
Training & Outreach; Alex Martin, Print &
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Investigations; Amanda Wills, Video
Paul A. Gigot
Editor of the Editorial Page
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Traders on the floor of the New York Stock Exchange.
Today, all American public and
corporate pension funds we serve
can invest in products that let them
vote the shares of the companies
they own, easily and efficiently. Cli-
ents representing more than $550
billion in assets have enrolled in our
Voting Choice program. This is a
growing share of the $4.5 trillion of
equity assets we manage in index
funds. While the majority of our cli-
ents have asked us to continue voting
proxies on their behalf, others are
taking advantage of a growing set of
options, including voting themselves.
This strong client interest has cata-
lyzed others in our industry to exper-
iment with proxy-voting choices.
Last month, we took another step
by announcing a plan for a pilot pro-
gram that offers choices to individual
investors in our largest exchange-
traded fund. This plan—subject to
approval by the board that governs
our ETFs—would let millions of these
individual investors select from dif-
companies they own.
on
ferent policies to decide how their
share of the ETF will vote on the
us ,
l
e
al a
China’s offerings to be the world’s
best.
ci on
Contrast this with how people
perceive the U.S. In 22 of 23 foreign
countries surveyed, respondents
view America more favorably than
unfavorably. For China this is true of
er s
only six countries: Argentina, Indo-
nesia, Kenya, Mexico, Nigeria and
m er
South Africa. In only Nigeria and
Kenya did China’s favorability exceed
that of the U.S. A plurality of respon-
dents in 16 countries called America
“the world’s leading economic
m rp
power,” vs. only six for China. In
two—France and the U.K.—the score
was tied.
Unfortunately for Mr. Xi, China’s
soft-power deficit stems from its
co Fo
system of governance and insular
culture, deep-set problems that are
difficult to overcome. In the 21st
century, most people prefer democ-
racies to foreign dictatorships. And
China built both its Great Wall and
its great firewall to keep foreigners
out. According to a senior Asian dip-
lomat who served in Beijing, Chinese
elites often view foreigners steeped
in Chinese language and culture not
as equals but as curious barbarians
who have acknowledged the superi-
n-
ority of Sinic culture. Compare this
with the open attitude of Americans.
Everyone is welcome to appreciate a
How High Mortgage Rates Fuel Inflation
By Tomas J. Philipson
M
any Keynesian economists
believe that government bu-
reaucrats can fine-tune the
economy with price controls in credit
markets. The current housing market
argues against that view. Interest-
rate hikes may be raising rather than
lowering core inflation.
As Keynesian logic goes, rate
hikes should cut demand and thereby
reduce inflation in markets that rely
heavily on credit, such as housing
and cars. Such industries contribute
heavily to inflation measures—hous-
ing costs make up about 40% of the
core consumer-price inflation. But
housing costs are difficult to mea-
sure. Inflation indexes aim to mea-
sure the consumption cost of hous-
ing, captured by rents and, for
homeowners, imputed rents.
The rate hikes since March 2022
Robert Thomson
Chief Executive Officer, News Corp
Almar Latour
Chief Executive Officer and Publisher
DOW JONES MANAGEMENT:
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Chief People Officer; Frank Filippo, EVP, Business
Information & Services, Operations;
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OPINION
ALAMY
There are always critics. There is
a myth that BlackRock blindly fol-
lows the recommendations of proxy
advisory firms like Glass Lewis and
Institutional Shareholder Services
when voting on behalf of our clients.
That myth is debunked if you look at
the facts. Over the past 12 months,
on shareholder proposals where ISS
made a recommendation that was
different from a company’s manage-
ment, BlackRock supported manage-
ment 85% of the time and agreed
with ISS only 15% of the time.
For BlackRock, it’s about financial
value, not social or political values.
On proxy voting, our clients’ finan-
cial interests are paramount. Black-
Rock makes its decisions indepen-
dently, informed by company
disclosures, engagement with man-
agement, and proprietary and third-
party research.
With Voting Choice, our clients
choose from a menu of third-party
voting policies or design their own
policies. Since its launch, clients with
about 30% of the assets enrolled in
our program have chosen to use their
Big Mac or Bruce Springsteen song.
The tight control China’s political
system exerts on its cultural exports
also makes them less compelling.
Maria Repnikova, an expert on Chi-
nese and Russian soft power at
Georgia State University, points out
in a phone interview that Chinese
state-controlled media emphasize
government priorities like the Belt
Even as Xi has doubled
down on soft power efforts,
global public opinion
has become more hostile.
and Road Initiative and promote Mr.
Xi’s favorite slogans. Foreigners cor-
rectly view China’s main means of
projecting soft power—Confucius In-
stitutes, which teach Chinese lan-
guage and culture, and English lan-
guage media such as CGTN and
Global Times—as government
mouthpieces.
And though China’s economic rise
has been impressive, China lacks an
ideology that can be intuitively
grasped by a Mexican laborer, a
Cambridge don or a Malaysian doc-
tor. In contrast, the erstwhile Soviet
may be raising rather than lowering
measured housing costs by having
unusual effects on supply and de-
mand. Housing prices are trending
upward this year, partially because
rate hikes suppress the supply of
housing as well as the demand. Some
40% fewer existing homes are for
sale than before the pandemic. That’s
because about 90% of outstanding
mortgages are financed at fixed low
rates. No wonder owners don’t want
to sell.
When rate hikes lower supply
more than demand, it raises rather
than lowers housing prices. Mean-
time, as higher prices and financing
costs deter would-be home buyers,
rental demand and prices have in-
creased as well. As a result, rate
hikes may be inflationary rather than
deflationary for 40% of core CPI.
Existing homes typically make up
about 90% of new home sales, the
rest being new construction. The
Case-Shiller housing price index is
focused on such existing homes and
excludes new construction. Despite
persistent rate hikes for close to a
year and a half, this index is up dur-
ing 2023. But because of the low in-
ventory of existing homes, construc-
tion of new homes is booming. It
accounts for 30% of home sales
rather than the traditional share of
about 10%. So rate hikes are fueling
increased construction—another
counterintuitive result.
For other credit-dependent indus-
tries such as cars, there are other
pandemic-specific effects on prices,
such as supply chains and chips. But
the incremental effects from rate
hikes are similar. Some 75% of car
sales are for used cars and owners
own policies rather than those from
third parties. Individual investors
seldom sit at home writing their own
proxy-voting policies, and many in-
stitutional investors prefer to choose
from the third-party ones.
We now offer 14 different third-
party voting policies—double the
number offered when Voting Choice
launched. These policies can be tai-
lored to Catholic values, for union
pension funds, or to policies that
support environmental and social
proposals. We also offer a gover-
nance-aligned policy that, rather
than taking a view on environmental
and social proposals, follows each
corporate management team’s rec-
ommendations. Yet, it focuses on
commonly accepted principles of cor-
porate governance and doesn’t al-
ways support management on gover-
nance matters. This governance-
aligned policy is the most popular
third-party policy among our public
pension fund clients in the U.S.
Beyond the 14 policies we offer
from the two largest proxy advisory
firms, we are working to add policies
from other firms. We have long ar-
gued that investors benefit from hav-
ing more proxy advisory firms in the
industry to choose from.
As we refine Voting Choice, our
ambition is for all investors to have
easy and efficient options to partici-
pate in proxy voting if they choose.
Greater voting choice requires asset
owners to invest time and resources
in making informed decisions. But
giving them a say strengthens share-
holder democracy and supports
America’s capital markets, which im-
proves people’s lives here and around
the world.
Mr. Ramji is BlackRock’s head of
iShares and index investing. Ms. Ab-
del Majeid is BlackRock’s global head
of investment stewardship.
Union also exerted influence
through propaganda, but it was far
clearer in espousing communism, an
ideology that found adherents in
many countries. Why would any
non-Chinese person be drawn to
Han supremacism?
To make matters worse for China,
Mr. Xi has centralized power to a de-
gree not seen in decades. His gov-
ernment’s aggressive territorial
claims have upset Indians, Japanese
and Vietnamese, among others. Nor
has Beijing gained friends with its
economic bullying of countries such
as Norway, Australia and South Ko-
rea. And China’s “Wolf Warrior” dip-
lomats seem better at offending peo-
ple than winning them over.
Despite China’s limitations, Amer-
ica shouldn’t be too sanguine. In
geopolitics, raw military and eco-
nomic power can still count for more
than charm, and China has plenty of
those. The U.S. is prone to soft-
power blunders of its own, for in-
stance by attempting to export fash-
ionable woke ideas about sex. As the
U.S.-China rivalry deepens, there’s
no guarantee Beijing won’t find a
way to improve its appeal or to ben-
efit from American mistakes. Wash-
ington may have lapped China so far,
but it can’t be certain of winning the
soft-power race.
who are sitting on car loans at favor-
able rates. This reduces supply at the
margin and contributes to the rise in
used-car prices we have seen
throughout 2023.
Given that housing prices are up
for 2023, housing-cost inflation is
forthcoming, as it is positively re-
lated to such prices with a lag. This
suggests a continuation of sticky
core inflation. But fighting it with
more rate hikes may make it even
stickier.
It’s costlier to move, so
fewer houses are on the
market. Less supply means
higher prices and rents.
The reverse of these arguments is
also true—rate cuts in 2024 could
lower housing prices. When the
mortgage penalty for selling gets cut,
supply may come back more than de-
mand. Housing construction could
thus take a hit from future rate cuts.
Because the rate hikes were so
rapid, credit-based industries such
as housing and cars may not be as
rate-sensitive, and may even operate
in the opposite direction for a time.
This adds to the general argument
that well-intentioned bureaucrats
can’t easily forecast or fine-tune our
unpredictable economy.
Mr. Philipson, an economist at the
University of Chicago, was a member
of the White House Council of Eco-
nomic Advisers, 2017-20, and its act-
ing chairman, 2019-20.
Friday, August 4, 2023 | A15
Fitch Tells
The Federal
Reserve
To Wake Up
By David Malpass
T
he essence of Fitch Ratings’
Tuesday decision to down-
grade U.S. Treasury debt:
We’re experiencing a slow-motion
fiscal train wreck, not a “soft land-
ing,” and it’s draining global capital
and endangering the dollar.
The Congressional Budget Office’s
June 28 report on the long-term defi-
cit shows that the federal government
expects to spend $160 trillion between
2024 and 2040, doubling the public
debt. Fiscal deficits would average
more than 6% of gross domestic prod-
uct during that period, well above the
historical panic button of 3%, pushing
average growth below 2%.
The credit downgrade
shows the urgency of
rethinking regulatory,
fiscal and monetary policy.
The Federal Reserve has been si-
lent about the conflict between its
mandate to provide price stability
and the continuing fiscal blowout.
Its more than $7 trillion in bonds
.
support Washington’s deficit spend-
ing by holding down bond yields,
ly
blurring the line between fiscal and
monetary policy. The New York Fed’s
April Open Market Operations report
describes a plan to buy trillions
more in U.S. government bonds, ap-
parently without regard to the is-
suer’s fiscal policies or bond rating.
This undercuts the central bank’s
independence by exposing it to
losses when interest rates rise. It
also undercuts growth, considering
the Fed will have to continue fund-
ing its bond portfolio with interest-
paying debt. The central bank cur-
rently borrows $3.2 trillion from
banks and $2.1 trillion in reverse re-
pos from money-market funds, on
which it pays 5.4% and 5.3% in inter-
est, respectively. That creates eco-
nomic inequality by forcing the nec-
essary savings for short-term
floating-rate working-capital bor-
rowers—the heart of private-sector
dynamism—into long-term bonds.
The crowding out has harmed me-
dian income growth since the Fed
started building its permanent gov-
ernment portfolio in 2010.
Rather than sound the alarm over
this fiscal drain, regulators have pro-
tected the status quo. Their power
has ballooned since the days of the
“Greenspan put” in the 2000s, when
Wall Street expected the central bank
to pause or cut interest rates to pro-
tect stock-market valuations. The Fed
can now do much more: by buying
huge amounts of bonds, mortgages
and repos outright and paying top in-
terest rates to U.S. and foreign banks
and money-market funds. The regula-
tors can also back large depositors af-
ter bank failures, as they did with Sili-
con Valley Bank in March. These
powers risk moral hazard—and each
payment comes at taxpayers’ expense
without the accountability of Con-
gress’s appropriations process.
Fitch’s downgrade won’t change
Washington’s embedded antigrowth
policies, but it is a reminder that the
numbers don’t add up and that fi-
nancial markets worldwide still have
to divide up the losses from months
of rising interest rates.
Yet it’s still possible to salvage
the U.S. growth model. On the fiscal
side, Congress needs to rewrite its
debt-limit law so that it forces
spending restraint—not debt default.
Regulators need to put additional
onus on the financial system and
capital markets to assess risk rather
than avoid such assessments by im-
posing a blanket increase in capital
requirements. The latter course,
which regulators have charted since
SVB’s failure, will further reduce dy-
namism without making the finan-
cial system safer.
On the monetary side, the Fed
should protect the dollar and recog-
nize its major influence on the econ-
omy’s productive capacity. The cen-
tral bank should pivot from its bond-
heavy balance sheet, which distorts
capital flows, favors the wealthy and
creates a conflict of interest with the
Fed’s primary regulatory and mone-
tary responsibilities.
The downgrade is a clarion call to
rethink fiscal, monetary and regula-
tory policies. With Europe, Japan
and China nearly stagnant, the most
important swing factor in the global
growth outlook is U.S. private-sector
innovation. To reach its potential,
that ingredient can no longer be
stalled by regulatory mandates and
government’s passion to grow and
pick winners and—mostly—losers.
Mr. Malpass served as president
of the World Bank, 2019-23, and un-
dersecretary of the U.S. Treasury,
2017-19.
 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 | Friday, August 4, 2023
India Restricts Imports of Electronics Islamic
Move aims to boost
local manufacturing
and ease its reliance
on other countries
BY RAJESH ROY
NEW DELHI—India is mak-
ing it harder to import laptops,
tablets and other consumer-
electronics devices in a move
intended to increase local man-
ufacturing and address some
security concerns, said govern-
ment and industry officials.
Imports of laptops and
other personal-computing de-
vices will now require per-
mits, making the import pro-
cess more onerous, India’s
Ministry of Commerce and In-
dustry said Thursday.
“There were concerns re-
lated to security of hardware in
some of these imported prod-
ucts. So, in the digital security
interest of India, we have taken
this step,” said an Indian gov-
ernment official with direct
knowledge of the matter. “The
fallout of this could also be
that the companies start look-
ing at local manufacturing.”
Rags-to-Riches Candidate Jolts Mexico Race
BY JOSÉ DE CÓRDOBA
AND JUAN MONTES
CUERNAVACA, Mexico—
Xóchitl Gálvez, wearing an an-
kle-length traditional indige-
nous dress, strode into a
packed auditorium to a stand-
ing ovation from businesspeo-
ple shouting Xóchitl! Xóchitl!
Since entering Mexico’s
presidential race in June, the
60-year-old Gálvez has ap-
peared to electrify a downcast
opposition and unsettle Presi-
dent Andrés Manuel López
Obrador, whose ruling Morena
party is expected to romp to
victory in next year’s presi-
dential election, riding on the
popular leader’s coattails.
López Obrador isn’t run-
ning again because Mexico
doesn’t allow re-election. He is
likely to give his blessing to
former Mexico City Mayor
Claudia Sheinbaum, who
is expected to win his
party’s nomination. She leads
another Morena hopeful, for-
mer Foreign Minister Marcelo
Ebrard, by some 10 points in
opinion polls.
Opposition voters had been
resigned to an overwhelming
Morena victory in the 2024
elections, until Gálvez entered
the scene.
The little-known senator,
who is often seen getting
around on her electric bicycle,
has a compelling personal
story, having gone from street
vendor as a young girl to suc-
cessful businesswoman and
elected official.
Her message of women’s
rights, support for struggling
no
Mexicans’ aspirations for a
better life, and of national
unity has given hope to Mexi-
cans worn out by López Obra-
COLOMBIA
Cease-fire Begins
With Rebel Group
Colombia and the National
Liberation Army, or ELN, for-
mally began a six-month
cease-fire Thursday as part
of a process to forge a per-
manent peace between the
government and the country’s
last remaining rebel group.
The truce, announced June
9 during talks in Havana,
comes amid skepticism
among some Colombians that
the peace process can fully
end an insurgency dating to
the 1960s or halt the alleged
involvement of the group’s
estimated 5,000 remaining
members in drug trafficking.
The ELN leadership denies
the drug-trade allegations.
The cease-fire is supposed
to suspend attacks between
the guerrillas and the Colom-
bian police and military, and
can be extended in January if
progress is made during ne-
gotiations.
The United Nations said
Wednesday it would deploy a
contingent of 68 observers to
monitor the cease-fire.
In 2016, Colombia’s govern-
ment signed a peace deal
with the larger FARC group
that ended five decades of
conflict in which an esti-
mated 260,000 people were
killed.
—Associated Press
State
The move is widely seen as
aimed at getting more global
electronics makers to sign on to
the country’s Make in India pro-
gram, which offers incentives
for manufacturing electronics
and other high-tech goods lo-
cally, with eligible companies
standing to recoup millions of
dollars of their investments.
India initially targeted the
program at smartphones, and
has since expanded it to other
areas, including drones, semi-
conductors and tech hardware.
Imports of computing de-
vices covered under the new re-
strictions, which include com-
puters and servers, totaled
nearly $10 billion from January
to December 2022, according to
official data, or about 1.4% of
India’s overall imports last year.
India doesn’t have promi-
nent local personal-computer
makers. Global companies
such as HP and Dell Technolo-
gies manufacture locally in
limited quantities. Apple,
which makes iPhones in in-
creasing numbers in India
through its contract manufac-
turers, doesn’t yet make Mac-
Books or iPads in the country.
Tarun Pathak, director at
on
us ,
l
e
al a
ci on
er s
m er
m rp
Xóchitl Gálvez’s folksy manner appeals to ordinary Mexicans; above, campaigning in Tijuana.
dor’s divisive politics, her sup-
porters say.
co Fo
Gálvez owes much of her
recent rise in the polls to Ló-
pez Obrador himself,
who blasted her daily at his
morning news conferences,
poking fun at her up-by-the-
bootstraps story and raising
her profile nationally, Mexican
political analysts say.
López Obrador’s spokesman
denied the president had
boosted Gálvez politically and
attributed her rise to favor-
n-
able media coverage. He de-
clined to comment on the
presidential race.
Former senator Ricardo
Monreal, a member of the rul-
ing party who is also seeking
the nomination, said López
Obrador made the comments
SOUTH KOREA
Man Rams His Car,
Then Stabs People
A man rammed a car onto
a sidewalk on Thursday in
South Korea, then stepped
out of the vehicle and began
stabbing people at a shopping
mall. Authorities said at least
14 people were wounded in
the country’s second mass
stabbing in a month.
At least five people were
hurt by the car, and nine oth-
ers were stabbed in the at-
tacks that occurred in a
crowded leisure district near
a subway station in the city
of Seongnam, according to
Yoon Sung-hyun, an official
from the southern Gyeonggi
provincial police department.
Authorities arrested a sus-
pect in his 20s at the scene
and were questioning him.
Police didn’t identify the man
or offer information about a
potential motive.
The head of the National
Police Agency described the
attack as “virtually an act of
terrorism.”
Photos from the scene
showed forensic units exam-
ining the halls of the AK
Plaza, where the stabbings
took place.
In July, a knife-wielding
man stabbed at least four pe-
destrians on a street in the
capital, Seoul, killing one.
—Associated Press
WORLD NEWS
Customers look at Apple computers in a New Delhi store.
Counterpoint Research, said
India has made remarkable
progress in achieving nearly
100% local manufacturing of
smartphones and televisions,
but in the IT-hardware seg-
ment about two-thirds of sales
rely on imported units.
Dell applied under an earlier
version of the program to qual-
ify for incentives for local lap-
top manufacture. In May, the
government expanded funding
to around $2 billion for manu-
facturing IT hardware, which
about Gálvez to mobilize his
political base.
While Gálvez’s success as a
businesswoman appeals to
Mexico’s political and eco-
nomic establishment, her
folksy manner, earthy lan-
guage and fondness for theat-
rical gestures score points
with ordinary Mexicans.
Wearing a silver-colored wig
and white guayabera, she paro-
died López Obrador in a 2018
video that got tens of thou-
sands of views. Last year, she
burst onto the Senate floor
dressed in a green Tyrannosau-
rus rex costume to protest Ló-
pez Obrador’s proposed elec-
toral overhaul, which she said
would take Mexico “back to the
Jurassic era.”
Gálvez, whose first name
PAPAL PERFORMANCE: Pope Francis watches a dance group perform at Meeting Hill at Parque Eduardo VII in Lisbon. The
pontiff is scheduled to celebrate Masses and hear confessions during his five-day visit for World Youth Day.
* *** THE WALL STREET JOURNAL.
components has yet to scale up.
“It’s a knee-jerk reaction by
the government. Industry is in
a fix. They should have first
done some consultation with
us and not restricted the im-
ports with immediate effect,”
said a senior executive at a
leading consumer-electronics
firm that also sells tablets and
PRAKASH SINGH/BLOOMBERG NEWS
laptops. “This will impact
business continuity.”
The restrictions could lead
to supply disruptions in the
short term, particularly as the
festival shopping season ap-
proaches, said Pathak, of
Counterpoint, which puts the
size of India’s annual per-
sonal-computer market at
covers laptops, tablets, all-in- about $8 billion.
one personal computers and HP leads the market for
servers, in a bid to sign on personal-computer sales in In-
more global firms. This week it dia, followed by Lenovo of
extended the deadline for man- China, according to market-re-
ufacturers to apply under the search firm IDC.
program to Aug. 30. Officials and industry exec-
India also has accompanied utives say the incentive pro-
the incentives with tariffs or gram has boosted Indian tech
other import restrictions, which manufacturing. Trade data for
industry executives and analysts April to June showed that al-
say could affect both manufac- though overall exports were
turers and consumers, given down, electronics exports—es-
that local manufacturing for pecially of smartphones—have
many types of electronics and grown substantially.
and poverty,” she said. To help
ly
make ends meet, Gálvez said
she helped her mother sell
Jell-O and tamales on the
street. She said she defied her
father when he opposed her
studying past sixth grade.
“If there is something that
defines her, it is her eagerness
to better herself,” said cousin
Marco Antonio Ruiz.
At 17, Gálvez left Tepatepec
for a one-room shack in a tough
Mexico City barrio. She worked
as a telephone operator in the
SANDY HUFFAKER FOR THE WALL STREET JOURNAL
mornings and studied engineer-
ing in the evenings at the Na-
tional Autonomous University
of Mexico, where she received a
scholarship, she said.
Fascinated by computing,
she founded a high-tech com-
pany that equips intelligent
buildings. In 1999, she was in-
cluded in the World Economic
Forum’s list of 100 future
global leaders. The following
year, headhunters recom-
mended her to President Vi-
Xóchitl is pronounced “SOH- cente Fox to lead an indige-
cheel” and means flower in the nous-affairs institute, which
Náhuatl language, was born to she did until 2006.
an indigenous Otomí father and In 2018 she became a sena-
a mestizo woman in Tepatepec, tor for the conservative Na-
a drowsy town of some 11,000 tional Action Party, although
people about a two hours’ drive she isn’t a party member.
from Mexico City. Gálvez said she supports
Gálvez said her hard-drink- the president’s social pro-
ing father, now deceased, fre- grams but thinks they should
quently beat her mother and be more effective. She sees
once forced his wife and her personal story as a rebuke
daughter out of the house in to López Obrador’s disdain for
the middle of the night after Mexican strivers like herself.
threatening to shoot the Gálvez has filed criminal
mother with a shotgun. complaints against López Ob-
As a child, she slept with her rador after the president re-
parents and four siblings in the vealed financial data on her
same room of a single-story companies’ contracts. López
adobe house, said her cousin Obrador’s spokesman said
Ramón Gálvez. They shared a judges will determine whether
latrine with seven relatives. López Obrador did something
“It was a life of violence improper or illegal.
WORLD WATCH
Confirms
Top Leader
Is Dead
BY JARED MALSIN
ISTANBUL—Islamic State
confirmed on Thursday that
its little-known top leader had
been killed, the third time in
less than two years that the
extremist group’s senior
leader had met that fate.
In an audio statement attri-
buted to its spokesman, the
group said its previous leader,
code-named Abu al-Husayn al-
Qurayshi, had been killed in
clashes with a rival militant
group, Hayat Tahrir al-Sham,
which controls part of north-
western Syria.
The statement comes
months after Turkey’s Presi-
dent Recep Tayyip Erdo-
gan said the same Islamic
State leader had been killed in
a Turkish intelligence opera-
tion in northern Syria.
The group named a new
leader, Abu Hafs al-Hashimi
al-Qurayshi. The organiza-
tion’s most recent top com-
mander made no public state-
ments during his time in
.
charge of the group, according
to extremism experts.
Islamic State seized control
of huge swaths of Iraq and
Syria in 2014, imposing brutal
religious rule on millions of
people and launching a global
campaign of violent attacks on
civilians. The group lost con-
trol of its last piece of terri-
tory in Syria in 2019 after
years of overwhelming mili-
tary operations by Iraqi and
Syrian forces backed by U.S.
air power.
The organization has per-
sisted as an underground mili-
tant group that is still capable
of lethal violence.
In early 2022, its militants
carried out a prison break in
eastern Syria that resulted in
days of street-to-street fight-
ing with U.S.-backed Syrian
forces. Some 500 people died
in the violence.
Islamic State has been un-
able to recapture its former
momentum in Syria and Iraq,
but also operates branches in
Afghanistan and parts of Africa.
The group remains under
pressure from a U.S.-led coali-
tion of Syrian and Iraqi forces.
In July the U.S. military said it
killed an Islamic State leader
in an airstrike in Syria.
BAKR ALKASEM/AGENCE FRANCE-PRESSE/GETTY IMAGES
A Syrian house reportedly used
by Abu al-Husayn al-Qurayshi.
ANDRE KOSTERS/PRESS POOL
 BUSINESS & FINANCE
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
© 2023 Dow Jones & Company. All Rights Reserved.
S&P 4501.89 g 0.25% S&P FIN À 0.07%
Apple Slump Is Longest Since 2016 UAW Asks
Pay Hike
iPhone sales miss
estimates, company
points to strength in
emerging markets
BY AARON TILLEY
Apple said revenue declined
for the third consecutive quar-
ter, the company’s most pro-
longed sales slump since 2016
as the iPhone-maker continued
to deal with declining demand
for consumer devices.
Bud Light
Boycott
Eats Into
Anheuser
Share
BY SAABIRA CHAUDHURI
Anheuser-Busch InBev, the
world’s largest brewer, said
Thursday its U.S. sales, profit
and market share fell sharply
in the second quarter as con-
sumers abandoned Bud Light
following a promotion it did
with transgender influencer
Dylan Mulvaney.
AB InBev also defended Bud
Light, saying a large survey it
commissioned of U.S. consum-
ers during the quarter shows
the brand is still viewed favor-
ably and that people just want
it to stick to selling beer.
“Beer is about relaxation,”
Chief Executive Michel Douke-
ris said. “People do not want
to enjoy their beer with a de-
bate. They want beer to be
simple, beer to be for everyone
and beer to be enjoyable as
they share it with family and
friends.”
The backlash against Bud
Light began in April after Mul-
vaney posted an image on In-
stagram of a personalized can
that AB InBev had given her.
The post was part of a market-
ing campaign aimed at over-
hauling Bud Light’s image to
make it less fratty. But the
post sparked an uproar, anger-
ing Bud Light’s core consum-
ers, propelling AB InBev to put
the marketing executives who
oversaw the collaboration on
leave. The company later cut
hundreds of U.S. office jobs as
sales slumped.
Doukeris said consumers
want the company to focus its
marketing on things that ap-
no
peal widely, such as the Na-
tional Football League, music
and helping military families.
“We continue to learn and we
continue to move forward with
the main activities we know
that work everywhere,” he
Please turn to page B6
 Heard on the Street: Bud
Light can recover ........... B12
Adidas Gets Lift as It Sells Off Yeezy Stocks
GUNNER TIERNO
When Adidas returned to selling Yeezys, ‘it kind of reignited
the hype,’ said Gunner Tierno, who runs a Yeezys website.
* * * * *
S&P IT g 0.32% DJ TRANS À 0.09%
Overall iPhone revenue, gen-
erally a primary driver of Ap-
ple’s profit, missed estimates
and fell compared with last
year, but Chief Executive Tim
Cook highlighted strong sales
in emerging markets.
The Cupertino, Calif., tech
giant posted sales of $81.8 bil-
lion for the quarter ended in
July, down 1.4% from the prior
year but largely in line with an-
alyst estimates. Net income
was up 2.3% annually at $19.9
billion. The company’s all-im-
portant iPhone sales fell 2.4%
on
us ,
l
e
al a
ci on
Gas stations nationwide have boosted prices by an average 29 cents a gallon over the past month, according to the AAA.
Hot Weather, Hot Futures Market
er s
Add to Forces Lifting Gas Prices
m er
BY DAVID UBERTI
AND HARDIKA SINGH
m rp
Prices at the pump tend to
decline over the course of typ-
ical summers. This season has
shown anything but.
co Fo
Wholesale gasoline costs
have jumped more than 12%
since July 3, hovering near
nine-month highs and promis-
ing that the end of road-trip
season will be more expensive
for U.S. drivers. Meanwhile,
wholesale diesel, needed for
trucking, manufacturing and
agriculture, has risen by 29%.
The bigger price tags stem
in large part from Russian and
Saudi crude-production cuts
n-
that have tightened oil mar-
kets, alongside new optimism
about the strength of the fuel-
hungry U.S. economy. Those
factors propelled benchmark
crude’s 17% ascent over the
past month.
Weather and Wall Street
also played a role. Scorching
heat across much of the coun-
try has made fuel-making
more difficult, slowing some of
the cooling processes needed
to refine crude into different
Please turn to page B11
THE WALL STREET JOURNAL.
WSJ $ IDX g 0.16%
to $39.7 billion, missing ana-
lysts’ expectations of $40.2 bil-
lion in iPhone revenue.
Apple said revenue in its
services unit reached a record
of $21 billion, driven by more
than one billion paid subscrip-
tions to offerings such as
streaming music, TV products
or spending software in the
App Store.
It has been about seven
years since Apple has seen
three straight quarters of fall-
ing revenue, when it ended its
fiscal 2016 with sales down
Average weekly retail gasoline price
$5 a gallon
Russia invades Ukraine
4 an exact percentage.
3 Please turn to page B2
2
1 South Carolina
0 33
Jan. 2021 ’22
*Heating oil and diesel are interchangeable
BY JACOB GALLAGHER
Adidas’s decision to start
selling Yeezys again has paid
off.
The German sportswear gi-
ant reported on Thursday that
the first release of more than
$1 billion worth of Yeezy-
branded shoes—stock that
Adidas had in the pipeline
when it terminated its part-
nership with Ye, the rapper
formerly known as Kanye
West, last October—generated
revenue of around €400 mil-
lion, or around $437 million.
That surge of Yeezy sales
helped Adidas shrink its ex-
pected operating loss for 2023
from €700 million to €450
million. “The sale of the first
part of the Yeezy inventory
did of course help both our
top and bottom line in the
quarter,” said Adidas CEO
Bjørn Gulden. The company
also said it had pledged to do-
nate around $120 million of
Yeezy sales proceeds to chari-
table causes.
It wasn’t long ago that the
2–YR. TREAS. yield 4.894%
7.7% annually, mostly due to
declining iPhone sales. The
same phenomenon is behind
Apple’s slump in 2023, al-
though investors and analysts
generally remain optimistic
that the company will find a
way to maintain and expand its
dominant position in consum-
ers’ lives.
In June, Apple became the
world’s first corporation to
close with a market capitaliza-
tion above $3 trillion. Its stock
is trading up 50% since the be-
ginning of the year. The bullish
Change in benchmark futures prices
30%
25
July 31
$3.87
a gallon 20
15
10
5 sures, the re-establishment of
0
July 3
Top state price hikes from a
month ago for regular gasoline
Florida
Georgia
Tennessee
Arkansas
’23
Sources: Energy Information Administration (gasoline price); FactSet (change in prices); AAA (price hikes)
market for Yeezy sneakers ap-
peared to be on life support.
When Adidas severed its lu-
crative partnership with Ye,
following his spate of erratic
behavior and antisemitic com-
ments, there were suddenly no
new releases of the highly
coveted spongy slides and
sock-like sneakers that were
cornerstones of the Yeezy line.
On the resale market, where
Yeezys once reliably traded for
several times their sticker
price, interest in the shoes, at
least momentarily, wobbled.
“I think everyone kind of
just took a step back and put
[Yeezys] on the shelf and just
kind of gave it a break,” said
Aaron “Roszko” Roszkowicz,
35, who makes streaming vid-
eos about sneakers in Or-
lando, Fla.
“People were just unsure,”
said Roszkowicz. His viewers
were asking his opinion on
where the market for Yeezys
could possibly go from there.
“I kinda cooled off on buying
them,” said Roszkowicz, “I
Please turn to page B2
Friday, August 4, 2023 | B1
NIKKEI (Midday) 32130.94 g 0.09% See more at WSJ.com/Markets
outlook for the company is
driven by its efforts to diver-
sify, mainly through sales of
subscriptions to its users.
Of 40% at
Apple Chief Financial Officer
Luca Maestri in an interview
said that the company set re-
Ford, GM,
cords for a number of its ser-
vices businesses, including ad-
vertising and video.
Subscriptions increased 150
Stellantis
million over the past year and BY NORA ECKERT
doubled from three years ago, AND RYAN FELTON
he said.
“People spending on services The United Auto Workers
Please turn to page B4 union is pressing the Detroit
car companies to give its fac-
tory workers a 40% pay hike
over four years in the next la-
bor contract, an increase that
would be the largest in recent
memory.
The union conveyed this de-
mand to the automakers this
week, along with a list of other
items it plans to press for at
the bargaining table.
The UAW is negotiating new
labor agreements for about
150,000 hourly workers at
General Motors, Ford and
Jeep-maker Stellantis.
Currently, unionized factory
.
workers at the Detroit car
companies start at about $18
ly
an hour. The top wage,
achieved over a period of
years, is about $32 an hour.
The 40% pay hike would be
a general increase over the life
BRANDON BELL/GETTY IMAGES
of the next four-year contract,
although it still isn’t clear how
exactly it would be applied.
A UAW spokesperson said
that during the current con-
tract, the average salary for a
chief executive at the Detroit
car companies has increased
40%. “We believe UAW mem-
bers deserve the same if not
more.”
UAW President Shawn Fain
has already taken an aggres-
sive stance with the automak-
ers, pledging to take a differ-
ent tack than past UAW
leaders and make significant
gains for members, particu-
larly on wages and benefits
lost in previous rounds of
talks.
Heating oil* In a speech to members
Tuesday, he vowed to secure
U.S. crude
Gasoline double-digit pay increases for
members, without specifying
He also outlined a list of 10
demands that he plans to bring
to automakers, including the
right to strike over plant clo-
Aug.
KKR Talks
With Simon
46 cents a gallon
38
& Schuster
37 Heat Up
35 Private-equity firm KKR is
in advanced talks to acquire Si-
mon & Schuster for about $1.65
billion, according to people fa-
miliar with the situation, cap-
By Jessica Toonkel,
Laura Cooper and
INSIDE Jeffrey A. Trachtenberg
ping a yearslong effort by Par-
amount Global to sell the
publisher of such authors as
Stephen King and Bob Wood-
ward.
Paramount put Simon &
Schuster on the sales block for
a second time this year after an
earlier sale to Penguin Random
House was blocked by a federal
BUSINESS NEWS judge last year.
Warner Bros. Other bidders included Har-
perCollins Publishers, which
Discovery to add like The Wall Street Journal is
news and sports to owned by News Corp, and in-
streaming service. B2 vestor Richard Hurowitz, who
was backed by Abu Dhabi-
based sovereign-wealth man-
ager Mubadala Investment Co.
Simon & Schuster is nearly a
century old, having been
founded in 1924. It has been
home to authors from Ernest
Hemingway and F. Scott
Fitzgerald to Jason Reynolds,
Anthony Doerr and Walter
Isaacson.
COMMODITIES The price KKR is discussing
California law with Paramount for the pub-
lisher is lower than the $2.2
threatens to billion valuation Simon &
drive up the price Schuster drew in the Penguin
of bacon. B11 deal. Paramount received a
Please turn to page B6
 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 | Friday, August 4, 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 G Q
Adidas...............................................B1 GameStop...................................B11 Qualcomm...................................B11
Airbnb...............................................B3 General Motor...........................B1 R
Anheuser-Busch InBev H Rite Aid.........................................B11
......................................................B1,B12 HP......................................................A16 Robinhood.........................B11,B12
Amazon.com........................A1,B2
K S
Apple........................................A16,B1
KKR......................................................B1 Steel Dynamics........................B3
AT&T..................................................B2
L Stellantis.........................................B1
C
Lenovo...........................................A16 T
Circle Internet FinancialB10
M Tupperware Brands............B11
Cleveland-Cliffs.........................B3
Coinbase Global....................B10 Marathon Petroleum.........B11 U
Constellation Brands Molson Coors Beverage
United States Steel.............B3
.....................................................B6,B12
.....................................................B6,B12 V
D N
Valero Energy..........................B11
Nike....................................................B2
Dell Technologies.................A16
Nucor.................................................B3 W
E Warner Bros. Discovery
P

KEVIN MAZUR/GETTY IMAGES

Expedia............................................B3 .............................................A6,B2,B12
Paramount Global..................B1
F PayPal.............................................B11 Y
Ford Motor...................................B1 Philip 66.......................................B11 Yellow.............................................B11

INDEX TO PEOPLE The media company narrowed its loss in the latest quarter but missed analyst estimates.

Warner Bros. Discovery to Add

Hobbs, David...........................B10 Nicholl, Ben.................................A7
Barker, Todd.............................B10 Htoo, Min...................................B10 O
Behr, Al...........................................B3 I Olsavsky, Brain.........................A6
Berger, Gideon.......................B10 Iger, Bob.........................................A6 p

News and Sports to Streaming

Blake, Daniel...............................B6
J Pitaro, Jimmy............................A6
C
Jain, Bobby...............................B10 R
Choi, Joseph.............................B10
Jassy, Andy.................................A6 Rubin, Michael..........................B6
Cook, Tim.......................................B1
Jones, James Edwardes..B6
D S
K BY JOE FLINT AND BEN GLICKMAN also announced a new debt Warner Bros. Discovery of the company in April of last
Desser, Ed.....................................A6 Samuelson, Adam................B11
Kloza, Tom..................................B11 tender offer for up to $2.7 bil- streaming subscribers year after Discovery’s merger
Sarfati, Olivier..........................B11
Devenish, Gary........................B11 Warner Bros. Discovery lion. with AT&T’s WarnerMedia
Doukeris, MIchael...................B1 L Saunders, Michael.................A7
said it is working on bringing Zaslav reiterated that the 100 million
was completed, one of his first
Stahler, Roark.........................B10 news and live sports to its company expects to lower net moves was to shutter the just-
E Laster, Nick...............................B10
M V streaming offerings in the U.S., leverage ratio—net debt di- 80
launched CNN+ streaming ser-
Earnest, Brian..........................B11
Venturo, Brian...........................B4
a balancing act for an enter- vided by the last 12 months of vice, believing it would be bet-
G

.
Maestri, Luca..............................B1 tainment conglomerate looking adjusted earnings before inter- ter to offer such content on a
Martynek, Raul........................B4 W to grow its streaming sub- est, taxes, depreciation and broad-based platform rather

ly
Goldman, Peggy......................A8 60
McCracken, Christine.........B11 scriber base without cannibal- amortization—to under 4 by International than a service devoted strictly
Goncalves, Lourenco............B3 Warnick, Jason.......................B12
Graham, Sean...........................B4 McGregor, Marci....................B11 Weiner, Keith...........................B10 izing its ailing TV-network year-end. At the end of last to news.
Grant, Sinead Colton.........B11 Miller, Jonathan......................A6 Wiedenfels, Gunnar...........B12 business. year’s second quarter—when 40 For the quarter ended June
H
Hattersley, Gavin..................B12
Heinerscheid, Alissa.............B6
Millett, Mark..............................B3
N
Naglapur, Manju.....................B4
Z
on
Witzke, Mark.............................A8

Zaslav, David..............................B2
Chief Executive David
Zaslav said the company is in a
position to turn its attention
to news and sports now that
its new streaming service,
us ,
the company reported its first
results as a combined entity
following the merger of Dis-
covery and AT&T’s WarnerMe-
20
30, total revenue fell 4% on a
constant-currency basis to
$10.36 billion, missing ana-
lysts’ estimates of $10.44 bil-
dia unit—it had a net leverage lion, according to FactSet.

Domestic
Max—which combined the ratio of 5. 0 Warner Bros. Discovery’s
l

Yeezys Give ventory off its books. company’s two main streaming The company’s direct-to- loss narrowed to $1.24 billion,
2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q
e
al a

2022 ’23
A representative for Ye platforms, HBO Max and Dis- consumer business—a segment or 51 cents a share, from a loss
didn’t immediately return a covery+—was launched in late that includes Max as well as Source: the company of $3.42 billion, or $1.50 a

Adidas request for comment. May. Discovery+, which still exists share, a year earlier as the
ci on

“It kind of reignited the “News and sports are im- as a stand-alone streaming comes to making live sports company continued to pay
hype and everybody is so ex- portant differentiators. service—lost 1.8 million sub- available on streaming in the down its debt. Analysts polled

A Boost cited,” said Gunner Tierno, 34,

known online as “Yeezy God,”
of the restocks. The period af-
They’re compelling and they
make these platforms come
alive,” Zaslav said during a call
scribers since the end of the
latest quarter. The losses are
lower than the company had
U.S. The company has sports
rights for the National Basket-
ball Association, National
by FactSet expected a loss of
35 cents a share.
The company’s networks
er s

ter Adidas distanced itself with investors to discuss the previously anticipated due to Hockey League and Major segment, which includes the
Continued from page B1 from Ye was “really scary,” for company’s second-quarter about four million overlapping League Baseball. likes of CNN, TBS, HGTV and
m er

wasn’t wearing them as much Tierno, who runs a website earnings. “You will hear from subscribers of the two ser- “We have a real strategic the Food Network, saw reve-
as I used to.” and Discord channel dedicated us on that soon.” vices. plan that we’re finalizing,” nue fall 5% compared with a
Yet, as time has passed to Yeezys. The company also said it is The streaming services pro- Zaslav said, adding that its year ago on a constant-cur-
since Ye’s incendiary com- Seth Fowler, 31, a YouTube making significant strides re- duced a smaller loss for the current deals give it flexibility rency basis. That decline was
ments, interest in Yeezy sneaker content creator, ducing its debt and said its company but were still operat- in terms of offering sports via partially caused by a 13% drop
m rp

sneakers has boomeranged agreed that Yeezy shoppers streaming subscriber base ing in the red, with an ad- a direct-to-consumer platform. in advertising revenue.
back. The May restock of the can now “separate the art shrank slightly in the latest justed loss of $3 million. Such a move has to be navi- On Friday, representatives
first surplus Yeezy shoes from the artist.” The restocks quarter as a result of the Warner Bros. Discovery gated carefully so as not to of the Writers Guild of Amer-
meant that those brash blue- have given people a chance to launch of Max because of sub- shares closed 2.7% higher hurt the fees it collects from ica and the alliance represent-
berry slides and futuristic “grab pairs they couldn’t grab scriber overlap. Thursday. pay-TV distributors for its TBS ing major studios, networks
co Fo

sneakers with soles that before,” he said. During the Warner Bros. Discovery, “The migration to Max has and TNT networks, which cur- and streamers are expected to
looked like oversize dumplings May restock he purchased a whose assets include HBO, gone exceedingly well,” Zaslav rently are its primary sports discuss the possibility of re-
could now be purchased once pair of Yeezy slides. CNN, TNT and the Warner said on the call. He said users hubs. turning to the negotiating ta-
again. The shoes sold at Eventually, Adidas’s stock Bros. movie and TV studios, spent more time on the new The use of CNN content on ble for the first time in
breakneck speed to shoppers of Yeezys will run dry. And said it paid down $1.6 billion platform compared with its Max also is something the roughly three months.
who had been waiting for Yeezy watchers speculated in debt during the quarter, previous incarnations. company has frequently said is
months to get their hands on that with each new release, lowering its debt load to $47.8 Zaslav declined to offer spe- a goal.  Heard on the Street: Miss
them. the hype around the shoes will billion. Warner Bros. Discovery cifics or a timeline when it When Zaslav took the helm outweighs success.......... B11
On Wednesday, Adidas re- land at a lower volume. Sev-
leased the second leftover eral Yeezy fans noted that
batch, including the mesh- rather than fresh silhouettes
paneled Yeezy 500 sneaker in or models, these restocks con-
“bone white” and the perfo- tain “new” colorways of Hollywood’s Solidarity Tested by Waivers
n-

rated Foam Rnnr clog. They known shoes that look ex-
were offered via a raffle on tremely similar to past color-
the Adidas Con-
firmed app. De-
ways. “It’s like
anything else,
That Allow Production of Some Movies
$120M
no

mand for the once you kind

shoes was high of milk it peo- BY ROBBIE WHELAN ture and Television Producers
enough that the ple just kind of (or AMPTP), the association
app consis- get over it,” Striking Hollywood writers that represents the big studios,
tently produced Amount of Yeezys said Roszkow- and actors are united in their asked for a meeting Friday to
error messages icz. demands for a bigger piece of discuss negotiations, which
for users
sales proceeds The sales the streaming-revenue pie and have been at a standstill since
throughout the Adidas vowed to give have provided a protections against the en- the strike began.
day. to charitable causes s h o r t - t e r m croachment of artificial intelli- For Héder, who is known for
Adidas con- boost to an ail- gence. Their views of whether her work on the Best Picture-
sidered donat- ing Adidas, independent productions winning drama “CODA,” sev-
ing the shoes which has should continue during the eral hurdles complicate moving
or stripping the Yeezy brand- fallen way behind Nike in strike, however, vary widely. forward. For starters, most
ing off them. Ultimately, it de- terms of relevancy to sneaker Oscar-winning filmmaker movies require extensive re-
cided, in consultation with an- collectors. Siân Héder, who before the writes on set and in the early
tiracism groups, to sell the Overall, revenue for Adidas strike had begun casting a new stages of production, and while
shoes and donate a portion of remained flat year over year, film, “Impossible”—but since SAG-Aftra, the actors union,
the proceeds to charities in- indicating that the Yeezy has put it on hold—is on the has made exceptions for pro-
APPLE

cluding the Anti-Defamation boost can’t solve Adidas’s front lines of the debate. ductions so far, the writers
League, Robert Kraft’s Foun- long-term struggles. As an independent film, Siân Héder directing the Best Picture-winning drama ‘CODA.’ union hasn’t.
dation to Combat Antisemi- Adidas still expects its 2023 “Impossible” likely would qual- “The strategy of a strike is
tism and the Philonise & Keeta revenue to decline in the mid- ify for an exemption from the streaming company might buy tension between unions and to withhold labor,” a WGA
Floyd Institute for Social single digits, though it ad- actors union, which so far has would feed the pipeline of con- among some guild members. It spokesman said.
Change. justed that forecast from a allowed members to work on tent for streaming companies threatens to drive a wedge be- Representatives for SAG-Af-
“Six months ago people high-single-digit revenue de- 110 movies that aren’t funded and studios that strikers are tween the small portion of ac- tra, which counts as members
said we should burn, destroy cline in part because of strong by big studios or streamers. trying to deplete. She plans to tors who can still work and the most film and TV actors, didn’t
the product and now we have Yeezy sales. But Héder, who is a member of wait until the strikes are re- writers, actors and directors respond to requests for com-
found ways of selling it, we In a statement Thursday, the Writers Guild of America, solved before beginning pro- who can’t—or who won’t be- ment. The union sent a letter
can use part of that revenue Gulden cited slow-moving in- said rolling her cameras duction. cause they think the exemp- to its membership Sunday de-
to actually do something good ventory and “very cautious” “would feel like crossing a The issue of whether the ac- tions undermine the strikes. fending the interim agreements
in society,” said Adidas’s CEO retailers as drags on Adidas’s picket line.” Plus, making a tors union should make excep- The WGA said this week for the projects not backed by
Gulden on a call with inves- business. Adidas said it movie that a major studio or tions is a growing source of that the Alliance of Motion Pic- major studios or streamers.
tors Thursday. “The Yeezy doesn’t expect to be profitable
thing was something we were until 2025 at the earliest, well
nervous about that worked.” after most experts expect the ble-digit pay raises,” Fain said financially. add to their fixed costs.
On Thursday, Adidas said it existing Yeezy stock to have
recorded costs of around €110 run dry.
UAW Seeks during the address, which was
broadcast via a Facebook lives-
Still, a 40% pay increase is
unusually large, compared
Fain, a change-minded
leader elected to lead the 87-
million related to donations “Without Yeezy, Adidas is tream event. with previous contracts. In the year-old union earlier this
and accruals for further dona- looking bad,” said Kenneth Gil,
tions. Ye would also receive 26, a sneaker content creator
40% Hike Wages are typically a focus
during bargaining between the
last round of talks, which con-
cluded in late 2019, the union
year, has taken a more militant
tone in his dealings with the
royalties for the shoes under in Fords, N.J., who purchased
the terms of his contract. a pair of the Yeezy Boost 350
Gulden said the brand has sneakers in the coveted “pi-
In Pay UAW and car companies, but
this year they have taken on
greater prominence, following
secured two sets of 3% in-
creases over the life of the
contract, along with lump-sum
automakers and has made
clear he is willing to strike if
he isn’t able to secure signifi-
no plans to use Yeezy designs rate black” colorway during a period of high inflation. The payments. cant gains during talks.
in the future. “Yes legally we the May restock. He went as Continued from page B1 union is also demanding a re- The car companies have his- He has argued that all three
could but I think that would far as to say the German some retiree benefits and a de- turn of cost-of-living adjust- torically resisted big pay in- automakers are coming off a
be the wrong timing,” he said, sneaker juggernaut should re- fined pension plan for all ments and other benefits given creases, preferring to offer period of robust profits and
adding that Adidas’s goal was consider its decision to sever workers. up in previous negotiations to workers bonuses and other that it is time for workers to
to get the existing Yeezy in- ties with the rapper. “Yes, we’re demanding dou- help the car companies survive one-time payments that don’t share in the success.
 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.
Steelmakers Expand Despite Cooling Sales
Nucor, U.S. Steel and
others are predicting
better demand from
infrastructure, autos
BY BOB TITA
Steelmakers are investing in
new plants, anticipating a big
payoff from the steel needed
for federal infrastructure proj-
ects, increased car production
and new electric-battery facili-
ties.
Nucor, Steel Dynamics and
United States Steel are among
the steelmakers making big in-
vestments in new or expanded
plants that could add more
than 12 million tons a year of
capacity to make flat-rolled
steel in the next couple of
years. Steel shipments from do-
mestic mills last year were
nearly 90 million tons, down
5.5% from 2021, according to
the American Iron and Steel In-
stitute trade group.
Steel executives expect addi-
tional steel consumption will
come from billions of dollars of
infrastructure spending on
road and bridge repairs, solar-
and wind-energy facilities and
higher automobile production.
Large, new plants to make
semiconductors and electric-
vehicle battery plants also are
expected to lift the construc-
tion industry’s appetite for
High Nightly Rates Lift Airbnb’s Second Quarter Profit
BY KONRAD PUTZIER
Airbnb posted its most
profitable second quarter yet,
boosted by high nightly rates
guests were willing to pay, in
a sign that steep travel prices
are persisting.
The company’s net income
increased to $650 million for
the quarter, a 72% increase
over last year’s second quar-
ter and well ahead of the con-
sensus analyst estimate of
$537 million, according to
no
Prices and demand for steel have been falling since spring but companies expect a rebound.
metal.
Steelmakers’ confidence in
improving demand comes dur-
ing a relatively soft period for
the industry. Prices and de-
mand for steel have been fall-
ing since spring after manufac-
turers and steel distributors
bought steel early in the year
to restock depleted inventories.
Nucor, Steel Dynamics, Cleve-
land-Cliffs and U.S. Steel all re-
cently reported lower sales and
earnings in the quarter ended
in June from a year earlier.
on
FactSet. The company also
beat revenue expectations.
us ,
But growth in the number
l
of nights booked disappointed.
e
al a
Customers booked 115.1 million
nights on the short-term rental
platform in the second quarter.
ci on
That is an 11% increase over
last year but short of analyst
expectations. Growth in nights
booked has been slowing since
last summer following a post-
er s
pandemic surge.
Airbnb had previously pro-
m er
jected that the average daily
m rp
co Fo
n-
BUSINESS NEWS
The U.S. benchmark price
for coiled sheet steel has fallen
29% since April to $835 a ton,
according to S&P Global Com-
modity Insights. The spot-mar-
ket price has been unwinding
for most of the past two years
after record levels caused by
steel shortages during the
Covid-19 pandemic.
Stock gains for most steel-
makers have lagged behind the
broad market S&P 500 index’s
18% return so far this year.
Steel executives expect
rate customers pay for a stay
would fall slightly in the sec-
ond quarter compared with a
year earlier. Instead, the rate
increased by 1% and is now
42% above 2019 levels, the
company said.
Households saved more
money during the pandemic
and many have been willing to
stomach higher room rates
and airfares, although some
have been pulling back.
In a bid to keep growth go-
ing, Airbnb has been working
Friday, August 4, 2023 | B3
executives. Spending indicators
for some crucial steel markets,
such as warehouse construc-
tion, have recently signaled
growing weakness, analysts
said.
Ohio-based Cleveland-Cliffs,
the largest supplier of automo-
tive sheet steel, said its second-
quarter steel shipments rose
15% from a year earlier to 4.2
million tons, but the company’s
average selling price for steel
during the quarter dropped
16%.
The company is now adding
capacity to make special thin
LUKE SHARRETT/BLOOMBERG NEWS
steel used in the motors of
electric vehicles, as is U.S.
Steel. Cleveland-Cliffs said steel
demand from automotive cus-
tomers has been rising as sup-
ply-chain problems that have
held down vehicle production
in recent years are resolved.
Nucor, which opened a mill
in Kentucky to produce steel
funding will start to reach spe- plate, said offshore wind-en-
cific projects later this year, al- ergy towers under develop-
lowing orders for steel and ment would help provide de-
other materials to follow. The mand for the mill’s output.
construction and automotive About 250 tons of plate steel
industries are the biggest users are needed for every megawatt
of steel made in the U.S., the of generating capacity in a gi-
steel institute said. ant wind turbine, the company
Some buyers, particularly said. One turbine could require
steel distributors, have become nearly 2,000 tons based on an
increasingly cautious on the as- average generating capacity of
sumption that inflation and an 7.4 megawatts of electricity.
uncertain economy threaten to “It’s a huge opportunity for
cool down the steel market fur- plate,” Al Behr, Nucor’s execu-
ther, according to some steel tive vice president for plate
ly
to add more listings. Last said it expects revenue to con-
year, the company launched a tinue growing at a faster pace
new rental-apartment listing than the number of stays
service to entice more land- booked in the third quarter.
lords to allow Airbnb sublets. In some ways, Airbnb’s
The company has also intro- business still bears the marks
duced changes to make it eas- of the pandemic. Cross-border
ier for people to become trips and stays in cities have
hosts. Airbnb said the number been growing, but are still a
of active listings grew by 19% significantly smaller share of
in the year ending in June. the company’s bookings than
Revenue rose 18% to $2.5 bil- before 2020. Airbnb’s city
lion, slightly ahead of analyst business also faces regulatory
expectations and the company’s headwinds. A new law re-
prior guidance. The company stricting short-term rentals in
and structural products, told
analysts during the company’s
earnings conference call last
week.
Nucor and Steel Dynamics
use some of the steel they
make to produce beams, joists
and girders, roof panels, and
reinforcing bars for concrete
used in factories, roads and
other nonresidential construc-
tion projects.
Indiana-based Steel Dynam-
ics’ steel-fabrication business,
which accounted for 38% of its
operating profit during the sec-
ond quarter, said the order
backlog for some building
products extends into early
next year. “We continue to
have high expectations for that
business,” Steel Dynamics Chief
Executive Mark Millett said
during a call with analysts July
20.
The company also said auto-
makers have stepped up pro-
duction recently to build safety
stocks of vehicles in case the
coming negotiations with the
United Auto Workers union re-
sult in a strike.
For the first time since the
onset of the pandemic, North
American auto production is
expected to approach a normal
year’s volume, Cleveland-Cliffs
CEO Lourenco Goncalves said.
“Because automotive is so big
for us, this is a game-changer,”
he said during a conference call
.
last week.
New York City is set to take
effect in September.
Dense urban areas ac-
counted for 48% of Airbnb’s
bookings in the second quar-
ter, up from 47% a year ago
but down from 57% in the sec-
ond quarter of 2019.
Expedia, one of Airbnb’s
main competitors, last week
released earnings that showed
the company beating expecta-
tions on profits but falling
short on the number of nights
booked.
 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 | Friday, August 4, 2023 * * THE WALL STREET JOURNAL.

TECHNOLOGY WSJ.com/Tech

Data Centers Built for AI Take Off Apple

Slump
Investment flows to
large sites housing
hardware for the
Continues
data-heavy tech Continued from page B1
shows that economic activity is
BY ANGUS LOTEN good,” Maestri said. “For us, ser-
vices are a leading indicator of
Companies’ insatiable ap- the strength and health of our
petite for artificial intelligence ecosystem. It means that our
is driving a fast-emerging customers are very engaged
market for data centers pur- with our devices.”
pose-built to handle compute- Analysts expect Apple to re-
intensive AI applications. turn to slight revenue growth
As veteran enterprise cloud in its fiscal fourth quarter that
vendors race to retrofit exist- ends in September, with sales
ing data centers with advanced growing less than 1% from the
chips and other upgrades previous year to $90.2 billion.
aimed at meeting demand for Apple’s next major iPhone up-
AI software, some upstart grade—likely called the iPhone
builders see an opening to de- 15—is expected in September,
ANDREY RUDAKOV/BLOOMBERG NEWS

velop new facilities from typical of the company’s annual

scratch, some analysts say. hardware launch cycle. The
Data centers are the ware- iPhone accounts for roughly half
houselike buildings equipped of Apple’s overall sales, com-
with multiple racks of servers, pared with nearly two-thirds of
routers and other informa- revenue in 2016.
tion-technology hardware that China, Apple’s third-largest
store and process data. Con- market, grew by 7.9% in revenue
ventional data centers are typ- to $15.8 billion, surpassing ana-
ically outfitted with servers Servers in artificial-intelligence data centers largely run on high-performance chips. lyst estimates of $13.6 billion.
that run workloads with stan- Cook, on a call with investors,
dard, general-purpose chips, growing at a compound an- Venturo, chief technology offi- center can reach 50 kilowatts 27 markets. DataBank Chief said that Chinese consumers
said Manju Naglapur, senior nual rate of 44% over the next cer. Its latest data center, a or more per rack, compared Executive Raul Martynek said switching to the iPhone from a
vice president and general six years, according to re- 450,000-square-foot facility in with roughly 7 kilowatts per the pace of AI deployments, rival smartphone platform were
manager for cloud, applica- search firm Data Bridge Mar- Plano, Texas, valued at rack in a conventional data cen- on top of already robust de- “at the heart of our results
tions and infrastructure solu- ket Research. roughly $1.6 billion, began ter, some analysts say. mand for traditional informa- there.”
tions at IT services and con- CoreWeave, a data-center commercial operations this That means AI data centers tion-technology workloads, Cook said it was another re-
sulting firm Unisys. startup based in Roseland, N.J., week, Venturo said. need to be built with added in- will likely lead to a shortage in cord sales quarter for the India
A purpose-built AI data cen- on Thursday said it had secured “About this time last year frastructure capable of supply- data-center capacity within market and the company will
ter, he said, houses servers le- a $2.3 billion debt facility, with we started to understand ing a much higher amount of the next 12 to 24 months. continue working to expand in

.
veraging AI chips, such as backing by hedge fund Magne- what was coming,” Venturo power. Since the extra power Facebook parent Meta Plat- the market.
Nvidia’s graphics processing tar Capi- said, citing the use creates more heat, AI data forms late last year paused

ly
units, that can run multiple tal and private- August 2022 re- centers also need alternative construction of a proposed Apple’s quarterly revenue

65
computations at once as AI ap- equity firm lease of Stabil- cooling methods, such as liquid $800 million AI data center in
$125 billion
plications sift through enor- Blackstone, ity AI’s Stable cooling systems, to prevent Temple, Texas, as it considers
mous stores of data. They also
furnish optical networking and
more efficient storage to sup-
port AI models at scale, he
which will be
used to acceler-
ate the con-
struction of AI-
on
The number of
Diffusion,
AI-powered im-
age generator.
Three months
an equipment from overheat-
ing. Lease rates for data cen-
ters are typically based on
power consumption.
a redesign of the roughly
900,000-square-foot facility.
Two similar projects, in Idaho
and Alabama, are also on hold,
100

said. ready data

facilities that later, he said, Other companies building AI with work on all three facili-
Total
us ,

75 $81.8B
“This requires a massive in- centers. The lat- DataBank operates the public data centers include firms like ties expected to resume by the –1.4% from
l

vestment in capital and time est financing across 27 markets launch of Ope- Turner Construction, Holder end of the year, a Meta a year ago
e
al a

to overhaul an existing center follows the nAI’s online Construction and DPR Con- spokesperson said. 50
or to create these new pur- company’s $221 chatbot Chat- struction, as well as data-center With businesses set to de- Services
$21.2B
pose-built data centers,” million Series B GPT put the AI operators like DataBank. ploy AI tools at a quicker pace
ci on

+8.2%
Naglapur said. funding round in April and market into overdrive. Dallas-based DataBank in in the year ahead, conven- 25
Spending in the global AI a $200 million Series B exten- Among other differences, AI April broke ground on a tional data centers may not iPhone
infrastructure market—includ- sion round in May. data centers have far more 200,000-square-foot data cen- have the power to keep up. $39.7B
–2.4%
ing data centers, as well as Launched six years ago, servers running on high-perfor- ter in Atlanta, designed for Sean Graham, a research di- 0
networks and other hardware CoreWeave has seven AI data mance chips than conventional high-performance computing, rector at International Data
2019 ’21 ’23
er s

that supports the use of AI centers online and expects to data centers. As a result, the including generative AI, the Corp., estimates that about
applications—is expected to double that number by the average power draw of a full company said. It operates 20% of total data-center ca- Note: Latest fiscal quarter ended July 1
m er

reach $422.55 billion by 2029, end of the year, said Brian stack of servers in an AI data more than 65 facilities across pacity is being used for AI. Source: the company
m rp
co Fo

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THE WALL STREET JOURNAL. Friday, August 4, 2023 | B5

.
ly
on
us ,
l
e
al a
ci on
er s
m er
m rp
co Fo
n-
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Photo: WFP/Arete/Damilola Onafuwa

Reaching the world’s

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with lifesaving food. To learn more or donate,
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B6 | Friday, August 4, 2023 * * THE WALL STREET JOURNAL.

BUSINESS NEWS

Trading-Card War Sparks Antitrust Suit In a statement, a Fanatics
Panini accuses rival spokesperson called the law-
suit a “baseless last-gasp,
Fanatics of illegal flailing effort by a company
push to dominate that has lost touch with its
consumers, is failing in the
the collectibles field marketplace and has tried un-
successfully for years to sell
BY ANDREW BEATON itself.” It added:
AND MIRIAM GOTTFRIED “At Fanatics, we remain fo-
cused on innovation, and
Sports collectibles company working to improve an indus-
Panini America filed a federal try that has been sleepily led
antitrust suit against Fanatics, by Panini for years.”
alleging that its new rival has People familiar with Fanat-
attempted to monopolize the ics’ thinking said Fanatics be-
market for trading cards with lieves that Panini’s business
its dramatic foray into the model is outdated and that the
sector two years ago. leagues and players unions
In a lawsuit filed Thursday struck deals with Fanatics be-
in U.S. District Court in Flor- cause of its opportunity to
ida, Panini alleged that Fanat- grow the industry. The leagues
ics violated federal antitrust and players will be able to re-
the bidding process for the
rights was abnormal—particu-
larly in the way that they were
excluded. Typically, they said,
trading card companies are
given the opportunity to pitch
the leagues and their unions
on why they’re the right part-
ner and that the negotiations
are much closer to when the
licenses expire. Panini had no
such opportunity to bid for the
rights Fanatics acquired, ac-
cording to the lawsuit.
Panini America, a subsid-
iary of the Italian collectibles
company Panini Group that
has long had a relationship
with soccer’s FIFA World Cup,
was formed in 2009 when it
secured an exclusive deal with
the NBA and purchased the
assets of another trading card

MARK STEHLE/ASSOCIATED PRESS

law with its aggressive move capture more revenue, includ- company that had nonexclu-
into the trading card business ing on the secondary market, sive rights to the NFL and
in August 2021. The complaint with Fanatics, the people said. MLB players unions.
also accuses Fanatics of violat- The leagues and unions also The lawsuit says that
ing various state laws by inter- received stakes in the Fanatics “through superior innovation
fering with Panini’s business trading card business when and competitive success,” Pa-
through actions such as alleg- they struck their pacts. nini achieved great results for
edly disparaging the company In January 2022, Fanatics the leagues and reliably in-
to industry partners. Panini, In addition to expanding into U.S. sports cards, Panini has a long relationship with soccer’s FIFA. accelerated its move into trad- creased revenue. According to
known for producing football ing cards when, shortly after figures from the company, its
and basketball cards, is seek- essentially lock out competi- just a month after its launch, guard and only learned of the acquiring MLB’s rights, it trading card business has
ing unspecified damages. tion, literally, for decades in The Wall Street Journal previ- deals when they were re- bought Topps’s trading-card grown from $200 million in
Fanatics shocked the indus- all three major sports trading ously reported. ported in the media. business for $500 million, al- 2017 to over $1 billion in 2022.
try in 2021 by striking long- card markets. That obviously Fanatics’ sudden takeover “By combining long-term lowing it to begin its relation- In May, data from the card
term exclusive deals with the hurts consumers,” said David blindsided hobbyists and the exclusive licenses for every ship with baseball immedi- grading company Professional
unions representing players in Boies, chairman of Boies Schil- existing trading card powers Major U.S. Professional Sports ately. Panini’s deals in football Sports Authenticator said that
the National Football League, ler Flexner, the law firm rep- alike. The development caused League, Fanatics positioned it- and basketball last until 2026 over the last year baseball
National Basketball Associa- resenting Panini. “Fanatics’ card maker Topps, which had self to drive Panini and other and 2025, respectively. cards have taken the lead in
tion and Major League Base- behavior is the behavior of a a longstanding relationship potential competitors out of Panini’s lawsuit alleges that order units, followed by foot-

.
ball, along with the NBA and typical monopolist.” with MLB and the MLB union, the market, and erected barri- Rubin bragged to people in ball and basketball.
MLB themselves. Some of the The new deals instantly re- to call off its plan to go public ers to entry blocking their re- the industry that it would also For years, Panini and Fa-

agreements have yet to take ordered the industry under
effect and last as long as 20 Fanatics, the growing empire
years, which the lawsuit says of chief executive Michael Ru-
is anticompetitive because of
their unprecedented length
and that they lock up three of
the biggest leagues under one
bin, whose business now in-
cludes not only sports mer-
chandise and trading cards
but also sports betting. Fanat-
on
umbrella. ics’ trading card enterprise
us ,
via a special-purpose acquisi-
tion vehicle.
Panini—which currently
has deals with the NBA and
NFL along with their unions
and had overseen robust ex-
pansion in the market in re-
cent years—said in its lawsuit
ly
turn,” the complaint says. “A force Panini to sell itself to Fa- natics had a business relation-
monopolistic outcome here natics. The lawsuit says that ship because the latter would
will harm the public, consum- Fanatics took various steps to provide the bulk of the player
ers, and competition by allow-
ing Fanatics complete control
to set and raise prices for
MLB player trading cards,
exert a “pressure campaign”
against Panini and that in May
of this year, Rubin approached
Panini and conveyed that it
jerseys that would go into pre-
mium cards. But the lawsuit
says that in May of this year,
Rubin threatened that Fanat-
NBA player trading cards, and wouldn’t stop. ics would no longer supply

“What Fanatics has done is was valued at over $10 billion that it was also caught off NFL player trading cards.” Panini executives also say those materials.
l
e
al a

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The Marketplace Bud Light

ci on

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BANKRUPTCIES
Boycott
Stings
er s

IN THE UNITED STATES BANKRUPTCY COURT

FOR THE DISTRICT OF DELAWARE
m er

In re: Chapter 11
MEDIAMATH HOLDINGS, INC., et al.,1 Case No. 23-10882 (LSS)
Debtors. (Joint Administration Requested) Continued from page B1
NOTICE OF (I) STOCK PROCEDURES AND WORTHLESS STOCK added.
DEDUCTION PROCEDURES AND (II) A FINAL HEARING
ATTENTION DIRECT AND INDIRECT HOLDERS OF, AND PROSPECTIVE HOLDERS OF, STOCK In the wake of the Bud Light
ISSUED BY MEDIAMATH HOLDINGS, INC. episode, AB InBev’s share of
m rp

PLEASE TAKE NOTICE that, on June 30, 2023 (the “Petition Date”), the above-captioned debtors
and debtors in possession commenced voluntary cases under chapter 11 of title 11 of the United the total U.S. beer market has
States Code (the “Bankruptcy Code”).
PLEASE TAKE FURTHER NOTICE that, on the Petition Date, the Debtors filed the Motion of Debtors fallen by 5.2 percentage points
for Orders Establishing Notification Procedures and Approving Restrictions on Certain Transfers of,
or Worthlessness Deductions with Respect to, Stock of the Debtors [D.I. 15] (the “Motion”).2
to 36.9% in the second quarter,
ROB CARR/GETTY IMAGES

PLEASE TAKE FURTHER NOTICE that, on July 27, 2023, the United States Bankruptcy Court for Doukeris said. Two-thirds of
the District of Delaware (the “Bankruptcy Court”) entered an interim order [D.I. 106] (the “Interim
Order”) establishing procedures (the “Stock Procedures” and the “Worthless Stock Deduction that loss is from Bud Light but
co Fo

Procedures”) with respect to direct and indirect trading, transfers of, and worthlessness deductions
with respect to, stock of the Debtors.
other brands such as Bud-
PLEASE TAKE FURTHER NOTICE that a hearing to consider entry of an order granting the Motion weiser have taken a hit from
on a final basis (the “Final Hearing”) shall be held on August 3, 2023, at 2:00 p.m. (prevailing
Eastern time). Any objections or responses to the entry of such an order must be filed either (i) filed the consumer boycott, too.
on the docket in advance of the Final Hearing and served on (a) proposed counsel to the Debtors,
Young Conaway Stargatt & Taylor, LLP, 1000 N. King Street, Rodney Square, Wilmington, Delaware
The company’s market
19801, Attn: Michael R. Nestor (mnestor@ycst.com) and Kara Hammond Coyle (kcoyle@ycst.com); share has been stable since the Anheuser-Busch says the brand is still viewed favorably.
and (b) the Office of the United States Trustee for the District of Delaware, 844 King Street, Suite
2207, Lockbox 35, Wilmington, Delaware 19801, Attn: Timothy J. Fox (Timothy.Fox@usdoj.gov); or last week of April through to
(ii) raised at the Final Hearing. In the event that no objections to entry of the Proposed Final Order
on the Motion are timely received, this Court may enter such Proposed Final Order without need for
the end of June, said Doukeris, Since the boycott, the com- AB InBev’s sales by volume, stellation Brands, in May sur-
the Final Hearing. while Bud Light’s share is fol- pany has accelerated produc- change from a year earlier passed Bud Light in dollar
PLEASE TAKE FURTHER NOTICE that, in certain circumstances, the Stock Procedures restrict
transactions involving, and require notices of the holdings of and proposed transactions by, any lowing a similar trajectory. tion of new Bud Light ads, sales to become America’s top
4%
person or group of persons that is or, as a result of such a transaction, would become a Substantial
Stockholder of the common stock issued by MediaMath Holdings, Inc. or MediaMath, Inc. or the
AB InBev said a survey it leaning into the themes of beer.
common equity interests issued by Searchlight MM Holdings, LLC (the “Company Stock”). For commissioned of 170,000 con- football and country music. It Molson Coors earlier this
purposes of the Stock Procedures, a “Substantial Stockholder” is any person or, in certain cases,
group of persons that Beneficially Own, directly or indirectly (and/or owns options to acquire) at sumers across the U.S. found has also told its distributors 3 week said it had recorded the
least 1,747,713.56 shares of Company Stock (representing approximately 4.5% of all issued and
outstanding shares of Company Stock). Any prohibited transfer of the stock of the Debtors will be
that most people are favorable that it would buy back unsold best quarter for sales since
n-

null and void ab initio and may lead to contempt, compensatory damages, punitive damages, or toward the Bud Light brand, cases of beer that have gone 2 2005 after its brands gained
sanctions being imposed by the Bankruptcy Court.
A direct or indirect holder of, or prospective holder of, stock of the Debtors that may be or while 80% are favorable or past their expiration date. share in the U.S. In the second
become a Substantial Stockholder should consult the Stock Procedures. neutral. AB InBev’s experience has quarter, Coors Light and Miller
PLEASE TAKE FURTHER NOTICE that in certain circumstances, the Worthless Stock Deduction
Procedures restrict taking worthlessness deductions with respect to, and require notices of the Thursday’s results, covering turned into a case study for 1 Lite combined were 50% bigger
holdings of, any person or entity that is or becomes a 50-percent Shareholder of the Company
no

Stock. For purposes of the Worthless Stock Deduction Procedures, a “50-percent Shareholder” is the three months to June 30, consumer-facing companies on than Bud Light by value, it
any person or entity that at any time during the three-year period ending on the Petition Date has
had Beneficial Ownership of at least 50% or more of Company Stock or is otherwise considered a
provided the first look at how how or whether to weigh in on 0 said—a big reversal in fortune
50-percent shareholder of MediaMath Holdings, Inc., MediaMath, Inc. or Searchlight MM Holdings, the consumer boycott of Bud sensitive political or social from one year ago when Bud
LLC within the meaning of Section 382(g)(4)(D) of the Tax Code. Any prohibited worthlessness
Light, which began in April, matters, with trans and other Light was larger than both
deduction with respect to the stock of the Debtors will be null and void ab initio and may lead
-1
to contempt, compensatory damages, punitive damages, or sanctions being imposed by the has affected AB InBev’s earn- LGBT issues particularly in the 2Q 2023 those brands combined.
–1.4%
Bankruptcy Court.
A direct or indirect holder of, or prospective holder of, stock of the Debtors that may be or ings. spotlight. Target recently faced Doukeris said Bud Light by
become a 50-Percent Shareholder should consult the Worthless Stock Deduction Procedures.
PLEASE TAKE FURTHER NOTICE THAT the requirements set forth in the Stock Procedures and The company said its sec- criticism for halting sales of -2 volume remains the largest
the Worthless Stock Deduction Procedures are in addition to the requirements of Bankruptcy
Rule 3001(e) and applicable securities, corporate, and other laws and do not excuse
ond-quarter revenue in the certain items for Gay Pride 1Q 2Q 3Q 4Q 1Q 2Q beer in the U.S.
noncompliance therewith. U.S.—its largest market— month after customers 2022 ’23 Overall, AB InBev’s second-
PLEASE TAKE FURTHER NOTICE that the Motion, the Interim Order, the Proposed Final Order,
the Stock Procedures and the Worthless Stock Deduction Procedures are available on the dropped 10.5%, while earnings knocked down displays and Source: the company quarter U.S. sales to wholesal-
website of Epiq Corporate Restructuring, LLC, the Debtors’ Court-approved Claims agent, located
at https://dm.epiq11.com/MediaMath, and on the docket of the Chapter 11 Cases, Docket No.
before interest, taxes, depreci- threatened store employees. ers dropped 15% and sales to
[15, 86, & 106], which can be accessed via PACER at https://www.pacer.gov. ation and amortization Doukeris said the company’s retailers dropped 14%, mainly
Dated: July 27, 2023, Wilmington, Delaware, Respectfully Submitted, /s/ Andrew A. Mark, YOUNG
CONAWAY STARGATT & TAYLOR, LLP, Michael R. Nestor (No. 3526), Kara Hammond Coyle (No. plunged 28%. The brewer attri- employees have received a lot declined to comment on because of the decline in Bud
4410), Heather P. Smillie (No. 6923), Andrew A. Mark (No. 6861), Kristin L. McElroy (No. 6871),
Emily C.S. Jones (No. 7071), Rodney Square , 1000 North King Street, Wilmington, DE 19801,
buted the big profit drop to its of hate from activists since the whether they would return. Light. North American volumes
Telephone: (302) 571-6600, Facsimile: (302) 571-1253, Email: mnestor@ycst.com, kcoyle@ycst. market-share loss as well as Mulvaney post. Alissa Heiner- The Mulvaney campaign has fell 14% on an organic basis.
com, hsmillie@ycst.com, kmcelroy@ycst.com, ejones@ycst.com, Proposed Counsel for Debtors and
Debtors in Possession spending more on marketing scheid and Daniel Blake, the led to a big shift in drinkers “AB InBev’s attitude is very
1
The Debtors in these cases, along with the last four digits of each Debtor’s federal tax identification and support for distributors two executives placed on leave, away from Bud Light toward much of the ‘keep calm and
number, are: MediaMath Holdings, Inc. (2425), MediaMath, Inc. (1297), MediaMath Ventures, LLC
(4588), Adroit DS, LLC (0700), Searchlight MM Topco, L.P. (9412), Searchlight MM Topco GP, LLC who have been battered by the are still out, Doukeris said. Cit- rival brands. Modelo Especial, carry on’ variety,” said RBC an-
(N/A), and Searchlight MM Holdings, LLC (5372). The Debtors’ address is MediaMath, Inc., c/o Epiq
Corporate Restructuring, LLC, P.O. Box 4420, Beaverton, Oregon 97076-4420.
slump in Bud Light. ing their safety and privacy, he a Mexican import sold by Con- alyst James Edwardes Jones.
2
Capitalized terms used but not defined herein shall have the meanings ascribed to them in
the Motion.

ANNOUNCEMENTS BUSINESS OPPORTUNITIES KKR Eyes the publishing house rose 19%
to $258 million, while operat-
ing profit increased 16% to $58
KKR is an investment firm
that manages more than $500
billion in assets across strate-
age payout for its employees
will be a minimum of $50,000
at the close of the deal.

YOUR BOOK
Life Story or Business Book.
Napa Valley
Macaron Brand
seeks investment
Simon million.
Simon & Schuster is the
third-largest U.S. book pub-
gies including private equity
and credit. The firm is no
stranger to the media sector
Paramount Global put Simon
& Schuster up for sale in March
2020, explaining that it would
We Write & Publish. Earn Royalties.
BizSuccessBooks.com
LegaciesandMemories.com
for expansion.
Recession-proof
INVESTMENT
OPPORTUNITY!
& Schuster lisher as measured by market
share, with an 8% share, year
to date, through July 8, accord-
and has invested in Axel
Springer, the
German media
use proceeds from the sale to
support
video-stream-
its

(904) 293-9893 • Since 1999 ing to book tracker Circana conglomerate ing efforts.
• • • • • • • • • • • • • • • • • • • • • • • • • • • • • •
Our Newest Book.
info@madeleinesmacarons.com
Continued from page B1 BookScan. Penguin Random that owns Polit- Paramount That Novem-
Be Your Own Boss: $200 million termination fee House is the largest, with a 21% ico and Busi- Global put the ber, Penguin
How to Start or Buy COMMERCIAL REAL ESTATE after that deal collapsed and share, while HarperCollins Pub- ness Insider. It Random House
a Business. benefited from the earnings Si- lishers has an 11% market recently agreed book publisher struck its deal
mon & Schuster generated be- share. The numbers exclude to sell audio- to acquire the
Great Gift for Students.
Business Park For Sale tween the last sale attempt, in third-party distribution clients. book publisher
up for sale in publisher. The
Buy at Amazon,
Other Retailers.
Southern CA > 61 acres
Zoned Indus.; 300MSF
2020, and this one. A sale of Simon & Schuster RBmedia to pri- March 2020. sale was later
The publishing house en- to a private-equity company, vate-equity firm challenged by
buildings; outdoor joyed a strong year in 2022, and not another book pub- H.I.G. Capital, the Justice De-
BUSINESS OPPORTUNITIES trailer/container parking. with revenue rising 19% to lisher, may not draw scrutiny after owning partment on an-
Call 618-654-2161 x427
wweder@highlandsupply.com $1.18 billion and operating from the Justice Department, the business for about five ticompetitive grounds. In late
MIAMI profit increasing 16% to $248 according to David Meyer, an years. October 2022, a federal judge
million. antitrust lawyer. “I don’t see a KKR has made a push to blocked the deal, agreeing with
Adult Entertainment Club Star authors such as Colleen plausible basis for concern but give an ownership stake in the Justice Department and
Turn-key and Spectacular Design.
Fully Licensed, 5:00 am license.
THEMARKETPLACE Hoover and Stephen King en- you’d have to look carefully at companies in which the pri- finding that it would restrict
(800) 366-3975 abled the publisher to flourish the portfolio of the acquirer to vate-equity firm invests to the competition for new books ac-
$2,500,000 wsj.com/classifieds
on the bestseller list. In the understand whether there acquired firms’ employees. In quired for advances of at least
© 2023 Dow Jones & Company, Inc.
Pat Burnside Realty 305-389-5800 All Rights Reserved. first quarter of 2023, sales at could be issues,” he said. the case of RBmedia, the aver- $250,000.
 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. Friday, August 4, 2023 | B7

MARKETS DIGEST
EQUITIES

Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index
Last Year ago Last Year ago Last Year ago
35215.89 t 66.63, or 0.19% Trailing P/E ratio 25.66 19.44 4501.89 t 11.50, or 0.25% Trailing P/E ratio * 22.43 22.20 13959.72 t 13.73, or 0.10% Trailing P/E ratio *† 34.63 26.92
High, low, open and close for each P/E estimate * 19.61 17.43 High, low, open and close for each P/E estimate * 20.97 18.01 High, low, open and close for each P/E estimate *† 29.15 22.76
trading day of the past three months. Dividend yield 2.03 2.14 trading day of the past three months. Dividend yield * 1.56 1.59 trading day of the past three months. Dividend yield *† 0.75 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 12500

65-day moving average 65-day moving average

65-day moving average 12000
32800 4100

Bars measure the point change from session's open

32200 4000 11500
May June July May June July May June July
*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* 880,090,876 9,091,534
Industrial Average 35348.20 35122.32 35215.89 -66.63 -0.19 35630.68 28725.51 7.6 6.2 9.7 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 386,539,851 5,469,380
Transportation Avg 16491.64 16257.25 16394.75 14.50 0.09 16695.32 11999.40 13.2 22.4 17.9 Most-active issues in late trading Decl. volume* 488,656,339 3,314,272
Utility Average 919.95 896.05 896.70 -24.40 -2.65 1061.77 838.99 -12.2 -7.3 2.9 Volume After Hours Issues traded 3,016 332
Company Symbol (000) Last Net chg % chg High Low
Total Stock Market 45237.98 44881.88 45061.43 -117.28 -0.26 45969.67 36056.21 7.8 17.0 10.3 Advances 1,117 135
Amazon.com AMZN 21,524.9 139.06 10.15 7.87 139.79 128.38
Barron's 400 1027.92 1017.90 1023.91 0.24 0.02 1036.97 825.73 8.1 11.2 12.8 Declines 1,820 176
Apple AAPL 12,671.8 185.28 -5.89 -3.08 196.14 185.00
Unchanged 79 21
Nasdaq Stock Market Tupperware Brands TUP 10,189.8 5.06 1.54 43.75 5.99 2.86 New highs 76 4
Nasdaq Composite 14032.28 13881.35 13959.72 -13.73 -0.10 14358.02 10213.29 9.7 33.4 8.6 ProSh UltraPro Shrt QQQ SQQQ 6,889.3 18.40 0.08 0.44 18.40 17.88 New lows 46 11
Nasdaq-100 15436.59 15270.72 15353.54 -17.20 -0.11 15841.35 10679.34 15.3 40.3 11.6 SPDR S&P 500 ETF Trust SPY 6,071.9 448.83 -0.02 ... 464.20 382.01 Closing Arms† 0.81 0.40
ProShares UltraPro QQQ TQQQ 5,735.9 41.56 -0.16 -0.38 42.68 41.55 Block trades* 4,081 119
S&P

.
Nikola NKLA 5,637.8 3.24 -0.16 -4.57 3.42 3.04
500 Index 4519.49 4485.54 4501.89 -11.50 -0.25 4588.96 3577.03 8.4 17.3 11.0 Nasdaq NYSE Arca

ly
Invesco QQQ Trust I QQQ 4,218.3 373.41 -0.38 -0.10 377.78 373.13
MidCap 400 2692.44 2665.44 2682.49 -9.13 -0.34 2728.44 2203.53 7.7 10.4 12.5 Total volume*6,036,970,006 291,513,831
SmallCap 600 1265.22 1250.28 1260.26 -4.63 -0.37 1315.82 1064.45 2.2 8.9 12.9 Percentage gainers… Adv. volume*3,959,045,638 115,116,348
Tupperware Brands TUP 10,189.8 5.06 1.54 43.75 5.99 2.86 Decl. volume*2,006,443,215 170,328,307
Other Indexes
Russell 2000
NYSE Composite
Value Line
1970.54 1948.70 1961.40
16174.54 16067.54 16125.42 -49.11
586.58 581.41 584.31
-5.43

-2.22
-0.28
-0.30
-0.38
on 2021.35 1655.88
16427.29 13472.18
606.49 491.56
2.9
5.9
2.4
11.4
6.2
8.9
9.2
8.8
8.1
Atlassian Cl A
DraftKings Cl A
BigCommerce Holdings BIGC
TEAM
DKNG
300.9 211.50
2,261.1
136.1
33.97
10.71
41.85
3.98
1.18
24.67 213.95 167.00
13.27
12.38
34.00
10.90
29.99
9.53
Issues traded
Advances
Declines
Unchanged
4,582
1,992
2,395
195
1,772
506
1,243
23
NYSE Arca Biotech 5248.87 5203.57 5207.43 -29.52 -0.56 5644.50 4390.11 2.8 -1.4 -3.6
Direxion Dly AMZN Bl 1.5X AMZU 329.7 25.47 2.67 11.71 25.64 23.00
New highs 60 8
us ,

NYSE Arca Pharma 867.99 859.26 863.54 -4.45 -0.51 892.45 737.84 7.4 -0.5 9.1 ...And losers New lows 107 22
l

KBW Bank 88.38 86.73 88.07 0.59 0.67 115.55 71.96 -17.8 -12.7 5.8 1,027.3 62.85 -12.91 75.76 58.74 Closing Arms† 0.42 0.57
e
Fortinet FTNT -17.04
al a

PHLX§ Gold/Silver 119.76 117.95 118.45 -0.62 -0.52 144.37 91.40 9.5 -2.0 -8.1 DigitalOcean DOCN 288.6 38.80 -7.88 -16.88 46.68 38.00 Block trades* 56,559 1,499
PHLX§ Oil Service 94.37 92.48 93.33 0.92 0.99 93.94 56.08 48.8 11.3 36.9 Opendoor Technologies OPEN 2,535.3 4.04 -0.77 -15.92 4.93 3.76 * Primary market NYSE, NYSE American NYSE Arca only.
ci on

PHLX§ Semiconductor 3731.05 3658.43 3708.08 -3.52 -0.09 3861.63 2162.32 20.3 46.4 19.4 AbCellera Biologics ABCL 155.4 6.05 -0.92 -13.20 6.97 5.98 †(TRIN) A comparison of the number of advancing and declining
issues with the volume of shares rising and falling. An
Cboe Volatility 17.42 15.72 15.92 -0.17 -1.06 33.63 12.91 -25.7 -26.5 -13.1 TransMedics Group TMDX 97.2 76.00 -11.53 -13.17 93.00 75.08 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 689.58 –2.44 –0.35 13.9 Electriq Power Holdings ELIQ 5.65 2.10 59.15 11.85 3.00 -42.7 Neonode NEON 2.32 -1.61 -40.97 14.75 2.00 -49.3
MSCI ACWI ex-USA 304.20 –1.69 –0.55 8.1 Bluejay Diagnostics BJDX 8.31 2.85 52.20 24.80 3.80 -65.1 Bruush Oral Care BRSH 3.77 -1.73 -31.45 97.00 2.76 -93.7
MSCI World 2990.13 –10.40 –0.35 14.9 Upwork UPWK 14.38 4.41 44.23 21.91 6.56 -31.4 DXC Technology DXC 19.10 -7.97 -29.44 30.27 18.61 -27.0
MSCI Emerging Markets 1015.81 –4.18 –0.41 6.2 Traeger COOK 5.85 1.73 41.99 6.70 2.48 71.1 OneWater Marine Cl A ONEW 26.49 -10.69 -28.75 43.96 23.68 -27.9
m rp

Americas MSCI AC Americas 1706.32 –4.62 –0.27 17.1 Sabre Corp. SABR 4.89 1.20 32.52 8.31 2.99 -34.2 Envela ELA 5.29 -2.12 -28.61 8.42 4.50 -34.9
Canada S&P/TSX Comp 20120.74 –97.47 –0.48 3.8 Motorsport Games MSGM 5.67 1.27 28.86 49.50 2.01 -6.6 Allurion Technologies ALUR 5.29 -1.96 -27.03 10.94 4.96 -46.3
Latin Amer. MSCI EM Latin America 2448.09 –35.21 –1.42 15.0 Via Renewables VIA 9.80 2.18 28.61 45.45 5.81 -75.4 CommScope Holding COMM 3.26 -1.16 -26.24 13.73 3.04 -66.8
Brazil BOVESPA 120585.77 –272.95 –0.23 9.9 Hudson Technologies HDSN 10.92 2.29 26.54 12.46 6.62 24.4 Azitra AZTR 2.40 -0.84 -25.93 5.18 2.40 ...
Chile S&P IPSA 3539.13 –33.75 –0.94 11.6 Vital Farms VITL 13.27 2.73 25.90 18.18 10.00 -1.3 iClick Interactive ADR ICLK 2.02 -0.65 -24.34 7.07 1.36 -63.9
co Fo

Mexico S&P/BMV IPC 53445.09 161.53 0.30 10.3 Hainan Manaslu Acqn HMAC 8.70 1.74 25.00 13.27 6.13 ... Schrodinger SDGR 38.23 -12.01 -23.91 59.24 15.85 10.1
EMEA STOXX Europe 600 457.93 –2.91 –0.63 7.8 Corcept Therapeutics CORT 31.24 6.23 24.91 31.90 17.86 10.3 Clarivate CLVT 6.98 -2.00 -22.27 14.99 6.94 -52.7
Eurozone Euro STOXX 455.38 –3.00 –0.65 11.1 Genesis Unicorn Cap Cl A GENQ 10.47 2.03 24.05 13.38 7.00 5.0 Lemonade LMND 17.31 -4.76 -21.57 32.97 10.29 -25.7
Belgium Bel-20 3714.79 –11.74 –0.32 0.4 Silence Therapeutics ADR SLN 6.69 1.27 23.43 17.99 4.55 -33.1 Mistras Group MG 6.12 -1.62 -20.93 8.31 3.38 -6.1
Denmark OMX Copenhagen 20 1987.66 –16.76 –0.84 8.3 Fastly Cl A FSLY 20.24 3.79 23.04 20.58 7.15 74.8 Glatfelter GLT 2.65 -0.70 -20.90 5.90 2.08 -51.4
12.2 Digimarc DMRC 35.80 6.48 22.10 36.22 12.45 107.2 QuantumScape QS 8.81 -2.30 -20.70 13.86 5.11 -28.4
France CAC 40 7260.53 –52.31 –0.72
Germany DAX 15893.38 –126.64 –0.79 14.1
Israel Tel Aviv 1851.01 –11.34 –0.61 3.0
Most Active Stocks Volume Movers Ranked by change from 65-day average*
Italy FTSE MIB 28702.74 –271.80 –0.94 21.1 Volume % chg from Latest Session 52-Week Volume % chg from Latest Session 52-Week
Company Symbol (000) 65-day avg Close % chg High Low Company Symbol (000) 65-day avg Close % chg High Low
Netherlands AEX 770.07 –4.96 –0.64 11.8
0.17 3.2 Mullen Automotive MULN 905,495 308.2 0.14 11.98 23.37 0.10 HH&L Acquisition HHLA 2,255 6683 10.56 0.09 10.68 9.86
Norway Oslo Bors All-Share 1405.82 2.44
0.35 T2 Biosystems TTOO 473,589 671.3 0.35 44.03 15.00 0.05 Bluejay Diagnostics BJDX 11,689 2914 8.31 52.20 24.80 3.80
South Africa FTSE/JSE All-Share 76747.20 269.98 5.1
n-

Spain IBEX 35 9307.10 –21.60 –0.23 13.1 Nikola NKLA 163,037 127.2 3.40 12.42 8.97 0.52 Vahanna Tech Edge I Cl A VHNA 1,217 2889 10.73 0.09 10.86 10.02
ProSh UltraPro Shrt QQQ SQQQ 138,172 17.1 18.32 0.77 69.55 16.38 Embrace Change Acqn EMCG 278 2433 10.68 0.09 11.69 9.96
Sweden OMX Stockholm 823.40 –8.00 –0.96 5.3
Siyata Mobile SYTA 131,402 1021.2 0.05 13.04 0.85 0.04 Hartford Disciplined US HDUS 452 1731 44.35 -0.39 45.56 38.88
Switzerland Swiss Market 11087.18 –125.52 –1.12 3.3
Turkey BIST 100 7221.51 –37.03 –0.51 31.1 ProShares UltraPro QQQ TQQQ 99,651 -2.0 41.72 -0.71 47.14 16.10 Rocky Mountain Chocolate RMCF 159 1553 5.90 0.17 7.29 4.77
no

U.K. FTSE 100 7529.16 –32.47 –0.43 1.0 Yellow YELL 99,427 1020.1 3.60 10.09 8.51 0.43 Panagram AAA CLO ETF CLOX 147 1422 25.28 -0.02 25.29 25.02
U.K. FTSE 250 18833.65 20.77 0.11 –0.1 Tesla TSLA 97,173 -27.4 259.32 2.05 314.67 101.81 Innov Pwr Buffer Step-Up PSTP 154 1372 27.36 -0.12 27.71 23.30
EBET EBET 91,697 2975.5 0.05 -10.56 2.66 0.05 Penske Automotive PAG 4,625 1356 172.74 -0.31 180.84 94.49
Asia-Pacific MSCI AC Asia Pacific 166.00 –0.68 –0.41 6.6
Advanced Micro Devices AMD 90,300 24.4 113.15 3.48 132.83 54.57 Timothy Plan Mkt Neutral TPMN 351 1264 24.82 0.62 25.35 24.33
Australia S&P/ASX 200 7311.80 –42.80 –0.58 3.9
* Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least
China Shanghai Composite 3280.46 18.77 0.58 6.2 5,000 shares =Has traded fewer than 65 days
Hong Kong Hang Seng 19420.87 –96.51 –0.49 –1.8
7.2
Scan this code
India S&P BSE Sensex 65240.68 –542.10 –0.82
Japan NIKKEI 225 32159.28 –548.41 –1.68 23.2 Get real-time U.S. stock quotes CURRENCIES & COMMODITIES
Singapore Straits Times 3304.06 –20.96 –0.63 1.6 and track most-active stocks,
South Korea KOSPI 2605.39 –11.08 –0.42 16.5 new highs/lows, mutual funds Currencies
Taiwan TAIEX 16893.73 … Closed 19.5 and ETFs. U.S.-dollar foreign-exchange rates in late New York trading
Thailand SET 1529.01 –21.27 –1.37 –8.4
All are available free at WSJMarkets.com US$vs, US$vs,
Sources: FactSet; Dow Jones Market Data Thurs YTDchg Thurs YTDchg
Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%)
Americas Vietnam dong .00004209 23760 0.5
CREDIT MARKETS Argentina peso .0036278.0586 57.3 Europe
Brazil real .2034 4.9159 –7.0 Czech Rep. koruna .04518 22.136 –1.9
Canada dollar .7488 1.3355 –1.5 Denmark krone .1469 6.8056 –2.0
Consumer Rates and Returns to Investor Benchmark
Treasury yield Yields
curve Forex Race Chile peso .001175 851.35 0.4 Euro area euro 1.0950 .9133 –2.3
U.S. consumer rates Selected rates andtoRates
Yield maturity of current bills, Yen, euro vs. dollar; dollar vs. Colombiapeso .000243 4117.81 –15.1 Hungary forint .002782 359.40 –3.7
notes and bonds major U.S. trading partners Ecuador US dollar 1 1 unch Iceland krona .007567 132.16 –6.6
A consumer rate against its New car loan Mexico peso .0577 17.3437 –11.0 Norway krone .0974 10.2659 4.7
benchmark over the past year 5.00% Uruguay peso .02640 37.8750 –5.3 Poland zloty .2454 4.0752 –6.9
Bankrate.com avg†: 7.26% t
12% Asia-Pacific Russia ruble .01058 94.500 28.1
Colonial Savings, FA 5.49% Tradeweb ICE 4.00
s WSJ Dollar Index Sweden krona .0937 10.6752 2.3
Australiadollar .6551 1.5265 4.0
9.00% Garland, TX 972-495-4032 Thursday Close 6 Switzerland franc 1.1440 .8741 –5.5
China yuan .1396 7.1658 3.9
3.00 Turkey lira .0371 26.9766 44.3
Prime rate First Command Bank 5.74% s Euro Hong Kong dollar .1281 7.8060 ...
8.00
t
0 Ukraine hryvnia .0271 36.9500 0.3
t One year ago 2.00 India rupee .01207 82.831 0.1
Fort Worth, TX 888-763-7600 UK pound 1.2708 .7869 –4.8
Indonesia rupiah .0000660 15148 –2.7
7.00 First Savings Bank of Hegewisch 5.95% 1.00 –6 Japan yen .007016 142.54 8.7 Middle East/Africa
t
Chicago, IL 773-646-4200 s Yen Kazakhstan tenge .002250 444.51 –4.0 Bahrain dinar 2.6529 .3770 –0.03
New car loan 6.00 0.00 Macau pataca .1243 8.0445 –0.04 Egypt pound .0323 30.9411 25.0
Firstrust Bank 5.99% –12
Malaysia ringgit .2201 4.5440 3.2 Israel shekel .2714 3.6852 4.5
Philadelphia, PA 800-220-2265 1 3 6 1 2 3 5 7 10 20 30 2022 2023
5.00 New Zealand dollar .6078 1.6453 4.5 Kuwait dinar 3.2513 .3076 0.5
Cambridge Savings Bank 6.26% month(s) years
A S O N D J F MAM J J A Pakistan rupee .00346 288.975 27.5 Oman sul rial 2.5974 .3850 unch
Cambridge, MA 888-418-5626 maturity Philippines peso .0181 55.130 –1.0 Qatar rial .2747 3.641 –0.7
2022 2023
Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Singapore dollar .7457 1.3411 0.01 Saudi Arabia riyal .2666 3.7515 –0.2
Yield/Rate (%) 52-Week Range (%) 3-yr chg South Korea won .0007689 1300.53 3.1 South Africa rand .0535 18.6748 9.7
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts)
Corporate Borrowing Rates and Yields Sri Lanka rupee .0031264 319.86 –13.0
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 .03157 31.679 3.4
Yield (%) 52-Week Total Return (%) Thailand baht .02888 34.630 0.03 WSJ Dollar Index 97.04 –0.152–0.156 0.50
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 5.06 2.25 l 5.31 5.20 Sources: Tullett Prebon, Dow Jones Market Data
U.S. Treasury, Bloomberg 2087.090 4.560 4.500 4.560 2.930 –5.167 –5.606
Money market, annual yield 0.57 0.56 0.12 l 0.57 0.31
Five-year CD, annual yield 2.85 2.86 1.83 l 2.86 2.16 U.S. Treasury Long, Bloomberg 3054.610 4.430 4.180 4.570 3.090 –16.510–14.996 Commodities
30-year mortgage, fixed† 7.43 7.34 5.43 l 7.43 4.33 Aggregate, Bloomberg 1958.250 5.010 4.920 5.210 3.460 –4.652 –4.917 Thursday 52-Week YTD
Pricing trends on someClose
raw materials, or commodities
Net chg % Chg High Low % Chg % chg
15-year mortgage, fixed† 6.71 6.66 4.76 l 6.71 3.98 Fixed-Rate MBS, Bloomberg 1933.720 5.000 4.920 5.380 3.430 –5.772 –4.414
Jumbo mortgages, $726,200-plus† 7.49 7.38 5.41 l 7.49 4.35 DJ Commodity 997.48 7.13 0.72 1113.32 930.59 -5.64 -4.88
High Yield 100, ICE BofA 3299.185 8.107 7.838 8.753 6.786 3.270 1.516 Refinitiv/CC CRB Index 278.48 1.98 0.71 301.75 253.85 -0.97 0.26
Five-year adj mortgage (ARM)† 6.35 6.20 4.16 l 6.35 3.11
Muni Master, ICE BofA 564.207 3.531 3.276 3.936 2.449 –0.852 –1.495 Crude oil, $ per barrel 81.55 2.06 2.59 97.01 66.74 -7.89 1.61
New-car loan, 48-month 7.26 7.26 5.07 l 7.64 2.99
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 796.248 7.786 7.565 9.159 7.084 2.345 –3.944 Natural gas, $/MMBtu 2.565 0.088 3.55 9.680 1.991 -68.42 -42.68
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. 1932.00 -5.40 -0.28 2048.00 1623.30 8.02 6.17
 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 | Friday, August 4, 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 Nov 1321.50 1337.25 1318.50 1325.25 4.00 309,829 Treasury Bonds (CBT)-$100,000; pts 32nds of 100% Australian Dollar (CME)-AUD 100,000; $ per AUD
Soybean Meal (CBT)-100 tons; $ per ton. Sept 122-050 122-080 120-030 120-110 –1-30.0 1,301,309 Aug .6541 .6570 .6516 .6549 .0001 611
Contract Open Sept .6549 .6578 .6524 .6557 .0001 170,110
Aug 451.80 461.70 449.00 451.20 –.60 1,317 Dec 122-090 122-140 120-110 120-180 –1-31.0 9,354
Open High hi lo Low Settle Chg interest Mexican Peso (CME)-MXN 500,000; $ per MXN
Dec 393.70 403.20 392.40 398.50 6.30 206,441 Treasury Notes (CBT)-$100,000; pts 32nds of 100%
Copper-High (CMX)-25,000 lbs.; $ per lb. Soybean Oil (CBT)-60,000 lbs.; cents per lb. Sept 110-265 110-270 110-055 110-075 –18.0 4,817,482
Aug .05770 .05866 .05738 .05770 –.00090 43
Aug 3.8280 3.8755 3.8250 3.8760 0.0485 843 Aug 67.03 67.03 66.33 66.99 –.32 1,042 Sept .05818 .05835 .05690 .05732 –.00090 233,893
Dec 111-090 111-110 110-205 110-240 –18.5 23,311
Sept 3.8445 3.9040 3.8205 3.8995 0.0560 117,170 Dec 60.68 60.74 59.44 60.04 –.67 192,889
Euro (CME)-€125,000; $ per €
Gold (CMX)-100 troy oz.; $ per troy oz. 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% Aug 1.0932 1.0967 1.0918 1.0948 –.0002 2,351
Rough Rice (CBT)-2,000 cwt.; $ per cwt. Sept 106-177 106-200 106-087 106-117 –6.7 5,545,386 Sept 1.0963 1.0986 1.0935 1.0966 –.0001 735,604
Aug 1934.20 1936.50 1928.00 1932.00 –5.40 3,181 Sept 15.94 16.18 15.88 16.08 .14 7,895 Dec 107-025 107-052 106-262 106-290 –7.5 14,748
Sept 1943.20 1945.50 1936.60 1939.90 –6.10 2,420 Nov 16.16 16.36 16.12 16.26 .12 1,771
Oct 1951.40 1955.00 1945.00 1949.40 –6.10 34,012
2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% Index Futures
Wheat (CBT)-5,000 bu.; cents per bu. Sept 101-157 101-175 101-136 101-156 –.2 3,641,205
Dec 1970.80 1974.50 1964.50 1968.80 –6.20 373,493 Sept 639.25 648.25 626.25 627.00 –13.00 132,801 Mini DJ Industrial Average (CBT)-$5 x index
Feb'24 1992.10 1994.70 1985.20 1989.10 –6.40 15,161 Dec 101-306 102-005 101-290 101-310 –.2 759
Dec 667.00 675.50 654.25 655.00 –12.25 111,884 Sept 35396 35494 35216 35312 –91 108,784
April 2011.60 2014.10 2005.50 2008.70 –6.40 6,812 Wheat (KC)-5,000 bu.; cents per bu. 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. Dec 35767 35825 35563 35645 –94 601
Palladium (NYM) - 50 troy oz.; $ per troy oz. Aug 94.6725 94.6725 94.6700 94.6700 ... 387,672
Sept 787.00 794.25 763.75 767.50 –19.50 69,374 Mini S&P 500 (CME)-$50 x index
Aug 1246.50 15.60 Dec 802.00 808.50 780.75 782.00 –19.00 69,274 Oct 94.6300 94.6350 94.6250 94.6250 ... 310,787 Sept 4534.25 4547.50 4505.75 4521.75 –15.50 2,213,452
Sept 1242.00 1262.00 1220.50 1257.40 15.60 15,293 Cattle-Feeder (CME)-50,000 lbs.; cents per lb. Three-Month SOFR (CME)-$1,000,000; 100 - daily avg. Dec 4587.25 4598.00 4556.50 4572.50 –15.75 23,720
Platinum (NYM)-50 troy oz.; $ per troy oz. Aug 246.825 248.050 246.150 247.950 1.125 10,933 May 94.8550 –.0025 27,757 Mini S&P Midcap 400 (CME)-$100 x index
Aug 912.80 –8.50 1 Sept 250.425 251.800 249.650 251.650 1.550 19,129 Dec 94.6350 94.6450 94.6100 94.6200 –.0200 1,254,823 Sept 2704.70 2710.20 2675.40 2693.20 –10.80 39,470
Oct 927.80 931.60 918.50 921.80 –8.60 64,889 Cattle-Live (CME)-40,000 lbs.; cents per lb. Dec 2713.10 –9.30 n.a.
Silver (CMX)-5,000 troy oz.; $ per troy oz. Aug 178.000 178.825 177.625 178.500 .475 31,953 Currency Futures Mini Nasdaq 100 (CME)-$20 x index
Aug 23.585 23.610 23.430 23.586 –0.168 7 Oct 180.400 181.650 180.075 181.300 .800 137,224 Sept 15455.75 15551.75 15339.50 15438.75 –34.25 260,136
Japanese Yen (CME)-¥12,500,000; $ per 100¥ 15665.00 15741.00 15539.00 15637.00 –34.25 8,641
Sept 23.835 23.940 23.410 23.697 –0.175 106,144 Hogs-Lean (CME)-40,000 lbs.; cents per lb. Aug .6987 .7049 .6960 .7018 .0024 588
Dec
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. Aug 101.875 101.950 100.775 101.000 –1.675 19,715 Sept .7028 .7087 .6997 .7056 .0025 225,888
Mini Russell 2000 (CME)-$50 x index
79.77 81.86 78.69 81.55 2.06 335,332 Oct 83.550 83.775 81.025 82.050 –2.825 86,810 Sept 1975.80 1982.90 1955.20 1970.80 –5.80 509,989
Sept Canadian Dollar (CME)-CAD 100,000; $ per CAD
Oct 79.40 81.40 78.33 81.08 1.95 227,946 Lumber (CME)-27,500 bd. ft., $ per 1,000 bd. ft. Aug .7487 .7503 .7477 .7490 –.0005 220 Dec 1998.20 2002.50 1976.10 1991.20 –5.90 2,342
Nov 78.93 80.93 77.96 80.61 1.88 136,883 Sept 501.00 503.50 496.50 497.50 –3.50 4,156 Sept .7497 .7507 .7479 .7493 –.0005 142,625 Mini Russell 1000 (CME)-$50 x index
Nov 511.50 515.00 507.50 510.50 –1.50 2,061 British Pound (CME)-£62,500; $ per £ Sept 2472.20 2489.50 2471.20 2481.20 –7.60 8,213
Dec 78.49 80.45 77.56 80.12 1.80 236,624
June'24 75.84 77.58 75.14 77.32 1.58 121,805 Milk (CME)-200,000 lbs., cents per lb. Aug 1.2725 1.2728 1.2622 1.2700 –.0020 301 U.S. Dollar Index (ICE-US)-$1,000 x index
Aug 17.40 17.40 16.97 17.09 –.40 4,886 Sept 1.2713 1.2731 1.2623 1.2703 –.0019 207,039 Sept 102.42 102.66 102.18 102.35 –.04 30,679
Dec 73.39 74.92 72.79 74.70 1.42 126,629
Sept 17.46 17.47 17.08 17.19 –.34 5,325 Swiss Franc (CME)-CHF 125,000; $ per CHF Dec 102.07 102.26 101.90 102.00 –.03 516
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal.
Cocoa (ICE-US)-10 metric tons; $ per ton. Sept 1.1450 1.1504 1.1419 1.1482 .0027 42,631
Sept 3.0150 3.0927 s 2.9633 3.0749 .0706 86,862
Sept 3,550 3,559 3,484 3,491 –71 113,347 Dec 1.1573 1.1613 1.1532 1.1595 .0026 747 Source: FactSet
Oct 2.9875 3.0572 s 2.9374 3.0433 .0672 52,989
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. Dec 3,545 3,551 3,482 3,488 –63 132,600
Sept 2.7870 2.7870 2.7131 2.7647 –.0111 121,306 Coffee (ICE-US)-37,500 lbs.; cents per lb.
Oct 2.5365 2.5550 2.4847 2.5333 –.0026 82,913 Sept
Dec
166.35
165.85
168.30
167.50
164.00
163.30
164.75
164.00
–2.20
–2.35
80,272
64,390
Bonds | wsj.com/market-data/bonds/benchmarks
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu.
Sugar-World (ICE-US)-112,000 lbs.; cents per lb.
Sept
Oct
2.484
2.592
2.586
2.685
2.474
2.580
2.565
2.670
.088
.084
341,530
112,946
Oct 24.21 24.42 23.71 24.02 –.18 392,894 Tracking Bond Benchmarks
2.998 3.075 2.986 3.063 .065 113,167 March'24 24.40 24.58 23.92 24.19 –.20 237,405
Nov
Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week
Jan'24 3.670 3.724 3.656 3.719 .051 86,573
Sept 38.01 38.02 38.01 39.59 .01 819 highs and lows for different types of bonds
March 3.339 3.383 3.331 3.375 .029 76,343
April 3.056 3.095 3.047 3.085 .017 69,711 March'24 42.00 42.00 42.00 42.00 … 2,958 Total Total
Cotton (ICE-US)-50,000 lbs.; cents per lb. return YTD total Yield (%) return YTD total Yield (%)
Oct 84.94 85.25 83.85 85.28 .20 104 close return (%) Index Latest Low High close return (%) Index Latest Low High
Agriculture Futures
Dec 84.53 85.32 83.25 84.70 .11 136,420
Broad Market Bloomberg Fixed Income Indices Mortgage-Backed Bloomberg Fixed Income Indices
Corn (CBT)-5,000 bu.; cents per bu. Orange Juice (ICE-US)-15,000 lbs.; cents per lb.
Sept 486.25 490.00 480.25 480.75 –7.50 368,394 Sept 301.00 301.25 295.30 299.25 –3.25 7,753
1958.25 0.5 U.S. Aggregate 5.010 3.460 5.210 1933.72 -0.05 Mortgage-Backed 5.000 3.430 5.380
Dec 499.00 502.75 493.00 493.50 –7.00 595,118 Nov 288.65 288.75 282.00 285.05 –3.75 1,986
U.S. Corporate Indexes Bloomberg Fixed Income Indices 1909.49 0.3 Ginnie Mae (GNMA) 5.030 3.450 5.370
Oats (CBT)-5,000 bu.; cents per bu.
Sept 430.50 438.00 418.75 424.50 –9.75 1,043 Interest Rate Futures 2916.42 1.6 U.S. Corporate 5.680 4.330 6.130 1136.19 -0.1 Fannie mae (FNMA) 4.990 3.430 5.390
Dec 452.50 456.75 438.50 444.00 –9.25 3,085 Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100%
Soybeans (CBT)-5,000 bu.; cents per bu. 2843.03 2.1 Intermediate 5.610 4.110 6.050 1745.57 0.1 Freddie Mac (FHLMC) 5.100 3.430 5.370
Sept 128-240 128-270 125-210 126-040 –2-28.0 1,554,649
Aug 1431.00 1445.00 1424.75 1428.75 –1.00 1,603 Dec 130-000 130-000 127-130 127-270 –3-01.0 66 3817.65 0.6 Long term 5.800 4.720 6.370 564.21 1.4 Muni Master 3.531 2.449 3.936
560.03 0.8 Double-A-rated 5.080 3.700 5.320 403.16 1.3 7-12 year 3.155 2.343 3.794
776.51 2.1 Triple-B-rated 5.940 4.670 6.440 452.93 2.3 12-22 year 3.860 3.009 4.428
Cash Prices | wsj.com/market-data/commodities Thursday, August 3, 2023
3.1

.
High Yield Bonds ICE BofA 425.18 22-plus year 4.493 3.727 5.131
These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace—
5.9 High Yield Constrained 8.654 7.409 9.623 Global Government J.P. Morgan†

ly
separate from the futures price on an exchange, which reflects what the commodity might be worth in future 490.72
months. 468.23 11.4 Triple-C-rated 13.872 12.836 16.916 523.45 0.4 Global Government 3.330 2.040 3.330
Thursday Thursday Thursday -0.6
3299.19 6.0 High Yield 100 8.107 6.786 8.753 759.21 Canada 3.820 2.780 3.820
Iron Ore, 62% Fe CFR China-s n.a. Wheat,Spring14%-pro Mnpls-u 9.3850
Energy
Coal,C.Aplc.,12500Btu,1.2SO2-r,w
Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w
Metals
62.250
14.300
Shredded Scrap, US Midwest-s,m
Steel, HRC USA, FOB Midwest Mill-s
Battery/EV metals
BMI Lithium Carbonate, EXW China, =99.2%-v,w
BMI Lithium Hydroxide, EXW China, =56.5% -v,w
on n.a.
n.a.

38775
37450
Wheat,No.2 soft red,St.Louis-u
Wheat - Hard - KC (USDA) $ per bu-u
Wheat,No.1soft white,Portld,OR-u
Food
5.7550
8.0750
7.0500
427.39
325.42
5.3 Global High Yield Constrained 8.658 7.593 9.945
5.3 Europe High Yield Constrained 7.373 5.952 8.508
U.S Agency Bloomberg Fixed Income Indices
338.50
626.02
446.40
1.6
1.0
0.7
EMU§
France
Germany
3.347 1.608 3.490
3.220 1.430 3.310
2.640 0.800 2.760

Gold, per troy oz BMI Cobalt sulphate, EXW China, >20.5% -v,m 6090 Beef,carcass equiv. index 1715.11 1.5 U.S Agency 5.020 3.170 5.080 279.04 0.4 Japan 1.000 0.570 1.060
us ,

Engelhard industrial 1936.00 BMI Nickel Sulphate, EXW China, >22%-v,m 4638 choice 1-3,600-900 lbs.-u 284.45
select 1-3,600-900 lbs.-u 260.27 1519.44 1.5 10-20 years 5.020 3.140 5.100 482.56 0.6 Netherlands 2.910 1.110 3.000
620
l

Handy & Harman base 1935.65 BMIFlakeGraphite,FOBChina,-100Mesh,94-95%-v,m

Handy & Harman fabricated 2148.57 Broilers, National comp wtd. avg.-u,w 1.1436 3213.66 0.8 20-plus years 4.980 3.640 5.240 748.65 -4.3 U.K. 4.570 2.140 4.700
e
Fibers and Textiles
al a

LBMA Gold Price AM *1949.70 Butter,AA Chicago-d 2.6150

LBMA Gold Price PM *1944.20 Burlap,10-oz,40-inch NY yd-n,w 0.7225
Cheddar cheese,bbl,Chicago-d 182.50 2585.76 2.1 Yankee 5.450 4.040 5.840 796.25 3.6 Emerging Markets ** 7.786 7.084 9.159
Krugerrand,wholesale-e 2020.51
Cheddar cheese,blk,Chicago-d 196.00
Cotton,1 1/16 std lw-mdMphs-u 0.8228 *Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds
Milk,Nonfat dry,Chicago lb.-d 112.00
ci on

Maple Leaf-e 2068.85 Cotlook 'A' Index-t *97.25 Coffee,Brazilian,Comp-y 1.6600 ** EMBI Global Index Sources: ICE Data Services; Bloomberg Fixed Income Indices; J.P.Morgan
American Eagle-e 2068.85 Hides,hvy native steers piece fob-u n.a. Coffee,Colombian, NY-y 1.9866
Mexican peso-e 2494.41 Wool,64s,staple,Terr del-u,w n.a. Eggs,large white,Chicago-u 1.1150
Austria crown-e
Austria phil-e
1898.22
2030.18 Grains and Feeds Flour,hard winter KC-p 18.85 Global Government Bonds: Mapping Yields
Hams,17-20 lbs,Mid-US fob-u 0.97
Silver, troy oz. Barley,top-quality Mnpls-u n.a. Hogs,Iowa-So. Minnesota-u 102.65 Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in
Engelhard industrial 23.7000 Bran,wheat middlings, KC-u,w 145 Pork bellies,12-14 lb MidUS-u n.a. selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session
er s

Handy & Harman base 23.5490 Corn,No. 2 yellow,Cent IL-bp,u 5.1200 Pork loins,13-19 lb MidUS-u 1.2559
Handy & Harman fabricated 29.4360 Corn gluten feed,Midwest-u,w 159.2 Steers,Tex.-Okla. Choice-u n.a. Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points
LBMA spot price *£19.1000 Corn gluten meal,Midwest-u,w 533.2 Steers,feeder,Okla. City-u,w 269.63 Coupon (%) Maturity, in years Latest(l)-1 0 1 2 3 4 5 Previous Month ago Year ago Latest Prev Year ago
*24.4100
m er

(U.S.$ equivalent) Cottonseed meal-u,w 345 4.750 U.S. 2 4.894 s l 4.889 4.938 3.108
Coins,wholesale $1,000 face-a 20761 Hominy feed,Cent IL-u,w 160 Fats and Oils
3.375 10 4.188 s l 4.077 3.856 2.747
Other metals Meat-bonemeal,50% pro Mnpls-u,w 438 Degummed corn oil, crude wtd. avg.-u,w n.a.
LBMA Platinum Price PM *929.0 Oats,No.2 milling,Mnpls-u 4.3450 Grease,choice white,Chicago-h 0.6400 3.250 Australia 2 3.915 s l 3.912 4.172 2.606 -98.9 -98.4 -46.0
Platinum,Engelhard industrial 926.0 Rice, Long Grain Milled, No. 2 AR-u,w 37.25 Lard,Chicago-u n.a. 4.500 10 4.098 s l 4.023 3.973 3.084 -9.2 -6.4 37.9
Palladium,Engelhard industrial 1265.0 Sorghum,(Milo) No.2 Gulf-u n.a. Soybean oil,crude;Centl IL-u,w 0.7212
m rp

Aluminum, LME, $ per metric ton *2176.5 SoybeanMeal,Cent IL,rail,ton48%-u,w 467.40 Tallow,bleach;Chicago-h 0.6750 0.000 France 2 3.250 t l 3.266 3.458 0.267 -165.4 -163.0 -279.9
Copper,Comex spot 3.8760 Soybeans,No.1 yllw IL-bp,u 14.0200 Tallow,edible,Chicago-u n.a.
3.000 10 3.115 s l 3.082 2.974 1.434 -107.5 -100.6 -127.1
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; 3.100 Germany 2 3.012 s l 3.012 3.266 0.395 -189.2 -188.4 -267.1
K=bi-weekly; M=monthly; N=nominal; n.a.=not quoted or not available; P=Sosland Publishing; R=SNL Energy; S=Platts-TSI; T=Cotlook Limited; U=USDA; V=Benchmark
Mineral Intelligence; W=weekly; Y=International Coffee Organization; Z=not quoted. *Data as of 8/2 2.600 10 2.603 s l 2.535 2.440 0.878 -158.7 -155.3 -182.8
Source: Dow Jones Market Data
3.600 Italy 2 3.661 s l 3.634 3.964 1.320 -124.3 -126.2 -174.6
co Fo

4.350 10 4.243 s l 4.187 4.146 2.931 5.3 9.9 22.5

Exchange-Traded Portfolios | WSJ.com/ETFresearch 0.005 Japan 2 0.022 s l 0.017 -0.069 -0.088 -488.2 -487.8 -315.4
0.400 10 0.654 s l 0.628 0.406 0.190 -353.7 -346.0 -251.6
Closing Chg YTD
Largest 100 exchange-traded funds, latest session ETF Symbol Price (%) (%) 0.000 Spain 2 3.431 t l 3.439 3.578 0.656 -147.3 -145.6 -241.0
Thursday, August 3, 2023 Closing Chg YTD TechSelectSector XLK 173.52 –0.41 39.4 3.550 10 3.629 s l 3.568 3.441 1.993 -56.2 -52.0 -71.3
ETF Symbol Price (%) (%) UtilitiesSelSector XLU 64.74 –2.28 –8.2
Closing Chg YTD
VangdInfoTech VGT 441.19 –0.40 38.1 0.625 U.K. 2 4.964 t l 4.991 5.344 1.843 6.0 9.6 -122.3
ETF Symbol Price (%) (%) iSh1-3YTreaBd SHY 80.91 0.04 –0.3
CnsmrDiscSelSector XLY 169.09 0.24 30.9 iShRussMC IWR 74.43 –0.37 10.3
VangdSC Val VBR 171.82 –0.39 8.2 4.250 10 4.474 s l 4.406 4.442 1.914 28.3 31.8 -79.1
VangdExtMkt VXF 153.72 –0.29 15.7
CnsStapleSelSector XLP 75.40 –0.28 1.1 iShRuss1000 IWB 247.16 –0.31 17.4
VangdSC Grwth VBK 232.60 –0.27 16.0 Source: Tullett Prebon, Tradeweb ICE U.S. Treasury Close
DimenUSCoreEq2 DFAC 27.73 –0.29 14.2 iShRuss1000Grw IWF 277.56 –0.28 29.6
VangdDivApp VIG 164.43 –0.31 8.3
EnSelSectorSPDR XLE 86.80 1.01 –0.8 iShRuss1000Val IWD 160.94 –0.33 6.1
FinSelSectorSPDR XLF 35.05 0.06 2.5 iShRussell2000
iShS&P500Grw
IWM
IVW
194.56
71.22
–0.28 11.6
–0.10 21.7
VangdFTSEAWxUS
VangdFTSEDevMk
VEU
VEA
54.68
46.05
–0.07
–0.30
9.1
9.7
Corporate Debt
HealthCareSelSect XLV 132.87 –0.50 –2.2
IndSelSectorSPDR XLI 108.90 –0.63 10.9 iShS&P500Value IVE 163.63 –0.47 12.8
VangdFTSE EM VWO 41.73 0.43 7.1 Prices of firms' bonds reflect factors including investors' economic, sectoral and company-specific
61.48 –0.28 10.9
n-

VangdFTSE Europe VGK expectations

InvscQQQI QQQ 373.79 –0.16 40.4 iShSelectDiv DVY 116.16 –0.50 –3.7
VangdGrowth VUG 284.70 –0.23 33.6
InvscS&P500EW 152.02 –0.50 7.6 iSh7-10YTreaBd IEF 94.05 –0.74 –1.8
iShCoreDivGrowth
RSP
DGRO 52.53 –0.38 5.1 iShShortTreaBd SHV 110.05 0.04 0.1
VangdHlthCr VHT 244.09 –0.61 –1.6 Investment-grade spreads that tightened the most…
iShTIPSBondETF TIP 105.45 –0.62 –0.9 VangdHiDiv VYM 109.04 –0.26 0.8 Spread*, in basis points
iShCoreMSCIEAFE IEFA 67.30 –0.30 9.2
iSh20+YTreaBd TLT 94.85 –2.31 –4.7 VangdIntermBd BIV 73.82 –0.54 –0.7 Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week
iShCoreMSCIEM IEMG 50.57 0.38 8.3
iShUSTreasuryBd GOVT 22.43 –0.55 –1.3 VangdIntrCorpBd VCIT 77.61 –0.56 0.1
iShCoreMSCITotInt IXUS 62.92 –0.14 8.7
no

iShCoreS&P500 IVV 451.19 –0.29 17.4 JPMEquityPrem JEPI 55.30 –0.13 1.5 VangdIntermTrea VGIT 57.90 –0.40 –1.0 Wells Fargo WFC 6.600 6.05 Jan. 15, ’38 187 –40 186
50.03 0.02 –0.2 VangdLC VV 205.44 –0.31 17.9
iShCoreS&P MC IJH 267.69 –0.36 10.7 JPM UltShIncm JPST
VangdMC VO 223.74 –0.37 9.8 Morgan Stanley MS 6.375 5.71 July 24, ’42 122 –35 114
iShCoreS&P SC IJR 103.38 –0.38 9.2 ProShUltPrQQQ TQQQ 41.72 –0.71 141.2
iShCoreS&PTotUS ITOT 99.38 –0.28 17.2 SPDRBbg1-3MTB BIL 91.48 0.04 0.0 VangdMC Val VOE 141.61 –0.44 4.7
Bank of America BAC 5.875 5.44 Feb. 7, ’42 95 –16 118
iShCoreTotalUSDBd IUSB 44.52 –0.58 –0.9 SPDR DJIA Tr DIA 351.99 –0.21 6.2 VangdMBS VMBS 44.84 –0.73 –1.5
iShCoreUSAggBd AGG 95.89 –0.67 –1.1 SPDR Gold GLD 179.54 –0.03 5.8 VangdRealEst VNQ 83.71 –1.09 1.5 Corebridge Global Funding … 5.750 5.83 July 2, ’26 125 –15 126
iShEdgeMSCIMinUSA USMV 74.71 –0.37 3.6 SPDRPtfDevxUS SPDW 32.47 –0.34 9.4 VangdS&P500ETF VOO 412.40 –0.28 17.4
iShEdgeMSCIUSAQual QUAL 137.53 –0.19 20.7 SPDRS&P500Value SPYV 43.86 –0.45 12.8 VangdST Bond BSV 75.33 –0.08 0.1 ENEL Finance International ENELIM 6.800 5.76 Oct. 14, ’25 86 –9 88
52.76 –0.36 17.3 VangdSTCpBd VCSH 75.49 –0.05 0.4
iShGoldTr IAU 36.65 –0.05 6.0 SPDRPtfS&P500 SPLG
National Australia Bank NAB 4.900 5.19 June 13, ’28 88 –7 94
iShiBoxx$HYCpBd HYG 74.21 –0.32 0.8 SPDRS&P500Growth SPYG 61.66 –0.11 21.7 VangdShortTrea VGSH 57.58 0.03 –0.4
iShiBoxx$IGCpBd LQD 104.81 –0.90 –0.6 SPDR S&P 500 SPY 448.84 –0.29 17.4 VangdSC VB 204.44 –0.31 11.4 Lloyds Banking LLOYDS 4.650 6.20 March 24, ’26 161 –6 n.a.
iShJPMUSDEmBd EMB 85.11 –0.85 0.6 SchwabIntEquity SCHF 35.50 –0.34 10.2 VangdTaxExemptBd VTEB 49.49 –0.64 ...
iShMBS MBB 90.90 –0.78 –2.0 SchwabUS BrdMkt SCHB 52.50 –0.30 17.2 VangdTotalBd BND 71.11 –0.61 –1.0 Memorial Sloan–Kettering Cancer Center MSKCC 4.200 5.34 July 1, ’55 107 –6 119
iShMSCIACWI ACWI 96.84 –0.24 14.1 SchwabUS Div SCHD 74.46 –0.11 –1.4 VangdTotIntlBd BNDX 48.35 –0.27 1.9
iShMSCI EAFE EFA 71.96 –0.28 9.6 SchwabUS LC SCHX 53.14 –0.30 17.7 VangdTotIntlStk VXUS 56.38 –0.12 9.0 …And spreads that widened the most
iSh MSCI EM EEM 40.59 0.40 7.1 SchwabUS LC Grw SCHG 75.58 –0.29 36.0 VangdTotalStk VTI 223.85 –0.29 17.1
iShMSCIEAFEValue EFV 49.41 –0.24 7.7 SchwabUS SC SCHA 45.21 –0.29 11.6 VangdTotWrldStk VT 98.10 –0.21 13.8 John Deere Capital … 4.350 4.94 Sept. 15, ’32 76 25 n.a.
iShNatlMuniBd MUB 105.28 –0.53 –0.2 SPDR S&PMdCpTr MDY 489.69 –0.31 10.6 VangdValue VTV 145.38 –0.28 3.6
iSh1-5YIGCorpBd IGSB 50.04 –0.04 0.4 SPDR S&P Div SDY 125.13 –0.71 0.0 WisdTrFRTrea USFR 50.38 0.04 0.2 Societe Generale SOCGEN 7.367 7.74 Jan. 10, ’53 343 10 344
Telefonica Emisiones TELEFO 4.103 5.61 March 8, ’27 132 10 117
3.650 5.16 Aug. 18, ’25 27 9 n.a.
Borrowing Benchmarks | wsj.com/market-data/bonds/benchmarks Toyota Motor Credit TOYOTA

Sprint Capital … 6.875 5.78 Nov. 15, ’28 150 8 129

Money Rates August 3, 2023 EDP Finance EDPPL 1.710 5.49 Jan. 24, ’28 121 7 n.a.
Fifth Third Bancorp FITB 8.250 6.84 March 1, ’38 266 7 251
Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a
guide to general levels but don’t always represent actual transactions. Canadian Imperial Bank of Commerce CM 0.950 5.51 Oct. 23, ’25 62 6 n.a.

Inflation Week —52-WEEK— Week —52-WEEK— High-yield issues with the biggest price increases…
Latest ago High Low Latest ago High Low
June index Chg From (%) Bond Price as % of face value
Federal funds Secured Overnight Financing Rate Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week
level May '23 June '22
Effective rate 5.3400 5.3400 5.3400 2.3300 5.30 5.06 5.31 2.25 Dish DBS … 5.875 13.56 Nov. 15, ’24 91.260 1.14 90.625
U.S. consumer price index
High 5.6500 5.6500 5.6500 2.4500
All items 305.109 0.32 3.0
Value 52-Week Deutsche Bank DB 4.500 6.98 April 1, ’25 96.185 0.44 96.252
Low 5.3100 5.3100 5.3100 2.3000 Latest Traded High Low
Core 308.910 0.26 4.8 Bid 5.3200 5.3300 5.3300 2.3000 Bausch Health BHCCN 11.000 19.10 Sept. 30, ’28 74.125 0.38 73.938
DTCC GCF Repo Index
Offer 5.3300 5.3600 5.3700 2.3200 0.31
International rates Treasury 5.314 13.646 5.365 2.221 CSC Holdings CSCHLD 5.250 13.92 June 1, ’24 93.500 92.812
Treasury bill auction MBS 5.355 40.300 5.407 2.319
Week 52-Week OneMain Finance OMF 7.125 7.79 March 15, ’26 98.438 0.19 99.088
Latest ago High Low 4 weeks 5.275 5.275 5.840 2.110 Weekly survey
Intesa Sanpaolo ISPIM 5.710 7.34 Jan. 15, ’26 96.419 0.16 96.389
13 weeks 5.280 5.270 5.300 2.490
Latest Week ago Year ago
Prime rates 26 weeks 5.270 5.270 5.290 2.850 Teva Pharmaceutical Finance … 6.150 7.29 Feb. 1, ’36 90.770 0.15 90.710
U.S. 8.50 8.50 8.50 5.50 Freddie Mac
Secondary market R.R. Donnelley & Sons RRD 6.625 5.16 April 15, ’29 107.125 0.13 n.a.
Canada 7.20 7.20 7.20 4.70 30-year fixed 6.90 6.81 4.99
Japan 1.475 1.475 1.475 1.475 Fannie Mae 15-year fixed 6.25 6.11 4.26
…And with the biggest price decreases
30-year mortgage yields Notes on data:
Policy Rates
30 days 6.620 6.253 6.812 4.515 U.S. prime rate is the base rate on corporate Lumen Technologies LUMN 7.600 23.94 Sept. 15, ’39 33.500 –2.00 37.938
Euro zone 4.25 4.00 4.25 0.50 loans posted by at least 70% of the 10 largest
60 days 6.640 6.256 6.988 4.556 –1.12
Switzerland 2.25 2.25 2.25 0.25 U.S. banks, and is effective July 27, 2023. Other FirstEnergy FE 7.375 5.67 Nov. 15, ’31 111.091 113.127
5.25 5.00 5.25 1.75 prime rates aren’t directly comparable; lending
Britain Other short-term rates practices vary widely by location; Discount rate Ford Motor F 7.450 6.43 July 16, ’31 106.250 –0.95 107.000
Australia 4.10 4.10 4.10 1.85 is effective July 27, 2023. Secured Overnight
Week 52-Week Financing Rate is as of August 2, 2023. DTCC Occidental Petroleum OXY 6.450 6.23 Sept. 15, ’36 101.978 –0.93 104.501
Overnight repurchase Latest ago high low GCF Repo Index is Depository Trust & Clearing
Corp.'s weighted average for overnight trades in Navient NAVI 5.625 9.61 Aug. 1, ’33 74.777 –0.50 76.480
U.S. 5.26 5.32 5.35 2.25
Call money applicable CUSIPs. Value traded is in billions of
–0.50
U.S. dollars. Federal-funds rates are Tullett Macy's M 6.700 9.36 July 15, ’34 82.000 82.250
U.S. government rates 7.25 7.25 7.25 4.25 Prebon rates as of 5:30 p.m. ET.
Sources: Federal Reserve; Bureau of Labor *Estimated spread over 2-year, 3-year, 5-year, 10-year or 30-year hot-run Treasury; 100 basis points=one percentage pt.; change in spread shown is for Z-spread.
Discount Commercial paper (AA financial)
Statistics; DTCC; FactSet; Note: Data are for the most active issue of bonds with maturities of two years or more
5.50 5.50 5.50 2.50 90 days n.a. n.a. 5.54 2.64 Tullett Prebon Information, Ltd. Source: MarketAxess
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. * Friday, August 4, 2023 | B9

BIGGEST 1,000 STOCKS

Net Net Net Net Net Net Net
How to Read the Stock Tables Footnotes: Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg
The following explanations apply to NYSE, s-New 52-week high.
NYSE Arca, NYSE American and Nasdaq Stock t-New 52-week low. ElevanceHealth ELV 468.01 -3.71 HostHotels HST 16.81 -1.35 Marriott MAR 200.85 -2.66 t Pfizer PFE 35.00 -0.35 SumitomoMits SMFG 8.96 0.01 TorontoDomBk TD 64.36 -0.02 VulcanMatls VMC 226.19 3.11
Market listed securities. Prices are composite dd-Indicates loss in the most recent EmersonElec EMR 95.89 0.75 HoulihanLokey HLI 100.22 0.68 Marsh&McLen MMC 191.04 0.04 PhilipMorris PM 97.42 -0.52 SunComms SUI 129.68 0.11 TotalEnergies TTE 59.28 0.98
quotations that include primary market trades four quarters. Enbridge ENB 35.99 -0.21 HowmetAerospace HWM 48.18 0.17 MartinMarietta MLM 453.48 2.94 Phillips66 PSX 110.41 1.42 SunLifeFinancial SLF 51.17 -0.26 ToyotaMotor TM 168.57 -5.28 W X Y Z
as well as trades reported by Nasdaq BX FD-First day of trading. EncompassHealth EHC 70.58 1.26 Hubbell HUBB 306.58 -6.61 MarvellTech MRVL 62.35 0.24 PinnacleWest PNW 79.30 -3.27 SuncorEnergy SU 30.32 0.16 TractorSupply TSCO 227.14 1.14
WEC Energy WEC 88.26 -1.26
(formerly Boston), Chicago Stock Exchange, h-Does not meet continued listing Endeavor EDR 23.78 0.11 HubSpot HUBS 490.00-63.23 Masco MAS 59.32 -1.22 Pinterest PINS 27.16 -0.69 Sunoco SUN 44.94 -0.75 TradeDesk TTD 84.76 -1.88
WEX WEX 193.08 3.43
Cboe, NYSE National and Nasdaq ISE. standards EnergyTransfer ET 12.84 -0.30 Humana HUM 487.15 3.40 s MasTec MTZ120.96 -1.12 PioneerNatRscs PXD 229.98 2.04 SuperMicroComp SMCI 321.21 1.60 Tradeweb TW 82.10 1.21
t W.P.Carey WPC 66.83 0.18
The list comprises the 1,000 largest lf-Late filing t EnphaseEnergy ENPH 140.36 -0.33 s JBHunt JBHT 208.24 3.77 Mastercard MA 393.01 2.99 PlainsAllAmPipe PAA 14.72 0.25 Suzano SUZ 10.11 0.18 TraneTech TT 205.25 0.19
WPP WPP 53.52 -0.48
companies based on market capitalization. q-Temporary exemption from Nasdaq Entegris ENTG 102.74 -0.81 HuntingtonBcshs HBAN 12.21 0.15 MatchGroup MTCH 46.16 0.41 PlainsGP PAGP 15.39 0.20 Symbotic SYM 57.98 -1.00 TransDigm TDG 895.58 8.22
requirements. Wabtec WAB 116.54 -0.96
Underlined quotations are those stocks with Entergy ETR 98.28 -3.12 HuntingIngalls HII 226.26 -1.56 Mattel MAT 20.50 -0.75 PlugPower PLUG 11.72 0.06 SynchronyFinl SYF 34.30 0.16 TransUnion TRU 78.51 -0.99
t-NYSE bankruptcy Travelers TRV 169.40 -1.70
WalgreensBoots WBA 30.31 -0.36
large changes in volume compared with the EnterpriseProd EPD 26.66 0.09 HyattHotels H 111.99-10.35 McCormickVtg MKC.V 88.00 -0.25 Polaris PII 132.28 -1.22 Synopsys SNPS 440.12 -1.06
v-Trading halted on primary market. Walmart WMT 159.26 0.04
issue’s average trading volume. Equifax EFX 197.11 -4.59 ICICI Bank IBN 23.55 -0.47 McCormick MKC 88.17 -0.12 PolestarAuto PSNY 4.45 0.11 Sysco SYY 74.22 -1.41 Trex TREX 71.51 -3.92
vj-In bankruptcy or receivership or WarnerBrosA WBD 12.89 0.34
Equinix EQIX 759.42-46.21 ICL Group ICL 6.12 -0.26 McDonald's MCD 291.02 1.40 Pool POOL 378.40 -1.51 Trimble TRMB 55.51 1.75
Boldfaced quotations highlight those issues
whose price changed by 5% or more if their
being reorganized under the
Bankruptcy Code, or securities
Equinor EQNR 30.53 0.70 IdexxLab IDXX 507.77-11.41 s McKesson MCK 435.12 22.05 s Primerica PRI 216.80 1.86 T U V Trip.com TCOM 39.74 1.42
WarnerMusic WMG 31.50 0.58
WasteConnections WCN 140.69 -0.89
Equitable EQH 28.57 0.11 ING Groep ING 14.50 0.23 Medpace MEDP 258.04 2.75 PrincipalFinl PFG 79.36 0.92 TC Energy TRP 36.31 0.30 TruistFinl TFC 32.28 -0.03
previous closing price was $2 or higher. assumed by such companies. Twilio TWLO 61.84 0.86
WasteMgt WM 160.94 -2.48
EquityLife ELS 70.39 -0.15 Invesco IVZ 16.65 0.29 Medtronic MDT 84.49 -0.97 ProcoreTech PCOR 67.16 -5.23
TD Synnex SNX 98.76 -0.69 Waters WAT 291.41 -0.36
EquityResdntl EQR 65.44 -0.38 IQVIA IQV 216.29 -2.80 MercadoLibre MELI 1323.11158.30 Procter&Gamble PG 157.00 0.41 TylerTech TYL 382.61 -5.52
TE Connectivity TEL 139.92 -1.39 TysonFoods TSN Watsco WSO 362.22 2.72
Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and ErieIndemnity ERIE267.28 9.46 s ITT ITT 101.79 3.51 Merck MRK 105.73 0.03 Progressive PGR 128.85 3.49 t Telus 56.27 0.86
changes in the closing prices from 4 p.m. the previous day. TU 17.28 -0.03 UBS Group UBS 21.66 0.25 Wayfair s W 84.67 11.78
EssentialUtil WTRG 40.86 -0.82 IcahnEnterprises IEP 32.68 -0.61 MetaData AIU 1.01 -0.02 Prologis PLD 123.81 0.13 Ternium TX 41.35 0.47 UDR UDR 40.25 -0.22 WebsterFin WBS 45.99 0.32
EssexProp ESS 244.17 -0.45 Icon ICLR 251.05 -0.46 MetaPlatforms META 313.19 -1.12 PrudentialFinl PRU 96.79 1.48
TFI Intl TFII 132.41 1.30 U-Haul UHAL 58.83 0.41 WellsFargo WFC 45.15 0.40
Thursday, August 3, 2023 Net Net EsteeLauder EL 171.84 -0.66 IDEX IEX 222.06 2.65 MetLife MET 64.42 1.67 Prudential PUK 26.26 0.39 TIM TIMB 14.54 -0.39 U-Haul N UHAL/B 56.97 1.19 Welltower WELL 83.79 0.22
Net Stock Sym Close Chg Stock Sym Close Chg Etsy ETSY 82.92-13.15 IllinoisToolWks ITW 250.23 0.21 Mettler-Toledo MTD 1269.11-22.79 PublicServiceEnt PEG 61.19 -1.95
TJX TJX 86.02 0.41 US Foods USFD 41.91 -0.34 WescoIntl WCC 153.29-26.17
Stock Sym Close Chg Everest EG 362.30 2.75 Illumina ILMN 185.34 -4.22 MicrochipTech MCHP 89.52 -0.75 PublicStorage PSA 286.98 8.21
BRP DOOO 89.52 -0.98 CheniereEnerPtrs CQP 52.25 0.68 T-MobileUS TMUS 135.37 -0.41 UWM UWMC 6.43 -0.12 WestPharmSvcs WST 369.72 -0.86
Evergy EVRG 58.38 -1.33 ImperialOil IMO 52.30 0.01 MicronTech MU 69.18 1.01 PulteGroup PHM 81.45 -2.11
Baidu BIDU 149.93 3.24 ChesapeakeEner CHK 84.02 1.53 TPG TPG 29.30 0.21 Uber UBER 45.91 -1.05 WesternDigital WDC 43.26 0.84
A B C s BakerHughes BKR 35.65 0.09 Chevron CVX 159.67 -0.06
EversourceEner ES 68.12 -1.68 Incyte INCY 64.98 -0.70 Microsoft MSFT 326.66 -0.84 PureStorage PSTG 37.58 0.12
T.RowePrice TROW 117.02 -1.51 Ubiquiti UI 171.21 -4.51 WesternMidstrm WES 28.25 0.33
ExactSciences EXAS 87.82 2.69 Infosys INFY 16.51 -0.01 MidAmApt MAA 145.83 -0.87 Qiagen QGEN 46.63 -0.22 TaiwanSemi TSM 94.98 -0.72
AECOM ACM 86.82 -0.53 Ball BALL 59.07 1.99 ChewyA CHWY 32.77 0.35
Exelon EXC 40.50 -1.00 s IngersollRand IR 67.12 1.63 Middleby MIDD141.98 -1.96 Qorvo QRVO105.84 -0.27 TakeTwoSoftware TTWO 145.75 -1.47 UiPath PATH 16.30 -0.11 Westlake WLK132.53 -1.86
AES AES 20.65 -0.39 BancoBilbaoViz BBVA 7.55 0.05 Chipotle CMG 1922.92-13.94
Expedia EXPE 98.67-19.33 Ingredion INGR 110.87 -0.81 MitsubishiUFJ MUFG 7.85 0.06 Qualcomm QCOM 118.70-10.57 UltaBeauty ULTA 435.74 -2.50 WestRock WRK 34.55 2.01
BancoBradesco BBDO 3.05 -0.01 Chubb CB 202.90 -2.65 TakedaPharm TAK 15.16 0.04 Unilever UL 52.25 -0.25 Weyerhaeuser WY 33.11 -0.09
s Aflac AFL 77.05 0.81 ExpeditorsIntl EXPD 124.43 ... InspireMedical INSP 284.23 6.41 MizuhoFin MFG 3.32 -0.01 QuantaServices PWR 203.34 1.02
BancodeChile BCH 21.20 -0.33 ChunghwaTel CHT 36.52 -0.02 Tapestry TPR 43.00 0.97 WheatonPrecMet WPM 42.41 0.14
AGCO AGCO 128.36 -3.23 t ExtraSpaceSt EXR 139.45 2.60 Insulet PODD 265.28 -3.46 Mobileye MBLY 37.57 0.36 QuestDiag DGX 136.69 1.93 s TargaResources TRGP 81.81 0.64 UnionPacific UNP 229.89 -0.31 Whirlpool WHR 141.56 -3.98
AMC Ent AMC 4.91 0.11 BancSanBrasil BSBR 5.77 -0.12 Church&Dwight CHD 95.11 -1.67 Intel INTC 34.87 0.48 t Moderna UnitedAirlines UAL 52.16 -0.51
ExxonMobil XOM 107.12 1.83 MRNA 109.95 -0.27 Target TGT 132.73 -0.81 UnitedMicro UMC 7.17 -0.04 Williams WMB 34.44 0.76
Ansys ANSS 305.47-19.90 BcoSantChile BSAC 19.87 -0.22 ChurchillDowns CHDN 119.93 2.05
F5 FFIV 161.31 2.40 s InteractiveBrkrs IBKR 91.04 2.03 MolinaHealthcare MOH 302.18 -2.42 R S TechnipFMC FTI 18.25 0.25 UPS B
APA APA 41.66 2.65
BancoSantander SAN 3.88 0.08 Cigna CI 287.64-11.76
FMC FMC 90.99 -1.83 ICE ICE 112.07 -2.93 MolsonCoorsB TAP 65.12 -2.21 UPS 181.50 -1.85 Williams-Sonoma WSM 141.90 3.72
BanColombia CIB 28.77 0.17 CincinnatiFinl CINF 109.39 TeckResourcesB TECK 42.15 0.01 UnitedRentals URI 465.00 -3.16 WillisTowers WTW 213.79 0.63
ASE Tech ASX 7.62 0.01
...
FactSet FDS 431.04 -3.06 InterContinentl IHG 72.61 -0.69 MolsonCoorsA TAP.A 72.25 0.27 RB Global RBA 62.20 0.69
BankofAmerica BAC 31.41 0.22 Cintas CTAS 496.91 -2.65 IBM 144.45 0.28 monday.com MNDY 165.99 -0.11 RELX RELX 32.66 -0.18 TeledyneTech TDY 381.95 -0.62 US Bancorp USB 39.45 1.02 WillScotMobile WSC 43.54 -4.53
ASML ASML 681.01 -2.05 s FairIsaac FICO 855.18 32.99 IBM
BankMontreal BMO 88.91 -0.36 CiscoSystems CSCO 53.15 0.57 s RH RH 399.95 11.86 Teleflex TFX 239.47 -9.14 UnitedTherap UTHR 231.87 -8.98 Wipro WIT 4.81 -0.04
AT&T T 14.09 -0.26 Fastenal FAST 56.91 -0.96 IntlFlavors IFF 80.16 -2.18 Mondelez MDLZ 75.29 -0.06
BankNY Mellon BK 45.56 0.33 Citigroup C 46.21 -0.10
IntlPaper IP 36.62 0.03 MongoDB MDB 402.80 4.06 R1 RCM RCM 17.53 -0.69 Ericsson ERIC 4.91 -0.09 UnitedHealth UNH 504.86 0.06 Wolfspeed WOLF 58.99 -1.59
AbbottLabs ABT 107.54 -1.08 FederalRealty FRT 102.63 1.89 TelefonicaBras VIV 8.75 -0.19 UnitySoftware U
BankNovaScotia BNS 48.09 -0.41 CitizensFin CFG 31.48 0.43 RPM RPM 102.88 -0.74 41.12 -0.33 WoodsideEnergy WDS 24.83 0.42
AbbVie ABBV 149.05 -0.33 FedEx FDX 263.52 -1.93 Interpublic IPG 33.19 -0.60 MonolithicPower MPWR 532.68 2.25
Barclays BCS 7.65 0.16 CleanHarbors CLH 167.28 -0.52 Intuit INTU 496.98 -1.07 MonsterBev MNST 57.98 0.35 RTX RTX 84.67 -0.79 Telefonica TEF 3.80 -0.04 UniversalHealthB UHS 135.31 -1.28 Woodward WWD 125.32 -2.43
AcadiaHealthcare ACHC 77.11 -1.67 Ferguson FERG 158.70 -1.05
BarrickGold GOLD 16.31 -0.23 Cleveland-Cliffs CLF 16.66 -0.05 IntuitiveSurgical ISRG 311.28 -2.59 Moody's s RalphLauren RL 132.21 0.73 TelekmIndonesia TLK 24.21 0.20 s UnumGroup UNM 50.39 1.18 Workday WDAY 229.34 0.12
Accenture ACN 317.13 -0.65 Ferrari RACE 314.16 0.60 MCO 338.05 -5.62
Bath&BodyWks BBWI 37.15 0.16 Clorox CLX 166.13 13.66 InvitatHomes INVH 35.16 -0.28 MorganStanley MS 89.14 -0.18 RangeResources RRC 32.50 1.26 TempurSealy TPX 45.94 2.44 VF VFC 19.04 -0.01 WW Ent WWE 105.88 0.11
ActivisionBliz ATVI 91.68 0.05 FidNatlFinl FNF 38.83 -0.21 Tenaris TS 31.87 -1.09
BaxterIntl BAX 43.94 0.03 Cloudflare NET 65.04 0.93 WynnResorts WYNN 105.61 0.45
Adobe ADBE 523.76 -6.54 FidNatlInfo FIS 57.29 -2.22 IronMountain IRM 59.80 -1.84 Morningstar MORN 225.41 0.71 RaymondJames RJF 109.65 1.09 VICI Prop VICI 31.08 -0.25
BectonDicknsn BDX 268.70 -7.54 Coca-Cola KO 61.64 -0.32 RealtyIncome O 58.84 -1.53 TencentMusic TME 6.53 0.16 VailResorts MTN 230.71 -1.39 XP XP 26.50 0.07
AdvDrainageSys WMS 125.83 0.86 FifthThirdBncp FITB 28.48 0.11 ItauUnibanco ITUB 5.75 -0.17 Mosaic MOS 40.80 0.07
BeiGene BGNE 205.82 16.05 Coca-ColaEuro CCEP 64.02 -0.39 RegalRexnord RRX 160.66 -0.57 TenetHealthcare THC 74.35 0.25 Vale VALE 13.80 -0.10 XPO XPO 68.47 0.18
AdvMicroDevices AMD 113.15 3.80 s FirstCitizBcshA FCNCA 1492.43 71.11 MotorolaSol MSI 287.71 0.06
Aegon AEG 5.32 0.09 BentleySystems BSY 51.62 -0.17 Cognex CGNX 50.98 -0.04
FirstHorizon FHN 13.41 0.22 J K L NICE NICE 212.61 3.79
RegencyCtrs REG 65.98 0.29 Teradyne TER 107.56 -0.24 ValeroEnergy VLO 125.60 -0.71 XcelEnergy XEL 61.32 -1.56
AerCap AER 63.09 -0.25 Berkley WRB 62.34 -0.31 s CognizantTech CTSH 70.47 5.13 RegenPharm REGN 771.45 39.33 Tesla TSLA 259.32 5.21 VeevaSystems VEEV 194.55 -4.58 XPeng XPEV 19.54 0.71
FirstIndRlty FR 51.34 -0.05 JD 39.56 1.31 NIO NIO 15.46 0.89
AgilentTechs A 125.05 -2.66
s BerkHathwy B BRK.B 353.81 2.62 Coherent COHR 47.02 0.92 JD.com RegionsFinl RF 20.50 0.24 TetraTech TTEK 169.11 0.65 Ventas VTR 48.22 -0.26 Xylem XYL 108.40 -3.68
s BerkHathwy A BRK.A 5409997199.99 CoinbaseGlbl COIN 90.75 0.32
FirstSolar FSLR 196.24 1.96 JPMorganChase JPM 156.35 0.95 NNN REIT NNN 40.14 -0.62 ReinsGrp RGA 142.31 -0.22 TevaPharm TEVA 9.57 0.32 VeriSign VRSN 208.13 0.24 YPF YPF 14.00 -0.26
agilon health AGL 19.06 -0.27
BerryGlobal BERY 62.61 -0.32 ColgatePalm CL 76.58 -0.96
FirstEnergy FE 37.17 -1.45 Jabil JBL 108.85 0.65 NOV NOV 20.28 0.26
RelianceSteel RS 288.13 3.09 TexasInstruments TXN 171.80 -0.64 VeriskAnalytics VRSK 230.40 -2.02 Yum!Brands YUM 135.62 0.62
AgnicoEagleMines AEM 48.35 -0.27
BestBuy BBY 81.31 0.07 Comcast A CMCSA 45.17 0.08
Fiserv FI 125.18 0.62 JackHenry JKHY 171.16 1.31 NRG Energy NRG 37.66 0.29 RenaissanceRe RNR 196.09 3.94 TexasPacLand TPL 1611.23145.93 Verizon VZ 33.06 -0.26 YumChina YUMC 56.78 1.35
AirProducts APD 281.82-17.50 FiveBelow FIVE 198.80 -1.49 NVR NVR 6248.02-55.82
Bilibili BILI 18.42 1.52 SABESP SBS 10.94 -0.57 JacobsSolns J 127.45 -0.03 RentokilInit RTO 38.92 -0.29 TexasRoadhouse TXRH 110.93 -1.01 VertexPharm VRTX 347.74-10.66 ZTO Express ZTO 27.03 0.41
Airbnb ABNB 140.88 -3.68 FleetCorTech FLT 247.00 2.14 JamesHardie JHX 26.89 -0.33 NXP Semi NXPI 215.95 -0.45 Repligen
Bio-Techne TECH 81.01 -1.01 ConagraBrands CAG 32.51 -0.33 RGEN 168.99 -1.49 Textron TXT 77.75 0.94 Vertiv VRT 34.50 0.21 ZebraTech ZBRA249.55 8.40
AkamaiTech AKAM 92.74 0.32 Flex FLEX 26.71 -0.25 JazzPharm JAZZ 129.55 -0.64 Nasdaq NDAQ 49.38 -0.29
Albemarle ALB 199.35 -3.54 Bio-RadLab A BIO 401.80 -1.95 Confluent CFLT 36.06 5.04 RepublicSvcs RSG 149.12 -3.45 ThermoFisher TMO 548.38 -5.38 Viatris VTRS 10.45 0.02 Zillow C Z 55.00 0.77
Floor&Decor FND 111.05 -0.48 JefferiesFinl JEF 35.68 -0.21 NationalGrid NGG 62.69 -1.46
Biogen BIIB 267.75 -3.81 ConocoPhillips COP 114.99 -0.60 ResMed RMD 219.95 -2.20 ThomsonReuters TRI 131.08 -5.84 Vipshop VIPS 17.75 0.06 Zillow A ZG 53.55 0.52
Albertsons ACI 21.95 0.24
BioMarinPharm BMRN 87.74 -0.65 ConEd ED 90.33 -3.00 FomentoEconMex FMX 109.80 -0.07 J&J JNJ 170.64 0.73 s NatlInstruments NATI 58.98 -0.07 RestaurantBrands QSR 72.82 -1.35 3M MMM 107.19 -1.72 Visa V 238.76 1.20 ZimmerBiomet ZBH 125.79 -2.59
Alcon ALC 82.01 -0.09
BioNTech BNTX 106.65 1.67 ConstBrands A STZ 268.73 -0.80
FordMotor F 13.10 0.06 JohnsonControls JCI 62.04 -1.51 NatWest NWG 6.06 0.10
Revvity RVTY 123.17 -1.95 Toast TOST 20.67 0.28 Vistra VST 27.94 -0.05 Zoetis ZTS 180.88 -1.12
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Fortinet FTNT 75.76 1.44 JonesLang JLL 164.32 -1.19 NetApp NTAP 79.32 0.86
RexfordIndlRealty REXR 53.67 -0.05 Toll Bros TOL 77.70 -2.13 VMware VMW 158.45 0.57 ZoomVideo ZM 69.89 ...
Alibaba BABA 97.58 2.51
BlackRock BLK 710.17 -7.27 Cooper COO 389.82 1.96 Fortis FTS 39.80 -1.73 JuniperNetworks JNPR 28.28 -0.01 NetEase NTES 108.87 2.06
RioTinto RIO 64.06 0.24 s TopBuild BLD 285.05 11.34 Vodafone VOD 9.26 -0.17 t ZoomInfoTech ZI 18.65 0.25
AlignTech ALGN 366.24 -1.16 Fortive FTV 78.16 -0.12 Netflix NFLX 431.00 1.30
Blackstone BX 102.61 -0.28 Copart CPRT 89.31 0.88 KB Financial KB 39.52 -0.59 Rivian RIVN 26.50 0.59 Toro TTC 101.40 -2.43 VoyaFinancial VOYA 73.39 0.44 Zscaler ZS 150.77 0.23
Allegion ALLE 111.59 -2.89
Block SQ 73.55 -0.94 Core&Main CNM 31.94 0.22 FortuneBrands FBIN 69.81 -1.25 KBR KBR 61.22 -0.46 Neurocrine NBIX 103.29 -0.85 RobertHalf RHI 75.72 1.42
AllegroMicro ALGM 43.13 -0.09
BlueOwlCapital OWL 12.31 -0.02 CorebridgeFin CRBG 19.48 0.51
FoxA FOXA 32.96 -0.37 KKR KKR 59.24 0.33 NewOrientalEduc EDU 56.53 2.38 Robinhood HOOD 11.54 -0.90
AlliantEnergy LNT 51.76 -1.52
Boeing BA 231.36 -0.02 Corning GLW 33.57 -0.24 FoxB FOX 30.99 -0.27 KLA KLAC 502.33 2.76 NY CmntyBcp NYCB 13.60 0.15 Roblox RBLX 36.68 -0.95
Allstate ALL 111.36 4.85 Franco-Nevada FNV 138.65 0.30 KarunaTherap KRTX 186.79-10.91 Newmont NEM 40.44 -0.22 RocketCos. RKT 10.12 -0.18
AllyFinancial ALLY 28.63 -0.52
AlnylamPharm ALNY 190.10 3.09
Booking BKNG 2839.91-45.01 Corteva
s BoozAllen BAH 124.54 0.83 Cosan
CTVA 55.69 -0.21
CSAN 16.33 -0.18 FranklinRscs BEN 28.38 0.03 Kellogg K 66.25 -0.39 NewsCorp B NWS 20.14 0.10 Rockwell ROK 302.05 -2.23
Dividend Changes
BorgWarner BWA 41.40 -1.58 CoStar CSGP 80.92 -1.26 FreeportMcM FCX 43.05 0.48 Kenvue KVUE 23.99 0.09 NewsCorp A NWSA 19.71 0.05 RogersComm B RCI 41.94 -0.38
Alphabet A GOOGL 128.45 0.07
BostonProps BXP 67.10 0.06 Costco COST 557.69 5.34 FreseniusMed FMS 25.75 0.50 KeurigDrPepper KDP 33.93 -0.53 NextEraEnergy NEE 70.10 -1.81 RoivantSciences ROIV 11.50 -0.31 Amount Payable /
Alphabet C GOOG 128.77 0.13
BostonSci BSX 50.88 0.26 CoterraEnergy CTRA 27.70 0.67
FullTruck YMM 7.23 0.34 KeyCorp KEY 12.04 0.14 Nike NKE 108.64 1.13
Roku ROKU 88.47 -2.78 Company Symbol Yld % New/Old Frq Record
Altria MO 44.30 -0.27
BristolMyers BMY 61.23 -0.52 Coty COTY 12.08 -0.04 Futu FUTU 58.54 3.10 KeysightTech KEYS 158.57 -1.29 NiSource NI 26.95 -0.76
Rollins ROL 40.69 -0.61
Amazon.com AMZN 128.91 0.70
BritishAmTob BTI 32.82 -0.16 Coupang CPNG 17.88 0.25 KimberlyClark KMB 128.66 -0.81 s Noble NE 52.68 0.98
RoperTech ROP 490.97 -0.19 Increased
Ambev ABEV 2.95 -0.14
Broadcom AVGO 884.98 -7.32 Credicorp BAP 153.38 -0.83
G H I KimcoRealty KIM 20.08 -0.12 Nokia NOK 3.89 -0.05
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Amcor AMCR 9.77 -0.08
BroadridgeFinl BR 165.90 -0.79 CrowdStrike CRWD 157.55 2.82 GE HealthCare GEHC 76.02 -0.57 KinderMorgan KMI 17.46 0.10 Nomura NMR 3.78 -0.02
RoyalBkCanada RY 95.60 -0.66 Chesapeake Energy
Amdocs DOX 88.93 -3.84
KinsaleCapital KNSL 376.77 2.33 Nordson NDSN 248.72 0.90 CHK 2.6 .575 /.55 Q Sep06 /Aug17
BrookfieldAsset BAM 32.33 0.05 CrownCastle CCI 104.93 -2.07 GFLEnvironmental GFL 33.07 -0.46 RoyalCaribbean RCL 104.72 -0.48

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AmericaMovil AMX 19.62 -0.23
BrookfieldInfr BIP 31.86 -1.60 CubeSmart CUBE 43.04 0.33 GXO Logistics GXO 63.54 -1.13 Philips PHG 20.56 0.25 NorthernTrust NTRS 80.81 0.68 RoyaltyPharma RPRX 30.59 -0.06 Federal Realty Invt Tr FRT 4.2 1.09 /1.08 Q Oct16 /Sep22
AmerAirlines AAL 15.98 0.03
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AEP AEP 81.99 -2.51 NorwegCruise NCLH 18.28 -0.36
Brown&Brown BRO 70.62 -0.10 Cummins CMI 242.64-19.58 Gaming&Leisure GLPI 47.67 -0.07 KraftHeinz KHC 35.57 -0.75 Ryanair RYAAY 100.10 1.00 Littelfuse LFUS 1.0 .65 /.60 Q Sep07 /Aug24
AmerExpress AXP 166.41 -0.34
Brown-Forman A BF.A 71.62 -0.13 s Curtiss-Wright CW 198.51 9.02 s Garmin Kroger KR 49.40 0.38 Novartis NVS 102.04 -0.71
SAP SAP 132.20 -1.01 Main Street Capital 6.6 .235 /.23 M Oct13 /Oct06
t AmericanFin AFG 112.75-10.00 GRMN 106.32 -1.41 MAIN
LKQ 54.83 -0.05 NovoNordisk NVO 157.53 -0.81 S&P Global SPGI 383.72-10.53
AmHomes4Rent AMH 36.69 -0.63
AIG AIG 61.14 -0.13
AmerTowerREIT AMT 185.75 -4.87
AmerWaterWorks AWK 142.13 -3.54
AmericoldRealty COLD 31.94 -0.73
Ameriprise AMP 352.49 4.73
Brown-Forman B BF.B 70.38 -0.21
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DHR 257.46 -0.41 GeneralDynamics GD 225.63 -0.62
DRI 162.93 -1.20 GeneralElec GE 112.36 0.39
CACI 354.82 0.07 DarlingIngred DAR 68.60 -0.41 GeneralMills GIS 74.52 -0.93
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L3HarrisTech LHX 185.18 -0.74 Nucor
LabCorp.ofAmerica LH 215.26 0.32 Nutanix
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NUE 171.78 2.19
NTNX 29.19 0.08
NTR 64.55 -2.83
LamarAdv LAMR 91.70 -4.71 nVentElectric NVT 55.13 -1.02 Saia
SK Telecom SKM 19.66 -0.17
SS&C Tech SSNC 56.64 -0.03
SAIA 425.70 0.57
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SEI Investments SEIC 62.01 -0.08
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Salesforce CRM 215.56 -4.94 Reduced
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CF Industries CF 81.23 0.58 DeckersOutdoor DECK 555.34 14.42 s Gentex
GMAB 39.28 -0.30
LasVegasSands LVS 58.07 0.02 O P Q Samsara
Sanofi SNY 50.95 -0.54
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CGI A GIB 99.00 -0.45 Deere LatticeSemi LSCC 90.99 -0.17 OGE Energy OGE 35.26 -0.92 SareptaTherap SRPT 107.35 2.16 Initial
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CME Group CME 202.84 3.17 DeltaAir LegendBiotech LEGN 74.50 -0.49 ON Semi ON 102.70 -0.87 Schlumberger SLB 57.98 0.51 Ramaco Resources Cl B
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CMS Energy CMS 58.35 -1.44 DentsplySirona XRAY 39.28 -1.39 GitLab GTLB 47.05 1.08 Leidos LDOS 98.40 -0.15 OReillyAuto ORLY 930.78 12.32 SchwabC SCHW 65.87 0.53 SandRidge Energy
AngloGoldAsh AU 19.08 -0.45 SD 2.4 .10 Aug28 /Aug14
CNA Fin CNA 43.10 2.84 DeutscheBank DB 10.96 0.23 Global-EOnline GLBE 41.42 -0.56 Lennar B LEN.B 111.50 -2.33 OccidentalPetrol OXY 62.21 0.74 Sea SE 61.76 0.04
AB InBev BUD 56.98 0.75
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CNH Indl CNHI 14.05 -0.36 DevonEnergy DVN 50.83 1.09 GlobalPayments GPN 121.65 -0.31 Lennar A LEN 122.64 -2.55 Okta OKTA 72.94 0.60 Seagate STX 68.28 3.27 Foreign
AnnalyCap NLY 19.44 -0.42
CRH CRH 59.11 0.42 DexCom LennoxIntl LII 373.61 0.86 OldDomFreight ODFL 413.04 4.46 Seagen SGEN 193.50 0.52 Assured Guaranty
AnteroResources AR 27.56 1.35 DXCM 122.07 -1.74 GlobalFoundries GFS 59.66 -0.69 s LiAuto LI 46.54 2.14 s OldRepublic ORI 28.18 0.42 Sempra AGO 1.8 .28 Q Aug30 /Aug16
Aon AON 317.32 -6.07 CSX CSX 32.91 -0.05 Diageo DEO 170.82 -2.19 Globant GLOB 172.86 1.63 SRE 143.31 -3.56
s APi Group APG 28.46 -0.43 CVS Health CVS 74.32 -2.09 DiamondbkEner FANG 148.41 1.62 GlobeLife GL 114.00 0.57 LibertyBroadbandC LBRDK 92.26 1.02 Olin OLN 58.88 0.70 ServiceCorp SCI 64.67 1.00 Atlantica Sustain Infr AY 7.8 .445 Q Sep15 /Aug31
LibertyBroadbandA LBRDA 92.56 1.01 OmegaHealthcare OHI 31.33 -0.48 ServiceNow NOW 560.40 -2.77 AudioCodes AUDC 3.2 .18 SA Aug31 /Aug17
s ApolloGlbMgmt APO 85.93 4.60 CadenceDesign CDNS 228.59 -0.15 Dick's DKS 145.21 6.07 GoDaddy GDDY 75.72 0.19
CAE CAE 22.42 0.06 DigitalRealty DLR 120.85 -2.51 GoldFields GFI 13.22 -0.12 LibertyGlobal A LBTYA 18.36 0.04 Omnicom OMC 81.92 -0.75 Shell SHEL 60.59 0.67 Dynagas LNG 8.75% Pfd. B DLNGpB 8.8 .54688 Q Aug22 /Aug15
Apple AAPL 191.17 -1.41
LibertyGlobal B LBTYB 18.85 0.37 OnHolding ONON 35.48 0.65 SherwinWilliams SHW 273.23 -4.45
ApplMaterials AMAT 147.81 0.48 CaesarsEnt CZR 55.00 -0.29 DiscoverFinSvcs DFS 102.59 -0.56 GoldmanSachs GS 353.16 2.06 Fortis FTS 4.2 .4254 Q Sep01 /Aug21
CamdenProperty CPT 106.49 -0.70 Disney LibertyGlobal C LBTYK 19.54 0.07 OpenText OTEX 40.48 -0.37 ShinhanFin SHG 26.99 -0.28
Applovin APP 30.59 -0.57 DIS 85.49 -0.81 Grab GRAB 3.67 0.01 Fresh Del Monte Produce FDP 2.5 .20 Q Sep08 /Aug16
LibertyFormOne C FWONK 74.10 1.94 Oracle
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Aptargroup ATR 120.81 -1.43 Cameco CCJ 33.72 0.50 DocuSign DOCU 52.25 0.91 Graco GGG 78.44 -0.08 ORCL 114.55 -1.16 ShockwaveMed SWAV 250.78 -1.45
LibertyFormOne A FWONA 65.68 1.77 Orange Haleon ADR HLN 1.3 .04599 Oct05 /Aug25
Aptiv APTV 109.58 3.30 CampbellSoup CPB 45.63 -0.58 DolbyLab DLB 87.84 -0.03 Grainger GWW 722.88 1.13 ORAN 11.03 -0.08 Shopify SHOP 59.04 -3.39
92.60 -0.62 SimonProperty SPG 118.37 -5.69 Janus Henderson Group 5.8 .39 Aug30 /Aug14
LibertySirius B LSXMB 33.10 0.40 Orix JHG Q
Aramark ARMK 38.07 -0.23 CIBC CM 42.32 -0.24 DollarGeneral DG 168.84 0.96 GraphicPkg GPK 22.92 -0.39 IX
ArcelorMittal MT 27.56 -0.26 CanNtlRlwy CNI 117.23 0.43 DollarTree DLTR 150.57 -0.79 Grifols GRFS 10.32 0.22 LibertySirius C LSXMK 32.83 0.34 OtisWorldwide OTIS 89.62 0.23 SiriusXM SIRI 4.98 0.02 Natural Health Trends NHTC 13.8 .20 Q Aug25 /Aug15
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ArchCapital ACGL 77.39 0.03 50.74 -1.60 GpoAeroportuar PAC 178.62 -1.71
CdnPacKC CP 80.90 0.81 Domino's EliLilly LLY 449.16 -5.32 OwensCorning OC 140.24 -1.67 SkechersUSA SKX 54.48 0.29 Perrigo PRGO 3.0 .273 Q Sep19 /Sep01
ADM ADM 84.97 0.18 DPZ 401.36 3.06 GpoAeroportSur ASR 269.56 -2.78
CapitalOne COF 112.92 -0.33 Donaldson DCI 62.26 -0.84 HCA Healthcare HCA 270.75 1.36 LincolnElectric LECO 194.87 -2.86 PDD PDD 88.81 4.80 Skyworks SWKS 109.08 -1.67 RELX ADR
AresMgmt ARES 99.80 -0.65
Linde LIN 380.75 -3.03 PG&E
RELX 2.2 .21954 SA Sep12 /Aug04
argenx ARGX 493.74 -6.43 CardinalHealth CAH 93.77 0.68 DoorDash DASH 85.46 -0.52 HDFC Bank HDB 66.28 -0.40 PCG 17.31 -0.26 SmithAO AOS 72.30 -0.29 RenaissanceRe Hldgs RNR 0.8 .38 Q Sep29 /Sep15
Carlisle CSL 278.41 0.10 Dover LithiaMotors LAD 302.15 -1.60 PNC Finl PNC 133.02 -1.10 Smith&Nephew SNN 28.48 -0.82
AristaNetworks ANET 177.76 0.48 DOV 142.71 -0.26 HF Sinclair DINO 53.04 1.42 Sapiens International SPNS 1.6 .26 SA Aug30 /Aug16
Carlyle CG 31.66 -1.25 Dow LiveNationEnt LYV 86.25 0.28 POSCO PKX 113.14 0.84 Smucker SJM 150.05 -1.70
ArrowElec ARW 127.72-13.61 DOW 54.90 0.20 HP HPQ 32.70 0.20
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CarMax KMX 82.59 -0.65 DrReddy'sLab RDY 68.91 -0.44 HSBC HSBC 40.99 0.33
LloydsBanking LYG 2.20 0.03 PPG Ind PPG 140.28 -1.49 Snap SNAP 10.79 -0.18 Scorpio Tankers STNG 2.0 .25 Q Sep15 /Aug15
AspenTech AZPN 196.71 -1.51
Carnival CCL 17.56 -0.16 DraftKings DKNG 29.99 -0.25 H World LockheedMartin LMT 447.92 -0.64 PPL PPL 26.63 -0.70 Snap-On SNA 273.52 -0.10 Seanergy Maritime Hldgs SHIP 1.9 .025 Q Oct06 /Sep22
Assurant AIZ 141.69 -1.07 HTHT 46.13 1.99
Carnival CUK 15.90 -0.14 Dropbox Loews L 63.32 0.45 PTC PTC 143.44 -0.31 Snowflake SNOW 161.05 -3.55 SSR Mining SSRM 2.0 .07 Q Sep11 /Aug14
AstraZeneca AZN 69.67 -0.80 DBX 25.95 0.08 Haleon HLN 8.37 0.05
CarrierGlobal CARR 58.10 -0.88 DukeEnergy DUK 90.37 -2.16 Halliburton HAL 39.69 0.66 LogitechIntl LOGI 68.16 -0.63 Paccar PCAR 84.89 -1.18 SOQUIMICH SQM 70.31 -0.20 Thomson Reuters
AtlantaBravesC BATRK 39.63 -0.12
Lowe's LOW 226.72 -2.77 s PackagingCpAm PKG 155.22 0.58
TRI 1.5 .49 Q Sep15 /Aug17
AtlantaBravesA BATRA 46.54 -0.15 Carvana CVNA 51.79 -0.06 DuPont DD 77.13 0.75 HartfordFinl HIG 72.60 0.41 SoFiTech SOFI 10.05 -0.03 Triton Intl Pfd. A TRTNpA 8.5 .53125 Q Sep15 /Sep08
CaseysGenStores CASY 244.93 -1.73 Dynatrace DT 47.74 -0.11 Hasbro Lucid LCID 6.89 ... PalantirTech PLTR 18.71 -0.26 t
Atlassian TEAM 169.65 -0.05 HAS 65.09 0.72 SolarEdgeTech SEDG189.79 -5.72
lululemon LULU 384.00 7.35 PaloAltoNtwks PANW 237.45 1.28 Triton Intl Pfd. B TRTNpB 8.3 .50 Q Sep15 /Sep08
AtmosEnergy ATO 118.34 -3.14 Catalent CTLT 46.07 -0.47 elfBeauty ELF 132.06 -1.13 HealthcareRealty HR 19.69 0.20 Sony SONY 90.03 -1.04
SO 68.62 -2.35 Triton Intl Pfd. C 8.0 .46094 Sep15 /Sep08
Caterpillar CAT 281.45 -6.12 EMCOR LyondellBasell LYB 96.43 0.11 ParamountB PARA 15.09 -0.46 TRTNpC Q
Autodesk ADSK 202.62 -4.16 EME 215.24 -0.94 HealthpeakProp PEAK 21.52 -0.09 Southern
ParamountA PARAA 18.38 -0.47 SoCopper SCCO 83.77 1.67 Triton Intl Pfd. D TRTNpD 7.5 .42969 Q Sep15 /Sep08
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ADP 248.00 0.64
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HEI 174.91 0.60
HEI.A 140.86 0.86
M N s ParkerHannifin PH 418.18 12.31 SouthwestAir LUV 32.26 -1.11 Triton Intl Pfd. E TRTNpE 7.8 .35938 Q Sep15 /Sep08
AutoNation AN 159.08 0.54 Cemex CX 7.50 -0.06 EPAM Systems EPAM 245.02 8.12 HenrySchein HSIC 78.31 -1.40 M&T Bank MTB 139.82 1.39 Paychex PAYX 124.67 0.28 SouthwesternEner SWN 6.49 0.19 Waste Connections WCN 0.7 .255 Q Aug30 /Aug16
AutoZone AZO 2476.95 43.06 CenovusEnergy CVE 19.04 0.45 EQT EQT 41.73 0.87 Hershey HSY 231.03 -2.16 MGM Resorts MGM 45.76 -3.50 PaycomSoftware PAYC296.95 -2.67 Splunk SPLK 104.42 0.62
Avalonbay AVB 184.39 -1.73 Centene CNC 66.06 -1.29 EastWestBncp EWBC 60.75 0.84 Hess HES 151.94 2.48 MPLX MPLX 34.55 -0.02 Paylocity PCTY 212.70 -0.20 Spotify SPOT 145.42 -1.09 Special
t Avangrid AGR 35.26 -1.10 CenterPointEner CNP 29.35 -0.39 EastGroup EGP 173.79 0.15 HessMidstream HESM 30.81 0.41 MSA Safety MSA 178.54 -3.66 PayPal PYPL 64.18 -9.02 StanleyBlackDck SWK 99.14 -2.11 Civitas Resources CIVI 2.8 1.24 Sep29 /Sep15
Avantor AVTR 20.60 -0.42 CentraisElBras EBR 7.42 -0.50 EastmanChem EMN 83.37 -1.29 HewlettPackard HPE 17.32 0.08 MSCI MSCI 543.78 -1.47 Pearson PSO 10.50 -0.05 Stantec STN 66.16 -0.14 Devon Energy DVN 6.8 .29 Sep29 /Sep15
AveryDennison AVY 185.16 0.01 CeridianHCM CDAY 71.54 4.54 Eaton ETN 217.10 -1.77 Hilton HLT 150.66 -2.58 MagellanMid MMP 65.46 0.40 PembinaPipeline PBA 30.51 -0.13 Starbucks SBUX 102.33 0.20
s ChampionX CHX 35.64 -0.01 eBay
Ethan Allen ETD 4.0 .50 Aug31 /Aug15
AvisBudget CAR 222.67 -0.49 EBAY 43.61 -0.15 Hologic HOLX 76.18 0.51 MagnaIntl MGA 63.06 0.16 PenskeAuto PAG 172.74 -0.53 StateStreet STT 73.00 0.29
AxonEnterprise AXON 177.10 -0.92 CharlesRiverLabs CRL 201.54 -4.47 Ecolab ECL 181.49 -3.42 HomeDepot HD 329.85 1.35 ManhattanAssoc MANH 187.86 -0.20 Pentair PNR 69.35 0.34 SteelDynamics STLD 105.44 0.08 Main Street Capital MAIN 6.6 .275 Sep27 /Sep20
BCE BCE 41.58 -0.50 ChartIndustries GTLS 170.13 -0.93 Ecopetrol EC 11.25 0.07 HondaMotor HMC 30.79 -0.68 ManulifeFinl MFC 19.22 -0.06 Penumbra PEN 255.28-14.18 Stellantis STLA 19.57 -0.10 Pioneer Natural Rscs PXD 7.2 .59 Sep21 /Sep06
BHP Group BHP 59.83 0.15 CharterComms CHTR 422.78 3.71 EdisonIntl EIX 70.34 -1.20 Honeywell HON 190.51 -2.39 MarathonOil MRO 25.78 0.07 PepsiCo PEP 187.12 -1.19 Steris STE 225.50 -2.30 Sources: FactSet; Dow Jones Market Data
BILL BILL 115.31 -2.15 CheckPoint CHKP 131.96 1.13 EdwardsLife EW 80.00 -0.38 HorizonTherap HZNP 98.98 -0.03 MarathonPetrol MPC 136.22 0.35 PerformanceFood PFGC 59.63 -0.27 Stevanato STVN 32.35 0.18
BJ'sWholesale BJ 67.88 1.11 Chemed CHE 515.88 -7.19 ElbitSystems ESLT 211.01 -0.97 HormelFoods HRL 40.82 -0.57 s Markel MKL 1474.64 29.31 PetroleoBrasil PBR 14.03 -0.02 STMicroelec STM 51.24 -0.80 KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and
BP BP 36.46 0.43 CheniereEnergy LNG 164.83 5.69 ElectronicArts EA 123.83 -2.48 DR Horton DHI 123.15 -2.59 MarketAxess MKTX 248.69-12.61 PetroleoBrasilA PBR.A 12.68 -0.01 Stryker SYK 275.62 1.05 ratio; SO: spin-off.

New Highs and Lows Stock

52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg
n-

MGIC Investment MTG 17.88 4.4 SiriusPoint SPNT 10.21 7.7 Aptorum APM 1.85 -0.5 DZS DZSI 3.24 -8.6 Moderna MRNA 108.26 -0.2 Shutterstock SSTK 41.76 0.5
The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE American MiraPharm MIRA 7.98 6.0 SolarWinds SWI 11.90 16.6 AquaBountyTech AQB 0.31 -3.0 DaqoNewEnergy DQ 33.40 -4.7 ModivCare MODV 34.48 3.4 Silicom SILC 26.85 0.6
and Nasdaq Stock Market stocks that hit a new 52-week intraday high or low in the latest MakeMyTrip MMYT 34.92 5.5 Starrett A SCX 13.10 6.1 Aravive ARAV 0.28 -77.3 Datasea DTSS 0.61 -12.0 NGM Biopharm NGM 2.09 5.1 Sinclair SBGI 11.90 -3.8
session. % CHG-Daily percentage change from the previous trading session. Markel MKL 1474.67 2.0 StealthGas GASS 5.10 1.6 AscentSolar ASTI 0.07 -0.4 Deswell DSWL 2.48 -3.1 NavideaBiopharm NAVB 0.07 -4.7 60DegreesPharmWt SXTPW 0.35 -2.8
MasTec MTZ 123.33 -0.9 Strats Allst GJT GJT 22.35 0.1 AshfordHospPfdG AHTpG 12.80 -8.3 DigitalBrands DBGI 0.47 -9.3 NearIntelligence NIR 1.07 -13.0 SolarEdgeTech SEDG 188.89 -2.9
Thursday, August 3, 2023 MauiLand MLP 15.48 1.4 SummitMaterials SUM 38.14 2.2 AshfordHospPfdH AHTpH 13.05 -3.1 Eargo EAR 3.84 -6.3 Neonode NEON 2.00 -41.0 Soligenix SNGX 0.59 -2.3
no

McKesson MCK 435.50 5.3 TargaResources TRGP 83.30 0.8 AshfordHospPfdI AHTpI 12.90 -2.2 EnphaseEnergy ENPH 139.28 -0.2 NerdWallet NRDS 7.62 -8.1 SpiritAeroSys SPR 20.60 -2.2
52-Wk % 52-Wk % 52-Wk % MidCapFin MFIC 13.93 0.3 TenonMedicalWt TNONW 0.19 11.1 AshfordHospPfdD AHTpD 14.80 -3.9 EquityCommnwlth EQC 19.27 -0.3 NeuBaseTherap NBSE 0.86 -20.5 SplashBeverageWt SBEV.WS 0.04 10.9
Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg MitekSystems MITK 12.19 -0.5 TetraTech TTI 5.53 7.9 AshfordHospPfdF AHTpF 12.80 -3.0 EsportsEnt GMBL 0.31 -2.6 NeuroSense NRSN 0.94 -15.0 StaarSurgical STAA 45.00 -9.6
CSW Industrials CSWI 185.52 2.1 FriedmanInds FRD 18.31 3.1 ModineMfg MOD 45.67 13.3 ThirdCoastBcshs TCBX 21.10 4.1 Ashford AINC 9.00 2.2 EsportsEntWt GMBLZ 0.00 -53.5 NextEraEnergy NEP 50.65 -2.8 StokeTherap STOK 5.79 -6.5
Highs CapitalSouthwest CSWC 21.49
CedarRealtyPfB CDRpB 18.76
0.4
2.9
Gallagher
Gannett
AJG
GCI
222.68
3.25
0.3
13.1
NatlInstruments NATI 59.19 -0.1 Tidewater
NatlWesternLife NWLI 440.00 0.6 TidewaterWt
TDW
TDW.WS
65.79 3.2 AultAlliance
4.87 8.3 Avangrid
AULT
AGR
2.40
35.19
-6.9
-3.0
ExtraSpaceSt
FateTherap
EXR
FATE
135.15 1.9 NiSunIntlEntDevt NISN
3.61 -1.9 Nogin NOGN
3.12 -10.5 SummitHotelProp INN
0.82 -4.6 SurfAirMobility SRFM
5.46 -4.6
1.45 -14.8
Aflac AFL 77.33 1.1 CentralGarden CENT 48.48 15.2 Garmin GRMN 108.56 -1.3 NerdyA NRDY 5.14 0.8 TopBuild BLD 289.49 4.1 Azitra AZTR 2.40 -25.9 Fortrea FTRE 29.34 1.0 NorthwestNat NWN 41.42 1.0 Synaptogenix SNPX 0.64 -2.9
Acushnet GOLF 61.98 -1.3 CentralGardenA CENTA 45.93 13.4 Gentex GNTX 34.10 0.6 NewMarket NEU 460.50 0.1 Traeger COOK 6.70 42.0 BRC BRCC 4.11 -1.4 GMedInnov GMVD 0.21 -6.9 Novocure NVCR 29.09 -3.3 Telus TU 17.12 -0.2
AdtalemGlbEduc ATGE 44.66 2.8 ChampionX CHX 36.27 ... GreenlightCapRe GLRE 11.17 6.3 Noble NE 53.12 1.9 TrioTech TRT 6.39 9.6 BV Financial BVFL 9.75 -2.3 GalmedPharm GLMD 1.03 -0.9 NuSkinEnts NUS 26.85 -2.2 Taoping TAOP 3.52 8.0
AlchemyInv1 A ALCY 10.26 0.1 ChinaLiberalEduc CLEU 2.06 5.2 Greif A GEF 75.45 1.1 NorthernOil&Gas NOG 42.17 5.6 UnumGroup UNM 50.47 2.4 BeamTherap BEAM 27.20 -3.7 GenesisEnergy GEL 8.32 -10.8 Oblong OBLG 1.03 -1.8 TempestTherap TPST 0.90 -4.2
AlpineImmune ALPN 14.48 1.6 ChurchillCapVII CVII.U 10.47 0.2 GrowthforGoodRt GFGDR 0.23 25.1 NorthernRevivalAcq NRAC 10.67 0.2 Upbound UPBD 36.17 -4.8 Bio-Path BPTH 0.37 -46.0 GladstonePfdB LANDO 19.81 -4.7 Ohmyhome OMH 2.64 -2.4 TempoAutoWt TMPOW 0.02 -4.2
AmNtlBcsh AMNB 42.68 2.8 CocaColaCon COKE 731.90 13.4 HH&L Acqn HHLA.U 10.57 0.7 NovaVisionAcqn NOVV 11.15 0.9 UrbanEdgeProp UE 17.58 -0.1 Biolase BIOL 4.65 -7.4 GoldRoyaltyWt GROY.WS 0.10 ... 180LifeSci ATNF 0.83 -2.3 TonixPharm TNXP 0.98 -1.0
Andersons ANDE 52.80 5.6 CognizantTech CTSH 71.86 7.9 HackettGroup HCKT 23.75 1.3 OddityTech ODD 55.60 2.1 UrbanOutfitters URBN 37.09 0.1 BitNileMetaverse BNMV 0.61 -0.1 GoldenMinerals AUMN 1.17 -4.0 OrmatTech ORA 75.71 -4.1 TransCodeTherap RNAZ 1.77 -9.4
APi Group APG 29.57 -1.5 ComfortSystems FIX 177.23 1.2 HamiltonLane HLNE 92.01 1.3 OldRepublic ORI 28.21 1.5 V2X VVX 54.95 2.1 BlackHills BKH 56.60 -2.5 HainCelestial HAIN 11.28 1.7 OsiskoDevtWt ODVWW 0.26 -18.8 TrancntlRlty TCI 33.91 1.5
ApolloGlbMgmt APO 86.47 5.7 ConstellationEner CEG 103.57 5.9 HammerheadEnergyWt HHRSW 1.89 4.8 PackagingCpAm PKG 158.66 0.4 VeecoInstr VECO 29.17 1.3 BlueStarFoods BSFC 0.79 -7.4 Hanryu HRYU 5.67 2.3 Paragon28 FNA 15.16 -6.8 TreasureGlobal TGL 0.63 -4.7
AstecIndustries ASTE 53.97 -1.5 CorceptTherap CORT 31.90 24.9 Hawkins HWKN 53.00 8.0 ParPacific PARR 32.30 0.9 WattsWater WTS 190.52 0.2 BraemarHtls BHR 3.25 -2.9 HoraceMannEdu HMN 28.07 -0.9 PaxMedica PXMD 0.58 3.3 TrioPetroleum TPET 0.73 -4.3
AuroraAcqnWt AURCW 0.28 2.2 Curtiss-Wright CW 199.68 4.8 HerculesCapital HTGC 17.11 0.5 ParkerHannifin PH 421.18 3.0 Wayfair W 90.71 16.2 BranchOutFood BOF 2.51 4.7 Impinj PI 60.38 -1.7 Paysign PAYS 1.74 -1.1 2seventybio TSVT 6.06 -4.7
BakerHughes BKR 36.17 0.3 Digimarc DMRC 36.22 22.1 HollyEnergy HEP 20.13 -2.8 Primerica PRI 217.51 0.9 WeatherfordIntl WFRD 84.55 0.3 BrenmillerEner BNRG 0.78 -1.8 Infinera INFN 3.99 -5.9 Perficient PRFT 58.00 -4.4 UGI UGI 25.20 -5.3
Bladex BLX 24.23 0.7 DynagasLNG PfdA DLNGpA 24.90 -0.3 JBHunt JBHT 208.80 1.8 PrimorisSvcs PRIM 32.69 0.1 CapstoneGreen CGRN 0.78 -7.9 Inogen INGN 7.41 0.7 Pfizer PFE 34.92 -1.0 UGI Un UGIC 63.09 -4.9
BerkHathwy A
BerkHathwy B
BRK.A
BRK.B
540999
354.47
1.3
0.7
EssentGroup
EthanAllen
ESNT
ETD
51.34
35.86
0.9
16.2
HuronConsulting HURN
ITT ITT
101.67
102.96
0.9
3.6
RH
RadianGroup
RH
RDN
406.38 3.1
27.79 1.7
Lows CheetahNetSupply
ChinaPharma
CTNT
CPHI
3.20
0.23
-13.2
-13.9
IntlMoneyExpress IMXI
Janover JNVR
17.63 -8.8 PhoenixNewMedia FENG
1.35 -16.0 PreludeTherap PRLD
1.55 -2.4 UcommuneIntl
3.50 -3.7 ValmontInds
UK
VMI
0.32 -1.3
253.53 -2.6
BootBarn BOOT 104.91 13.1 EverspinTech MRAM 10.43 7.5 IngersollRand IR 67.39 2.5 RalphLauren RL 132.77 0.6 Aditxt ADTX 0.38 -0.3 ClarivatePfdA CLVTpA 31.30 -21.5 KwesstMicroSys KWE 1.91 -3.0 ProSomnus OSA 1.77 -14.1 VandaPharm VNDA 5.45 2.5
BoozAllen BAH 125.19 0.7 EvolutionPetrol EPM 10.02 5.6 InteractiveBrkrs IBKR 92.31 2.3 ReataPharm RETA 167.59 0.4 AerSale ASLE 13.73 2.0 Clarivate CLVT 6.94 -22.3 LixteBiotech LIXT 3.17 -0.3 RegencellBio RGC 16.10 -10.6 VicariousSurgical RBOT 0.90 -41.5
Bristow VTOL 31.72 2.1 EyePointPharm EYPT 13.03 -2.0 IsraelAcqnsWt ISRLW 0.26 7.5 RemitlyGlobal RELY 24.51 20.6 AfterNextWt AFTR.WS 0.00 -90.6 ClearwayEnergyC CWEN 24.63 -2.4 LoopMedia LPTV 1.81 -6.1 RepareTherap RPTX 8.20 3.1 VisionaryEduc VEDU 0.35 -2.9
Bunge BG 116.01 1.3 FairIsaac FICO 892.03 4.0 Itron ITRI 79.99 -0.2 RevolutionMed RVMD 33.19 -2.7 Agriforce AGRI 0.11 6.4 ClearwayEnergyA CWEN.A 23.10 -2.5 Luxfer LXFR 12.09 -2.6 SMXSecurityMatters SMX 0.12 1.5 W.P.Carey WPC 65.78 0.3
CACI Intl CACI 355.68 ... Fastly FSLY 20.58 23.0 J&JSnackFoods JJSF 177.71 -1.2 RexAmerRscs REX 37.45 0.9 AlaunosTherap TCRT 0.41 -8.6 CommScope COMM 3.04 -26.2 MiraPharm MIRA 6.29 6.0 SenesTech SNES 0.87 -1.1 Wang&Lee WLGS 0.78 -9.5
CCNeubergerIII A PRPC 10.90 0.9 FedAgriMtg C AGM 166.17 0.1 Kirby KEX 82.17 1.1 SP Plus SP 41.50 5.9 Allot ALLT 2.29 -0.8 CompleteSolaria CSLR 3.12 0.9 MSP Recovery LIFW 0.17 -0.1 SensientTech SXT 62.07 -2.9 Xencor XNCR 23.24 -0.7
C5AcqnA CXAC 10.76 0.1 FinVolution FINV 6.00 0.9 La-Z-Boy LZB 33.61 6.7 SPX Tech SPXC 91.94 6.7 AllurionTech ALUR 4.96 -27.0 CosmosHealth COSM 1.16 -1.6 MarriottVacations VAC 109.15 -10.7 SenstarTech SNT 1.15 1.6 ZeviaPBC ZVIA 2.51 -2.3
CNX Resources CNX 21.12 4.2 FirstCitizBcshA FCNCA 1498.50 5.0 LaureateEduc LAUR 13.32 3.4 SchneiderNatl SNDR 31.74 2.1 AlsetCapAcqn ACAXU 7.02 -3.0 CrownCrafts CRWS 4.87 -1.4 MartiTech MRT 1.13 -6.5 SharkNinja SN 28.96 -18.6 ZoomInfoTech ZI 18.25 1.4
CSG Systems CSGS 69.35 13.3 Freshpet FRPT 74.56 -0.9 LiAuto LI 46.81 4.8 SeelosTherap SEEL 1.66 0.6 AmericanFin AFG 109.99 -8.1 DXC Tech DXC 18.61 -29.4 Mediaco MDIA 0.90 -5.1 ShiftPixy PIXY 0.95 -5.0 ZyVersaTherap ZVSA 0.15 -5.9

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 27.05 -0.06 30.2 SrsIntlVal 11.12 -0.01 10.9 Lord Abbett I R2025 15.92 -0.04 8.9 PrmcpAdml r 154.54 -0.40 18.1 Welltn 40.93 -0.17 7.7
Top 250 mutual-funds listings for Nasdaq-published share classes by net assets. MidCpInxInstPrem 28.71 -0.10 11.1 TotalBond 9.28 -0.06 1.9 ShtDurInc p 3.81 ... 2.2 R2030 24.12 -0.05 10.3 RealEstatAdml 118.64 -1.32 3.7 WndsrII 42.00 -0.09 13.5
e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes e and s SAIUSLgCpIndxFd 19.89 -0.05 18.3 Fidelity SAI Metropolitan West R2040 27.64 -0.04 13.2 SmCapAdml 97.95 -0.30 12.3 VANGUARD INDEX FDS
apply. k-Recalculated by Lipper, using updated data. p-Distribution costs apply, 12b-1. r- SeriesBondFd 8.77 -0.06 0.6 TotalBd 8.78 -0.05 1.9 TotRetBdI 8.89 -0.06 NA Putnam Funds Class A SmGthAdml 81.76 -0.22 16.3 ExtndIstPl 287.87 -0.82 16.5
Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and r apply. v-Footnotes SeriesOverseas 12.32 -0.08 13.4 U.S.TreBdIdx 8.57 -0.05 0.2 TRBdPlan 8.34 -0.06 NA PutLargCap p 30.66 -0.05 9.4 STBondAdml 9.88 -0.01 1.4 IdxIntl 18.10 -0.03 10.0
x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not available due to incomplete SerLTTreBdIdx 5.61 -0.12 -2.6 Fidelity Selects MFS Funds Schwab Funds STIGradeAdml 9.99 -0.01 2.2 MdCpGrAdml 89.39 -0.29 16.0
price, performance or cost data. NE-Not released by Lipper; data under review. NN-Fund not SmCpIdxInstPrem 24.32 -0.06 12.5 Semiconductors r 24.45 +0.02 67.7 IIE 31.83 -0.12 13.1 1000 Inv r NA ... NA STIPSIxAdm 23.63 -0.04 1.7 MdCpVlAdml 73.37 -0.30 5.9
tracked. NS-Fund didn’t exist at start of period. TMktIdxInstPrem 124.90 -0.32 18.1 Softwr 25.64 -0.09 30.5 MFS Funds Class I S&P Sel NA ... NA TotBdAdml 9.38 -0.06 0.7 SmValAdml 73.85 -0.26 9.4
TotalMarketIndex 15.77 -0.04 18.1 Tech 26.37 -0.11 47.8 GrowthI 164.26 -0.39 24.2 TSM Sel r NA ... NA TotIntBdIdxAdm 19.34 -0.06 3.1 TotBd2 9.26 -0.07 0.6
TtlIntIdxInstPr 12.89 -0.03 10.1 First Eagle Funds ValueI 48.99 -0.26 3.4 TIAA/CREF Funds TotIntlAdmIdx r 30.27 -0.06 10.1 TotIntlInstIdx r 121.05 -0.25 10.1
Thursday, August 3, 2023 USBdIdxInstPrem 10.07 -0.07 0.6 GlbA 63.40 -0.21 9.4 Natixis Funds EqIdxInst 32.01 -0.09 17.9 TotStAdml 108.98 -0.28 18.0 TotItlInstPlId r 121.08 -0.25 10.1
Net YTD Net YTD Net YTD Fidelity Freedom Franklin A1 LSGrowthY 22.81 -0.09 40.1 IntlEqIdxInst 21.29 -0.07 11.5 TxMCapAdml 232.76 -0.55 18.5 TotSt 108.96 -0.28 17.9
Fund NAV Chg % Ret Fund NAV Chg % Ret Fund NAV Chg % Ret FF2020 13.66 -0.06 7.2 IncomeA1 2.27 -0.01 3.8 Neuberger Berman Fds LrgCpGrIdxInst 48.20 -0.12 30.1 TxMIn r 14.80 -0.05 10.9 VANGUARD INSTL FDS
FF2025 12.67 -0.06 8.2 FrankTemp/Frank Adv LCVal Inst 42.74 -0.17 -0.7 VANGUARD ADMIRAL USGroAdml 133.69 -0.24 31.9 DevMktsIndInst 14.82 -0.05 11.0
AB Funds Artisan Funds US CoreEq1 34.21 -0.07 15.7 FF2030 15.98 -0.06 9.2 IncomeAdv 2.25 -0.01 3.9 Northern Funds 500Adml 415.72 -1.05 18.3 ValAdml DevMktsInxInst 23.17 -0.08 11.0
MuniIncmShares 10.77 -0.08 2.0 IntlVal Inst 44.09 -0.12 14.3 US CoreEq2 30.98 -0.06 15.0 FF2035 56.72 -0.15 4.9
13.95 -0.05 11.2 FrankTemp/Franklin A StkIdx 47.91 -0.12 18.3 BalAdml 43.34 -0.18 10.8
WdsrllAdml 74.51 -0.16 13.6 ExtndInst 116.65 -0.33 16.5
AB Funds - ADV Baird Funds US Small 42.81 -0.13 11.3 FF2040 10.03 -0.02 13.2 Growth A 121.07 -0.60 18.5 Old Westbury Fds CAITAdml 11.13 -0.05 1.5 GrwthInst 146.57 -0.36 34.0
LgCpGrAdv 85.92 -0.30 22.9 AggBdInst 9.51 -0.06 0.9 US SmCpVal 42.90 -0.17 10.1 Freedom2030 K 15.98 WellsIAdml 59.48 -0.38 2.1
-0.06 9.3 RisDv A 88.52 -0.42 7.7 LrgCpStr 16.58 -0.03 13.7 CapOpAdml r 169.31 -0.10 15.9 InPrSeIn 9.36 -0.06 0.6
American Century Inv CorBdInst 9.80 -0.07 1.2 US TgdVal 30.35 -0.09 11.7 Idx2030InsPre 18.30 WelltnAdml 70.68 -0.30 7.8
-0.08 9.1 Guggenheim Funds Tru Parnassus Fds DivAppIdxAdm 44.62 -0.14 9.3 InstIdx 376.12 -0.94 18.3
Ultra 72.84 +0.10 32.1 BlackRock Funds USLgVa 43.80 -0.06 6.7 Idx2035InsPre 20.75 WndsrAdml 74.67 -0.11 10.2
-0.08 11.0 TotRtnBdFdClInst 23.03 -0.17 1.8 ParnEqFd 54.90 -0.29 17.3 EMAdmr 34.68 +0.06 7.6 InstPlus 376.11 -0.95 18.4
American Funds Cl A HiYldBd Inst 6.77 -0.02 6.1 Dodge & Cox VANGUARD FDS
Idx2040InsPre 21.38 -0.07 12.8 Harbor Funds PGIM Funds Cl Z EqIncAdml 86.62 -0.37 3.8 InstTStPlus 78.35 -0.20 18.0
AmcpA 36.25 -0.06 20.8 BlackRock Funds III Balanced 98.89 -0.10 8.0 Idx2045InsPre 22.30 -0.07 13.3 CapApInst 86.26 +0.10 37.4 TotalReturnBond NA ... NA ExplrAdml 98.48 -0.37 13.4 DivdGro 36.10 -0.10 3.3
MidCpInst 61.21 -0.22 10.6
AMutlA 50.23 -0.21 4.6 iShS&P500IdxK 528.28 -1.32 18.3 GblStock 14.49 +0.03 14.9 Fidelity Invest Harding Loevner PIMCO Fds Instl ExtndAdml 116.66 -0.33 16.4 IntlVal 40.38 -0.04 13.0 MidCpIstPl 301.88 -1.10 10.6
BalA 30.66 -0.12 7.3 BlackRock Funds Inst Income 12.20 -0.08 2.0 Balanc 25.96 -0.08 14.2 IntlEq 25.60 -0.16 NA AllAsset NA ... NA GNMAAdml 9.02 -0.07 0.1 LifeCon 20.12 -0.09 NA RealEstaInstl 18.36 -0.21 3.7
BondA 11.14 -0.07 -0.1 EqtyDivd 19.19 ... 7.8 Intl Stk 48.54 +0.01 12.6 BluCh 159.71 -0.02 42.0 Invesco Funds A TotRt 8.36 -0.06 1.0 GrwthAdml 146.57 -0.35 34.0 LifeGro 39.97 -0.11 NA SmCapInst 97.94 -0.31 12.3
CapIBA 64.35 -0.30 3.6 StratIncOpptyIns 9.16 -0.03 2.2 Stock 234.63 -0.02 10.5 Contra 15.30 +0.02 28.4 EqIncA 10.18 -0.02 4.7 PIMCO Funds A HlthCareAdml r 88.51 -0.49 1.8 LifeMod 29.69 -0.11 NA SmCapIstPl 282.70 -0.88 12.3
CapWGrA 57.79 -0.17 13.2 TotRet 9.76 -0.08 NA DoubleLine Funds CpInc 9.35 -0.02 6.8 Invesco Funds Y IncomeFd 10.38 -0.04 3.8 HYCorAdml r 5.20 -0.01 4.5 PrmcpCor 30.99 -0.12 14.0 STIGradeInst 9.99 -0.01 2.2
EupacA 54.71 -0.02 11.9 Calamos Funds TotRetBdI 8.61 -0.07 0.5 GroCo 30.60 -0.02 35.9 DevMktY 39.55 +0.18 13.1 PIMCO Funds I2 InfProAd 22.97 -0.15 0.5 STAR 26.58 -0.09 NA STIPSIxins 23.65 -0.03 1.7
FdInvA 69.06 -0.14 16.4 MktNeutI 14.57 -0.01 6.3 Edgewood Growth Instituti InvGrBd 9.77 -0.07 1.5 JHF III DispVal Income 10.38 -0.04 4.0 IntlGrAdml 104.42 +0.67 15.5 TgtRe2020 27.11 -0.11 NA TotBdInst 9.38 -0.06 0.7
GwthA 61.97 -0.03 25.2 Columbia Class I EdgewoodGrInst 40.01 -0.18 NA LowP 49.31 +0.05 6.8 DispValMCI 26.77 -0.09 9.6 PIMCO Funds Instl ITBondAdml 10.00 -0.06 0.9 TgtRe2025 18.11 -0.07 NA TotBdInst2 9.26 -0.07 0.6
HI TrA 9.16 -0.02 4.9 DivIncom I 30.47 -0.08 6.4 Federated Hermes Int Magin 11.44 -0.01 19.8 John Hancock IncomeFd 10.38 -0.04 4.1 ITIGradeAdml 8.31 -0.05 2.1 TgtRe2030 34.43 -0.13 NA TotBdInstPl 9.38 -0.06 0.7
ICAA 48.25 -0.14 17.8 Dimensional Fds TtlRtnBdI 9.29 -0.06 0.3 NASDAQ 176.78 -0.17 34.0 BondR6 13.18 -0.10 1.3 Price Funds LarCapAd 103.79 -0.27 18.9 TgtRe2035 21.44 -0.07 NA TotIntBdIdxInst 29.02 -0.09 3.2
IncoA 22.87 -0.10 2.6 5GlbFxdInc 10.10 +0.01 2.7 Fidelity OTC 16.90 -0.01 31.7 JPMorgan I Class BlChip 140.60 -0.08 35.8 LTGradeAdml 7.62 -0.13 0.4 TgtRe2040 38.01 -0.12 NA TotStInst 109.00 -0.28 18.0
N PerA 55.64 -0.14 17.6 EmgMktVa 29.26 -0.01 11.7 500IdxInstPrem 156.35 -0.39 18.4 Puritn 22.89 -0.09 12.6 CoreBond 9.99 -0.07 NA DivGro 69.04 -0.23 8.3 MidCpAdml 277.09 -1.01 10.6 TgtRe2045 25.75 -0.07 NA ValueInst 56.72 -0.15 4.9
NEcoA 51.99 ... 19.5 EmMktCorEq 22.13 +0.01 11.1 Contrafund K6 21.35 +0.03 27.0 SAIUSQtyIdx 18.35 -0.03 19.9 EqInc 22.70 -0.09 1.8 Growth 82.43 -0.07 33.8 MuHYAdml 10.32 -0.08 2.8 TgtRe2050 42.87 -0.11 NA WCM Focus Funds
NwWrldA 74.91 -0.07 12.7 IntlCoreEq 14.69 -0.04 10.6 ExtMktIdxInstPre 73.29 -0.21 16.4 SrsEmrgMkt 17.46 +0.05 11.8 LgCpGwth 55.61 +0.04 NA HelSci 88.76 -0.63 -1.2 MuIntAdml 13.36 -0.06 1.6 TgtRe2060 44.04 -0.11 NA WCMFocIntlGrwIns 22.12 -0.12 12.5
SmCpA 63.42 -0.09 13.0 IntSmCo 18.62 -0.05 8.3 FidSerToMarket 14.88 -0.03 18.1 SrsGlobal 13.62 -0.03 10.3 JPMorgan R Class LgCapGow I 60.50 -0.11 31.8 MuLTAdml 10.59 -0.07 2.2 TgtRet2055 47.82 -0.13 NA Western Asset
TxExA 12.07 -0.07 1.8 IntSmVa 20.50 -0.03 10.6 GrowthCompanyK6 20.66 -0.01 34.2 SrsGroCoRetail 18.48 -0.01 34.2 CoreBond 10.01 -0.06 1.1 MidCap 101.72 -0.32 14.7 MuLtdAdml 10.66 -0.02 1.3 TgtRetInc 12.77 -0.06 NA CoreBondI 10.43 -0.08 NA
WshA 55.14 -0.16 9.6 LgCo 30.71 -0.08 18.3 IntlIdxInstPrem 45.96 -0.14 11.6 SrsIntlGrw 16.17 -0.07 13.4 CorePlusBd 7.04 -0.05 NA NHoriz 54.12 -0.30 16.8 MuShtAdml 15.58 -0.02 1.4 WellsI 24.56 -0.15 2.1 CorePlusBdI 9.25 -0.09 NA
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
B10 | Friday, August 4, 2023
New Definition of Fraud
Derails High-Profile Cases
BY DAVE MICHAELS
Fraud doesn’t mean what it
used to. A string of high-pro-
file federal prosecutions are
falling apart as courts apply a
newly narrowed legal defini-
tion of the crime.
The latest case came this
week in the prominent “steal
the exam” auditing case.
Other prosecutions, in the
Varsity Blues college-admis-
sions scandal and a hedge-
fund trading case involving
confidential government data,
also were dismissed.
The failed prosecutions are
casualties of a Supreme Court
decision that threw out the
fraud convictions of two polit-
ical aides to former New Jer-
sey Gov. Chris Christie. That
scandal involved a political
retribution scheme to cripple
a town near the George Wash-
ington Bridge with traffic
jams. The “Bridgegate” case
wasn’t fraud because it didn’t
take money or property, the
justices found.
In the latest fallout from
Bridgegate, Manhattan federal
prosecutors said this week
that David Middendorf, the
former No. 2 auditor at Big
Four accounting firm KPMG
LLP, shouldn’t have been con-
victed of wire fraud over his
role in a scheme to obtain
confidential information from
his regulator. The conviction
of Jeffrey Wada, who worked
at the regulatory agency, also
should be set aside, the Man-
hattan U.S. Attorney’s Office
told a court on Monday. The
appeals court still has to ap-
prove the prosecutors’ appli-
cation.
Middendorf and other part-
ners at KPMG improperly ob-
tained advance information
about which of the firm’s au-
dits would be inspected by the
Public Company Accounting
Oversight Board. Wada, who
prosecutors said was unhappy
with how the PCAOB treated
him, funneled the tips to
KPMG, according to the
charges. Four other former
KPMG auditors pleaded guilty
for their participation in the
scheme.
KPMG had struggled on re-
cent PCAOB reviews of its
work, and executives hoped to
Billion-Dollar Club Grows
For Startup Hedge Funds
BY PETER RUDEGEAIR
For startup hedge funds,
bigger is increasingly better.
A handful of new firms are
aiming for 10-figure launches,
people familiar with their
plans said, including Nick
Laster’s Lykos Global; JCAP,
the brainchild of a 30-year-old
quant; LuminArx Capital Man-
agement, started by former
Blackstone executives; and
stocks-focused Obion Capital
Management.
In what could be the big-
gest fund launch of the year,
Freestone Grove Partners,
started by ex-Citadel and
BlackRock executives, aims to
raise as much as $4 billion.
And an anticipated debut next
year from Bobby Jain, Millen-
nium Management’s former
co-chief investment officer,
could be even bigger.
Many pension plans and
other fund investors prefer to
back larger firms that can de-
ploy capital across diverse
strategies. High costs for tal-
ent, compliance and technol-
ogy, meanwhile, are dissuad-
ing managers from launching
without sufficient scale.
Hedge fund industry assets
$4 trillion
3 stocks and related derivatives,
2
1 Freestone Grove aims to
0 0
2013 ’15 ’20
*Through the second quarter
JEFFERSON SIEGEL FOR THE WALL STREET JOURNAL
Prosecutors asked a court to set aside the conviction of former KPMG auditor David Middendorf.
glean information that would
make it easier to prepare for
the regulators’ exam, authori-
ties said. KPMG said at the
time that audit quality “has
been and continues to be a top
priority across all levels of
KPMG.”
Prosecutors conceded this
week that information taken
from the PCAOB didn’t consti-
tute property, a requirement
for charging wire fraud, ac-
cording to the Supreme Court.
The undisclosed list of audit
inspections had value to regu-
lators, but it didn’t have the
economic value that is neces-
sary to support a fraud claim.
Prosecutors commonly use
wire fraud to go after a vari-
ety of white-collar crimes be-
cause the law is written
broadly. The recent dismissals
are a sign that enforcers have
less flexibility today to use
wire fraud to go after conduct
that looks dodgy—but accord-
ing to courts isn’t always
er s
criminal.
“The wire fraud statute has
m er
been interpreted by the Jus-
tice Department extremely
broadly, and the Supreme
Court has unanimously re-
jected a number of those in-
m rp
terpretations,” said Michael
Levy, a white-collar defense
lawyer and former federal
prosecutor in Washington.
An attorney for Middendorf
co Fo
Hedge-fund firms that have
more than $5 billion in assets
n-
had net inflows of $14 billion
in the first half of this year,
according to research firm
HFR. Those with between $1
no
billion and $5 billion had in-
flows of about $1 billion.
Firms managing less than $1
billion, by contrast, had net
outflows of some $2 billion.
Four hedge-fund firms that
raised $1 billion or more
launched in 2022 and so far in
2023, accounting for 35% of
new fund assets under man-
agement, according to re-
search firm PivotalPath.
“The recent success of
some firms launching over
that [$1 billion] mark has
lifted the goal posts higher for
all new launch expectations,”
said Roark Stahler, U.S. head
of strategic consulting at Bar-
clays. “The higher the launch
point, the easier it is to hire
and raise more capital.”
More capital also means
more income from manage-
ment fees, but it also can nar-
row managers’ investment op-
tions, limit flexibility and
make it harder to notch out-
size returns.
Hedge fund launches
1,000
800
600
400
200
’23* 2013 ’15 ’20
Source: HFR
BUSINESS & FINANCE
declined to comment. An at-
torney for Wada didn’t re-
spond to a request seeking
comment.
The Middendorf case comes
on the heels of other collapsed
prosecutions. In May, an ap-
peals court in Boston tossed
most charges against two par-
ents who were found guilty of
fraud in 2021 as part of the
Varsity Blues college-admis-
sions cheating case. The
three-judge panel said admis-
on
sions slots at the University of
Southern California didn’t
qualify as property for the
purposes of charging wire
fraud.
us ,
In December, the U.S. Court
l
of Appeals for the Second Cir-
e
al a
cuit said fraud charges against
a political-intelligence consul-
tant, David Blaszczak, and two
ci on
hedge-fund traders should be
dismissed. Prosecutors in 2017
charged Blaszczak with fun-
neling tips about insurance re-
imbursement levels for cancer
treatments and kidney dialysis
to a hedge fund that traded on
them.
The tips, which were lucra-
tive for the hedge fund, didn’t
have economic value for the
Centers for Medicare and
Medicaid Services and there-
fore didn’t qualify as property,
according to the majority of
the panel that heard the ap-
peal. Prosecutors agreed after
Bolstered by strong recent
performance, total hedge-fund
assets are approaching their
all-time peak of $4 trillion, but
the number of funds in opera-
tion has been trending down-
ward since 2015, according to
HFR. The number of hedge
funds launched last year, at
432, was the smallest since
2000, as many portfolio man-
agers who previously would
have struck out on their own
opted instead to accept multi-
million-dollar offers from Cita-
del, Millennium and other
multimanager platforms that
invest broadly and have per-
formed well in recent years.
Lykos’s Laster, a 34-year-
old former partner at Soros
Fund Management, started
meeting with prospective in-
vestors in recent weeks in
hopes of raising more than $1
billion for his new firm, which
plans to invest in companies
before and during their initial
public offerings and during
market dislocations.
LuminArx, founded by for-
mer Blackstone executives
Gideon Berger and Min Htoo,
will invest across asset classes
and industries. JCAP, started
by Joseph Choi, formerly of
the trading firm TGS Manage-
ment, will use mathematical
and statistical methods to
“uncover technical indicators
with predictive value” in
according to a regulatory fil-
ing. The team behind Obion
includes David Hobbs, a for-
mer partner at D1 Capital, and
Keith Weiner, former presi-
dent of Suvretta Capital.
create a multimanager plat-
form. Its co-founder Todd
Barker spent 17 years at Cita-
del, most recently leading Sur-
’22 veyor Capital, which bets on
and against stocks.
the Supreme Court’s Bridge-
gate decision that fraud
charges didn’t apply in the
Blaszczak case.
One judge in the Blaszczak
case disagreed, writing that
trading tips shouldn’t be
equated with the lane closures
on the George Washington
Bridge. The outcome “effec-
tively permits sophisticated
insiders to leverage their ac-
cess to confidential govern-
ment information and sell it to
the highest bidders,” Judge
Richard J. Sullivan wrote in
December.
The government’s losses in
the KPMG and Blaszczak cases
don’t mean authorities are un-
able to punish misconduct
that fraud laws can’t reach,
according to Levy and other
attorneys. State prosecutors
or civil regulators such as the
Securities and Exchange Com-
mission, which enforces its
own antifraud statutes, can
still pursue wrongdoing if it
affects industries or markets
they oversee.
Middendorf is still sus-
pended from auditing the fi-
nancial statements of public
companies, a punishment that
was automatic after his felony
conviction.
His attorney declined
Wednesday to say whether he
will seek to have the suspen-
sion lifted.
The SEC’s lawsuit alleges Coinbase broke rules that require it to register as an exchange.
Coinbase Posts Quarterly Loss
Amid Legal Fight With the SEC
BY VICKY GE HUANG
Digital asset prices are up,
but Coinbase Global continues
to face its own crypto winter.
Coinbase reported a sixth
consecutive quarter of losses
as regulatory risks and lower
trading volumes continue to
weigh on the company.
The biggest cryptocurrency
exchange in the U.S. posted a
second-quarter loss of $97 mil-
lion, or 42 cents a share, on
revenue of $708 million.
The company remains
locked in a legal battle with
regulators at home. The Securi-
ties and Exchange Commission
sued Coinbase in June, alleging
the company violated rules
that require it to register as an
exchange and be overseen by
the federal agency. If the SEC
prevails in its lawsuit against
Coinbase, the company would
potentially have to divest itself
of certain businesses and limit
* * THE WALL STREET JOURNAL.
Man Admits to
Theft of Crypto
In Bitfinex Hack
BY ISAAC YU
AND JAMES FANELLI
The mystery hacker behind
one of the largest crypto heists
ever revealed himself Thursday
as a New York tech entrepre-
neur married to a wannabe
rapper named Razzlekhan.
Ilya Lichtenstein admitted
to the hack at a hearing in fed-
eral court in Washington, D.C.,
saying that in 2016 he broke
into crypto exchange Bitfinex’s
network and stole bitcoin that
is now worth billions of dol-
lars. He was in court to plead
guilty to conspiring to launder
money from the heist. What
wasn’t expected was the ad-
mission he played a critical
role in the hack.
His wife, Heather Morgan,
also pleaded guilty Thursday at
a separate hearing in the same
court to conspiring to launder
the stolen digi-
tal currency and
conspiring to
defraud the Over the years,
U.S. the value of the
The party re-
sponsible for stolen crypto
the hack of the
had ballooned
Hong Kong-
based crypto to $4.5 billion.
ly
exchange had
long been un-
known. The
hack involved about 2,000 un-
authorized transfers of bit-
coin—then worth about $71
million—to an outside account.
Over the years, the value of the
stolen cryptocurrency bal-
looned, reaching $4.5 billion at
the time the two defendants
were arrested in February
2022. The price of bitcoin has
fluctuated since then.
Federal prosecutors charged
Lichtenstein and Morgan with
laundering the stolen Bitfinex
funds after investigators traced
the digital currency to ac-
counts the two owned. When
they were first charged, the
couple wasn’t accused of the
hack. As part of his plea agree-
ment, Lichtenstein isn’t ex-
pected to face additional
charges in connection to the
Bitfinex hack.
Lawyers for Morgan and
Lichtenstein didn’t immedi-
ately respond to requests for
its operations to bitcoin and
ether.
Coinbase will submit a brief
to the Southern District of New
York on Friday and ask the
court to dismiss the SEC’s law-
suit, said Paul Grewal, chief le-
gal officer of Coinbase.
“We expect to win,” Grewal
said on an earnings call with
analysts.
The company has histori-
cally relied heavily on the
transaction fees it earns from
individual investors, but it is
increasingly earning money
from its custody services, inter-
est-earning assets and staking.
Revenue from staking in-
creased 19% from the previous
quarter thanks to higher ether
prices and more users staking
assets on the platform during
the quarter. However, Coin-
base’s staking business is ex-
pected to struggle after the
company had to stop offering
customers additional staking in
comment.
The Justice Department
said in a statement after both
defendants pleaded guilty
Thursday that Lichtenstein
used advanced hacking tools to
gain access to Bitfinex’s net-
work. After the heist, he took
steps to cover his digital tracks
by going back into the network
to delete files that may have
given him away to law enforce-
ment, the statement said.
Prosecutors said they have
recovered more than $4 billion
of the stolen funds. Lichten-
stein also agreed to cooperate
with the government to re-
cover the funds until the cou-
ple’s sentencing hearings,
which have yet to be set.
While the couple eluded au-
thorities for years, they didn’t
keep a low profile. After the
hack, the two founded start-
ups, and Morgan penned a col-
umn for Forbes
where she de-
scribed herself
as an expert
dedicated to
fighting fraud
and cyber-
crime.
.
Morgan also
moonlighted as
a rapper, going
by the name
Razzlekhan and
posting videos of her songs on
YouTube. She described herself
as the “Crocodile of Wall
Street” in one song and dedi-
cated it to hackers and entre-
preneurs.
At her hearing Thursday,
Morgan told a judge that she
wasn’t involved in the hack but
during their relationship she
became suspicious that their
funds came from illegal acts.
Her husband told her about the
hack in 2020, she said, adding
that she then helped him cover
up the crime.
“I did help him launder
funds at his direction to con-
ceal his involvement in the
hack,” said Morgan, who has
been under home detention in
her Manhattan apartment.
Lichtenstein, who has been
in jail since his arrest, faces up
to 20 years in prison. Morgan
faces up to five years in prison
on each of her two charges.
SHANNON STAPLETON/REUTERS
four states.
In the second quarter, Coin-
base earned $335 million from
subscriptions and services,
which include custodial fees,
interest income and staking
revenue. This made up 51% of
total net revenue, the first time
that nontrading revenue sur-
passed trading revenue in
Coinbase’s history.
Key parts of the subscrip-
tion and services business un-
derperformed. Interest income
fell 16% from the prior quarter
after the market cap of USD
Coin declined about $5 billion
in the quarter.
Coinbase shares revenue
with Circle Internet Finan-
cial’s USD Coin stablecoin on
interest earned from the re-
serves of USD Coin.
Total trading volume, a cru-
cial revenue driver for Coin-
base, fell to $92 billion in the
second quarter from $217 bil-
lion a year earlier.
 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. * * * * * Friday, August 4, 2023 | B11

MARKETS

S&P Falls for Third Straight Session Meme

Stocks
Yields on Treasury
bonds jump, causing
Index performance on Thursday
0.4%
groups boast chunky dividend
yields that are especially at-
tractive when interest rates
to Friday’s jobs report to as-
sess the strength of the labor
market and look for clues
Are Having
investors to refigure
asset allocations 0.2
are low.
Energy shares, by contrast,
led the market higher, advanc-
about the Federal Reserve’s
next moves in its campaign
against high inflation.
A Moment
ing 1% as oil prices rose. Brent “A lot of market partici-
BY KAREN LANGLEY crude, the global oil bench- pants are watching the pay- BY GUNJAN BANERJI
0
mark, gained 2.3% to $85.14 a rolls data very, very closely,”
Stocks edged lower, extend- barrel after Saudi Arabia said said Sinead Colton Grant, head Shares of Tupperware,
ing their recent slide as a jump it would extend its efforts to of investor solutions at BNY Rite Aid and trucking giant
–0.2
in bond yields weighed on the restrict oil supplies. Mellon. Yellow have been on a wild
market’s appetite for risk. Earnings reports drove Overseas, the Stoxx Europe ride.
The S&P 500 fell for a third moves among individual 600 dropped 0.6%,. Early Fri- The eye-popping swings in
–0.4 Nasdaq Composite
consecutive day, bringing its stocks. PayPal Holdings shares day, Japan’s Nikkei 225 was recent days are reminiscent of
losses in the first three days of Dow Jones Industrial Average declined 12% after a metric down 0.1% but Hong Kong’s the meme-stock craze during
August to 1.9%. S&P 500 showed that much of the pay- Hang Seng Index was up 0.6%. the pandemic that turned
–0.6
THURSDAY’S Investors ments company’s growth is S&P 500 futures rose 0.3%. GameStop into an unlikely
MARKETS said it made coming from lower-margin stock-market star, as traders
sense that Five-minute intervals sources. rush into shares and options
stocks might pull back after a –0.8 Shares of Robinhood Mar- AUCTION RESULTS of distressed companies and
Here are the results of Thursday's Treasury auctions.
rally that catapulted the broad 10 a.m. 11 noon 1 p.m. 2 3 4 kets dropped 7.2% after the on- All bids are awarded at a single price at the market- stoke huge jumps with bets
clearing yield. Rates are determined by the difference
U.S. index up nearly 20% in the Source: FactSet line broker reported a drop in between that price and the face value. that they will defy the odds
first seven months of the year. monthly active users. Qual- FOUR-WEEK BILLS
and cash in big.
“I’m not surprised we have classes. yields from Treasurys, they are comm shares fell 8.2% after Applications $197,089,334,400 The bets are often bold.
a market pausing after such a The yield on the benchmark less inclined to take the risk the maker of mobile-phone Accepted bids $70,899,634,400 Some of the most widely
" noncompetitively $4,714,966,900
strong run,” said Marci 10-year U.S. Treasury note that comes with owning stocks. chips reported disappointing " foreign noncompetitively $0 traded options tied to Tupper-
McGregor, head of CIO portfo- climbed to 4.188%, its highest Higher rates also reduce the sales and said it plans more Auction price (rate) 99.589722 ware this week were for the
(5.275%)
lio strategy for Merrill and settlement since November, value of companies’ future layoffs. Coupon equivalent 5.385% shares jumping to $6 or $7.50.
Bank of America Private Bank. from 4.077% Wednesday. The cash flows in commonly used With about four out of five Bids at clearing yield accepted 38.62% Tupperware shares, which
Cusip number 912797GR2
The S&P 500 dropped 0.3%, 30-year Treasury’s yield rose pricing models. companies in the S&P 500 hav- had recently traded for less
The bills, dated Aug. 8, 2023, mature on Sept. 5, 2023.
while the Dow Jones Industrial to 4.304% from 4.164% a day The effect of the rising ing reported earnings, analysts than $1, jumped above $5 this
Average declined 0.2%. The earlier. yields could be seen in corners expect that profits fell 5.8% in EIGHT-WEEK BILLS week before closing at $3.52
Applications $167,081,748,000
tech-heavy Nasdaq Composite “The question is how high of the market where investors the second quarter compared Accepted bids $60,772,036,300
Thursday.
slipped 0.1%. will the rates go and what is turn for bondlike returns. with a year earlier, according " noncompetitively $1,527,024,100 Shares of Yellow, which
" foreign noncompetitively $0
Yields on longer-term U.S. going to be the impact on equi- The utilities and real-estate to FactSet. Auction price (rate) 99.177889
shut down on Sunday and said
government bonds continued ties and on the economy?” said segments were the worst per- They are predicting that (5.285%) it intends to file for bank-
Coupon equivalent 5.418%
to march higher, prompting in- Olivier Sarfati, head of equities formers of the S&P 500’s 11 earnings for 2023 as a whole Bids at clearing yield accepted 57.29%
ruptcy, also saw huge jumps
vestors to take a fresh look at at GenTrust. sectors, dropping 2.3% and will come in about flat. Cusip number 912797GV3 this week before spiraling
their allocations among asset When investors can get high 1.4%, respectively. Those Investors are looking ahead The bills, dated Aug. 8, 2023, mature on Oct. 3, 2023. down.
Shares of another strug-

.
gling company, Rite Aid, sky-

State Law Threatens to Drive Up Bacon Price

rocketed more than 30% on

ly
Wednesday before popping
another 15% on Thursday.
The big swings show how

BY KIRK MALTAIS

Wholesale prices for pork

on Bacon, average retail price
$7 per unit
enthusiasm is sweeping far
corners of the stock market
this year (though it dimin-
ished a bit after the U.S.
belly—the cut of meat used to downgrade), propelling shares
us ,

6
make bacon—have surged this of speculative artificial-intelli-
l

summer, more than tripling gence companies and crypto-

e
5
al a

since the start of June after currencies. Everyday traders

hitting a multiyear low in May. also are jumping back into
Pork-belly prices were at 4 markets, particularly for some
ci on

$2.37 a pound on Thursday, of the risky options trades

just shy of their highest level 3 that boomed during the pan-
since last Au- demic.
COMMODITIES gust. The run- 2 Meme stocks also experi-
up could soon enced a revival last summer,
er s

pressure restaurants and su- 1 driving dizzying swings in

permarkets that had been stocks including Bed Bath &
0
m er

stepping up bacon promotions. Beyond. Some traders had

“They’re probably thinking 2022 ’23 been hanging onto bets since
twice about featuring a new Source: NielsenIQ 2021, waiting to pounce and
bacon cheeseburger, bacon cash in when volatility strikes.
chicken sandwich or Bacona- More than 80% of grocery The wild ride for meme
m rp
AL DRAGO/BLOOMBERG NEWS

tor, or whatever,” said Brian stores surveyed were advertis- stocks has been dotted with
Earnest, lead economist for ing sliced 1-pound packages of painful losses. Just recently,
animal protein with agricul- bacon in their circulars and individual investors learned
tural lender CoBank. websites, the USDA said last that they would be wiped out
Helping drive the price week. That is up from 73% at during Bed Bath & Beyond’s
co Fo

surge is an animal-welfare law the same time last year. restructuring.

in California requiring pigs to How bacon prices change in Tupperware shares tumbled
be given at least 24 square feet Most of the pork produced in the U.S. isn’t compliant with the California law. coming months as a result of around 4.1% Thursday. Yellow
of pen space for their meat to Prop 12 is still to be deter- shares jumped 10.1%.
be sold in the state, which ac- Then in June, California of pork belly fell 14% in June sale-price surge partly reflects mined.
counts for roughly 15% of U.S. struck a deal with pork pro- from May. Inventories remain better-than-expected demand Most of the pork produced
pork consumption. ducers allowing them to sell higher than usual for this time this summer, with producers in the U.S. isn’t compliant
After facing years of legal their pre-existing inventory of year thanks to an earlier going out to buy extra sup- with the law, and some suppli-
challenges, Proposition 12 was for the remainder of the year. glut that had been depressing plies. ers might opt to stop selling in
upheld by the U.S. Supreme Prices subsequently charged wholesale pork prices. “It did help for the retail California rather than change
Court in May and went into ef- higher as buyers rushed to The prices consumers see prices of bacon to be coming their practices.
fect July 1. load up on supplies before the don’t necessarily follow down,” she said. That could drive up retail
Pork producers initially law came into full effect. wholesale prices, because res- Sales volume of bacon prices in the state, while push-
n-

held off on buying new prod- Also fueling the run-up is a taurants and grocers can ad- packages rose 3.2% for the ing them down in the rest of
ucts after the Supreme Court seasonal shift; pork-belly just for changing costs in four weeks ended June 17 ver- the country where supply
ruling because they were un- prices normally rise in the other ways. sus the same period a year would increase, analysts say.
SCOTT OLSON/GETTY IMAGES

sure about how the law would summer when hog slaughters The wholesale market also earlier, according to the most For now, wholesale pork-
no

be implemented. and pork production slow. But represents a small slice of the recent data from NielsenIQ. belly prices are expected to re-
“You had processors that the scale and speed of this market because many big ba- Americans’ increased appetite main higher.
didn’t want to buy products year’s increases haven’t been con suppliers source their own for bacon came after the eas- Livestock producers are
for their freezers if it wasn’t seen in at least a decade, out- pork bellies, said Christine ing of wholesale pork-belly struggling to keep pigs cool
Prop 12 compliant,” said Adam side of the seismic shifts at McCracken, executive director prices earlier this year. this summer, and extreme
Samuelson, an agribusiness the onset of the pandemic. of animal protein at Rabobank. Supermarkets were still heat in August could kill ani-
analyst with Goldman Sachs. The country’s frozen stocks She said the recent whole- promoting bacon recently. mals and shrink herds. Tupperware fell on Thursday.

Heat Helps costs could cut as much as $50

from his weekly take-home
pay of roughly $1,000 from
their tropical-storm season
projection to above average,
thanks to extremely hot water

Lift Prices driving customers to the gro-

cery store, airport and else-
where.
temperatures in parts of the
Atlantic Ocean.
“An active [Gulf of Mexico]

Of Gasoline “It costs me a lot more to

run my business now,” said
Knox, 42 years old, adding
hurricane season is a bigger
wild-card risk given that U.S.
petroleum and natural gas ex-
that he fuels up five or six ports are the largest globally,”
Continued from page B1 times a week. “I have to pay Citigroup told clients recently.
products, analysts and consul- it.” For now, at least, American
tants say. Energy traders, The independent driver, drivers, including Allyson
DAVID PAUL MORRIS/BLOOMBERG NEWS

meanwhile, have hoovered up who bumped up his own rates Yearous, will be footing some
futures contracts—betting that last year to cope with prices at of the bill for that risk.
the coming hurricane season the pump, is cutting back on Six months ago, the Bow,
could knock refineries off line spending such as the occa- Wash., resident sold her Chev-
and spark a rush for supplies. sional trip to a restaurant for rolet Camaro after $70 trips to
“The aroma of distress in a breakfast of eggs Benedict. the gas station weighed on her
the market sends prices “You have to start asking wallet. Though Yearous has
higher,” said Tom Kloza, global yourself: What is most impor- since bought a hybrid Kia Niro,
head of energy analysis for tant?” Knox said. which cuts the cost of her
OPIS. “We’ll probably have to America’s average weekly The wholesale price of diesel, needed for trucking and manufacturing has risen by 29%. commutes—which are at least
get to the middle of August or retail price for gasoline on 90 minutes long—to and from
so until the coast is clear.” July 31 was $3.87 a gallon, ac- year. Valero Energy rose 7% summer fuel runs when the air rowing costs that make hold- her job in Seattle, she still
Gas stations nationwide cording to the Energy Infor- over the past month, Mara- necessary to cool products to ing fuel more expensive, are hunts for the best deals before
have boosted prices by an av- mation Administration. It is a thon Petroleum leapt 16% and proper levels gets hotter, ana- helping push nationwide filling up.
erage 29 cents a gallon over far cry from last summer’s Phillips 66 jumped 15% lysts say. But heat waves this stockpiles near multiyear lows. “Even if I am low on fuel,”
the past month, according to peak of around $5.11 after Rus- Robust margins for pump- summer have baked much of Federal record-keepers say she said, “I will only put
the AAA, with gains in some sia’s invasion of Ukraine splin- ing out gasoline and diesel the country with triple-digit gasoline inventories are down enough gas in to get to an-
metropolitan areas accelerat- tered energy markets and su- have propelled those large temperatures that have per- 7.7% annually across the Gulf other gas station that I know
ing in recent days. Drivers percharged inflation. companies’ performances, sisted longer than normal. Coast, the heart of America’s [is] cheap enough.”
around Santa Fe, N.M., are Still, prices are higher than even as the collective U.S. fuel “All the cooling in a refin- refining sector.
paying about 29 cents more they were before the war, industry has slowed opera- ery is directly impacted by the It leaves a thin cushion for
for regular-grade gas than weighing on consumer spend- tions slightly in recent weeks. outside temperature,” said the U.S., an increasingly cen- Watch a Video
they were a week ago. Those ing and bolstering fuel mak- Federal record-keepers say na- Gary Devenish, vice president tral cog in global energy mar- Scan this code
in Decatur, Ill., face a 36-cent ers’ bottom lines. tionwide refinery utilization of energy consulting firm kets, as potential hurricanes for a video on
increase. Stocks in U.S. refiners have has ticked 1.6% lower, to Baker & O’Brien. loom. how urban
In Gettysburg, Pa., Ken popped in recent weeks, pull- 92.7%, since July 14. Slight pullbacks in produc- Colorado State University growth fuels
Knox fears higher gasoline ing them into the green for the Refineries often pare back tion, coupled with higher bor- forecasters in July boosted extreme heat.
 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 | Friday, August 4, 2023
Robinhood Needs to Steal More Users
Online brokerage posts surprise profit, but drop in active users shows how much further it has to go
Robinhood Markets turned a
surprise profit in the second quar-
ter. But that may not be enough to
nab back its momentum just yet.
What originally got the world
so excited about Robinhood—ex-
plosive growth in active users—is
a thing of the past. Monthly active
users declined by about a million
over the course of the second
quarter, to 10.8 million. That is
around half the level of two years
ago, when Robinhood was in the
midst of 2021’s wild trading surge.
Transaction-based revenue from
equities, options and crypto trad-
ing also is falling, dropping 8%
quarter over quarter.
However, where Robinhood is
growing is in customers bringing
more money into the brokerage,
even if they aren’t trading as
much: Net deposits grew at an an-
nualized 21% rate in the quarter,
and the company’s Gold cash
sweep accounts—which now pay a
4.9% yield—have more than dou-
bled since the start of the year, to
$11 billion. Interest-based revenue
is continuing to grow.
There is also growing revenue
from nontrading activity. Between
fully paid securities lending, in
which investors can lend out their
Warner’s Misses Outweigh Its Success
Even “Barbie” can glam up its
maker only so much these days.
Warner Bros. Discovery, the
entertainment giant behind the
latest box office smash hit, posted
notably mixed results for the sec-
ond quarter on Thursday.
Revenue slipped 4% year over
year to about $10.4 billion, falling
a bit short of Wall Street’s projec-
tions. That was due to weakness
in both advertising and content, as
the company—like its other Holly-
wood peers—is dealing with the
twin pressures of a declining ca-
ble-TV market and a highly unpre-
dictable box office.
Total advertising revenue fell
13% year over year to $2.5 billion,
while revenue from studio content
plunged 25% to $2.4 billion during
the quarter, which included the
disappointing release of “The
Flash” from Warner’s DC super-
hero franchise.
The “Barbie” movie that hit
theaters last month will most cer-
tainly help that end of the busi-
ness in the third quarter. That
movie has now grossed nearly
$804 million globally in its first
two weeks and seems likely to
cross the $1 billion mark, which
would make it the first Warner
The Economy’s Odometer Is Broken
no
U.S. workers shook off their win-
ter blues and got more productive
in the second quarter. But don’t be
too quick to proclaim that a new
era of productivity has emerged.
The Labor Department on
Thursday reported that U.S. pro-
ductivity, as measured by what a
typical worker produces in a typi-
cal hour, grew at a seasonally ad-
justed 3.7% annual rate last quarter
from the prior quarter. That came
on the heels of a 2.1% decline in
the first quarter, a 1.6% increase in
the fourth quarter last year
and…well, you get the picture. Pro-
ductivity figures, which have al-
ways been volatile, have been a
complete mess since the pandemic
hit.
That in turn presents a problem
for the Federal Reserve: If it
doesn’t have a good sense of what
productivity is doing, it doesn’t
know how rapidly the economy can
grow without inviting too much in-
flation.
As a rule of thumb, an economy
is able to grow about as quickly as
its workforce expands plus any
gains in how productive the work-
force is. If the economy grows
much faster than that over time,
the demand for workers will push
wages to the point that persistent
inflation problems emerge. Slower,
and job losses mount.
One reason the U.S. economy
has been so successful historically
is that through its embrace of in-
novation America delivered effi-
ciency gains that allowed workers
to produce more. But in the years
before the pandemic—really, since
the collapse of the dot-com bub-
HEARD STREET
Robinhood Markets net
profit/loss, quarterly
0
–0.2
–0.4
–0.6
–0.8
–1.0
–1.2
–1.4
–$1.6 billion
2021 ’22
Source: the company
shares to earn passive income, and
transaction revenue from instant
withdrawals and debit cards, the
company generated $24 million in
revenue—just a million dollars shy
of the revenue generated by equi-
ties trading in the quarter.
All of this helped average reve-
nue per user grow from $77 in the
first quarter to $84 in the second
quarter, the fifth-straight quarter
of growth. And thanks in part to
the company’s founders canceling
on
us ,
l
e
al a
ci on
er s
m er
m rp
co Fo
The latest results included revenue from the release of ‘The Flash.’
movie to do so since 2019.
But the rest of the theatrical
business remains shaded by the
writers’ and actors’ strikes that
have effectively shut down pro-
ductions across Hollywood, while
also curbing promotional activities
for coming releases. During its
conference call Thursday, Warner
n-
Annual change in productivity in the
air transportation sector
60%
40
20
0
–20
–40
–60
2017 ’18 ’19 ’20
Source: Labor Department
ble—productivity growth has been
mediocre. Couple that with slower
population growth and it isn’t a
surprise the economy was lacklus-
ter.
Not long after the pandemic
struck, there were hopes that the
ways workers and businesses met
that challenge would kick-start
higher productivity growth. People
became more adept at videoconfer-
encing, for example, which meant
they could spend less time travel-
ing to client meetings and more
time doing something meaningful.
Restaurants embraced QR codes
for menus and bills. And indeed,
through the end of 2021, it looked
as if there was a big step up in
productivity.
But a lot of it was a mirage,
driven by the massive job losses
and other distortions the pandemic
created. Take hotels and motels,
FINANCIAL ANALYSIS & COMMENTARY
ON
THE
some of their stock awards, as users are declining, the number of
well as other cost controls such as
layoffs, Robinhood was able to
generate $25 million in net income
net cumulative funded accounts is
up to 23.2 million, about 700,000
more than it had two years ago.
in the second quarter, versus the
continuing loss analysts were an-
ticipating, according to Visible Al-
The key is enticing customers into
becoming even more active, and
thus more lucrative.
pha. This is the first quarter of “Over time as we broaden our
net profit since it became a pub- product selection, and deepen our
licly traded company. relationships with customers,
Yet while this is certainly a you’re going to see a more consis-
milestone, there should only be tent relationship between
limited fanfare. Average user reve- [monthly active users] and total
nue of $84 remains well behind funded accounts,” Chief Financial
what other online brokerages have Officer Jason Warnick told ana-
historically generated, by hun- lysts on Wednesday.
dreds of dollars. It is also getting Of course, expectations need to
harder, not easier, to make money be adjusted right now, since it is
’23
from cash: Robinhood’s annualized such a fallow time for trading. The
yield on earning assets fell from number of customers placing
3.68% in the first quarter to 3.51% trades was down quarter over
in the second. quarter in equity, options and
A rise in interest revenue crypto. And only options recorded
helped the stock jump nearly 60% an increase by notional volume, or
this year through Wednesday. Now contracts in the case of options,
the bar is getting higher, though, per trader.
with investors initially evidently Robinhood told analysts that
disappointed by the quarter, de- even at today’s relatively lethargic
spite the profit milestone: Shares levels, it believes it is taking mar-
were down more than 7% on ket share in equities and options
Thursday. trading. Still, the merry band may
The bright side is that Robin- have to steal a lot more share if it
hood is at least bringing in raw wants to thrill the market once
materials. While monthly active again. —Telis Demos
options and update the market
accordingly.”
Meanwhile, Warner’s streaming
side is having some hiccups of its
own. The second quarter included
the combination of the company’s
HBO Max and Discovery+ stream-
ing services into one platform—
which was controversially re-
branded as “Max.” The company
said it made significant invest-
ments during the quarter to sup-
port the campaign, but not every-
one got the message. Domestic
streaming subscribers fell by 1.3
WARNER BROS/EVERETT COLLECTION
million during the quarter—more
than the 1.2 million loss expected
by analysts.
It wasn’t all bad news. Warner’s
intense focus on boosting cash
flow to pay down its massive debt
load continued to show progress.
Free cash flow totaled $1.7 billion
in the second quarter, and Wie-
denfels projected the same for the
avoided any mention of two major third quarter—both well ahead of
theatrical movies slated for re- Wall Street’s targets. But that in-
lease this month—“Blue Beetle” cludes some help from the strikes,
and “Meg 2.” as production shutdowns don’t re-
Chief Financial Officer Gunnar quire cash going out the door. Ul-
Wiedenfels said “release dates and timately, Warner and its studio
performance expectations are nat- peers need Hollywood to get back
urally fluid given the ongoing to work—even if it costs them.
strikes, and we will evaluate our —Dan Gallagher
TIM GRUBER FOR THE WALL STREET JOURNAL
’21 ’22
Labor Department’s productivity metric has fluctuated in recent quarters.
for example. In 2021—the latest pe- annual rate, the same as over the
riod Labor Department data is prior five years. But pandemic dis-
available for—their productivity tortions aren’t yet completely be-
jumped by 25.2%. But while they hind us. The leisure-and-hospitality
might, in fact, have gotten more ef- and health sectors, in particular,
ficient, this was probably because look as if they still don’t have as
there weren’t as many people many workers as they need, and as
working room service, the front they fill in those jobs, productivity
desk and so on—a situation that, measures could stumble. And on
while temporarily bearable for the other hand, it is hard to shake
guests, wasn’t sustainable. Or con- the idea that America has, in fact,
sider air transportation. There, learned how to work smarter over
productivity fell 56.3% in 2020, as the past few years.
planes flew with very few people If what is going on with produc-
on them, grew by 64.2% in 2021, tivity is uncertain, the right pace
and, according to the latest data, of growth for the economy is un-
climbed 13.9% last year—which still certain, too. That means that the
left the sector about 18% less pro- Fed can’t be too sure of how infor-
ductive than it was in 2019. mative measures such as gross do-
Right now, the trend in produc- mestic product are for its decision
tivity looks a lot like it was before making. Count it as another reason
the pandemic. From the fourth that the central bank, even more
quarter of 2019 to the second quar- than usual, is stumbling along in
ter of this year it grew at a 1.4% the dark. —Justin Lahart
THE WALL STREET JOURNAL.
Bud Light
Boycott
Can’t Douse
Anheuser-
Busch InBev
Bud Light sales might never
fully regain the ground they have
lost to competitors. That doesn’t
mean Anheuser-Busch InBev, and
its stock, can’t ultimately recover
from the fracas.
The global brewer, which ac-
counts for around one of every
four beers sold worldwide, on
Thursday posted surprisingly
strong results despite cratering
Bud Light sales. Revenue in the
second quarter rose 7.2% from a
year earlier—much faster than the
4.1% growth that analysts were
predicting, according to consensus
estimates from Visible Alpha.
Amid the high emotion in the
U.S. over the Bud Light contro-
versy, which arose in early April
following a social-media collabora-
tion with a transgender influencer,
investors seem to have forgotten
.
just how big and global the
brand’s Belgian parent company
ly
really is. At its lows in late May,
AB InBev’s stock was down around
20% from the end of March. But it
has since recovered some of that
ground and the shares were up
more than 1% on Thursday.
True, AB InBev’s North America
organic sales by beer volume slid
14.1% year over year because of
the boycott. Global volumes, how-
ever, fell just 1.4%. In the Asia Pa-
cific region, where the company
owns brands such as Harbin Beer
in China, volumes were up 9.5%.
Revenue rose in more than 85% of
the company’s global markets, the
company said.
Meanwhile, the biggest benefi-
ciary of Bud Light’s woes, Molson
Coors Beverage, reported strong
earnings earlier this week that
nonetheless left investors cold.
The maker of both Coors Light
and Miller Lite said net sales in
the second quarter rose 11.8% from
a year earlier, or 12.1% in constant
currency terms, in line with ana-
lyst estimates. But the stock sold
off on the news, shedding 4.7% on
Tuesday. Expectations might sim-
ply have been too high, with the
stock having risen up to that point
by 35% from the end of March.
Shares of Constellation Brands,
owner of the U.S. Modelo Especial
brand, which has surpassed Bud
Light as the country’s top-selling
beer, are up around 19% since the
end of March.
There are reasons to believe
that Bud Light sales might be per-
manently impaired. Molson Coors
Chief Executive Gavin Hattersley
said on a conference call with ana-
lysts that retailers are already re-
allocating space to other brands
during shelf resets that take place
in the spring, with more resets to
come in the fall.
In bars and other on-premise
channels, the company gained
more than 12,000 tap handles in
the quarter, he added. Molson
Coors also said it is planning an
additional $100 million of market-
ing spending in the second half of
the year to keep that sales mo-
mentum. “Our job is to maintain
those gains that we’ve got,” Hat-
tersley said.
To be sure, AB InBev isn’t aban-
doning Bud Light. Indeed, it has
just tripled the brand’s summer
media budget in the U.S. in an at-
tempt to win back consumers, or
at least halt its losses. But the
more interesting thing for inves-
tors now is actually what it does
with the rest of its vast portfolio.
For instance, AB InBev’s biggest
market is actually Middle Ameri-
cas, including Mexico, where it—
not Constellation Brands—owns
the Modelo Especial brand. In the
second quarter, AB InBev’s Mexi-
can business logged revenue
growth in the low teens and mar-
ket share gains, powered in part
by the rollout of a digital, direct-
to-consumer sales platform to 60
cities, the company said.
Overall, AB InBev said on
Thursday that it still expects
growth in earnings before interest,
taxes, depreciation and amortiza-
tion of 4% to 8% this year, un-
changed from its May forecast and
in line with its medium-term
growth targets. To investors and
consumers in the U.S., it might
seem unbelievable that the Bud
Light rumpus amounts to little
more than a wrinkle for the
brand’s parent company, but that
is the reality.
—Aaron Back
 MANSION
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.

$138.83 Fab Food

Million Agents recall
A Connecticut over-the-top
estate sets a open-house
record. M3 catering. M8

HOMES | MARKETS | PEOPLE | REDOS | SALES THE WALL STREET JOURNAL. Friday, August 4, 2023 | M1

Living Like a Star

On Lake Como
George and Amal Clooney brought a spotlight to this famous Dina Branham fell in love with Italy more than a decade ago. Her search for a home on Lake
Italian lake. Now non-celebs are searching for a slice of it, too. Como ended when she bought an apartment in Menaggio, left, with spectacular lake views.

.
ly
BY RUTH BLOOMFIELD

D $1,024
ina Branham first
visited Italy more
than a decade ago
and, like generations
of travelers before
prime property in the
Como province
on
Cost per square foot for
us ,

her, fell head-over-heels in love. “I

thought it was just magical, the
l
e
architecture, the charm,” she said.
al a

More vacations followed, and

Branham found a favorite spot,
ci on

Lake Como, because it reminded

her of her childhood spent close
to Lake Minnetonka, Minn. With
time on her hands during the pan-
demic, Branham, a real-estate
er s

agent based in Sarasota, Fla., be-

gan to research the Italian prop-
m er

erty market. In 2020, she began

negotiating the purchase of a
roughly 1,000-square-foot, two-
bedroom, one-bathroom condo-
m rp

minium in a small, gated commu-

nity with water views in the
waterside town of Menaggio.
It cost $254,000 and Branham
said she found the process of get-
co Fo

ting a mortgage from an Italian

bank “surprisingly easy.” Unable
to travel to Italy, she bought the
property on the strength of pho-
tographs, videos and research on
Google Earth. Happily, when she
finally managed to visit, in June
FRANCESCO LASTRUCCI FOR THE WALL STREET JOURNAL (6)

2021, the condo very much lived

up to her expectations.
Since then, she has made seven
more trips to Menaggio, and has
been approved for Italian citizen-
n-

ship, giving her the option of re-

tiring to Italy one day. “It is my
little sanctuary,” she said.
Buyers who want to emulate
no

Branham, and the actor George

Clooney, Lake Como’s most fa-
mous resident, will first need to
deal with a highly nuanced market
Please turn to page M6 A key driver of the Como real-estate market is foreign buyers. They now hail primarily from North America, Germany and Switzerland.

Triple-Digit Heat, but No Electric Bill?

Three certified passive houses in Boston were built to offer clean inside air, reduced emissions and little to no energy costs

PRICE: PRICE: PRICE:

$1.5 million $1.4 million $1.4 million
The homes, in
the West
Roxbury area
of the city,
have airtight
BOB O’CONNOR FOR THE WALL STREET JOURNAL (3)

construction,
triple-glazed
windows, a
foundation of
concrete slabs
on foam blocks,
and strategic
shading.

Negative monthly electric bill Energy savings: $700 to $1,200 a month Electric company owes owners $1,000

NANCY KEATES
IT WAS THE OPEN, modern style
of the house in West Roxbury,
Mass., that first got one couple’s
attention: a box made of clear-fin-
ished white cedar siding that
seemed to float above a dark metal
base, with large windows, panels
of wood slats and high ceilings.
But the main reason they paid
$1.4 million for the 2,500-square-
foot home was the technology.
“This winter it got freezing,
and we were in our shorts,” says
Amod Athavale, 37, who moved
into the newly built house with
his wife, Manasi Datar, 36, in July
2022. This summer, the house has
remained at 72 to 75 degrees with
only a few hours of air condition-
ing each day, despite the triple-
digit heat that hit the city. In fact,
their electricity bill currently has
a negative balance of about
$1,000, meaning the electric com-
pany owes them, Athavale says.
Their home is one of three side-
by-side certified “passive houses,”
meaning they meet the standards
set by the Passive House Institute
in Darmstadt, Germany. Designed
by Boston-based RODE Architects
and built by developer Dmitry
Baskin of Passive House Construc-
tion, they use airtight construction,
triple-glazed windows, a founda-
tion made from 12-inch concrete
slabs set on 8-inch foam blocks,
Please turn to page M4
 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.
M2 | Friday, August 4, 2023
Howard
Hughes
A Los Angeles estate once
owned by the late eccentric bil-
lionaire Howard Hughes is coming
on the market for $23 million.
The 1920s Spanish Colonial is
located on the eighth hole of the
Wilshire Country Club golf course
in the Hancock Park neighbor-
hood, according to marketing ma-
terials. Hughes lived there for
more than a decade during the
heyday of his career as a movie
mogul and aviation pioneer who
owned the now-defunct Trans
World Airlines. The home was de-
picted in Martin Scorsese’s 2004
film “The Aviator,” about Hughes’s
years in Hollywood.
The property is currently
owned by Ash Shah, a former
movie producer
FOR SALE turned restau-
rateur, and his
$23 wife, Niroupa
MILLION Shah, who
bought the
10,200 sq. ft.,
house for $6.3
8 bedrooms,
million in 2012,
pool, pizza oven
according to
property re-
cords. Ash Shah said they spent
about a year and a half renovating
the house and updating it to mod-
ern standards.
Set on nearly three-quarters of
an acre, the house is about 10,200
square feet with eight bedrooms,
including an apartment above the
three-car garage, according to the
listing. It has a motor court, a
swimming pool and an outdoor
kitchen with a pizza oven. An in-
terior courtyard is paved with
California river stones.
The Shahs added the outdoor kitchen.
no
Stunning home on fantastic, rare double 26,500+/- square foot lot in Palm Beach’s North End. Excellent location with fabulous beach cabana and Lake Trail access. Featuring
4 bedrooms plus library, 4 full baths, and powder room. Designed by architect Gene Pandula and custom built by Paul Wittman in 2001 with over 7,000 total square footage,
beautiful hardwood and marble flooring, impact glass, and oversized 2 car garage. Beautiful Mediterranean home with cast stone trim, media room, and elevator. Stunning
outdoor spaces including loggia, large pool, jacuzzi, balconies, summer kitchen, and gated front yard. | Exclusive New Offering - Christian J. Angle 561-629-3015
C 561.629.3015
E cjangle@anglerealestate.com
Though information is assumed to be correct, offerings are subject to verification, errors, omissions, prior sale, and withdrawal without notice. All material herein is intended for informational purposes only and has been compiled from sources deemed reliable.
Equal Housing Opportunity. Outlines for illustraltion purposes only- consult a survey.
PRIVATE PROPERTIES
A Los Angeles Estate Once
Owned by Howard Hughes Lists
Hancock Park is synonymous
with old Hollywood stars, and the
toric Tudors and Spanish Colo-
on
neighborhood is filled with his-
nials, said listing agent David
Berg of Compass, who is market-
us ,
ing the property with colleague F.
Ron Smith. Designed by the archi-
l
e
tect Roland A. Coate, the house
al a
was originally built for the widow
of a prominent businessman. In
ci on
the late 1920s, as Hughes’s repu-
tation grew in Hollywood, he de-
cided he wanted to move into a
“suitable house,” according to the
book “Hughes: The Private Dia-
er s
ries, Memos and Letters.” His cri-
teria included an entrance that
m er
m rp
co Fo
n-
220 Nightingale Trail, Palm Beach, Florida
www.AngleRealEstate.com
NY
could accommodate multiple cars,
stone floors in the kitchen and
windows throughout the house
that opened but had permanent
screens to keep out bugs, the
book said.
He rented the Hancock Park
house for $1,000 a month before
buying it for $135,000 in 1929, ac-
cording to the book “Howard
Hughes: His Life and Madness.”
He lived there until the 1940s,
when he moved out and claimed
to be a resident of Texas to avoid
paying California income taxes,
the book said.
Over the years, the actress
Katharine Hepburn lived with
THE WALL STREET JOURNAL.
ly
Hughes in the Hancock Park
home; he also had several phone
lines installed in the home for his
various love interests, according
to “Hughes.” He died in 1976.
The Shahs bought the house
from Robert Bookman, a motion
picture literary agent, records
show. They bought the house be-
cause they were expecting their
fourth child and needed more
space, Ash Shah said, but he was
taken with the history of the
home. “It was intriguing to me for
sure,” he said. “I used to be in the
movie business, and back in the
day I used to fly TWA.”
When they bought the house,
Palm Beach, Florida 33480
.
only one room in the house had
air conditioning, Ash Shah said,
and the layout was “chopped up”
into smaller rooms. “When it was
built, there was a clear delinea-
tion of, ‘This is where the family
lived and this is where the staff
lived,’ ” he said. “We spent some
time bringing it into one cohesive
home.”
The Shahs built a family room
off the kitchen, added the outdoor
kitchen and pizza oven, replaced
the pool and finished the lower
level. They also built up the out-
door spaces, including a courtyard
where they added sofas and a
fireplace. Where they could, the
Shahs kept original details such
as the hardwood flooring and tile
work, and they rebuilt the front
door based on the original build-
ing plans, Ash Shah said. Hughes’s
basement vault is still there, re-
purposed as a 2,500-bottle wine
cellar by the prior owner. The
Shahs kept the original vault door,
which is set off to the side. The
wooden gates to the property
EVERETT COLLECTION (HUGHES); NOEL KLEINMAN (3)
have the original hydraulic system
created by Hughes Tool Co. engi-
neers. Ash Shah said the hydrau-
lics no longer function, however,
and the door has to be opened
manually.
The Shahs said they are selling
because they are moving to the
East Coast to be near their chil-
dren’s boarding school.
—E.B. Solomont
179 Bradley Place
 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 Friday, August 4, 2023 | M3

PRIVATE PROPERTIES

Connecticut’s Most Expensive Home Sells

Copper Beech Farm, a roughly
50-acre estate in the affluent
community of Greenwich, Conn.,
has sold for $138.83 million, set-
ting a record for the most expen-
sive home ever sold in the state,
according to agents involved in
the transaction.
The sale is also one of the most
expensive ever closed nationwide.
The record price for a U.S. home
was set in 2019 by billionaire Ken
Griffin’s roughly $240 million pur-
chase of a New York apartment.
The seller of the Greenwich
property is the Connecticut-based
limited liability company Conser-
vation Institute. Records show the
entity is tied to Bridgewater Asso-
ciates, the hedge-fund heavy-
weight founded by billionaire Ray
Dalio. Dalio stepped down as co-
investment chief of the company
last year. He didn’t respond to a
request for comment.
The identity of the buyer, who
was represented by Stephanie Bo
Li of Douglas Elliman, couldn’t be
determined.
Originally known as Kincraig,
the estate dates to the
1890s and includes SOLD ing room includes ever seen. This time around, the
nearly a mile of pri-
vate frontage on Long $138.83 french doors leading
to a solarium with
estate came on the market in Feb-
ruary for $150 million. Leslie
Island Sound. It was
once owned by the
MILLION coffered ceilings,
while the formal din-
McElwreath of Sotheby’s Interna-
tional Realty, one of the listing
13,500 sq. ft.,
Lauder Greenway fam- ing room has oak agents, said the buyer inquired
8 bedrooms
ily; Harriet Lauder paneling and a plas- about the property the first week

.
Greenway’s father ter tracery ceiling. it was listed after reading about it

helped Andrew Carnegie start
what would become U.S. Steel.
The estate’s primary residence is
a roughly 13,500-square-foot
French-Renaissance mansion with
eight bedrooms. The four-story
home was recently restored and
ly
The estate also has a three- in The Wall Street Journal, then
bedroom gatehouse and a two- came to see it in person within a
bedroom carriage house with a month. McElwreath marketed the
beaches, a bathhouse, a tennis
court and a 75-foot-long heated
outdoor swimming pool.
on
clock tower, as well as two private property alongside Joseph Bar-
bieri and their New York col-
league Nikki Field. The agents de-
clined to comment on the identity
us ,

features nine fireplaces, an up- When Copper Beech last sold of the buyer or seller.
stairs balcony and two stone tow- for $120 million in 2014, the sale —Katherine Clarke
l

Built in the 1890s, the home was recently restored.

e
ers flanking the entryway. The liv- was the priciest the country had and E.B. Solomont
al a
ci on

Investor Harvey Jones Buys

Big-Ticket Property in Palm Beach
er s
m er

A Palm Beach, Fla., home that slopes down to the Intracoastal.” represented the buyer, declined to
last traded for $7.37 million has The property hit the market in comment.
sold for $50 million. April asking $55 million, accord- Originally built in the 1970s,
m rp

FROM TOP: DANIEL MILSTEIN/SOTHEBY’S INTERNATIONAL REALTY (2); SHAWN HOOD

The seller of the home on the
Intracoastal Waterway is the es-
tate of the late liquor dis-
tributor James V. SOLD
“Jimmy” Tigani Jr., re-
$50
ing to listing agent Mark Bennett
of the Corcoran Group, who was
also Tigani’s longtime
partner and lived at the
house until recently. Ti-
co Fo
the home is located on the north
end of Palm Beach with about 130
feet of waterfront. Set on approxi-
mately an acre, the property has a
pool, a concrete deep-water dock

cords show. The buyer is gani, whose family owns and deeded beach access.
entrepreneur and investor
Harvey Jones, an avid
MILLION the Delaware liquor dis-
tribution company N.K.S.,
Bennett said the couple spent
about $4 million renovating the
130 feet of
sailor who owns property bought the house in 2002 home.
waterfront
in Palm Beach and Nan- and renovated exten- The roughly 8,100-square-foot,
The house is about 8,100 square feet.
tucket, Mass. sively, Bennett said. He Regency-style house is configured
“The opportunity to live and be died last year at age 85 and the with four bedrooms, two kitchens,
on the Intracoastal, and to have a property is being listed by his es- two offices and a billiards room, Jones, who got his start in the pany’s website.
boat, is something I’ve been very tate, according to Bennett, who is according to Bennett. The couple computer industry in the 1980s, is As to whether he plans to reno-
interested in,” said Jones, who moving to Admirals Cove, a gated entertained often, he said, and the managing partner of Square Wave vate the home or build a new one
owns a non-waterfront home community in nearby Jupiter. house has four bars—in the living Ventures, an investment firm, and on the site, Jones said, “We’re not
nearby. “This has elevation, it’s Frances and Todd Peter of So- room, kitchen, billiards room and sits on the board of chip maker there yet.”
n-

well above the flood lines and theby’s International Realty, who cabana. Nvidia, according to the com- —E.B. Solomont
no

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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.
M4 | Friday, August 4, 2023
Passive
Houses
Continued from page M1
and strategic shading to by-
pass conventional heating
and cooling systems.
The heating and cooling
comes from small mini-split
style (heat) pumps, con-
nected to a condenser out-
side the house when neces-
sary. The house also uses
an ERV (energy recovery
ventilation) system to cir-
culate the air to maintain a
clean and fresh indoor air
environment. In the winter,
the system pulls heat from
the exhaust air and trans-
fers it to the incoming air,
thereby reducing the heat-
ing load, rather than burn-
ing gas or oil.
These air tubes run
throughout the house to ex-
tract stale air and pull in
fresh HEPA-filtered air; the
system exchanges the total
volume of air five to seven
times a day. All three
homeowners opted to in-
stall solar panels.
“Think of it like a dou-
ble-walled thermos that
keeps your coffee hot all
day, but on an even larger
scale,” says Kevin Deabler, a
co-founder and design prin-
cipal of RODE.
Extreme weather condi-
tions, coupled with increas-
ing wildfire smoke and pol-
lution, have made the idea
of a tightly sealed home
with highly filtered air
more appealing, says Ken
Levenson, executive direc-
tor of the Passive House
BOB O’CONNOR FOR THE WALL STREET JOURNAL (7)
Network, a nonprofit that
focuses on passive-house
education. Passive-house
technology reduces carbon
emissions because people
use less energy, and it al-
lows people to live more
comfortably while paying
lower energy costs, he says.
John Barrows of P3
Builder Group, based in
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When you live on a bridgeless island, what first strikes
you is what’s missing. Cars. Noise. Crowds. Stress.
Here, on the southernmost tip of the Carolinas, is an
idyllic Lowcountry community with world class golf and
amenities nestled under moss-draped live oaks. Those
who discover this treasured island, just a seven-minute
water taxi ride from Hilton Head’s Harbour Town, don’t
actually escape from life, but find a deeper immersion
no
into it. And that’s the whole point.
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Bridgehampton, N.Y., which
has been building sustainable
homes in the Hamptons for
eight years, estimates a pas-
sive house costs 5% to 15%
more to build than tradi-
tional homes. Highly insu-
lated windows (that can be
opened as usual) and exte-
rior materials are expensive,
as is adding solar panels;
plus there is the time it takes
to get the home certified–
whether by the institute in
Germany or by Phius, a Chi-
cago-based nonprofit. He
says the cost differentials
can be reduced with good
planning. Other owners balk
at the effort needed to live in
a passive house, because its
systems are different from
just turning on the heat or
air conditioning when you
get home, he adds.
What started as a few
states and cities giving tax
credits for multifamily build-
ings adopting passive-house
technology has grown more
robust nationwide: Almost
16,000 units of Passive
House multifamily housing—
apartments or townhomes—
have been built or are in the
process of construction na-
tionwide. Because some
projects don’t certify or
aren’t listed in certifica-
tion databases, this is a
snapshot of a larger trend,
says Levenson.
Massachusetts is at the
on
us ,
l
e
al a
ci on
Brett St. Onge, an engineer
er s
at Apple, bought his house
after leaving Austin, Texas.
m er
m rp
co Fo
n-
MANSION
3. Athavale-Datar home:
Stylish light fixtures, colorful
3 stylish lighting fixtures and
2
1 space engineer, and Mary
1. St. Onge home:
Miminalist style
2. Luong-Ho home:
Toys and family photos
Truc Luong, an aerospace
engineer, wanted space for
his daughter, Emma.
forefront: This year the state
implemented a new building
code in various municipali-
ties, including Boston, man-
dating that all multifamily
projects over 12,000 square
feet meet the passive-house
standards starting next year.
While there are still only
about two dozen certified
single-family passive houses
in the state, there are more
than 160 multifamily proj-
ects in the works, 40% of
which are designated low-in-
come or affordable, says
Aaron Gunderson, the execu-
tive director of Passive
House Massachusetts.
To reach the price point
that would make these sin-
gle-family homes a viable in-
vestment, Baskin and De-
abler brainstormed ways to
THE WALL STREET JOURNAL.
ly
differentiate them enough to
make people willing to pay a
premium.
RODE designed the
homes to fit into the neigh-
borhood, with simply
pitched rooflines and side
garages. Each of the houses
has four bedrooms, three
bathrooms, and an open
kitchen and living area. And
all have white cedar built-in
cabinets, white oak floating
stair treads, and a mixture
of porcelain tile and hard-
wood plank flooring.
Still, each looks unique
because of the lifestyles of
the owners. One is domi-
How a Passive Home Works
The heating and cooling system relies on airtight construction; air tubes and an
ERV network to exchange stale air for fresh, filtered air; and heat from the sun.
Air
exhaust
Fresh air
intake ERV (Energy
recovery ventilation)
Source: RODE Architects
Kevin Hand/THE WALL STREET JOURNAL
Amod Athavale and Manasi
Datar bought their 2,500-
square-foot home in 2021.
nated by children’s toys and
family photos; another is
minimalist and spotless; the
third has colorful walls,
a stand-alone tub.
Truc Luong, 39, an aero-
Ho, 39, an emergency-de-
partment nurse, bought one
of the homes in July 2021
before construction had
even started. Their daugh-
ter was born that year and
they wanted more space.
Luong estimated that
buying a newly built home
in Boston would be about
$1.2 million. He had heard of
passive houses, and believed
what seemed like a high
price for the home ($1.4 mil-
lion) would be worth the ex-
.
tra $200,000 because of the
comfort and the savings he
would get from not having
traditional heating and cool-
ing systems. Luong tracks
how much energy the house
is using by the hour on an
app and estimates he is sav-
ing about $700 to $1,200 a
month.
Brett St. Onge, who lives
in the minimalist house,
also liked the idea of being
able to control his environ-
ment. The 50-year-old engi-
neer at Apple moved back
to the Boston area, where
he grew up, last year after
27 years in Austin, Texas.
He says his new house,
which he bought for $1.5
million and moved into in
July 2022, is well insulated.
He likes that he can adjust
the temperature inside by
raising and lowering the
window shades. His monthly
electric bill is negative, so he
gives the credits to his par-
ents to pay their electric bill.
They both use the same en-
ergy company.
Athavale and Datar
bought their house for $1.4
million in July 2021, when
it was still in the framing
stage. They were living in
an 800-square-foot condo
in the Jamaica Plain neigh-
borhood of Boston. When
Covid hit in 2020, they both
started working from home
and wanted more space.
Athavale says they view
themselves as environmen-
tally conscious—they drive
an electric car and recy-
cle—but they had never
heard of the concept of a
passive house. Datar has
noticed since they moved in
that her seasonal allergies
have disappeared.
They say the passive-
house certification reassures
them that what they bought
is real and that the environ-
mental benefits will add to
the home’s market value.
“We were a little worried
about whether the technol-
ogy was legitimate, but we
are both scientists so we are
hardwired to trust the num-
bers,” says Datar.
Airtight layer
Solar gain
Insulation
 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 Friday, August 4, 2023 | M5

MANSION
ANNOTATED ROOM

A Kitchen Goes From ‘Fine’ to Sky-High

Homeowners on New York’s Billionaires’ Row wanted the space to better represent both their personal style and their lifestyle

BY LAURA HINE

C
ondos overlooking Central Cost: $500,000
Park in the spate of high-
rise buildings nicknamed
Billionaires’ Row typically
come with what most homeowners
would consider a more-than-adequate
kitchen. When designer Mick De Giu- 2
lio’s clients, who had worked with
him on two previous kitchens in Chi-
cago and the Hamptons, bought a
2,800-square-foot, two-bedroom
apartment in a newly finished super- 3
tall in 2017, the standard kitchen
wasn’t cutting it. “The unit had white
lacquer cabinets and white counter- 1
tops,” says de Giulio, founder of his
eponymous Chicago-based firm. “As
far as serviceability it was fine, but
these clients wanted something that
5
represented their personal style and
worked for their lifestyle.”
Using a mix of materials, he cre-
ated a kitchen that suits its sky-high
location. He transformed the window
overlooking the park into a place to
linger. “We installed a couple of I-
beams spanning the window, so we
could suspend a heavy stone coun- 4
ter,” he says. “The whole kitchen is
based on the idea of suspension;

.
there is a sense of floating anchored

ly
by the strength of the materials.”
Here are some of the kitchen’s de-
sign elements.

1. Countertops
on
stainless steel were designed by de Giulio. workshop and assembled in Chicago before by Darcy Bonner and Associates, the inte-
The countertops on the island and window The fixtures were fabricated in his metal- installation. “We call it staging,” de Giulio rior architect who designed the rest of the
us ,

bar, as well as the range’s backsplash, are works shop in Michigan. // Price for two: says. “We invite the clients to our facility so apartment. // Price for six: $36,000
l

polished Brazilian quartzite. “Iceberg is one $20,500 they can see everything put together. It
e
al a

of the most beautiful quartzites because makes installation go so much faster and 5. Appliances
it’s the lightest,” de Giulio says and notes 3. Cabinetry it’s much more trouble free.” The homeowners are big entertainers, so
ci on

that the stone is also very dense, which
resists staining and scratching. // Price:
$80,000 including installation
2. Chandeliers
The cabinetry is made out of stainless steel
with some of the cabinet doors and drawer
fronts made from fumed eucalyptus, a pro-
cess that brings out the natural oils and
gives the wood a matte finish. The compo-
// Price: $350,000 they asked for high performance Wolf and
Sub-Zero appliances in this kitchen. Two
4. Counter Stools devices, however, had to be commercial
Providing some curves in an otherwise lin- grade: a Panasonic microwave and a La
ear room are the leather counter stools, Marzocco espresso machine.

DAVE BURK
er s

The two I-beam chandeliers in polished nents are made in the firm’s Michigan which are part of the Mattaliano collection // Price: $49,545
m er
m rp
co Fo
n-
no

T WO - TO FOUR-BEDROOM PLUS DEN RESIDENCES

PRICED FROM $2 MILLION
1919 N Flagler Dr, West Palm Beach, FL 33407
561-401-0066 · OlaraWestPalmBeach.com

ORAL REPRESENTATIONS CANNOT BE RELIED UPON AS CORRECTLY STATING THE REPRESENTATIONS OF THE DEVELOPER. FOR CORRECT REPRESENTATIONS, MAKE REFERENCE TO THIS BROCHURE
AND TO THE DOCUMENTS REQUIRED BY SECTION 718.503, FLORIDA STATUTES, TO BE FURNISHED BY A DEVELOPER TO A BUYER OR LESSEE. This is not intended to be an offer to sell, or solicitation to buy,
condominium units to residents of any jurisdiction where prohibited by law, and your eligibility for purchase will depend upon your state of residency. All images and designs depicted herein are artists’ conceptual
renderings, which are based upon preliminary development plans, and are subject to change without notice in the manner provided in the offering documents. All such materials are not to scale and are shown
solely for illustrative purposes. This project is being developed by N Flagler Drive Developer, LLC, a Delaware limited liability company, which was formed solely for such purpose. Olara is sponsored by a Savanna
affiliate. Savanna is a proven owner, operator, developer and institutional fund manager with a 30-year track record, it has invested in and developed over 17 million square feet of real estate. Other affiliated parties include the
Mactaggart Family Partnership, which has invested in and developed premier real estate projects in the United States and England for over 100 years, as well as Haymes Investment Company and Brandon Rinker. Haymes
and Rinker assisted in the acquisition of six of the eight parcels within the assemblage that became the Olara development site and served as development consultants as the site was assembled and the development vision
was finalized. The principals of Haymes Investment Company have owned, operated and developed millions of square feet of commercial, residential and retail real estate in New York, Florida, and around the United States.
Brandon Rinker has assembled some of the premier sites in the Palm Beaches. Brandon is now a principal at Savanna. This Condominium has been registered with the Massachusetts Board of Registration of Real Estate
Brokers and Salespersons F-1277-01-01. THE COMPLETE OFFERING TERMS ARE IN A FLORIDA PROSPECTUS AVAILABLE FROM DEVELOPER. A CPS-12 APPLICATION HAS BEEN ACCEPTED IN NEW YORK AS FILE NO. CP22-0089.
 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.

M6 | Friday, August 4, 2023 NY THE WALL STREET JOURNAL.

MANSION

Purchase Price: $254,000

Dina Branham purchased her 1,000-square-foot, two-bedroom, one-bathroom apartment on the shores of Lake Como sight
unseen. She has now visited the home numerous times and has been approved for Italian citizenship.

Lake Como SWI.

SW
GER .
W I.. Area of detail G
Gravedona
Grav
rrave
raved
ravedona
a v e do
d ona
oon
Novate
Mezzola
The key driver of the
Como market is, and has
long been, foreign buyers.

Living FRA
FR A. M Milan
ilan
ilan eedd Uniti
U
Uninii ttii Morbegno Prepandemic, Baysal esti-
I TA LY S W I . Lake
LLa
ak
a kkee Como
C m
Com mated, non-Italian buyers
Menaggio
Me
M enagg
een
nag
a ggg were responsible for 70% to
Lugga
Lugano
gaano
anno
no
Continued from page M1 LLenno
eenno
nnnoo 80% of sales, with buyers
where not all picturesque Lak
LLake
a kkee Lugano
ak Lu
L from Russia, the U.K., Ger-

.
Lake Maggiore I T A L Y
villages are equal, and LLagg o
Laglio many, and Switzerland lead-

ly
homes on the water cost Cernob
Ce
CCernobbio
r obbbi
rnob
bbio
io Lecco ing the way. Today, foreign
twice as much as other Coom
Com
CComo
mo buyers still dominate. But
properties. 110
0 miles while Russian and British
Milan
Across the board, aver-
age sale prices around the
lake have dropped over the
past decade, due to the on-
Camille Bressange/THE WALL STREET JOURNAL

the region, said most for-

on 10 km

said. “You are

buyers have gone quiet, said
Baysal, North Americans
stepped into their shoes last
year, attracted by the rela-
us ,

going effects of the Euro-
pean financial crisis and
the pandemic. But beneath
eign buyers prefer the close to the tive strength of the dollar.
lake’s west shore, between Swiss border At least some of these
l
e
the towns of Como and Me- and 40 min- North Americans learned of
al a

the surface, agents say his- naggio, 21 miles north. utes by train Lake Como’s charms from
toric waterfront villas in There are more than a to Milan for the high-profile presence of
ci on

sought-after towns and af-
fordable family-size holiday
homes above the lake are
bucking that trend.
Paola Cleps, a real-estate
dozen small towns and vil-
lages in this stretch of real
estate, and their location is
ideal, said Cleps. “It is a
two-hour drive to the coast.
er s
the airport.” Agenzia delle Entrate, the tions, or been carved up George Clooney. In 2002, he
Average sale prices Italian Revenue Agency, in into apartments. Those that spent about $10 million on
across the Como province June, property sold at an survive as single-family an 18th-century waterfront
are low, compared with val- average of $147 per square homes are often kept home, Villa Oleandra, in the
ues in its prime waterfront foot in 2022, up 0.4% com- within families for genera- village of Laglio. He subse-

broker with Habitat Real If you want to ski, you can villages. According to fig- pared with 2021. This rep- tions, and during the pan- quently bought an adjacent
Estate, Savills’s associate in get to the mountains,” she ures published by OMI- resents a drop of about 10% demic the supply of homes property, creating one of
m er

compared with the 2011 fig-
ure of $163 per square foot.
At the top end of the
market, the performance is
m rp
for sale dried up almost en- the largest private homes in
tirely, said Cleps. the area. Photographs of
People have stopped sell- the actor vacationing there
ing, said Yasemin Baysal, with his wife, Amal Cloo-

MAKE ROOM FOR ALL OF YOU stronger. Estate agent managing part- ney, their 6-year-
Knight Frank reports price ner of Engel & old twins, plus fa-
growth of 8% during 2022. Völkers Lake 70-80% mous friends
Prime property sells at Como, because Estimated sales including Cindy
around $1,024 per square other investment of homes to Crawford, Brad
co Fo

foot. For a waterfront home, options, such as non-Italian buyers Pitt, and Matt Da-
prices are even higher. the stock market, mon, have height-
A 3,000-square-foot his- are currently seen as risky. ened the global profile of
©2023 California Closet Company, Inc. Each California Closets® franchised location is independently owned and operated. CT HIC #0657205.

toric villa in picturesque
Cernobbio with direct ac-
cess to the lake would cost
$11 million and up, said
Cleps. An identical property
just one street inland would
cost around $3.9 million to
$5.5 million. If that same
property was half a mile up
n-
This has driven some buy-
ers to desperate measures,
making direct approaches
to the owners of lakefront
homes they like the look of
and offering them premium
prices to move out. “We
know recently some owners
have been offered crazy
Lake Como.
“Since he arrived, it has
made a very big impact,”
said Cleps. “There are other
famous people living here,
but there is something
about Clooney. He created a
buzz. At first, it was crazy,
with flowers being left at

the hillside, which rises
sharply behind Cernobbio,
it would cost around $3.3
million, she said.
no
prices for their properties, the gates of his villa, people
but they have no will to sell renting out homes nearby
them,” said Cleps. with telescopes looking into
the garden. It was

Meanwhile, Cleps embarrassing. But

said that buyers will- now people are used
ing to trek to the to seeing him, and he
north end of Lake is always very pleas-
Como—a distance of ant.” Clooney did not
around 40 miles from respond to requests
the town of Como— for comment.
could pick up a simi- Buyers without a
lar lakefront house Clooney-scale budget
for around $5.5 mil- can still find a home
FROM TOP: FRANCESCO LASTRUCCI FOR THE WALL STREET JOURNAL (4); SAMIR HUSSEIN/WIREIMAGE/GETTY IMAGES; ANNA-KARIN NILSSON/TT/ZUMA PRESS

lion. in Como. They in-

Part of the reason clude Spanish-born
for this dramatic artist Jose Molina.
price variation is the He moved to Milan in
very limited number 2001 after meeting
of lakefront homes his wife, Chiara Gar-
for sale. Many prime rone, and in 2011, the
lots have been repur- couple were ready to
posed as hotels, res- leave the city. They
taurants or institu- decided to move to

CA LL , V I S I T A S H OWRO O M, O R GO O NL I NE TO S CHEDULE Villa Oleandra

YOUR COMPLIMENTARY D ESIGN CONSULTATION
8 4 4 . 2 9 5 .14 0 2

New York City 26 Varick St | 1629 York Ave

Nassau 25 Northern Blvd, Greenvale
Westchester 16 Saw Mill River Rd, Hawthorne
Rockland 83 S Main St, New City
Connecticut 565 Westport Ave, Norwalk
Miami 900 Park Centre Blvd, Miami Gardens

CA L I FO R NI AC LO S E TS.C O M

George and Amal Clooney own this estate on the shores of Lake Como in Laglio.
 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.
Estimated current value:
$440,000-$550,000
Gravedona ed Uniti, Jose Molina and Chiara Garrone purchased a former trattoria in 2016
on the northern- and have spent years renovating it into a home and art studio.
most section of
Lake Como. “It is
the wildest and
most natural area
of the lake,” said
Molina, 57.
In 2016, they
bought a villa. Mo-
lina, who declined
to share the pur-
chase price, said it
dates to around
1750, and measures
about 2,500 square
feet. “In the past,
the building was a
traditional trattoria,
a real reference
point for locals. And
the funny thing about it was
that my wife and I went to
eat there when we still lived
in Milan,” he said. “After
many years the circle closed
FRANCESCO LASTRUCCI FOR THE WALL STREET JOURNAL (4)
when we decided to buy it
and to go to live there.”
The couple are still reno-
vating their villa, which
doubles as Molina’s studio,
with space for his archive
and for his wife to run the
office. Molina estimates it
is now worth between
$440,000 and $550,000.
Molina, whose work has
been exhibited around Italy
and beyond, said that ex-
UNDER
HIS HANDLER’S GUIDANCE,
HE WILL SCOUR THE DEBRIS
IN SEARCH OF SURVIVORS.
NE VER UNDERESTIM ATE
THE TENACITY OF A STRAY
DOG
no
Friday, August 4, 2023 | M7
MANSION
villa is available to rent
from $109,000 per week,
said a spokeswoman.
But even a modest home
can turn a profit, said Bay-
sal, particularly in Como
town. “If you buy an apart-
ment in the old town, you
can rent it out for the
whole year, and this is pop-
ular particularly with Ger-
man, Dutch and English
buyers who will use it
themselves from time to
time and rent it the rest of
the year,” said Baysal.
Europe’s economy is cur-
rently facing many chal-
lenges—war raging in
preferably historic, with a cans, impressed by Italy’s Ukraine, a cost-of-living cri-
lake view and within walk- good healthcare system. It- sis, rising inflation and ris-
ing distance of the water. aly’s flat-tax system is an- ing interest rates. Given this,
Apartments in historic other attraction. few agents are willing to
houses are also popular. Holiday homeowners of- speculate on what will hap-
“Outside space is a must,” ten rent out their proper- pen to house prices. “It is a
she said. As a result of ties when they are not stay- critical situation,” said Bay-
strong demand, Zanotta es- ing. According to Knight sal. “I think that the lower
timates that prices for this Frank, the average prime market, people who need fi-
class of home have in- rental rate on Lake Como is nancing from a bank, will
creased by around 20% be- around $450 per night. At stop a bit, but at the higher
tween 2021 and 2022. the very top end are rentals end, properties over €1 mil-
Around 15% of Cleps’s such as Villa La Cassinella, lion [$1.1 million] will always
clients intend to live in It- a spectacular eight-bed- sell because the rich always
aly full time. Those who do, room property on the water have money and they feel
she said, are often Ameri- in the village of Lenno. The safe investing in real estate.”
.
ly
bloomed when I moved
$11 million from Milan to here,” he
Average cost of a 3,000-
square-foot lakefront
villa in Cernobbio
on
said. “Some of my artistic
projects are influenced by
the strong link with nature,
colors and light of the
us ,
$3.9 million - lake.”
Sara Zanotta, founder
l
$5.5 million
e
and managing director,
al a
Average cost of an Lakeside Real Estate, said
identical property one most of her buyers are
ci on
street inland American, Swiss, Scandina-
vian and German vacation-
home buyers. Armed with
changing a hectic city for budgets of between
Lake Como had a transfor- $880,000 and $2.75 million,
er s
mative impact on his work. they are eager to buy a
“My inspiration literally four- to five-bedroom villa, The village of Gravedona ed Uniti, close to the northern tip of Lake Como
m er
m rp
co Fo
n-
Chester
Found as
a stray in
Burbank, CA.
From shelter dog to search dog, help us write the next underdog story.
Your donation helps us train dogs like Chester to strengthen
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Donate Now. Call (888) 4K9-HERO or visit SearchDogFoundation.org.
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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.

M8 | Friday, August 4, 2023 THE WALL STREET JOURNAL.

MANSION
IN THE TRENCHES | ROBYN A. FRIEDMAN

Catering Creatively For the Close

Q What is the most elaborate
catering you’ve ever done
for an open house?

SAMANTHA ROSE tender and offered the guests

FRITH
Real-estate agent, Coldwell
Banker Warburg, New York
City
In February 2016, my partner,
Joel Moss, and I were repre-
senting the seller of two du-
plex penthouses on the 22nd
floor of a prewar building in
Chelsea that were listed for
$1.795 million and $3.395 mil-
lion. It was the dead of winter,
and absolutely freezing outside,
but we wanted the 200-or-so
guests at our open house to
experience the beautiful ter-
races and, especially, the views
of the city. So, we decided to
throw what we called a “vodka
vault party” to encourage peo-
ple to sample vodka on the ter-
races. We hired a fabulous bar-
vodka tastings from brands
such as Anestasia, Barr Hill
and Purity. To encourage peo-
ple to go outside, we bought
fluffy white faux-fur coats, as
well as RH faux-fur hats, and
guests took turns putting on
the coats and hats to wear
outside. We hired a prominent
chef to cater the event. It was
mostly Portuguese tapas, and
it was incredible. We also hired
a DJ, and by the end of the
evening, everyone was dancing
in their faux fur. We raffled off
a Bose speaker too. The event
cost $8,000, but it was the
most fun open house I’ve ever
been to. The penthouses sold a
few months later. One sold in
August 2016 for $1.625 million,
and the other in September
2016 for $2.999 million.

EMIL HARTOONIAN and had a live human centerpiece. STACEY OESTREICH most from New York City. After
Managing partner, The Agency, She was dressed up like a tree and Real-estate salesperson, cocktails and caviar on the
Calabasas, Sherman Oaks and was holding appetizers and fruits. Douglas Elliman, Armonk, N.Y. deck, we served an elegant

.
Studio City, Calif. It was pretty extravagant. We also three-course, sit-down dinner in

ly
had a mermaid out by the pool, In March 2017, my partner, the formal dining room, which
I did a very elaborate party for live centurions and other Nancy Strong, and I listed a had a glass wall overlooking
brokers and prospective buy- characters in costume, as 10,441-square-foot Colonial es- the temperature-controlled
ers in Calabasas in the spring
of 2009 at a custom-built es-
tate that was very ornate. It
was listed for about $18 mil-
on well as specialty cocktails
and a charcuterie board with
everything you could imagine.
The theme, the lighting and the
tate in Rye, N.Y., that had been
on the market with another
brokerage since 2014. This was
a custom home designed by
wine room. It was a very
talked-about event because we
didn’t open it to every agent.
The event cost $9,600, and it
us ,

lion and had really over-the- music all came together and Shope, Reno and Wharton, with reignited interest in the prop-
l

top features similar to what created a magical night. Ulti- about 1,100 feet of direct wa- erty. Because we got so much
e
you’d see in an ancient struc- mately, the party, which cost us terfront on the Long Island attention from agents who
al a

ture in Europe, with a lot of about $30,000, helped give the Sound, but it had been over- didn’t get to attend, we fol-
architectural motifs, some Ital- property exposure to people priced for a long time, so other lowed up with an additional,
ci on

ian and some French. The who might not have been at- agents had seen it and forgot- simpler brokers’ open house for
style of the home wasn’t ex- tracted to a property like this, ten about it. To create buzz, we them. We had showings as a
actly what everyone’s flavor was and that was the goal. Although hosted an exclusive brokers’ result of the dinner party, and

JANNE IIVONEN (2)

at the time we were selling it, so Shakespearean evening full of fan- we had a lot of serious interest in open house in May 2017, with the house sold in July 2018.
we brought a different theme for tasies. There were over 300 people the property, we ended up taking it just 22 top-producing agents, —Edited from interviews
er s

the party. We called it “A Midsum- there. We built a king’s table in the off the market because the seller’s
mer’s Night Dream” and created a middle of the formal living room circumstances changed.
m er

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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. Friday, August 4, 2023 | M9

PRIVATE PROPERTIES

Cher’s Former The Spanish-style home sits on

about three-quarters of an acre.

Miami Beach Home

Goes on the Market
In Miami Beach, Fla., a water- the house has six bedrooms, Gold-
front home once owned by the entayer said. The Spanish-style
singer and actress Cher is coming house has an interior courtyard
on the market for $42.5 million. and arched windows and door-
Located on La Gorce Island, a ways.
gated community connected by Cher paid $1.5 million in 1993
bridge to Miami Beach, for the property, which
the home was originally FOR SALE served as a retreat for
built in 1953, according
to listing agent Dina Gol- $42.5
her when she left the
public eye for several
dentayer of Douglas Elli-
man. Cher owned the
MILLION years, according to the
book. She filled the
12,450 sq. ft.,
PRISCILLA GRANT/EVERETT COLLECTION (CHER); BECOME LEGENDARY

house in the 1990s, ac- home with elabo-

6 bedrooms
cording to the 2011 book
“Cher: You Haven’t Seen
the Last of Me.”
The current owners are Cana-
dian financier James Eaton and
his wife, Cecily Eaton, who paid
$17 million in 2020, property re-
cords show. They didn’t respond
to a request for comment.
Set on approximately three-
quarters of an acre, the property
has about 158 feet of frontage on
Biscayne Bay, records show. Mea-
suring roughly 12,450 square feet,
rate and
gothic-in-
spired décor, the book
said. Cher sold the
house for $4.35 mil-
lion in 1996 to Barry covered terrace into a terned wallpaper. There is also a spond to a request for comment.
K. Schwartz, a co- sitting room and dining hot tub, a cold plunge, and an out- Last year, she listed her longtime
founder of Calvin Klein room, Goldentayer said. door shower. home in Malibu, Calif., for $85
Inc., and his wife Sheryl The primary suite has a sit- Goldentayer said the Eatons million. It is currently asking $75
Schwartz, records show. ting room, a marble-clad bath- moved in to the property, but she million, according to Zillow.
The current owners spent room and a terrace. The outdoor doesn’t know why they are look- —E.B. Solomont
nearly two years gut-renovating space has “resort vibes,” Golden- ing to sell.
the property, raising the ceiling in tayer said, with a 50-foot long Cher, who recently launched  See more photos of notable
several places and converting a pool and a poolhouse with pat- the gelato line Cherlato, didn’t re- homes at WSJ.com/RealEstate.

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M10 | Friday, August 4, 2023
HOUSE CALL | MANUEL GARCIA-RULFO
A Grandfather’s
Home Movies Led
Him to Acting
The ‘Lincoln Lawyer’ actor on growing up in
Mexico, dyslexia and learning English in Vermont
M
y grandfather’s home Mexico. I’m the middle child. My
movies were like Hol- sister, Gabriela, is older and my
lywood productions. other sister, Alejandra, is younger.
Instead of shooting We had some cattle and horses,
16mm footage of his kids at the and our large extended family
table or playing outside, he cre- lived in his 10-room house. All the
ated stories and scripts and used boys slept in one room and the
a professional editing deck. girls in another.
There was no shortage of cast. My father, Manuel, was named
He had a huge family—eight girls after my grandfather and I was
and my father. Decades later, named after my father. My father,
when I was growing up, he’d grandfather and my father’s
screen the short films for me and brother were all local dentists.
his 31 other grandkids. They were Like my father, my mother, Ga-
wonderful action dramas usually briela, had studied dentistry, but
she became a
homemaker. She
also studied psy-
chology, which she
FROM LEFT: MANUEL GARCIA-RULFO; FERNANDO POIRÉ FOR THE WALL STREET JOURNAL; LARA SOLANKI/NETFLIX
used locally to help
people with men-
tal-health issues.
My dad liked to
perform. Each
year, he gathered
his sisters and had
friends over and
on
they’d all act in
traditional pas-
torelas—Christmas
stories presented
us ,
during the holiday
season. The pro-
l
e
about cowboys or robberies. ceeds from ticket sales went to
al a
My grandfather was also in- buy food and clothes for those
spired by his collection of great who couldn’t afford them.
ci on
films. He screened Charlie Chaplin In school, I wasn’t a very good
silent movies and classic Westerns student, largely because I had
for us. His home movies and pas- dyslexia. I couldn’t focus on the
sion for the cinema had a huge im- schoolwork. I began to daydream
pact on me when I was young. to create a safe alternate reality,
er s
My family lived on my grandfa- which stimulated my imagination.
ther’s ranch near Guadalajara, Later, I learned that the ability to
m er
m rp
co Fo
n-
no
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MANSION
Manuel Garcia-Rulfo at his family ranch in Guadalajara, Mexico, above, and,
left with sisters Gabriela, left, and Alejandra. Below, in ‘The Lincoln Lawyer.’
visualize yourself as someone else
is at the heart of acting. Living on
a ranch helped. I could imagine
myself as a cowboy or be what-
ever I dreamed up.
When I was 12, my mother left
me with a family in Newport, Vt.,
near the Canadian border. They
were participants in a student-ex-
change program. My parents
chose a remote town. The goal
was to put me in a situation
where I had to learn English. The
family was warm and loving, and
their son, Mark, treated me like a
brother. We’re still in touch today.
Back in Mexico, I knew I wanted
to be an actor. At 16, I was in my
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THE WALL STREET JOURNAL.
MANUEL’S ROOTS
Downtime? If I’m in L.A., I’m either
reading or taking photographs with
my new Hasselblad camera.
Mom and Dad? They live at my
grandfather’s ranch. They’re very
proud of me.
Cousins? When I’m there, they
want me to help with the cows. I
like that.
Vehicle? I drive my grandfather’s
old Ford F-150 pickup. I recently
fixed it up.
Grandfather? I have his film-edit-
ing deck. It still smells like him.
Film Academy in Los Angeles for a
year. I knew I had to overcome my
shyness. What forced me out of my
shell was not having a Plan B.
I took acting classes for an ad-
ditional three years in L.A. and
Mexico City. I started my acting
career as the lead character in a
Mexican film in 2006. Then, in
2016, I was in the “Magnificent
Seven.” Doors started opening.
Today, I have an apartment in
L.A. where I’ve lived while shoot-
ing “Lincoln Lawyer.”
My extended family still lives
on my grandfather’s property, but
the land has been subdivided to
give everyone a house. I visit
whenever I’m not working and
tend my lime orchard.
.
I wish my grandfather had
ly
lived to see me
first high-school in “The Magnif-
play. After I de- icent Seven.”
livered my first
line, the audi-
ence laughed.
That’s when I
Me, in a real
Western—and
one of the good
guys!
realized the —As told to
theater is where Marc Myers,
I belonged. before the
The more se- actors strike
rious about acting I became, the
more my family asked me to be Manuel Garcia-Rulfo, 42, is a
realistic. I wouldn’t be discour- Mexico-born actor who has ap-
aged. I worked as an assistant for peared in “A Man Called Otto,”
a Mexican production company “The Magnificent Seven” and TV’s
that made commercials. “Goliath.” He plays the lead role
After high school, I gravitated to in Netflix’s “The Lincoln Lawyer,”
acting and attended the New York now in season 2.
Bass Rocks Estate – Gloucester, MA | 0.79± Acres | $3.85M
Lanse L. Robb | 978-590-0056 | lrobb@landvest.com
53 Austin St – Portsmouth, NH | 0.42± Acres | $3.6M
Sam Howard | 603-815-2242 | showard@landvest.com