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* * * * * FRIDAY, JANUARY 19, 2024 ~ VOL. CCLXXXIII NO. 15 WSJ.com HHHH $5.00
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What’s
‘Cascading Failures’ Cost Uvalde Children’s Lives Congress
News Passes
Business & Finance Measure
 Nelson Peltz called for
Walt Disney to find a clear
To Avert
successor to Chief Executive
Bob Iger, improve streaming
margins and pull its strug-
gling studios out of their rut,
Shutdown
intensifying his proxy battle Bill to fund the
ahead of the company’s an- government into
nual meeting. B1
 Hyundai and Kia are pulling
March shows cracks
ahead of larger rivals in the within House GOP
U.S. to emerge as Tesla’s big-
gest competitors after jointly
Congress cleared legisla-
capturing the No. 2 slot in elec-
tion extending government
tric-vehicle sales last year. B1
funding into March, a step
 Germany’s new-car market
that ensures federal workers
went into a free fall in De-
will remain on the job but
cember, led by a near halving
does nothing to alleviate un-
of new electric-vehicle sales,
pulling the sale of new EVs in
the broader EU down for the By Siobhan Hughes,
first time since early 2020. B2 Katy Stech Ferek
and Lindsay Wise
 TSMC said it expected to
ERIC GAY/ASSOCIATED PRESS

delay production at the sec- derlying political pressures

ond of two semiconductor stemming from high U.S. debt
plants it is building in Ari- levels, record crossings at the
zona, the latest setback for a southern border and an en-
$40 billion project touted by during war in Ukraine.

.
the Biden administration. B1 The Senate passed the mea-
sure 77-18, followed by House

ly
PAINFUL: Evadulia Orta, left, and Felicia Martinez, center, along with other relatives of the victims, listen as Attorney General
 Rising technology shares
Merrick Garland discussed the Justice Department’s findings on the Robb Elementary mass shooting in Uvalde, Texas. A3 approval, 314-108, on Thurs-
lifted major U.S. stock indexes,
day. The two votes send the
with the S&P 500, Nasdaq
measure to President Biden’s
and Dow gaining 0.9%, 1.3%
and 0.5%, respectively. B9
 Macy’s plans to lay off
about 13% of its corporate
Pakistan Retaliates Inside Iran on desk with time to spare ahead
of the weekend deadline.
In a replay of recent votes
that underscore the fragility
staff and close five stores of the GOP majority, House
us ,

in a bid to trim costs and

As U.S. Hits Houthis in Yemen Speaker Mike Johnson (R.,

l

redirect spending to im- La.) relied heavily on Demo-

e
al a

prove the shopping experi- crats to bring the continuing

ence for customers. B3 resolution across the finish
line, with almost half of Re-
ci on

 Global oil-demand growth

BY SAEED SHAH hamati told state media. such as Lebanon’s Hezbollah rorist attack that killed publicans declining to back
slowed significantly at the
AND BENOIT FAUCON The U.S. military, mean- and the Houthis have been at- around dozens of people in the measure.
end of last year and is ex-
while, launched a fifth round tacking Israel and U.S. interests the Iranian city of Kerman. The day marked the latest
pected to weaken further,
ISLAMABAD, Pakistan— of strikes on Houthi weaponry in the Middle East since the Is- For Tehran, where leaders turn in a long-running fight
according to the IEA. B9
Pakistan carried out what was in Yemen, targeting antiship rael-Hamas war began. But in often lump together the coun- that has hobbled Congress and
er s

 Boeing said it agreed to the first publicly acknowl- missiles in the Red Sea hours recent days, after a U.S.-led try’s enemies—claiming for carved divisions through the
deliver 150 of its 737 MAX edged airstrike on Iranian ter- after firing an earlier barrage. force struck the Houthis, Iran example that the U.S. and Is- Republican Party, with conser-
m er

aircraft to India’s Akasa Air, ritory in decades and the U.S.
providing a vote of confi- hit Iran-backed rebels in Ye-
dence in one of the industry’s men, testing Tehran’s ability to
fastest-growing markets. B3 project power amid heightened
tensions in the Middle East.
m rp
President Biden said the
strikes would continue until
the Houthis stop their attacks.
Thursday’s retaliatory moves
from Pakistan and the U.S. are
stepped out from behind its
militant allies for the first time
since the war began and at-
tacked what Tehran said were
Israeli spies in Iraq and terror-
rael support Islamic State,
which claimed responsibility
for the Kerman bombings—
Iran’s strikes this week
showed how it might target
vatives digging in on their de-
mands for deep cuts as a condi-
tion for agreeing to back
funding the government but
being rebuffed by party leaders.

World-Wide The Pakistani strikes tar-
geted what Islamabad said
were Pakistani separatists in
 Congress cleared legislation an Iranian border village. Ten
extending government funding Pakistani people were killed,
co Fo
the latest signs of how rising
regional tensions are threaten-
ing to pull more parties into a
war beyond the Israel-Hamas
conflict in the Gaza Strip.
ists in Pakistan and Syria.
Tehran’s attacks served as
a show of force to Iran’s for-
eign foes and to an Iranian
public that has been demand-
Please turn to page A6
 U.S. again strikes Houthis
in Yemen................................ A6
 Red Sea conflict threatens
Federal operations have
been running on a series of
Please turn to page A4
 Biden relents on border to

into March, a step that ensures local Deputy Gov. Alireza Mar- Iran-backed militant groups ing revenge for a Jan. 3 ter- Europe’s economy............. A6 get war aid........................... A4
federal workers will remain on
the job but does nothing to al-
The EV Race for No. 2 in U.S.
Stock-Market Bulls Salivate
leviate underlying political pres-
sures stemming from high U.S.
debt levels, record crossings at Hyundai Motor and its affiliate, Kia, jointly captured the No. 2
the southern border and an slot last year in U.S. electric-vehicle sales, trailing only Tesla,
enduring war in Ukraine. A1
 Pakistan carried out what
was the first publicly acknowl-
which still holds a commanding lead. B1

Tesla
655,000 units
Over $8.8 Trillion Cash Pile
edged airstrike on Iranian terri- 522,000 BY ERIC WALLERSTEIN has around $80,000, or a bit big rallies at the end of 2023,
tory in decades and the U.S. hit
more than 10% of his overall driving major indexes near re-
Iran-backed rebels in Yemen,
n-

94,000 Wall Street wants your assets, in money-market funds cords. Some investors said
testing Tehran’s ability to proj- Hyundai
money off the sidelines. and inflation-adjusted U.S. markets have little room for
ect power amid heightened Motor Group* 58,000 Rising interest rates drew savings bonds (I bonds). He further gains and are already
tensions in the Middle East. A1
trillions of dollars into money- plans eventually to use that priced for a perfect scenario, in
 The U.S. military launched a Electric vehicle sales in the U.S.
no

fifth round of strikes on Houthi
weaponry in Yemen, targeting
antiship missiles in the Red Sea
hours after firing an earlier bar-
rage, as rising tensions across
the region threaten to pull more
parties into a widening war. A6
 Drugmakers kicked off
2024 by raising the list
prices for Ozempic, Moun-
jaro and other widely used
brand-name medicines. A1
 The U.S. ambassador to
Russia visited jailed Wall
Street Journal reporter Evan
Gershkovich, as the Biden
administration continues ef-
forts to win his release. A7
 The projected cost of re-
placing the aging nuclear
missiles in silos across the
Great Plains has soared by
more than a third to $107
billion, the Pentagon said, a
development that comes as
China pushes ahead with an
expansion of its arsenal. A2
 Russia rejected an American
proposal to reopen an arms-
control dialogue with Washing-
ton, saying the U.S. was pur-
suing a hostile policy toward
Moscow, U.S. officials said. A9
CONTENTS
Arts in Review. A10-11
Banking & Finance B8
Business News....... B3
Crossword................. A11
Heard on Street.. B10
Mansion............... M1-14
s 2024 Dow Jones & Company, Inc.
All Rights Reserved
76,000 market funds and other cash- cash to buy a rental property which inflation moderates
General 2023 2022
like investments in the past but would consider blue-chip without significant job losses.
Motors 39,000
*Includes Hyundai Motor and Kia sales two years, with more than stocks in the meantime should Wall Street is pinning its
Source: Motor Intelligence $8.8 trillion parked in money yields fall to less than 1.5 per- hopes on cash moving from
73,000 funds and CDs as of the third centage points above inflation. money-market funds to pro-
Ford quarter of 2023. Investors are “Every month, I’m looking vide the next big boost. Rates
62,000
optimistic that with rates at inflation,” he said. above 5% were flashy after
poised to fall, people will redi- What Trivedi and others de- years of safe investments of-
70,000 rect that money and fuel mar- cide is key to what happens in Please turn to page A8
VW Group kets’ next leg higher. markets. Expectations that the
44,000
Vivek Trivedi, 37 years old, Federal Reserve will cut inter-  Technology shares lift
a pharmacist in Indianapolis, est rates later this year spurred major indexes...................... B9
On Dating Apps, Some Look for Hundreds of Drug Prices, INSIDE
‘The One,’ Others for ‘Another One’
i i i Including Ozempic, Rise
Open-relationship enthusiasts crash
BY JENNIFER CALFAS sharpen scrutiny of the indus-
mainstream romance apps, creating confusion try just as the Biden adminis-
Drugmakers kicked off 2024 tration is taking new steps to
BY KATHERINE BINDLEY nonmonogamy and more often by raising the list prices for rein in the federal govern-
than not, aren’t spelled out. Ozempic, Mounjaro and other ment’s drug spending, includ-
Many people using dating “I had to Google that,” says widely used medicines. ing plans to start negotiations JASON GAY
apps are on them looking for Natalie Broussard, who lives in Companies including Novo over pricing. It’s time to put the
“the one.” Increasingly, they’re southeast Texas. Nordisk, the maker of Ozempic, To blunt criticism from pa-
running into profiles of people Broussard, 41, uses Hinge, and Eli Lilly, which sells Moun- tients, doctors and lawmakers,
crazy back into the
looking for a second, third or which allows users to fill in jaro, raised list prices on 775 drugmakers aren’t raising once-swaggering
fourth. prompts on their profiles to brand-name drugs during the prices as much as they had in Dallas Cowboys. A12
The monogamists say share information with po- first half of January, according years past. Yet the latest round
mainstream dating tential dates. Over the past to an analysis for The Wall of increases means some al-
apps like Hinge two years she says it has Street Journal by 46brooklyn ready expensive drugs will
and Bumble are become common for her Research, a nonprofit drug- cost hundreds or even thou-
Markets........................ B9 being inundated to see the prompt “Let’s pricing analytics group. sands of dollars more a month,
Markets Digest...... B5
Opinion................ A13-15
with users who are make sure we’re on the The drugmakers raised which could fuel fresh calls for
Sports.......................... A12 in consensual open same page about…” fol- prices of their medicines by a containing the spiraling costs.
Technology................ B4 relationships, and lowed by “I’m married” median 4.5%, though the Among the notable in-
U.S. News.............. A2-5 they’d like them to or “I’m in a committed prices of some drugs rose creases: The price for Ozem-
World News........ A6-9
The more
go find their own the merrier relationship and my around 10% or higher, accord- pic, a diabetes treatment that
app. partner is totally cool ing to the research group. The many people are taking to lose MANSION
> Others say the apps are for with it.” median increase is higher than weight, went up by 3.5% to A penthouse on
people of all relationship styles “I’m looking for a monoga- the rate of inflation, which nearly $970 for a month’s
and, as long as they’re up front mous relationship, which is why ticked up to 3.4% in December. supply. Mounjaro, a diabetes
Billionaires’ Row in New
about it, what’s the problem? I’m on a vanilla app,” Broussard Price increases above infla- drug that is also widely used York City finds a buyer
The profiles state: “ENM.” says. “I don’t judge. I’ve dabbled tion for big-selling medicines, for weight loss, climbed 4.5% for $115 million. M2
The letters stand for ethical Please turn to page A5 in particular, are likely to Please turn to page A2
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

A2 | Friday, January 19, 2024 * *** THE WALL STREET JOURNAL.

U.S. NEWS
Soaring Costs Plague
Nuclear-Missile Rehab
BY DOUG CAMERON
The projected cost of re-
placing the aging nuclear mis-
siles buried in silos across the
Great Plains has soared by
more than a third to $107 bil-
lion, the Pentagon said, a de-
velopment that comes as
China pushes ahead with an
expansion of its arsenal.
The problems at one of its
priority programs put more
pressure on the Pentagon’s
funding for other programs as
it wrestles with the prospect of
cuts over the next several years
unless Congress can agree on a
broader budget deal.
The Pentagon cited poor
budget forecasting, supply-
chain challenges and pan-
demic-driven inflation for a
37% increase in costs for the
highly classified Air Force pro-
gram, known as Sentinel.
The surge has triggered an
automatic review by the De-
fense Department and Con-
gress, either of which could
terminate the program.
The Pentagon had already
planned to spend an estimated
$756 billion over the next 10
years to maintain and upgrade
U.S. AIR FORCE/ASSOCIATED PRESS
uteman intercontinental bal-
listic missiles with Sentinel,
launching a fleet of new mis-
sile-carrying Columbia-class
submarines, and upgrading
nuclear warheads and the
communications systems tying
them to the president, who
has ultimate authority on
their use.
Separately, in the third ele-
ment of the so-called nuclear
triad, bombers, the Pentagon
has begun building the B-21—
a futuristic flying-wing plane
intended to fly thousands of
miles to strike targets deep
behind enemy lines.
The Pentagon’s fresh analy-
sis, announced Thursday, re-
vealed that upgrading the
450-missile Minuteman silos,
which have dotted four states
across the Great Plains since
the 1960s, was more complex
than anticipated, challenging
efforts to make them opera-
tional by 2029.
Air Force acquisition chief
Andrew Hunter said that the
new missiles themselves were
progressing on schedule, with
most of the problems emerg-
ing in rebuilding the silos and
communication systems.
of the existing silo and com-
munications infrastructure as
planned, the Air Force said,
and the program has required
hundreds of real-estate deals
to maintain access to the land
for the underground silos and
the communications systems.
Congress was briefed last
month after Air Force Secre-
tary Frank Kendall said Senti-
nel was “struggling,” leading
to unease about the transpar-
ency of the program among
some members.
“The department must en-
sure that Sentinel is ready in
time to replace the current
ICBMs before they reach the
end of their lives,” said Rep.
Mike Rogers (R., Ala.), chair-
man of the House Armed Ser-
vices Committee.
The new Columbia-class
submarines that will carry nu-
clear missiles also face de-
lays. Pentagon officials have
said there is little margin for
error in completing the pro-
grams on time to replace
equipment that is far past its
intended lifespan and to deter
China’s fast-growing nuclear
arsenal.
The Pentagon says China

its nuclear forces, according to He said the Air Force would possesses about 500 nuclear
the Congressional Budget Of- look at the program’s manage- warheads and is on pace to

.
fice. ment structure and bring in double that by 2030.
Russia and China’s expan- additional expertise. Critics have long argued

ly
sions of their own nuclear ar- “Cost estimating tools were that U.S. nuclear deterrence is
senals have lent urgency to not fully up to the task,” he well served by submarines
these long-delayed improve- said. and bombers, rendering a
on
The Air Force’s Sentinel program to replace 450-missile Minuteman silos and underground
launch capsules is costing 37% more than expected. An original capsule is pictured.
ments.
That spending includes re-
placing the Cold War-era Min-
Among other issues, lead
contractor Northrop Grumman
won’t be able to reuse as much
multibillion-dollar investment
in underground nuclear mis-
siles unnecessary.
us ,

& Johnson hadn’t made any said he is paying $341 for a with drugmakers in exchange
Prices Rise Increases in drug list prices made by companies in January
l

increases in 46brooklyn’s re- 90-day supply through his for agreeing to cover prescrip-
e
al a

cords year to date.
The increases anger pa-
For Popular tients and doctors, though
ci on
Medicare health plan. DRUG (COMPANY/USE) Median tions and let plan members
t
“I’m all for a free market take them.
for drug purposes,” said
Xolair (Genentech/asthma)
Because of the discounting,

drugmakers usually discount Vogelzang, a retired radio ex- Shingrix (GSK/shingles) pharmaceutical companies

Medicines the price of their drugs to win

reimbursement from health
plans, and patients who have
ecutive. “But, in this case, it’s
inconsistent and very hard to
determine what the real, the
Vyndaqel (Pfizer/heart disease)

Prolia (Amgen/osteoporosis)
have said they often don’t
make more money by raising
prices. Rather, the drugmakers
health insurance typically pay right price is for something as have said they raise the list
er s

Continued from Page One only a portion of the cost. crucial as a drug like Eliquis.” Verzenio (Eli Lilly/cancer) prices to give bigger discounts
to almost $1,070 a month. Yet high drug costs are Bristol-Myers Squibb and and ensure their products are
m er

Novo Nordisk said list-price
changes take into account fac-
tors such as market conditions
and inflation, and its U.S. list-
price rises haven’t reached
such a potent political issue—
for both Democrats and Re-
publicans—that many phar-
maceutical companies have
moderated their list-price in-
m rp
Pfizer, which sell Eliquis, in-
creased the list price by 6%
this month to $594 for a
month’s supply.
Inflation and investment in
Eliquis (Bristol Myers Squibb & Pfizer/blood clots) covered by the health plans.
Drugmakers don’t usually
Ibrance (Pfizer/cancer) get paid the full list price for a
drug because of the discounts
Pomalyst (Bristol Myers Squibb/cancer)
they negotiate with the mid-

above single-digit percentages
since 2016. Lilly said it sets
prices according to a medi-
cine’s value, efficacy and safety.
Pharmaceutical companies
creases after several years of
raising them by double-digit-
percentages annually.
Last year, the government
began imposing penalties on
co Fo
research and innovation con-
tributed to the company’s list-
price increases, a Bristol
spokeswoman said. The price
paid to the company will “re-
Skyrizi (AbbVie/psoriasis) dlemen. Pharmaceutical com-
panies have said they often
0 2 4 6 8% raise the list prices to give
Note: Selection includes drugs with the largest price gains among the 50 bestselling drugs
bigger discounts, not to make
in 2023, where data available, excluding Covid-19 vaccines. more money themselves.

generally attributed the price
increases to market trends, in-
flation and the value the drugs
provide. Some companies said
the list-price changes wouldn’t
affect patients’ access to the
medicines.
Drugmakers usually boost
list prices during the first sev-
eral weeks of a new year.
More could come soon be-
cause companies like Johnson
companies that raised the list
prices of medicines above the
rate of inflation. This year, it
is scheduled to begin the first-
ever negotiations with compa-
nies over the prices of 10
drugs including popular
blood-thinner Eliquis.
Mark Vogelzang, a 68-year-
old in Las Vegas who is taking
Eliquis for a heart-rhythm dis-
order called atrial fibrillation,
n-
main nearly flat” this year be-
cause of rebates and discounts,
she said, and half of patients
pay $40 or less a month.
Pfizer referred questions
about Eliquis to Bristol. A Pfizer
spokeswoman speaking gener-
ally said the amount of money
the company receives for its
drugs and vaccines has dropped
for the past five years because
of climbing rebates and dis-
Sources: 46brooklyn Research (prices); Evaluate Ltd. (bestsellers)
counts to health insurers and
pharmacy-benefit managers.
For its analysis of the list-
price increases, 46brooklyn
used the wholesale acquisition
costs of drugs, which are the
prices at which a pharmaceu-
tical company lists a drug for
sale to the middlemen that
distribute drugs to pharma-
cies.
The analysis looked at pric-
ing information for prescription
drugs through Jan. 15 com-
pared with the previous year.
Health plans, which pay
most of the cost of drugs for
most people in the U.S., don’t
usually pay list prices. They
typically negotiate discounts
While list prices grew by
5.3% in the third quarter of
2023, the amount pharmaceu-
tical companies received fell
by 2.2%, according to SSR
Health, a research firm.
More than two dozen drug
list prices declined by more
than 10% this year—a rare oc-
currence, according to
46brooklyn Research Chief Ex-
ecutive Antonio Ciaccia.

U.S.WATCH CORRECTIONS  AMPLIFICATIONS

Spotify pays music labels
no

off the coast of Somalia.

and other rights holders
nearly 70 cents of every dollar
it earns from music stream-
ing. A Page One article on
Thursday about Spotify said it
pays solely music labels nearly
70 cents of every dollar it
earns from music streaming.
The Gibraltar Eagle is a
bulk carrier. The headline with
a Page One article on Tuesday
about Houthi attacks in the Red
Sea incorrectly called the Gi-
braltar Eagle a containership.
CHANDAN KHANNA/AGENCE FRANCE-PRESSE/GETTY IMAGES
Ukraine’s air force on Sun-
day shot down a Russian IL-22
command plane over the Sea of
Azov, according to the com-
mander of the Ukrainian armed
forces. A World News article on
Tuesday about the war in
Ukraine incorrectly identified
the IL-22 plane as a bomber jet.
The last name of attorney
Douglas Wigdor was mis-
spelled as Widor in a Business
& Finance article on Wednes-

The error was repeated in a day about a lawsuit against

World News article on Wednes- entertainment-industry mogul
day about two Navy SEALs lost James Dolan.

Readers can alert The Wall Street Journal to any errors in news articles by
emailing wsjcontact@wsj.com or by calling 888-410-2667.

THE WALL STREET JOURNAL

LIFTOFF: A SpaceX rocket carrying a four-person crew to the International Space Station launched Thursday in Cape Canaveral, Fla.
WASHINGTON, D.C.
Hunter Biden to Sit
For GOP Deposition
Hunter Biden has agreed
to appear before House law-
makers next month for
closed-door questioning as
part of the impeachment in-
quiry into his father, Presi-
dent Biden, heading off a
push to hold him in contempt
of Congress and setting the
stage for a contentious hear-
ing focused on his past busi-
ness dealings.
In scheduling the deposition
for Feb. 28, the younger Biden
and House Republicans ap-
peared to resolve a weekslong
standoff over his testimony.
Hunter Biden initially said
he would only appear in pub-
lic, arguing that a closed
hearing would allow House
Republicans to twist and se-
lectively leak his testimony.
In a joint statement Thurs-
day, House leaders said they
were planning interviews
with other Biden family
members and associates in
coming weeks.
—C. Ryan Barber
TENNESSEE
At Least 14 Deaths
Linked to Storm
At least 14 deaths in Ten-
nessee have been linked to a
storm system that blanketed
the state in snow and sent
temperatures plummeting as
bitterly cold weather kept an
icy grip Thursday on a swath
of the U.S. from Oregon to
the Northeast.
Tennessee officials up-
dated the state’s death toll at
midweek after the storm
dropped more than 9 inches
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THE WALL STREET JOURNAL.
DOJ Details
Failure to Stop
Uvalde Horror
BY ELIZABETH FINDELL
AND SADIE GURMAN
UVALDE, Texas—Every as-
pect of the law enforcement re-
sponse to the Robb Elementary
mass shooting and its after-
math was disorganized, chaotic
and marked by failure, the Jus-
tice Department said Thursday
in a blistering report.
“Had law enforcement agen-
cies followed generally ac-
cepted practices in an active-
shooter situation and gone
right after the shooter to stop
him, lives would have been
saved,” Attorney General Mer-
rick Garland said, fighting back
tears as he spoke in Uvalde.
The botched response has
been well-documented, but the
nearly 600-page report repre-
sents the fullest accounting to
date of the response to the May
24, 2022, shooting, in which a
gunman killed 19 fourth-grad-
ers and two teachers while
nearly 400 law enforcement of-
ficers failed to intervene. The
victims were trapped with the
gunman for more than an hour
as police remained outside,
even as children called 911
pleading for help.
When a Border Patrol tacti-
cal team finally took down the
killer, they found “LOL” written
on a classroom white board in
the victims’ blood.
The report described in new
detail how the first officers on
the scene failed to treat it as an
active shooting, even as gunfire
continued inside the classroom;
how dozens of law enforcement
agencies collectively failed to
organize a chaotic scene; how
misinformation spread by local
and state officials contributed
to victims’ trauma; and how an
error-riddled state investiga-
tion in the shooting’s aftermath
compromised the crime scene
and evidence.
“Their loved ones deserved
better,” said Garland, who met
with victims’ families.
Family members of victims
said Thursday that they appre-
ciated the DOJ’s attention to
the issue and they hoped it
would advance a probe by the
local district attorney that they
fear has stalled, and which has
blocked them from receiving
much information about their
children’s deaths. They also
called the report important in a
divided community, where
many have resented continued
talk about the shooting.
“The community needs to
see this and, because the DOJ
stamp is on it, maybe y’all will
start taking us seriously and
Palestinian Students Shot in Vermont Seek Focus on Gaza
no
BY ERIN AILWORTH
BOSTON—For the past sev-
eral weeks, Elizabeth Price has
split her time between getting
her son, Hisham Awartani,
settled at Spaulding Rehabili-
tation Hospital and speaking
with federal and state law-
makers about the Nov. 25 at-
tack in Burlington, Vt., that
left Awartani without the use
of his legs—and wounded two
of his longtime friends.
The three 20-year-olds, stu-
dents at East Coast colleges
and all of Palestinian descent,
were walking near Awartani’s
grandmother’s house in Burl-
ington when a man started
firing. The families believe the
three were targeted because
two were wearing traditional
Palestinian scarves. The al-
leged gunman has pleaded not
guilty to attempted murder.
Federal officials have said
they are investigating whether
the shooting was a hate crime.
To the students and their fam-
ilies, it was—spurred by anti-
Palestinian sentiment ampli-
fied by Israel’s war against
Hamas in Gaza. In pushing for
it to be prosecuted as such,
they have another goal: using
this moment in the public eye
to increase support for Pales-
tinians in Gaza and beyond.
“This was a chance for us
to say, ‘Well, if you’re listen-
ing to us about our boys,
thank you, but did you know
what is happening to other
Palestinian children?’” said
Price. She and her family are
American citizens.
* * * *
Days Afterward,
More Blunders
The work in the days
after the shooting was
riddled with mistakes,
the Justice Department’s
report found.
The Texas Depart-
ment of Public Safety
first set up its command
post at a nearby funeral
home where shots had
been fired, failing to re-
alize it was also part of
the crime scene.
During that time,
someone threw a “hell-
fire” device—used by the
gunman to fire rounds at
an increased rate—into
the trash, apparently not
knowing what it was.
As a major storm ap-
proached the area, DPS
refused the help of the
FBI in processing the
area where the gunman
wrecked his car. The de-
partment didn’t process
that evidence before the
storm and rainfall
washed out the crime
scene and compromised
the evidence, including
one of the shooter’s ri-
fles.
DPS Spokeswoman
Ericka Miller said the
onand knowledge of the school, he
agency has already im-
us ,
plemented some of the
l
DOJ’s recommendations.
e
al a
“As DPS Director Steven
McCraw first stated in
ci on
the weeks after the
shooting, the law en-
forcement response that
day was an abject fail-
ure, and this report’s ob-
servations underscore
er s
those failures,” she said.
m er
stop telling us to move on,
telling us to sweep it under
the rug,” said Brett Cross, the
m rp
guardian of one of the chil-
dren killed.
The Justice Department’s
investigation came at the re-
quest of former Uvalde Mayor
co Fo
Don McLaughlin. Investigators
conducted over 260 interviews
as part of the review, which
wasn’t a criminal investigation.
The report described “cas-
cading failures” by law en-
forcement during the attack.
Most significantly, officers
should have recognized an ac-
tive-shooter situation and
rushed to stop it. Instead, they
followed then-Uvalde school
n-
Israel’s military campaign in
Gaza has come under increas-
ing international scrutiny.
More than 24,000 Palestinians
have been killed since the war
began, according to Palestinian
health authorities, whose num-
bers don’t distinguish between
civilians and combatants. The
war follows a Hamas-led as-
sault on southern Israel on Oct.
7 that left about 1,200 people
dead—most of them civilians—
according to Israeli authorities.
Price and her husband, Ali,
rushed to the U.S. from the
West Bank city of Ramallah,
where they live, after their son
was attacked.
Price said she has met to
discuss gun violence with
Democrats including Conor
Casey, a Vermont state repre-
sentative, and her family re-
ceived a standing ovation when
visiting the Vermont legisla-
ture at the invitation of state
Rep. Mary-Katherine Stone.
She said she also has spoken
with U.S. Rep. Becca Balint and
U.S. Sen. Peter Welch, both
Vermont Democrats, and
thanked them for calling for a
cease-fire in Gaza.
“If my voice can be heard
for just a second, I want to
make sure that it carries a
message that’s important,”
Price said.
Her son has urged the U.S.
to back a cease-fire. At a vigil
at his school, Brown University,
just days after being shot, he
urged people to think not of
him, but of other Palestinians.
“I am but one casualty in
this much wider conflict,” he
U.S. NEWS
Memorial crosses stood in front of Robb Elementary Thursday. The U.S. report noted failures by first officers on the Uvalde scene.
Situation Breakdown
A Justice Department report released Thursday detailing the May 24, 2022, shooting
at Robb Elementary School in Uvalde, Texas, describes a series of critical failures.
1 At 11:33 a.m., the shooter
enters the school with an
AR-15 rifle and fires shots
in rooms 111 and 112.
2 At 11:35, officers begin
arriving at the school.
Within minutes, 11 officers,
including the school district's
then-police chief, Pete Arredondo,
respond to the active shooter
event and enter the school by
two doors.
The DOJ report says given
Arredondo's experience, training
should have either assumed
command or had then-Acting
Chief Mariano Pargas, who was
also in the school, assume
command.
3 Arredondo and others
approach the classrooms,
but some are hit with shrapnel.
The DOJ report says Pargas
should have taken control of
the situation when Arredondo
moved toward the classroom.
4 After getting hit with
shrapnel, the officers, including
Arredondo, retreat and start
district Police Chief Pete Arre-
dondo’s lead in treating the
situation as one involving a
contained subject.
Though officers from 23
agencies responded, none took
control of the scene or set up a
command structure. Many ar-
riving officers believed the
shooter had already been killed
or that Arredondo was in the
room with him, based on inac-
curate information at the scene
or from misconstruing what
appeared to be a lack of ur-
gency, the report said.
Arredondo, having left his
radios behind, had limited
communications. His focus on
a protracted evacuation of the
Tahseen Aliahmad, Kinnan Abdalhamid and Hisham Awartani
believe they were targeted because they are Palestinian.
said in a statement read by Be-
shara Doumani, a history pro-
fessor at Brown.
The war had been on Awar-
tani’s mind for weeks, as well
as on the minds of his longtime
friends Kinnan Abdalhamid, a
student at Hav-
erford College
just outside of
Philadelphia, The families are
and Tahseen pushing for the
Aliahmad, who
attends Trinity attack to be
College in Con-
necticut. Awar-
prosecuted as a
tani declined to hate crime.
be interviewed
for this story.
The Wall Street
Journal was unable to reach
Aliahmad.
The three grew up together
in the West Bank, where they
attended the Ramallah Friends
School, ran a chess club and
participated in model United
Friday, January 19, 2024 | A3
No occupants found
2
NORTHWEST
ENTRANCE
5
1
3 5 Around 12:12 p.m.,
ly
4 point it should have been
ROOM 112
6
4
ROOM 111
3 enter the room.
Erik Brynildsen and Taylor Umlauf/
SOUTH
THE WALL STREET JOURNAL
2
ENTRANCE Source: Department of Justice
school delayed confronting the had been killed when a county
shooter. No one checked to see prosecutor started talking about
if evacuated students were in- the need to wait for autopsy re-
jured or needed other assis- sults before making death noti-
tance. fications. “What, our kids are
Arredondo didn’t respond dead? No! No!” one parent cried
to a request for comment. out. Officials took DNA swabs
Hundreds of parked and and told them it would be days
locked law enforcement vehi- for a match to come back to
cles blocked ambulances from help identify their children.
responding and, once law en- Uvalde District Attorney
forcement went into the class- Christina Mitchell tasked the
room, children with gunshot Texas Department of Public
wounds were tossed into school Safety, which had 91 officers at
buses to be driven for help. the shooting, with the investi-
The process for reunifying gation of it. The agency has
families and notifying parents finished its preliminary report
their children had died was on the incident response, but
haphazard and traumatic. Par- blocked it from public release
ents first learned their children under orders from Mitchell,
happening back home.
Ten days before being shot,
Awartani, who is studying
mathematics and archaeology
at Brown, assembled with
peers to create a banner bear-
ing the names of people killed
in Gaza. His friend Aboud Ash-
hab, who also grew up in Ra-
mallah, recalled how Awartani
RICH PRICE/ASSOCIATED PRESS
went through the documenta-
tion of the dead provided by
the Palestinian health authori-
ties and counted the number
who shared his uncommon
name, Hisham.
Days after he was shot,
Awartani recalled the moment
too, writing in the College Hill
Independent that 13 were
Nations simulations. They of- named Hisham and 17 had it as
ten spent afternoons chatting a middle name. “I didn’t know
about things like physics, or how to feel,” he wrote.
listening to North African rap While the pall of war per-
while cruising around town in meated Awartani’s reunion
an old red car that used to be- with family and friends in Bur-
long to Awartani’s uncle. lington over the Thanksgiving
Although the break, their time was also
friends lost marked by games and relax-
touch some as ation, said Awartani’s uncle,
they settled in Rich Price, who lives next door
at their respec- to Awartani’s grandmother,
tive schools, Marian Price.
Abdalhamid, a “I do think they were find-
pre-med stu- ing some comfort in reconnect-
dent, said they ing,” he said.
began to recon- The three were out on a
nect this past walk when the gunfire sprayed.
summer, and Rich Price said he and his wife
even more so saw police cruisers race by,
after Israel began its offensive lights flashing. Not long after,
in Gaza. A U.S. citizen born in Marian Price’s phone rang. It
Chicago, he said the war was Hisham: “Granny, I’ve
prompted him to speak with been shot.”
friends at Haverford about his In Ramallah, Abdalhamid’s
upbringing in the West Bank, mother, Tamara Tamimi, re-
Palestinian history and what is members the call her husband
KAYLEE GREENLEE BEAL/REUTERS
treating the incident as a
barricaded shooter, not an
active one, and direct officers
to delay making entry into
classrooms in favor of
searching for keys and
clearing other classrooms.
The DOJ report says the most
significant failure was that
officers should have pushed
forward immediately and
continuously to eliminate
the threat.
.
Pargas learns the ‘room
is full of victims.’
The DOJ report says at this
clear to all law enforcement
personnel listening to dispatch
that this incident was still an
active shooter situation and
stopping the shooter should
have been a priority.
6 12:21 p.m. Shooter fires
four more shots inside the
classrooms. About 25 minutes
later, officers find keys and
The DOJ report says the door
was likely already unlocked.
At 12:50 p.m. 75 minutes
after police arrived, the
shooter is killed.
who said her office planned to
review potential charges.
Justice Department officials
made more than 200 observa-
tions and recommendations.
President Biden said the White
House would assist in finding
ways to help communities re-
spond to mass shootings. He
urged Congress to enact gun
laws such as universal back-
ground checks and a ban on
assault weapons.
“Getting clear on the facts is
part of healing,” Associate At-
torney General Vanita Gupta
said. “And so too is enacting
change and policies and prac-
tices to help make sure these
failures do not happen again.”
received from her longtime
friend Elizabeth Price at 3 a.m.,
seconds after Tamimi had
missed a call from her.
“I knew immediately some-
thing was wrong,” she said.
Chittenden County State’s
Attorney Sarah George said
days later that local law-en-
forcement hadn’t found evi-
dence the shooting was a hate
crime. She didn’t respond to an
email Wednesday seeking com-
ment.
According to an analysis of
preliminary data by Brian
Levin, founder of the Center
for the Study of Hate and Ex-
tremism at California State
University, San Bernardino, the
number of hate crimes re-
ported in the 10 largest U.S.
cities increased roughly 13% in
2023, largely because of a late-
year rise in antisemitic inci-
dents. Anti-Muslim incidents
increased to the highest levels
since the middle of the previ-
ous decade.
Abdalhamid and Awartani
connected their attack to the
Palestinian plight in a nation-
ally televised interview with
NBC this week. Abdalhamid
said the conversations haven’t
been easy, but he feels obliged
as a Palestinian to have them.
Awartani expressed the same
when he spoke to BBC News in
Arabic in mid-December.
“The silver lining is now at
least I am a bit heard,” Abdalh-
amid said, “and the Palestinian
people are afforded a bit of a
voice.”
—Saleh al-Batati
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.
A4 | Friday, January 19, 2024
Biden Relents on Border to Get War Aid
Concession to GOP
in hopes for a deal
undercuts campaign
rhetoric and riles left
BY TARINI PARTI
AND MICHELLE HACKMAN
An immigration deal being
crafted in the Senate would
limit migrants’ ability to claim
asylum at the southern border,
a White House concession
some progressives say shows
that President Biden’s leftward
shift on immigration as a 2020
candidate was a blip in his
long political career.
The deal, which would come
in return for new war aid for
Ukraine and Israel, is already
facing steep odds on Capitol
Hill with House Republicans
making tougher demands.
“We have talked about the
necessary elements to solve
this problem,” House Speaker
Mike Johnson (R., La.) said af-
ter a meeting with Biden on
Wednesday at the White
House. Among them, he added,
“is reform to the broken asy-
lum and parole systems.”
Biden’s willingness to nego-
tiate with Republicans lays
bare what many liberal Demo-
crats have long feared—that he
is willing to move to the right
to cut a deal on immigration
and secure funding for the
wars.
A CBS News poll conducted
earlier this month found Bi-
den’s approval rating on han-
dling immigration issues to be
at a record low, with 68% of
those surveyed saying they
disapproved of his border poli-
cies and 63% saying they
wanted him to be tougher.
In his five-decade political
career, which often centered
on his foreign-policy priorities,
Biden rarely took on the
thorny issue of immigration
policy—and when he did, he
usually backed a moderate
stance.
“The president has certainly
changed his tune from when
he campaigned on how impor-
tant it was to protect and re-
store the asylum system,” said
Rep. Jesus “Chuy” Garcia (D.,
Ill.), a member of the Congres-
sional Hispanic Caucus.
For three years, the admin-
istration has struggled to curb
the surge in migrants at the
southern border, and Republi-
cans are seizing on the issue to
argue against his re-election.
The White House also sees that
political vulnerability, and a bi-
partisan deal could blunt those
attacks.
A White House spokesman
said the administration has led
the largest expansion of lawful
pathways in decades, worked
with partners across the re-
gion to address irregular mi-
gration, and enforced the law
by removing and returning
Congress
no
Acts to Avert
Shutdown
Continued from Page One
continuing resolutions since
Oct. 1, after then-House
Speaker Kevin McCarthy (R.,
Calif.) bucked spending hawks
and put a surprise continuing
resolution on the floor, only to
lose his job when a bloc of Re-
publicans engineered his ouster,
in part over that decision.
Thursday’s bill provides
funding for the Transportation,
Energy and Agriculture De-
partments; the Food and Drug
Administration; and Veterans
Affairs and military construc-
tion through March 1. The rest
of the government would be
funded through March 8. Un-
der current law, funding was
set to run out on Jan. 19 and
Feb. 2, respectively.
The extension is designed
to give congressional leaders
time to hammer out full-year
fiscal 2024 spending bills
with an overall price tag of
$1.66 trillion, a level agreed to
this month by leaders of both
parties.
“Avoiding a shutdown is
very good news for every
American,” said Senate Major-
ity Leader Chuck Schumer (D.,
N.Y.). “No chaos, no spectacle,
no shutdown.”
The relative speed of pas-
sage Thursday—the votes oc-
curred within three hours of
each other—masked the turmoil
gripping Congress more
Immigrants make their way toward a U.S. Border Patrol transit center after crossing the Rio Grande into the U.S. in Eagle Pass, Texas.
more than 482,000 individuals
who had no legal status to re-
main in the U.S.
“As the president has said,
our immigration system is bro-
on
ken, and that is why his ad-
us ,
ministration is working to find
l
a bipartisan agreement on bor-
e
al a
der funding and policy that
will deliver effective and
meaningful reforms,” he added.
ci on
Biden has tended to make
the political calculation that
the middle-of-the-road voters
he cares about don’t give pri-
ority to fixing the immigration
er s
system, said Vanessa Cárdenas,
executive director of immigra-
m er
tion rights group America’s
Voice, and former national co-
alitions director for Biden dur-
ing the 2020 primary. “They
wanted to win with bread-and-
m rp
butter progressive issues, and
immigration was not one of
those,” she said.
In his 2020 bid against for-
mer President Donald Trump,
co Fo
Biden briefly revived Demo-
cratic hopes of setting a more
progressive immigration
agenda, bringing on backers of
his Democratic primary rival,
Sen. Bernie Sanders of Ver-
mont, to draft policy proposals
to unite the party.
His campaign released what
became the most liberal immi-
gration proposal of any main-
stream Democratic candidate
in history. Among other things,
n-
broadly. Senate negotiators are
working to reach a deal on
tightening U.S. border security,
which Republicans demanded
as a condition of supporting a
stalled $110.5 billion foreign-aid
package that includes assis-
tance for Ukraine.
Biden, a Democrat, hosted
lawmakers at the White House
on Wednesday, with attendees
saying talks were productive
and floating the idea of a vote
on a combined border-Ukraine
bill in the Senate next week.
But House Republicans have
remained skeptical of any deal
that falls short of the border
bill they passed last year with
no Democratic support.
Former President Donald
Trump, the front-runner in the
2024 race for the GOP presi-
dential nomination, stirred up
those sentiments on social me-
dia, saying that Republicans
should not do a border deal
“at all” unless they could get
“everything needed to shut
down” migration at the border.
“He’s going to be the presi-
dential nominee,” said Rep.
Marjorie Taylor Greene (R.,
Ga.), who voted against Thurs-
day’s government-funding bill.
“It’s time for all Republicans—
Senate and in the House—to
get behind his policies. Those
are policies that we should be
reflecting in our bills and in
our votes on the House floor.”
Meanwhile, Johnson has
continued to grapple with the
restive conservative wing of
his conference that wanted to
impose spending cuts or ex-
tract a win on border policy as
a condition for funding the
government. In the vote Thurs-
day, 107 Republicans backed
the stopgap bill, with 106 vot-
P W L C 10 11 12 H T G K
U.S. NEWS
President’s Immigration Stance, Involvement Have Shifted
President Biden, as a sen-
ator, voted in favor of sev-
eral restrictive immigration
measures, such as a 1996
law increasing penalties for
illegal border crossings and
a 2006 law authorizing con-
struction of a border fence.
Those votes put Biden in
line with most other Demo-
cratic senators at the time.
When Biden was vice
president, his experience on
it pledged to shut down all pri-
vately run immigration deten-
tion centers, protect longtime
workers lacking permanent le-
gal status and reverse many of
Trump’s border policies.
On his first day in office, he
followed through on several of
those pledges. He halted con-
struction of Trump’s border
wall, reversed the travel ban
on several Muslim-majority
countries and ended the Re-
main in Mexico policy. He also
sent Congress an immigration
proposal, seen as a Democratic
wishlist, including a path to
citizenship for the roughly 11
million immigrants who were
living in the U.S. illegally when
Biden took office.
House Speaker Mike Johnson (R., La.) needed Democratic votes to pass the spending bill.
ing against it
and seven not
voting. Johnson Time is gained
didn’t respond to hammer out
to questions af-
ter the vote. a full-year,
Conserva-
tives are un-
$1.66 trillion
happy that after spending plan.
winning control
of the House in
2022, they have
been unable to reverse a nearly
$1.7 trillion fiscal 2023 spend-
ing law passed while Demo-
crats had full control of Con-
gress. Last year’s Fiscal
Responsibility Act, which nom-
inally set spending at $1.59
trillion in fiscal 2023, was en-
R F A M 1 2 3 4 5 6
immigration policy was
largely limited to his diplo-
macy work.
He visited Central Amer-
ica and spearheaded an aid
package aimed at creating
jobs and reducing violence
in the areas sending the
most migrants to the U.S.
But he wasn’t closely in-
volved in a bipartisan immi-
gration overhaul that passed
the Senate in 2013 and ulti-
But there was never a con-
certed effort to push the bill
through the then-Democrat-
controlled Congress, as the ad-
ministration did with other
bills that Biden eventually
signed into law, such as the bi-
partisan infrastructure bill.
Progressives’ hopes on im-
migration policy quickly faded,
and the bipartisan criticism of
the continuing surge of mi-
grants at the border has only
gotten louder. Republicans are
making the border a central
part of every political fight,
and Democratic mayors, who
are struggling to manage the
influx of migrants being bused
to their cities by Texas GOP
Gov. Greg Abbott, have called
acted after
McCarthy and
Biden made a
handshake
agreement to
spend an addi-
tional $69 bil-
lion beyond
what was writ-
ten into statute.
Hard-line Re-
publicans are
angered that Johnson went on
to honor that handshake deal.
“It doesn’t matter who is
sitting in the speaker’s seat or
who has the majority. We
keep doing the same stupid
stuff,” said Rep. Chip Roy (R.,
Texas), a leader of the hard-
7 8 9 O I X X ***** THE WALL STREET JOURNAL.
JOHN MOORE/GETTY IMAGES
.
ly
Biden implemented a version
mately failed in the House.
of his predecessor’s asylum
rule that would make migrants
who move through another
country on the way and don’t
“Like in ‘Hamilton,’ was he first apply for asylum in that
in the room when it hap- country ineligible for asylum in
pened?” said former Demo- the U.S.
cratic Rep. Luis Gutiérrez (D., As part of the border-deal
Ill.), who worked on immi- negotiations with Republicans,
the White House has also re-
gration issues throughout
his overlapping tenure with cently signaled it would accept
Biden in Congress and on some changes to humanitarian
the 2013 compromise bill parole, an authority that al-
while Biden was vice presi- lows the government to let in
dent. “No, he was never in people who don’t qualify for a
the room when it happened.” visa. The Biden administration
has been using it expansively
to let in migrants who register
with the government in ad-
on the federal government to vance so that they don’t enter
do more. the U.S. illegally.
The president is still resis- The administration has all
tant to some proposals that but shut down work on several
feel too reminiscent of the of the campaign ideas Biden
Trump administration. He is laid out, such as finding ways
uncomfortable with bringing to allow undocumented immi-
back any form of Remain in grants who have lived in the
Mexico. He has also drawn a U.S. for decades ways to work
line against large-scale work- legally.
place raids that target employ- “Democrats run away from
ers who hire many undocu- the immigration issue as soon
mented immigrants and as things get difficult,” said
against detaining migrant fam- Marielena Hincapié, a longtime
ilies at the border. immigration advocate who
But with mounting political worked on immigration policy
pressure, Biden has reiterated for Biden’s 2020 campaign.
to advisers that his main prior- “Biden immediately went into
ity is to see migration plum- reaction mode. Republicans do
met and has signed off on cer- the complete opposite: They
tain measures used by Trump. lean in.”
had to lean heavily on Demo-
cratic support just as McCar-
thy did—never a good look for
a Republican leader.
“While there may be a Re-
publican majority on paper,
more than 200 Democrats will
be needed to keep the govern-
ment’s lights on,” said Rep.
Rosa DeLauro (D., Conn.), the
top Democrat on the House
Appropriations Committee.
She said she hopes the exten-
sion will be the last one
needed to allow lawmakers to
complete the federal budget.
Freedom Caucus members
tried on Thursday to get an
amendment vote to attach a
House-passed border-security
bill to the continuing resolu-
JULIA NIKHINSON/BLOOMBERG NEWS
tion. But Johnson’s office shot
down that effort.
Other Republicans regularly
remind their colleagues that
the GOP controls only the
House and not the Senate or
the White House, and expecta-
tions need to be set accord-
ingly.
“I’m starting to get fed up,”
line House Freedom Caucus. said Rep. Mario Diaz-Balart
Democrats said some (R., Fla.). “There’s a small
House Republicans have need- group that’s just always going
lessly dragged the govern- to have to be critical because
ment to the brink of shut- that’s how they get expo-
downs. “ENOUGH with the sure.”
MAGA brinksmanship!” said Johnson has limited ability
Sen. Chris Van Hollen (D., to accommodate such infight-
Md.) on social media. ing if he is to eke out Republi-
Because of hard-liners’ op- can wins because his small
position to another continuing margins—two Republicans are
resolution, which locks in both absent for health reasons, cut-
the prior year’s spending lev- ting into his already narrow
els and priorities, Johnson put 220-213 majority—force him
the bill on the floor under pro- to keep nearly all Republicans
cedures requiring two-thirds together to pass legislation
of House votes. By doing so, without Democratic help. Even
he bypassed the need for a then, he still must contend
procedural vote that GOP dis- with a Democratic-controlled
sidents would likely block but Senate.
 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, January 19, 2024 | A5

U.S. NEWS

Haley Aims to Win Home State Georgia DA Willis

Says Affair Claims
Where Trump Dominates Polls Meant to Derail Case
BY ELIZA COLLINS
BY JAN WOLFE to “damage her professional
AND CAMERON MCWHIRTER
reputation.”
Fulton County District At- Asked for comment Thurs-
Nikki Haley’s long-shot torney Fani Willis is seeking to day, a representative for Joyce-
strategy to win the Republican avoid being deposed in the di- lyn Wade said if she had a re-
presidential nomination is to vorce proceeding of a colleague sponse it would come in a
pull off an upset in New she is accused of having an af- court filing but added of Willis:
Hampshire next week over fair with, calling a recent sub- “Clearly, this matter is personal
former President Donald poena for her testimony a form for her.” A lawyer for Trump
Trump—then beat him again of harassment meant to derail didn’t provide a comment. Na-
in her home state of South her criminal case against for- than Wade didn’t return a mes-
Carolina a month later. mer President Donald Trump sage left at his law office.
But she has a problem: and others. Last year, Willis, a Democrat,
South Carolina is Trump In an emergency motion announced an indictment
Country. Thursday, Willis asked a judge against Trump and 18 others,
Haley, who turns 52 years to block the subpoena in the di- alleging a criminal enterprise to
CHIP SOMODEVILLA/GETTY IMAGES

old on Saturday, grew up in vorce case of Nathan Wade, a overturn Trump’s 2020 defeat
the small city of Bamberg, lawyer in private practice whom in Georgia. Fulton County Supe-
S.C., went to Clemson Univer- she hired as a special prosecu- rior Court Judge Scott McAfee
sity and spent most of her po- tor in the Trump case. His wife, hasn’t yet set a trial date.
litical career in the Palmetto Joycelyn Wade, filed the sub- The case took a surprise
State, serving as its popular poena for Willis’s testimony. turn Jan. 8, when Trump co-
governor from 2011 to 2017. Thursday’s motion marks defendant Michael Roman
Despite Haley’s deep per- the first time Willis responded filed the motion alleging Wil-
sonal ties and political legacy, Republican presidential candidate Nikki Haley campaigned in Hooksett, N.H., on Thursday. in court to the allegations, lis and Wade should be re-
Trump, 77, has been consid- which came to light in an ex- moved from the case because
ered the front-runner in South Hampshire on Jan. 23, and said the race now is between March 19; Trump has a big plosive court filing by one of of their alleged romantic en-
Carolina for months. Haley then score a convincing win Haley and Trump. lead in polling there. Trump’s co-defendants in the tanglement.
lags behind Trump by about on her home turf in South But Trump, who carried A DeSantis spokesman said case. The filing last week al- Roman’s lawyer, Ashleigh
30 points in most state polls Carolina’s Feb. 24 contest. South Carolina in the last Haley “will be out of this race leged that Willis was dating Merchant, didn’t provide proof
taken before the GOP field In an interview with CNN competitive Republican pri- after failing to win her home Wade when she awarded him of a romantic relationship be-
narrowed following the Iowa on Tuesday, Haley said: “If we mary in 2016, has far more top state.” a lucrative contract to help tween Willis and Wade, but
caucuses. Surveys show can be strong in New Hamp- endorsements in the state, in- Haley’s first order of busi- prosecute the former presi- she said sealed records from
Trump with about 50% or shire…we’re going to be even cluding Gov. Henry McMaster, ness will be in New Hamp- dent and that Willis herself Wade’s divorce proceeding
more support of those polled, stronger in South Caro- a Republican. shire, where recent polling has benefited financially from the from his wife would substanti-
while Haley attracts about lina…This is a marathon. It’s Trump has noted his wide shown her eating into Trump’s arrangement. ate her allegations.

.
20%. Florida Gov. Ron DeSan- not a sprint.” lead in South Carolina polls lead—with one having her cut In the Thursday court fil- On Thursday, McAfee set a
tis has polled in the low teens A Haley spokeswoman said and said Haley should be do- it to single digits. Haley could ing, Willis didn’t address hearing on the Roman motion

or lower. that Haley won the governor’s
“South Carolina likes Nikki mansion as the Tea Party, an-
Haley but South Carolina loves tiestablishment candidate and
Donald Trump,” said Rep.
Nancy Mace, a Republican
from the Charleston area who
hasn’t endorsed a candidate.
that she built a conservative
record as the state’s chief ex-
ecutive. She said Haley signed
restrictive abortion legislation
onsaid Sen. Lindsey Graham (R.,
Mace started her congressio- and cracked down on illegal
us ,
ing better there given her ré-
sumé.
“I think it’s a Trump state,”
S.C.), who has endorsed
Trump. The state’s other sena-
tor, Tim Scott, was briefly a
GOP candidate for president.
appeal to the state’s more-
centrist electorate.
After that primary, she will
have a month to campaign in
a place she knows well—
though she will be an under-
dog.
South Carolina is a Republi-
ly
whether she had a romantic
relationship with Wade. In-
stead, it said that because
“the parties agree that the
marriage is irretrievably bro-
ken and the concept of fault is
not at issue, there is no infor-
mation that District Attorney
for Feb. 15, and Willis has
been ordered to respond to
Roman’s filing by Feb. 2. A
spokesman for Willis didn’t
respond to a request for com-
ment Thursday but had previ-
ously said she would respond
in a court filing.

nal career highly critical of immigration as governor. Ha- He hasn’t endorsed a candi- can stronghold, with a large Willis could provide that Speaking at an Atlanta
l

Trump, but she has since said ley won by roughly 4.5 per- date but has been lobbied by conservative evangelical popu- might prove relevant to grant- church Sunday, Willis attri-
e
al a

she would consider backing centage points for her first all remaining candidates, ac- lation in much of the state. ing or denying the divorce.” buted criticisms that Wade
the former president in the race for governor in 2010 and cording to a person familiar GOP voters around Charleston, Willis’s personal lawyer, lacked the proper experience
primary. 14.5 percentage points for her with the matter. many retired and wealthy, Cinque Axam, wrote the filing. for the job to racial bias. Wil-
ci on

Trump is looking to quickly re-election in 2014.
lock up the nomination after Rep. Ralph Norman, one of
his win in Iowa on Monday, the most prominent Republi-
when DeSantis came in a dis- can elected officials in South
tant second followed by Haley Carolina to endorse Haley,
er s
Some allies have urged De-
Santis to drop out because he
is expected to do poorly in
New Hampshire and South
Carolina, but so far he has re-
tend to back more-moderate
candidates. Republican presi-
dential nominees have carried
the state in every general
election since 1980.
“Defendant Joycelyn Wade
is using the legal process to
harass and embarrass District
Attorney Willis, and in doing
so, is obstructing and interfer-
lis and Wade are both Black.
Merchant said Thursday that
Willis is seeking to avoid an-
swering important questions.
“She appears to be doing every-

in third. To blunt Trump’s said he expected her to cam- sisted those calls. —Alex Leary ing” with the Trump case, thing she can to avoid having to
rise, Haley would need to win, paign hard in her home state The primary in his home and Siobhan Hughes Willis’s lawyer added. Willis’s account for inconvenient and
m er

or come very close, in New and ultimately do well. He state of Florida isn’t until contributed to this article. lawyer also said it was meant difficult facts,” Merchant said.

Daters Look
UNDER
sive alternative rock fan dating about their status and polite
in a sea of women who wear about the misunderstanding.
m rp

cowboy hats and listen to Jason Since then, “I’ve been more

For the One, Aldean. When he does see a

woman on the apps who seems
“left of center” as he puts it,
alert,” she says.
She has never felt tempted by
any of those matches to change

Or More she’s often ENM. But the dis- her mind about looking for just
co Fo

tinction is usually tacked on to one partner—“I do not want to

the bottom of her profile.
“Put it at the top at least so I
Continued from Page One won’t get too excited,” he says.
in a little bit of everything…but
there’s a website for that.”
It’s hard to know how trends
in consensual nonmonogamy
As if online dating wasn’t have evolved over time given
hard enough—having to worry if the subject has been taboo.
be an accouterment”—and she’s DISASTROUS CIRCUMSTANCES,
skeptical that everyone is being
as upfront with their partners HE COULD FIND A MISSING
as they claim to be in their pro-
files.
CHILD IN THE WRECK AGE.
While frequenting one of the HARD TO BELIEVE NO ONE
many Facebook groups called
WANTED THIS COURAGEOUS

someone is lying about their Around one-third of Americans
age, or will ghost you, or is actu- describe their ideal relationship
ally a bot catfishing you—now as something other than com-
users have to sift through pro- plete monogamy, according to a
files and grapple with increas- February 2023 YouGov poll of
n-
DOG
“Are We Dating The Same Guy?”
she’ll often see women posting
screenshots of the profiles of
the men they’re talking to on
the apps in order to see if any-

ingly expansive definitions of 1,000 respondents. one can confirm that their non-
what it means to be in a com- Both pairing up with only monogamy is really consensual.
mitted relationship. one person and seeking out “You’ll see, ‘Oh this person
More-niche apps exist: Feeld multiple partners most likely said he is ENM,’” Walsh says. “A
no

markets itself as for those inter- goes back to the dawn of time,
ested in polyamory, consensual says Helen
nonmonogamy, homo- and het- Fisher, a biologi-
eroflexibility, pansexuality, asex- cal anthropolo-
uality, aromanticism and voy- gist and senior Some in open
eurism, among other things. But research fellow relationships
increasingly, the most popular at the Kinsey In-
apps are trying to appeal to stitute. As hu- are using
more-diverse groups of users. mans we have
In late 2022, Hinge rolled out biological pre-
mainstream
the ability for users to designate dispositions to dating apps.
their “relationship type” at the both: Jealousy
top of their profile and whether serves as a pro-
they are monogamous or not, tection of the
which the company says was a pair bond and its offspring, and
response to the needs of Gen Z. a wandering eye can lead to the
“Gen Z is the most fluid genera- spreading of one’s DNA. Lately,
tion in terms of their sexuality it has practically become fash-
and identity, and they need their ionable to be public about being
relationships—and their dating in an open relationship. “It’s
app as the meeting point—to part of a whole modern trend of
support their openness to differ- sexual and romantic expres-
ent types of connection,” a sion,” says Fisher, who is a paid
Hinge spokesman says. consultant for Match.com. The
Alignment on relationship Match Group also owns Tinder.
style is often top of mind for She suspects the co-mingling
slightly older users—many of of two groups with such funda-
whom are ready for a monoga- mental lifestyle differences isn’t
mous relationship, or have tried likely to lead to many happy
them, are feeling dissatisfied matches.
and looking for other options. A Tinder spokesman says the
Hinge and another popular app doesn’t “limit the possibili-
app, Bumble, allow users to fil- ties of sparking something new
ter for factors such as distance [or] unexpected.” A Bumble
and age, but there isn’t a setting spokeswoman says users who
to exclude or search for nonmo- pay for a premium membership
nogamist profiles. can filter by dating intentions.
Mitch Holland, 37, of Nash- The Hinge spokesman says the
ville, Tenn., is on Bumble, Hinge company collects feedback from
and Tinder looking for just one its users “to understand the
partner. He says he used to oc- most requested app updates.”
casionally see couples seeking a Jenis Walsh, 38, who works
third, but that in the past two in politics and lives in Pitts-
years ENM profiles have been burgh, has on more than one oc-
sprouting up everywhere. casion unwittingly matched
“It’s common enough to with men on Bumble who are in
where I think there should be a open relationships after not
filter,” he says. reading their profiles carefully
Holland says he is a progres- enough. The men were honest
friend or a girlfriend of that per-
son will be like,
‘Oh no, that’s
not the case at
all.’”
Theo Thomas,
a 36-year-old in
the Detroit area,
has been prac-
ticing ethical
nonmonogamy
for three years.
He says he is Ridge
Discovered in a shelter
married and has in Tooele County, Utah.
a girlfriend and also uses Bum-
ble and Hinge to find potential
partners for casual sex.
The majority of the monoga-
mous women he matches with
are ones who haven’t read his
profile carefully enough—and
they tend to not want anything
to do with him. “A lot of women
don’t like to share,” he says.
Alex Padilla, 33 and Thomas’s
girlfriend, says she frequently
encounters monogamous men
on dating apps who are aware
she’s in a relationship and are
still interested in meeting up.
Once she has explained her life-
style, their response is often,
“That’s hot.” “That always
makes me giggle,” she says.
This past fall, Thomas had a
new experience. He fell in love
with a woman he met on Face-
book Dating who was also ENM.
He says that led to issues in his
existing relationships. The new
woman ended up breaking up From shelter dog to search dog, help us write the next underdog story.
with him, and he says he was Your donation helps us train dogs like Ridge to strengthen
heartbroken. America’s disaster response system.
“I could actually see myself
being monogamous with just Donate Now. Call (888) 4K9-HERO or visit SearchDogFoundation.org.
her,” he says, a feeling that
caught him by surprise. “I didn’t UNDERDOGS OVERCOME. Not a real disaster site.
think that I would want that
kind of lifestyle.”
 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, January 19, 2024
INDIAN NAVY/ASSOCIATED PRESS
The U.S.-owned Genco Picardy, seen in a photo provided by the Indian navy, was attacked by Yemen’s Houthi rebels in the Gulf of Aden.
U.S. Steps Up Attacks on Houthis
BY OMAR ABDEL-BAQUI
AND DION NISSENBAUM
The U.S. military launched a
fifth round of strikes on Houthi
weaponry in Yemen on Thurs-
day, targeting antiship missiles
aimed at the Red Sea hours af-
ter firing an earlier barrage, as
rising tensions across the re-
gion threaten to pull more par-
ties into a widening war.
The U.S. said the attacks hit
more than a dozen Houthi
missiles that were loaded to
be fired. A Pentagon official
said it estimates that about a
Pakistan
Hits Targets
Inside Iran
Continued from Page One
anyone if it chose to do so.
“It’s a message to the U.S.
and Israel,” said Joel Rayburn,
a former U.S. special envoy for
Syria. “It demonstrates [Iran’s]
willingness to get directly in-
volved as opposed to proxies.”
Pakistan, which isn’t in the
Middle East, got sucked into
that demonstration of Iran’s re-
solve on Tuesday. Iran said it
used missiles and drones to tar-
get an Iranian insurgent group
in Pakistan, Jaish al-Adl. The
group had previously claimed
responsibility for the killing of
11 police officers in a December
attack in eastern Iran.
While Tehran condemned
the Pakistani strike, both sides
offered muted rhetoric, refer-
ring to their relationship as
brotherly, a signal that neither
wished the tit-for-tat strikes
to escalate.
“Iran is telegraphing to the
United States that if you come
after us, we can create
chaos,” said Kamran Bokhari,
a senior director at the New
Lines Institute, a think tank
based in Washington.
Iran’s actions came shortly
after a U.S.-led force began
strikes on the Houthis in re-
sponse to the group’s firing at
merchant ships and U.S. Navy
vessels in the Red Sea.
Iran’s message in its own
Iranian Strikes Draw Pakistani Pushback
TURKEY
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IRAQ
Tel Aviv
JORD.
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ISR.
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Note: Missile range is from the Khuzestan province
Sources: OE Data Integration Network (range); staff reports
quarter of the Houthi arsenal
has been destroyed.
“These strikes, along with
other actions we have taken,
will degrade the Houthis’ ca-
pabilities to continue their
on
reckless attacks on interna-
us ,
tional and commercial ship-
l
ping in the Red Sea, the Bab-
e
al a
el-Mandeb Strait, and the Gulf
of Aden,” U.S. Central Com-
mand said on Thursday.
ci on
President Biden said the
U.S. would continue to target
Houthi weaponry until the
group stops its attacks on
shipping vessels, after being
er s
m er
direct strikes was as much do-
mestic as international. Teh-
ran had said the one known
suicide bomber in the Jan. 3
attack had entered the country
m rp
through Pakistan. Islamabad
didn’t respond to a request for
comment on that allegation.
Iran’s strikes this week
were widely publicized on Ira-
co Fo
nian state media, which also
went into great detail on the
types of projectiles used in the
attacks. On Monday, Iran’s Is-
lamic Revolutionary Guard
Corps said the country had
struck Islamic State targets in
northern Syria from Iran us-
ing a precision-guided missile
that has a range of about 900
miles—meaning it could also
reach Israel.
On the same day, Iran
n-
launched ballistic missiles at
what it said were Israeli spy
bases in Erbil, in Iraq’s ethnic
Kurdish region, in retaliation for
no
the killings of Iranian officers
and militant allies. Israel hasn’t
commented on the killings.
“Iran is responding to pop-
ular demand to retaliate by
striking nonstate actors,” said
Sanam Vakil, director of the
Middle East and North Africa
at London’s Royal Institute of
International Affairs. But it is
also “defining its red lines in
response to the war in the re-
gion.”
Iranian officials have long
insisted that Tehran always
reacts proportionally and
largely symbolically when un-
der attack, rather than esca-
lating conflict.
Tehran appeared to have
miscalculated, some experts
said. “It was a PR stunt. But
they overplayed their hand,” a
AZER
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Emma Brown/The Wall Street Journal
WORLD NEWS
asked whether the strikes were
working. “Are they stopping
the Houthis? No. Are they go-
ing to continue? Yes,” he said.
The U.S. strike is focusing
on taking out Houthi capabili-
ties on shore before they are
used, said Gene Moran, a re-
tired U.S. Navy captain. “It’s
much more effective to shoot
the archer ashore as opposed
to shooting down all the ar-
rows,” he said.
The U.S. strikes come as the
Houthi rebels, an Iranian-
backed militia that controls
swaths of Yemeni land facing
security adviser to the U.S. in
the Middle East said. “They
were under pressure to show
agency. But they didn’t
achieve much other than mak-
ing Pakistan angry.”
Pakistan, a nuclear-armed
nation with a large military,
couldn’t afford to let the strike
on its western border go un-
answered as it faces a giant
adversary, India, on its east-
ern border, said Ejaz Haider, a
defense analyst based in the
Pakistani city of Lahore. “This
strike was a signal to Iran to
back off, but it was also just
as much a signal to India.”
The U.S., which has en-
deavored since the Gaza war
began to stave off a regional
conflict, condemned the re-
cent Iranian strikes.
“We’ve seen Iran violate
the sovereign borders of three
of its neighbors in just the
past couple of days,” State De-
partment spokesman Matthew
Miller said. “We don’t think
it’s in anyone’s interest, in-
cluding Iran, to see this con-
flict escalated.”
The U.S. designates a num-
ber of the parties in the re-
gional conflicts as terrorist or-
ganizations, including Iran’s
allies the Houthis, Hezbollah
and Hamas, and its foes Is-
lamic State and Jaish al-Adl,
and the Biden administration
has sought to draw a distinc-
tion between its strikes in Ye-
men and Iran’s recent actions.
After the first U.S.-led
strikes on the Houthi rebels in
Yemen last week, Biden said
Washington had sent a private
message to Iran about its
Houthi allies’ actions against
shipping. “We’re confident
we’re well-prepared,” Biden, a
Democrat, said on Saturday.
The president weighed in
again after the Pakistan
strikes on Thursday. “Iran is
not particularly well liked in
the region,” he said.
“These are two well-armed
nations and we don’t want to
see an escalation of any armed
tional Security Council
spokesman John Kirby said.
The U.S. is in touch with Paki-
stani counterparts, he said.
—Aresu Eqbali
and Sabrina Siddiqui
contributed to this article.
Watch a Video
Scan this code
for a video on
Pakistan’s
retaliatory
strikes on Iran.
the Red Sea, have fired at and
seized ships crossing through
the narrow strait between Ye-
men and eastern Africa, headed
to or from Egypt’s Suez Canal.
The Houthis have said their
targeting of ships is in re-
sponse to Israel’s actions in its
war with Hamas in Gaza.
The leader of the Houthis,
Abdul-Malik al-Houthi, said in
a televised speech that the
U.S. strikes wouldn’t deter the
group from continuing its at-
tacks and confronting the U.S.
On Thursday evening, a ship
was struck south of Yemen in
Red Sea Flare-Up Widens
Yemeni fighters walk past a portrait of Houthi leader Abdul-Malik al-Houthi, in San’a, Yemen.
BY PAUL HANNON
AND WILLIAM BOSTON
For the second time in three
years, a conflict in Europe’s un-
ruly neighborhood is threaten-
ing to weaken a struggling econ-
omy, while a more robust U.S. is
watching from a safe distance.
This time, attacks by Houthi
rebels in Yemen targeting
cargo ships in the Red Sea have
caused more carriers to opt for
the safer but longer and more
costly trip around Africa via
the Cape of Good Hope.
Those detours are leading
retailers to worry about run-
ning out of stock. Some facto-
ries have suspended work be-
cause they need parts. If the
threat persists, economists
say the drop in inflation Eu-
rope enjoyed last year could
slow, delaying a potential cut
in key interest rates.
The latest geopolitical flare-
up could cement a growing
asymmetry between Europe
and the U.S. As a large energy
producer, the U.S. has emerged
stronger from the crisis sparked
by the Ukraine war. And while
some of its imports transit via
the Suez Canal, their share is
comparatively small, and the
Pacific offers an alternative
route for cargo from Asia.
For now, the supply-chain in-
terruptions are modest com-
pared with the more widespread
blockages seen in 2020 and
THE WALL STREET JOURNAL.
ly
the Gulf of Aden, according to
the United Kingdom Maritime
Trade Operations, which liaises
between the British military in
the region and commercial
shippers. A Houthi official told
The Wall Street Journal that
the Houthis targeted an Ameri-
can ship near the Yemeni coast.
A U.S.-owned bulk carrier,
the Genco Picardy, came under
attack for the second day in the
Gulf of Aden on Thursday, ac-
cording to security-consulting
firm Neptune. A tanker that
was carrying Saudi gasoline to
Kuwait also was attacked in the
2021, and their economic impact
is likely to be proportionately
smaller. Businesses also have
learned lessons from interrup-
tions during the pandemic, and
have larger inventories.
IKEA boss Jesper Brodin said
the Red Sea conflict has length-
ened its shipping routes by
about 10 days or longer though
its customers aren’t affected.
Discount retailer Pepco said
the conflict has had a limited
effect on product availability,
but could hurt supply if it
continues. The discount re-
tailer—which includes Pound-
land in the U.K. and Dealz and
Pepco in continental Europe—
said on Thursday that Houthi
attacks were leading to higher
spot-freight rates and delays
to container lead times.
But in the wake of a global
pandemic and the largest Euro-
pean war in eight decades, the
escalation of the conflict that
began with the Oct. 7 attack on
Israel by Hamas is a reminder
that the outlook for the global
economy increasingly is shaped
by developments beyond the
reach of economic policymakers.
Ships traveling through the
Red Sea carry about 40% of the
goods that are traded between
Europe and Asia. The Houthis
initially claimed to target Is-
raeli ships or those bound for
its ports but their attacks have
been indiscriminate. That has
prompted more operators to
same area, it said. The Houthis
said its forces had successfully
struck an American ship with
missiles. The condition of the
vessels couldn’t be determined.
The U.S. State Department
this week said it would desig-
nate the Houthis as a terrorist
organization, reversing the
administration’s 2021 removal
of the group from the U.S.’s
terrorist list.
International analysts say
that while the U.S. strikes are
intended to be a deterrent, they
could have the opposite effect,
emboldening the Houthis.
Vali Nasr, a former State De-
partment official and dean of
the School of Advanced Inter-
national Studies at Johns Hop-
kins University, said the U.S. is
on a path for ending up in a
war in Yemen. “Blood has been
drawn, the scale of attacks is
there, the Houthis are not go-
ing to back down now,” he said.
A senior U.S. official said that
despite warnings and diplo-
matic engagement, the Houthis
have continued their attacks.
“Our goal is to continue to
make clear the United States
is going to protect freedom of
navigation, protect our per-
sonnel, protect civilians from
terrorist attacks in interna-
tional waters,” the official
said. “I think you’ll continue
to see us think about the tools
in our tool kit and deploy
them in a way that is well-
synced and coordinated across
the sanctions, military and
diplomatic space.”
Martin Griffiths, the former
.
United Nations special envoy
for Yemen who serves as the
U.N.’s undersecretary-general
for humanitarian affairs and
emergency-relief coordinator,
recently told CNN that the es-
calation in the Red Sea is jeop-
ardizing promising efforts to
end the civil war in Yemen.
Yemen, he said, “was one of
those few, perhaps the only
place in the world where we
all had some hopes of real
peace after six or seven years
of terrible war, and that is be-
ing snatched away from us by
these circumstances.”
—Stephen Kalin, Costas
Paris and Saleh al-Batati
contributed to this article.
MOHAMMED HUWAIS/AGENCE FRANCE-PRESSE/GETTY IMAGES
divert their traffic around the
Cape of Good Hope.
Last week, Tesla said delays
in delivery of components
caused by the rerouting of
ships would force it to suspend
production at its only large
factory in Europe, the GigaBer-
lin plant outside Berlin.
Extra traveling time reduces
the annual capacity of each
ship, and can affect freight
costs on other routes, includ-
ing those between Asia and
the U.S. According to the
Freightos Baltic Index, the av-
erage cost of transporting
goods in a container across the
globe doubled between Dec. 22
and Jan. 12.
Those times could lengthen
further if diverted ships must
wait to take on more fuel to
complete their unplanned jour-
neys at overstretched African
ports, of which South Africa’s
Durban is the largest.
For Europe, the impact of
the crisis largely would depend
on the extent and duration of
the disruption. Economists at
Allianz Trade calculate that a
doubling of freight costs for
more than three months could
push the eurozone’s inflation
rate up by three-quarters of a
percentage point and reduce
economic growth by nearly a
percentage point. With the eu-
rozone’s economy already
weak, that could push it into
contraction this year.
 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, January 19, 2024 | A7

WORLD NEWS

Envoy Sees WORLD WATCH

Reporter
Jailed in
Moscow
BY ANN M. SIMMONS

The U.S. ambassador to Rus-

sia visited jailed Wall Street
Journal reporter Evan Gershk-
ovich on Thursday, as the Bi-
den administration continues
efforts to win his release.
Lynne Tracy met with Ger-
shkovich at the Lefortovo
Prison in Moscow, where he
has been detained on an allega-
tion of espionage that he, the
Journal and the U.S. govern-
ment deny, the embassy said.
“Evan remains resilient and
is grateful for the support of
friends, family and support-
ers,” the embassy said on its
Telegram channel.
“These consular visits are
important for Evan and his

LEON NEAL/GETTY IMAGES

family, and we appreciate the
U.S. government’s ongoing
support for his well being,”
the Journal said.
Russia’s Federal Security
Service detained Gershkovich,
who was accredited to work as MONEY FOR SOMETHING: A Christie’s auction house employee in London holds up a see-through Dan Armstrong-Ampeg guitar owned by musician Mark
a journalist by Russia’s For- Knopfler. The guitar is among the more than 120 guitars and amps in the Dire Straits singer-songwriter’s collection that will be auctioned later this month.
eign Ministry, while he was on
a reporting assignment in the ECUADOR GERMANY JAPAN COMOROS THAILAND
Russian city of Yekaterinburg
last March. Russian investiga-
Prosecutor Probing Customs Stops Tokyo Signs Deal One Dead, 6 Hurt Insults to King Get
Studio Attack Slain Schwarzenegger For U.S. Missiles In Election Unrest Man 50-Year Term

.
tors haven’t publicly pre-
sented evidence to back up

their allegation against the 32-
year-old reporter.
In December, Secretary of
State Antony Blinken said the
U.S. is looking for the “right
way” to work with Russia for
the return Gershkovich, as
well as another U.S. citizen,
A prosecutor investigating
an attack on the set of a public
television channel last week
was shot to death Wednesday
in Guayaquil, the most danger-
ous city in Ecuador.
Prosecutor César Suárez,
who had carried out other
on
high-profile investigations in
us ,
Arnold Schwarzenegger
was stopped for hours by
customs at Munich Airport
after entering Germany with
a luxury watch that was po-
tentially to be auctioned at a
charity event. The former
movie star and California
governor was able to leave
Japan signed a deal with
the U.S. on Thursday to pur-
chase up to 400 Tomahawk
cruise missiles as part of its
ongoing military buildup in
response to increased re-
gional threats.
Prime Minister Fumio
Kishida’s government has
ly
A second day of unrest in
the Indian Ocean island na-
tion of Comoros on Thursday
left one person dead and at
least six others injured, a
health official said.
The protests came after in-
cumbent President Azali As-
soumani was declared the
A court of appeals in Thai-
land has handed a political
activist what is believed to
be a record sentence for the
criminal offense of insulting
the monarchy, giving him a
50-year prison term after
finding him guilty of 25 viola-
tions of the law, a lawyers’

Paul Whelan, a former U.S. the past, was shot while driv- after about 2½ hours. pledged to double its annual winner in an election held over group said Thursday.
l

Marine and Michigan corpo- ing a vehicle, Attorney Gen- Goods over the value of defense spending to about the weekend that was de- Mongkhon Thirakot, 30
e
al a

rate-security executive serving eral Diana Salazar said. €430 ($468) that will stay in ¥10 trillion ($67 billion) by nounced by the country’s op- years old, had originally been
a 16-year sentence on an espi- Thirteen alleged perpetra- the European Union have to be 2027, which would make position parties as fraudulent. sentenced last year to 28
onage charge he, his family
ci on

and the U.S. government deny.
“We are very actively work-
ing on it, and we will leave no
stone unturned to see if we
can’t find the right way to get
tors have been arrested in the
assault at TC Television,
which was broadcast live and
led President Daniel Noboa to
declare that Ecuador is in an
“internal armed conflict” amid
er s
declared and, where appropri-
ate, duty paid on them. Ger-
man daily Bild reported that
the watch made by Swiss
manufacturer Audemars Piguet
was valued at about €20,000
Japan the world’s third-big-
gest military spender after
the U.S. and China.
The signing of the deal on
Thursday was attended by
Defense Minister Minoru Ki-
The announcement Tuesday
that Assoumani had won a
fourth term triggered violent
protests that started Wednes-
day, when a government minis-
ter’s house was set on fire and
years in prison by a court in
Chiang Rai for 14 of 27 posts
on Facebook for which he was
charged. The Northern Region
court of appeals found him
guilty of charges the lower

them home, and to get them a surge of killings and other by Schwarzenegger, for whom hara and U.S. Ambassador to a car at the home of another court acquitted him of and
home as soon as possible,” crimes tied to drug trafficking. it was specially produced. Japan Rahm Emanuel. minister was burned. added more prison time.
m er

Blinken said. —Associated Press —Associated Press —Associated Press —Associated Press —Associated Press
m rp
co Fo
n-
no
 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, January 19, 2024
War Lifts Pyongyang’s Illicit-Arms Trade
Russia’s missile use
in battle showcases
technological gains
made by Kim regime
BY DASL YOON
AND TIMOTHY W. MARTIN
SEOUL—One of the world’s
biggest illicit-arms suppliers
just got a major advertisement.
In recent weeks, Russian
forces have fired short-range
ballistic missiles in Ukraine
provided by North Korea, ac-
cording to assessments from
Washington, Seoul and Kyiv.
Pyongyang has provided Mos-
cow with dozens of the weap-
ons, the U.S. says.
Officials concluded that
North Korean weapons were
being used by analyzing de-
bris collected in Ukraine. Rus-
sia is believed to have used
Pyongyang’s new KN-23 and
KN-24 short-range missiles,
defense experts say. Both
countries have denied engag-
ing in arms transfers.
Despite a barrage of test
launches, North Korea hasn’t
been able to gauge how its
new generation of short-range
ballistic missiles performs on
the battlefield—particularly
against Western defenses—
until now.
The high-profile battlefield
exposure is likely to afford the
regime of leader Kim Jong Un
new proliferation opportuni-
ties, security experts say. The
country’s illicit-arms business
stretches back decades,
though it has trailed off in re-
cent years. Traditional cus-
tomers in the Middle East, Af-
rica and elsewhere shifted to
lower-cost drones, which per-
formed better than Pyong-
yang’s outdated offerings.
Tighter sanctions elevated the
risk that shipments en route
would get intercepted.
The use of the short-range
missiles hands fresh endorse-
ment to North Korea’s weapons
sales, as militarization is rising
globally and creating new de-
mand from nations without ac-
cess to legitimate arms sales.
Party Backing
China in Taiwan
Fights to Survive
BY CHUN HAN WONG
TAIPEI—Beijing’s closest
political partner in Taiwan is
fighting to remain relevant in
an island democracy where
voters increasingly see a fu-
ture that is detached from an
authoritarian China.
The Kuomintang, or Nation-
alist Party, once governed China
and had dominated Taiwanese
no
politics for decades. It is now
on its longest losing streak in
presidential elections since this
self-ruled island started choos-
ing its leader by popular vote,
consigned to a third straight
term in opposition.
Whether the century-old
party can get back on its feet
has ramifications for Taipei’s
rocky relationship with Beijing,
which claims Taiwan as its ter-
ritory and considers the KMT a
useful partner in efforts to as-
similate the island. The pros-
pect that Taiwanese voters
Assets in money-market funds and CDs*
Time deposits (CDs)
Money-market funds
1985 ’90 ’95 2000
Money-market-fund assets as
a percentage of money supply (M2)*
1985 ’90 ’95 2000
*Quarterly data, through third-quarter 2023
Sources: Federal Deposit Insurance Corp. (assets in CDs);
Federal Reserve (assets in money-market funds, money supply)
A firefighter extinguishes the remains of a missile, which Ukraine says was made in North Korea, at a site of a Russian strike on Kharkiv, Ukraine.
“North Korea will be able to
command a premium for these
systems in ways it wasn’t be-
fore,” said Toby Dalton, senior
fellow and co-director of the
Nuclear Policy Program at the
Carnegie Endowment. “This is
the cash cow.”
Kim, the 40-year-old dicta-
tor, recently toured the coun-
on struggled to keep up with the
try’s largest munitions facto-
us ,
ries, ordering officials to ramp
l
up production. An increase in
e
al a
arms sales could provide a
much-needed boost for a
North Korean economy still
ci on
recovering from the pandemic.
The country’s precise mis-
sile-production capacity is diffi-
cult to assess, given the Kim re-
gime’s penchant for secrecy. But
er s
North Korea is believed to oper-
ate more than 300 munitions
m er
factories, including another 100
m rp
co Fo
might never elect a Beijing-
friendly government again
could tilt China toward harsher
methods to seek unification,
including military force.
KMT leaders have put on a
brave face, saying they still
have the clout to keep Taiwan’s
n-
ruling party in check during
the next four years. But many
members worry that, without
decisive overhauls, one of
Asia’s oldest political parties
could fade into irrelevance, as
more Taiwanese embrace a lo-
cal identity separate from
China and reject the KMT’s
perceived coziness with Beijing.
“The middle class has al-
ready given up illusions on
China,” said Jason Hsu, a 45-
year-old former KMT law-
maker and now a fellow at the
Harvard Kennedy School. “The
Kuomintang, in the next four
years, must change its China
strategy, if it is ever to come
back to power.”
$8 trillion
6
4
2
0
’05 ’10 ’15 ’20
50%
40
30
20
10
0 “The assets in money-mar-
’05 ’10 ’15 ’20
WORLD NEWS
civilian facilities that can shift
to weapons production, accord-
ing to South Korean estimates.
North Korea does have
some advantages over the
West, where arms makers have
demand created by the Ukraine
war. Pyongyang’s weapons
manufacturing is state-con-
trolled. Kim can put people to
work in factories if he wants to
ramp up production.
Pyongyang leans on home-
grown producers and illicit
networks to feed its missile in-
dustry. But it also leans heav-
ily on Russia and a few other
allies for certain supplies and
technological know-how, said
Tushar Sudesh Mangure, a de-
fense analyst at analytics firm
GlobalData. To supercharge
production further, Russia
Kuomintang candidate Hou Yu-ih speaks at a campaign rally.
The KMT faces a dilemma.
Backing away from its founding
goal of governing a unified Chi-
nese nation could prompt an
aggressive response from Bei-
jing. But a KMT unable to re-
gain power would do little to
halt the coalescing of an en-
trenched Taiwanese identity—
an outcome some party gran-
dees, and Beijing, want to avoid.
In some ways, the KMT has
been toughening its stance on
China. It picked a presidential
candidate, Hou Yu-ih, who
came from a family with deep
Taiwanese roots and—on the
campaign trail—promised to
be forceful in dealing with
Beijing and defending Tai-
Stock Bulls
Count On
Cash Flood
Continued from Page One
fering little interest. Their fall
could drive investors to U.S.
stocks, which have historically
provided the highest returns
in the long run.
Bond yields have declined
from their peaks, but rates of-
fered on Wall Street remain
high relative to recent history,
pulling cash toward money-
market funds. Stocks also still
look expensive, meaning bar-
gain hunters might find rates
on CDs more alluring than
playing the market—for now.
ket funds are staggering,” said
Randy Gwirtzman, a portfolio
manager at Baron Capital. “All
that dry powder is on the side-
* **** THE WALL STREET JOURNAL.
could provide the raw materi- missile systems may be more
als that North Korea struggles reliable than previously be-
to access, he added. lieved.
ly
That Russia, a United Na- “If I were a potential cus-
tions Security Council perma- tomer of this, the technology
nent member, has used North is being used by the Russians,
Korean missiles with apparent
success sends some very clear
messages to potential custom-
ers who may have been on the
possibly improved by the Rus-
sians,” Dolzikova said. “I
would assume these technolo-
gies are going to get better.”
fence about conducting arms The two countries’ closeness
business with the Kim regime, was on full display this week,
said Darya Dolzikova, a re- as North Korean Foreign Minis-
search fellow at the Royal ter Choe Son Hui visited Mos-
United Services Institute, a cow, meeting with her counter-
London-based defense and se- part, Sergei Lavrov, and Russian
curity think tank. leader Vladimir Putin. Lavrov
One such message is that expressed gratitude for North
Russia remains unlikely to in- Korea’s support for Russia’s
terdict any such transactions fight in Ukraine.
shipped through its borders or The North Korean missiles
greenlight punishment at the used by Russia are far more ad-
U.N. for buyers, she said. The vanced than the Scud missiles
other is that the North Korean or other munitions exported in
Years of Control Came to an End
Officially known as the
I-HWA CHENG/AGENCE FRANCE-PRESSE/GETTY IMAGES
Kuomintang of China, the
party traces its roots to a
patriotic revolutionary
group that Sun Yat-sen
formed in the 1890s.
It ruled mainland China
from the 1920s to 1949,
when Chiang Kai-shek relo-
cated his government to
Taipei to escape Mao Ze-
dong’s Communist forces.
The KMT gained control
wan’s democracy. “I’ve never the third party that Ko, a for-
had an unrealistic idea about mer Taipei mayor, founded
mainland China’s attitude to- less than five years ago.
ward us,” Hou told The Wall Defeat has triggered intro-
Street Journal in December. spection and infighting within
Even so, Hou finished sec- the Kuomintang. Some mem-
ond in the presidential race bers criticized the party leader-
with 33% of the vote, trailing ship and called on KMT Chair-
the ruling Democratic Pro- man Eric Chu to resign. Others
gressive Party’s Lai Ching-te, faulted Ko for splitting the op-
the current vice president, by position vote, after a last-ditch
about 7 percentage points. A attempt to pair Hou and Ko on
third-party leader, Ko Wen-je, a joint ticket collapsed.
received roughly 26%. Chu, a former presidential
Although the KMT lost by a candidate who represents a
slimmer margin, insiders and moderate voice within the
political analysts say the result KMT, pointed to the party’s
confirmed the party’s inability improved showing in this
to appeal to young Taiwan- year’s legislative races. It
ese—many of whom flocked to clinched 52 seats to form the
lines and waiting to invest.”
Elizabeth Cathcart, 26,
works in corporate finance at
money supply in 2008. There
was a similar spike in 2001,
after the dot-com bubble.
an investment firm in Denver.
She said that without an ag-
gressive investment strategy,
Francisco Pena, 30, a data
scientist in New York City, said
he is using short-term Trea-
homeownership will be unat-
tainable.
“It’s hard to pass up CDs
surys, CDs and I bonds as a
temporary home for his money.
He is saving for a down pay-
over 5.5%, particularly for ment with his husband.
seven months. That’s not a “I didn’t want my cash sit-
bad deal,” said Cathcart. “But ting in a bank account, losing
12 months or longer, I don’t real purchasing power—espe-
want to lock away cash for cially with inflation on the
that long.” rise,” said Pena. If rates fell
Expectations for cash to substantially, he would stick
pour into the market once with a high-yield savings ac-
rates fall might prove overly count to keep his cash ready.
optimistic, however. Money- There is some debate over
market funds raked in cash how much of the assets in
during previous Fed-tightening cash-like products should be
cycles but didn’t hemorrhage it thought of as investments,
when the central bank began to with potential to enter other
ease. Assets retreated, but pla- parts of the market, versus as
teaued at much higher levels. bank deposits to be saved or
Investors also tend to tap spent later on. Total deposits
money markets during periods at U.S. lenders have fallen to
of market stress, not necessar- $17.4 trillion from a peak of
ily when yields are higher. As- $18.2 trillion since the Fed be-
sets in money funds peaked at gan tightening in early 2022.
nearly half of the overall The path of interest rates
VYACHESLAV MADIYEVSKYY/REUTERS
the past. The new missiles,
.
based on Soviet designs, use
solid propellant, allowing them
to be deployed more quickly
and covertly, and were unveiled
at a splashy military parade
about six years ago.
In recent years, North Ko-
rea honed the missile’s accu-
racy and flight maneuverabil-
ity with frequent tests. The
missile can carry a nuclear
warhead and change direction
midflight. It has a range of
roughly 550 miles.
The West has provided
Ukraine with many systems to
shoot down Russian drones
and missiles, but the supply of
systems specifically targeting
ballistic missiles has been less
common.
—Alistair MacDonald
contributed to this article.
of Taiwan—then a Japa-
nese colony—at the end of
World War II. It went on to
rule the island for 55 years.
Some analysts say the
KMT’s losses in the 2016
and 2020 presidential votes
stemmed largely from disil-
lusionment with its central
pitch—delivering prosperity
through peaceful and stable
ties with China, Taiwan’s
largest trading partner.
largest caucus in Taiwan’s 113-
member Legislative Yuan, com-
pared with the ruling DPP’s 51.
Chu says he plans to stay
on as chairman until the end
of his term next year. “The
Kuomintang must continue to
reform,” particularly by re-
freshing its ranks with youn-
ger members, Chu said on
Wednesday. “I will continue to
endure humiliation and bear
burdens, push reforms, and
nurture more talent.”
Whatever the Kuomintang
does, it will struggle to regain
public support unless it also
makes fundamental changes to
its China policy, say some po-
litical experts.
will affect how much money is
pulled from fixed-income
products. In the past, rate cuts
have often been large and
rapid, aimed at stemming a
crisis. Wall Street foresees a
smoother glide path this time
around, with rates ending up
much higher than near zero,
where they sat for years.
Traders’ base case is for the
federal-funds rate to remain
above 3% in the coming years.
Fed officials expect the bench-
mark rate to decline to 2.9%
by the end of 2026.
Mark Wiggins, 27, a man-
agement consultant living in
Miami Beach, Fla., is stashing
17% of his income in a savings
account earning 4.4% and 13%
in his 401(k). When rates were
lower, he would invest a per-
centage of his paycheck di-
rectly into stocks and crypto.
“If rates fall below 3.5%, I
would probably cut the
amount I’m putting into my
savings and instead direct de-
posit to my investment bro-
kerage or crypto,” he said.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
THE WALL STREET JOURNAL.
Russia Spurns U.S. Bid
To Reopen Arms Talks
BY MICHAEL R. GORDON
Russia has rejected an
American proposal to reopen
an arms-control dialogue with
Washington, saying the U.S.
was pursuing a hostile policy
toward Moscow, U.S. officials
said on Thursday.
The absence of talks be-
tween the two sides on reduc-
ing nuclear risks and potential
arms-control steps comes dur-
ing the worst downturn in U.S.-
Russia relations since the end
of the Cold War and has raised
fears of a new arms race.
U.S. national-security ad-
viser Jake Sullivan said in a
speech in June that the U.S.
was prepared to begin the
talks without preconditions.
And the Biden administration
followed up with a confiden-
tial paper a few months later
proposing such talks and out-
lining ideas on how to manage
nuclear risks.
DMITRY YAGODKIN/TASS/ZUMA PRESS
A woman shops for eggs at a Russian supermarket. The grocery staple has been in short supply in recent months.
Prices of Eggs Boil Over, Showing
Putin’s Economy Is a Shell of Itself
BY GEORGI KANTCHEV
For a microcosm of how the
war in Ukraine has warped
Russia’s economy, look no fur-
ther than a carton of eggs.
The grocery staple has been
in short supply in recent
no
months and prices have sky-
rocketed, prompting Russians to
form lines reminiscent of Soviet
times. President Vladimir Putin
has publicly apologized, blam-
ing the egg shock on the gov-
ernment. In December, a poul-
try-farm boss known as “the
Egg King” survived an assassi-
nation attempt shortly after au-
thorities started investigating
his farm because of high prices.
Behind the soaring price
tag—up about 60% in December
from a year earlier—is a con-
vergence of factors symptom-
atic of the economy’s travails.
Western sanctions have hurt
the poultry industry by scram-
bling supply chains for farm
equipment previously coming
from Europe. The weak ruble
has made imports of feed and
veterinary products more costly,
while a labor crunch has left
some suppliers without enough
farm hands. Booming govern-
ment spending, meanwhile, has
increased wages, boosting de-
mand for food and other goods.
The egg shock is a manifes-
tation of the imbalances build-
ing in Russia’s war economy.
The country confounded ex-
pectations last year by record-
ing respectable growth as Mos-
cow boosted military production
and doled out subsidized loans
to consumers and businesses.
Yet such largess has left the
economy running too hot.
As a result, annual inflation
ended up 7.4% last year, nearly
double the central bank’s goal,
and Moscow’s mortgage pro-
grams have fueled a housing
bubble. Economists expect
growth to slow as the central
bank raises interest rates and
But Moscow responded
with its own diplomatic paper
in late December that it
wasn’t interested in resuming
arms-control talks, complain-
ing that the U.S. was seeking
the strategic defeat of Russia
through its support of
Ukraine, U.S. officials say.
Russian Foreign Minister
Sergei Lavrov emphasized Rus-
sia’s position on Thursday, tell-
ing a press conference in Mos-
cow that the U.S. needed to
revise its policy toward Russia
before a dialogue on nuclear-
arms control could be held.
The Russian response
comes as the New Start treaty,
which limits long-range U.S.
and Russian nuclear weapons,
is due to expire in February
2026 and other arms-control
agreements have collapsed.
One purpose of the arms-
control dialogue the U.S. had
been hoping to begin with
Moscow was to begin “a con-
al a
ci on
er s
m er
m rp
co Fo
High Prices Remind Russians of Soviet-Era Food Shortages
n-
Inflation is a growing
concern for Russian Presi-
dent Vladimir Putin ahead
of presidential elections
slated for March.
A crackdown on opposi-
tion parties and all indepen-
dent media should ensure
he scores an easy victory,
but the Kremlin sees elec-
tions as a way to legitimize
the president’s rule, requir-
ing a degree of genuine
popular enthusiasm.
Instead, voters were re-
minded of Soviet-era food
shortages as long lines of
customers waiting to buy
Egg prices in Russia,
change from a year earlier
60%
40
20
0 inflation, which prevents the
–20
2022 ’23
Sources: CEIC; Rosstat
sanctions continue to bite.
“The government looks like
a bunch of firefighters who run
from one small fire to another
with a bucket because they
cannot eliminate the underly-
ing inflation problem,” said Al-
exandra Prokopenko, a former
Russian central-bank official
who is a nonresident scholar at
the Berlin-based Carnegie Rus-
sia Eurasia Center.
As the war in Ukraine en-
WORLD NEWS
versation on what a frame-
work after New Start could
look like” while also reducing
nuclear dangers while tensions
are high over Russia’s invasion
of Ukraine, a senior adminis-
tration official said last year.
Pentagon and other Biden
administration national-secu-
rity officials are in the process
of considering what steps the
U.S. might take if the arms-
control process grinds to a
halt and the expansion of
China’s nuclear forces adds to
the threat facing the U.S.
A congressionally mandated
commission on the U.S. Strate-
gic Posture said in October that
the U.S. needed to prepare to
expand its nuclear forces in the
years ahead to deter the twin
threat from Russia and China.
U.S. arms-control propo-
nents criticized Moscow’s
stance, saying it risked fueling
a new arms race.
In February, Russia said it
on
us ,
l
e
eggs began forming ahead
of the New Year’s holidays.
Some supermarkets in
Siberia and occupied Cri-
mea sold eggs individually,
for about 12 rubles, or 13
cents, each. One local dep-
uty gifted cartons of eggs
to his employees for the
holidays.
Telegram—the social
network that is widely
used in Russia—quickly
filled up with hundreds of
posts of people worrying
about egg availability, ex-
changing tips on where to
buy them cheaper or crack-
ters its third year, the egg cri-
sis shows how Russia is strug-
gling to balance clashing
economic imperatives: financ-
ing the war, placating popular
discontent and keeping the
economy balanced. “It’s an im-
possible trilemma,” said
Prokopenko. “Achieving the
first two goals requires higher
spending, which leads to high
achievement of the third goal.”
After Putin pinned the egg-
price shock on the govern-
ment, saying it didn’t secure
enough imports in time, au-
thorities sprung into action.
Russia boosted egg orders
from Turkey, Belarus and
Azerbaijan and removed im-
port duties on the product.
The Ministry of Economy
didn’t respond to a request for
further comment.
Authorities also launched
antitrust investigations into
egg and chicken producers, in-
cluding the Tretyakovskaya
poultry farm in the Voronezh
region, owned by Gennady
Shiryaev, the Egg King. On Dec.
Sergei Lavrov on Thursday said that the U.S. needs to revise its policy toward Moscow.
was suspending its participa-
tion in the New Start treaty.
Despite that, Russia’s Foreign
Ministry has said Moscow
plans to observe the limits on
the number of strategic war-
heads that can be deployed
under the accord until it ex-
pires in February 2026 to
maintain “stability in the nu-
ing jokes.
“It’s time for a choice:
eggs or caviar,” one post
said. Another user wrote:
“You are all bitcoin, bitcoin,
but I told you that you need
to invest in eggs.”
For some Russians, such
as Andrey, a 33-year-old
software engineer living in
Moscow, the egg episode is
just one facet of a dysfunc-
tional economy.
“Russians will pay for the
consequences of isolation
out of their own pockets for
a long time to come,” said
Andrey.
27, after news of the probe be-
came public, a shooter fired at
least twice on Shiryaev’s vehi-
cle, though he escaped un-
scathed. The Tretyakovskaya
poultry farm didn’t respond to
a request for comment.
One factor that could prove
difficult to fix is a shortage of
vaccines after Western sanc-
tions complicated their import.
“There is nothing to vaccinate
with, so birds get sick,” said a
St. Petersburg veterinarian.
Eggs are a relatively small
part of the consumer basket,
but people tend to notice
sharp price rises, said Tatiana
Orlova, lead emerging-markets
economist at Oxford Econom-
ics, which can in turn en-
trench inflation expectations.
Experts predict the egg in-
flation will stabilize soon but
that prices would remain high.
Other countries, including the
U.S., have shown that after big
price rises, consumer senti-
ment continues to suffer long
after inflation stabilizes.
—Kate Vtorygina
contributed to this article.
Friday, January 19, 2024 | A9
clear missile area.”
While Lavrov didn’t reject
the possibility of arms-control
talks if the Biden administra-
tion’s policies toward Moscow
changed, he said ideas
sketched out in the U.S.’s con-
fidential paper didn’t address
Russia’s concerns.
Those U.S. ideas included
Local Politician
Moves to Challenge
Russian Leader
ly
BY ANN M. SIMMONS
Boris Nadezhdin appears to
have taken some extraordi-
nary risks in his quest to chal-
lenge Vladimir Putin in
March’s presidential election.
He has spoken out against
the war in Ukraine and
blamed the Russian leader for
dragging the country back to
the past. Instead of turning in
on itself, he says, Russia
should court Western invest-
ment and start speaking to
the U.S. and Europe again.
Yet, Nadezhdin knows that
if he is allowed onto the bal-
lot, many people will assume
he is a plant to make the vote
look legitimate.
Such is the difficulty of chal-
lenging Putin as he prepares to
extend his hold
on power. Even
those willing to
Moscow should
run against him
are co-opted, ig- stop the Ukraine
nored or seen
as some kind of war, revive ties
Kremlin puppet.
Others who or-
with the West,
ganize their Nadezhdin says.
own grassroots
networks are
forced into exile
or locked away.
Nadezhdin, a 60-year-old
town councilor, is aware of the
skepticism. He worked for
years in Putin’s administration
and personally knows the pres-
ident. He still “drinks tea” with
many high-level officials, as he
puts it. That he has been al-
lowed to criticize Putin on na-
tional television after the
war began has sharpened sus-
picion among experts who fol-
low Russian politics, decrying
how he fears Russia is becom-
ing a vassal of China after be-
ing cut off from the West in re-
sponse to the Ukraine invasion.
Nadezhdin, however, insists
he is a viable candidate.
“I am running for president
as a principled opponent of
the current president’s poli-
cies,” he said in an interview.
“There are dozens of millions
of people who already under-
stand that the way of Putin is
very bad for the country.”
Whether Nadezhdin will be
allowed to clear the regulatory
hurdles to get on the ballot re-
mains to be seen. So far, only
three other candidates have
been approved to run against
Putin, all of whom come from
broadly pro-Kremlin political
parties represented in Parlia-
ment—the Communist Party,
the Liberal Democratic Party
and the New People party. Na-
dezhdin, who doesn’t have any
backing in the legislature, must
gather at least 100,000 signa-
tures from more than 40 regions
to make it onto the ballot—the
required tally for parties with-
out deputies in the State Duma.
Putin sidelined nearly all
his credible challengers and
the outcome of the election
isn’t in doubt. The best known,
Alexei Navalny, is incarcerated
in a remote penal colony in
the Arctic Circle where he is
serving several sentences to-
taling more than 30 years. He
ALEXANDER ZEMLIANICHENKO/ASSOCIATED PRESS
the sort of arms-control
framework that might be put
in place after the New START
treaty expires and ways to ad-
dress Washington’s allegations
that Russia has violated that
accord, as well as other risk-
reduction measures.
—Ann M. Simmons
contributed to this article.
.
survived what German doctors
said was a poisoning attempt
in 2020, and he and his allies
say his convictions are politi-
cally motivated. Other poten-
tial candidates are either liv-
ing abroad or have been
branded as foreign agents.
Responding to a request for
comment on charges from
critics that only Kremlin-ap-
proved candidates would be
allowed to challenge Putin,
Kremlin spokesman Dmitry
Peskov said: “The law sets out
clear criteria necessary to be-
come a candidate. They are
not easy to fulfill, especially
for someone who does not
have public popularity.”
“The only problem for Putin
and for the Kremlin is that
they don’t need just to win
elections where
they decide
who should
compete with
Putin,” said
Nikolai Petrov,
a consulting fel-
low on the Rus-
sia and Eurasia
program at the
British think
tank, Chatham
House. “They
need to demonstrate to the po-
litical elite that Putin is still
very popular or even more
popular and his victory can be
achieved without any tricks.”
Nadezhdin, a physicist and
lawyer by training, is a local
politician in Dolgoprudny, a
town about 12 miles from
Moscow. He has been nomi-
nated by the Civil Initiative, a
party he describes as liberal.
He has cleared the hurdle of
registering an action group
supported by at least 500 peo-
ple and has been allowed to
open an electoral account and
start collecting the signatures
he needs to get on the ballot.
Election laws require that
the signatures be submitted in
hard copy by Jan. 31 and not
electronically. In some of Rus-
sia’s more remote regions, the
logistics are difficult.
According to Nadezhdin’s
manifesto, Russia’s priority
should be to stop the war and
restore communications with
the West and Ukraine. So far,
he has faced little blowback.
He suggested that maybe Rus-
sia’s political elite underesti-
mates him or doesn’t view
him as a threat.
ANATOLY MALTSEV/EPA/SHUTTERSTOCK
Boris Nadezhdin is a physicist
and lawyer by training.
 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, January 19, 2024
FILM REVIEW | KYLE SMITH
‘I.S.S.’: Waging War in Orbit
A struggle for control of the International Space Station erupts when conflict breaks out on Earth
E
ven for a chiller, “I.S.S.”
is remarkably cold:
roughly 450 degrees be-
low zero. We’re in the
International Space Sta-
tion, where three Rus-
sian cosmonauts and three Ameri-
can astronauts work elbow-to-
elbow in the kind of cramped,
intimate environs most of us have
experienced only in the military or
in college. An aura of absolute co-
operation and trust must prevail.
Which can be tricky when huge
explosions appear on the surface
of Earth. War has broken out be-
tween Russia and the U.S.
Ariana DeBose, who won an Os-
car for the remake of “West Side
Story,” plays our guide to this
strange antiseptic floating labora-
tory. She is a newcomer, Dr. Kira
Foster, who learns about the pecu-
liarities of her new home from her
teammates Christian (John Gal-
lagher Jr.) and Gordon (Chris Mes-
sina). It’s a zero-gravity space, so
be careful how you deal with that
bottle of whiskey; if you take off
the cap, drops will float up into the
air. Fortunately, however, the liquid
will form delightful little globules
that can happily be gulped.
Dr. Foster, who is still reeling
from the loss of a loved one, hopes
to develop an important human
cure via zero-gravity experiments
on mice. Once ensconced in their
new container in close quarters on
the space station, however, the ro-
dents turn on one another. The
metaphor here is approximately as
hard to spot as a full moon.
Directed by Gabriela Cowperth-
A scene from ‘I.S.S.,’ in which a
scientific spacecraft becomes a
battleground
no
TELEVISION REVIEW | JOHN ANDERSON
A Heat-Seeking
Series on Hulu
F
or those who eyeball a bottle
of Tabasco sauce with a trepi-
dation bordering on horror, the
subject matter of “Superhot: The
Spicy World of Pepper People” re-
quires a drop or two of clarification.
Although the amount of the heat-
producing chemical capsaicin can
vary from pepper to pepper within a
single strain, a jalapeño registers ap-
proximately 3,000 on the standard-
ized Scoville Heat Unit scale; a
scotch bonnet or habanero is around
300,000; a ghost pepper about 1
million. The peppers being con-
sumed with gusto and pain in this
10-part Hulu series go well beyond
even that of the Carolina Reaper,
whose Guinness World Records sta-
tus as the world’s hottest—when it
was being grown at more than 1.6
million SHU—is shot down while ep-
isode 1 is barely under way.
This multi-stemmed documen-
tary series directed by Brian Skope
and narrated—often over-narrated—
by actor Ben Schwartz involves
competitive eaters, growers and en-
trepreneurs. Sometimes a combina-
tion thereof. And a search for the
world’s hottest hot pepper under-
taken by Johnny Scoville, a hoodie-
and shorts-wearing YouTube per-
sonality with a braided beard, pseu-
donym and (at last check) 134,000
subscribers. He is presented by “Su-
perhot” as the world’s leading pep-
per and hot-sauce influencer, “the
ARTS IN REVIEW
waite, who is best known for her
SeaWorld documentary “Black-
fish,” “I.S.S.” is a taut tingler
about how it would feel to be on
the space station when, after com-
munications break down with
ground control, the whole craft
begins to sink, as though it is go-
ing to crash. The three Russians—
Asbæk)—get the same message
on
Nika (Masha Mashkova), Nicholai
(Costa Ronin) and Alexey (Pilou
from their superiors that the
Americans do: All previous mis-
us ,
sions are to be discarded. The new
l
mission is to gain control of the
e
al a
space station, by any means nec-
essary. Each side is aware that the
crew from the other country is
ci on
probably being told the same
thing. On a spacecraft, deleting
er s
m er
m rp
co Fo
n-
Chili Kingmaker.” His prominence
here is enough that he has had to
fend off crackpot online accusations
of having overly influenced the
show or even financed it (which he
has strenuously denied), but there
are plenty of other eccen-
trics, obsessives and very
nice people populating
the program. Mr. Scoville
is our Virgil, however, into
the 10th circle of pepper
hell, where competitors
eat unthinkable numbers
of 7 Pot Primos, Naga
Bubblegums, and Choco-
late Primotalii and live to
tell the tale, though
moaning and vomit can
be part of the experience.
(This columnist’s 11-year-
old consultant is a big fan.)
There are multiple narratives at
work as Mr. Schwartz escorts us
through a world of cross-hybridiza-
tion, hydroponics and paranoia: One
grower, James Morrow, aka Jimmy
Pickles, refuses to send samples of
his hotness contender, the JP Pira-
nha, to Mr. Scoville for an assess-
ment, insisting that the YouTuber
travel to Pittsburgh instead lest the
“pepper ninjas” somehow intercept
his seeds and steal his credit. Else-
where in pepper world, Chicago
nurse Aurea DeGuzman, the self-ti-
tled “Chilipino,” is embarrassed at
first even to tell her friends she’s a
another human being can be as
easy as snipping a wire.
It’s an exciting setup, though
making it work perfectly would
require a skill lacking in the
screenwriter, Nick Shafir. Despite
taking his time to establish the
situation, he does very little to de-
fine and make us care about the
six individuals.
About all we know
about them when
things start to go At its best, the
haywire is that Kira film combines
seems nice but Chris-
tian is a bit of a jerk. technical detail
The revelation of an
unexpected romantic
with breathless
link between two suspense.
characters is meant
to be a twist, but it
Clockwise from above: Aurea
DeGuzman, Johnny Scoville and
Shahina Waseem
pepper nut with a sizable Instagram
following, but eventually allies her-
self with New Jersey grower Bobby
McFadden to develop a hot sauce
worthy of commercial distribution.
Many of the characters in this
very entertaining documentary se-
ries are extremely likable—Ms. Guz-
man and Mr. McFadden, for instance,
and Troy Primeaux, the Gregor Men-
del of the 7 Pot Primo. Hairy-chested
Canadian pepper eater Mike Jack
doesn’t matter much to the plot.
Nevertheless, “I.S.S.” is mostly
effective. At its best, it combines
an exploration of awe-inspiring
technical detail with breathless
suspense as convincingly as Al-
ly
fonso Cuarón’s “Gravity” did a de-
cade ago. The most thrilling scenes
center on Gordon’s volunteering to
exit the spacecraft
for a daring mission
to investigate a pos-
sible malfunction on
the exterior antenna.
The slightest mis-
take in any of his
moves, such as a ter-
rifying choice to un-
clip a tether while
creeping along the
side, could mean be-
good-naturedly replicates the Mar-
got Robbie bubble-bath scene from
“The Big Short” as he explains the
rules of the competitions sanctioned
by the League of Fire, the sport’s
governing body. The almost com-
plete absence of Ed Currie, who de-
veloped the Carolina Reaper, is sur-
prising. But the most awe-inspiring
presence in the series is Shahina
Waseem, the “U.K. Chili Queen,” who
is well on her way to a 100th com-
THE WALL STREET JOURNAL.
Ariana DeBose in director Gabriela
Cowperthwaite’s sci-fi thriller
ing cast out into oblivion forever,
albeit with the possibility of run-
ning into George Clooney from the
2013 movie.
After an intriguing start and a
strong middle, however, the film
can’t quite deliver a satisfying
ending. Things turn a bit silly in
the final act: There’s an all-out
donnybrook one minute, followed
.
by a pause to make a sandwich.
The snack is assembled using a
knife sharp enough to gut a bear,
so viewers will guess where things
are heading. Despite Ms. Cowp-
erthwaite’s success in maintaining
a consistently disorienting sensa-
tion by keeping the actors floating
around without gravity for 90
minutes, and leaving the audience
feeling like astronauts who lose
the ability to distinguish up from
down, the climactic scenes inside
the spacecraft are the stuff of rou-
tine potboilers. For all its other-
worldly aspirations, “I.S.S.” be-
comes awfully mundane.
BLEECKER STREET (2)
petitive win when we watch her
consuming more than 30 superhots
in one sitting, her hands curling up
into what are called “naga claws” (a
reaction to the capsaicin) and requir-
ing the peppers to be fed to her.
“She doesn’t even like peppers,” Mr.
Scoville says, as we see Ms. Wa-
seem grimace her way through an-
other victory. “Think about that.”
Mr. Skope allows some folks to
overstay their welcome, but it is un-
derstandable in certain cases. Zach
Goot, whom we meet gearing him-
self up for an onstage event at Zest-
Fest in Dallas, gets to philosophize
at length about what makes
“chili heads” click, but his
story—largely about addic-
tion, which peppers have be-
come for him—is illuminat-
ing, if overlong. The energy
many of the pepper people
pour into their plants and
sauces and competitive eat-
ing is a diversion from other
less healthy pursuits; most
of the principals in “Super-
hot” are quick to admit that
they once drank or took
drugs but now direct their
obsessive-compulsive incli-
nations into peppers. Some,
to be sure, are white-knuck-
ling it. Others are just hob-
byists. And while there’s
cash to be made if you can sell your
sauce or your seeds, the people here
aren’t in it for the money. It is more
about “the glory,” as Mr. Goot puts it.
And the endorphins.
Superhot: The Spicy World of
Pepper People
Monday, Hulu
HULU (3)
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.

THE WALL STREET JOURNAL. Friday, January 19, 2024 | A11

ARTS IN REVIEW
Stephen Ochsner (center) in
Tadeusz Słobodzianek’s ‘Our
Class,’ directed by Igor Golyak

But few can, or even try

to, resist the pressure to
participate in even the most
heinous acts, as when the
Jewish Dora (the willowy
Gus Birney) calls to Rysiek
(José Espinosa) for help,
and instead of aiding his
former classmate he beats
her, and shruggingly says: “I
felt bad. She looked so
pretty. But everyone was
watching. What was I sup-
posed to do?” Particularly
disturbing is the often ca-
sual or even jocular way the
characters describe the acts
they commit, which accords
with the historical record.
The events unfolding in
Poland are contrasted
bleakly with the happier ex-
perience of Abram (the ter-
rifically sympathetic Rich-
ard Topol), who emigrated
to America as a young man
and regularly writes letters
home full of his good news
and inquiries about their
lives. While the entire cast
is excellent, also particu-
larly notable are Ms. Birney,
gently bewildered as the
brutally victimized Dora,
and Ms. Silber, who brings a
cool stoicism that indicates
a fossilizing heart to her
performance as Rachelka-
turned-Marianna.

A
“Our Class” does occa-
Brooklyn, N.Y. THEATER REVIEW | CHARLES ISHERWOOD sionally offer up a morsel of

Drama of Divergent Lives

t least for Amer- dark humor. Toward the

.
icans, the title close, Marianna, now in a
“Our Class” nursing home and perma-

might evoke
memories of
proms, school
reunions, yellowing photo-
graphs of awkward smiles.
But in Tadeusz Słobodz-
ianek’s simultaneously epic
and intimate drama, set in
A play follows 10 Polish classmates—half Jewish, half Catholic—in a violent era
follows most of them to
their deaths, some of which,
us ,
on
occupied initially by the
Russians, and it is the en-
scends upon the Jewish pop-
ulation. The litany of horrors
ly
of some 1,600 Jews in a
barn. A couple of the Chris-
nently settled in front of a
TV set, muses: “I like films
about animals most of all.
Maybe I was hoping for an
answer to the question,
what’s the meaning of life.
If there is an answer, I cer-
tainly didn’t find it watch-

Poland before, during and I probably needn’t add, are thusiasm on the part of can feel punishing, but the tians take risks: Zocha (Tess ing how people behave. I
l

even long after World War violent and premature. some of the town’s Jewish dispassionate, almost clinical Goldwyn), who helps conceal might have found it watch-
e
al a

II, the pictures conjured are The first scene finds the population, notably Jakub detail in which the gruesome the Jewish Menachem (An- ing animals though.”
vastly darker. characters as children of in- Katz (Stephen Ochsner), acts are described, while drey Burkovskiy), and
While plays exposing the determinate age gathering that begins to sow division. chilling, does offer us needed Władek (Ilia Volok), who
ci on

horror that followed the rise
of the Nazis are not rare—
just in the past year Broad-
way has seen “Leopold-
stadt” and the newly
in a semicircle and reveal-
ing their youthful hopes
(“Heniek here! Dad’s a
farmer. I’d like to be a fire-
man!”). For those who find
er s
After hearing Jakub waxing
pro-Soviet, the Christian
Heniek (Will Manning) mut-
ters, “Death to the Commie-
Jew conspiracy. Long live
Brechtian distance.
The murder of Jakub, by
his former classmates, is the
first act of brutality de-
scribed. But there is much
shelters the Jewish Rachelka
(Alexandra Silber), whom he
loves and eventually mar-
ries—but only after his
Christian buddies insist that
Our Class
BAM Fisher, 321 Ashland
Place, Brooklyn, N.Y.,
$59-$129, ourclassplay.com,
closes Feb. 4

opened “Prayer for the adult actors portraying chil- Poland.” As elsewhere, and worse to come, including a she be baptized and change Mr. Isherwood is the
French Republic”—I can’t dren a trial, fear not: The throughout history, Jewish gang rape and the burning her name to Marianna. Journal’s theater critic.
m er

think of another that de-
picts, or describes, the grue-
some acts perpetrated
against the Jewish popula-
tion of Europe in such stark
cast does not use cloyingly populations living amicably
cute voices, and this scene alongside their Christian
is staged almost as a read- neighbors are suddenly seen
ing or rehearsal, with the as suspicious, possibly trai- The WSJ Daily Crossword | Edited by Mike Shenk
performers holding scripts tors. (Even before the ar- 1 2 3 4 5 6 7 8 9 10 11 12
PUZZLE
m rp

and uncompromising detail. in hand. rival of the Soviets, the

The play, adapted by Soon thoughts of crushes unity that prevails among 13 14 15 CONTEST
Norman Allen, charts the and schoolwork dissolve in the kids in the early scenes
turbulent, quickly evolving the upheavals that came has revealed ingrained anti- 16 17 18
political and social currents upon Poland beginning with semitism, as the Jewish stu-
25 Watchdog
co Fo

of Poland through the expe- the Soviet invasion in 1939, dents stand at the back of 19 20
warning
rience of 10 characters—half shortly after the Germans the classroom while the
Jewish, half Catholic—as stormed into the country Christians say a prayer.) 21 22 23 27 Won, rupee
they grow from young class- from the west. The un- The play, which takes and baht, e.g.
mates into adulthood, and named town of the play is place on a mostly bare 24 25 26 27 28 29 28 Damage
stage, with a black chalk- 29 Graph lines
board looming in the back- 30 31 32 33
30 Makeup kit
ground, combines dialogue
34 35 36 37 38 39 item
between the characters with
heavy doses of narration. In 31 Sch. whose
the second act, when the 40 41 42 43 mascot is Bill
dramatis personae have the Goat
largely dispersed and regale 44 45 46 36 See eye to
n-

us with their individual eye about

postwar stories, the reliance 47 48 49 50 51
37 Hotel option
on narration becomes some-
52 53 54 55 56 38 Shaming
thing of a liability, as the
sound
no

play becomes more an oral

history of the characters’ 57 58 43 Hoodwink,
lives than a dramatization maybe
of them. But for the most 59 60 61 45 In need of
part, the director, Igor calamine
Golyak, and his superb cast 62 63 64
46 Biking
weave the divergent tex- mishaps
tures together smoothly.
In any case it would be BACK TO THE START | By Mike Shenk 47 “Convivio”
author
neither possible nor desir- The answer to 27 Sound of an 57 Not 7 Library
able for the performers to this week’s contest epiphany necessarily warning 48 Butler’s
enact many of the events in crossword is a rejecting partner
30 Part of 8 Cover, as
the play, after the Germans five-letter word. LGBTQ+ 58 •Bar orders expenses 50 Peace
take over the village and a on hot days goddess
Across 32 Address for a 9 Rides the
vicious reign of terror de- 51 Maker of
1 Deposit site, baronet 59 Spruce up rapids
sometimes Any’tizers
33 Reed that 60 Singer 10 “Zip-___-Doo- Chicken
Gus Birney, left, and the cast 4 Fivers, wails Guthrie Dah” Fries
of the World War II drama, informally 34 Bag-checking 61 Co-producer 11 Tattered, say 52 “Anywhere
below 8 Speak like grp. of U2’s “The 12 Red-ink But Here”
Forrest Gump 35 •Least Joshua Tree” amount writer
13 Sushi bar prudent 62 Site of the Simpson
15 They get
snapper 39 Steamed annual high 53 Primatology
14 Jump in a pit state Wintersköl subjects
festival 17 Greta
15 Brand of 40 Group with Thunberg, 54 Tide type
personal power 63 Beyond e.g. 56 Piggy bank
watercraft 41 Canine’s 64 Desire 20 Cruise vehicle feature
16 •Antebellum place Down 23 Item by a 58 Noisy dance
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A12 | Friday, January 19, 2024
SPORTS
A Test to Identify Star QBs Missed on Stroud
The rookie has carried the Houston Texans to the NFL playoffs despite flunking a cognitive exam before the draft
BY ANDREW BEATON
AND LOUISE RADNOFSKY
Q
uarterback C.J. Stroud had
a near sterling résumé
ahead of last year’s NFL
draft. He possessed a phe-
nomenal arm, a veteran’s presence
in the pocket, and a bunch of
gaudy statistics from his days at
Ohio State.
But shortly before draft day, a
bright red flag emerged: Stroud
had reportedly bombed a cognitive
test that has been lauded for its
uncanny ability to identify suc-
cessful pros. In the freakout that
followed, some pundits were con-
vinced it meant that he was a
surefire bust.
These days, any concerns about
how Stroud performed on a neuro-
science exam feel completely ab-
surd. The 22-year-old, who was se-
lected by the Texans with the No.
2 pick last April, just produced
one of the best seasons ever for a
rookie quarterback. Then he
topped it by leading Houston to a
45-14 demolition of the Cleveland
Browns in the opening round of
the playoffs. If the Texans upset
the No. 1 seed Baltimore Ravens
this weekend to reach the AFC
Championship, Stroud will likely
be the main reason why.
The S2 evaluation, which is
used everywhere from sports
scouting to special forces training,
has been touted for its accuracy in
identifying which quarterbacks
will succeed in the NFL. Patrick
Mahomes and Joe Burrow both
aced it. When it emerged that
Brock Purdy, the out-of-nowhere
star selected by the 49ers with the
last pick of the 2022 draft, had re-
corded an elite S2 score, the test
went mainstream. Suddenly, a
wonky cognitive evaluation was
seen as the solution to one of the
mystifying problems in sports:
how to evaluate NFL quarterback
prospects.
Then Stroud’s brilliant play
completely upended the narrative.
“I’m not a test taker,” Stroud
said last April. “I play football.”
In the wake of Stroud’s play
this year, the S2 Cognition test
has been ridiculed for whiffing on
the best quarterback prospect to
enter the NFL in years. That is un-
surprisingly aggravating to the
performance evaluation company’s
two founders, a pair of cognitive
neuroscientists named Brandon
Ally and Scott Wylie. They say
that Stroud’s result should never
have leaked and that as soon as
his score came in, it was flagged
as potentially invalid and an unre-
liable result.
The debate over the S2’s value
also strikes at the core of one of
the most lucrative questions in
sports. In an industry increasingly
flooded with data, a test that can
JASON GAY
It’s Time to Put the Crazy
Back Into America’s Team
no
The playoff-defenes-
trated Dallas Cowboys
have opted to keep
Mike McCarthy as
their head coach, and
there’s a case that
this is a calm, reasonable move.
Continuity is humane, the team
does seem to like him, and Dallas
wins a lot of games in the regular
season. Perhaps McCarthy, granted
a fifth year, will finally deliver
some extended playoff success.
Zzzzzzzz. Boring!
Historically, the Cowboys are
more patient than their image sug-
gests. But I don’t think that’s how
America wants America’s Team to
operate—especially under their 81-
year-old oilman owner/maestro,
Jerry Jones.
Nobody wants the Jerry Jones
Dallas Cowboys to be calm and
reasonable. We want them to be
reckless and loud, slightly un-
hinged, full of hubris and $100
bills. We want them riding a tall
horse in a big hat with silver-
spurred boots, throwing public
tantrums and kicking in doors
when things don’t go their way.
The lens we use to view and
evaluate Coach McCarthy is holis-
tic, Jones said in his statement an-
nouncing he would retain his head
coach.
Sheesh. I don’t even know what
that means. I don’t think a cowboy
on a horse with a big hat and sil-
ver-spurred boots would ever say
“holistic.” I think that’s something
that gets you thrown out of any
RON JENKINS/GETTY IMAGES
self-respecting saloon, like saying
“Can I have a hard seltzer” or
“What’s the Wi-Fi password?”
No more holistic Jerry. I want
crazy Jerry back. I want the wild-
catter who had the gall to stomp to
Houston Texans quarterback C.J. Stroud just produced one of the best seasons ever for a rookie quarterback.
on
precisely calculate the capabilities
of athletes is a panacea. But it
isn’t yet a reality. And when the
S2 exploded in popularity because
us ,
of its early successes, that also led
l
to a misinterpretation of what S2
e
al a
says is its actual purpose: to tell
coaches and general managers
how an athlete is wired.
ci on
“There’s nothing on the planet
that’s going to be a crystal ball,”
says Ally, S2’s co-founder. “We
can’t predict success.”
The best way to understand
er s
how its success has been distorted
is to understand its roots. Ally was
m er
a track-and-field athlete at the
University of Tennessee before he
pursued his scientific interests
with a Ph.D., a postdoctoral fellow-
ship and then another five-year
m rp
fellowship involving research on
Alzheimer’s disease. That hap-
pened to include testing a pa-
tient’s ability to track objects as a
way of determining whether it
co Fo
was safe for them to continue
driving. But when he watched the
NFL draft and heard analysts say
things like someone “plays faster
than his foot speed,” it made him
curious. Could the same evalua-
tions explain the differences be-
n-
town and sack the Cowboys coach-
ing legend Tom Landry. I want the
guy who told reporters, after win-
ning two Super Bowls with Jimmy
Johnson at the helm, that 500
coaches could have won the Super
Bowl with the roster Johnson
had—and then replaced Johnson
with Barry Switzer, who did, in
fact, win a Super Bowl.
That was the chaotic heyday.
Here is the grim aftermath: The
Cowboys haven’t advanced further
than the NFC Divisional Round
since the 1995 season, when they
won that Super Bowl with Switzer.
They have lost their opening play-
off game eight times. Last week,
they were humiliated at home by a
Green Bay Packers outfit which
made them look like a nervous
high school junior varsity.
Holistic Jerry…it’s not working.
What’s bizarre is that Jones
stuck with McCarthy with so many
intriguing coaches on the hiring
line. There’s Mike Vrabel, a still-
young talent who got impressive
results in Tennessee. There’s Pete
Carroll, who won a Super Bowl in
Seattle. There’s Jim Harbaugh,
flirting with the NFL again after
leading the Michigan Wolverines to
a…ugh, I still can’t say it.
Then there’s the Grumpy Lob-
ster Boat Captain himself, Bill
Belichick. By the second quarter of
the Packers game, the Internet was
amok at the possibility of the six-
time Super Bowl winner standing
on the Dallas sideline next season,
getting them over the hump and
back to Lombardi-land.
It was football’s most marquee
coaching hire for football’s most
marquee team, exactly the kind of
ruthless, media-baiting move that
Jones used to make. Belichick in
tween a player’s physical abilities
and his actual performance?
Wylie, who pursued a similar ca-
reer path looking at Parkinson’s,
had the same thought.
First, Ally and Wylie fine-tuned
their methodology on football
players at Louisiana State Univer-
sity. They didn’t invent the indi-
vidual tests that make up the S2—
they were using ones that had a
track record in clinical research.
The difference was they were
adapting them to better under-
stand performance on the grid-
iron. They told the coaches the
strengths and weaknesses that the
tests indicated for an individual
athlete, and asked whether they
matched what the coaches saw ev-
ery day. Then they compared their
findings to scouts’ grades.
Attempting to probe the mental
acuity of future NFL players was
nothing new. For decades, the
Wonderlic test was viewed as the
gold standard for sizing up the in-
tellectual capacity of players at
the game’s most cerebral position:
quarterback. Players’ results on
the Wonderlic were measured
alongside their time running the
40-yard dash at the combine.
Dallas Cowboys owner Jerry Jones said Mike McCarthy would return to coach the team next season.
Dallas was so juicy it had to hap-
pen.
It’s not going to happen.
Booooooooo.
Serious Cowboys fans aren’t
surprised by the inertia. Jones and
his family have been restrained in
recent decades, staying the course
on problematic situations far lon-
ger than in the past, whether it’s
players or coaches. Before McCar-
thy, Jones put up with nine—
nine!—full seasons of Jason Gar-
rett, who went 80-64 after taking
over in 2011 and won a grand total
of two playoff games. Before that,
it was 3 1/2 seasons of Wade Phil-
lips, four seasons of a decaf Bill
Parcells, and three seasons of Dave
Campo.
The fear is that Jones sees the
coach as extraneous—he’s the true
boss in Dallas, and he’s reluctant
to hand the reins to a big hire
who’d demand control. Perhaps
“We’re always facing the ghost
of the Wonderlic,” Ally says.
Unlike the Wonderlic, which is
roughly equivalent to an IQ test,
S2’s exam doesn’t measure what
Ally calls “cerebral horsepower” or
the tools that it might take to be
successful in an academic setting.
Instead, it runs a series of exams
that measure traits such as pat-
tern recognition and impulse con-
trol. Then it spits out results, plac-
ing players into a percentile for
nine different categories of cogni-
tive processes.
The exam is nothing like a tra-
ditional multiple-choice standard-
ized test. Test takers are instead
shown a series of prompts and
have to give their answers quickly.
When a shape with a missing cor-
ner briefly flashes on the screen,
they have to identify which corner
was missing. In a way, it replicates
the type of split-second decisions
athletes have to make on the
field—whether that’s to throw the
ball to a particular wide receiver
or judge if an incoming pitch is a
fastball or slider.
Since S2 was founded in 2015,
its popularity has boomed in the
sports world and especially the
he’s haunted by the firing of Lan-
dry, a business decision he has ac-
knowledged mishandling, or the
bust-up with Johnson, with whom
he’s mended fences and recently
welcomed to the Cowboys Ring of
Honor.
But McCarthy isn’t Tom Landry.
Or Jimmy Johnson. Even McCarthy
would agree on that. Fox Sports
went so far as to ask Johnson to
give his former team a nutty TV
speech during halftime of the
Packers game—the implication be-
ing that McCarthy doesn’t do
those.
Jones knows what he owns. The
club he purchased in 1989 for $140
million has swelled to a mega-bil-
lion enterprise because it’s culti-
vated a larger than life image. Ev-
erything’s big in Texas and
everything’s similarly bigger with
the Cowboys, from the press atten-
tion to the player contracts to the
THE WALL STREET JOURNAL.
NFL, where draft-eligible players
are studied in intense detail every
year at the annual scouting com-
bine. It gained national acclaim
when it was touted for its run of
identifying future stars—even im-
probable ones like Purdy. These
days, half the teams in the league
work with the company.
But Ally cautions that success
in the NFL doesn’t rest entirely on
a player’s cognitive abilities. It’s
just one factor in a much larger
equation that includes everything
from physical skills to mental
toughness. S2 isn’t responsible for
measuring any of those. And for
the same reason that wide receiv-
ers who run the 40-yard dash in
4.2 seconds can flame out of the
league, players who ace the S2 can
flop, too.
“That’s the 99th percentile in a
physical metric,” Ally says. “If you
scored the 99th percentile on a
cognitive metric, does that mean
you’re going to make it? No, it
does not.”
None of those caveats pre-
vented a media inferno when it
came out last Spring that Stroud
had scored in the 18th percentile,
while Alabama’s Bryce Young
earned an elite grade. S2’s own re-
search says that players who score
below 20 have a worse chance of
performing well and earning a
multiyear second contract. The
consternation over Stroud’s result,
.
though, missed one crucial piece
of context: S2 says it registered as
ly
potentially invalid.
Out of the nearly 1,000 NFL
prospects that take the S2 every
year, a dozen or two get flagged
by the company for producing an
unreliable result. That could be
because the player was distracted
while taking the exam or tired
from the various demands placed
on players during the pre-draft
process. Stroud’s score was one to
receive such a marking, S2 says.
When it came to draft day, the
Carolina Panthers chose to spend
the No. 1 pick on Young, who had
nailed the S2 test. The Texans
were up next. They took Stroud.
Now that order looks com-
TIMMY HUYNH/THE WALL STREET JOURNAL|, AL BELLO/GETTY IMAGES|, ISTOCK (2)
pletely out of whack. While Young
had a poor rookie season, Stroud
was the one who played like a nat-
ural. He threw for 23 touchdowns,
led all qualifying quarterbacks in
passing yards per game and
posted the league’s lowest inter-
ception rate. He’s responsible for
giving Houston a chance at ad-
vancing to the AFC Champion-
ship—and raising questions about
a neurocognitive assessment that
tabbed him as a potential bust.
“Let’s say we miss 20% of the
time. If our standard has to be we
can’t miss ever, or we can’t miss
on one player, man, that’s tough,”
Ally says. “I don’t know anybody
in sports who’s that good.”
stadium colossus known as Jerry
World. They call themselves Amer-
ica’s Team, for crying out loud. Re-
straint is not part of the formula,
and seldom has been.
But without Super Bowls, the
Cowboys are a branding exercise
without a résumé, or worse, a na-
tional punch line. Jones has to be
tired of jokes and the voyeuristic
TV peeping into his skybox during
losses. Dallas’s misery has become
media rocket fuel. The Cowboys
have become the Fancy Jets.
There’s only one man who can
stop it, and no, I don’t mean that
taciturn Wesleyan graduate with a
taste for lacrosse. Belichick in Dal-
las would have been scrumptious.
But the man who can save this
team is the noisy risk-taker who
bought it and swaggered his way
to the top. The Dallas Cowboys
aren’t supposed to be timid.
They’re supposed to be cowboys.
 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 Them-vs.-Us Election
Most Ameri-
cans wouldn’t
consider a
banking titan
a spokesman
for the com-
POTOMAC mon man. But
give JPMor-
WATCH
gan Chase
By Kimberley
CEO Jamie Di-
A. Strassel
mon credit for
putting his
pinkie finger on the phenome-
non—the divide—that best ex-
plains today’s unsettled politi-
cal environment.
In an interview Wednesday
with CNBC, Mr. Dimon took is-
sue with a disconnected liberal
elite that scorns “MAGA” vot-
ers. “The Democrats have done
a pretty good job with the ‘de-
plorables’ hugging on to their
bibles, and their beer and their
guns. I mean, really? Could we
just stop that stuff, and actu-
ally grow up, and treat other
people with respect and listen
to them a little bit?”
The powerful, the intellec-
tual and the lazy have long
said that the “divide” in this
country is between rich and
poor. They divvy up Americans
along traditional lines related
to wealth—college, no college,
white-collar, blue-collar, in-
come—then layer on other de-
mographics. This framing has
given us the “diploma divide”
and the “new suburban voter”
and “Hillbilly Elegy.” It’s sent
the political class scrambling
to understand Donald Trump’s
“forgotten man”—again, de-
fined economically.
That framing fails to ac-
count for the country’s unset-
tled electorate. There’s a bet-
ter description of the shifts
Chabad and the ‘Tunnels’ That Weren’t
HOUSES OF New York neerson (1902-94), the final offshoot of an ideological man, but because he is physi-
WORSHIP A credulous Lubavitcher rebbe and former strain in Chabad that sees cally dead, it also follows no
By Armin media re-
Rosen ported last
week that
members of
the Chabad Hasidic movement
had secretly tunneled under
Crown Heights, turning the
Brooklyn neighborhood into a
Jewish version of Hamas-ruled
Gaza. The response was vastly
out of proportion to the alleged
passageways’ significance.
More than one Chabadnik ob-
served that the story had got-
ten as much attention as the ji-
hadist slaying of a Chabad
rabbi and his wife during the
2008 Mumbai attacks.
Rudimentary unauthorized
construction, the work of a cou-
ple of dozen teenagers, was in
fact discovered in the basement
next door to Chabad’s central
synagogue. Like Columbia Uni-
versity and the Plaza Hotel, 770
Eastern Parkway and its adjoin-
ing buildings have a vast and
half-forgotten underground
component. The young wildcat-
ters entered these basements
through a vacant building on
nearby Union Street. Using
shovels and sledgehammers,
they broke underground walls
no
and widened an existing crawl
space along the outer boundary
of the synagogue. The culprits’
endgame remains unclear,
though perhaps they wanted to
break down the wall between
the crawl space and the syna-
gogue, expanding 770 into these
neighboring basements.
That shul is one of Amer-
ica’s major Jewish holy sites.
From its humble front plat-
form, Menachem Mendel Sch-
Inflation Is Down, but It Wasn’t ‘Transitory’
By William L. Silber
I
nflation has come down
without yet causing a re-
cession, leading Nobel
Prize-winning economist Jo-
seph Stiglitz to claim victory.
“More than two years after
economists divided into op-
posing camps over the nature
of the post-pandemic inflation,
we now know which side was
right,” he wrote recently. “Dis-
inflation has confirmed that
the earlier price increases
were ‘transitory,’ driven
largely by supply disruptions
and sectoral shifts in demand.”
Mr. Stiglitz dismissed the role
the Federal Reserve played in
inflation’s recent decline.
It’s too early to declare in-
flation dead. But even if it is,
that wouldn’t mean it was
transitory. It’s a mistake to
overlook the importance of the
Fed’s monetary restraint in
offsetting expansionary pan-
demic policies. A tight mone-
tary policy can reduce infla-
tion without causing a
both between and within the
parties, a split that better ex-
plains changing voter demo-
graphics and growing populist
sentiments. It’s the chasm be-
tween a disconnected elite and
average Americans. This is be-
coming a them-vs.-us elector-
ate and election. Political can-
didates, take heed.
This gulf is described by
unique new polling from Scott
Rasmussen’s RMG Research,
conducted for the Committee
to Unleash Prosperity. Mr. Ras-
mussen says that for more
than a year he’d been intrigued
by consistent outlier data from
a subset of Americans, which
he later defined as those with
a postgraduate degree, earning
more than $150,000 a year,
and living in a high-density
area. Mr. Rasmussen in the fall
conducted two surveys of
these “elites” and compared
their views to everyone else.
Talk about out of touch.
Among the elite, 74% say their
finances are getting better,
compared with 20% of the rest
of voters. (The share is 88%
among elites who are Ivy
League graduates.) The elite
give President Biden an 84%
approval rating, compared
with 40% from non-elites. And
their complete faith in fellow
elites extends beyond Mr. Bi-
den. Large majorities of them
have a favorable view of uni-
versity professors (89%), jour-
nalists (79%), lawyers and
union leaders (78%) and even
members of Congress (67%).
Two-thirds say they’d prefer a
candidate who said teachers
and educational professionals,
not parents, should decide
what children are taught.
us ,
l
e
al a
ci on
head of Chabad, celebrated
holidays, delivered some
11,000 hours of speeches, and
sent his followers to build a
Jewish outreach network that
er s
has major educational and reli-
gious institutions on every in-
m er
habited continent.
The prayer-and-study hall
scrambles usual notions of the
sacred. The rebbe’s synagogue,
just below street level, has no
m rp
grand architecture, and con-
stant crowds make it a less-
than-ideal place for quiet con-
templation. Yet for many
visitors, almost nowhere else
co Fo
on earth has the same sense of
ruach, or spiritual energy.
Like other holy sites, the
synagogue, next door to Sch-
neerson’s former offices and
directly beneath the Chabad
movement’s headquarters, is a
contested space. After the
rebbe’s death, a group present-
ing itself as the shul’s caretak-
ers claimed authority over the
site. For nearly 20 years, Cha-
bad’s mainstream organiza-
n-
tions have been in litigation
with them over control of the
synagogue. The dispute has
made much-needed expansions
to the often hazardously over-
crowded and underventilated
sanctuary impossible.
As his movement grew,
Schneerson wrote and spoke
about the need for the syna-
gogue to expand southward,
toward Union Street. For Cha-
badniks, it is a religious and
moral imperative to heed their
rebbe’s instructions. A small
group of mostly teenage stu-
dents from Israel—a fringe
recession, according to the ra-
tional expectations theory—
the concept that people make
decisions based on all the in-
formation available to them,
including how policymakers
behave.
Nobel Prize-winning econo-
mists Robert Lucas and
Thomas Sargent helped de-
velop this theory. Mr. Sargent
The Federal Reserve’s
monetary restraint
was crucial in slowing
the rise of prices.
showed that hyperinflation in
Austria, Germany, Hungary
and Poland after World War I
disappeared almost overnight
when those governments exer-
cised fiscal restraint that en-
couraged credible anti-infla-
tionary policies.
The decline in inflation dur-
ing 2023 can be explained in a
More striking is the elite
view on bedrock American
principles, central to the big-
gest political fights of today.
Nearly 50% of elites believe
the U.S. provides “too much in-
dividual freedom”—compared
with nearly 60% of voters who
believe there is too much “gov-
ernment control.” Seventy-
seven percent of elites support
Not all rich people are
‘elite’—and that helps
explain America’s
cultural divide.
“strict rationing of gas, meat,
and electricity” to fight cli-
mate change, vs. 28% of every-
one else. More than two-thirds
of elite Ivy graduates favor
banning things like gasoline-
powered cars and stoves and
inessential air travel in the
name of the environment.
More than 70% of average vot-
ers say they’d be unwilling to
pay more than $100 a year in
taxes or costs for climate—
compared with 70% of elites
who said they’d pay from $250
up to “whatever it takes.”
This framing explains to-
day’s politics better. While this
elite is small, its members are
prominent in every major in-
stitution of American power,
from media to universities to
government to Wall Street,
and have become more intent
on imposing their agenda from
above. Many American voters
on
feel helplessly under assault
from policies that ignore their
situation or values.
Schneerson as the messiah—
had their own radical interpre-
tation of what this means and
requires.
Their work wasn’t safe or
legal. Early last week the shul’s
caretakers brought in a cement
truck to repair the damage to
the crawl space and outer wall.
When the teens resisted, the
synagogue’s managers and the
organized Chabad movement
set aside their differences and
called in the police together.
Media credulity aside,
the event underscores
the paradoxes of the
Crown Heights group.
Public attention to this
strange local story owes in
part to the Hasidim’s proud ex-
istence outside mainstream
secular culture. Chabadniks
are black-hat religious Jews
with a distinct outlook and
self-presentation. Jews have
been a canvas for noxious fan-
tasies for thousands of years,
especially those who belong to
an easily stereotyped subcul-
ture. The tunnel hysteria
shows how little this reality
changes, even in supposedly
tolerant New York.
Yet through their covert
construction project, the
sledgehammering radicals
have drawn attention to a par-
adox of the modern-day Cha-
bad movement. Chabad follows Mr. Rosen is a staff writer
the work and vision of one for Tablet magazine.
similar way. The Fed’s tighten-
ing in the beginning of 2022
gave consumers, savers and
investors a credible signal that
it wouldn’t tolerate inflation.
The Fed said it would raise in-
terest rates as high as neces-
sary to reduce upward price
pressures and then made good
on its word.
This evidently persuaded
companies to restrain price in-
creases, lest they lose busi-
ness. In November 2022, as
the Fed’s tightening continued,
the Journal reported that big
U.S. retailers—Walmart, Tar-
get, and Amazon—told their
suppliers they would no longer
pay high prices, asked for dis-
counts and in some cases can-
celed orders. The cutback in
inflationary prices by retailers
encouraged customers to con-
tinue shopping. This prevented
the decline in economic activ-
ity that most economists had
expected.
But there is a difference be-
tween today’s disinflation and
the post-World War I experi-
What unites “rich” and
“poor” parents in the revolt
against educational failings? A
common rejection of discon-
nected teachers unions and
ivory-tower academics. Why
are growing numbers of mi-
norities—across all incomes
and education levels—reject-
ing Democrats? They no longer
recognize a progressive move-
ment that reflexively espouses
that elite view. Why are voters
on both sides—including “free
market” conservatives—gravi-
tating to politicians who bash
“big business” and trade and
are increasingly isolationist?
They feel the system is rigged
by elites that care more about
the globe than them. And why
the continued appeal of Mr.
Trump? The man is a walking
promise to stick it to the “es-
tablishment” (never mind that
most of his party’s establish-
ment has endorsed him).
This lack of trust and cul-
tural divide are no healthier
than the simpler rich-poor
split, but they’re there. The
challenge for Mr. Trump’s GOP
opponents as they move past
Iowa is to recognize the sense
of alienation. That doesn’t
mean calling to burn every-
thing down (Vivek Ramas-
wamy tried that and freaked
people out), but it does require
a campaign that offers more
than vague promises to
“strengthen the cause of free-
dom” or run on “your issues.”
The polling suggests that most
Americans are looking for a
leader who promises to return
power to the people. They are
looking for a freedom agenda.
Anyone?
Write to kim@wsj.com.
one. The rebbe named no suc-
cessor and had no children,
and Chabad is almost alone
among Hasidic groups in hav-
ing no single living rabbi at its
head. Honoring Schneerson’s
instructions could mean
smashing walls in secret or
spending decades in court.
Most Chabadniks tend toward
the latter interpretation.
Chabad might not have en-
dured as a major force in the
world if it had stuck to the
usual Hasidic leadership
model. Perhaps its institutions
would be thinner, and its
global ranks of rabbis less nim-
ble, if they had one leader. The
lack of a living rebbe means
that Chabad’s internal politics
don’t hinge on battles for total
earthly authority, and that the
movement’s followers look to-
ward a body of ideas rather
than any one person.
Part of Schneerson’s bril-
liance was to ensure that no
one would succeed him as
Chabad’s rebbe, with the result
of distributing responsibility
for his formidable legacy as
far and wide as possible. In
doing so, he reminded his
many admirers that true spiri-
tual genius is vanishingly rare,
and that religious communi-
ties, which are bound by belief
and sacred obligation, can’t
count on individual greatness
alone to sustain them. The
tunnel incident is one bizarre
consequence of farsighted
leadership.
ence. The Fed’s credibility this
time didn’t come from a fun-
damental shift toward budget-
ary balance as it did then but
from 40 years of successful in-
flation targeting by the central
bank. That matters. The U.S. is
running a fiscal deficit of 6%
of gross domestic product, an
unprecedented number for a
fully employed peacetime
economy.
Going forward, the credibil-
ity of the Fed’s commitment to
raise rates as high as neces-
sary may crumble under polit-
ical pressure from Congress to
cap government interest costs.
Lawmakers should use the op-
portunity provided by the
Fed’s recent success to restore
budgetary balance. If they
don’t, the decline in inflation
will be transitory.
Mr. Silber is the author of
“Volcker: The Triumph of Per-
sistence” and “The Power of
Nothing to Lose: The Hail
Mary Effect in Politics, War
and Business.”
Friday, January 19, 2024 | A13
BOOKSHELF | By Tara Isabella Burton
Living
For the ’Gram
Filterworld
By Kyle Chayka
Doubleday, 304 pages, $28
B
ack in the 19th century, a quasimagical force seemed to
govern Americans’ everyday lives. Electricity—that tan-
talizingly new scientific discovery—took on a mystical
role in the American imagination. The popular vision of elec-
tricity was as a pulsating mystery: the secret to human life
and progress, discovered and harnessed as inchoate energy.
For Henry Adams it was a “moral force”—analogous to how
the “early Christians felt the cross”—as well as a “Despotic
Master.” A host of pseudoscientific self-help techniques soon
sprang up, with jargon-laden terms such as “personal mag-
netism” and “electro-physiology” and the promise of the age-
old goals of health, beauty and prosperity.
Today the American imagi-
nation has a new technology
to imbue with that sacred
power. The algorithm—like
electricity, an esoteric combi-
nation of mathematical preci-
sion and human decision—
seems to govern all aspects of
our internet-suffused lives. As
Kyle Chayka suggests in “Filter-
world,” the algorithm has taken
on the character of a near-
spiritual mystery: a force that
we do not entirely understand
but that increasingly shapes the
decisions we make—or think we
make.
Mr. Chayka, a staff writer at the New Yorker, explores the
.
tension between our perceived online freedom and the
increasing homogeneity of our Instagram-saturated world.
ly
As he points out, the internet seems to offer us a dizzying
array of choices. We now have at our fingertips a near-
infinite list of products to buy, music to listen to, and films
and books and memes to dedicate our limited attention span
to. At times the internet can seem like a manifestation of our
desires, reshaping itself in accordance with our clicks and
likes.
Such freedom is illusory. More often than not, Mr. Chayka
tells us, the power of algorithms lies in their ability to dena-
ture our capacity to choose: from the news headlines that we
are prompted to see, the music that streaming services play
for us, and the ads that follow us like shadows across the
web. Filterworld, for Mr. Chayka, is a flattened universe of
consumer acquiescence, no less standardized than the Insta-
gram photo-editing tools that lend the book its name.
Among the most chilling examples of algorithm takeover
is the map app Waze, which in the 2010s upended Los Ange-
les traffic by directing drivers to “faster” routes—often
through residential neighborhoods ill-suited to increased
traffic volume. “The presence of the generally reliable app,”
Mr. Chayka writes, “replaces our need for decision-making
and the judgment that it requires.” Why should we waste
time and money curating our personal style or opinions
when we can let TikTok, Instagram and Facebook tell us
what people with similar profiles have chosen?
Mr. Chayka is not a complete internet skeptic. Some of the
most evocative sections in “Filterworld” deal with his experi-
ences on the far more anarchic and freewheeling early inter-
net of listservs and Geocities fan pages and on largely anon-
ymous blogging platforms such as LiveJournal. That iteration
of the internet, the author suggests, was human potential at
its best and weirdest: a platform through which misfits and
nerds, untethered to geographic proximity, could find their
community. But with the rise of what the technologist Bruce
Schneier calls digital feudalism, our internet experience is
increasingly channeled through major corporations such as
Meta and X. Internet culture has lost its pioneer spirit.
Mr. Chayka is incisive about the resulting aesthetic homo-
geneity around the world or, as his subtitle puts it, “how
algorithms flattened culture.” He observes the manner in
which hipster coffee shops from New York to Berlin to Tokyo
signal their cachet—and attract an equally homogeneous
crop of “digital nomads” and international connoisseurs of
cool—by conforming to an abstract notion of authenticity.
“What were they authentic to, exactly?” the author asks.
The internet can sometimes seem like a
manifestation of our desires, shaped according
to our clicks and likes. Such freedom is illusory.
A brief aside about one Brooklyn, N.Y., restaurant whose
design was “optimized for consumption as a digital image,”
including its use of the “Millennial Pink” color trend,
becomes an opportunity for Mr. Chayka to reflect on the
inexorable transformation of our “real” offline lives into
potential Instagram fodder. Curation, Mr. Chayka provokingly
suggests, is not something we’re doing much of—despite the
ubiquity of the word on our social-media feeds—as we
replace action with acquiescence, human risk with auto-
mated safety. When we give up our decisionmaking capacity,
we give up something of our own humanity.
As algorithmic forces sort us into ever more siloed con-
sumer demographics, what we lose, the author suggests, is
the very originality we seek: Our strangeness as human
beings is the thing algorithms cannot calculate or predict.
Among the most telling of Mr. Chayka’s many anecdotes is
one involving Netflix’s film-recommendation feature: Devel-
opers working to improve the algorithm, we are told, had
trouble accounting for polarizing “cult classic” films such as
“Kill Bill” and “Napoleon Dynamite,” with their high numbers
of both one- and five-star reviews—a quirk of human affinity
“not quite reducible into math.”
Mr. Chayka is understandably short on solutions. It may
be too late for us to digitally disengage altogether. But his
vision of a “slow food movement . . . but for culture,” as a
necessary counterweight to life in the Filterworld, is compel-
ling if quixotic. “If we shift our priorities away from the
space of algorithmic digital platforms and once more to the
physical world,” he writes, “we might find ourselves building
not only better culture but better communities, relationships,
and politics as well.” It seems an unlikely dream. But that
doesn’t make it any less appealing.
Ms. Burton is the author, most recently, of “Here in Avalon:
A Novel.”
Coming in BOOKS this weekend
Winston Churchill and friends • Frantz Fanon and
the call for violence • The case against settling
space • How to draw a novel • Telling stories about
Maria Callas • Down-home music • & much 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, January 19, 2024 THE WALL STREET JOURNAL.

OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR

Can Biden and Blinken Read the Room? South Africa Goes to The Hague to Perform

L
iberal policy on the Middle East is like Arafat unleashed, the more Israelis had to Regarding “Hague Court Hears The ICJ could take months or even
a machine with a part missing. No prove they were committed to peace. Case Accusing Israel of Genocide” years to deliver a ruling. South Africa
(World News, Jan. 12): The scenes could have taken more tangible and
matter the input, its output stays the Senior Biden Administration officials leaked
playing out in the International Court immediate steps to help Gazans. It
same. Hamas launches the to NBC this week that Mr. of Justice in The Hague are nothing could have followed in the footsteps
most gruesome invasion of The Israeli public is in Blinken is ready to revive the more than performance activism on of Canada, which will offer temporary
Israel imaginable? Create a no mood today to give peace process: Arab states the part of South Africa, which seeks visas for Gazans who have Canadian
Palestinian state. The Pales- will help rebuild a Palestin- an international ruling against Israel relatives. It could have emulated
tinian Authority glorifies Palestinians a state. ian-run Gaza if Israel signs on despite its own record of rebuffing France, which worked with Jordan to
the massacre, prepares to to a new pathway to a Pales- international rulings. airdrop tons of aid into the Gaza
compensate the killers and tinian state. “Blinken told In 2015 South Africa refused to ar- Strip.
pledges solidarity with Hamas? Create a Pal- [Prime Minister Benjamin] Netanyahu that ul- rest Sudanese dictator Omar al Bashir Instead, three months after the
estinian state. timately there is no military solution to when he visited the country after the largest massacre of Jews since the
Secretary of State Antony Blinken laid out Hamas,” NBC reports. International Criminal Court had is- Holocaust, South Africa has opted for
sued warrants for his arrest on war a splashy global performance that en-
in Davos on Wednesday the perennially failing Unwarranted defeatism about the war gives
crimes, crimes against humanity and courages Hamas to continue hiding
solution to Middle East problems. “If you take way to untethered optimism in diplomacy. Ap- genocide. This month South Africa behind Palestinian civilians while at-
a regional approach, and if you pursue integra- parently, political concessions to terrorism are hosted Mohamed Hamdan Dagalo, a tacking Israeli civilians.
tion with security, with a Palestinian state, all the only way forward. Sudanese warlord accused of crimes AVIVA KLOMPAS
of a sudden you have a region that’s come to- On Thursday Mr. Netanyahu confirmed that against humanity, in Pretoria. It Co-founder, Boundless Israel
gether in ways that answer the most profound he told the U.S. there’s no chance of that. “In hosted Hamas leaders in December. Waltham, Mass.
questions that Israel has tried to answer for all the territory we evacuate, we get terror,”
years,” he said. “Iran is suddenly isolated,” he he said. Accordingly, NBC reports, “three se-
envisioned, “and will have to make decisions nior U.S. officials say the Biden administration
about what it wants its future to be.” is looking past Netanyahu to try to achieve its The Gascón Effect, Visible on a Street Near You
Special points for Mr. Blinken’s use of “all goals in the region.”
These days, whenever there is a treats perpetrators as victims and
of a sudden.” Presto, peace. But by pushing a Palestinian state at this weather-related event, it is attributed has decriminalized many crimes. The
Tehran wants to erase the Jewish state from unpromising juncture, at the summit of Pales- to climate change. Examples include resulting violence and disorder arise
the map, but the main obstacle Mr. Blinken sees tinian violence and rejectionism, the Adminis- hot summers, cold winters, hurri- naturally from this process and, like
to his plan is Israel. “When in previous times tration is handing Mr. Netanyahu a lifeline. He canes, tornadoes, massive forest fires climate change, deserves attribution.
we came close to resolving the Palestinian gets to stand up to President Biden on behalf and large waves pounding coastlines. EDWARD H. LIVINGSTON
question, getting a Palestinian state,” he said, of the overwhelming majority of Israelis. Climate change is always mentioned. Los Angeles
“I think the view then—Camp David, other Take it from Israeli President Isaac Herzog, Recently, gangs have taken over
places—was that Arab leaders, Palestinian lead- a Netanyahu opponent and former Labor Party streets in Los Angeles and vandalized Street takeovers are easily
ers, had not done enough to prepare their own leader. “If you ask an average Israeli now,” he businesses, unopposed by the police thwarted by wetting the pavement,
people for this profound change. I think a chal- said Thursday, “nobody in his right mind is (“Chaos Straight Outta Compton,” Re- usually by opening a fire hydrant or
view & Outlook, Jan. 5). These de- two. It can be done in any city. We
lenge now, a question now: Is Israeli society willing now to think about what will be the so-
scriptions, too, should be qualified: used it frequently in Chicago when I
prepared to engage on these questions? Is it lution of the peace agreements.” They are attributable to the Gascón worked in the patrol division of the
prepared to have that mind-set?” Israelis are focused on winning a war the

.
effect, named for Los Angeles District police department. Stunt drivers and
In other words, the Oct. 7 attack and broad Palestinians started, and the extent of Israel’s Attorney George Gascón. drag racers can’t maintain traction on

ly
Palestinian support for it have demonstrated recent advance in southern and central Gaza Perhaps the article should have wet pavement, and stop performing.
that Palestinians now want to make a deal for is underappreciated. In the Biden Administra- stated: “Motivated by the Gascón ef- If the incident is in progress, reason-
peaceful coexistence. Why in the world would tion’s eagerness for a foreign-policy success, fect, a mob of more than 100 rushed able notice must first be given to pre-
Israel hesitate? on
it shouldn’t forget that the more thorough the
If this sounds bizarre, recall that it was the Hamas defeat, the more room Israel will have
liberal internationalist reflex throughout the to compromise. Victory would do the most to
into the store, stealing groceries, lot-
tery tickets and even meat scales, and
causing further damage.” The DA
vent accidents and injuries.
MIKE FLYNN
Chicago
1990s. The more Palestinian terrorism Yasser pave the way to peace.
us ,

Connecticut’s Neighbors Are Its Best Asset

l

Adam Schiff’s Telltale 2024 Agenda

e
al a

I, along with many friends here in nians also landed in Connecticut. For

A
Florida, moved from deep-blue Con- the record, the flow of Connecticut
dam Schiff leads the polls to be Cali- dent loan debt for every borrower”; federal necticut years ago, but Connecticut residents to Florida was nearly dou-
ci on

fornia’s next U.S. Senator, so it’s worth “child allowances”; and a pilot program for a Gov. Ned Lamont’s Jan. 9 letter ble that of those moving in the oppo-
noting that he recently pledged to kill “Universal Basic Income.” (“Connecticut Is Leaving the Wel- site direction.
the filibuster and add four He’d “increase the number come Mat Out”) made me nostalgic There is a lot to like about Con-
seats to the Supreme Court. His radical plans should of justices on the Supreme for the entertaining politicians left necticut, despite its politics, taxes,
This, and more, is what Dem- behind. Mr. Lamont touts his income- cost of living, regulations and spill-
focus Republicans on Court from 9 to 13.” He’d pass
er s

tax reductions for most residents, ex- over traffic from New York. Florida,
ocrats will do if they run the a Democratic bill to federalize
electable candidates. panded family-friendly benefits and too, is growing by leaps and bounds
table in November’s elec- elections, called the For the
m er

business-friendly policies—all of and we hope that residents of the

tions. The need for a check on People Act, which would le- which supposedly led to “tens of deepest-blue states who vote only for
such radicalism counsels for galize ballot harvesting na- thousands of young families” moving “moderate” Democrats like Gov. La-
GOP voters to focus on nominating candidates tionwide, while forcing states to tally mail to Connecticut in recent years. mont keep flooding into Connecticut
who can win. votes that arrive 10 days late, as long as they’re Connecticut’s two major blessings rather than here.
m rp

Mr. Schiff’s agenda is pitched as “defending timely postmarked. in the past few years were the pan- PHILIP GRANT
democracy,” but it’s really a plan to rewrite the Do Republican voters realize that these are demic and the policies of the even- Palm Coast, Fla.
rules of American politics into a winner-take-all the stakes if their candidates lose in November? deeper-blue states that surround
system, with Democrats as the winners. Mr. The Senate map this fall is favorable to them, Connecticut. Half of Connecticut’s I count our family as one of the
Schiff claims, incredibly, that the Senate filibus- with winnable races in right-leaning states like new young families in 2022 came very few that migrated from the
co Fo

from New York and Massachusetts. South to the Northeast. Having spent
ter is currently being used “to solidify a new Arizona, Montana and Ohio. Yet Republicans
Covid-19 and work-from-home op- 15 years in the South and now almost
generation of Jim Crow.” Abolishing the 60- have a history of picking Senate nominees who tions boosted the outflow of New 10 up here, I have a good perspective
vote rule would let Democrats pass their dream can’t win a general election. The same worry York City residents to Connecticut. on the advantages and disadvantages
legislation with 50 partisan yeses, and no need hangs over a renomination of Donald Trump, Rising crime rates, along with crush- of blue and red states.
to compromise. given his baggage with swing voters. ing tax rates, turbocharged the post- The costs here in the Northeast are
Explicit promises from Mr. Schiff include “a The only way to block Mr. Schiff’s agenda is pandemic migration. significantly higher, across the board,
national right to abortion”; “meaningful gun to win elections. If the GOP chooses candidates Another large chunk of migrants except for our water bill. Property tax
safety legislation”; passage of the PRO Act to mainly because they claim to be fighters but came from New Jersey and Rhode Is- is three times as high as in our town
tilt labor negotiations in favor of unions; an in- who can’t win suburbanites and independents, land and a good number of Califor- outside Atlanta. In our Connecticut
creased corporate tax rate of 35% (from today’s the party will be taking a gamble on living in town, we pay dearly for the privilege
21%); a cancellation of “at least $50,000 in stu- Adam Schiff’s America. of parking our car in our driveway.
With a Doctor’s Note, Any After the kids are out of the house,
n-

we would be hard-pressed to keep

Student Can Get Extra Time
Biden’s Dispiriting Antitrust Cops Allysia Finley is on target in high-
paying $20,000 annually in home and
car taxes alone. We will likely seek a

T
lighting the widespread cheating on much more tax-friendly environment.
he Justice Department this week won didn’t Mr. Biden call such extra charges “junk DAN MURPHY
no

our college and university campuses

its suit to block an airline merger, and fees”? Justice’s lawsuit is riddled with similar (“Claudine Gay and the Cheating Cri- West Hartford, Conn.
behold the Biden antitrust paradox. In contradictions. sis on Campus,” Life Science, Jan. 8).
the name of stopping business Recall how Justice in 2021 The federal government should be
consolidation, the Administra- In blocking a JetBlue- challenged JetBlue’s alliance recognized as a participatory culprit. Why Do Big Donors Do It?
tion’s trust busters are reduc- For example, the passage of the
ing competition.
Spirit merger, they are in the Northeast with Ameri-
can Airlines. In that lawsuit Americans with Disabilities Act has
Tunku Varadajaran’s op-ed “The
Education of Bill Ackman” (Jan. 8) is
reducing competition. Justice argued that JetBlue led to widespread abuse of student
Spirit Airlines’ stock price accommodations. Just about any stu-
a fascinating account of Mr. Ackman’s
has fallen 63% since a federal spurred legacy carriers to cut recent “awakening.” What still
dent can get an accommodation un-
judge on Tuesday blocked its fares. Now Justice contends arouses my wonder about the aston-
der the ADA with a physician’s note.
merger with JetBlue Airways. The budget air- that Spirit drove the price cuts, and that Jet- ishing largess of college megadonors
This means that students can be
line’s bonds traded Thursday at 52 cents on the Blue will stop innovating if the two combine. such as Mr. Ackman is the intensity
given double and even triple the time
of their loyalty to their alma maters
dollar. Investors fear Spirit can’t stay in business Where’s the evidence? to take an exam under circumstances
in the first place.
on its own as it faces such headwinds as $1.1 bil- The real risk is that Spirit won’t be able to that frequently aren’t monitored. Ad-
It seems a little odd that investing
lion in debt coming due next year, problems with offer ultra-low fares because it might no longer ministrators encourage this, for they
brilliance and business success is per-
its Pratt & Whitney engines, and a new labor be in business. Spirit has run large losses since believe it results in greater student
fectly compatible with the view that a
agreement boosting pilot pay by some 34% over 2019 and recently raised $419 million by mort- satisfaction and retention. Academic
great use of philanthropy is to make
standards, as well as fairness, take a
two years. gaging some of its planes. Fitch downgraded its the best-endowed and most presti-
hit. It contributes to a culture of try-
JetBlue’s $3.8 billion buyout offered Spirit credit rating in October further into junk terri- ing to “game” the system.
gious institutions richer and, inevita-
a lifeline. It would have given JetBlue more pi- tory, citing economic pressure on its cost-con- bly, more hidebound. Wouldn’t an in-
MICHAEL C. PETROWSKY
lots, airport gates and planes to better compete scious consumers and intense competition. novative mind-set delight in
Philadelphia
with the airline giants. The combined company Federal Judge William Young acknowledged encouraging innovative, even disrup-
tive, approaches to education?
would be the fifth largest U.S. carrier, though Spirit’s financial problems in his ruling. He also
NICHOLAS RONALDS
its market share (10.5%) would still trail Delta agreed that “an expansion of all aspects of Jet- Why Stop at the Civil War? Wilmette, Ill.
(17.7%), American (17.2%), Southwest (16.9%) Blue’s business—including network, fleet, and In her column “The Voters Finally
and United (16.1%). loyalty program—would allow for more vigor- Get Their Say” (Declarations, Jan. 13),
The tie-up would have made JetBlue a stron- ous competition with the Big Four, which carry Peggy Noonan writes that former
ger competitor to the Big Four and thus benefit- most passengers in the country.” He nonethe- President Donald Trump claims his
Pepper ...
ted most flyers. Frontier Airlines and Allegiant less ruled that the merger violated the Clayton negotiating skills could have pre- And Salt
Air would continue to compete in the ultra-low Act because it would eliminate one ultra-low vented the Civil War. By most ac-
THE WALL STREET JOURNAL
fare space even in Spirit’s absence. It’s hard to fare option on some routes. counts, that would have saved about
see how the merger would harm consumers. Yet “Spirit is a small airline. But there are those 700,000 lives. But consider, if Mr.
President Biden has ordered his antitrust cops who love it. To those dedicated customers of Trump had only been born a genera-
tion or two earlier, he could have
to stop mergers no matter their benefits. Spirit, this one’s for you,” the judge declared.
used those same skills to prevent
Justice said in its lawsuit that Spirit has As for the millions of flyers who would have World War II, thus saving tens of mil-
boosted industry competition by unbundling benefited from the merger, tough. The ruling lions of lives.
services and offering ultra-low fares. Spirit cus- subordinates the economic welfare of consum- FRED ROTHZEID
tomers can fly cross-country for less than $100, ers to a misguided view of the market. Cincinnati
though they have to pay extra to bring a carry- Justice has essentially set Spirit up for fail-
on or select a seat in economy. They also get ure. If Spirit has to liquidate, as some Wall
Letters intended for publication should
less legroom, and, sorry, no complimentary Street analysts warn, its assets would likely be be emailed to wsj.ltrs@wsj.com. Please
snacks or beverages. acquired by larger carriers, helping solidify include your city, state and telephone
Larger airlines have also unbundled prices their dominance. Meantime, JetBlue will strug- number. All letters are subject to
and begun offering a no-frills economy op- gle to compete with the Big Four. Another great editing, and unpublished letters cannot
be acknowledged.
tion. Justice calls these “innovations.” But victory for the Biden antitrust cops.
 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.
Haley Could Win New Hampshire. Then What?
By Barton Swaim
‘Y
Hollis, N.H.
ou know how to do
this,” Nikki Haley told
a New Hampshire au-
dience on Jan. 3. “You
know Iowa starts it.
You know that you correct it.” Ron
DeSantis, speaking in Iowa, sharply
criticized his rival for saying Iowa
needed correcting. But she had a
point. The winner of the New Hamp-
shire primary tends not to be the
person who won the Iowa caucuses
the week before.
The likelihood of that happening
in 2024 appears slim but not impos-
sible. Donald Trump won in Iowa
with 51% of the vote in a four-way
race. Mr. DeSantis took 21% of the
vote. Ms. Haley came in third with
19%.
Trump attacks her
viciously every day, but
she’s been strangely tepid
in going back at him.
Ms. Haley is expected to perform
much better in the Granite State on
Tuesday. At present she’s polling in
the low 30s, and Mr. DeSantis re-
mains in the single digits. Regis-
tered independents can vote in the
Republican primary and conceivably
could do so in sufficient numbers for
Ms. Haley to come out on top. It
isn’t unthinkable, moreover, that
Chris Christie’s and even some of
Vivek Ramaswamy’s supporters
could find their way to Ms. Haley as
Cheer Up, Republicans—at Least You’re Not the Tories
London
Cheer up, Republi-
cans—it could be
worse. You could
be a British Tory.
The U.K. Con-
POLITICAL servative Party is
ECONOMICS suffering what can
only be described
By Joseph C.
as a meltdown.
Sternberg
Prime Minister Ri-
shi Sunak this
week faced a serious rebellion by
members of Parliament who think
he isn’t doing enough to crack down
on illegal migration across the Eng-
lish Channel. He won the vote on
his plan to ship asylum applicants
to Rwanda but probably emerges
from the experience with his au-
thority mortally wounded.
Meanwhile the Tories are
trapped in an intensifying interne-
cine feud over the economy. Mr. Su-
nak’s faction of the party has never
forgiven the free-market Thatcher-
ite wing for electing Mr. Sunak’s im-
mediate predecessor, Liz Truss. Too
many Tories blame Ms. Truss’s ag-
gressive tax cutting for spiking in-
terest rates and tanking the econ-
omy. But she was in office only 49
days and never implemented her
Argentina’s Milei Gives the Davos Crowd a Spine Transplant
Editor’s note: This is an excerpt
from Argentine President Javier
no
Milei’s Wednesday speech to the
World Economic Forum in Davos,
Switzerland.
The Western world is in danger,
and it is in danger because those
who are supposed to have to defend
the values of the West are co-opted
by a vision of the world that inexo-
rably leads to socialism, and
thereby to poverty. Unfortunately,
in recent decades, motivated by
some well-meaning individuals will-
ing to help others, and others moti-
vated by the wish to belong to a
privileged caste, the main leaders of
the Western world have abandoned
the model of freedom for different
versions of what we call collectiv-
ism. We are here to tell you that
collectivist experiments are never
the solution to the problems that
afflict the citizens of the world.
Rather, they are the root cause. Do
believe me, no one better placed
than us, Argentines, to testify to
these two points.
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the non-Trump candidate.
But a campaign can’t depend on
too many coulds and maybes. On
Tuesday night, in her first public
event in New Hampshire after the
Iowa caucuses, Ms. Haley sounded
more like an also-ran. She addressed
a group of about 150 in a hotel ball-
room in Bretton Woods, a resort
town in the rural north of the state.
(The hotel was the site of the Bretton
Woods Conference, which created the
International Monetary Fund and the
World Bank—a curious choice of loca-
tion for a politician much of her
party’s base vilifies as a billionaire-
backed “globalist.”)
Ms. Haley’s talk was the same one
I heard her give multiple times in No-
vember. Her listeners weren’t wowed.
Many of her lines drew tepid ap-
plause or none at all. Her jokes fell
flat. “We all know people over 75 who
can run circles around us,” she said.
“And then we know Joe Biden.” Si-
lence. Her usual shot at Mr. Trump—
“chaos follows him”—drew claps from
some and glum stares from others.
Near the end of her talk, describing
the sort of “mandate” a double-digit
victory over Mr. Biden would allow
Republicans to claim, she asked, in
what sounded like an exasperated
tone, “Don’t you want that?”
Her cautious criticism of Mr.
Trump sounds disingenuous. She be-
gan her reproval by noting that she
voted for him twice and was honored
to serve in his administration. “But
rightly or wrongly, chaos follows him,”
she said. “You know I’m right. Chaos
follows him.” Plainly the formulation
is calculated not to offend. You could
take it, as Mr. Trump likely does, as a
compliment, particularly when pref-
aced by “rightly or wrongly.”
on
plans. Now interest rates are higher
us ,
under Mr. Sunak, who has had a
l
chance to effect policy changes. But
e
al a
the party lacks anything like Ms.
Truss’s plan for stimulating eco-
nomic growth.
ci on
As a consequence the economy
continues to bob in the doldrums—
growth is anemic, inflation acceler-
ated a bit last month—while the To-
ries spar with themselves about
er s
essentially nothing.
Mr. Sunak’s great brain wave is
m er
to offer voters an elimination of the
inheritance tax before the election
expected later this year. Such a
move could be (indeed, should be)
part of a comprehensive overhaul of
m rp
taxation. Absent such an overarch-
ing vision, however, slashing the es-
tate tax looks like what in fact it is:
a panicked pander unmoored from
any plan that could actually get the
co Fo
economy moving again. The Tories
may not be able to agree even on
that, as some of them argue the
first priority needs to be income-tax
cuts and others support subsidies
for first-time home buyers.
Oh, and don’t forget energy. Mr.
Sunak faces a constant background
rumble of intraparty discontent
over his plans to license more oil
n-
When we adopted the model of
freedom back in 1860, in 35 years
we became a leading world power.
And when we embraced collectivism
over the course of the last 100
years, we saw how our citizens
started to become systematically
impoverished, and we dropped to
spot No. 140 globally. . . .
Since there is no doubt that free-
enterprise capitalism is superior in
productive terms, the left-wing
doxa [public opinion] has attacked
capitalism alleging matters of mo-
rality. . . . They say that capitalism
is evil because it’s individualistic
and that collectivism is good be-
cause it’s altruistic—of course with
the money of others—so they there-
fore advocate for social justice.
But this concept, which in the
developed world became fashion-
able in recent times, in my country
has been a constant in political dis-
course for over 80 years. The prob-
lem is that social justice is not just,
and it doesn’t contribute either to
the general well-being. Quite on the
contrary, it’s an intrinsically unfair
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Chief Executive Officer, News Corp
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OPINION
Haley speaks in Bretton Woods, N.H., Jan. 16.
Mr. Trump, for his part, can be
counted on not to speak of her with
similar delicacy. Last week on his so-
cial-media network, Truth Social, he
suggested Ms. Haley wasn’t eligible
to be president because her parents
were born abroad. At a Wednesday
rally in Atkinson, N.H., he called her
backers “pro-amnesty, pro-China and
pro-war” and accused her of using
fake poll numbers. His campaign sur-
rogate Mr. Ramaswamy, speaking at
the podium with Mr. Trump express-
ing smug approval behind him, was
even more unkind in his gibes at Ms.
Haley’s expense.
My guess is that Ms. Haley and her
campaign quickly realized the
“chaos” line wasn’t cutting it. On
Thursday she spoke at a rally in Hol-
lis, N.H., near Nashua, and inveighed
against Mr. Trump directly and re-
peatedly. She cleverly, if not quite
correctly, categorized Mr. Trump
and gas drilling in the North Sea.
He has scaled back government
mandates related to electric vehi-
cles, but there’s stiff resistance
from some Tories to further back-
tracking from the U.K.’s insane net-
zero emissions commitments.
A consequence of the party’s in-
coherent energy policies is that con-
sumer prices have spiked on Con-
servatives’ watch. The cap on
consumer prices for electricity and
Labour was so bad that the
Conservatives didn’t have
to govern well. But now the
opposition is revived.
natural gas stands at £1,928 a year
for the average household, up from
£1,053 when the regulatory cap was
introduced in 2019 to shield voters
from the costs of green policies.
Forget three-dimensional chess,
these guys barely know how to play
checkers. So naturally the Tories
have trailed the opposition Labour
Party by double digits in opinion
polling for the entirety of Mr. Sunak’s
idea because it’s violent. It’s unjust
because the state is financed
through tax, and taxes are collected
coercively—or can any one of us say
that they voluntarily pay taxes?
Which means that the state is fi-
nanced through coercion, and that
the higher the tax burden, the
higher the coercion and the lower
the freedom. . . .
Unfortunately, these harmful
ideas have taken a stronghold in
our society. Neo-Marxists have
managed to co-opt the common
sense of the Western world, and
this they have achieved by appro-
priating the media, culture, univer-
sities—and also international or-
ganizations. The latter case is the
most serious one probably, because
these are institutions that have
enormous influence on political and
economic decisions of the countries
that make up the multilateral or-
ganizations.
Fortunately, there are more and
more of us who are daring to make
our voices heard, because we see
that if we don’t truly and decisively
fight against these ideas, the only
possible fate is for us to have in-
creasing levels of state regulation,
socialism, poverty and less freedom,
and therefore will be having worse
standards of living. The West has
unfortunately already started to go
along this path. I know to many it
may sound ridiculous to suggest
that the West has turned to social-
ism, but it’s only ridiculous if you
only limit yourself to the traditional
economic definition of socialism,
which says that it’s an economic
system where the state owns the
means of production.
This definition, in my view,
should be updated in the light of
current circumstances. Today, states
don’t need to directly control the
means of production to control ev-
ery aspect of the lives of individu-
Friday, January 19, 2024 | A15
ticipate its phrases, I’m impressed by
its incoherence. There are moments
of an identifiably conservative out-
look, particularly on defense and de-
terrence, but mainly it’s a litany of
unrelated policy goals: mental-health
care for veterans, term limits, voca-
tional classes in high schools, the
elimination of the federal gas tax and
earmark spending, cognitive tests for
presidential candidates over 75, and
ADAM GLANZMAN/BLOOMBERG NEWS
so on.
There may be a strategy here. To
win, the Haley campaign will have to
do what John McCain did in 2000
and 2008, when he attracted enough
independents to pull off an upset. Af-
ter the talk ended on Thursday, I
turned to the woman to my left and
asked what she thought. “I liked
her,” Jacqui O’Shea, 54, said. “I
mean, I lean Democratic, but to me
with Mr. Biden by saying “the major- she seems smart.” Was there any-
ity of Americans don’t want to see thing Ms. O’Shea didn’t agree with?
two 80-year-olds battling it out for “Not really. I wanted to ask about
president.” (Mr. Biden is 81; Mr. abortion rights and gun control.
Trump will turn 78 in June.) “Every- Those mean a lot to me. But they
body wants to talk about how good didn’t come up.”
the economy was under Trump,” she After New Hampshire comes South
went on. “He put us $8 trillion in Carolina, and polls there suggest a
debt in four years.” result similar to Iowa’s. Gov. Henry
And this, on Mr. Trump’s propen- McMaster, Ms. Haley’s predecessor in
sity to malign people with whom he’s Columbia, endorsed Mr. Trump
fallen out: “It’s the drama and the months before she announced her
vengeance and the vindictiveness candidacy last year. That a presiden-
that we want to get out of the way.” tial candidate should lose the state
Apart from that, and a nice line she served as governor but somehow
about avoiding a Kamala Harris pres- march on to the nomination would
idency, her talk was the same one appear, let’s say, unlikely.
she’s been giving for months. Intro- As for the John McCain strategy,
ducing her, New Hampshire Gov. the careful reader will recall a singu-
Chris Sununu referred to “her lar fact about the Arizona senator: He
.
speech, so to say,” as if he too has was never president.
grown weary of it.
ly
Having heard it fewer times than Mr. Swaim is an editorial page
Mr. Sununu but often enough to an- writer for the Journal.
tenure, and a recent district-by-dis- has been on display for much of the
trict poll of parliamentary constitu- period since the 2016 Brexit refer-
encies concluded the Conservatives endum sent British politics into tur-
are on track for their worst drubbing moil, so one might ask why voters
since Tony Blair swept past them are noticing only now. But voters
into office in 1997. did notice before, particularly in the
This column has noted the un- 2017 election, when they deprived
derlying policy problem dogging the Tories under Prime Minister
the Tories before: Their decision to Theresa May of an outright majority
go big on big government after in Parliament. The party benefited
2010, despite claims that they were because voters had to choose be-
ushering in an era of fiscal respon- tween them or an even more dys-
sibility and friendliness to busi- functional opposition when far-left
ness, has made them the servants Jeremy Corbyn led Labour.
of a welfare state they can neither As bad as the Tories might have
fund fully nor manage competently. been, voters never thought Mr. Cor-
Now the political consequences are byn was a plausible national leader.
coming due. They do think Mr. Corbyn’s centrist
Because the Tories refused to successor, Keir Starmer, is, which is
govern on the issue they were good why Labour now outpolls the Tories
at—delivering economic growth via not only at the headline level but
supply-side reforms—they now when voters are asked which party
must campaign on a range of issues they trust more on most issues.
they’re bad at. This includes provi- Republicans ought to take note.
sion of social services, where pro- President Biden’s many and obvious
ductivity is stagnant after nearly 14 failings may yet carry Donald
years of Tory oversight; culture-war Trump back into the White House.
issues such as transgender policies But don’t mistake the triumph of
on which the party remains oddly vigorous incoherence over dodder-
divided; and a Rwanda-dependent ing incompetence for a viable long-
immigration plan that reeks of both term plan. Sometimes a political
impracticality and desperation. party’s greatest curse can be facing
This confusion and incompetence an opponent who’s too easy to beat.
als. With tools such as printing rich, we have been caught up in a
money, debt, subsidies, controlling downward spiral as part of which
the interest rate, price controls and we are poorer and poorer, day by
regulations to correct the so-called day. So, this is something we have
market failures, they can control lived through and we are here to
the lives and fates of millions of in- warn you about what can happen if
dividuals. This is how we come to the countries in the Western world
the point where, by using different that became rich through the model
names or guises, a good deal of the of freedom stay on this path of ser-
generally accepted political offers in vitude. The case of Argentina is an
empirical demonstration that no
matter how rich you may be or how
He warns the elites what much you may have in terms of nat-
ural resources or how skilled your
can happen if the West population may be, or educated, or
stays on today’s socialist how many bars of gold you may
have in the central bank, if mea-
‘path of servitude.’ sures are adopted that hinder the
free functioning of markets, free
competition, free price systems, if
most Western countries are collec- you hinder trade, if you attack pri-
tivist variants, whether they pro- vate property, the only possible fate
claim to be openly communist, fas- is poverty.
cist, Nazis, socialists, social Therefore, in concluding, I would
Democrats, socialists, Democrat like to leave a message for all busi-
Christians or Christian Democrats, nesspeople here and for those who
neo-Keynesians, progressive, popu- are not here in person but are fol-
lists, nationalists or globalists. lowing from around the world. Do
At bottom, there are no major not be intimidated, either by the
differences. They all say that the political caste or by parasites who
state should steer all aspects of the live off the state. Do not surrender
lives of individuals. They all defend to a political class that only wants
a model contrary to that one which to stay in power and retain its priv-
led humanity to the most spectacu- ileges. You are social benefactors.
lar progress in its history. We have You’re heroes. You’re the creators
come here today to invite the rest of the most extraordinary period of
of the countries in the Western prosperity we’ve ever seen. Let no
world to get back on the path of one tell you that your ambition is
prosperity, economic freedom, lim- immoral. If you make money, it’s
ited government and unlimited re- because you offer a better product
spect for private property—essen- at a better price, thereby contribut-
tial elements for economic growth. ing to general well-being. Do not
And the impoverishment produced surrender to the advance of the
by collectivism is no fantasy, nor is state. The state is not the solution.
it an inescapable fate. The state is the problem itself. You
But it’s a reality that we Argen- are the true protagonists of this
tines know very well. We have lived story, and rest assured that as from
through this, we have been through today, Argentina is your staunch
this, because as I said earlier, ever unconditional ally. Thank you very
since we decided to abandon the much and long live freedom, damn
model of freedom that had made us it.
 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, January 19, 2024 THE WALL STREET JOURNAL.

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ly
on
us ,
l
e
al a
ci on
er s
m er
m rp
co Fo
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 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.
© 2024 Dow Jones & Company. All Rights Reserved.
S&P 4780.94 À 0.88% S&P FIN À 0.23%
SEONGJOON CHO/BLOOMBERG NEWS
Hyundai Motor and affiliate Kia held the No. 2 spot in U.S. EV sales last year. Hyundai vehicles in a South Korea showroom.
Hyundai and Kia Are Emerging
As Tesla’s Biggest Rivals in U.S.
BY SEAN MCLAIN
As the electric-vehicle race
heats up, a pair of Korean auto-
makers are pulling ahead of
larger rivals in the U.S. to
emerge as Tesla’s biggest
competition.
Hyundai Motor and affiliate
Kia jointly captured the No. 2
slot last year in U.S. electric-ve-
hicle sales, trailing only Tesla,
which still holds a commanding
lead. Analysts say the allied
carmakers, both a part of South
Korea’s Hyundai Motor Group
conglomerate, are poised to ce-
ment or advance their lead
over non-Tesla rivals this year
with fresh EV models and ag-
gressive pricing.
Behind their growth, which
last year outpaced both Tesla
and the broader EV market, is
an aggressive bet on the tech-
nology that was placed last de-
cade and is now materializing
in showrooms as sales for EVs
have taken off in recent years.
Today, Hyundai and Kia sell
a broader lineup of EVs than
TSMC Chip Project
In U.S. Spotlight
Faces New Delay
BY YANG JIE
no
AND YUKA HAYASHI
Taiwan Semiconductor
Manufacturing said it ex-
pected to delay production at
the second of two semicon-
ductor plants it is building in
Arizona, the latest setback at
the core of Washington’s ef-
fort to rebuild U.S. chip manu-
facturing.
TSMC—the world’s leading
contract chip manufacturer
whose chips power Apple
iPhones and Nvidia’s AI chips
—cast uncertainty on an ear-
lier statement that the plant
would produce an advanced
type of chip.
The statements by TSMC
Chairman Mark Liu at a news
conference on Thursday offered
further evidence of challenges
faced by the Arizona project, in-
INSIDE
BUSINESS NEWS
Macy’s will cut 13% of
corporate jobs and
close stores as it shifts
to automation. B3
* * * *
S&P IT À 2.03%
Price and driving range of select EVs in the U.S.
Cadillac Lyriq
us ,
Tesla Model Y
al a
Ford Mustang Mach−E
ci on
Kia EV6
Hyundai Ioniq 5
er s
Volkswagen ID.4
$25,000
m er
Source: the companies
many rivals, including Tesla,
with battery technology that
m rp
allows for fast charging speeds
and models ranging from a
large, family-hauling SUV to
cheaper, battery-powered
crossovers and sedans.
co Fo
The two car companies took
advantage of changes to the EV
tax-credit rules to offer attrac-
n-
cluding a shortage of skilled
workers and difficult negotia-
tions over how much money the
U.S. government will provide.
The delay, which some ana-
lysts say could be a negotiating
tactic to secure more U.S. fund-
ing, also highlights the challenge
the U.S. faces in attracting top
Asian chip manufacturers to
American shores. The Biden ad-
ministration is preparing to roll
out billions of dollars in grants
in the coming weeks under the
Chips Act. The $53 billion pro-
gram aims to spur the construc-
tion of new factories across the
country to cut reliance on im-
ported chips and better compete
with China, which is fast devel-
oping its own advanced semi-
Please turn to page B4
 Heard on the Street: TSMC
expects chip rebound... B10
COMMODITIES
The market in tax
credits for the
renewable-energy
industry takes off. B8
THE WALL STREET JOURNAL.
DJ TRANS À 1.70% WSJ $ IDX g 0.03%
on PRICE
l
e
$42,600 61,600
41,650 53,350
50,000 75,000 200 miles
tive lease deals that made
these cars more affordable, and
they benefited from the stum-
bles of some of their rivals.
General Motors, for instance,
has encountered manufactur-
ing delays that have slowed the
rollout of its new EVs.
“It’s pretty simple. They
stepped up and made the in-
AI-generated art by Refik Anadol is displayed at World Economic Forum in Davos.
STREETWISE | By James Mackintosh
AI Is the Talk of Davos, So
It May Be the Time to Sell
The
mood of the
global elite
meeting in
Davos, Swit-
zerland, is a
useful indicator for inves-
tors—as long as they do the
opposite.
When the elite are de-
pressed, buy. When they are
positive, sell. When they are
focused on crypto, as in
2021, get out. This year it
was impossible to move in
the snow-blanketed resort
without having artificial in-
telligence pushed at you.
Does this mean the AI ex-
citement is overdone? Any-
thing AI-related boomed last
year following the launch of
ChatGPT, so Davos Man (and
increasingly Woman) is a lit-
Friday, January 19, 2024 | B1
2–YR. TREAS. yield 4.355% NIKKEI (Midday) 36027.41 À 1.58% See more at WSJ.com/Markets
Peltz Presses
Disney on
Next CEO
Investor wants In its Thursday filing, Trian
called for streaming margin tar-
company to target gets of 15% to 20%, which it de-
streaming margins scribes as “Netflix-like,” as well
as other goals, including com-
like Netflix’s mitting to a defined payback
period and return profile on
BY ROBBIE WHELAN ESPN and a board-led review of
AND BEN GLICKMAN creative processes at Disney’s
movie studios to improve their
Activist investor Nelson output and economics. Trian
Peltz called for Walt Disney Co. said it believes a major problem
to find a clear successor to at Disney is that goals have
Chief Executive Bob Iger, im- been “amorphous and the exe-
prove streaming margins and cution poor.”
pull its struggling studios out of Disney declined to comment
their rut, intensifying his proxy on the Trian filing.
battle ahead of the company’s The company, in its own
annual meeting. proxy statement filed Tuesday,
In a preliminary proxy state- rejected Peltz and Rasulo as
ment filed with regulators nominees, saying that they
Thursday, Peltz’s Trian Fund hadn’t presented substantial
Management urged sharehold- strategic plans for how to im-
.
ers to cast their votes in sup- prove Disney and that their
port of adding Peltz and former ability to help the company
ly
Disney executive Jay Rasulo to would be clouded by personal
the company’s board. animus.
The campaign is one of sev- Rasulo, who spent nearly 30
DRIVING
RANGE
eral activist battles Disney is
facing ahead of its shareholder
meeting and as Iger works to
chart the entertainment giant’s
years at Disney in a variety of
positions, including parks head
and chief financial officer, left
the company in 2015 after being
future in a turbulent market. passed over by Iger for the No.
First on Trian’s list of com- 2 job. Peltz has enlisted the help
plaints is Disney’s total share- of his friend, Isaac “Ike” Perl-
holder returns, which the inves- mutter, former chairman of
tor says have lagged behind Marvel Entertainment, who has
218 miles 310 both its peers in the media contributed his more than 26
business and the broader mar- million Disney shares to the
ket overall over the past five proxy campaign.
220 303
years. Perlmutter, who for years
Peltz’s fund also highlighted has had a rocky relationship
corporate governance, saying in with Iger, was terminated by
its filing that Disney needs to Disney last March. Disney has
carry out “a successful CEO argued in filings and public
250 300
succession” and to align man- statements that Perlmutter’s
agement pay with company clashes with Iger potentially
performance. put the goals of Trian’s cam-
vestment in EVs,” said Matthew Finding a new CEO has paign in conflict with other
Phillips, chief executive of Car proved tortuous for Disney’s shareholders.
Pros Automotive Group, which board in recent years. In No- In an interview Thursday
owns several Kia, BMW and vember, 2022, the board fired morning on CNBC, Peltz de-
Please turn to page B2 then-CEO Bob Chapek and fended Perlmutter’s involve-
brought back Iger to lead the ment in his campaign as no dif-
 Germany pulls down sales company for two years and find ferent from any other investor
of EVs in Europe .............. B2 a new chief. Last summer, the who puts money into Trian’s
 Companies wager on board extended Iger’s contract funds.
electric trucks......................B4 through 2026. Please turn to page B2
China’s
Crypto
Traders
Evade
The Rules
LAURENT GILLIERON/EPA/SHUTTERSTOCK
BY ELAINE YU AND WEILUN SOON
Small investors in China are
using an underground network
of brokers and go-betweens to
skirt the country’s strict rules
on cryptocurrency trading.
China is officially one of the
world’s toughest jurisdictions
for cryptocurrencies. Beijing
banned crypto trading in 2021,
and authorities have since de-
tained, fined and jailed people
working in the sector. Big
crypto exchanges founded in
China, including Binance,
moved elsewhere long before
the trading ban, which was the
culmination of a yearslong
crackdown.
But crypto trading remains
300% AI boomed in early 2023 widespread in mainland China,
Performance in the as traders get around the rules
250 first half of the year
Symbotic
C3.ai
using a mix of location-mask-
ing technology, lax exchange
controls and secretive meetings
200
Nvidia in cafes and other public
places.
150 SoundHound AI
Chinese traders received a
net $86 billion of cash from
100
cryptocurrency activity be-
tween July 2022 and June
50
Microsoft 2023, according to the block-
chain-analytics company
0
Chainalysis. In a single month
last year, they were responsible
–50 for around $90 billion of trad-
Jan. 2023 June ing on Binance, the world’s
Source: FactSet largest crypto exchange.
The success of the country’s
tle late to the party. Inves- June, and some of the big- crypto traders in evading the
tors thinking about buying gest have carried on up, al- rules shows how difficult it will
now have also missed some beit at a much slower pace. be for regulators across the
stunning gains, as AI stocks I’m inclined to think it is world—including in the U.S.—
soared from January to Please turn to page B9 Please turn to page B9
 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, January 19, 2024 * *** THE WALL STREET JOURNAL.

INDEX TO BUSINESSES BUSINESS & FINANCE

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

Europe EV Sales Run Out of Juice

today’s edition. Articles on regional page inserts aren’t cited in these indexes.

A Fiserv................................................B8 Paccar...............................................B4
G P

As Germans Tighten Their Belts

Abercrombie & Fitch...........B3
Airbus...............................................B3 General Motors........................B1 Pfizer.................................................A2
Amazon.com.......................B2,B3
H Q
Apple.......................................B9,B10
HCA Healthcare....................B10 Qualcomm..........................B9,B10
B Humana................................B9,B10 R
Binance............................................B1 Hyundai Motor..........................B1
Boeing..............................................B3 Rainbow Rare Earths.........B8
I BY WILLIAM BOSTON and global uncertainties also
Bristol-Myers Squibb.........A2 S
Intuitive Surgical..................B10 weigh on consumers.
Burberry.......................................B10 Samsung.....................................B10
BYD.....................................................B2 iRobot...............................................B2
Spirit Airlines.....................B3,B9
BERLIN—Germany’s new-car “The weak economy, high fi-
C J Spotify.............................................A2 market went into a free fall in nancing costs and considerable
JetBlue Airways......................B3 T December, led by a near halving geopolitical tensions are lead-
Centene........................................B10
Citigroup.........................................B3 Johnson & Johnson.............A2 of new electric-vehicle sales, ing to a reluctance to buy on
Taiwan Semiconductor
Compagnie Financiere JPMorgan Chase....................B8
Manufacturing.....B1,B9,B10 pulling the sale of new EVs in the part of both private indi-
Richemont..............................B10 K Target...............................................B3 the broader European Union viduals and companies,” said
down for the first time since Constantin Gall, managing

KRISZTIAN BOCSI/BLOOMBERG NEWS

Cummins.......................................B4 Kia........................................................B1 Tenet Healthcare.................B10
CVS Health........................B9,B10 L Tesla...........................................B1,B2 early 2020. partner and Head of Mobility
D Lam Research...........................B9
The Mosaic Co.........................B8 Automotive executives in at EY for western European
Discover Financial Services Lululemon Athletica............B3 U Germany have been warning markets.
............................................................... B9 Lynas Rare Earths................B8 UnitedHealth...........................B10 about an approaching cliff in “In Germany, the now com-
E M U.S. Bancorp...............................B8 EV sales for months, blaming plete lack of subsidies for elec-
Elevance Health............B9,B10 Macy’s..............................................B3 V the impending gloom on a com- tric cars will also slow down
Eli Lilly..............................................A1 Molina Healthcare..............B10 Volkswagen.................................B2 bination of high manufacturing growth. All in all, 2024 is likely
EVE Energy.................................B4 MP Materials.............................B8 W costs at home and a govern- to be a difficult year for the au-
F N Walt Disney.................................B1 ment decision to end incentives After the cancellation of German government subsidies, tomotive industry,” Gall said.
Farfetch........................................B10 Novo Nordisk..............................A1 Watches of Switzerland for consumers. Volkswagen said it would offer a discount on some models. The collapse in demand for
First Solar.....................................B8 Nvidia.............................................B10 .............................................................B10 The European Automobile EVs and cancellation of German
Manufacturers’ Association, Battery-electric-vehicle markets in Europe government subsidies has
known as ACEA, said Thursday sparked what analysts say is
INDEX TO PEOPLE
December 2022 December 2023
that sales of new EVs collapsed the beginning of a price war.
193,000 units
in Germany last month, when EU total* As soon as the government
161,000
fully electric-car sales plunged announced it was stopping sup-
B Gennette, Jeff...........................B3 Muñoz, José................................B2 48% and plug-in hybrid sales 104,000 port for EV purchases, Volks-
Germany
Bennett, George......................B8 Goldstein, Robert...................B9 O tumbled 74%. Overall, new-car 55,000 wagen said it would provide a
Brodin, Jesper...........................A6 Gorman, James........................B2 sales in the country declined discount, effectively slashing
Orlova, Tatiana.........................A9
Gwirtzman, Randy................A8 23% in December, compared France 25,000 prices of some new models.
C P with growth rates of 14.5% and 37,000 VW’s move was followed by
I 11% in France and Spain, re- price cuts from Chinese rival
Center, Steven...........................B2 Peltz, Nelson...............................B1 42,000
Chapek, Bob.................................B1 Iger, Bob..........................................B1 Perlmutter, Isaac.....................B1 spectively. U.K. BYD and Tesla, which slashed
28,000
J Phillips, Matthew....................B1
The ACEA data showed that prices on two versions of its
Ciaccia, Antonio.......................A2
most of Europe was either still 18,000 Model Y by €5,000, equivalent
Cunningham, Conor..............B3 Johnson, Alfred........................B8 Pinto, Daniel...............................B9 Sweden
growing or muddling through 12,000 to about $5,440.
Popal, Nabila............................B10
D Jominy, Tyson............................B2 in December as German car *Does not include U.K.
As the European auto mar-
Puccio, Richard.........................B2 sales ran off the road. New-car 14,000 kets weaken further this year,
Darroch, Jeremy......................B2 L Netherlands Note: Numbers are rounded to thousands.
R registrations in the region, a 11,000 Source: ACEA analysts expect the price cuts
E Lee, Bobby...................................B9

.
Rasulo, Jay....................................B1 proxy for actual sales, fell 3.3% to continue and to hit auto-
Liu, Don...........................................B3
in December compared with a ACEA’s rankings, fell 7% in De- to slow Europe’s adoption of maker earnings.

ly
Ecclestone, Christopher....B8 Rumsey, Jennifer....................B4
Liu, Mark........................................B1 year ago. Registrations finished cember, but were up 89% on the electric vehicles when the EU is “The looming discount bat-
Evans, Doug................................B9
Lovell, Nadia...............................B9 S the month at about 867,000. year. racing to ban the sale of new tle, which is increasingly reach-
F Low, Yuen.....................................B8 Sales rose 14% to 10.5 million ACEA attributed some of the conventional cars that burn gas ing the electric segment, will
Smith, Kevin...............................B8
Felton, John................................B2
Fiddelke, Michael....................B3
G
M
Madan, Udit................................B2
Menell, Brian..............................B8
on
Somaia, Bejul.............................B9
Spring, Tony................................B3
W
for the entire year.
Sales of fully electric cars
fell 17% in December, but took a
market share of 18.5%. In 2023,
sharp decline in December to a
one-off base effect after re-
bounding sales a year earlier.
Analysts warned that the
and diesel by 2035.
Germany’s abrupt cancella-
tion of EV subsidies in Decem-
ber was a major factor in the
also squeeze car manufactur-
ers’ margins,” said Gall. “The
good news for potential car
buyers is that new cars are be-
fully electric-car sales rose 37% December sales period could evaporation of demand for new coming cheaper again and the
us ,

Gall, Constantin.......................B2 Mulligan, John..........................B3 Wall, Mike.....................................B2

to more than 1.5 million with mark a negative watershed mo- EVs, but analysts said the lack seller’s market has become a
l

15% of the market share. ment for the industry, threaten- of incentives isn’t the only buyer’s market.”
e
al a

EU sales of Tesla, the only

Amazon’s iRobot Buy pure electric manufacturer in
ing to slow Europe’s adoption
of electric vehicles, threatening
cause. Deeper structural prob-
lems in the German economy
—David Sachs
contributed to this article.
ci on

Faces Roadblock in EU
BY KIM MACKRAEL mendation from the bloc’s
er s

AND DANA MATTIOLI competition commissioner,

Margrethe Vestager. The com-
m er

The European Union’s com- mission has a Feb. 14 deadline

petition watchdog intends to for its final decision.
block Amazon.com’s $1.7 bil- The commission didn’t im-
lion bid to purchase Roomba mediately respond to a re-
maker iRobot, people familiar quest for comment late Thurs-
m rp

with the matter said. day.

Officials from the European Amazon could still walk
Commission, the bloc’s execu- away from the deal. It agreed
tive body, met Thursday with to buy the robot maker in Au-
representatives from Amazon gust 2022.
co Fo

to discuss the deal, one of The European Commission

those people said. Amazon formally raised concerns
was told during the meeting about the deal in November,
that the deal was likely to be saying it could restrict compe-
rejected, the person said. Am- tition in the market for robot
azon declined to comment. vacuum cleaners. Amazon
The plan to reject the deal might have the ability and in-
would still need formal ap- centive to foreclose iRobot’s
proval from the commission’s rivals by preventing them
27 top political leaders before from selling their products on
MILAN JAROS/BLOOMBERG NEWS

a final decision can be issued. the company’s marketplace or

Historically, that process is by limiting their access, the
unlikely to overrule a recom- commission said.
n-

Logistics Executive Tapped

no

For Cloud Division CFO Hyundai and Kia sell a broader lineup of EVs than many rivals, including Tesla. A Hyundai plant in the Czech Republic.

BY DANA MATTIOLI joined the company in 2021.

The transition happens as
Tesla Gets ury vehicle like a Cadillac, the a wide range of hybrids and
same isn’t true for its electric plug-in hybrids that attract
offerings, said Tyson Jominy, shoppers looking for an alterna-
to stop us, or be a hurdle. We
need to move on,” said José Mu-
ñoz, Hyundai’s chief operating
Amazon.com logistics exec-
utive John Felton is taking over
as chief financial officer of the
Amazon’s cloud-computing
business, a cash cow for the
company, has experienced
Korean J.D. Power’s vice president of tive to the traditional gas-en-
data and analytics.
“For $55,000 you can get a
gine vehicle.
“It’s one thing to sell a
officer. “We needed to capitalize
on what was available to us,
which was leasing.” As a result,
company’s cloud division, Ama-
zon Web Services, according to
people familiar with the matter.
slower growth than in its past
as corporate clients have
looked to curtail their spend-
Challengers Kia or a Cadillac [EV]. Those $100,000 pickup truck or high-
two don’t usually compete end sport-utility vehicles. It’s
against each other,” he said. another thing to sell a vehicle to
Hyundai went from leasing
around 5% of the EVs it sold to
more than 40%, he said.
Felton had been senior vice ing because of economic un- While Tesla still holds a a mom-and-pop consumer,” said Hyundai and Kia will soon
president of worldwide opera- certainty. The unit has histori- Continued from page B1 strong grip on the EV market in Mike Wall, an auto analyst at face stiffer competition, as the
tions at Amazon since 2022. He cally accounted for a large Honda dealerships on the West the U.S.—last year it accounted S&P Global Mobility. “This isn’t number of EV models available
will be replaced by Udit Madan, portion of Amazon’s profit Coast. “They came with the for about 55% of all battery- the field of dreams, where if for sale is expected to nearly
Amazon’s vice president of and cloud sales rose 12% to right combination of styling, powered vehicles sold—its you build it, they will come.” double this year to around 100,
transportation, the people said. about $23 billion in the third features and cost.” share has been slipping in re- Hyundai and Kia, which build according to S&P Global Mobil-
Felton replaces Richard Puc- quarter. As recently as a decade ago, cent years as new rivals have their EVs outside North Amer- ity. Right now, the two compa-
cio, who plans to leave the com- In an email to his team, Hyundai and Kia were seen as come forward. ica, have also grown sales, de- nies are advantaged by the
pany, according to a person fa- Felton called the move “bitter- underdogs in the car industry, Hyundai, its spite losing ac- breadth of their offerings, but
miliar with the matter. Puccio sweet.” churning out inexpensive vehi- luxury brand cess to a $7,500 other automakers are catching

8%
cles panned for their looks and Genesis and Kia tax credit that up, with plans that include of-
quality issues. But that image combined now can be used by fering lower-price EVs.

Peltz Prods adding Peltz to the board. The

activist previously called for
cost cutting and board
has shifted in recent years, es-
pecially as EV sales have taken
off in the U.S.
sell nine electric
models and ac-
count for 8% of
buyers to defray
the higher cost
Hyundai, its Genesis of buying an
Concerns are also mounting
within the auto industry that EV
demand in the U.S. is cooling. In

Disney on changes but ended that cam-

paign in February after Iger
announced deep spending cuts
Spurred on by the launch of
Tesla’s Model 3, Hyundai and
Kia said in 2017 that they would
electric-car
sales in the U.S.,
from
brand and Kia electric vehicle.
Revisions to the
the comprise this much of tax credit under
response, some carmakers are
postponing electric-vehicle
spending while they revamp
$32,000 Hyun- U.S. electric-car sales the Inflation Re-
Next CEO and a program of layoffs to re-
duce thousands of positions at
Disney.
roll out a lineup of designed-
from-scratch electric vehicles.
The move got them off to an
dai Kona to the
Kia EV9, a large,
duction Act
made only vehi-
their production plans.
Meanwhile, the two Korean
car companies continue to accel-
Peltz said that Trian’s se- early start, allowing them to s e v e n - s e a te r cles built in the erate their EV expansion plans
Continued from page B1 nior staff visited Walt Disney beat many established carmak- SUV that starts at $55,000. region eligible. in the U.S., including building a
The company has proposed World in Florida last week and ers to market with these pur- And it has more on the way in While this change initially new plant and battery-making
its own slate of directors, in- found the parks to be pleasant pose-built electric-car designs, the next few years, including dented demand, the companies facility in Georgia and undertak-
cluding former Sky CEO Jeremy but “long in the tooth” and in which offer better performance another large SUV for Hyundai found a workaround: The tax ing a $200 million overhaul of
Darroch and former Morgan need of capital investment. and profitability. and more affordable models credit could still be used for ve- an existing factory to boost EV
Stanley CEO James Gorman. “They promised they were Executives at Hyundai and from Kia. Tesla, by comparison, hicles leased to customers. Fi- production.
Disney disclosed on Tuesday going to improve things. I took Kia also viewed the EV transi- sells five different models, with nance companies can receive a Steven Center, an executive
that Iger’s total compensation them at their word,” Peltz said tion as a way to reset their im- the cheapest one starting at $7,500 tax credit when they vice president at Kia, said the
doubled in fiscal 2023 to $31.6 on CNBC. “Things got worse. age with buyers and draw in about $39,000. purchase an EV to lease out. automaker is trying to make the
million. The stock went down. Results more well-heeled customers The broader selection of Hyundai and Kia passed those most of its early momentum by
Trian is leveling many of got worse. So, no more. I can’t who might not have otherwise electric vehicles has helped give savings on to customers in the accelerating its rollout of new
the same criticisms of Disney continue to give them more op- considered these two brands. Hyundai and Kia an edge, ex- form of lower monthly pay- models to build scale.
that it made a year ago, when portunities.” While a gas-powered Kia panding their appeal beyond ments, helping to boost interest “It’s like a horse race, you
the fund launched its first —Steven Russolillo SUV might not be comparable early adopters to more main- in their vehicles. have to get out in front as soon
proxy battle with the goal of contributed to this article. in price or features with a lux- stream buyers. The two also sell “We said the IRA is not going as possible,” Center said.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. Friday, January 19, 2024 | B3

BUSINESS NEWS

Macy’s to Cut About 2,350 Jobs Target Taps

New Chief
Retailer eliminates
corporate jobs as it
Macy’s employees
200,000 94,570,
before the
soft landing rather than a re-
cession as inflation cools.
Consumers continued to
Operating
seeks to automate,
outsource some roles
175,000

150,000
latest layoffs
spend during the recent holi-
day season with sales in the
November-December period
Officer
rising 3.8% compared with the
BY SUZANNE KAPNER 125,000 same period a year ago, ac- BY COLIN KELLAHER
cording to the National Retail
100,000
Macy’s plans to lay off Federation. Target has designated its
about 13% of its corporate 75,000 Some chains like Lulu- top finance executive, Michael
staff and close five stores in a lemon and Abercrombie & Fiddelke, to succeed John

JEENAH MOON/GETTY IMAGES

bid to trim costs and redirect 50,000 Fitch raised their financial Mulligan as the retailer’s chief
spending to improve the shop- targets as sales came in stron- operating officer, effective
25,000
ping experience for customers. ger than expected. Feb. 4.
Macy’s plans to add more 0 Macy’s has yet to disclose Target on Thursday said
automation to its supply chain its holiday season perfor- Fiddelke, who has been chief
FY2011 ’15 ’20
and is outsourcing some roles, mance, but is scheduled to re- financial officer since Novem-
according to the memo, which Note: Most recent fiscal year ended
port earnings next month. ber 2019, also will continue to
didn’t specify which jobs. It’s Shoppers at the New York City Macy’s. The company is Jan. 28, 2023. Macy’s began notifying em- hold that post until the Min-
also reducing management lay- reducing management layers to speed decision-making. Source: the company ployees Thursday afternoon neapolis company names a re-
ers to speed decision-making. that the layoffs would occur placement.
The job cuts total roughly more seamless, one of the pressure,” Gennette and hasn’t issued a public re- Jan. 26, according to the memo. Fiddelke, 47 years old,
2,350 positions, or 3.5% of people said. Spring wrote in the memo, a sponse to the activists. It The company also said in joined Target as an intern in
Macy’s overall workforce ex- The move comes as Macy’s copy of which was reviewed plans to provide more details the memo that it would close 2003.
cluding seasonal hires, accord- President Tony Spring is set by The Wall Street Journal. on its new strategy under five Macy’s stores and sell two Target in October disclosed
ing to a memo sent to employ- to succeed Jeff Gennette as The memo said the changes Spring’s leadership in coming furniture locations that it the planned retirement of
ees Thursday and people chief executive officer next are a response to nearly a weeks. plans to relocate. The stores Mulligan, who joined Target in
familiar with the situation. month. The company is also year of consumer research “to Macy’s joins a growing list that are closing are in Ballston 1996 and became the retailer’s
The company will be in- under pressure from activist both better meet their expec- of companies eliminating jobs Quarter, Arlington, Va.; Bay- first chief operating officer in
vesting in areas that impact investors who have launched a tations and to generate con- early in 2024, including fair Center, San Leandro, Ca- 2015.
consumers, such as adding $5.8 billion buyout bid for the sistent growth.” Google, Amazon and Citi- lif.; Kukui Grove Center, Lihue, Target also on Thursday
more visual display managers department-store chain. The company, which also group. The job cuts are com- Hawaii; Simi Valley Town Cen- said Don Liu plans to retire as
to enhance the look of stores “Despite our strong and owns Bloomingdale’s depart- ing despite a growing sense ter, Simi Valley, Calif.; and chief legal and compliance of-
and upgrading digital func- tangible progress over the last ment stores and Bluemercury among economists that the Governor’s Square, Tallahas- ficer, and that it has begun a
tions to make online shopping few years, we remain under beauty and skin-care shops, U.S. is heading for a so-called see, Fla. search for a successor.

With Deal Blocked, Spirit Airlines Weighs Its Options

.
ly
Spirit Airlines is examining dress its coming debt matu-
options to address its financial rity on its own. Earlier this
challenges after a federal judge month, it completed a series
blocked the low-cost carrier’s
deal to be acquired by JetBlue
Airways, according to people
familiar with the matter.
of transactions selling more
than two dozen planes and
leasing them back, allowing it
to pay down $465 million in
on
debt on those planes and rais-
us ,

By Alexander Gladstone, ing $419 million in cash.

l

Jodi Xu Klein The airline’s losses have

e
al a

and Alison Sider widened for the past three

years as larger carriers
Spirit plans to discuss with dropped prices and ate into
ci on

advisers a path forward as it Spirit’s market share, leading

faces near-term debt maturi- some analysts to question
ties, the people said. The com- whether it will need to re-
pany has roughly $1.1 billion structure its balance sheet.
in debt due in September 2025 “We are not (yet) predict-
er s

and the risks surrounding its ing an immediate [Spirit Air-

ability to refinance that debt lines] chapter 11 filing, just an
m er

are increasing, according to a acknowledgment that we can

Fitch Ratings report on not reasonably identify a via-
EVA MARIE UZCATEGUI/BLOOMBERG NEWS

Wednesday. ble return to profitability any

U.S. District Judge William time soon,” analysts at JPMor-
Young in Massachusetts on gan Chase wrote Tuesday.
m rp

Tuesday rejected the $3.8 bil- The government set out to

lion JetBlue deal, siding with preserve Spirit Airlines as a
the Justice Department in stand-alone discounter that
saying that the merger would can offer cheap tickets for the
have reduced competition and most price-conscious travel-
co Fo

harmed travelers who rely on ers, but the decision to block

Spirit’s low fares. the merger with JetBlue may
A representative for Spirit have been a nail in Spirit’s
on Wednesday said the com- coffin, some analysts said.
pany has been taking prudent “We see ongoing cash burn
steps to ensure the strength of over the next several years at
its balance sheet and continu-
ing operations. Another repre-
sentative said Thursday that
Spirit, and a company that
needs to continue to raise capi-
tal to survive,” Melius Research
“Spirit is not pursuing nor in- analyst Conor Cunningham
volved in a statutory restruc- wrote Tuesday, adding that a
turing.” liquidation might be more
A statutory restructuring is likely than a Chapter 11 filing if
n-
The airline has offered buyouts to corporate employees and suspended new-hire training for pilots and flight attendants.
pany’s $1.1 billion 8% secured summer travel season—with ADVERTISEMENT
bond due 2025 changed hands the company citing softer de-
Thursday at roughly 52 cents,
down from 73 cents last week,
according to a trader.
mand and discounted fares.
The airline said in October
that it would evaluate its
The Marketplace
To advertise: 800-366-3975 or WSJ.com/classifieds
Budget carriers like Spirit growth profile and any needed
have faced challenges. Compe- strategic shifts to remain
tition has grown stiffer for va- competitive. NOTICE OF SALE
cation travelers as larger air- Spirit is among the airlines

a form of financial reorganiza- Spirit does go bankrupt. lines have boosted offerings hardest hit by the recall of IN THE UNITED STATES DISTRICT COURT
tion that takes place in a Chapter 7 liquidation on domestic leisure routes. Pratt & Whitney-geared turbo-
THEMARKETPLACE

FOR THE DISTRICT OF DELAWARE

CRYSTALLEX INTERNATIONAL )
courtroom, as opposed to an “would result in the perma- With an oversupply of seats in fan engines after Pratt parent CORPORATION, )
)
out-of-court process for man- nent reduction of supply as the domestic market, budget RTX said over the summer v.
Plaintiff,
) Misc.No.
no

aging debts. lessors would look to reallo- airlines cut fares to fill them. that it suspected contami- BOLIVARIAN REPUBLIC OF ) 17-151-LPS
VENEZUELA, )
The airlines can appeal the cate aircraft out of the U.S.,” Spirit’s labor costs are ris- nated metal in some engine Defendant. )
ruling on the merger. JetBlue Cunningham wrote. “That ing as the airline and its pilots parts would require acceler- NOTICE OF SALE, BIDDING PROCEDURES,
AND SALE HEARING
and Spirit said they were eval- seems like the opposite out- last year agreed on a new con- ated inspections. Conducting PLEASETAKENOTICEOFTHEFOLLOWING:
uating “next steps as part of come Judge Young wanted.” tract that will boost pilots’ those checks will keep a chunk On January 14, 2021, the United States District Court for
the legal process” in a joint Spirit’s stock and bonds pay by an average of 34% over of Spirit’s fleet grounded this the District of Delaware (the “Court”)1 issued an opinion and
corresponding order setting forth certain contours for the
statement Tuesday. plummeted after the JetBlue its two-year term. Spirit lost year: The airline said the aver- sale of the shares of PDV Holding, Inc. (“PDVH”) owned by
Petróleos de Venezuela,S.A.(“PDVSA”) in connection with the
With the merger off the ta- news. Its shares closed Thurs- nearly $158 million in the age number of planes on the above-captioned proceeding. In furtherance thereof,the Court
ble now, Spirit is left to turn day at $5.70, down more than third quarter—a period that ground will climb from 13 this appointed Robert B. Pincus as special master (the “Special
Master”) on April 13, 2021 to assist the Court with the sale of
its operations around and ad- 60% from last week. The com- includes much of the peak month to 41 in December. PDVSA’s shares of PDVH. The Special Master is advised by Weil,
Gotshal & Manges LLP, as transaction counsel, and Evercore
GroupL.L.C.asinvestmentbanker.
On October 11, 2022, the Court entered an order (Docket
No.481) (the“Sale Procedures Order”) (i) approving the bid-

Beleaguered Boeing Gets Boost With Big Jet Order ding procedures,substantially in the form attached to the Sale
Procedures Order as Exhibit 1 (the “Bidding Procedures”);
(ii) setting the timeframe for potential bidders to submit a pro-
posal to purchase the shares of PDVH and scheduling a tenta-
tive hearing with respect to the approval of the sale (the“Sale
Hearing”); (iii) authorizing and approving the Notice
BY KIMBERLEY KAO Proceduresfortheforegoing; and(iv)grantingrelatedrelief.
AND BEN OTTO Assets to be sold: Shares of PDVH
Interested parties may submit bids for the purchase and
sale of some or all of the shares of PDVH in accordance with
the terms and conditions set forth in the Bidding Procedures.
Boeing said it had agreed to To avoid any ambiguity, parties may submit bids for less than
deliver 150 of its 737 MAX air- 100% of the shares of PDVH so long as such bid satisfies the

ADVERTISE
AttachedJudgments.
craft to India’s Akasa Air, pro- PDVH is the sole shareholder and direct parent of CITGO
viding a vote of confidence in Holding, Inc., which in turn is the sole shareholder and direct

one of the industry’s fastest- TODAY parentofCITGOPetroleumCorporation.

Important Dates and Deadlines
• Round 1: Deadline to Submit Non-Binding Bids.Any
growing markets as the plane person or entity interested in participating in the sale of shares
maker faces pressure from reg- (800) 366-3975 of PDVH is encouraged to submit a Non-Binding Indication of
Interest on or before Monday, January 22, 2024 at 6:00
ulators over a structural fail-
For more information p.m.(prevailingEasternTime).
ure in a different variant of its • Round 2: Deadline to Submit Final Binding Bids. To

MAX jets. visit: be determined following completion of Round 1.

• Sale Objection Deadlines. To be determined following
India’s newest airline said wsj.com/classifieds completionof Round2.
• Sale Hearing.A tentatively-scheduled hearing to approve
DHIRAJ SINGH/BLOOMBERG NEWS

Thursday that it will acquire a the Sale Transaction shall be held before the Court before
the Honorable Leonard P. Stark on Monday, July 15, 2024
mix of single-aisle MAX 10 and at 10:00 a.m. (prevailing Eastern Time) at the United
MAX 8-200 jets, boosting its States District Court,844 North King Street,Wilmington
DE19801,orsuchothertimeastheCourtmayset.
overall Boeing order book to Additional Information
more than 200 as it seeks to ex- Any party interested in submitting a bid should contact the
Special Master’s investment banker,Evercore (Attn:Ray Strong
pand to international destina- (ray.strong@evercore.com); William Hiltz (hiltz@evercore.
com);David Ying (ying@evercore.com);and Stephen Goldstein
tions. Deliveries are slated (stephen.goldstein@evercore.com)), assoonaspossible.
through 2032. Copies of the Sale Procedures Order and the Bidding
Procedures may be requested free of charge by email to the
Boeing shares finished Akasa Air flies to 18 cities in India and plans to expand into the Middle East and Southeast Asia. Special Master’s counsel, Weil, Gotshal & Manges LLP (attn.:
Thursday up 4%, at $211.61. Chase Bentley at Chase.Bentley@weil.com and Maggie Burrus
atMaggie.Burrus@weil.com).
The deal is Boeing’s first it said the aircraft would be first order for Boeing MAX air- generated a raft of recent FAILURE TO ABIDE BY THE BIDDING PROCEDURES, THE
SALE PROCEDURES ORDER, OR ANY OTHER ORDER OF THE
major order win since a door barred from carrying passen- craft in 2021 and launched in megadeals. Last year, Air India COURTMAYRESULTINTHEREJECTIONOFYOURBID.
plug blew out on an Alaska gers until it studied data re- August 2022, currently has a ordered 470 jets from Boeing Dated: January12, 2024
and Airbus, the largest com-
1
Capitalized terms used but not defined herein shall have
Airlines 737 MAX 9 jet midair lated to inspections of the fleet of 22 jets. The low-cost the respective meanings ascribed to such terms in the Sale
earlier this month. The Federal plane’s door plugs. airline offers services to 18 cit- mercial-aircraft deal in aviation Procedures Order and the Bidding Procedures (each,as defined
herein), as applicable. Any summary of the Sale Procedures
Aviation Administration The Akasa Air order doesn’t ies across India and plans to history—a record surpassed Order or the Bidding Procedures contained herein is qualified in
grounded about 170 MAX 9 jets include the MAX 9 variant of expand into the Middle East within months by discount air- its entirety by the actual terms and conditions thereof. To the
extent that there is any conflict between any such summary
after the accident and emer- the fuel-efficient family of jets. and Southeast Asia. line IndiGo, which made a deal © 2024 Dow Jones & Company, Inc. and such actual terms and conditions, the actual terms and
All Rights Reserved. conditionsshallcontrol.
gency landing. On Wednesday, Akasa Air, which placed its India’s aviation market has for 500 Airbus jets.
 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, January 19, 2024 THE WALL STREET JOURNAL.

TECHNOLOGY WSJ.com/Tech

Cummins, Daimler and Paccar Chip Project

Faces New
Wager Big on Electric Trucks Delays
The three are joining Continued from page B1
conductor technologies.
to build a $2 billion

I-HWA CHENG/BLOOMBERG NEWS

“There is too much risk today
Mississippi plant to relying on other countries, spe-
cifically relying on Taiwan,” said
produce batteries Sen. Mark Kelly, an Arizona
Democrat leading efforts to turn
BY BOB TITA the Phoenix area into a semicon-
ductor hub with new TSMC and
The U.S.’s biggest commer- other plants. “We need to be
cial truck and engine builders making the best chips here,” he TSMC Chairman Mark Liu.
are betting that the freight in- said in an interview, adding the
dustry is ready to swap diesel earlier the Chips Act funding is Arizona project are a negotia-
KAITI SULLIVAN FOR THE WALL STREET JOURNAL

fuel pumps for battery char- distributed, the better. tion tactic to maximize its
gers. A Commerce Department share of the Chips Act funding.
The diesel-engine maker spokeswoman declined to com- More than 500 companies have
Cummins and the truck build- ment. expressed interest in receiving
ers Daimler Truck and Paccar The U.S. doesn’t mass-pro- funding from the program and
plan to build a $2 billion fac- duce the most advanced chips, more than 170 have submitted
tory in Mississippi to produce defined as those smaller than 5 applications, according to the
batteries for commercial nanometers. Taiwan, an island Commerce Department.
trucks. The plant, which the at the center of political tensions The powerful market posi-
companies will operate as a with China, accounts for 85% of tions of TSMC and South Ko-
joint venture, is expected to that market, while South Korea rea’s Samsung allow them to
begin producing battery cells The venture’s new plant is expected to begin operating in 2027. A Cummins plant in Indiana. represents the remaining 15%, be aggressive in negotiating
in 2027. according to the Center for Se- with the U.S. government,
The plant in Mississippi’s ernment are starting to apply nia will require that 5% of a ACT Research, an Indiana- curity and Emerging Technology which is eager to attract these
Marshall County, south of more pressure on truck manu- truck manufacturer’s sales of based truck market forecaster, at Georgetown University. companies, they say.
Memphis, Tenn., will be the facturers and reluctant truck- heavy-duty tractors and 9% of expects electric-powered TSMC had already pushed “From one perspective, the
nation’s largest dedicated to ers to get on board with zero- its other trucks sold in the trucks to account for 10% of back the start of mass produc- companies are competing for
batteries for commercial vehi- emissions vehicles. state be zero-emissions vehi- all trucks sold in the U.S. and tion at the site’s first factory to limited amounts of government
cles, with initial output pro- “The timing of this plant is cles. Ten other states are Canada in 2027, with the share 2025 from the originally money but from another, the
jected to be enough batteries intentional,” said Jennifer scheduled to follow suit with climbing to over 30% by early planned 2024. governments are competing for
annually to power more than Rumsey, chief executive of increasingly larger sales-vol- in the next decade. The second factory had been a limited amount of advanced
40,000 medium- and heavy- Cummins, the leading manu- ume requirements over the The Mississippi Legislature scheduled to begin production fabrication capacity from the
duty trucks. facturer of diesel engines in next three years. on Thursday approved a pack- of 3-nanometer chips in 2026. best in the business,” said Ja-
The investment is a big bet the U.S., in an interview. “The The Environmental Protec- age of public-infrastructure Liu revised that schedule on cob Feldgoise, data analyst for

.
that the typically risk-averse demand is going to grow as tion Agency will require die- investments, grants and tax Thursday, saying that while Georgetown’s Center for Secu-
trucking industry will start to the regulations continue to sel-engine makers to further incentives for the construction construction continues, TSMC rity and Emerging Technology.

convert rapidly to alternative drive a reduction in emis-
power as new government sions.”
standards for engine exhaust Battery-electric trucks
make it significantly more ex-
pensive and restrictive to buy
and operate diesel trucks.
Daimler, the maker of
make up a minuscule portion
of the 600,000 commercial
trucks sold in the U.S. and
Canada.
on
Freightliner trucks, is the Trucking companies have
us ,
reduce nitrogen oxide emis-
sions—a component of smog—
by about 80% starting in 2027.
The requirement is expected
to lead truck manufacturers to
double the treatment and fil-
tering systems now applied to
diesel-engine exhaust, which
of the truck and engine build-
ers’ planned battery plant,
which is expected to employ
about 2,000 people.
Daimler, Paccar and Cum-
mins’s clean-power unit Accel-
era will each own 30% of the
plant, according to Cummins.
ly
now is looking at 2027 or 2028
as the timeline for volume pro-
duction.
He also said the specific chip
type wasn’t yet determined.
Customer demand and govern-
ment incentives will play a role
in deciding whether the second
TSMC is also receiving sub-
sidies from Japan and Ger-
many to build factories there.
President Biden visited the
Arizona construction site in
north Phoenix in December
2022. The project is a show-
piece for his effort to make the

market leader in heavy-duty mostly refrained from buying industry analysts estimate will The companies will use the factory makes 3-nanometer U.S. a chip-manufacturing hub
l

truck sales, while Paccar, with the vehicles because of con- likely add about $30,000 to battery cells from the plant to chips, he said. again after the business largely
e
al a

its Peterbilt and Kenworth cern about cost and durability, the cost of a new heavy-duty assemble the proprietary bat- The nanometer figure reflects migrated to Asia in recent de-
truck brands, is second. Bat- as well as a lack of battery- tractor truck. tery packs for their own elec- the size of transistors that can cades.
tery-electric trucks and buses charging infrastructure to The agency is considering a tric drivetrains. be packed onto a chip, with a Nonetheless, negotiations be-
ci on

have been available for years. support trucks on long hauls.
But truck manufacturers ha- The absence of a used market
ven’t been nearly as aggres- for electric trucks also has
sive as the consumer-vehicle been an impediment, since
industry in pivoting produc- most trucking companies
er s
move to require a large reduc-
tion in carbon-dioxide emis-
sions from commercial trucks
by the early 2030s, which ana-
lysts said would effectively
The remaining 10% stake in
the plant will be held by EVE
Energy, a battery maker
based in China that is provid-
ing the technology and mate-
lower figure designating more
advanced technology. Chips la-
beled 3-nanometer would be
among the most advanced man-
ufactured today.
tween the Biden administration
and TSMC over subsidies have
proved challenging, say people
on both sides. Issues include the
amount of subsidies and the

tion toward battery-electric count on selling their trucks force the trucking industry to rials for the plant to make U.S. officials and analysts conditions to which TSMC must
models. to recover some of their costs. switch to more electric-pow- lithium iron phosphate batter- say TSMC’s comments under- agree to receive the money, they
m er

States and the federal gov- Beginning this year, Califor- ered vehicles. ies, also known as LFP. scoring the difficulties with the say.
m rp

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co Fo

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THE WALL STREET JOURNAL. Friday, January 19, 2024 | B5

MARKETS DIGEST
EQUITIES

Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index
Last Year ago Last Year ago Last Year ago
37468.61 s 201.94, or 0.54% Trailing P/E ratio 26.25 21.91 4780.94 s 41.73, or 0.88% Trailing P/E ratio * 22.33 19.15 15055.65 s 200.03, or 1.35% Trailing P/E ratio *† 30.11 24.75
High, low, open and close for each P/E estimate * 20.77 18.78 High, low, open and close for each P/E estimate * 21.57 17.37 High, low, open and close for each P/E estimate *† 28.53 21.65
trading day of the past three months. Dividend yield 1.96 2.08 trading day of the past three months. Dividend yield * 1.51 1.72 trading day of the past three months. Dividend yield *† 0.86 0.96
All-time high 37715.04, 01/02/24 All-time high 4796.56, 01/03/22 All-time high: 16057.44, 11/19/21

Current divisor 0.15172752595384

37300 4900 15100
Session high
DOWN UP
14650
t

Session open Close 36350 4750

Close Open
t

35400 4600 14200

Session low

34450 4450 13750

65-day moving average 33500 4300 65-day moving average 13300

65-day moving average

32550 4150 12850

Bars measure the point change from session's open

31600 4000 12400
Oct. Nov. Dec. Jan. Oct. Nov. Dec. Jan. Oct. Nov. Dec. Jan.
*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* 902,032,967 11,290,259
Industrial Average 37522.29 37122.95 37468.61 201.94 0.54 37715.04 31819.14 13.4 -0.6 6.7 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 454,617,623 2,954,329
Transportation Avg 15512.96 15262.42 15490.31 258.27 1.70 16695.32 13444.01 9.8 -2.6 6.2 Most-active issues in late trading Decl. volume* 429,441,450 7,514,241
Utility Average 860.17 850.07 854.23 -9.38 -1.09 976.42 783.08 -10.4 -3.1 -0.3 Volume After Hours Issues traded 2,908 308
Company Symbol (000) Last Net chg % chg High Low
Total Stock Market 47686.24 47224.91 47641.66 401.16 0.85 47987.24 38697.55 21.3 -0.3 6.3 Advances 1,572 126
SPDR S&P 500 ETF Trust SPY 11,012.4 476.54 0.05 0.01 476.68 382.01
Barron's 400 1048.40 1037.65 1048.04 8.85 0.85 1084.21 881.58 10.0 -2.3 5.5 Declines 1,243 155
Cenovus Energy CVE 7,763.6 14.99 0.09 0.60 15.00 14.89
Unchanged 93 27
Nasdaq Stock Market AST SpaceMobile ASTS 6,427.9 3.85 -0.31 -7.45 6.00 3.70 New highs 68 5
Nasdaq Composite 15066.81 14911.11 15055.65 200.03 1.35 15099.18 10852.27 38.7 0.3 5.0 Pfizer PFE 5,347.5 28.12 0.03 0.11 28.13 28.01 New lows 52 18
Nasdaq-100 16996.98 16818.13 16982.29 246.01 1.47 16982.29 11295.67 50.3 0.9 9.9 Apple AAPL 4,202.0 188.00 -0.63 -0.33 196.26 187.71 Closing Arms† 1.39 3.58
Merck MRK 4,049.0 118.54 … unch. 119.00 117.45 Block trades* 3,892 121
S&P

.
0.88
AGNC Investment AGNC 3,656.9 9.79 0.03 0.31 9.81 9.73
500 Index 4785.79 4740.57 4780.94 41.73 4783.83 3855.76 22.6 0.2 8.3 Nasdaq NYSE Arca

ly
Amazon.com AMZN 3,531.2 153.47 -0.03 -0.02 153.61 153.00
MidCap 400 2715.50 2686.77 2713.64 21.85 0.81 2809.23 2326.82 7.8 -2.4 3.8 Total volume*5,587,448,923 345,301,249
SmallCap 600 1256.62 1242.16 1256.45 11.34 0.91 1339.63 1068.80 4.3 -4.7 1.2 Percentage gainers… Adv. volume*3,103,393,850 198,338,858
Coherus BioSciences CHRS 412.8 2.62 0.22 9.17 2.77 2.39 Decl. volume*2,432,089,274 145,465,912
Other Indexes
Russell 2000
NYSE Composite
Value Line
1926.05

570.60
1901.65
16629.22 16478.82 16616.29
565.00
1923.65

570.54
10.49
93.46
3.89
on
0.55
0.57
0.69
2066.21 1636.94
16898.34 14599.05
606.49 498.09
4.8
6.7
1.8
-5.1
-1.4
-3.9
-3.2
3.7
-1.6
Super Micro Computer SMCI
Kite Realty Group Trust KRG
Franklin FTSE India FLIN
841.1 337.55
119.6
56.1
22.97
36.74
26.11
1.65
1.59
8.38 338.10 311.10
7.74
4.52
22.97
36.74
21.32
35.86
Issues traded
Advances
Declines
Unchanged
4,365
2,192
2,007
166
1,883
1,367
499
17
NYSE Arca Biotech 5188.42 5126.20 5171.39 -17.03 -0.33 5644.50 4544.40 -5.0 -4.6 -4.9
Oric Pharmaceuticals ORIC 100.3 9.60 0.39 4.18 9.60 9.22
New highs 89 94
us ,

NYSE Arca Pharma 947.38 936.24 946.92 0.80 0.08 959.06 791.91 10.9 4.0 10.1 ...And losers New lows 203 40
l

KBW Bank 92.71 90.79 91.80 -0.43 -0.47 115.10 71.71 -11.6 -4.4 -5.0 1,557.5 15.31 -8.31 -35.18 23.93 12.50 Closing Arms† 0.86 2.23
e
iRobot IRBT
al a

PHLX§ Gold/Silver 113.05 112.05 112.65 -0.13 -0.11 144.37 103.31 -15.7 -10.4 -6.4 AST SpaceMobile ASTS 6,427.9 3.85 -0.31 -7.45 6.00 3.70 Block trades* 44,353 1,754
PHLX§ Oil Service 78.15 76.71 77.87 0.97 1.27 98.76 69.29 -13.2 -7.2 14.4 FNB Corp FNB 61.9 12.25 -0.80 -6.13 13.17 12.25 * Primary market NYSE, NYSE American NYSE Arca only.
ci on

PHLX§ Semiconductor 4213.03 4139.80 4206.52 136.58 3.36 4214.59 2710.44 55.2 0.7 12.0 Procore Technologies PCOR 149.5 66.39 -1.65 -2.43 68.04 66.39 †(TRIN) A comparison of the number of advancing and declining
issues with the volume of shares rising and falling. An
Cboe Volatility 14.89 13.89 14.13 -0.66 -4.46 26.52 12.07 -31.1 13.5 -16.6 Flowers Foods FLO 304.7 21.99 -0.54 -2.40 22.53 21.99 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 717.01 4.90 0.69 –1.4 CCSC Tech Intl CCTG 7.70 3.70 92.50 9.83 4.00 ... TransCode Therapeutics RNAZ 1.09 -1.07 -49.54 856.00 0.97 -99.8
MSCI ACWI ex-USA 304.44 1.08 0.35 –3.8 Sezzle SEZL 31.63 7.33 30.16 81.08 7.15 ... Newcourt Acquisition A NCAC 7.82 -3.78 -32.59 14.55 7.50 -24.8
MSCI World 3143.20 22.76 0.73 –0.8 Bullfrog AI Holdings BFRG 3.89 0.70 21.94 9.50 2.36 ... ProMIS Neurosciences PMN 1.74 -0.84 -32.56 8.95 0.95 -69.5
MSCI Emerging Markets 961.34 2.95 0.31 –6.1 Pinstripes Holdings PNST 3.70 0.65 21.31 16.00 3.01 -64.0 ProQR Therapeutics PRQR 2.12 -0.73 -25.61 3.85 1.11 -22.9
m rp

Americas MSCI AC Americas 1811.03 15.00 0.84 –0.1 CalciMedica CALC 4.27 0.75 21.21 10.50 1.00 -55.2 XBP Europe Holdings XBP 3.05 -1.05 -25.61 47.40 2.58 -71.0
Canada S&P/TSX Comp 20756.73 61.71 0.30 –1.0 DarioHealth DRIO 2.47 0.41 19.90 6.22 0.68 -57.0 Accelerate Diagnostics AXDX 1.61 -0.55 -25.52 11.90 1.59 -78.0
Latin Amer. MSCI EM Latin America 2491.27 –13.69 –0.55 –6.4 Aurora Tech Acqn Cl A ATAK 5.02 0.78 18.40 13.90 3.03 -51.0 Panbela Therapeutics PBLA 6.65 -2.03 -23.35 2387.94 6.31 -99.7
Brazil Bovespa 127315.74 –1208.09 –0.94 –5.1 MDC Holdings MDC 62.84 9.75 18.37 63.00 34.79 76.0 Hut 8 HUT 7.12 -2.16 -23.28 22.75 6.05 -14.2
Chile S&P IPSA 3278.93 –19.00 –0.58 –5.4 Novocure NVCR 14.50 2.08 16.75 95.91 10.87 -83.5 Zoomcar Holdings ZCAR 3.99 -1.12 -21.92 14.75 2.45 -61.3
co Fo

Mexico S&P/BMV IPC 54707.89 –3.80 –0.01 –4.7 Nubia Brand Intl Cl A NUBI 7.24 0.94 14.92 13.85 4.55 -29.6 QuantaSing Group ADR QSG 2.39 -0.65 -21.38 28.99 1.41 ...
EMEA STOXX Europe 600 470.45 2.74 0.59 –1.8 Dave DAVE 11.95 1.54 14.79 12.32 4.47 28.5 Volato Group SOAR 2.62 -0.61 -18.89 35.00 2.52 -74.4
Eurozone Euro STOXX 466.56 4.22 0.91–1.6 Garden Stage GSIW 11.70 1.49 14.57 11.99 4.20 ... Foghorn Therapeutics FHTX 4.20 -0.91 -17.81 9.97 2.84 -44.4
Belgium Bel-20 3552.84 –15.68 –0.44 –4.2 SIMPPLE SPPL 6.32 0.80 14.49 9.68 4.20 ... Lazydays Holdings GORV 4.06 -0.84 -17.14 13.92 4.05 -68.0
Denmark OMX Copenhagen 20 2347.21 –1.96 –0.08 2.8 Jasper Therapeutics JSPR 12.15 1.51 14.19 21.90 4.00 -33.2 Cutera CUTR 3.03 -0.63 -17.12 37.34 1.38 -90.7
7401.35 1.13 –1.9 Enliven Therapeutics ELVN 12.81 1.57 13.97 25.34 9.80 -22.1 Uxin ADR UXIN 3.11 -0.62 -16.62 36.40 3.09 -89.8
France CAC 40 82.66
Germany DAX 16567.35 135.66 0.83 –1.1
Israel Tel Aviv 1839.80 34.30 1.90 –1.4
Most Active Stocks Volume Movers Ranked by change from 65-day average*
Italy FTSE MIB 30350.53 251.67 0.84 –0.004 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 778.17 6.74 0.87 –1.1
Norway Oslo Bors All-Share 1483.30 2.16 0.15 –2.4 Phunware PHUN 613,698 1568.7 0.24 48.89 1.15 0.07 Pono Capital Two Cl A PTWO 500 6820 10.82 -0.09 11.56 10.15
South Africa FTSE/JSE All-Share 72344.40 651.31 0.91 –5.9 Lytus Technologies LYT 217,294 49227.1 0.12 26.85 2.27 0.09 Mars Acquisition MARX 975 5554 10.68 0.09 11.00 10.15
n-

0.13 ProSh UltraPro Shrt QQQ SQQQ 160,727 28.9 13.15 -4.15 49.45 13.10 TMT Acquisition TMTC 361 4904 10.60 0.28 10.78 10.10
Spain IBEX 35 9880.30 12.50 –2.2
0.50 Direxion Dly Semi 3 Bear SOXS 159,507 112.4 5.64 -9.62 31.44 5.56 VicSh Intl Value Momentum UIVM 295 4835 45.22 0.58 46.36 40.34
Sweden OMX Stockholm 865.47 4.35 –4.1
Spirit Airlines SAVE 133,943 1655.7 5.70 -7.17 20.65 4.04 Fintech Ecosystem Cl A FEXD 951 4260 10.81 -0.28 11.00 10.31
Switzerland Swiss Market 11185.88 37.32 0.33 0.4
Turkey BIST 100 8016.09 –8.28 –0.10 7.3 Advanced Micro Devices AMD 131,162 120.4 162.67 1.56 168.60 67.27 Feutune Light Acqn FLFV 665 3669 10.80 -0.45 11.99 10.24
no

U.K. FTSE 100 7459.09 12.80 0.17 –3.5 Tesla TSLA 107,881 -8.3 211.88 -1.70 299.29 124.31 Evergreen Cl A EVGR 750 3319 11.25 ... 11.47 10.30
U.K. FTSE 250 18948.04 83.67 0.44 –3.8 Nikola NKLA 101,709 18.4 0.62 -1.80 3.71 0.52 Fidelity Momentum Factor FDMO 400 2992 53.53 0.99 53.57 42.18
Direxion Dly SCOND 3 BL SOXL 98,739 42.3 31.19 9.71 32.78 11.62 Global Star Acqn Cl A GLST 560 2976 10.63 -0.19 10.91 10.13
Asia-Pacific MSCI AC Asia Pacific 162.07 0.33 0.21 –4.3
Plug Power PLUG 97,888 168.7 2.42 -11.52 18.88 2.26 Columbia Res Enh Value REVS 171 2755 21.33 -0.07 22.21 18.79
Australia S&P/ASX 200 7346.50 –46.58 –0.63 –3.2
* Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least
China Shanghai Composite 2845.78 12.17 0.43 –4.3 5,000 shares =Has traded fewer than 65 days
Hong Kong Hang Seng 15391.79 114.89 0.75 –9.7
71186.86 –0.44 –1.5
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India S&P BSE Sensex –313.90
Japan NIKKEI 225 35466.17 –11.58 –0.03 6.0 Get real-time U.S. stock quotes CURRENCIES & COMMODITIES
Singapore Straits Times 3139.78 –2.44 –0.08 –3.1 and track most-active stocks,
South Korea KOSPI 2440.04 4.14 0.17 –8.1 new highs/lows, mutual funds Currencies
Taiwan TAIEX 17227.79 66.00 0.38 –3.9 and ETFs. U.S.-dollar foreign-exchange rates in late New York trading
Thailand SET 1377.93 –2.72 –0.20 –2.7
All are available free at WSJMarkets.com US$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 .00004076 24533 1.1
CREDIT MARKETS Argentina peso .0012819.3254 1.4 Europe
Brazil real .2029 4.9275 1.5 Czech Rep. koruna .04385 22.806 1.9
Canada dollar .7414 1.3489 1.8 Denmark krone .1459 6.8550 1.2
Consumer Rates and Returns to Investor Benchmark
Treasury yield Yields
curve Forex Race Chile peso .001087 920.09 5.1 Euro area euro 1.0877 .9194 1.5
U.S. consumer rates Selected rates andtoRates
Yield maturity of current bills, Yen, euro vs. dollar; dollar vs. Colombiapeso .000255 3919.25 1.1 Hungary forint .002844 351.61 1.3
notes and bonds major U.S. trading partners Ecuador US dollar 1 1 unch Iceland krona .007275 137.45 1.1
A consumer rate against its Money Market/Savings Accts Mexico peso .0582 17.1688 1.2 Norway krone .0950 10.5302 3.5
benchmark over the past year 6.00% Uruguay peso .02545 39.3000 0.6 Poland zloty .2480 4.0331 2.5
Bankrate.com avg†: 0.48% Tradeweb ICE 18% Asia-Pacific Russia ruble .01100 90.930 1.9
CFG Community Bank 5.25% Thursday Close 5.00 Sweden krona .0954 10.4854 3.8
Australiadollar .6572 1.5216 3.7
t 5.00% Baltimore, MD 888-205-8388 t 9 Euro WSJ Dollar Index Switzerland franc 1.1521 .8680 3.1
t China yuan .1393 7.1782 0.9
Federal-funds 4.00 s s Turkey lira .0332 30.1299 2.2
UFB Direct 5.25% Hong Kong dollar .1279 7.8209 0.1
target rate 3.75 One year ago Ukraine hryvnia .0265 37.7500 –1.0
0 India rupee .01203 83.157 –0.03
San Diego, CA 877-472-9200 3.00 UK pound 1.2707 .7870 0.2
Indonesia rupiah .0000640 15614 1.5
2.50 TAB Bank 5.27% 2.00 –9 Yen Japan yen .006749 148.17 5.1 Middle East/Africa
Money market Ogden, UT 800-355-3063
s
Kazakhstan tenge .002214 451.60 –0.8 Bahrain dinar 2.6532 .3769 –0.01
account yields 1.25 1.00 Macau pataca .1241 8.0595 0.1 Egypt pound .0324 30.9004 –0.1
t BrioDirect 5.35% –18
Malaysia ringgit .2120 4.7180 2.7 Israel shekel .2659 3.7606 4.4
Montebello, NY 877-369-2746 1 3 6 1 2 3 5 7 10 20 30 2023 2024
0.00 New Zealand dollar .6116 1.6351 3.3 Kuwait dinar 3.2487 .3078 0.2
MyBankingDirect 5.35% month(s) years
FMAM J J A S ON D J Pakistan rupee .00357 279.850 –0.5 Oman sul rial 2.5975 .3850 unch
Westbury, NY 516-683-4100 maturity Philippines peso .0179 55.840 0.8 Qatar rial .2746 3.642 –0.1
2023
Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Singapore dollar .7442 1.3438 1.8 Saudi Arabia riyal .2666 3.7505 0.01
Yield/Rate (%) 52-Week Range (%) 3-yr chg South Korea won .0007464 1339.78 3.5 South Africa rand .0528 18.9387 3.5
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts)
Corporate Borrowing Rates and Yields Sri Lanka rupee .0031131 321.22 –0.8
Close Net Chg % Chg YTD%Chg
Federal-funds rate target 5.25-5.50 5.25-5.50 4.25 l 5.50 5.25 Taiwan dollar .03170 31.545 2.8
Yield (%) 52-Week Total Return (%) Thailand baht .02811 35.570 3.5 WSJ Dollar Index 97.98 –0.03–0.03 2.24
Prime rate* 8.50 8.50 7.50 l 8.50 5.25 Bond total return index Close Last Week ago High Low 52-wk 3-yr
SOFR 5.32 5.31 4.30 l 5.40 5.24 Sources: Tullett Prebon, Dow Jones Market Data
U.S. Treasury, Bloomberg 2144.870 4.270 4.130 5.120 3.610 –0.517 –3.929
Money market, annual yield 0.48 0.48 0.35 l 0.64 0.38
Five-year CD, annual yield 2.83 2.84 2.71 l 2.87 2.35 U.S. Treasury Long, Bloomberg 3091.310 4.470 4.290 5.280 3.630 –9.064–11.756 Commodities
30-year mortgage, fixed† 7.19 7.18 6.36 l 8.28 4.28 Aggregate, Bloomberg 2031.460 4.740 4.600 5.740 4.180 0.406 –3.527 Thursday 52-Week YTD
Pricing trends on someClose
raw materials, or commodities
Net chg % Chg High Low % Chg % chg
15-year mortgage, fixed† 6.53 6.52 5.54 l 7.42 4.15 Fixed-Rate MBS, Bloomberg 2002.890 4.970 4.780 6.050 4.140 –0.496 –3.388
Jumbo mortgages, $766,550-plus† 7.26 7.23 6.37 l 8.33 4.32 DJ Commodity 944.94 6.89 0.73 1058.44 930.59 -10.16 -1.34
High Yield 100, ICE BofA 3516.806 7.387 7.296 9.101 7.022 8.791 1.805 Refinitiv/CC CRB Index 265.46 2.42 0.92 290.29 253.85 -4.03 0.62
Five-year adj mortgage (ARM)† 6.39 6.44 5.33 l 7.16 3.21
Muni Master, ICE BofA 583.343 3.247 3.130 4.311 2.757 1.905 –0.694 Crude oil, $ per barrel 74.08 1.52 2.09 93.68 66.74 -7.78 3.39
New-car loan, 48-month 7.69 7.69 6.56 l 7.70 3.67
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 832.320 7.587 7.470 8.842 7.102 4.618 –3.247 Natural gas, $/MMBtu 2.697 -0.173 -6.03 3.575 1.991 -17.65 7.28
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. 2018.60 16.00 0.80 2081.90 1808.80 5.02 -2.12
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

B6 | Friday, January 19, 2024 * * THE WALL STREET JOURNAL.

COMMODITIES wsj.com/market-data/commodities

Futures Contracts Open

Contract
High hilo Low Settle Chg
Open
interest
Cash Prices Thursday, January 18, 2024
Metal & Petroleum Futures May 4,372 4,434 s 4,358 4,399 12 69,540 These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace—
Contract Open
Coffee (ICE-US)-37,500 lbs.; cents per lb. separate from the futures price on an exchange, which reflects what the commodity might be worth in future
March 180.50 t 175.55
182.35 179.95 .75 96,096 months.
Open High hi lo Low Settle Chg interest
May 177.20 t 173.10
179.35 177.00 1.00 62,660
Copper-High (CMX)-25,000 lbs.; $ per lb. Sugar-World (ICE-US)-112,000 lbs.; cents per lb. Thursday Thursday Thursday
Jan 3.7275 3.7450 t 3.7200 3.7450 0.0125 1,036 March 22.35 23.20 s 22.29 23.04 .69 293,599 Copper,Comex spot 3.7450 Wheat,No.2 soft red,St.Louis-u 5.9300
March 3.7440 3.7590 t 3.7145 3.7450 0.0120 132,203 Energy Iron Ore, 62% Fe CFR China-s *127.7 Wheat - Hard - KC (USDA) $ per bu-u 6.4525
May 21.69 22.43 s 21.68 22.29 .55 165,793
Gold (CMX)-100 troy oz.; $ per troy oz. Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. Coal,C.Aplc.,12500Btu,1.2SO2-r,w 72.000 Steel, HRC USA, FOB Midwest Mill-s *1100.0 Wheat,No.1soft white,Portld,OR-u 6.7250
Jan 2012.80 2016.60 2009.50 2018.60 16.00 1,021 March 39.50 … 2,078 Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 14.000 Battery/EV metals
Feb 2009.10 2025.60 2007.70 2021.60 15.10 213,797
Food
May 39.61 … 2,646 BMI Lithium Carbonate, EXW China, =99.2%-v,w 13200
March 2021.30 2034.20 2017.40 2031.10 15.20 587 Metals BMI Lithium Hydroxide, EXW China, =56.5% -v,w 11250 Beef,carcass equiv. index
Cotton (ICE-US)-50,000 lbs.; cents per lb.
April 2028.60 2044.90 2027.20 2041.10 15.10 201,501 March 81.87 82.60 s 81.65 82.51 .81 91,018 Gold, per troy oz BMI Cobalt sulphate, EXW China, >20.5% -v,m 4512 choice 1-3,600-900 lbs.-u 274.03
June 2047.60 2064.30 2046.90 2060.60 15.20 28,353 May 82.78 83.46 s 82.64 83.39 .70 46,118 Engelhard industrial 2011.00 BMI Nickel Sulphate, EXW China, >22%-v,m 3525 select 1-3,600-900 lbs.-u 257.84
Aug 2066.40 2080.80 2063.90 2077.50 15.10 18,455 Orange Juice (ICE-US)-15,000 lbs.; cents per lb. Handy & Harman base 2013.20 BMIFlakeGraphite,FOBChina,-100Mesh,94-95%-v,m 553 Broilers, National comp wtd. avg.-u,w 1.2954
Palladium (NYM) - 50 troy oz.; $ per troy oz. March 290.25 299.50 t 289.75 297.70 7.05 5,779 Handy & Harman fabricated 2234.65 Butter,AA Chicago-d 2.5650
Jan 936.90 23.70 2 May 290.35 298.45 t 289.85 297.15 6.55 1,683
Fibers and Textiles Cheddar cheese,bbl,Chicago-d 144.00
LBMA Gold Price AM *2027.55
March 919.00 947.00 916.50 944.00 24.30 19,970 LBMA Gold Price PM *2011.75 Burlap,10-oz,40-inch NY yd-n,w 0.7400 Cheddar cheese,blk,Chicago-d 147.00
Platinum (NYM)-50 troy oz.; $ per troy oz. Interest Rate Futures Krugerrand,wholesale-e 2110.90 Cotton,1 1/16 std lw-mdMphs-u 0.8026 Milk,Nonfat dry,Chicago lb.-d 118.25
Jan 903.30 20.50 61 Maple Leaf-e 2161.40 Cotlook 'A' Index-t *91.65 Coffee,Brazilian,Comp-y 1.6991
April 891.10 916.50 889.90 912.00 22.40 70,688 Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100% Hides,hvy native steers piece fob-u n.a. Coffee,Colombian, NY-y 1.9896
March 126-310 127-140 125-120 125-220 –1-09.0 1,674,615 American Eagle-e 2161.40
Silver (CMX)-5,000 troy oz.; $ per troy oz. Wool,64s,staple,Terr del-u,w n.a. Eggs,large white,Chicago-u 1.8350
Treasury Bonds (CBT)-$100,000; pts 32nds of 100% Mexican peso-e 2606.00
Jan 22.640 22.640 22.590 22.667 0.151 340 Flour,hard winter KC-p 16.95
March 120-240 121-030 119-220 119-290 –28.0 1,442,152 Austria crown-e 1983.00 Grains and Feeds
March 22.715 22.900 t 22.520 22.807 0.138 102,037 Hams,17-20 lbs,Mid-US fob-u n.a.
June 120-270 121-010 119-230 119-290 –28.0 1,883 Austria phil-e 2121.00
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. Bran,wheat middlings, KC-u,w 154 Hogs,Iowa-So. Minnesota-u 69.16
Treasury Notes (CBT)-$100,000; pts 32nds of 100% Silver, troy oz. Pork bellies,12-14 lb MidUS-u n.a.
Feb 72.78 74.38 72.18 74.08 1.52 84,426 Corn,No. 2 yellow,Cent IL-bp,u 4.1600
March 111-135 111-210 111-045 111-065 –7.0 4,692,374 Engelhard industrial 22.5000 Pork loins,13-19 lb MidUS-u 1.0758
March 72.73 74.19 72.10 73.95 1.47 338,393 Corn gluten feed,Midwest-u,w 169.1
June 112-005 112-075 111-245 111-255 –7.5 4,551 Handy & Harman base 22.6500 Corn gluten meal,Midwest-u,w 476.1 Steers,Tex.-Okla. Choice-u n.a.
April 72.63 74.05 72.04 73.83 1.37 134,666
5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% Handy & Harman fabricated 28.3120 Cottonseed meal-u,w 350 Steers,feeder,Okla. City-u,w n.a.
May 72.59 73.90 71.96 73.70 1.29 92,015
March 107-282 108-022 107-245 107-257 –3.0 5,919,104 LBMA spot price *£17.9700 Hominy feed,Cent IL-u,w 188
June 72.40 73.69 71.81 73.50 1.22 150,699 Fats and Oils
June 108-070 –3.7 75 (U.S.$ equivalent) *22.8050 Meat-bonemeal,50% pro Mnpls-u,w 220
Dec 70.58 71.57 69.90 71.42 0.99 160,638
2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% Coins,wholesale $1,000 face-a 19233 Oats,No.2 milling,Mnpls-u 4.5175 Degummed corn oil, crude wtd. avg.-u,w n.a.
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal.
Feb 2.6489 2.6984 2.6317 2.6936 .0400 52,955 March 102-215 102-245 102-201 102-218 … 3,895,429 Other metals Rice, Long Grain Milled, No. 2 AR-u,w 36.25 Grease,choice white,Chicago-h n.a.
March 2.6075 2.6542 2.5890 2.6496 .0393 74,206 June 103-100 103-100 103-061 103-075 –.1 556 LBMA Platinum Price PM *897.0 Sorghum,(Milo) No.2 Gulf-u n.a. Lard,Chicago-u n.a.
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. Platinum,Engelhard industrial 900.0 SoybeanMeal,Cent IL,rail,ton48%-u,w 380.10 Soybean oil,crude;Centl IL-u,w 0.5000
Feb 2.1369 2.1859 2.1114 2.1835 .0481 51,561 Jan 94.6700 94.6725 s t 94.6700 94.6725 392,724 Palladium,Engelhard industrial 945.0 Soybeans,No.1 yllw IL-bp,u 11.8800 Tallow,bleach;Chicago-h n.a.
March 2.1621 2.2078 2.1364 2.2055 .0470 98,684 Feb 94.6750 94.6800 94.6750 94.6800 548,610 Aluminum, LME, $ per metric ton *2142.0 Wheat,Spring14%-pro Mnpls-u 8.8800 Tallow,edible,Chicago-u n.a.
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. Three-Month SOFR (CME)-$1,000,000; 100 - daily avg.
Feb 2.876 2.960 2.666 2.697 –.173 89,253 Nov 94.6350 94.6350 94.6350 94.6375 .0050 2,995 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;
March 2.496 2.496 2.364 2.413 –.083 340,027 Dec 94.6375 94.6400 94.6350 94.6375 1,194,159 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 1/17
April 2.467 2.472 2.361 2.407 –.068 136,174
Currency Futures Source: Dow Jones Market Data
May 2.525 2.530 2.433 2.479 –.055 120,062
July 2.794 2.802 2.714 2.752 –.051 77,828 Japanese Yen (CME)-¥12,500,000; $ per 100¥
Oct 2.891 2.898 2.810 2.854 –.045 89,391 Feb .6782 .6803 .6775 .6778 –.0001 1,301
March .6814 .6835 .6805 .6808 –.0002 217,992 Bonds | wsj.com/market-data/bonds/benchmarks
Agriculture Futures Canadian Dollar (CME)-CAD 100,000; $ per CAD
Corn (CBT)-5,000 bu.; cents per bu. Feb
March
.7418
.7410
.7421
.7424
.7397
.7395
.7408
.7411
.0008 515
.0008 158,498
Tracking Bond Benchmarks
March 442.00 445.00 t 436.75 444.00 1.75 658,109
July 462.50 465.00 t 457.75 463.50 1.00 251,636 British Pound (CME)-£62,500; $ per £ Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week
Oats (CBT)-5,000 bu.; cents per bu. Feb 1.2681 1.2710 1.2652 1.2689 .0008 788 highs and lows for different types of bonds
March 355.25 372.00 t 350.00 366.75 13.25 2,902 March 1.2682 1.2712 1.2653 1.2691 .0008 168,391
Total Total
May 358.75 371.75 358.75 366.25 11.75 492 Swiss Franc (CME)-CHF 125,000; $ per CHF return YTD total return YTD total
Yield (%) Yield (%)
Soybeans (CBT)-5,000 bu.; cents per bu. March 1.1639 t 1.1571
1.1654 1.1572 –.0056 48,596
close return (%) Index Latest Low High close return (%) Index Latest Low High
March 1206.00 1216.00 t 1201.00 1213.50 7.75 301,985 June 1.1744 t 1.1685
1.1762 1.1679 –.0057 452
May 1219.25 1226.75 t 1212.75 1224.25 6.00 155,457 Australian Dollar (CME)-AUD 100,000; $ per AUD Broad Market Bloomberg Fixed Income Indices Mortgage-Backed Bloomberg Fixed Income Indices
Soybean Meal (CBT)-100 tons; $ per ton. Feb .6558 .6580 t .6533 .6566 .0016 479
March .6565 .6587 t .6538 .6572 .0017 164,017 2031.46 -1.4 U.S. Aggregate 4.740 4.180 5.740 2002.89 -1.6 Mortgage-Backed 4.970 4.140 6.050
March 358.70 362.40 355.50 361.30 2.60 191,951
May 356.10 358.40 354.30 357.50 1.40 121,722 Mexican Peso (CME)-MXN 500,000; $ per MXN U.S. Corporate Indexes Bloomberg Fixed Income Indices 1977.00 -1.7 Ginnie Mae (GNMA) 5.020 4.170 6.020
Soybean Oil (CBT)-60,000 lbs.; cents per lb. Feb .05774 .05797 .05774 .05792 .00017 133
March 47.70 48.20 46.96 47.62 –.08 216,345 March .05758 .05774 .05745 .05762 .00017 255,122 3077.63 -1.3 U.S. Corporate 5.250 4.830 6.430 1178.16 -1.6 Fannie mae (FNMA) 4.950 4.140 6.050

.
May 48.06 48.55 47.38 48.01 –.05 108,951 Euro (CME)-€125,000; $ per €
2974.66 -0.6 Intermediate 5.140 4.730 6.350 1820.31 -1.2 Freddie Mac (FHLMC) 4.870 4.090 6.190

ly
Rough Rice (CBT)-2,000 cwt.; $ per cwt. Feb 1.0897 1.0920 1.0861 1.0875 –.0014 3,779
March 17.60 17.73 17.58 17.60 –.04 9,170 March 1.0910 1.0933 1.0872 1.0887 –.0014 716,341 583.34 -0.8 Muni Master 3.247 2.757 4.311
4096.31 -2.8 Long term 5.460 5.010 6.600
Sept 15.49 15.49 t 15.47 15.46 –.00 1,207
Wheat (CBT)-5,000 bu.; cents per bu. Index Futures 588.24 -1.8 Double-A-rated 4.780 4.320 5.760 415.43 -0.7 7-12 year 2.913 2.392 4.097
March 583.50 587.00 t 573.25 585.50 3.00 192,693
Mini DJ Industrial Average (CBT)-$5 x index 828.70 -1.2 Triple-B-rated 5.460 5.080 6.700 471.85 -0.8 12-22 year 3.564 3.257 4.742
July

March
July
602.00

594.75
602.50
605.50

607.00
612.75
t 593.00
Wheat (KC)-5,000 bu.; cents per bu.
t 586.75
t 595.25
Cattle-Feeder (CME)-50,000 lbs.; cents per lb.
603.75

605.25
611.00
1.75 89,468

11.25 113,906
8.50 43,336
March
June
on
37453
37824
t 37303

Mini S&P 500 (CME)-$50 x index

March
June
4768.00 4817.00
4821.00 4869.50
37708
t 37676
38065
37659
38031
201 97,699
207 365

4763.50 4811.25 40.00 2,188,077

4816.50 4864.50 40.50 16,751
High Yield Bonds ICE BofA
522.05
500.61
-0.7
-1.2
High Yield Constrained 7.948 7.620 9.560
Triple-C-rated 13.455 12.776 15.457
443.32 -1.3
Global Government J.P. Morgan†
536.31 -1.4
22-plus year 4.233 4.020 5.274

Global Government 3.220 2.740 3.810

Jan 228.475 231.700 s 228.300 230.925 2.500 4,991 Mini S&P Midcap 400 (CME)-$100 x index
us ,

March 229.700 233.450 s 229.475 232.550 2.775 24,060 March 2707.60 2731.90 2700.80 2729.50 20.90 41,270 3516.81 -0.7 High Yield 100 7.387 7.022 9.101 785.64 -2.1 Canada 3.540 2.880 4.260
Cattle-Live (CME)-40,000 lbs.; cents per lb.
l

June 2750.00 20.90 1

Feb 173.000 175.075 s 172.575 174.825 1.725 57,947 Mini Nasdaq 100 (CME)-$20 x index 454.69 -0.4 Global High Yield Constrained 7.856 7.648 9.440 350.33 -1.7 EMU§ 3.069 2.669 3.790
e
al a

April 175.625 177.975 s 175.100 177.650 2.025 96,517 March 16854.50 17125.75 s 16834.25 17110.00 240.25 270,711
Hogs-Lean (CME)-40,000 lbs.; cents per lb. 346.20 0.1 Europe High Yield Constrained 6.422 6.286 8.022 647.45 -1.9 France 2.950 2.540 3.630
June 17065.00 17337.50 s 17046.00 17323.25 243.25 1,129
Feb 71.900 71.950 70.625 71.100 –.350 40,875 Mini Russell 2000 (CME)-$50 x index U.S Agency Bloomberg Fixed Income Indices 459.02 -1.8 Germany 2.410 2.020 3.030
April 78.275 78.825 77.475 78.450 .475 77,938 1925.00 1941.80 1911.20 1936.20 11.20 489,084
ci on

March
Lumber (CME)-27,500 bd. ft., $ per 1,000 bd. ft. June 1955.00 1961.10 1931.70 1956.40 11.10 822 1773.10 -0.4 U.S Agency 4.580 4.130 5.390 278.78 -0.1 Japan 1.060 0.710 1.300
March 546.50 550.50 t 542.50 547.50 1.00 5,939 Mini Russell 1000 (CME)-$50 x index
May 559.00 564.00 t 556.50 563.50 2.50 1,163 March 2625.70 2641.60 2616.50 2639.80 22.00 7,067 1570.33 -0.2 10-20 years 4.560 4.120 5.370 497.87 -2.2 Netherlands 2.660 2.260 3.320
Milk (CME)-200,000 lbs., cents per lb. U.S. Dollar Index (ICE-US)-$1,000 x index 3342.72 -3.1 20-plus years 4.880 4.300 5.740 783.16 -3.6 U.K. 4.300 3.340 4.880
Jan 15.16 15.19 15.14 15.14 –.02 4,936 March 103.07 103.41 102.93 103.31 .11 22,953
Feb 15.80 15.80 15.62 15.65 –.06 8,153 June 102.73 103.04 102.68 102.99 .11 385 2695.88 -1.0 Yankee 5.060 4.670 6.110 832.32 -1.9 Emerging Markets ** 7.587 7.102 8.842
Cocoa (ICE-US)-10 metric tons; $ per ton.
er s

*Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds
March 4,428 4,497 s 4,415 4,458 10 140,718 Source: FactSet
** EMBI Global Index Sources: ICE Data Services; Bloomberg Fixed Income Indices; J.P.Morgan
m er

Macro & Market Economics Global Government Bonds: Mapping Yields

Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in
Watching the Gauges: U.S. Supply and Demand selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session
Inventories, imports and demand for the week ended January 12. Current figures are in thousands of barrels or
m rp

Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points

thousands of gallons per day, except natural-gas figures, which are in billions of cubic feet. Natural-gas import Coupon (%) Maturity, in years Latest(l)-1 0 1 2 3 4 5 Previous Month ago Year ago Latest Prev Year ago
and demand data are available monthly only. 4.250 U.S. 2 4.355 s l 4.352 4.455 4.076
4.500 10 4.142 s l 4.103 3.955 3.374
Inventories, 000s barrels Imports, 000s barrels per day 0.250 Australia 2 3.954 s l 3.905 3.820 3.143 -45.8 -95.4
-39.2
Expected Previous Year 4-week 5-year Expected Previous Year 4-week 5-year 3.000 10 4.274 s l 4.222 4.072 3.557 12.6 11.3 18.4
co Fo

Current change week ago avg avg Current change week ago avg avg
0.000 France 2 2.807 t l 2.814 3.066 2.605 -154.0 -154.9 -149.3
Crude oil and
petroleum prod 1,263,443 ... 1,261 1,230 1,255 1,257 9,391 ... 8,157 9,265 8,673 8,122 3.500 10 2.837 s l 2.814 2.605 2.439 -131.1 -129.5 -93.4
Crude oil 3.100 Germany 2 2.692 t l 2.700 2.559 2.457 -165.4 -166.3 -164.1
excluding SPR 429,911 -900 432 448 432 444 7,420 ... 6,241 6,861 6,708 6,190 2.200 10 2.352 s l 2.315 2.080 2.025 -179.6 -179.4 -134.8
Gasoline 248,065 ... 245 230 239 249 549 ... 500 556 557 460
3.600 Italy 2 3.231 t l 3.236 3.119 2.731 -111.6 -112.8 -136.6
Finished gasoline 19,389 2,500 19 17 17 23 66 ... 17 53 62 67
Reformulated 20 ... 0 0 0 0 0 ... 0 0 0 0 4.200 10 3.909 s l 3.908 3.764 3.734 -23.9 -20.1 36.0
Conventional 19,369 ... 19 17 17 23 66 ... 17 53 62 67 0.100 Japan 2 0.038 s l 0.022 0.078 0.019 -430.8 -434.1 -407.9
Blend. components 228,676 ... 226 214 222 227 483 ... 483 503 495 392 0.600 10 0.655 s l 0.609 0.670 0.422 -349.3 -350.0 -295.1
Natural gas (bcf) 3,182 ... 3 3 3 3 ... ... ... ... ... … 0.000 Spain 2 3.187 t l 3.192 3.042 2.578 -117.1 -151.9
-116.0
Kerosene-type 3.550 10 3.263 s l 3.245 3.051 2.933 -88.5 -86.4 -44.1
jet fuel 40,921 ... 39 34 39 40 61 ... 64 199 107 141
3.500 U.K. 2 4.307 t l 4.360 4.314 3.479 -4.0 -0.3 -61.8
Distillates 134,753 600 132 116 127 138 115 ... 274 148 205 255
n-

Heating oil 6,326 ... 6 8 6 9 0 ... 1 0 0 7 4.250 10 3.937 t l 3.982 3.696 3.318 -21.1 -12.7 -5.5
Diesel 128,427 ... 127 108 121 64 114 ... 274 148 205 248 Source: Tullett Prebon, Tradeweb ICE U.S. Treasury Close
Residual fuel oil 26,809 ... 26 31 26 30 155 ... 42 253 91 174
Other oils 280,978 ... 282 271 286 269 945 ... 924 1,068 876 745
Corporate Debt
no

Net crude, petroleum

products, incl. SPR 1,619,033 ... 1,616 1,602 1,609 1,834 -2,021 ... -1,403 -924 -2,317 -237
Prices of firms' bonds reflect factors including investors' economic, sectoral and company-specific
expectations
Weekly Demand, 000s barrels per day Natural gas storage Investment-grade spreads that tightened the most…
Expected Previous Year 4-week 5-year Spread*, in basis points
Billions of cubic feet; weekly totals Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week
Current change week ago avg avg
Morgan Stanley MS 4.375 5.27 Jan. 22, ’47 77 –282 89
Total petroleum –278
4250 JPMorgan Chase JPM 4.850 5.24 Feb. 1, ’44 74 86
product 19,869 ... 19,605 20,314 19,987 20,396 Vodafone VOD 4.875 5.75 June 19, ’49 137 –278 141
Natural gas,
Finished lower 48 states 3250 Bank of Nova Scotia BNS 5.650 5.45 Feb. 1, ’34 131 –230 133
motor gasoline 8,269 ... 8,325 8,054 8,429 8,567 t Toronto–Dominion Bank TD 4.456 5.21 June 8, ’32 108 –210 107
t
Kerosene-type 2250 Spirit Airlines SAVE 4.100 7.99 April 1, ’28 384 –105 n.a.
Five-year average
jet fuel 1,298 ... 1,598 1,497 1,557 1,447 Bank of Montreal BMO 5.266 4.89 Dec. 11, ’26 54 –101 54
for each week 1250
Distillates 3,645 ... 3,432 4,024 3,428 4,191 Athene Global Funding ATH 2.500 5.35 March 24, ’28 132 –24 159
Residual fuel oil 229 ... 67 255 220 286 250 …And spreads that widened the most
Propane/propylene 1,397 ... 1,591 1,518 1,436 ... F M A M J J A S O N D J Bank of America BAC 5.000 5.16 Jan. 21, ’44 67 214 92
Other oils 5,033 ... 4,593 4,965 4,919 ... 2023
Toyota Motor Credit TOYOTA 4.800 4.96 Jan. 5, ’34 83 150 81
Note: Expected changes are provided by Dow Jones Newswires' survey of analysts. Previous and average inventory data are in millions.
Sources: FactSet; Dow Jones Market Data; U.S. Energy Information Administration; Dow Jones Newswires Toronto–Dominion Bank TD 1.250 4.91 Sept. 10, ’26 57 10 n.a.
Bank of Montreal BMO 5.300 4.97 June 5, ’26 62 8 60

Exchange-Traded Portfolios | WSJ.com/ETFresearch Citigroup C 4.600 5.26 March 9, ’26 90 7 85

John Deere Capital … 4.700 4.64 June 10, ’30 60 6 63
Closing Chg YTD
Largest 100 exchange-traded funds, latest session ETF Symbol Price (%) (%) Sumitomo Mitsui Financial SUMIBK 2.472 5.11 Jan. 14, ’29 107 6 n.a.
SPDR S&P Div SDY 122.88 0.31 –1.7 Colgate–Palmolive CL 4.800 4.33 March 2, ’26 –3 5 –4
Thursday, January 18, 2024 Closing Chg YTD
ETF Symbol Price (%) (%) TechSelectSector XLK 195.66 2.03 1.7

ETF
Closing Chg YTD
Symbol Price (%) (%) 82.09 0.1
VangdInfoTech VGT 489.08 1.94 1.0 High-yield issues with the biggest price increases…
iSh1-3YTreaBd SHY 0.05 VangdSC Val VBR 173.60 0.67 –3.5 Bond Price as % of face value
CommSvsSPDR XLC 73.83 1.22 1.6 iShRussMC IWR 75.85 0.64 –2.4 VangdExtMkt VXF 158.50 0.65 –3.6 Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week
CnsmrDiscSel XLY 173.22 0.57 –3.1 iShRuss1000 IWB 262.22 0.89 –0.0 VangdDivApp VIG 170.53 0.77 0.1
iShRuss1000Grw IWF 307.83 1.35 1.5 1.88
DimenUSCoreEq2 DFAC 28.85 0.80 –1.3 VangdFTSEAWxUS VEU 54.44 0.81 –3.0 CSC Holdings CSCHLD 5.250 5.92 June 1, ’24 99.750 98.125
EnSelSectorSPDR XLE 79.91 –0.16 –4.7 iShRuss1000Val IWD 162.37 0.33 –1.7 VangdFTSEDevMk VEA 46.63 0.91 –2.7
FinSelSectorSPDR XLF 37.33 0.16 –0.7 iShRuss2000 IWM 190.60 0.59 –5.0 Dish DBS … 5.125 28.23 June 1, ’29 38.000 1.50 44.500
VangdFTSE EM VWO 39.27 0.59 –4.5
iShS&P500Grw IVW 76.33 1.42 1.6 0.88
HealthCrSelSect XLV 139.38 –0.01 2.2 VangdFTSE Europe VGK 62.47 0.89 –3.1 Telecom Italia Capital TITIM 6.375 6.86 Nov. 15, ’33 96.600 96.000
InvscNasd100 QQQM 170.09 1.47 0.9 iShS&P500Value IVE 171.54 0.26 –1.4
VangdGrowth VUG 315.12 1.33 1.4
InvscQQQI QQQ 412.99 1.42 0.8 iShSelectDiv DVY 113.88 –0.20 –2.8 Xerox XRXCRP 6.750 8.58 Dec. 15, ’39 84.251 0.55 82.646
VangdHlthCr VHT 254.99 0.04 1.7
InvscS&P500EW RSP 154.63 0.51 –2.0 iSh7-10YTreaBd IEF 94.93 –0.22 –1.5
iShCoreDivGrowth DGRO 53.61 0.53 –0.4 iShShortTreaBd SHV 110.39 0.03 0.2
VangdHiDiv VYM 110.38 0.36 –1.1 Bath & Body Works BBWI 7.600 7.65 July 15, ’37 99.625 0.25 100.000
VangdIntermBd BIV 75.47 –0.11 –1.2
iShCoreMSCIEAFE IEFA 68.75 0.90 –2.3 iShTIPSBond TIP 106.94 0.03 –0.5
VangdIntrCorpBd VCIT 80.27 –0.07 –1.2 OneMain Finance OMF 6.875 6.41 March 15, ’25 100.500 0.25 100.500
iShCoreMSCIEM IEMG 47.91 0.65 –5.3 iSh20+YTreaBd TLT 93.79 –0.93 –5.1
iShCoreMSCITotInt IXUS 62.91 0.83 –3.1 iShUSTreasuryBd GOVT 22.74 –0.22 –1.3
VangdIntermTrea VGIT 58.86 –0.08 –0.8 Teva Pharmaceutical Finance Netherlands … 3.150 6.11 Oct. 1, ’26 92.750 0.13 93.459
VangdLC VV 218.99 0.91 0.4
iShCoreS&P500 IVV 478.69 0.86 0.2 iSh0-3MTreaBd SGOV 100.55 0.04 0.3
VangdMegaGrwth MGK 263.72 1.46 1.6
iShCoreS&P MC IJH 270.62 0.85 –2.4 JPM EqPrem JEPI 55.21
50.38
0.47 0.4
0.3 VangdMC VO 227.18 0.58 –2.3
…And with the biggest price decreases
iShCoreS&P SC IJR 103.31 0.94 –4.6 JPM UltShIncm JPST 0.06
VangdMBS VMBS 45.68 –0.04 –1.5 –2.22
iShCoreS&PTotUS ITOT 104.88 0.82 –0.3 PacerUSCashCows COWZ 50.86 0.18 –2.2 Bausch Health BHCCN 11.000 21.53 Sept. 30, ’28 69.781 71.854
ProShUltPrQQQ TQQQ 51.56 4.29 1.7 VangdRealEst VNQ 84.39 –0.54 –4.5
iShCoreTotUSDBd IUSB 45.51 –0.11 –1.2
SPDRBbg1-3MTB BIL 91.65 0.04 0.3 VangdRuss1000Grw VONG 79.21 1.33 1.5 Hughes Satellite Systems … 6.625 20.12 Aug. 1, ’26 74.250 –1.00 75.500
iShCoreUSAggBd AGG 98.00 –0.09 –1.3
VangdS&P500ETF VOO 437.93 0.89 0.3 –0.50
iShEdgeMSCIMinUSA USMV 78.80 0.50 1.0 SPDR DJIA Tr DIA 374.81 0.56 –0.5 Hat Holdings I … 3.750 7.40 Sept. 15, ’30 81.125 83.238
iShEdgeMSCIUSAQual QUAL 148.65 1.02 1.0 SPDR Gold GLD 187.37 0.82 –2.0 VangdST Bond BSV 76.91 0.05 –0.1
iShGoldTr IAU 38.27 0.84 –1.9 SPDRPtfDevxUS SPDW 33.15 0.91 –2.5 VangdSTCpBd VCSH 77.28 0.03 –0.1 Occidental Petroleum OXY 6.450 5.94 Sept. 15, ’36 104.484 –0.32 104.923
iShiBoxx$HYCpBd 77.04 0.21 –0.5 SPDRS&P500Value SPYV 46.02 0.31 –1.3 VangdShortTrea VGSH 58.35 0.03 0.0
HYG
VangdSC VB 205.65 0.81 –3.6 Murphy Oil MUR 7.050 6.27 May 1, ’29 103.444 –0.32 103.000
iShiBoxx$IGCpBd LQD 108.88 –0.19 –1.6 SPDRPtfS&P500 SPLG 56.06 0.88 0.3
iShJPMUSDEmBd EMB 87.45 0.10 –1.8 SPDRS&P500Growth SPYG 66.15 1.43 1.7 VangdTaxExemptBd VTEB 50.53 –0.24 –1.0 West Technology Group WESTEG 8.500 13.94 April 10, ’27 86.250 –0.31 n.a.
iShMBS MBB 92.72 –0.14 –1.4 SPDR S&P 500 SPY 476.49 0.89 0.2 VangdTotalBd BND 72.67 –0.14 –1.2
36.03 0.90 –2.5 VangdTotIntlBd BNDX 48.70 –0.04 –1.3 Prime Security Services Borrower PRSESE 5.750 5.79 April 15, ’26 99.910 –0.22 100.090
iShMSCIACWI ACWI 100.66 0.87 –1.1 SchwabIntEquity SCHF
iShMSCI EAFE EFA 73.76 0.89 –2.1 SchwabUS BrdMkt SCHB 55.51 0.85 –0.3 VangdTotIntlStk VXUS 56.16 0.75 –3.1 OneMain Finance OMF 7.125 6.42 March 15, ’26 101.375 –0.13 101.375
iSh MSCI EM EEM 37.99 0.82 –5.5 SchwabUS Div SCHD 75.70 0.60 –0.6 VangdTotalStk VTI 236.66 0.88 –0.2
iShMSCIEAFEValue EFV 51.00 0.61 –2.1 SchwabUS LC SCHX 56.47 0.93 0.1 VangdTotWrldStk VT 101.54 0.85 –1.3 *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.
iShNatlMuniBd MUB 107.59 –0.36 –0.8 SchwabUS LC Grw SCHG 84.19 1.28 1.5 VangdValue VTV 147.93 0.32 –1.1 Note: Data are for the most active issue of bonds with maturities of two years or more
iSh1-5YIGCpBd IGSB 51.21 0.05 –0.1 SPDR S&PMdCpTr MDY 495.25 0.79 –2.4 WT FRTrea USFR 50.39 0.06 0.3 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, January 19, 2024 | B7

BIGGEST 1,000 STOCKS

Net Net Net Net Net Net
How to Read the Stock Tables Footnotes: Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg
The following explanations apply to NYSE, NYSE s-New 52-week high. FMC FMC 55.04 -0.43 Illumina ILMN 134.24 0.68 MatchGroup MTCH 36.37 0.54 Pentair PNR 70.68 1.04 Shopify SHOP 77.52 -2.80 TruistFinl TFC 35.98 0.20
Arca, NYSE American and Nasdaq Stock Market t-New 52-week low. FTI Consulting FCN 204.52 3.33 Immunogen IMGN 29.53 -0.06 McCormickVtg MKC.V 63.38 -1.53 Penumbra PEN 255.82 -1.41 SimonProperty SPG 141.83 -0.29 Twilio TWLO 72.52 0.51
listed securities. Prices are composite quotations dd-Indicates loss in the most recent four FactSet FDS 461.18 2.76 ImperialOil IMO 55.57 0.27 McCormick MKC 64.92 -0.10 PepsiCo PEP 167.17 0.73 SimpsonMfg SSD 183.70 2.57 TylerTech TYL 424.16 4.62
that include primary market trades as well as quarters. FairIsaac FICO 1250.42 20.26 Incyte INCY 61.18 -0.30 McDonald's MCD 294.36 3.20 PerformanceFood PFGC 70.93 0.07 SiriusXM SIRI 5.36 0.10 TysonFoods TSN 53.57 -0.74
trades reported by Nasdaq BX (formerly Boston), FD-First day of trading. s Fastenal FAST 67.93 4.55 Informatica INFA 29.03 0.08 s McKesson MCK 493.00 7.18 PermianRscs PR 13.23 0.26 SiteOneLandscape SITE 158.42 4.61 UBS Group UBS 29.36 0.22
Chicago Stock Exchange, Cboe, NYSE National and h-Does not meet continued listing FederalRealty FRT 99.08 -1.16 Infosys INFY 19.83 0.29 Medpace MEDP 291.52 6.65 PetroleoBrasil PBR 15.82 -0.08 s SkechersUSA SKX 64.07 0.98 UDR UDR 37.21 -0.28
Nasdaq ISE. standards FedEx FDX 244.07 0.78 s IngersollRand IR 78.18 0.73 Medtronic MDT 86.29 0.24 PetroleoBrasilA PBR.A 15.28 -0.07 Skyworks SWKS 103.73 3.51 UFP Inds UFPI 115.81 1.59
The list comprises the 1,000 largest companies lf-Late filing Ferguson FERG 189.35 4.70 Ingredion INGR 110.08 -0.02 MercadoLibre MELI 1661.98 26.70 Pfizer PFE 28.09 -0.06 SmithAO AOS 80.58 0.46 U-Haul N UHAL/B 63.19 0.21
based on market capitalization. q-Temporary exemption from Nasdaq Ferrari RACE 347.10 3.81 Insulet PODD 203.91 3.01 Merck MRK 118.54 0.41 PhilipMorris PM 93.19 -0.52 Smith&Nephew SNN 28.06 0.65 U-Haul UHAL 65.59 0.35
Underlined quotations are those stocks with requirements. FidNatlFinl FNF 48.20 -0.23 Intel INTC 46.74 0.68 MetaPlatforms META 376.13 7.76 Phillips66 PSX 127.67 -0.60 Smucker SJM 129.30 -1.45 US Foods USFD 46.26 0.10
large changes in volume compared with the t-NYSE bankruptcy FidNatlInfo FIS 59.01 -0.79 InteractiveBrkrs IBKR 88.82 -0.37 MetLife MET 67.72 0.31 PinnacleWest PNW 69.29 -0.59 Snap SNAP 16.21 0.71 UWM UWMC 6.20 0.10
issue’s average trading volume. v-Trading halted on primary market. Pinterest 0.68 Snap-On s Uber
Boldfaced quotations highlight those issues vj-In bankruptcy or receivership or being FifthThirdBncp FITB 33.24 -0.55 ICE ICE 126.63 0.80 Mettler-Toledo MTD 1185.00 22.00 PINS 37.09 SNA 284.96 1.95 UBER 64.88 1.76
FirstCitizBcshA FCNCA 1385.41 11.50 s InterContinentl IHG 94.66 2.56 MicrochipTech MCHP 86.16 2.82 PioneerNatRscs PXD 216.63 -0.49 Snowflake SNOW 186.61 -1.51 Ubiquiti UI 127.03 1.53
whose price changed by 5% or more if their reorganized under the Bankruptcy Code,
previous closing price was $2 or higher. or securities assumed by such companies. FirstHorizon FHN 13.92 0.67 IBM IBM 166.84 0.76 MicronTech MU 84.82 1.54 PlainsAllAmPipe PAA 15.57 0.07 SOQUIMICH SQM 47.95 -0.67 UiPath PATH 21.60 -0.02
FirstIndRlty FR 52.33 0.21 IntlFlavors IFF 78.35 -0.53 Microsoft MSFT 393.87 4.40 PlainsGP PAGP 16.40 0.23 SoFiTech SOFI 7.41 -0.12 UltaBeauty ULTA 475.50 2.74
FirstSolar FSLR 147.45 0.19 IntlPaper IP 36.69 -0.21 MicroStrategy MSTR 486.60 -12.40 Pool POOL 387.00 9.94 Sony SONY 97.85 0.44 Unilever UL 47.18 -0.54
Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and FirstEnergy FE 37.11 -0.22 Interpublic IPG 31.77 0.31 MidAmApt MAA 131.46 -1.54 s Primerica PRI 223.08 1.54 Southern SO 68.77 -0.86 UnionPacific UNP 237.99 2.18
changes in the closing prices from 4 p.m. the previous day. FirstService FSV 161.90 4.48 Intuit INTU 611.36 11.52 Middleby MIDD 138.03 2.64 PrincipalFinl PFG 77.22 0.02 SoCopper SCCO 78.81 0.33 UnitedAirlines UAL 39.77 1.89
s Fiserv FI 137.81 0.37 s IntuitiveSurgical ISRG 371.93 13.05 MitsubishiUFJ MUFG 8.81 0.10 ProcoreTech PCOR 68.04 0.83 SouthwestAir LUV 30.03 1.92 UnitedMicro UMC 7.79 0.15
Thursday, January 18, 2024 Net Net FiveBelow FIVE 188.88 -0.38 InvitatHomes INVH 33.05 -0.06 MizuhoFin MFG 3.48 0.02 Procter&Gamble PG 148.14 -0.86 SouthwesternEner SWN 6.44 -0.04 UPS B UPS 156.53 1.97
Net Stock Sym Close Chg Stock Sym Close Chg FleetCorTech FLT 277.56 -0.37 IonisPharm IONS 50.65 -0.64 t Mobileye MBLY 28.07 -0.31 Progressive PGR 169.91 0.87 Splunk SPLK 152.79 0.10 UnitedRentals URI 563.37 13.05
Flex FLEX 22.49 0.36 IronMountain IRM 65.94 0.60 Moderna MRNA 99.07 -1.28 Prologis PLD 126.26 -0.60 s Spotify SPOT 204.82 6.14 US Bancorp USB 40.15 -0.67
Stock Sym Close Chg Barclays BCS 7.29 0.07 Comerica CMA 52.29 -0.39 Floor&Decor FND 105.35 2.31 ItauUnibanco ITUB 6.66 -0.01 MolinaHealthcare MOH 381.06 -5.42 PrudentialFinl PRU 101.84 -0.01 StanleyBlackDck SWK 94.48 1.62 US Steel X 47.45 0.23
BarrickGold GOLD 15.53 -0.03 ComfortSystems FIX 204.57 2.13 FomentoEconMex FMX 132.52 3.85 MolsonCoorsB TAP 62.83 -0.43 Prudential PUK 20.23 0.43 Stantec STN 80.05 1.44 UnitedTherap UTHR 219.11 -3.14
A B C Bath&BodyWks BBWI 42.55 -0.26 SABESP SBS 15.27 -0.22 FordMotor F 10.99 -0.28 J K L monday.com MNDY 193.04 1.93 PublicServiceEnt PEG 58.33 -0.48 Starbucks SBUX 93.34 1.57 UnitedHealth UNH 516.34 -8.60
BAX 38.84 0.15 ConagraBrands CAG 28.71 -0.20 Fortinet FTNT 61.41 0.79 Mondelez MDLZ 72.91 -0.39 PublicStorage PSA 290.97 -3.53 StateStreet STT 74.31 -0.38 UnitySoftware U 32.87 -0.11
AECOM ACM 88.45 1.04 BaxterIntl t JD.com JD 22.02 -0.40 MongoDB
BectonDicknsn BDX 235.00 0.70 ConocoPhillips COP 106.93 -0.64 Fortis FTS 39.89 -0.47 MDB 392.18 -8.20 PulteGroup PHM 104.23 0.48 SteelDynamics STLD 112.69 0.34 UnivDisplay OLED 179.73 5.63
AES AES 17.38 -0.02 JPMorganChase JPM 167.42 0.33 MonolithicPower MPWR 610.90 26.55
Aflac AFL 83.61 0.78 BeiGene BGNE 165.35 -2.45 ConEd ED 89.40 -1.15 Fortive FTV 71.58 0.68 PureStorage PSTG 38.93 1.96 Stellantis STLA 21.56 0.22 UniversalHealthB UHS 156.39 1.68
Jabil JBL 123.50 1.99 MonsterBev MNST 57.25 0.14 Qiagen -0.05 Steris UnumGroup UNM 45.87 0.47
AGCO AGCO 115.84 0.74 BellRing BRBR 54.64 0.95 ConstBrands A STZ 253.65 0.99 FortuneBrands FBIN 77.23 0.94 QGEN 44.65 STE 220.47 1.59
Ansys ANSS 328.27 -1.97 BentleySystems BSY 48.98 0.39 ConstellationEner CEG 111.41 -0.51 FoxA FOXA 30.87 0.23 JackHenry JKHY 165.54 -0.22 Moody's MCO 383.20 1.92 Qorvo QRVO 103.78 3.89 Stevanato STVN 27.45 -0.01 VICI Prop VICI 30.26 -0.32
FoxB FOX 28.58 0.20 JacobsSolns J 131.77 1.33 MorganStanley MS 83.90 -0.51 Qualcomm QCOM 145.29 5.97 StifelFinancial SF 68.93 -0.02 VailResorts MTN 222.08 7.97
t APA APA 30.68 -0.13 Berkley WRB 74.38 0.65 Cooper COO 385.75 6.94
Copart CPRT 48.17 0.42 Franco-Nevada FNV 107.64 0.26 JamesHardie JHX 37.18 0.50 Morningstar MORN 276.71 1.73 Qualys QLYS 197.76 4.22 STMicroelec STM 43.99 1.43 Vale VALE 14.04 -0.02
ASE Tech ASX 9.05 0.42 BerkHathwy B BRK.B 362.38 3.09
JazzPharm JAZZ 115.19 -2.62 Mosaic MOS 32.12 0.50 QuantaServices PWR 201.91 s
1.75 Stryker ValeroEnergy VLO 125.96
ASML ASML 744.53 32.26 BerkHathwy A BRK.A 5494764226.87 Core&Main CNM 40.89 0.46 FranklinRscs BEN 27.46 0.09 JefferiesFinl JEF 39.28 0.36 SYK 314.72 1.04 -0.35
FreeportMcM FCX 38.21 -0.03 MotorolaSol MSI 320.97 3.94 QuestDiag DGX 134.23 0.51 SumitomoMits SMFG 9.76 0.01 VeevaSystems VEEV 204.50 2.61
AT&T T 16.40 -0.01 BerryGlobal BERY 66.43 0.93 CorebridgeFin CRBG 23.90 -0.24
AbbottLabs ABT 114.02 0.09 BestBuy BBY 70.94 -0.20 Corning GLW 30.16 0.31 FreseniusMedCare FMS 19.38 0.28 J&J JNJ 161.21 0.78 MurphyUSA MUSA 372.53 -4.80 SunComms SUI 129.01 -1.92 Ventas VTR 47.60 -0.42
AbbVie ABBV 163.30 1.26 Bio-Techne TECH 69.86 0.02 Corteva CTVA 44.41 -0.43 FullTruck YMM 6.55 0.02 JohnsonControls JCI 53.67 -0.56 NICE NICE 203.15 -1.48 R S SunLifeFinancial SLF 50.42 0.40 Veralto VLTO 76.01 0.13
JonesLang JLL 171.00 2.30 t NIO NIO 6.28 -0.02 SuncorEnergy SU 31.44 -0.05 VeriSign VRSN 203.99 2.15
AcadiaHealthcare ACHC 85.06 1.53 Bio-RadLab A BIO 304.11 -0.01 CoStar CSGP 81.83 0.14
s Accenture ACN 359.55 5.90 Biogen BIIB 246.97 1.70 s Costco COST 687.31 3.12 G H I JuniperNetworks JNPR 37.32 0.10 NNN REIT NNN 41.87 -0.50 RBC Bearings RBC 275.25
RB Global RBA 64.71
5.28
0.17
SuperMicroComp SMCI 311.44 -6.79 VeriskAnalytics VRSK 237.55 0.88
KB Financial KB 36.93 0.13 NOV NOV 19.47 0.39 Suzano SUZ 10.44 -0.20 Verizon VZ 38.94 0.07
AcuityBrands AYI 226.39 2.19 BioMarinPharm BMRN 92.53 -0.90 CoterraEnergy CTRA 24.61 0.02 GE HealthCare GEHC 73.52 0.77 KBR KBR 53.56 0.22 NRG Energy NRG 50.96 -0.27 s RELX RELX 41.62 0.80
BNTX 97.53 -0.07 Coty COTY 12.10 0.04 Symbotic SYM 41.78 1.35 VertexPharm VRTX 432.98 -0.78
Adobe ADBE 593.70 -2.40 BioNTech GFLEnvironmental GFL 33.83 1.36 KE Holdings BEKE 13.64 -0.19 NVR RPM RPM 109.36 2.13
NVR 7184.96 80.36 SynchronyFinl SYF 35.77 -0.70 s Vertiv VRT 50.89 1.63
AdvDrainageSys WMS 132.73 1.52 Birkenstock BIRK 46.12 -3.86 Coupang CPNG 14.91 -0.06
GSK GSK 39.54 -0.24 KKR KKR 81.56 0.36 NXP Semicon NXPI 211.61 6.13 RTX RTX 85.47 0.42
Credicorp BAP 148.80 1.11 Synopsys SNPS 494.34 -13.53 Viatris VTRS 11.27 -0.19
s AdvMicroDevices AMD 162.67 2.50 BlackRock BLK 795.26 7.83 Gallagher AJG 236.95 2.96 KLA KLAC 590.00 27.50 Nasdaq RalphLauren RL 138.00 1.16
s Blackstone BX 117.09 0.11 CrowdStrike CRWD 283.11 6.84 NDAQ 56.83 0.72 Sysco SYY 75.20 0.53 VinFastAuto VFS 5.64 -0.13
Aegon AEG 5.86 0.04 Gaming&Leisure GLPI 46.33 -0.21 KarunaTherap KRTX 315.95 -0.19 Natera Rambus RMBS 69.18 1.62
64.47 0.57 CrownCastle CCI 107.79 -0.71 Gap NTRA 67.56 0.06 Vipshop VIPS 15.11 -0.65
AerCap AER 74.70 1.57 Block SQ
AffirmHldgs AFRM 40.14 -0.87 BlueOwlCapital OWL 15.10 ... Crown Holdings CCK 89.29 -0.27
Garmin
GPS 18.53 -0.88 Kellanova
GRMN 124.28 0.91 Kenvue
K 54.56 0.03 NationalGrid NGG 65.94 -0.29 RangeResources RRC 29.35
RaymondJames RJF 109.74
-0.15
0.54
T U V s Visa V 268.14 1.51
KVUE 20.94 -0.04 NatWest NWG 5.34 0.08 Vistra VST 39.41 -0.31
AgilentTechs A 130.46 2.34 Boeing BA 211.61 8.55 CubeSmart CUBE 44.60 -0.19 Gartner IT 463.09 8.71 KeurigDrPepper KDP 31.80 0.06 NetApp RealtyIncome O 56.12 -1.09 TAL Education TAL 11.27 -0.03
BKNG 3528.81 38.91 Cummins CMI 233.19 0.11 NTAP 86.46 1.03 Vodafone VOD 8.45 -0.12
AgnicoEagleMines AEM 49.15 0.17 Booking GenDigital GEN 22.97 0.15 KeyCorp KEY 13.20 -0.64 RegalRexnord RRX 137.77 4.27 TC Energy TRP 38.75 -0.13
BAH 127.67 1.13 Curtiss-Wright CW 223.82 3.39 Generac NetEase NTES 89.44 1.07 VoyaFinancial VOYA 70.83 0.72
AirProducts APD 260.03 -0.11 BoozAllen GNRC 115.89 1.40 KeysightTech KEYS 152.37 2.61 Netflix RegencyCtrs REG 62.30 -0.17 TD Synnex SNX 104.15 0.85
s NFLX 485.31 4.98 VulcanMatls VMC 225.12 3.86
Airbnb ABNB 137.04 2.06 BorgWarner BWA 32.75 0.04 CyberArkSoftware CYBR 228.92 1.96 GeneralDynamics GD 250.95 2.30 KimberlyClark KMB 123.04 -0.28 RegenPharm REGN 930.00 0.87 TE Connectivity TEL 130.46 1.33
s Neurocrine NBIX 136.75 -0.37
AkamaiTech AKAM 119.33 1.62 BostonProps BXP 66.50 -0.42 Cytokinetics CYTK 82.74 -2.94 GeneralElec GE 128.55 1.67 KimcoRealty KIM 19.79 -0.19
Albemarle s
ALB 117.99 -2.71 BostonSci BSX 61.05 0.09 NewFortressEner NFE 33.36 -1.56 RegionsFinl RF 17.95 0.01 Telus TU 18.24 0.06 W X Y Z
Albertsons ACI 21.94 -0.07 BristolMyers BMY 50.09 0.11
D E F GeneralMills GIS
GeneralMotors GM
63.31 0.22 KinderMorgan KMI 17.31 -0.25 NewOrientalEduc EDU 74.08 -0.95
34.58 -0.43 KinsaleCapital KNSL 397.43 4.70 NY CmntyBcp NYCB 9.83 0.04
ReinsGrp RGA 168.31
RelianceSteel RS 280.29
1.50 Ternium
1.44 TFI Intl
TX 38.83 -0.15
TFII 131.68 0.67 WEC Energy WEC 80.40 -0.91
Alcon ALC 77.60 1.15 BritishAmTob BTI 29.36 -0.19 DTE Energy DTE 104.85 -0.86 Genmab GMAB 28.72 -0.43 Knight-Swift KNX 55.41 1.83 NYTimes A NYT 47.53 0.26 RenaissanceRe RNR 209.74 4.13 TIM TIMB 17.71 -0.01 WEX WEX 198.03 1.96
AlexandriaRlEst ARE 121.96 -1.23 Broadcom AVGO 1143.91 40.24 Danaher DHR 226.31 1.73 Gentex GNTX 32.60 0.22 Philips PHG 23.38 0.13 Newmont RentokilInit RTO 25.65 0.24 TJX TJX 94.75 0.36 W.P.Carey WPC 65.14 -0.91
NEM 34.62 -0.11
Alibaba BABA 68.05 -0.88 BroadridgeFinl BR 201.23 -0.72 Darden DRI 159.92 2.21 GenuineParts GPC 139.45 1.47 KoreaElecPwr KEP 6.97 -0.06 NewsCorp A NWSA 23.58 0.10 Repligen RGEN 174.20 3.42 s T-MobileUS TMUS 164.89 0.62 WPP WPP 46.34 0.90
AlignTech ALGN 264.51 4.95 BrookfieldAsset BAM 38.26 0.42 DarlingIngred DAR 43.54 -0.49 t Gerdau GGB 4.24 0.05 KraftHeinz KHC 37.01 -0.78 NewsCorp B NWS 24.59 0.08 RepublicSvcs RSG 167.75 1.55 TPG TPG 39.10 0.30 Wabtec WAB 126.74 0.92
Allegion ALLE 121.17 2.45 Brookfield BN 38.77 0.28 s Datadog DDOG 126.92 0.89 GileadSciences GILD 86.40 -0.08 Kroger KR 46.15 -0.38 NextEraEnergy NEE 57.65 -0.62 ResMed RMD 172.76 2.05 T.RowePrice TROW 106.28 0.54 WalgreensBoots WBA 22.15 -0.02
AlliantEnergy LNT 49.05 -0.49 BrookfieldInfr BIP 30.33 0.32 DaVita DVA 105.41 0.76 GitLab GTLB 65.10 1.64 LKQ LKQ 47.28 0.23 Nike RestaurantBrands QSR 76.74 0.93 s TaiwanSemi TSM 113.03 10.08 Walmart WMT 163.24 2.17
NKE 100.94 0.12
Allstate ALL 152.92 0.37 BrookfieldRenew BEPC 28.36 0.17 s DeckersOutdoor DECK 736.71 12.22 GlobalPayments GPN 127.42 -0.62 LPL Financial LPLA 236.64 2.56 Revvity RVTY 105.92 0.24 TakeTwoSoftware TTWO 159.86 -0.52 WarnerBrosA WBD 10.28 0.12
Brown&Brown BRO 74.15 -0.32 NiSource NI 25.65 -0.29
AllyFinancial ALLY 32.13 -0.42 Deere DE 381.39 2.78 GlobalFoundries GFS 56.77 1.90 L3HarrisTech LHX 205.73 1.19 Nokia RexfordIndlRealty REXR 53.76 -0.02 TakedaPharm TAK 14.87 0.01 WarnerMusic WMG 36.22 0.42
NOK 3.47 0.02
AlnylamPharm ALNY 185.95 -2.61 Brown-Forman A BF.A 56.53 0.40 DellTechC DELL 78.41 0.75 Globant GLOB 228.77 1.86 LabCorp.ofAmerica LH 227.32 4.32 Nomura RioTinto RIO 69.17 0.97 Tapestry TPR 35.83 -0.01 WasteConnections WCN 149.59 2.87
Brown-Forman B BF.B 54.54 0.51 NMR 4.93 0.01
Alphabet C GOOG 144.99 2.10 DeltaAir DAL 38.09 0.95 GlobeLife GL 120.73 0.75 LamResearch LRCX 785.65 32.75 Nordson Rivian RIVN 15.74 -1.02 TargaResources TRGP 82.59 1.10 WasteMgt WM 183.51 2.04
NDSN 251.54 2.08
Alphabet A GOOGL 143.48 2.01 Bruker BRKR 71.50 1.80 DentsplySirona XRAY 35.91 0.39 GlobusMedical GMED 55.71 0.79
LamarAdv LAMR 103.55 -0.35 NorfolkSouthern NSC 234.26 8.12 RobertHalf RHI 80.41 0.49 Target TGT 137.40 -1.34 Waters WAT 310.16 7.65
s AltairEngg ALTR 85.16 0.34 BuildersFirst BLDR 165.68 1.06 DescartesSystems DSGX 85.16 1.10 s GoDaddy GDDY 107.29 0.30 LambWeston LW 109.74 -0.25 NorthernTrust NTRS 80.91 -2.03 Robinhood HOOD 10.67 0.02 TechnipFMC FTI 19.05 0.29 Watsco WSO 392.98 0.44
Altria MO 40.44 -0.30 BungeGlobal BG 94.10 -0.40 DeutscheBank DB 13.01 0.21 GoldFields GFI 12.48 -0.02 LandstarSystem LSTR 192.08 0.38 Roblox RBLX 38.89 0.21 TeckResourcesB TECK 37.29 0.36 WebsterFin WBS 49.11 0.32
NorthropGrum NOC 474.63 0.75
Amazon.com AMZN 153.50 1.79 BurlingtonStrs BURL 195.71 -0.26 t DevonEnergy DVN 41.08 -0.01 GoldmanSachs GS 376.91 -0.27 LasVegasSands LVS 49.52 1.29 RocketCos. RKT 11.58 0.10 TeledyneTech TDY 432.54 7.13 WellsFargo WFC 46.44 -0.23
NorwegCruise NCLH 17.51 0.43
Ambev ABEV 2.70 0.01 CACI Intl CACI 331.66 1.63 DexCom DXCM 127.45 2.00 Grab GRAB 3.00 0.08 LatticeSemi LSCC 66.77 2.82 Novartis Rockwell ROK 300.15 4.77 Teleflex TFX 246.38 1.44 Welltower WELL 89.01 -0.63
NVS 108.03 -0.23
Amcor AMCR 9.45 -0.01 CBRE Group CBRE 84.32 0.72 Diageo DEO 139.71 0.78 Graco GGG 84.86 1.53 Lear LEA 130.82 -0.65 NovoNordisk NVO 107.55 0.87 RogersComm B RCI 47.03 0.07 Ericsson ERIC 6.14 0.09 WescoIntl WCC 171.98 2.86
Amdocs DOX 91.03 0.74 CDW CDW 225.03 5.96 DiamondbkEner FANG 149.74 -0.04 s Grainger GWW 872.20 33.12 LegendBiotech LEGN 57.03 -2.86 NuHoldings NU RoivantSciences ROIV 10.51 -0.25 TelefonicaBras VIV 10.30 0.01 WestPharmSvcs WST 342.87 3.36
9.05 -0.04
t Ameren AEE 69.61 -0.71 CF Industries CF 75.02 -0.20 Dick's DKS 143.91 2.05 GraphicPkg GPK 25.15 -0.34 Leidos LDOS 109.73 1.22 Nucor Roku ROKU 84.06 0.05 Telefonica TEF 4.08 -0.01 s WesternDigital WDC 53.55 1.23
NUE 166.40 -2.65
AmericaMovil AMX 18.02 -0.03 CGI A GIB 107.09 1.65 DigitalRealty DLR 134.54 -1.02 GpoAeroportuar PAC 152.30 1.30 Rollins ROL 43.72 0.35 TelekmIndonesia TLK 25.50 -0.09 WesternMidstrm WES 27.72 -0.10

.
Lennar A LEN 150.32 0.72 s Nutanix NTNX 53.52 0.73
AmerAirlines AAL 13.82 0.89 CH Robinson CHRW 85.57 0.63 DiscoverFinSvcs DFS 97.00 -11.74 GpoAeroportSur ASR 273.03 -0.06 Lennar B LEN.B 137.76 1.08 Nutrien RoperTech ROP 541.94 4.75 TempurSealy TPX 50.61 1.55 Westlake WLK 136.27 2.76
NTR 49.99 1.07
AEP AEP 78.20 -1.53 CME Group CME 202.90 -0.07 Disney 92.21 1.87 Guidewire GWRE 112.05 1.43 LennoxIntl RossStores ROST 137.47 1.87 Tenaris TS 31.59 0.27 WestRock WRK 40.49 ...

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DIS LII 441.10 7.97 nVentElectric NVT 56.28 0.69
AmerExpress AXP 179.79 -1.21 CMS Energy CMS 56.34 -0.84 DocuSign DOCU 61.26 -0.39 HCA Healthcare HCA 284.82 6.94 LiAuto LI 28.91 -0.24 s NVIDIA RoyalBkCanada RY 98.17 0.69 TencentMusic TME 8.75 0.04 Weyerhaeuser WY 32.59 0.12
NVDA 571.07 10.54
AmericanFin AFG 117.93 1.21 CNA Fin CNA 43.02 0.49 DolbyLab DLB 84.26 0.73 HDFC Bank HDB 56.52 0.93 LibertyBroadbandC LBRDK 76.58 1.23 RoyalCaribbean RCL 125.28 2.86 TenetHealthcare THC 80.38 1.64 WheatonPrecMet WPM 46.36 0.32
AmHomes4Rent AMH 34.83 -0.41 CNH Indl CNHI 11.57 0.15 DollarGeneral DG 135.99 -1.17 HF Sinclair DINO 52.39 0.06 LibertyBroadbandA LBRDA 76.18 1.24 O P Q RoyalGold RGLD 115.76 -0.98 Teradyne TER 106.02 3.16 Williams WMB 33.85 -0.14
AIG AIG 67.24 0.49 CRH CRH 69.28 1.24 DollarTree DLTR 132.51 -2.89 HP HPQ 28.65 ... LibertyGlobalA LBTYA 18.99 0.11 RoyaltyPharma RPRX 28.04 -0.29 Tesla TSLA 211.88 -3.67 Williams-Sonoma WSM 206.89 3.87
AmerTowerREIT AMT 203.91 -1.04 CSX CSX 34.45 0.06 DominionEner D 45.48 -0.69 HSBC HSBC 37.89 0.31 LibertyGlobalC LBTYK 19.96 0.03 ONEOK OKE 71.25 2.19 RyanSpecialty RYAN 43.84 0.97 TetraTech TTEK 163.18 1.19 WillisTowers WTW 247.77 0.70
AmerWaterWorks AWK 125.83 -2.59 CVS Health CVS 73.88 -3.11 s Domino's
AmericoldRealty COLD 29.06 -0.12 CadenceDesign CDNS 279.01 3.62 Donaldson
Ameriprise AMP 374.88 2.82 CaesarsEnt CZR 46.53 2.34 DoorDash
Ametek
Amgen
AME 162.31 2.24 CamdenProperty CPT 95.76 -0.82 Dover
AMGN 304.49 0.41 Cameco CCJ 47.81 -0.11 Dow
AmkorTech AMKR 31.94 1.33 CampbellSoup CPB 43.71 -0.41 DrReddy'sLab RDY 68.15 0.78 Heico
DCI on
DPZ 425.93 3.53 H World
63.59 0.72 Haleon
HTHT 31.42 0.49 LibertyFormOne C FWONK 62.90 -0.20 ON Semi
HLN
DASH 104.96 2.07 Halliburton HAL 33.31 0.07 s LibertySirius A LSXMA 31.12 0.53 OccidentalPetrol OXY 56.47 0.25
DOV 146.77 2.33 HartfordFinl HIG 82.99 0.61 s LibertySirius C LSXMK 31.11 0.52 Okta
DOW 52.60 0.13 HealthpeakProp PEAK 19.60 -0.44 LibertySirius B LSXMB 31.10 0.60 OldDomFreight ODFL 382.40 4.54
HEI 177.54 5.40 Light&Wonder LNW 82.24 2.49 OldRepublic ORI 29.77 0.25
ON
8.36 -0.11 LibertyFormOne A FWONA 56.69 -0.12 s OReillyAuto ORLY 1015.53 23.37
73.22 0.95

OKTA 81.22 -0.63

s
Ryanair
SAP
RYAAY 127.00
SAP 160.43
S&P Global SPGI 439.60
SBA Comm SBAC 232.59
SEI Investments SEIC 62.99
SK Telecom SKM 20.58
3.06 TevaPharm TEVA 10.99 -0.04
2.65 TexasInstruments TXN 166.91 4.50
1.87 TexasPacLand TPL 1484.37 12.97
-0.32 TexasRoadhouse TXRH 119.35 1.15
0.12 Textron TXT 78.34 1.26
0.19 ThermoFisher TMO 544.42 5.17
WillScotMobile WSC 42.53
s Wingstop
Wipro
Wix.com
WING 275.48
WIT

WoodsideEnergy WDS 20.22

Woodward WWD 135.87
5.78
WIX 124.83
-0.20
1.99
0.09
-0.30
0.03
0.50
Amphenol APH 96.70 1.37 CIBC CM 45.20 -0.46 DraftKings DKNG 37.54 2.47 Heico A HEI.A 138.49 3.31 EliLilly LLY 623.35 -5.56 OmegaHealthcare OHI 29.41 -0.13 SS&C Tech SSNC 59.92 0.54 s ThomsonReuters TRI 150.51 2.63 WooriFinl WF 28.46 0.31
AnalogDevices ADI 189.97 4.54 CanNtlRlwy CNI 124.73 1.97 s Dropbox
us ,

DBX 31.64 0.61 HenrySchein HSIC 74.25 1.67 LincolnElectric LECO 215.48 4.99 Omnicom OMC 87.94 0.29 STAG Indl STAG 37.13 -0.34 3M MMM 106.44 0.36 s Workday WDAY 285.68 4.36
AngloGoldAsh AU 16.30 0.07 CanadianNatRscs CNQ 62.59 -0.34 DukeEnergy DUK 95.86 -0.97 Hershey HSY 191.47 -0.07 Linde LIN 407.85 1.10 OnHolding ONON 27.78 0.08 Saia SAIA 441.53 9.79 Toast TOST 17.38 0.49 WynnResorts WYNN 94.10 2.94
l

AB InBev BUD 62.70 -0.02 CdnPacKC CP 77.23 1.26 Duolingo DUOL 199.81 -1.77 Hess HES 137.11 -0.98 LithiaMotors LAD 292.30 4.06 OntoInnovation ONTO 155.29 8.79 s Salesforce CRM 274.46 3.02 Toll Bros TOL 99.31 0.42 XP XP 25.01 -0.46
AnnalyCap NLY 19.19 0.12 CapitalOne COF 124.92 -1.16 DuPont DD 73.34 0.26 HessMidstream HESM 32.36 -0.01 OpenText OTEX 40.90 0.98 Samsara IOT 31.85 -0.51 TopBuild BLD 371.13 6.87 XPO XPO 83.45 2.22
e
LiveNationEnt LYV 90.65 0.34
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Aon AON 307.28 4.02 CardinalHealth CAH 106.39 0.93 s Dynatrace DT 57.05 1.38 HewlettPackard HPE 14.96 -0.08 LloydsBanking LYG 2.14 0.05 Oracle ORCL 108.70 2.27 Sanofi SNY 51.88 0.24 Toro TTC 92.28 1.71 XcelEnergy XEL 59.65 -0.44
ApellisPharm APLS 63.88 -2.04 Carlisle CSL 310.11 0.51 elfBeauty s
ELF 156.38 -6.72 Hilton HLT 185.71 2.19 LockheedMartin LMT 459.57 3.10 Orange ORAN 12.18 ... SareptaTherap SRPT 116.80 -0.25 TorontoDomBk TD 59.43 0.32 XPeng XPEV 9.87 -0.23
APi Group APG 31.79 0.34 Carlyle CG 38.81 0.20 s EMCOR EME 223.26 4.27 Hologic HOLX 73.55 0.50 Loews L 71.49 0.55 Orix IX 95.16 1.11 Schlumberger SLB 48.56 0.67 TotalEnergies TTE 63.97 0.79 Xylem XYL 111.40 1.71
ApolloGlbMgmt APO 96.58 0.52 CarMax KMX 68.56 0.72 ENI E 31.99 0.15 HomeDepot HD 357.90 2.20 LogitechIntl LOGI 94.72 0.97 OtisWorldwide OTIS 86.97 1.52 SchwabC SCHW 62.72 s
-0.73 ToyotaMotor TM 200.08 5.94 YPF YPF 15.20 0.20
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Apple AAPL 188.63 5.95 Carnival CCL 17.28 0.42 EOG Rscs EOG 110.09 -0.54 HondaMotor HMC 32.69 0.84 Lowe's LOW 218.23 0.18 Ovintiv OVV 40.30 0.03 Sea SE 35.84 1.02 TractorSupply TSCO 230.25 2.72 Yum!Brands YUM 130.46 1.38
ApplMaterials AMAT 160.34 6.97 Carnival CUK 15.73 0.42 EPAM Systems EPAM 299.52 5.12 Honeywell HON 200.13 2.18 lululemon LULU 477.45 9.05 OwensCorning OC 150.71 2.96 Seagate STX 83.97 0.64 TradeDesk TTD 65.05 0.55 YumChina YUMC 35.66 0.73
Applovin APP 43.09 1.91 CarrierGlobal CARR 55.40 0.34 EQT EQT 35.21 -0.75 HormelFoods HRL 31.08 -0.13 LyondellBasell LYB 93.31 0.61 PDD PDD 142.06 -0.09 Sempra SRE 73.21 -0.36 s Tradeweb TW 98.03 2.80 ZTO Express ZTO 17.75 -0.29
Aptargroup ATR 129.14 2.45 Carvana CVNA 42.84 0.63 EagleMaterials EXP 201.68 2.88 DR Horton DHI 152.53 0.57 PG&E PCG 16.88 -0.08 SentinelOne S 24.72 0.19 s TraneTech TT 247.33 2.90 ZebraTech ZBRA 249.59 10.42
Aptiv APTV 79.01 0.15 CaseysGenStores CASY 285.21 -1.83 EastWestBncp EWBC 69.34 0.38 HostHotels HST 19.62 -0.08 M N PNC Finl PNC 146.29 -2.53 ServiceIntl SCI 67.54 0.19 s TransDigm TDG 1053.00 21.25 Zillow C Z 52.54 0.62
Aramark ARMK 28.67 -0.18 Catalent CTLT 48.72 0.14 EastGroup EGP 176.75 -0.78 HoulihanLokey HLI 117.43 0.63 POSCO PKX 79.13 0.94 s ServiceNow NOW 745.96 18.42 TransUnion TRU 67.76 -0.98 Zillow A ZG 51.30 0.71
ArcelorMittal MT 26.70 0.64 Caterpillar CAT 281.90 3.27 EastmanChem EMN 86.99 1.28 HowmetAerospace HWM 55.19 1.62 M&T Bank MTB 132.88 1.92 PPG Ind PPG 144.95 1.87 Shell SHEL 61.35 0.31 Travelers TRV 198.35 0.85 ZimmerBiomet ZBH 123.83 1.60
ArchCapital ACGL 78.96 0.29 Celanese CE 145.58 2.77 Eaton ETN 240.12 2.86 Hubbell HUBB 325.69 4.07 MGM Resorts MGM 42.86 1.23 PPL PPL 25.93 -0.40 SherwinWilliams SHW 306.37 5.49 Trex TREX 81.26 1.46 Zoetis ZTS 190.50 0.03
t ADM 68.74 -0.18 CelsiusHldg CELH 59.58 -0.29 eBay
er s

ADM EBAY 40.79 0.12 HubSpot HUBS 573.91 9.82 MPLX MPLX 36.93 -0.02 PTC PTC 173.19 1.45 ShinhanFin SHG 27.49 0.26 Trimble TRMB 49.40 0.10 ZoomVideo ZM 67.32 -0.63
AresMgmt ARES 114.19 -1.50 Cemex CX 7.41 -0.02 Ecolab ECL 200.46 3.02 t Humana HUM 411.98 -35.78 MSCI MSCI 546.46 8.30 PVH PVH 117.90 1.21 ShockwaveMed SWAV 221.01 2.27 Trip.com TCOM 36.49 0.58 Zscaler ZS 227.91 2.58
argenx ARGX 365.78 -6.66 Cencora COR 220.79 2.08 Ecopetrol EC 11.72 0.04 JBHunt JBHT 196.94 5.23 MagnaIntl MGA 53.97 0.04 Paccar PCAR 95.38 1.30
s AristaNetworks ANET 257.56 8.57 t CenovusEnergy CVE 14.90 ... EdisonIntl EIX 68.60 -0.70 HuntingtonBcshs HBAN 12.24 ... ManhattanAssoc MANH 217.57 1.01 PackagingCpAm PKG 164.30 0.03
m er

Arm ARM 74.23 4.37 Centene CNC 76.60 -1.40 EdwardsLife EW 74.44 0.62 HuntingIngalls HII 260.19 5.38 ManulifeFinl MFC 21.00 -0.01 PalantirTech PLTR 16.40 0.01
AscendisPharma ASND 132.98 0.58 CenterPointEner CNP 27.77 -0.28 ElancoAnimal ELAN 14.80
AspenTech AZPN 198.61 0.50 CentraisElBras EBR 8.31 -0.20 s Elastic
... HyattHotels H
ESTC 118.25 2.09 ICICI Bank
129.57 1.84 Maplebear CART 25.63 -0.04 s PaloAltoNtwks PANW 335.77 5.71
IBN 23.44 0.28 MarathonOil MRO 22.15 -0.17 ParamountB PARA 13.11 0.11
Borrowing Benchmarks
Assurant AIZ 166.58 0.45 CerevelTherap CERE 42.29 0.06 ElbitSystems ESLT 207.18 1.80 IdexxLab IDXX 525.28 9.80 MarathonPetrol MPC 151.80 -0.20 ParamountA PARAA 18.22 0.09 wsj.com/market-data/bonds/benchmarks
AstraZeneca AZN 66.52 0.27 CeridianHCM CDAY 65.63 0.67 ElectronicArts EA 138.03 1.41 ING Groep ING 13.84 0.11 Markel MKL 1431.69 10.18 s ParkerHannifin PH 465.70 9.65
Atlassian TEAM 239.42 2.45 CharlesRiverLabs CRL 206.11 2.59 ElevanceHealth ELV 469.33 -6.79 Invesco IVZ 16.55 -0.10 MarketAxess MKTX 264.72 0.12 Paychex PAYX 120.37 0.26
AtmosEnergy ATO 112.43 -0.31 CharterComms CHTR 364.55 5.31 EmersonElec EMR 93.68 1.26 IQVIA IQV 213.19 2.28 s Marriott MAR 232.68 4.98 PaycomSoftware PAYC 195.64 3.45
Money Rates January 18, 2024
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Autodesk ADSK 241.18 2.71 CheckPoint CHKP 159.06 1.19 Enbridge ENB 35.79 -0.30 ITT ITT 118.53 1.06 Marsh&McLen MMC 198.48 2.14 Paylocity PCTY 153.33 -0.44
Autoliv ALV 103.42 1.12 Chemed CHE 593.06 6.33 EncompassHealth EHC 70.86 1.07 IcahnEnterprises IEP 17.73 -0.22 s MartinMarietta MLM 503.00 9.90 PayPal PYPL 62.09 2.20
ADP ADP 236.08 0.69 CheniereEnergy LNG 162.40 -0.13 Endeavor EDR 23.04 0.11 Icon ICLR 254.24 6.40 s MarvellTech MRVL 68.21 2.85 Pearson PSO 12.22 ... Key annual interest rates paid to borrow or lend money in U.S. and
AutoZone AZO 2722.98 53.77 CheniereEnerPtrs CQP 51.07 -0.14 EnergyTransfer ET 13.72 -0.05 IDEX IEX 205.33 0.29 Masco MAS 68.20 0.90 PembinaPipeline PBA 33.64 0.05
Avalonbay AVB 177.50 -0.88 ChesapeakeEner CHK 76.35 -0.64 EnphaseEnergy ENPH 106.66 1.11 IllinoisToolWks ITW 252.78 2.56 Mastercard MA 430.72 3.30 PenskeAuto PAG 151.33 1.05
international markets. Rates below are a guide to general levels but
Avangrid AGR 30.88 -0.39 t Chevron CVX 141.82 -1.30 Entegris ENTG 116.02 4.40 don’t always represent actual transactions.
Avantor AVTR 21.58 0.21 Chewy CHWY 19.28 0.29 Entergy ETR 98.86 -1.85
Week —52-WEEK—
AveryDennison AVY 198.49 2.12 Chipotle CMG 2322.82 12.38 EnterpriseProd EPD 26.71 0.13 Inflation Latest ago High Low
AxaltaCoating AXTA 32.90 0.31 Chubb CB 230.03 1.78 Equifax EFX 245.32 1.06 New Highs and Lows
co Fo

AxonEnterprise AXON 254.10 3.59 ChunghwaTel CHT 37.81 0.30 Equinix EQIX 793.74 -5.12 Dec. index Chg From (%)
BCE BCE 41.51 0.19 Church&Dwight CHD 97.83 -0.87 Equinor EQNR 28.49 -0.09 level Nov. '23 Dec. '22 Federal funds
BHP Group BHP 60.48 0.06 ChurchillDowns CHDN 124.94 1.03 Equitable EQH 32.45 0.20 Effective rate 5.3300 5.3300 5.3500 4.3400
The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE American
BILL BILL 72.61 -1.24 Ciena CIEN 51.33 0.64 EquityLife ELS 67.62 -0.70 and Nasdaq Stock Market stocks that hit a new 52-week intraday high or low in the latest U.S. consumer price index
BJ'sWholesale BJ 67.02 -0.05 Cigna CI 309.08 0.60 EquityResdntl EQR 59.72 -0.48 High 5.6500 5.6500 5.6500 4.6500
session. % CHG-Daily percentage change from the previous trading session. All items 306.746 –0.10 3.4 Low 5.3100 5.3100 5.3300 4.3000
BP BP 34.03 0.13 CincinnatiFinl CINF 108.27 0.97 ErieIndemnity ERIE 342.70 4.30
BWX Tech BWXT 79.38 0.15 Cintas CTAS 592.62 3.73 EssentialUtil WTRG 36.72 -0.44 Core 311.907 0.10 3.9 Bid 5.3100 5.3100 5.3300 4.3200
Baidu BIDU 103.64 1.44 CiscoSystems CSCO 50.75 0.45 EssexProp ESS 238.85 -2.84 Thursday, January 18, 2024
Offer 5.3300 5.3300 5.3700 4.3400
BakerHughes BKR 30.87 0.08 Citigroup C 51.11 -0.25 EsteeLauder EL 127.66 1.38 52-Wk % 52-Wk % 52-Wk % International rates
Ball BALL 54.85 0.22 CitizensFin CFG 31.60 -0.13 Etsy ETSY 69.22 0.90 Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg
BBVA BBVA 8.79 0.03 CleanHarbors CLH 165.77 1.43 Everest EG 368.92 3.72
Treasury bill auction
GoldenStarAcqn GODN 10.50 0.3 SilverBoxIIIUn SBXC.U 10.42 ... Week 52-Week
BancoBradesco BBDO 2.87 -0.04 Cleveland-Cliffs CLF 17.82 -0.13 Evergy EVRG 50.89 -0.90 4 weeks 5.285 5.280 5.840 3.190
BancodeChile BCH 21.65 0.09 Clorox CLX 143.35 -0.82 EversourceEner ES 54.00 -0.76 Highs GrahamHoldings GHC
Grainger
703.62 0.3 SizzleAcqn
GWW 877.33 3.9 SkechersUSA
SZZL
SKX
11.10 0.2
64.12 1.6
Latest ago High Low
13 weeks 5.225 5.235 5.345 4.560
BancSanBrasil BSBR 6.09 0.03 Cloudflare NET 77.96 0.89 ExactSciences EXAS 65.20 1.13 AG Mortgage PfdC MITTpC 22.60 -0.4 HCM Acqn A
5.030 5.350 4.620
HCMA 11.23 0.4 SkyHarbour SKYH 12.24 2.1
Prime rates 26 weeks 4.975
BcoSantChile BSAC 18.46 0.12 Coca-Cola KO 60.16 0.17 Exelixis EXEL 22.27 -0.27 AG Mortgage PfdB MITTpB 19.39 -2.3 Hilton HLT 186.01 1.2 SparkIAcqnWt SPKLW 0.38 37.7
BancoSantander SAN 4.01 0.08 CocaColaCon COKE 858.89 -34.21 Exelon EXC 35.30 -0.29 AI Transportation AITR 10.21 ... HowmetAeroPfd HWMp 68.10 2.9 Spotify SPOT 209.88 3.1
Abercrombie&Fitch ANF 100.81 -2.5 IDEAYA Bio IDYA 41.63 1.6 SproutsFarmers SFM 51.64 0.4
U.S. 8.50 8.50 8.50 7.50 Secondary market
BanColombia CIB 32.20 0.84 Coca-ColaEuro CCEP 66.65 0.08 Expedia EXPE 148.96 1.66
BankofAmerica BAC 31.73 -0.07 CognizantTech CTSH 75.66 -0.04 ExpeditorsIntl EXPD 128.64 2.08 Abivax ABVX 12.87 -2.0 IngersollRand IR 78.37 0.9 Stryker SYK 317.82 0.3 Canada 7.20 7.20 7.20 6.45
BankMontreal BMO 93.69 0.13 CoinbaseGlbl COIN 124.34 -9.52 ExtraSpaceSt EXR 146.44 -1.73 AcmeUnited
Accenture ACN 359.78 1.7 IntegerHoldings ITGR 104.87 -0.8 T-MobileUS TMUS 165.38 0.4 Japan 1.475 1.475 1.475 1.475 Fannie Mae
ACU 47.87 1.4 Intellinetics INLX 6.25 2.3 TaiwanSemi TSM 113.39 9.8
BankNY Mellon BK 54.64 -0.22 ColgatePalm CL 80.83 -0.13 t ExxonMobil XOM 96.80 -0.18 AdvMicroDevices AMD 168.60 1.6 InterContinentl 30-year mortgage yields
n-

IHG 94.67 2.8 TextainerPfdB TGHpB 24.87 1.1

BankNovaScotia BNS 45.44 -0.42 Comcast A CMCSA 42.54 0.19 F5 FFIV 180.19 2.78 Aegon AEG 5.88 0.7 IntuitiveSurgical ISRG 374.18 3.6 Textainer TGH 49.70 0.5 Policy Rates
AlphaMetal AMR 398.74 5.1 InvestcorpEur I A IVCB 11.09 0.2 ThomsonReuters TRI 150.87 1.8
30 days 6.098 6.040 7.495 5.244
AltairEngg ALTR 86.99 0.4 0.38 51.8
Euro zone 4.50 4.50 4.50 2.50 60 days 6.103 6.043 7.554 5.250
JasperTherapWt JSPRW ToyotaMotor TM 200.27 3.1
AmerCoastalIns ACIC 12.55 1.1 KodiakGasSvcs KGS 21.65 1.5 Tradeweb TW 98.06 2.9 Switzerland 2.25 2.25 2.25 1.50
AnnalyCapPfdI NLYpI 24.85 -0.1 LXEO 22.33 -13.0 TT 247.83 1.2 5.25 5.25 5.25 3.50
LexeoTherap TraneTech Britain Other short-term rates
Dividend Changes ArchResources ARCH
AristaNetworks ANET
179.65
258.62
5.5
3.4
LibertySirius C LSXMK 31.19
LibertySirius A LSXMA 31.21
1.7
1.7
TransDigm
TwelveSeasII
TDG
TWLVU
1053.64 2.1
11.25 6.5 Australia 4.35 4.35 4.35 3.10
no

AssuredGuaranty AGO 77.74 2.5 LiveRamp RAMP 42.66 11.4 Uber UBER 65.00 2.8 Week 52-Week
Amount Payable /
BoiseCascade BCC 135.12 0.6 MDC Holdings MDC 63.00 18.4 UnvlTechInst UTI 13.91 1.1 Overnight repurchase Latest ago high low
BostonSci BSX 61.46 0.1 MakeMyTrip MMYT 49.02 3.2 UraniumRoyalty UROY 3.72 0.3
Company Symbol Yld % New/Old Frq Record CCSC Tech Intl CCTG 9.83 92.5 Marriott MAR 233.06 2.2 UrbanOutfitters URBN 39.78 -0.2 U.S. 5.33 5.36 5.48 4.30
CF Bankshares CFBK 22.00 1.9 MartinMarietta MLM 503.32 2.0 VeecoInstr VECO 32.10 5.1 Call money
Increased Camtek CAMT 77.89 4.0 MarvellTech MRVL 69.88 4.4 Vertiv VRT 51.04 3.3
U.S. government rates 7.25 7.25 7.25 6.25
CapitalProduct CPLP 18.14 1.9 McKesson MCK 494.76 1.5 Visa V 268.78 0.6
Bank First BFC 1.6 .35 /.30 Q Apr10 /Mar27 CapitalSouthwest CSWC 25.51 -0.2 MobixLabsWt MOBXW 0.35 -9.5 WarriorMetCoal HCC 67.70 6.7
EnLink Midstream ENLC 4.5 .1325 /.125 Q Feb09 /Jan29 Costco COST 687.72 0.5 ModineMfg MOD 66.07 3.2 WesternDigital WDC 53.61 2.4 Discount Commercial paper (AA financial)
CyberArkSoftware CYBR 233.69 0.9 NatlPrestoInds NPK 83.48 -0.4 WhiteMtnIns WTM 1629.44 2.3
Enterprise Bancorp EBTC 3.4 .24 /.23 Q Mar01 /Feb09 Datadog DDOG 128.64 0.7 Navigator NVGS 16.34 3.7 WidePoint WYY 2.84 4.2 5.50 5.50 5.50 4.50 90 days n.a. 5.34 5.54 4.53
Golub Capital BDC GBDC 10.2 .39 /.37 Q Mar29 /Mar01 Dave DAVE 12.32 14.8 Neurocrine NBIX 139.56 -0.3 Wingstop WING 277.08 0.7
DeckersOutdoor DECK 738.33 1.7 NeuroPace NPCE 13.61 1.9 Workday WDAY 285.78 1.5 Secured Overnight Financing Rate
Penske Automotive PAG 2.0 .87 /.79 Q Mar01 /Feb15 DieboldNixdorf DBD 30.22 1.9 595.83 1.4
Notes on data:
NewMarket NEU ZionsBncpPfdG ZIONO 25.95 0.2 5.32 5.31 5.40 4.30
Domino's DPZ 432.49 0.8 Nova NVMI 142.77 4.0 U.S. prime rate is the base rate on corporate
Stocks Dropbox
Dynatrace
DBX
DT
31.76
57.11
2.0
2.5
Nutanix
NVIDIA
NTNX 53.94
NVDA 576.00
1.4
1.9
Lows loans posted by at least 70% of the 10 largest Value 52-Week
China Liberal Educ Hldgs CLEU 1:15 /Jan19 EMCOR EME 227.84 1.9 OReillyAuto ORLY 1015.60 2.4 AGBA AGBA 0.34 7.2 U.S. banks, and is effective July 27, 2023. Other Latest Traded High Low
CN Energy Group CNEY 1:30 /Jan19 Elastic ESTC 120.91 1.8 OaktreeSpec OCSL 21.41 -0.1 APA APA 30.23 -0.4 prime rates aren’t directly comparable; lending
Evaxion Biotech ADR EVAX 1:10 /Jan22 Eltek ELTK 17.00 -3.8 OrchardTherap ORTX 16.60 0.1 ARCAbiopharma ABIO 1.58 -0.3 practices vary widely by location; Discount rate DTCC GCF Repo Index
Euroseas ESEA 38.60 4.5 PaloAltoNtwks PANW 338.59 1.7 ArkoWt ARKOW 0.88 -3.8
AccelerateDiag AXDX 1.59 -25.5
is effective July 27, 2023. Secured Overnight Treasury 5.338 24.466 5.504 4.300
FTAI Aviation FTAI 49.64 1.0 PangaeaLogistics PANL 8.70 5.2
Foreign FTAIAviationPfdA FTAIP 25.34 -0.6 ParkerHannifin PH 466.27 2.1 AcutusMedical AFIB 0.16 -5.6 Financing Rate is as of January 17, 2024. DTCC MBS 5.348 25.200 5.689 4.368
Knot Offshore Partners KNOP 1.8 .026 Q Feb08 /Jan29 Fastenal FAST 68.69 7.2 Phenixfin PFX 44.31 1.7 AdamsRscs AE 23.20 -0.2 GCF Repo Index is Depository Trust & Clearing
Fiserv FI 138.71 0.3 Primerica PRI 223.48 0.7 AdialPharm ADIL 1.26 -3.8 Corp.'s weighted average for overnight trades in
Flexsteel FLXS 27.48 12.2 RELX RELX 41.62 2.0 AerSale ASLE 9.83 2.3 Weekly survey
Special GardenStage GSIW 11.99 14.6 RealBrokerage REAX 2.68 -10.8 AEye LIDR 1.30 -5.1
applicable CUSIPs. Value traded is in billions of
Chicken Soup 9.5% Nts 25 CSSEN 35.0 .00486 Jan30 /Jan19 GasLogPfdA GLOGpA 28.63 2.1 ReposiTrak TRAK 11.69 4.1 AgEagleAerial UAVS 0.09 -10.3 U.S. dollars. Federal-funds rates are Tullett Latest Week ago Year ago
Genetron GTH 3.80 1.3 SAP SAP 160.53 1.7 Agenus AGEN 0.53 -5.3 Prebon rates as of 5:30 p.m. ET.
Sources: FactSet; Dow Jones Market Data GeospaceTech GEOS 15.49 2.5 Salesforce CRM 275.69 1.1 agilon health AGL 6.58 -7.3 Freddie Mac
GibraltarInds ROCK 83.45 2.6 SaratogaInv8.125Nt SAY 25.58 0.2 Agriforce AGRI 0.32 -7.1 Sources: Federal Reserve; Bureau of Labor
KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and ratio; SO: Glaukos GKOS 91.56 1.6 ScorpioTankersNts SBBA 25.37 ... AirshipAI AISP 1.44 -5.8 Statistics; DTCC; FactSet; 30-year fixed 6.60 6.66 6.15
spin-off. GoDaddy GDDY 108.47 0.3 ServiceNow NOW 747.48 2.5 Continued on Page B8 Tullett Prebon Information, Ltd. 15-year fixed 5.76 5.87 5.28

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 29.96 +0.40 1.6 SrsEmrgMkt 16.48 +0.11 -4.9 LgCpGwth 61.46 +0.72 2.2 MidCap 99.23 +1.01 -0.8 MuShtAdml 15.73 -0.01 -0.2 Welltn 41.11 +0.20 -0.6
Top 250 mutual-funds listings for Nasdaq-published share classes by net assets. MidCpInxInstPrem 29.23 +0.18 -2.4 SrsGlobal 13.41 +0.09 -3.2 JPMorgan R Class NHoriz 54.59 +0.37 -2.9 PrmcpAdml r 155.79 +1.24 -0.4 WndsrII 42.43 +0.28 -1.0
e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes e and s SAIUSLgCpIndxFd 19.79 +0.18 0.3 SrsGroCoRetail 19.84 +0.25 1.9 CoreBond 10.20 -0.01 -1.1 R2025 15.52 +0.06 -1.2 RealEstatAdml 119.56 -0.72 -4.5 VANGUARD INDEX FDS
apply. k-Recalculated by Lipper, using updated data. p-Distribution costs apply, 12b-1. r- SeriesBondFd 8.94 -0.02 -1.3 SrsIntlGrw 16.92 +0.21 -1.2 CorePlusBd 7.17 -0.02 -1.2 R2030 23.62 +0.12 -1.3 SmCapAdml 98.50 +0.73 -3.6 ExtndIstPl 296.78 +1.94 -3.5
Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and r apply. v-Footnotes SeriesOverseas 12.79 +0.17 -1.4 SrsIntlVal 11.44 +0.11 -2.0 Lord Abbett I R2040 27.24 +0.18 -1.4 SmGthAdml 81.80 +0.61 -3.7 IdxIntl 18.02 +0.13 -3.2
x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not available due to incomplete SerLTTreBdIdx 5.59 -0.05 -4.5 TotalBond 9.46 -0.01 -1.2 ShtDurInc p 3.85 ... 0.2 Schwab Funds STBondAdml 10.07 ... -0.2 MdCpGrAdml 92.53 +0.88 -2.1
price, performance or cost data. NE-Not released by Lipper; data under review. NN-Fund not SmCpIdxInstPrem 23.78 +0.13 -5.0 Fidelity SAI Metropolitan West 1000 Inv r 102.41 +0.90 ... STIGradeAdml 10.20 ... -0.1 MdCpVlAdml 73.19 +0.10 -2.5
tracked. NS-Fund didn’t exist at start of period. TMktIdxInstPrem 131.43 +1.12 -0.2 TotalBd 8.95 -0.01 -1.1 TotRetBdI 9.03 -0.02 NA S&P Sel 73.31 +0.64 0.3 STIPSIxAdm 23.84 +0.02 0.1 SmValAdml 74.62 +0.54 -3.5
TotalMarketIndex 16.59 +0.14 -0.2 U.S.TreBdIdx 8.70 -0.02 -1.3 TRBdPlan 8.47 -0.02 NA TSM Sel r 80.77 +0.68 -0.2 TotBdAdml 9.56 -0.02 -1.4 TotBd2 9.45 -0.01 -1.3
TtlIntIdxInstPr 12.72 +0.09 -3.3 Fidelity Selects MFS Funds TIAA/CREF Funds TotIntBdIdxAdm 19.47 -0.03 -1.3 TotIntlInstIdx r 120.55 +0.90 -3.2
Thursday, January 18, 2024 USBdIdxInstPrem 10.28 Semiconductors r 24.91 +0.75
-0.02 -1.3 2.7 IIE 32.28 +0.28 -2.0 EqIdxInst 33.60 +0.29 -0.2 TotIntlAdmIdx r 30.15 +0.23 -3.2 TotItlInstPlId r 120.58 +0.90 -3.2
Net YTD Net YTD Net YTD Fidelity Advisor I Softwr 27.93 +0.21 0.9 MFS Funds Class I IntlEqIdxInst 21.40 +0.18 -2.1 TotStAdml 115.22 +0.98 -0.2 TotSt 115.20 +0.98 -0.2
Fund NAV Chg % Ret Fund NAV Chg % Ret Fund NAV Chg % Ret Total Bd 9.44 -0.02 -1.3 Tech 29.12 +0.53 2.1 GrowthI 176.22 +2.39 2.4 LrgCpGrIdxInst 52.65 +0.69 1.6 TxMCapAdml 247.16 +2.20 ... VANGUARD INSTL FDS
Fidelity Freedom First Eagle Funds ValueI 47.15 +0.20 -0.9 VANGUARD ADMIRAL TxMIn r 14.97 +0.13 -2.8 BalInst 44.30 +0.20 -0.7
AB Funds Artisan Funds US CoreEq1 35.82 +0.32 -0.7
FF2030 16.32 +0.07 -1.5 GlbA 62.29 +0.46 -1.3 500Adml 441.27 +3.88 0.3 DevMktsIndInst 14.99 +0.12 -2.9
MuniIncmShares 11.03 -0.03 -0.7 IntlVal Inst 45.49 +0.34 -1.0 US CoreEq2 32.16 +0.29 -1.0 Natixis Funds USGroAdml 147.70 +1.42 0.7
AB Funds - ADV Baird Funds US Small 42.64 +0.40
FF2040
-3.9
10.33 +0.07 -1.5 Franklin A1 LSGrowthY 23.42 +0.27 0.8 BalAdml 44.29 +0.20 -0.7
ValAdml 57.71 +0.18 -1.0 DevMktsInxInst 23.43 +0.20 -2.8
Freedom2030 K 16.30 +0.07 -1.5 IncomeA1 2.29 ... -1.2 Northern Funds CAITAdml 11.39 -0.03 -0.6 ExtndInst 120.26 +0.78 -3.5
LgCpGrAdv 94.84 +0.99 2.2 AggBdInst 9.73 -0.01 -1.3 US SmCpVal 43.19 +0.49 -3.9 WdsrllAdml 75.27 +0.50 -1.0
Freedom2035 K 14.28 +0.07 -1.6 FrankTemp/Frank Adv StkIdx 49.12 +0.43 0.3 CapOpAdml r 177.39 +1.37 -1.0 GrwthInst 162.17 +2.18 1.4
American Century Inv CorBdInst 10.05 -0.01 -1.2 US TgdVal 30.49 +0.31 -4.4 WellsIAdml 59.47 -0.01 -1.6
Freedom2040 K 10.33 +0.07 -1.5 IncomeAdv 2.27 ... -1.3 Old Westbury Fds DivAppIdxAdm 46.28 +0.36 0.1 InPrSeIn 9.33 +0.01 -0.5
Ultra 75.42 +1.00 1.2 BlackRock Funds USLgVa 43.65 +0.07 -2.0 WelltnAdml 70.98 +0.33 -0.6
Idx2030InsPre 18.62 +0.06 -1.5 FrankTemp/Franklin A
LrgCpStr 17.28 +0.16 -0.5
EMAdmr 32.74 +0.18 -4.2 InstIdx 394.63 +3.48 0.3
American Funds Cl A HiYldBd Inst 6.98 ... -0.5 Dodge & Cox Growth A 123.05 +1.44 0.3 EqIncAdml WndsrAdml 70.78 +0.24 -2.3
Idx2035InsPre 21.17 +0.10 -1.5 Parnassus Fds
82.63 +0.16 -1.9 InstPlus 394.62 +3.47 0.3
AmcpA 38.19 +0.44 0.2 BlackRock Funds III Balanced 100.07 +0.05 -1.1 Idx2040InsPre 21.85 VANGUARD FDS
+0.13 -1.6 RisDv A 88.13 +0.63 -0.4 ExplrAdml 100.53 +0.85 -2.6 InstTStPlus 82.16 +0.70 -0.2
AMutlA 50.81 +0.20 -0.4 iShS&P500IdxK 560.46 +4.93 0.3 GblStock 14.48 +0.04 -2.9 Idx2045InsPre 22.80 ParnEqFd 55.42 +0.58 0.6 DivdGro 37.31 +0.19 0.3
+0.15 -1.6 Guggenheim Funds Tru ExtndAdml 120.27 +0.79 -3.5 MidCpInst 62.15 +0.32 -2.3
BalA 31.80 +0.14 -0.6 BlackRock Funds Inst Income 12.46 -0.02 -1.3 Idx2050InsPre 22.84 PGIM Funds Cl Z IntlVal 39.14 +0.42 -3.0
+0.15 -1.6 TotRtnBdFdClInst 23.50 -0.04 -1.1 GNMAAdml 9.19 -0.01 -1.6 MidCpIstPl 306.52 +1.59 -2.3
BondA 11.33 -0.01 -1.2 EqtyDivd 18.90 +0.01 -1.5 Intl Stk 47.36 +0.19 -3.7 Fidelity Invest TotalReturnBond 11.88 -0.02 NA LifeCon 20.10 +0.05 -1.3
Harbor Funds GroIncAdml 91.05 +0.81 0.9 SmCapInst 98.49 +0.72 -3.6
CapIBA 65.29 +0.12 -1.4 StratIncOpptyIns 9.34 ... -0.7 Stock 241.19 +0.43 -1.0 Balanc PIMCO Fds Instl LifeGro 40.86 +0.25 -1.4
26.88 +0.12 -0.2 CapApInst 98.45 +1.23 2.0 GrwthAdml 162.17 +2.19 1.4 SmCapIstPl 284.29 +2.08 -3.6
CapWGrA 59.43 +0.47 -1.1 TotRet 9.88 -0.02 -1.3 DoubleLine Funds AllAsset NA ... NA
HlthCareAdml r 88.70 -0.42 LifeMod 30.03 +0.13 -1.4
BluCh 176.29 +2.51 1.7 Harding Loevner 0.6 STIGradeInst 10.20 ... -0.1
EupacA 53.33 +0.49 -2.5 Calamos Funds TotRetBdI 8.72 -0.02 -1.4 BluChpGr K6 27.22 IntlEq 25.01 +0.30 -3.6 TotRt 8.54 -0.01 -1.1 HYCorAdml r 5.36 ... -0.8 PrmcpCor 31.57 +0.27 -0.5 STIPSIxins 23.85 +0.02 0.1
+0.35 1.4
FdInvA 71.17 +0.63 -0.4 MktNeutI 14.20 ... 0.1 Edgewood Growth Instituti Invesco Funds A PIMCO Funds A InfProAd STAR 26.43 +0.12 -1.6
Contra 16.46 +0.16 2.3 22.89 ... -0.6 TotBdInst 9.56 -0.02 -1.4
GwthA 63.14 +0.70 ... Columbia Class I EdgewoodGrInst 44.03 +0.51 0.7 ContraK 16.53 +0.17 2.4 EqIncA 9.95 +0.02 -1.3 IncomeFd 10.54 ... -0.5 IntlGrAdml 98.03 +0.97 -3.7 TgtRe2020 26.55 +0.07 -1.2 TotBdInst2 9.45 -0.01 -1.3
HI TrA 9.44 ... -0.3 DivIncom I 30.27 +0.17 -0.5 Federated Hermes Int Invesco Funds Y PIMCO Funds I2 ITBondAdml 10.22 -0.01 -1.2 TgtRe2025 18.14 +0.07 -1.3 TotBdInstPl
CpInc 9.60 +0.01 -0.3 9.56 -0.02 -1.4
ICAA 50.35 +0.48 -0.1 Dimensional Fds TtlRtnBdI 9.45 -0.02 -1.2 GroCo 32.51 +0.41 1.8 DevMktY 36.47 +0.37 -5.6 Income 10.54 ... -0.5 ITIGradeAdml 8.56 ... -1.2 TgtRe2030 34.99 +0.16 -1.4 TotIntBdIdxInst 29.22 -0.04 -1.3
IncoA 23.08 +0.04 -1.5 5GlbFxdInc 9.99 +0.01 0.3 Fidelity InvGrBd 9.95 -0.02 -1.3 JHF III DispVal PIMCO Funds Instl LarCapAd 110.57 +0.97 0.3 TgtRe2035 21.83 +0.12 -1.3 TotStInst 115.24 +0.98 -0.2
N PerA 55.23 +0.52 -1.2 EmgMktVa 27.89 +0.14 -5.2 500IdxInstPrem 165.98 +1.47 0.3 LowP 42.97 +0.25 -2.5 DispValMCI 26.68 +0.15 -2.5 IncomeFd 10.54 ... -0.5 LTGradeAdml 7.88 -0.03 -2.9 TgtRe2040 38.76 +0.23 -1.4 ValueInst 57.70 +0.17 -1.0
NEcoA 54.05 +0.60 0.1 EmMktCorEq 21.39 +0.15 -4.6 Contrafund K6 23.56 +0.23 2.2 Magin 12.53 +0.15 1.8 John Hancock Price Funds MidCpAdml 281.35 +1.46 -2.3 TgtRe2045 26.30 +0.18 -1.4 WCM Focus Funds
NwWrldA 73.35 +0.47 -2.2 IntlCoreEq 14.90 +0.13 -2.7 ExtMktIdxInstPre 75.29 +0.49 -3.5 NASDAQ 190.76 +2.54 0.3 BondR6 13.42 -0.03 -1.3 BlChip 152.27 +1.72 2.0 MuHYAdml 10.60 -0.04 -0.9 TgtRe2050 43.82 +0.31 -1.4 WCMFocIntlGrwIns 22.76 +0.36 ...
SmCpA 63.68 +0.32 -3.9 IntSmCo 18.70 +0.16 -3.2 FidSerToMarket 15.65 +0.13 -0.3 OTC 18.57 +0.32 1.5 JPMorgan I Class DivGro 70.49 +0.53 -0.5 MuIntAdml 13.65 -0.03 -0.6 TgtRe2060 45.05 +0.32 -1.4 Western Asset
TxExA 12.36 -0.03 -0.8 IntSmVa 20.62 +0.16 -2.9 GrowthCompanyK6 22.88 +0.27 1.9 Puritn 23.30 +0.13 ... CoreBond 10.18 -0.02 -1.2 Growth 87.97 +0.98 1.6 MuLTAdml 10.88 -0.04 -0.9 TgtRet2055 48.90 +0.35 -1.4 CoreBondI NA ... NA
WshA 56.98 +0.31 -0.4 LgCo 31.71 +0.28 0.3 IntlIdxInstPrem 46.32 +0.37 -2.2 SAIUSQtyIdx 19.86 +0.28 2.6 EqInc 22.58 +0.07 -1.7 LgCapGow I 67.22 +0.76 2.2 MuLtdAdml 10.81 -0.01 -0.3 TgtRetInc 12.87 +0.02 -1.2 CorePlusBdI NA ... NA
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

B8 | Friday, January 19, 2024 THE WALL STREET JOURNAL.

BANKING & FINANCE

Energy Tax Credits Are Hot Commodity

Billions in transfers be some of the biggest players
in the transfer market.
made by renewables By making it easier for any
firms in ’23, deals company to buy credits, gov-
ernment officials hope they
likely to soar further can entice businesses beyond
banking to reduce their taxes
BY RICHARD RUBIN and fund climate investments
AND AMRITH RAMKUMAR in the process. Early buyers
were the same companies that
WASHINGTON—A nascent had done tax-equity deals in
market for clean-energy tax the past, but retailers and
breaks is surging faster than technology companies started
expected, with deals totaling entering the market later in
as much as $9 billion already 2023, Martin said. U.S. Ban-
done and tens of billions more corp facilitated $700 million
expected this year. in transfers in the fourth
The new government pro- quarter, it said in a regulatory
gram is designed to funnel filing.
cash quickly to renewable-en- The financial-technology gi-
ergy developers, potentially ant Fiserv recently agreed to
accelerating the transition buy $700 million in domestic
from fossil fuels, while giving manufacturing tax credits

SYLVIA JARRUS FOR THE WALL STREET JOURNAL

tax breaks to buyers such as from the solar-panel maker
JPMorgan Chase and Fiserv. First Solar, arguably the big-
Congress created the tax gest winner from the climate
credit transfer program for re- law. It is one of the largest
newable-energy companies in transfer deals announced to
the 2022 climate law. About date.
100 companies pursuing more The Treasury Department
than 1,000 clean-energy proj- launched an online registra-
ects have indicated they plan tion tool for companies to sign
to sell tax credits in the new up for the program in Decem-
market, according to prelimi- ber. Its preliminary figures are
nary Treasury Department Fiserv recently agreed to buy $700 million in tax credits from solar-panel maker First Solar, whose Ohio plant is seen here. through Tuesday, and the
figures reviewed by The Wall numbers are expected to rise
Street Journal ahead of their $7 billion and $9 billion last going to be.” cently agreed to transfer $191 to big companies, generating as companies become familiar
release. year and are expected to rise Transferring tax credits di- million in tax credits to JP- cash it can use for the proj- with the new market.
Renewable-energy compa- soon into the tens of billions, rectly to corporate buyers of- Morgan. That agreement ects. “Increased access to clean
nies often don’t make enough according to estimates by fers a faster, simpler way for helped Arevon raise $338 mil- The new deals typically energy credits is acting as a
profit to absorb all the tax Crux, an online marketplace clean-energy companies to lion in debt for a solar and take three to eight weeks to force multiplier so that more

.
credits they generate. The law that connects tax-credit buy- fund projects than existing battery storage project in Cal- complete, down from four clean energy projects are built
lets them sell the credits to ers and sellers. tax-credit marketplaces. ifornia. “It will be a huge months, for tax equity, said quickly and affordably,” Dep-

ly
other companies to monetize “The market really started These rely on an arcane mar- boon for the industry,” he Keith Martin, a lawyer at Nor- uty Treasury Secretary Wally
what they can’t use. Buyers to coalesce in the fourth quar- ket called tax equity that is said. ton Rose Fulbright, whose Adeyemo said.
typically pay $90 to $96 for ter faster than people ex- generally limited to the larg- Arevon has roughly $2 bil- firm has already closed 14 The Treasury Department
credits that let them reduce
their tax bills by $100, turning
a near-instant profit.
Total transactions from the
pected,” said Alfred Johnson,
chief executive officer of Crux.
“You’re now seeing people
start to think ahead about
on est renewable developers.
“It’s definitely a game
changer,” said Kevin Smith,
CEO of the clean-energy de-
lion in projects it is pursuing
that will qualify for about
$500 million in tax credits, he
said. The company expects to
deals and has 20 more in pro-
cess.
Banks including JPMorgan
and Bank of America dominate
initially proposed rules for
selling credits in June and
won’t have financial details on
transfers until companies file
market likely totaled between what their strategy for 2024 is veloper Arevon, which re- sell the vast majority directly tax equity and are expected to their tax returns.
us ,
l

South African Mining-Waste Piles Regulator Steps Up

e
al a
ci on

Seen as a Rare-Earth Bonanza Efforts on Bank Runs

BY GINA HEEB proposal. Hsu didn’t elaborate
er s

on the size of the banks by as-

BY YUSUF KHAN Price for neodymium oxide However, Rainbow is work- A top U.S. regulator called sets the agency might target.
m er

$200,000 a metric ton

ing with K-Tech, a Lakeland, for new rules that would re- The comments are a sign
Just before the Covid-19 Fla., chemical technology firm, quire large and midsize lenders that regulators are determined
pandemic took hold, South Af- on a novel approach to pro- to show they can withstand the to tighten the reins on banks
rican mining veteran George 175,000 cessing the rare earths further type of rapid deposit runs that after three high-profile failures
Bennett was offered the op- into more valuable rare-earth took down three banks in early in early 2023. Regulators sepa-
m rp

portunity to bid for two waste oxides. It is testing out a 2023. rately proposed new capital
150,000
piles of gypsum, left over from faster, more environmentally Under the plan, banks would rules last year, which would re-
decades of phosphate mining friendly way, known as contin- have to demonstrate they could quire banks with more than
in a small town near the Mo- 125,000 uous-ion chromatography, cover “acute, ultra-short-term” $100 billion in assets to hold
zambique border. which has been used in pho- deposit outflows. The plan was more cash and other assets to
co Fo

Bennett built more than 20 tography. Bennett hopes to first reported by The Wall absorb potential losses.
100,000
mining projects over his ca- start producing rare-earth ox- Street Journal and informally Under the plan Hsu outlined,
reer, but this one caught his ides with K-Tech on a trial ba- proposed Thursday by the head banks would have to show they
attention. Analysis of samples 75,000 sis by the end of March. the Office of the Comptroller of could cover five days of deposit
he took showed that the waste Rainbow is developing an- the Currency. outflows, including through the
stacks held a treasure trove— other, larger site in Brazil. In “The bank runs are faster Fed’s discount window.
50,000
high concentrations of the July, it signed a deal with now. This is just a fact,” said It would take into account
rare-earth minerals needed to Feb. 2022 ’23 ’24 Tampa, Fla.-fertilizer producer Michael Hsu, acting comptrol- the amount of cash a bank has
make the permanent magnets Note: Data through Jan. 11 Source: Argus Media The Mosaic Co. for an almost ler of the currency. “We have at the Fed and the collateral it
used to power offshore wind identical phosphogypsum to adapt.” pledges for access to the dis-
turbines and electric vehicles. pany that recently invested $50 and further processed with stack in the Uberaba area of Hsu proposed flagging de- count window, as well as the
Rare-earth minerals aren’t million in Rainbow. “We feel it heat and acid—increasing the Minas Gerais. “Uberaba could posits that regulators view as amount of uninsured deposits
that rare, but it is unusual to can be one of the biggest, low- rare-earth concentration and be significantly bigger and vulnerable to “herd behavior” it holds. Banks could also be
n-

find them in sufficiently high est cost, producers of rare thereby reducing the process- have a much longer life,” Libe- as at risk for ultra-fast with- asked to do periodic test draws
concentrations that earth oxides in the world.” ing that Rainbow needs to do. rum’s Low said. Rainbow is drawals. That could mean from the discount window un-
would make mining them eco- Mining is hugely expensive, “We’ve got no mining cost, working with Morocco’s OCP, tougher regulations for the der the rule. This would allow
nomical. Having a massive pile highly political and can take no crushing, no milling, no flo- the world’s largest phosphate type of venture or technology the Fed to more quickly lend to
no

of them above ground is rarer. years to get off the ground,
And new sources are highly particularly as governments
valuable because China con- change their
trols most of the extraction policy on min-
and refining of rare earths—a ing across elec-
dominance that it is looking to tion cycles.
maintain through a ban on the Rainbow has
export of rare-earth process- been through
ing technologies, which it in- those struggles.
troduced in December. Its mining proj-
Rainbow Rare Earths ect in Burundi
could be a significant non-Chi- had been pro-
nese source of crucial energy- ducing rare
transition materials, according earths and it
to Bennett, the company’s had been selling
chief executive. Rainbow, them to Chinese buyers since
which was listed in London in 2017. Those operations were
tation. I saw the advantages to miner, to see if its waste resi- deposits that customers pulled banks through its discount
lead to a low capital intensity due could be viable. en masse from Silicon Valley window, Hsu said.
and low operat- According to analysts, there Bank last year. —Andrew Ackerman
ing cost envi- are very few phosphogypsum So far, there isn’t a formal contributed to this story.
ronment proj- sites in the world because it is
Rainbow’s ect,” Bennett essentially a waste product of
Phalaborwa said. The aim is some large-scale phosphate Watch a Video: What Wall Street Banks See
to start process- mines. Rainbow is “entirely On the Horizon for the Economy and Stocks
project won’t ing from 2026, unique” as a listed company
he said, with an making efforts to recover sig-
involve any expectation that nificant rare earths from gyp-
digging. the project will sum waste sites, according to
have about 14 Christopher Ecclestone, mining
years of produc- strategist at Hallgarten & Co.
tive life. Rainbow’s relatively low
“Their costs should be com- production costs could give it
petitive in theory as they do a competitive advantage over
CARLO ALLEGRI/REUTERS

2017, expects to generate a net suspended in 2021 when the lo- not have to do mining,” said western rivals, according to
present value of more than $1 cal government halted all min- Yuen Low, mining analyst at Li- Bennett.
billion from those two South ing activity in the country to re- berum. He added Rainbow Shares in competitors MP
African waste piles, he said. negotiate the mining code and could create additional value by Materials and Lynas Rare
There are a lot of rare earth royalties, according to Bennett. processing its products further. Earths are down 40% and 26%,
projects but “Rainbow is Fortunately for Rainbow, Currently, Rainbow’s pilot respectively, over the past year,
unique in the economics and its Phalaborwa project in trials produced a low value as rare-earth prices were hit by
the environment and carbon South Africa won’t involve any mix of rare earths—known as falling demand and rising Chi- Scan this code for a video with WSJ’s Dion
footprint associated with the digging. The two waste piles a rare-earth carbonate—that nese output. There is debate Rabouin, examining what Deutsche Bank,
[South African] project,” said of phosphogypsum are above has to be separated further about whether prices have bot- Citi, JPMorgan and Wells Fargo are
Brian Menell, CEO of Techmet, ground and have been into the individual minerals tomed out, but there is broad predicting for the stock market and the U.S.
a U.S. government-backed criti- “cracked”—a process where used in the making of perma- consensus that demand for economy in the coming months.
cal-minerals investment com- the mined material is crushed nent magnets. rare-earth oxides will rise.

New Highs and Lows Stock

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Continued From Page B7 52-Wk % 52-Wk % Express EXPR 7.29 ... INNOVATE VATE 0.83 -8.9 MaisonSolutions MSS 0.76 -8.2 OceanTechI A OTEC 10.50 -0.9 SalemMedia SALM 0.26 -13.1 TurboEnergy TURB 0.87 -7.4
ExxonMobil XOM 95.82 -0.2 iBio IBIO 1.02 ... Medifast MED 51.44 -5.7 Ohmyhome OMH 1.11 -3.0 SSL 8.34 -0.9 2U TWOU 0.76 -8.0
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FLJ FLJ 0.65 -10.8 Ideanomics IDEX 1.07 -11.3 Mesoblast MESO 1.61 -1.1 OneMedNet ONMD 0.51 -10.0
Sasol
Shapeways SHPW 1.89 -1.6 U Power UCAR 0.11 -5.4
Stock Sym Hi/Lo Chg Boxlight BOXL 0.82 -8.4 ConsensusCloud CCSI 17.79 -2.1 FSD Pharma HUGE 0.83 -1.5 Imunon IMNN 0.58 -8.1 MicroCloudHologram HOLO 0.21 -4.7 Ontrak OTRK 0.24 -7.3 SizzleAcqn SZZL 10.11 0.2 UTStarcom UTSI 2.85 ...
BranchOutFood BOF 1.10 -5.4 ContainerStore TCS 1.50 ... Fisker FSR 0.76 -9.2 Infobird IFBD 0.46 -2.9 MiddlesexWater MSEX 57.13 -0.2 OriginMaterials ORGN 0.55 -13.7 SocietyPass SOPA 0.22 -11.4 Uxin UXIN 3.09 -16.6
Ameren AEE 69.00 -1.0 27.29 -1.1
Cadiz CDZI 2.45 -9.7 Cricut CRCT 5.49 -5.8 5EAdvMatls FEAM 1.12 -6.6 Inno INHD 1.04 -0.9 Mobileye MBLY PEDEVCO PED 0.69 -1.1 SolidPower SLDP 1.11 -1.7 VyneTherap VYNE 1.81 -6.0
AmerGold&Silver USAS 0.21 1.5 MobixLabs MOBX 2.50 -10.2
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AmpioPharm AMPE 1.66 -5.6 Momentus MNTS 0.67 -8.9
CalidiBiotherap CLDI 1.20 -5.5 CyclacelPharm CYCC 2.00 -1.0 GRI Bio GRI 0.28 -1.4 iQIYI IQ 3.62 -6.7 PanbelaTherap PBLA 6.31 -23.4 SotherlyHtlsPfC SOHOO 18.50 0.9 VentyxBiosciences VTYX 1.87 -9.1
Aravive ARAV 0.05 -46.1 MomentusWt MNTSW 0.00 ...
CanoHealth CANO 1.74 -15.9 DSS DSS 1.95 -4.4 GSE Systems GVP 1.22 -6.0 iRobot IRBT 23.41 -14.2 PaxMedica PXMD 0.56 -0.6 SotherlyHtlsPfd SOHON 19.38 -1.8 Veradigm MDRX 8.68 1.7
ArcadiaBiosci RKDA 2.33 2.7 MoolecScience MLEC 1.86 -8.5 VerdeCleanFuelsA VGAS 2.01 -5.4
ADM ADM 68.16 -0.3 Canoo GOEV 0.16 -2.6 DataIO DAIO 2.86 0.3 Gaucho VINO 0.39 -10.8 JD.com JD 21.89 -1.8 PhioPharm PHIO 0.61 4.6 SotherlyHotels SOHO 1.33 -3.2
CareMax CMAX 0.30 -2.2 Datasea DTSS 0.12 -1.7 GeneticTech GENE 1.81 -14.1 Kennedy-Wilson KW 10.66 -0.8 MotusGI MOTS 1.03 -6.8 PiedmontLith PLL 18.38 -3.5 VermilionEnergy VET 10.62 -0.7
ArtesianRscs A ARTNA 35.81 0.7 SpectralAI MDAI 2.14 -3.6
Cemtrex CETX 3.66 -12.8 DatChat DATS 1.52 -3.1 GGB 4.15 1.2 KVYO 23.93 -4.3 MySize MYSZ 0.41 -14.5 PEGY 0.46 -6.1 VersusSystems VS 1.96 -11.9
AscentSolar ASTI 0.73 -2.5 Gerdau Klaviyo PineappleEner SpiritAirlines SAVE 4.04 -7.2
CenntroElec CENN 1.01 -10.3 DeepMedicineAcqn DMAQ 7.96 -8.9 NIO NIO 6.10 -0.3 VertexEnergy VTNR 1.82 -3.2
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AultAlliance AULT 0.78 -10.5 ChargePoint CHPT 1.58 -4.1 Draganfly DPRO 0.37 -2.2 GreenGiant GGE 0.04 -5.2 Li-Cycle LICY 0.40 -21.8 NewFoundGold NFGC 3.06 -0.6 PortageBiotech PRTG 0.87 -13.0 Tantech TANH 0.70 -7.4 Vuzix VUZI 1.57 -1.2
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AuroraTechRt ATAKR 0.07 -46.8 ChickenSoupA CSSE 0.15 -19.1 DuckhornPtf NAPA 8.49 -1.5 GromSocialEnts GROM 0.76 -7.9 LithiumAmericas LAC 4.82 -3.2 NewcourtAcqn NCACU 8.05 -31.2 PrestoAutomation PRST 0.25 -15.3 TenaxTherap TENX 8.73 -7.5 WeBuyGlobal WBUY 0.38 -8.1
ByndCannasoft BCAN 0.27 -7.5 ChickenSoupNts CSSEN 6.16 -30.0 Edgio EGIO 0.21 2.2 HWH Intl HWH 1.56 -2.8 Longeveron LGVN 0.95 -1.0 NewcourtAcqnA NCAC 7.50 -32.6 PriviaHealth PRVA 19.57 -2.2 ThermoGenesis THMO 0.37 -7.3 WesternCopper WRN 1.09 -1.8
BallardPower BLDP 2.98 -4.7 ChijetMotor CJET 0.51 39.2 ElevaiLabs ELAB 0.94 -1.8 HanoverBancorp HNVR 17.17 -0.1 Lucid LCID 2.55 -4.7 NKGenBiotech NKGN 2.52 -1.7 reAlphaTech AIRE 1.31 -7.9 TonixPharm TNXP 0.27 -5.3 WindtreeTherap WINT 0.44 -0.4
Beneficient BENF 0.35 -2.6 ChinaNaturalRscs CHNR 1.20 -0.7 EndeavourSilver EXK 1.66 -1.8 HeartTestLabs HSCS 0.11 -17.0 LufaxHolding LU 2.11 2.8 noco-noco NCNC 0.15 -5.0 Renalytix RNLX 0.26 -9.1 ToughBuiltInds TBLT 6.55 -4.4 Workhorse WKHS 0.29 -6.3
BiodexaPharm BDRX 1.71 6.6 CleanEnerFuels CLNE 2.94 -6.1 ENGlobal ENG 1.60 -1.2 HelloGroup MOMO 6.06 -4.5 Luxfer LXFR 7.88 2.3 Novavax NVAX 4.01 -2.3 RubiconTech RBT 1.00 -7.8 TransCodeTherap RNAZ 0.97 -49.5 XBPEurope XBP 2.58 -25.6
BionanoGenom BNGO 1.18 -0.8 ColombierAcqnIIA CLBR 9.16 -0.1 Enservco ENSV 0.17 0.9 HepionPharm HEPA 2.11 -5.1 LuxUrbanHtlsPfdA LUXHP 20.90 -11.0 Novonix NVX 1.55 -5.9 SellasLifeSci SLS 0.50 -2.4 Transocean RIG 5.23 1.5 Youdao DAO 3.35 -3.7
BioraTherap BIOR 0.88 -10.7 COPEL ELPC 7.22 -1.8 Enviva EVA 0.45 -4.1 HoustonAmEner HUSA 1.53 3.2 MAG Silver MAG 8.94 -0.6 Nukkleus NUKK 0.96 -30.5 SSR Mining SSRM 9.90 -0.6 Trinseo TSE 5.21 -0.9 ZeviaPBC ZVIA 1.55 -6.5
BitBrother BETS 2.77 -1.2 ComstockRscs CRK 7.94 -0.7 EsportsEnt GMBL 2.25 -6.6 Humana HUM 390.50 -8.0 MDJM MDJH 1.16 -0.4 NuvveHolding NVVE 0.07 -8.2 SacksParenteGolf SPGC 0.56 -9.6 TrioPetroleum TPET 0.21 -7.4 Zomedica ZOM 0.12 -11.3
BluejayDiag BJDX 0.90 -1.0 ComtechTel CMTL 6.71 -5.3 ExelaTech XELA 2.26 -2.4 IM Cannabis IMCC 0.23 -8.5 MiraPharm MIRA 0.80 -5.6 Nxu NXU 1.31 -15.5 Sadot SDOT 0.32 -2.3 TritiumDCFC DCFC 0.13 -5.3 ZyVersaTherap ZVSA 0.50 -13.5
 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.
Technology Shares Lift Major Indexes
Chip stocks rally
after Taiwan
Semiconductor
issues strong outlook
BY CHARLEY GRANT
Rising technology shares
powered major indexes higher.
The S&P 500 rose 0.9%,
while the Nasdaq Composite
gained 1.3%. The Dow Jones In-
dustrial Average advanced
0.5%, or 202
THURSDAY’S points, snap-
MARKETS ping a three-
session losing
streak.
The information-technology
sector was the broad index’s
top performer, rising 2%. Chip
stocks rallied after key supplier
Taiwan Semiconductor gave a
stronger outlook overnight
than Wall Street had forecast.
Crypto
Traders
Evade Ban
Continued from page B1
to police the sector.
“It’s hard to catch. There’s a
billion people in China. How do
you know what they’re buy-
ing?” said Bobby Lee, founder
of the cryptocurrency-storage
service Ballet.
Many users in the country
still have accounts at crypto
exchanges based outside China,
which they created before the
trading ban. They can often ac-
cess these accounts through
virtual private networks, which
allow internet users to mask
their locations, according to
people familiar with the mat-
ter. Some crypto traders in the
country can access their ac-
counts even without using a
VPN, some of the people said.
Some exchanges, including
Bybit, KuCoin and Gate.io, don’t
allow users in mainland China
to open accounts, and some say
they have closed mainland
China-based accounts. One ex-
change—HTX, also known as
Huobi—has created a digital-
citizenship program that en-
ables users to claim another
nationality when opening an
account.
Traders wanting to buy bit-
coin, tether or other cryptocur-
rencies also use social-media
apps such as WeChat and Tele-
gram after getting referrals
from their friends, according to
people in the country. Dedi-
cated groups on these plat-
forms allow buyers and sellers
to find each other without the
need for an exchange to match
them.
Chinese crypto traders also
use some more old-fashioned
methods to flout the rules.
These include meetings in pub-
lic places, where they exchange
no
addresses of crypto wallets, ac-
cording to people with knowl-
edge of these trades. Traders
either swap crypto directly, pay
in cash or arrange bank trans-
It May Be
Time to Sell
AI Issues
Continued from page B1
hyped, as I said in June,
since then there’s been more
discrimination by investors,
with some of the smaller AI
stocks pummeled. But then
I’m always cynical about the
crowd.
T
o make a proper as-
sessment, we need to
consider both the real-
ity of AI and what is already
priced in.
“It is real what is happen-
ing in AI right now,” said Ni-
colai Tangen, head of Nor-
way’s $1.5 trillion sovereign-
wealth fund. “You speak to
Sam Altman and you see
what’s happening to their
business, and you speak to
Microsoft, and so it is hap-
pening.” But despite this, he
has sold off the fund’s over-
weight position in Microsoft
and the rest of the “Magnifi-
cent Seven” big tech stocks.
The reality distortion field
in Davos is strong, but com-
panies are increasingly ex-
cited about the prospects for
* * * *
The PHLX Semiconductor Index
rose 3.4%, led by companies
like Qualcomm and Lam Re-
search. Apple rose 3.3% to
close at a 2024 high.
Major indexes are little
changed so far in January, after
posting a furious rally to end
2023.
Initial jobless claims were
187,000 last week, the Labor
Department said, the lowest
since September 2022. That
was the latest data point to
paint a picture of a resilient
economy, following upbeat re-
ports on employment, inflation
and retail sales earlier this
month.
“This is an economy that
continues to surprise to the up-
side,“ said Nadia Lovell, senior
U.S. equity strategist for the
chief investment office at UBS
Wealth Management.
That strength is prompting
investors to reconsider hopes
fers.
These physical trades are
particularly popular in China’s
inland, in places such as
Chengdu and Yunnan, the peo-
ple said. This is because Chi-
nese cities far from the coast
are generally poorer, local gov-
ernments are preoccupied with
other social issues and enforce-
ment is looser, they said. Some
of these regions were once
popular locations for crypto-
mining operations, which use
powerful computers to create
bitcoin and other cryptocur-
rencies.
Crypto traders in these cit-
ies head to laundromats, cafes,
snack kiosks or eateries, where
they trade with the owners of
on
these businesses or with other
us ,
customers. Some traders find
l
these businesses through the
e
al a
peer-to-peer services of crypto
exchanges, while others rely on
word-of-mouth, the people
ci on
said.
“It used to be that you meet
someone in the back alley and
hand the dealer bags of cash in
exchange for what you want.
er s
Now, with crypto, you can just
go to a cafe and hand them a
m er
thumb drive or exchange wallet
details. It’s a lot less friction
than trying to hand bags of
cash,” said Ben Charoenwong,
an assistant professor in fi-
m rp
nance at the National Univer-
sity of Singapore.
The range of options for
crypto traders presents a seri-
ous challenge to China’s gov-
co Fo
ernment, which imposes strict
capital controls on its citizens
to protect its currency. People
in China can convert no more
than the equivalent of $50,000
a year into foreign currencies.
These controls have increased
pent-up demand for crypto as-
sets, said Lee, the crypto exec-
utive.
In late December, Chinese
authorities released details
about a crackdown on illegal
n-
cross-border financial flows,
highlighting the use of crypto.
China’s top prosecutorial
agency and foreign-exchange
regulator outlined eight typical
examples of such crimes, two
of which involved conversions
between China’s yuan, tether
and foreign currencies.
productivity gains in their
businesses from using AI.
BlackRock Chief Operat-
ing Officer Robert Goldstein
is one of the most bullish.
He said large language mod-
els—the technology behind
ChatGPT—would have a phe-
nomenally quick return on
investment.
“I believe that the next
year, 2024, is going to be a
year when you start getting
return on investments in a
very tangible way from these
technologies,” he said.
He said BlackRock staff
will be given AI “co-pilots”
to help them do their jobs
better—rather than to re-
place their jobs. One exam-
ple: First drafts of reports
could be produced in min-
utes instead of days, before
then being reviewed by hu-
mans.
Daniel Pinto, president
and chief operating officer
of JPMorgan, expects a
slower payoff, but at two to
three years it’s still very
fast.
“Technology’s probably
the area that will get most
of the benefit—20% more,
30% more output. But it will
take time, it will take a lot of
training to understand how
they [programmers] can use
it.”
These behind-the-scenes
uses will be felt by employ-
MARKETS
Index performance on Thursday
1.50%
1.25
1.00
0.75
0.50
0.25
0 Average
–0.25
–0.50 Five-minute intervals
10 a.m. 11 noon
Source: FactSet
that the Federal Reserve will
cut interest rates aggressively,
according to CME Group’s Fed-
Slowing Oil-Demand Growth Expected
To Extend Into 2024, IEA Report Says
BY GIULIA PETRONI
Global oil-demand growth
slowed significantly at the end
of last year and is expected to
weaken further, marking a re-
turn to prepandemic trends,
according to the International
Energy Agency.
The Paris-based organiza-
tion said Thursday in its
monthly report that growth is
projected to ease to 1.2 million
barrels a day in 2024 from 2.3
million barrels a day last year,
taking total
COMMODITIES demand to an
average of 103
million barrels a day. Demand
growth for 2024 was previ-
ously estimated at 1.1 million
barrels a day.
In the fourth quarter of last
year, growth slowed to 1.7 mil-
lion barrels a day from 2.8 mil-
lion barrels a day in the third
quarter, reflecting slowing
travel demand in China after a
postpandemic boom, the IEA
said.
China is still set to account
for almost 60% of global de-
mand growth this year,
boosted by the expansion of
the petrochemical sector, the
agency said.
“The gains come predomi-
nantly at the expense of gaso-
line and jet/kerosene, as 2023’s
postpandemic release of pent-
up Asian travel demand re-
cedes, efficiency standards
continue to tighten and elec-
tric vehicle sales rise,” it said.
The Organization of the Pe-
troleum Exporting Countries
on Wednesday left its expecta-
tions for this year’s global oil-
demand growth unchanged at
2.2 million barrels a day, and
said it expects demand to grow
by 1.8 million barrels a day in
2025, a level still considered
elevated by market watchers.
Meanwhile, global economic
growth is expected to slow this
year, despite anticipated inter-
ees much earlier than they
are rolled out into con-
sumer-facing applications
that might help boost reve-
nue, Pinto said. His view is
echoed by Bejul Somaia,
partner at venture-capital
firm Lightspeed, who thinks
the last place AI will make
itself felt is for customers of botics firm Symbotic, which
regulated industries such as
finance and healthcare.
Many companies are at
least experimenting with AI.
This explains
the stock-mar-
60%
ket excitement
about the pro-
viders of AI
services to
business, most Shares of
obviously Mi-
crosoft, part-
SoundHound
ner of Chat- down by this percent times forecast
GPT maker since June.
OpenAI, and of
the hardware
used for AI,
most obviously chip maker
Nvidia.
Is the excitement already
priced in? At the start of
June, I argued that a mini-
bubble had developed, with
indiscriminate buying of any AI that investors anticipate,
AI-related stock.
Since then investors have
become more selective.
Nvidia carried on up, albeit
at a slower pace, as its earn-
ings powered ahead of Wall
Street’s already super-bull-
Nasdaq Composite
S&P 500
Dow Jones
Industrial
1 p.m. 2 3 4 The average rate on the
Watch tool. Traders on Thurs-
day assigned a 57% probability
to a cut at its March meeting,
Growth slowed to 1.7 million barrels a day in the fourth quarter as travel demand in China eased.
est-rate cuts from central
banks, the IEA said, as busi-
ness activity and consumer
spending suffers the impact of
rate hikes in 2022 and 2023.
“Even if the now-main-
stream view of a soft landing
materializes, 2024 looks set to
be a year of subdued global
economic growth, weighed
down by the lagged impact of
monetary tightening and a
squeeze in bank lending,” it
said.
Record supply from the U.S.,
Brazil and Guyana, along with
production increases from
countries outside of OPEC+,
are estimated to lift world oil
supply by 1.5 million barrels a
day to an average of 103.5 mil-
lion barrels a day in 2024, ac-
cording to the organization.
Russian crude exports rose
by 500,000 barrels a day in De-
cember to a nine-month high
of 7.8 million barrels a day, but
export revenue slumped to
$14.4 billion as Russian oil
price discounts increased and
ish forecasts. But shares in
smaller AI companies that
had been big beneficiaries of
the first-half boom have col-
lapsed.
Big losers in the second
half include SoundHound
AI, down 60% since June,
C3.ai, down a third, and ro-
peaked a month later before
dropping 36% from the end
of July.
This is good news for in-
vestors think-
ing of getting
in now, as it
suggests less-
frothy pricing
(if still not
cheap: Sym-
botic trades at
AI are about 250
earnings for
this year).
Nvidia is no
longer expen-
sive compared with earn-
ings, because earnings have
risen so fast and are ex-
pected to soar again this
year. Microsoft hasn’t yet
had the earnings boost from
and at 32 times forecast
earnings is more expensive
than any time from 2002 to
2020.
Meanwhile some other
providers of AI services to
companies have failed to
Friday, January 19, 2024 | B9
down from the 70% probability
they gave that scenario a week
ago. Traders began the year
pricing in about six rate cuts in
2024, while Fed officials pro-
jected three cuts at their De-
cember meeting.
“People were maybe too op-
timistic about how many are
coming this year,” said Doug
Evans, chief investment officer
at Callan Family Office. “Yes,
the Fed will ease—but probably
not at the cadence people were
expecting.”
The yield on the benchmark
10-year U.S. Treasury note set-
tled at 4.142%, marking the
highest 3 p.m. yield so far in
2024. Prices fall when yields
rise.
standard 30-year fixed mort-
gage slid to a nearly eight-
month low of 6.6%, according
to a survey of lenders released
by Freddie Mac.
ly
benchmark oil prices fell.
The IEA’s latest report came
amid a sharp downturn in oil
prices, with crude down over
20% from its late-September
high despite the Israel-Hamas
conflict and production cuts
from OPEC.
Brent crude, the interna-
tional benchmark, trades at
around $78 a barrel after
briefly touching $80 last week.
WTI, the U.S. oil gauge, is
around $73 a barrel.
Oil futures have recovered
by around $4 a barrel from
their mid-December lows, the
IEA said, as escalating tensions
in the Red Sea due to a string
of attacks on commercial ships
by Yemen’s Houthi rebels
fueled fears of supply disrup-
tions.
“Rising geopolitical tensions
in the Middle East, which ac-
counts for one-third of the
world’s seaborne oil trade, has
markets on edge at the start of
2024,” the agency said.
Production of oil and lique-
gain traction, with Interna-
tional Business Machines
stock lagging behind the
S&P 500 last year and trad-
ing at less than 17 times
forecast earnings.
N
one of this feels obvi-
ously wrong. There is
clearly money to be
made from selling picks and
shovels to those playing
with AI, and it might last a
long time, helping Nvidia
and Microsoft. Equally there
are plenty of ways of apply-
ing AI in spite of all the un-
predictability and problems
that large language models
still have, such as inventing
things and presenting them
as facts.
But to make money from
here I’m in the same position
as I was in June: Investors
can’t just bet on AI in gen-
eral, because there are too
few listed AI stocks to allow
proper diversification when
there are likely to be huge
winners and losers. Altman,
CEO of OpenAI, seemed to be
everywhere in Davos, but
even its early lead in large
language models is far from
guaranteed to last.
The minibubble of the
first half of the year has par-
tially deflated, valuations
aren’t extreme, but expecta-
tions are still high. Contrari-
ans who want to bet against
The KBW Nasdaq Bank In-
dex traded lower for a seventh
consecutive session, dropping
0.5%. Discover Financial Ser-
vices fell 11% after earnings fell
short of expectations.
Health-insurance stocks sold
off after Humana warned that
rising medical costs could hurt
financial results. Humana fell
8%, and rivals like CVS Health
and Elevance Health also sold
off.
Spirit Airlines fell 7.2%.
Spirit is weighing restructuring
options after a federal judge
blocked the low-cost carrier’s
deal to be acquired by JetBlue
Airways, The Wall Street Jour-
nal reported Thursday.
U.S. crude oil prices rose
2.1%, settling at $74.08 a barrel.
The Europe Stoxx 600 rose
0.6%. At midday Friday, Japan’s
Nikkei 225 was up 1.6%, while
South Korea’s Kospi was up
1.1%. S&P 500 futures rose 0.1%.
.
ALEXANDER MANZYUK/ANADOLU AGENCY/GETTY IMAGES
fied natural gas hasn’t been di-
rectly hurt by the attacks, but
the risk of disruptions is still
high, particularly for oil flows
transiting via the Suez canal,
according to the IEA. Mean-
while, rerouting vessels toward
Southern Africa’s Cape of Good
Hope—the main alternative
shipping lane—adds pressure
to global supply chains and in-
creases freight and insurance
costs.
But excluding significant
disruptions to flows, the IEA
said the market looks well sup-
plied this year, as higher-than-
expected production from
countries outside of OPEC+ is
set to outpace oil-demand
growth. “While OPEC+ supply
management policies may tip
the oil market into a small def-
icit at the start of the year,
strong growth from non-
OPEC+ producers could lead to
a substantial surplus if the
OPEC+ group’s extra voluntary
cuts are unwound in 2Q24,”
the agency said.
the “Davos Consensus”
should steer clear of AI
stocks. Gamblers can pick in-
dividual winners and losers.
Everyone else should hope
that AI does indeed boost
productivity, helping earn-
ings in the welter of big
companies that are adopting
it and expanding the econ-
omy.
AUCTION RESULTS
Here are the results of Thursday's Treasury auctions.
All bids are awarded at a single price at the market-
clearing yield. Rates are determined by the difference
between that price and the face value.
EIGHT-WEEK BILLS
Applications $260,270,765,600
$85,445,060,000
Accepted bids
" noncompetitively $1,618,226,700
" foreign noncompetitively $0
Auction price (rate) 99.179444
(5.275%)
5.407%
Coupon equivalent
Bids at clearing yield accepted 11.36%
Cusip number 912797JJ7
The bills, dated Jan. 23, 2024, mature on March 19,
2024.
FOUR-WEEK BILLS
Applications $239,458,054,000
Accepted bids $85,445,537,500
" noncompetitively $5,505,640,900
" foreign noncompetitively $150,000,000
Auction price (rate) 99.588944
(5.285%)
Coupon equivalent 5.395%
Bids at clearing yield accepted 10.09%
Cusip number 912797JE8
The bills, dated Jan. 23, 2024, mature on Feb. 20, 2024.
10-YEAR TIPS
Applications $47,214,300,600
Accepted bids $18,000,021,100
" noncompetitively $83,242,600
Auction price (rate) 99.351542
(1.810%)
Interest rate 1.750%
Bids at clearing yield accepted 53.51%
Cusip number 91282CJY8
The Treasury inflation-protected securities, dated Jan.
31, 2024, mature on Jan. 15, 2034.
 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, January 19, 2024 THE WALL STREET JOURNAL.

HEARD STREET ON
THE
FINANCIAL ANALYSIS & COMMENTARY

Samsung Kicks Off AI Upsell Cycle TSMC

Sees Chip
Smartphone, PC makers are banking on devices enabled with the technology to revive sales this year
Can generative artificial intelli-
Rebound
gence actually sell some smart-
phones? Samsung really needs to
know.
In 2024
It will certainly be the first
company to find out. The South Last year wasn’t kind to the
Korean electronics giant took the world’s largest contract chip maker.
wraps off its latest Galaxy smart- This year could shape up to be
phones on Wednesday. These are much better for Taiwan Semicon-
the company’s first to feature so- ductor Manufacturing Co. and the
called on-device AI, meaning they chip industry in general.
can process generative AI data di- A pervasive inventory glut
rectly on the hardware without re- throughout the semiconductor sup-
lying on sending the data up to ply chain punished all chip makers
the cloud. The Galaxy S24 family in 2023, and TSMC was no excep-
will begin shipping at the end of tion. Revenue at the Taiwanese
this month. company fell 2% year over year in
GLENN CHAPMAN/AGENCE FRANCE-PRESSE/GETTY IMAGES

That will put it at least eight dollar terms last quarter, while net
months ahead of the next family profit dropped 19%. That brought
of iPhones, though it is unknown if about a rare 9% decline in TSMC’s
Apple is planning to include on- full-year revenue. Chip consumers
device AI in this year’s batch. That like smartphone and computer
will give Samsung plenty of time makers have been slowly digesting
to see how much of the market is inventories built up at the tail end
ready to buy into features such as of the pandemic electronics boom.
real-time translation, image-based But the outlook looks brighter
web search and photo doctoring now that destocking seems to fi-
that can make a basketball novice nally be over. TSMC expects reve-
look like a slam-dunking NBA star. nue in 2024 to grow more than 20%
Samsung demonstrated all those from last year. The smartphone
features and more at an event Samsung Vice President Drew Blackard unveiled the new flagship Galaxy phones at a media event on Jan. 17. market has finally started to ex-

.
Wednesday just a few miles from pand again: Global shipments in the
Apple’s Silicon Valley headquar- this week. The smartphone market devices expected to play a role. fourth quarter of 2023 grew 8.5%

ly
Global smartphone unit shipments
ters. as a whole has been sluggish for a That may require buy-in from both year over year, according to Inter-
400 million
Samsung is hardly the only while now, with unit sales declines consumers and corporate custom- national Data Corporation—com-
hardware company going big on AI showing in six of the last seven Samsung Apple ers. The latter group is still evalu- pared with a 3.2% decline for the
this year. Personal computer mak-
ers and their chip suppliers are
heavily touting so-called AI PCs
that will also begin shipping this
on
years, according to IDC’s data.
Can AI-enabled devices reverse
that trend? It is possible, but new
software features historically ha-
300
ating what role AI will play in
their organizations.
Meanwhile, Samsung has a
pressing need to reverse its own
whole of 2023.
The sudden surge in demand
from generative artificial intelli-
gence—the likes of ChatGPT—is an-
year. AI was the dominant theme ven’t had the same impact on sales trend. IDC analyst Nabila Po- other boon for TSMC. Given its
us ,

at last week’s CES conference, hardware sales as physical form- 200 pal says part of Samsung’s recent technological leadership, the firm is
l

with the technology now being factor changes, such as bigger weakness stems from losing share the go-to manufacturer for compa-
e
al a

embedded into gadgets ranging screens, beefed-up cameras or to Apple in the premium end of nies like Nvidia, which are design-
from barbecue grills to pet doors. sleek new body designs. In Sam- the smartphone market. Samsung ing the most cutting-edge AI chips.
But for Samsung, the stakes sung’s case, the new S24 lineup 100 spent the bulk of Wednesday’s TSMC expects capital expenditure
ci on

may be higher than most. The looks very similar to last year’s
company has long ruled the smart- models. The benefits of on-device
phone market from a volume AI may also take a while for the
standpoint, but a sharp drop in general public to understand, as
sales in 2023 resulted in it ceding many are just getting their feet
er s
event showcasing the Ultra model this year to stay roughly the same
of the S24 lineup, which competes as last year: between $28 billion
with Apple’s popular Pro iPhones. and $32 billion.
0 Samsung even took a page from The ramp-up of the company’s 3-
2014 ’17 ’20 ’23 Apple and decided to encase this nanometer process technology, its

that position to Apple for the first wet with ChatGPT and other on- Source: IDC year’s premium phone in tita- most advanced node, could put a
time. Samsung’s global smart- line GenAI chatbots. nium—an expensive material dent in its margins, however. That
m er

phone shipments fell nearly 14% to But expectations are already
226.6 million units in 2023—its rising. In a report Monday, UBS
second consecutive year of de- analysts projected that AI smart-
clines, according to data from phones would sell about 190 mil-
market research firm IDC earlier lion units this year, taking 16% of
m rp
the global market in their first noted for both its lightness and is because a big chunk of the cost
year of sales. Analysts also are ex- durability. of making a chip comes from build-
pecting a mild uptick in PC sales Making the smartphone smarter ing fabrication plants, which appear
this year following a double-digit may not be enough on its own. as depreciation costs—especially at
decline in 2023, with AI-enabled —Dan Gallagher the beginning. Sales of 3-nanometer

chips accounted for 15% of TSMC’s

revenue last quarter, and that per-
centage will rise further in 2024.

Luxury Goods Makers’ Fortunes Are Split

TSMC expects that this could shave
3 to 4 percentage points off its
co Fo

gross margin this year. But the

company is still confident it can
maintain gross margins above 53%
Rich Americans are still buying Although Watches of Switzer- in the longer term.
Swiss watches and other luxuries, land does make around 60% of its TSMC, which counts Apple,
but that isn’t enough for some sales from three ultraexpensive Nvidia and Qualcomm among its
companies. watch brands—Rolex, Patek Phi- customers, is the bellwether for the
Shares of Rolex retailer Watches lippe and Audemars Piguet—de- industry. Heavy capital expendi-
of Switzerland lost one-third of mand for the less pricey watches tures—throughout the industry, not
their value on Thursday after the and nonbranded jewelry that make just at TSMC—are a question mark
company said operating profit for up the remainder of its business for future profitability. But at least
its current financial year could be has dropped off. demand is now bouncing back
25% lower than guidance it gave to The divergence in spending is smartly. That will be welcome news
n-

investors at the start of December. backed up by card-spending data. in boardrooms scattered through-
JEANNE FRANK/BLOOMBERG NEWS

It is the luxury industry’s second Less-wealthy Americans have been out the chip supply chain.
profit warning so far in 2024. Last forced to cut back on luxury pur- —Jacky Wong
week, trench-coat maker Burberry chases more dramatically than
no

Group said weak demand would richer consumers. Shoppers who TSMC’s annual revenue
reduce its full-year operating profit earn between $50,000 and NT$2.5 trillion
by roughly 20%. $125,000 a year spent 8% less on
But Richemont, the Swiss lux- designer goods in December com-
ury group that owns watch and pared with the same month a year 2.0
jewelry brands Cartier and Jaeger- Richemont, maker of Cartier watches, saw its sales rise at the end of 2023. earlier, according to Bank of Amer-
LeCoultre, is bucking the trend. Its ica. Consumers who earn more
Swiss-traded shares gained more overseas in cities like Paris and Mi- cellati and Van Cleef & Arpels, rose than $125,000 a year trimmed their 1.5
than 10% on Thursday after the lan last year are buying luxury 12% in the last three months of luxury spending by a more modest
company reported an 8% increase goods at home instead. But 2023. 3%. This trend is buoying jewelry
in sales for the three months Watches of Switzerland’s domestic Luckily, these brands generate sales in the U.S. at the expense of 1.0
through December compared with U.K. market, which still generates the lion’s share of Richemont’s designer clothes and handbags.
the same period of 2022. around half of its sales, is in a profit, because its fashion labels In recent years, investors fo-
The difference between Riche- slump. Richemont’s European busi- are in the doldrums. Sales at online cused on how well brands were 0.5
mont and Watches of Switzerland ness was also weak in the quarter. luxury retailer Yoox Net-a-Porter selling with American and Chinese
may be partly down to what they Also, brands that cater to the fell 11% in the company’s latest shoppers—the luxury industry’s
sell and where. The U.S. was a wealthiest shoppers are more insu- quarter. Richemont has tried to get biggest spenders. Increasingly, 0
bright spot for both companies in lated from the luxury downturn. this troubled business off its shoppers’ bank balances will mat- 2014 ’17 ’20 ’23
the crucial holiday shopping sea- Sales of Richemont’s high-end jew- hands, but a deal to sell it to Far- ter as much as their nationality. Note: NT$1 trillion = $31.65 billion
son. American shoppers who spent elry brands, including Cartier, Buc- fetch was scrapped in December. —Carol Ryan Source: the company

Americans’ Return to Medical Care

Creates Healthcare Winners and Losers
When the pandemic forced mil- for medical care is failing to abate. movers tell the story of the win-
lions of Americans to postpone Humana on Thursday flagged ners and losers from the return-to-
medical care, health insurers as- higher-than-expected costs in the healthcare trade as the year gets
sumed that at some point the fourth quarter, due to hospital ad- under way. In the losers column
KENA BETANCUR/AGENCE FRANCE-PRESSE/GETTY IMAGES

pent-up demand was bound to missions, members’ doctor visits, were insurers like Humana, CVS
drive their costs higher. outpatient surgeries and use of Health, Elevance, UnitedHealth,
But when patients came back in supplemental benefits. Centene and Molina—all payers.
droves earlier last year for things That came after UnitedHealth On the gainers list were hospital
like knee and hip replacements, told investors last week that medi- chains like Tenet Healthcare and
the scale of the return-to-care sur- cal costs were higher than analysts HCA Healthcare as well as medi-
prised investors and insurers. In- had expected. UnitedHealth said cal device companies such as Intu-
surance companies thought they the medical-service use was largely itive Surgical.
finally had a handle on things as a continuation of issues it previ- As long as Americans continue
2023 progressed, but news from ously flagged, including higher use to surprise insurance companies
UnitedHealth Group and Humana of outpatient cardiac and orthope- with higher medical utilization, ex-
about medical costs in the fourth dic procedures by people enrolled pect investors to favor the medical
quarter surprised investors, under- in its Medicare Advantage plans. providers over the payers.
scoring that a heightened demand Thursday’s top stock-market —David Wainer Millions of Americans postponed healthcare visits during the pandemic.
 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.

Billionaires’ $3.995
Row Sale Million
A penthouse is in Emma Stone lists
contract for over her Spanish-style
$100 million. M2 home in L.A. M3

HOMES | MARKETS | PEOPLE | REDOS | SALES THE WALL STREET JOURNAL. Friday, January 19, 2024 | M1

Fr zen Fever
Meet the ice hockey diehards spending hundreds of thousands to build
NHL-worthy rinks in their backyards

.
ly
on
us ,
l
e
al a
ci on
er s
m er
m rp
co Fo

The ice rink behind David Weiss’s Toronto

house is 40 feet by 80 feet, a little less than
DAVID WEISS

half the size of a professional hockey surface.

BY JESSICA FLINT which he bought in 2012 for approximately $4.5 million.

$200,000 The rink has hockey boards with advertisements and acrylic

S
ome people might have questioned whether David
Weiss, 64, was taking his home ice-rink hobby a
little too far when, in summer 2021, he spent
n-
shielding. There is an electronic scoreboard with a television
Cost to build Weiss’s feed, a sound system with a wireless microphone for an-
skybox—a glass room nouncements, and lighting with moving colored beams. The

$200,000 renovating the second floor of his house
in Toronto to build what he calls a skybox—a glass
room overlooking his backyard outdoor hockey rink, emulat-
ing a professional sports stadium’s V.I.P. viewing area.
no
overlooking the rink electronics—which together cost over roughly $100,000—are
all weatherproof and controlled by a smartphone app. There is
$60,000 a warming house with a changing area and bathroom, a grill,
a fire pit and a spot for launching fireworks. And there is a

But it is hard to argue with Weiss’s logic: His rink is, in- Cost of the ice resurfacer $60,000 professional ice resurfacer. “Worth every penny,”
deed, a sight to behold. Weiss says, as it cuts resurfacing time to under four minutes

$35,000
Set against a forested ravine backdrop that looks espe-
cially majestic when laced with new fallen snow, Weiss’s rink
is 40 feet by 80 feet, a little less than half the size of a pro- Average annual cost to
fessional hockey surface. It is located behind his eight-bed- run the rink
room, nine-bathroom, 11,400-square-foot house on 2 acres,
instead of a more manual 45-minute process.
The ice itself sits on top of concrete. The concrete is embed-
ded with piping, allowing Weiss to control his ice’s tempera-
ture. He keeps it at 19 degrees for hockey, 22 to 23 degrees
Please turn to page M8

An Ancestral Home
In Portugal’s
Vinho Verde Region
Villa Beatriz has been in the Guimarães
family since it was built in the early 1900s

BY J.S MARCUS
RICARDO JUNQUEIRA FOR THE WALL STREET JOURNAL (2)

IN THE EARLY 1870S, Francisco The property, with the main

Antunes de Oliveira Guimarães, a
teenager from a rural corner of
northern Portugal, made his way
to Brazil. By century’s end he was
a wealthy financier, and in the
early years of the new century, he
completed a palatial, three-story
manor house for himself and his
new bride, Beatriz, in the heart of
Portugal’s Vinho Verde wine re-
gion. The nearly 100-acre prop-
erty, reinvented in the 1990s as a
thriving wine estate, has been the
family seat ever since.
home’s original furniture and dec-
orations largely intact, is now set
to pass out of the family for the
first time. The estate is on the
market for roughly $8.2 million, a
price that includes original hand-
carved furniture fashioned from
exotic tropical hardwood, accord-
ing to Francisco’s granddaughter,
Carmen Guimarães, 90, who has
lived on the property since the
early 1990s. Known as Villa Beat-
riz, in honor of Francisco’s bride, Completed in 1906 by Francisco Antunes de Oliveira Guimarães, Villa Beatriz is located east of the city of Braga
Please turn to page M4 in the Vinho Verde region. The estate has over an acre of formal gardens decorated with classical statuary.
 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, January 19, 2024 NY THE WALL STREET JOURNAL.

PRIVATE PROPERTIES

.
ly
The original asking price was $175 million.

Billionaires’ Row on
Penthouse Finds a Buyer
us ,
l
e
al a
ci on

A penthouse on Billionaires’ Row
in New York City is in contract for
around $115 million, according to
people familiar with the deal.
The duplex at Central Park
Group had the listing. megadeals. Last year, for example,
Spanning the building’s 107th Beyoncé and Jay-Z paid $190 mil-
and 108th floors, the penthouse lion for a mansion in Malibu, set-
measures about 12,560 square feet ting a California sales record. Lux-
with seven bedrooms and two ter- ury-car dealer Michael Cantanucci
er s

Tower was most recently asking races. Barnett said the residence and his wife, Kimberly Cantanucci,
$149.5 million after hitting the has roughly 30-foot ceilings and paid around $170 million for a wa-
m er

market for $175 million
last year, according to
listings website Street-
Easy. “It’s the most ex-
views of Central Park and terfront property in Palm Beach,
SOLD the city. Fla., setting a record there.
APPROX. Though hedge-funder At 1,550 feet, Central Park
$115
Ken Griffin’s roughly Tower is the tallest primarily resi-
m rp

pensive residence we’ve $240 million purchase on dential building in the world.
ever sold,” said devel-
oper Gary Barnett of Ex-
MILLION Billionaires’ Row in 2019
holds the record for the
There are about 179 residential
units.
12,560 sq. ft.
tell Development, country’s priciest home The building launched sales in
7 bedrooms
though he declined to sale, in recent years New 2018, before New York’s luxury
co Fo

give the exact price or York City has lagged be- market stalled during the pan-
FROM TOP: EXTELL (RENDERING); K.C. ALFRED/ZUMA PRESS

identify the buyer.
Kent Wu, John Gomes and Fre-
drik Eklund of Douglas Elliman
brought the buyer. Gomes de-
clined to name their client but
said the purchaser is interna-
tional. “It’s a great indication of
the health of this market,” he
said. “Buyers with that kind of
money want to be in New York
City.”
hind other markets in terms of demic. “Truthfully, we priced at
nine-figure deals. The city hasn’t the beginning in a different mar-
had a sale over $100 million in ket,” Barnett said. Extell has dis-
more than a year. In late 2021, bil- counted units throughout the
lionaire investor Daniel Och sold a building by 10% to 20%, he said,
Manhattan penthouse overlooking and is now seeing traction in the
Central Park for close to $190 mil- market. The top penthouse—a tri-
lion. In 2022, the estate of Micro- plex listed for $250 million in
soft co-founder Paul Allen sold 2022—has also been discounted.
two apartments on the Upper East “We’ve brought it down to a more
Side for $101 million combined. reasonable ask of $195 million,”
n-

Extell Marketing Group and By contrast, Florida and Cali- Barnett said.
Corcoran Sunshine Marketing fornia have seen a recent spate of —E.B. Solomont
no

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or reservations, binding or non-binding, can be made until the builder’s offering plan is approved by the New York State Department of Law.
 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, January 19, 2024 | M3

PRIVATE PROPERTIES

Actress Emma Stone Lists L.A. Home

Fresh off her Golden
The main house was built in the 1920s.
Globe win for “Poor
Things,” actress Emma
Stone is listing her Los An-
geles home for $3.995 mil-
lion.
Stone bought the West-
wood property for $2.3 mil-
lion in 2019, records show.
An Arizona native, the ac-
tress purchased a house in
Austin, Texas, in 2021 and
appears to be cutting ties

RYAN LAHIFF/SOTHEBY’S INTERNATIONAL REALTY (3); SCOTT A. GARFITT/INVISION/ASSOCIATED PRESS (STONE)

with La La Land: She sold
her Malibu home in 2022
for $4.425 million.
Stone didn’t respond to a
request for comment.
Located in the sought-af-
ter enclave of Comstock
Hills, Stone’s L.A. property
is a Spanish-style house
built in the 1920s, said list-
ing agent Eric Lavey of So-
theby’s International Realty
– Beverly Hills Brokerage.
The actress renovated after
purchasing it, adding to the
back of the house to expand
the kitchen. She kept origi-
nal details, including
beamed ceilings in the liv-
ing room and a tiled court-
yard in front of the home.
She also added a one-bed-
room guesthouse with its
own kitchen and living
room, Lavey said. Lavey said demand is
The property has a total strong for move-in ready

.
of four bedrooms and L.A. homes, particularly in

ly
roughly 3,276 square feet this price category.
between the main residence “The sub-$5 million cate-
and the guesthouse. gory in L.A., in in-demand
He declined to say why
Stone is looking to sell. The
35-year-old actress, who
has one child with husband
on locations, is one of the
more brisk markets,” he
said.
L.A. home sales and
us ,

Dave McCary, had been us- prices fell last year, though
ing the home as a pied-à- prices are still above pre-
l
e
terre when she and her pandemic levels, according
al a

family were in L.A., he said. to real-estate appraisal firm It’s not just about achieving your goals...
The “La La Land” and “Cru- Miller Samuel. In the third It’s about the path that gets you there.
ci on

ella” star also has an apart- quarter of 2023, the median

ment in Manhattan, which
she bought for $3.56 mil-
lion in 2018.
Stone is a co-star of and she is set to appear in single-family home sale
Showtime’s “The Curse,” the upcoming movie “Kinds price was $2.92 million.
which is currently airing, of Kindness.” —E.B. Solomont
er s
m er

FOR SALE

$3.995
MILLION
m rp

3,276 sq. ft.,

4 bedrooms

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The Ritz-Carlton Residences, Dove Mountain is not owned, developed or sold by The Ritz-Carlton Hotel Company, L.L.C. Dove Mountain Investors, LLC uses The Ritz-Carlton marks under license from The Ritz-Carlton Hotel Company, L.L.C.
Access to and use of the recreational amenities of The Golf Club at Dove Mountain requires payment of monthly Club membership dues. This is not an offer of solicitation where prohibited by law. Prices, plans, amenities, availability and
improvements referenced herein are subject to change without notice. Sales are conditional upon buyer’s receipt and acceptance of the Arizona Subdivision Public Report.
 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, January 19, 2024 THE WALL STREET JOURNAL.

MANSION

FOR SALE

$8.2
MILLION
23,700 sq. ft,
13 bedrooms,
winery

RICARDO JUNQUEIRA FOR THE WALL STREET JOURNAL (7)

Built in an opulent Belle Époque-style, the three-story manor house sits on a nearly 100-acre property, which includes about 30 acres of vineyards. The Guimarães family had long produced

.
wine for private consumption, but starting in the early 1990s Carmen Guimarães and her late husband launched a modern commercial winemaking facility.

ly
Portugal on At l a n t i c O ce a n

Wine Estate
Continued from page M1
us ,

the 23,700-square-foot home has

l

Braga
e
13 bedrooms and eight bathrooms.
al a

With a number of outbuildings, it Por to

has over an acre of formal gar- Avei ro
ci on

dens decorated with classical stat- Viseu

uary. The gardens, like the house Coimbra
itself, have been designated a his-
toric landmark. PORTUGAL
Carmen is selling the property
er s

along with her two daughters, Ana- Lisbon

bela Guimarães, 70, and Alexandra
m er

Guimarães, 67. Carmen says Fran-

50 miles
cisco, born into a family of modest
50 km
local landowners, was a Rio de Ja-
neiro financial tycoon who started Camille Bressange/THE WALL STREET JOURNAL
m rp

out selling lottery tickets and

ended up founding a large bank.
Still, he remained rooted in the Quinta Villa Beatriz, after the es-
tate, and put the house itself on
the label. Spread across 30 acres,
co Fo

the vines grow classic Vinho

Verde white grape varieties, in-
cluding Loureiro and Trajadura.
Though things have stayed
pretty much the same at Villa Be-
Villa Beatriz is an imaginative blending of historical styles. The formal dining room, above left and below, has atriz, the Vinho Verde region is
decorative murals and furnishings dating back to the early 20th century, which are included in the asking price. undergoing its own reinvention,
says José Ferreira, a sommelier at
Lisbon’s Michelin-starred Belcanto
restaurant. “Some great wines are
starting to be produced there,” he
says, citing a new wave of wine-
n-

makers who are replacing tradi-

tional varieties with Alvarinho, a
area around the Ave River, which premium white grape that does
runs through the estate. well on either side of the Spanish-
no

Built in an opulent Belle Portuguese border.

Époque-style, Villa Beatriz is a fu-
sion of Brazilian materials and
Portuguese craftsmanship. Rooms
are presided over by intricate
stucco ceilings. Atmospheric wall
paintings, featuring everything
from hunting scenes to tributes to
Portugal’s Age of Exploration, dec-
orate the walls of the main floor’s
reception rooms and the bedrooms
on the second floor. Even the one-
time staff rooms, on the top floor,
still have elaborate antique beds
made from cherry wood.
Villa Beatriz is an imaginative
blending of historical styles, says
Tobias Hoffmann, director of Ber-
lin’s Bröhan Museum, known for
its collection of modern European
decorative arts. The neo-Moorish
tiled facade—which can be the
same shade of blue as the Minho
sky—gives way to a fanciful en-
trance hall decorated with neo-Re-
naissance trompe-l’oeil wall paint-
ings. The formal dining room is a
freewheeling mix of both Moorish
and Renaissance touches, he says,
while second-floor bedrooms have
a neo-Rococo flair.
The estate has had its share of
sorrows. Beatriz, Francisco’s wife,
died before she could ever see the
house he built for her. A genera-
tion later, Carmen, who never re-
ally knew her grandfather, moved
there at age 12 to live with her
aunt and uncle after both her par-
ents died within a matter of
months. A widow herself since
2010, Carmen is still active, and
has more recently overseen the
maintenance and restoration of
the house on her own. “It looks
Carmen Guimarães, center, is shown with her daughters, Alexandra, left, and Anabela, right. The granddaughter
of the home’s builder, Carmen has lived on the property since the 1990s, and her daughters live nearby.
exactly the same as it did when I
was growing up,” she says.
The estate is located east of the
city of Braga in the Vinho Verde
region, which is known for its
light, slightly fizzy, affordable
whites. The Guimarães family had
long produced wine for private
consumption, but starting in the
early 1990s Carmen and her late
husband, textile manufacturer
Carlos Alberto Rodrigues
Guimarães, launched a modern
commercial winemaking facility.
They named their flagship wine
The prices of wine estates in
Vinho Verde are increasing dramat-
ically, but can still be far less than
those of the adjacent Douro Valley,
which produces Portugal’s most ex-
pensive wines, says Artur Pinto
Leite, a senior consultant at the
Porto office of Savills, who special-
izes in wine estates. Top Douro Val-
ley wine estates can fetch prices in
excess of $109,000 per hectare, he
says—a level that can only be
reached in Vinho Verde if Alvarinho
has already been planted. The price
of luxury homes in the two regions
can vary dramatically, adds Pinto
Leite, depending on ocean access in
the case of Vinho Verde, and river
proximity in the Douro areas.
Carmen and her daughters
aren’t especially big wine drink-
ers, they say. But Anabela, who
raised her own family not far
away, can sound wistful while giv-
ing a tour of the winery her father
built. Now a grandmother herself,
the retired textile-company execu-
tive likes to recall that she was
married in the manor house, as
were her children. “My heart is
here,” she says, of the property.
Her mother, however, is looking
forward to the next chapter. Still
managing daily trips up and down
her imposing staircase, she is
thrilled at the thought of moving
to a home with only one story—
and a fraction of the upkeep. And
when it comes to wine, she has a
confession to make: “I prefer a
glass of Port.”
Ruy Nogueira of Luximos/Chris-
tie’s International Real Estate is
handling the sale.
 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, January 19, 2024 | M4A

1. Palm Beach Compound

7 La Costa Way. 7BR. 8.3 Bath.
All information is from sources deemed reliable but is subject to errors, omissions, changes in price, prior sale or withdrawal without notice. All rights to content, photographs and graphics reserved to Broker.

$36.5M. Web #10896047.

Lilly Ferreira 561-310-4976

2. West Village Dream Apartment

with Terrace & Fireplace
708 Greenwich St. 2BR. 2.5 Bath.
$5.25M. Web #22717154.

Mike Lubin 917-371-6723

3. Greenwich Village Garden

Duplex Apartment
71 West Washington Pl. 3BR. 2.5 Bath.
$4M. Web #22797484.

David E. Kornmeier 917-494-4302

4. Paris Meets New York

11 East 92nd. 2BR. 2 Bath.
$3.295M. Web #22136114.

Richard Orenstein 212-381-4248

5. Private Floor - Stunning Park Views

1 927 Fifth Ave. 6BR. 5 Bath.
$27.4M. Web #19199709.

John Burger 212-906-9274

6. Historic Architectural Gem

245 Dunbar Road. 5BR. 5 Bath.
$26M. Web #10872529.
Liza Pulitzer 561-373-0666
Whitney McGurk 561-310-7919
2 3 4
Alan Quartucci 516.680.6500

.
ly
7. Rent or Buy Top UES Co-Op
181 East 73rd. 3BR. 3 Bath.
$2.75M. Web #22708247.
on Burt F. Savitsky 917-561-0925

Jessica L. Savitsky 917-767-2648

us ,

8. Loft-Like With Proportions,

l
e
Views & Light
al a

2 East End Ave. 3BR. 3 Bath.

ci on

$2.175M. Web #22738294.

Nada Rizk 646-226-8115

Joanne Greene 917-716-6880

5 6
er s

9. Extraordinary Townhouse
with Private Garden
m er

48 Gramercy Park N. 1BR. 2 Bath.

$1.495M. Web #22818448.

Elese Reid 917-952-8872

m rp

10. A Work of Art

25 Columbus Cir. 3BR. 3.2 Bath.
7 8 9 $19.5M. Web #22816919.
co Fo

Paula Del Nunzio 917-826-9485

11. Classic Elegance Off Fifth Avenue

4 East 72nd. 4BR. 4.5 Bath.
$8.4M. Web #22724036.

Jill Roosevelt 917-319-8535

12. Park Ave Home or Pied-a-Terre

710 Park Ave. 1BR. 1.5 Bath.
n-

$1.295M. Web #22603383.

Rhea F. Stein 917-826-1773

13. A Terrace Lover’s Dream

no

200 East 69th. 1BR. 1 Bath.

10 11
$1.05M. Web #22399673.

Randi E. Greene 917-515-5859

14. High Floor Renovated Junior-4 Home

300 East 54th. 1BR. 1 Bath.
$1M. Web #22811467.
Joshua D. Arcus 212-712-1180

Peggy F. Dahan 646-544-9992

12 13 14
15. Sweeping Park and City Views From
Eight Rooms
955 Fifth Ave. 3BR. 4 Bath.
$7.25M. Web #22811018.
S. Jean Meisel 917-705-2888

Gillian G. Bland Esq 203-687-0433

16. Sweeping Central Park Views

115 Central Park W. 3BR. 3 Bath.
$6.5M. Web #22403197.
Sharon Fahy 917-603-7160

15 16

Mastery of the Craft. It's Timeless.

 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.
M4B | Friday, January 19, 2024
45 BINNEY L ANE, OLD GREENWICH, CT
Custom built LEED certified modern compound.
300’+ of waterfront, pier, guest & boathouses.
$35,000,000 | M 203.912.9233 | M 203.705.9680
22 DAIRY ROAD, GREENWICH, CT
A new Tanner White/Sound Beach Partners ultra-
luxurious, modern residence in Mid-Country.
$16,500,000 | M 203.705.9680
340 CROTON LAKE RD, BEDFORD CORNERS, NY
Incomparable 14-acre hilltop estate with views of
Hudson Valley. Five bedroom house, pool, tennis.
$9,995,000 | M 914.841.1919
26 PEACH HILL ROAD, DARIEN, CT
Luxurious new construction home anchored by
three-story foyer sited on 2.99 acres with pool.
$7,495,000 | M 203.246.7518
85 BIRCHALL DRIVE, SC ARSDALE, NY
Exceptionally private six-bedroom Manor
home with an inviting circular courtyard.
$6,835,426 | M 914.584.3476
34 SUNNYBROOK ROAD, BRONX VILLE, NY
Yonkers. Exquisitely rebuilt and reconfigured
this Georgian feels like a gracious new residence.
$4,485,000 | M 914.659.5856
34 CREEMER ROAD, ARMONK, NY
Custom build and design your dream home in
prestigious Yale Farms with pool site.
$2,645,000 | M 914.772.3526
243 L AKE ROAD, PINE PL AINS, NY
The residence offers 3280 finished square feet and
2200 unfinished square feet on 2.39 acres 2 parcels.
$1,750,000 | M 845.389.9952 | M 914.489.7143
no
58 SEPTEMBER L ANE, WESTON, CT
A private home with gorgeous grounds, space
and a spectacular entertaining pool area.
$1,495,000 | M 203.524.7559 | M 203.892.2269
585 MAIN STREET, #2E, ARMONK, NY
The Byram offers one-level living for an upscale
living experience in Armonk.
$1,267,500 | M 914.772.3526
3 BARLOW COURT, SOMERS, NY
Move in ready, beautifully renovated 4 bedroom
3 bath Colonial with versatile floor plan.
$1,049,000 | M 914.715.6422 | M 914.262.3204
80 C ARRIAGE DRIVE, RED HOOK, NY
The carriage house is a beautifully updated
Colonial-style home situated on 1.5 acres.
$765,000 | M 917.576.4144
HOU LIHANL AWRENCE @HOULIHANRE
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Spectacular Modern retreat with pool, pool house,
guest house, tennis, private pond, gardens.
us ,
$6,250,000 | M 914.841.1919
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e
al a
ci on
38 WOODBINE AVENUE, L ARCHMONT, NY
er s
This elegant, distinctive Georgian brick Colonial
has been tastefully renovated and expanded.
$3,450,000 | M 914.262.8678 | M 914.391.4995
m er
m rp
177 SOMERSTOWN ROAD, MILLWOOD, NY
co Fo
Custom-built Contemporary with walls of glass
set on 6.2 acres. Chappaqua Schools. Low taxes.
$2,595,000 | M 914.261.7458
77 HOLLY PL ACE, BRIARCLIFF MANOR , NY
Exceptional open concept layout seamlessly
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merges natural vistas with modern interiors.
$1,695,000 | M 914.391.1409
384 HARDSCR ABBLE RD, NORTH SALEM, NY
Lovingly expanded 1925 Colonial farmhouse on
6.3 acres with heated indoor pool and sauna.
$1,349,000 | M 914.450.5356
30 SHAILIN L ANE, BREWSTER , NY
Stunning custom-built two bedroom, three-and-a-
half bath Colonial on over 10 acres on a cul-de-sac.
$1,250,000 | M 914.589.4609
235 N QUAKER HILL ROAD, PAWLING, NY
1928 old-style Colonial home filled with charm
and beauty on a gorgeous 13 acres.
$999,000 | M 914.255.8078 | M 845.222.2587
96 DUTCHESS HILL RD, POUGHKEEPSIE, NY
Beautiful custom stone & cedar sprawling four-
bedroom contemporary set on over 2.5 acres.
$699,000 | M 845.797.5300 | M 914.403.3368
@HOU LIHANL AWRENCE
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160 FOREST AVENUE, RYE, NY
Custom 6,000+ square foot Colonial with five
bedrooms, seven baths, and a professional suite.
$5,795,000 | M 914.391.2655 | M 914.806.6552
15 ARCHER ROAD, HARRISON, NY
A timeless masterpiece set on a private 1.88-acres.
5 bedrooms, 4.3 bathrooms, 4 fireplace.
$3,295,000 | M 914.309.9685
7 FAWN L ANE, ARMONK, NY
Custom-built five bedroom Colonial offers resort
style living at its finest with pool and spa.
$2,449,000 | M 914.844.7259
62 TACONIC ROAD, MILLWOOD, NY
Chappaqua Schools. Six-bedroom Cape Colonial
home. 5,000+ square feet with every amenity.
$1,680,000 | M 914.469.1156
9 KENSINGTON TERR ACE, BRONX VILLE, NY
Meticulously updated Village Townhouse blending
modern luxuries with its original charm.
$1,325,000 | M 917.855.2749
73 HARDEN DRIVE, L AGR ANGEVILLE, NY
Majestic custom-built six bedroom home, with
crafted features throughout.
$1,200,000 | M 845.797.5107
253 STUART DRIVE, NEW ROCHELLE, NY
Stunning residence in Maplewood Park featuring
modern design and luxurious finishes.
$928,000 | M 914.953.1118
25 ARDEN PL ACE, YONKERS, NY
Old-World charm mixes with modern amenities
in this spacious three-bedroom home.
$632,000 | M 914.912.5473
Source: OKMLS, MHMLS, CGNDMLS, SMARTMLS, 1/1/23- 12/31/23, Total Volume Sold by company, Single Family, Westchester, Putnam, Dutchess, Columbia and Fairfield Counties combined.
12 ISL AND DRIVE, RYE, NY 10580
Custom-built 8000 square foot stone and
slate home situated to take advantage of the
breathtaking panoramic views of the Long
Island Sound. This home provides the epitome
of entertaining indoors and out. Located in the
gated, North Manursing Island community.
$13,950,000 | M 914.391.2655
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41 WILDWOOD ROAD, SC ARSDALE, NY
Exceptional new construction Colonial in
Scarsdale with room for a pool.
$4,550,000 | M 914.523.0772
23 CEDAR HILL ROAD, BEDFORD, NY
Exceptional country Colonial on eight private,
gated & landscaped acres in Bedford estate area.
$2,750,000 | M 914.646.5811
32 CREEMER ROAD, ARMONK, NY
Private estate with pool and tennis court on a
secluded five plus acres. One bedroom cottage.
$2,295,000 | M 914.755.0130
8 BISHOP PL ACE, L ARCHMONT, NY
Welcome to the Manor and this charming,
well-renovated four bedroom Cape Colonial.
$1,650,000 | M 914.420.8665
15 DAMIA DRIVE, DANBURY, CT
Brand new 3,900 square foot distinctive modern
Farmhouse with all-luxury finishes throughout.
$1,300,000 | M 203.947.5803
305 MILEWOOD ROAD, MILLBROOK, NY
This unique home, tucked-away on a quiet country
road in Millbrook enjoys casual living.
$1,195,000 | M 845.546.2151
2261 SALT POINT TPK, CLINTON CORNERS, NY
Majestic six bedroom, six bathroom Colonial
with five fireplaces that sits on 15 stunning acres.
$925,000 | M 914.673.8161
19 LEO L ANE, POUGHQUAG, NY
Spacious well-kept three bedroom retreat
offering prime living and entertaining space.
$550,000 | M 917.653.4099 | M 347.865.1319
THE WALL STREET JOURNAL.
16 WINDROSE WAY, GREENWICH, CT
Regal waterfront estate in one of Greenwich,
Connecticut’s most coveted gated communities.
$17,500,000 | M 203.705.9680 | M 203.912.9233
31 N BALDWIN FARMS, GREENWICH, CT
Extraordinary custom stone/cedar home on
2.46 private acres with pool and pool cabana.
$11,950,000 | M 203.705.9680
36 MAYFAIR L ANE, GREENWICH, CT
Stylish updated Mid-Country English Manor
with a pool house, tennis court & guest cottage.
$9,650,000 | M 203.705.9680 | M 203.561.9373
25 C ARRIAGE TR AIL , TARRY TOWN, NY
Magnificent clapboard home on 2.6 level acres
with breathtaking views of the Hudson River.
$7,250,000 | M 646.352.1701
.
85 SPIER ROAD, SC ARSDALE, NY
Bright new construction to be completed by end
of summer 2024. Natural light abounds.
$4,550,000 | M 914.772.1564
43 SNAKE HILL ROAD, GARRISON, NY
Private oasis with gardens, ponds, waterfall,
pool and views. Art studio and greenhouse.
$2,700,000 | M 617.899.3443
85 HAIGHTS CROSS ROAD, CHAPPAQUA, NY
Extraordinarily designed seven bedrooms
residence sited on 8.86 wooded acres.
$1,900,000 | M 914.523.9248 | M 917.992.4889
81 STAGE COACH ROAD, PAT TERSON, NY
Stunning one-of-a-kind, 4 bedroom Contemporary
situated on 12 completely fenced in acres.
$1,500,000 | M 914.879.5211 | M 914.588.8241
27 POND MEADOW LN, CROTON-ON-HUDSON, NY
Architecturally brilliant 32-acre waterside gem,
designed by Edgar Tafel, with views.
$1,299,000 | M 914.671.7730
198 R AMAPOO ROAD, RIDGEFIELD, CT
Two historic New England charmers on a beautiful
acre surrounded by rambling stone walls.
$1,175,000 | M 203.313.2600
223 SECOND AVENUE, PELHAM, NY
This sweet home is a commuter’s/walker’s dream.
Well appointed with charm and original details.
$820,000 | M 914.548.8350
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hold it over
the QR code.
 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, January 19, 2024 | M5

MANSION
ANNOTATED ROOM

4
A Cozy Place for Cocktails
A couple wanted some space where they could let their mixology skills shine in their new home

tion for the architecture and

Ashley Macuga of Collected In-
3 teriors for the interior design.
“We wanted nothing too
precious, with materials that
could withstand a few late
nights and earn a graceful pa-
BY VAISHNAVI NAYEL TALAWADEKAR tina; a space that would truly
4

A
surprise and delight guests,”
s people who like says the wife.
their coffee strong For the details, Macuga kept
and their cocktails one foot in the past. She speci-
stronger, one Cali- fied new red-oak flooring,
fornia couple had a home with stained to match the original,
a speakeasy on their wish list. and a coat of black translucent
That is why the couple, a paint over the new red-oak
commercial real-estate broker cabinets.
and a professional organizer, She also introduced a TV, in-
2
both 42, say they felt like it stalled on a motorized lift sys-
was fate when a 1930s Spanish tem, to appear and disappear
Revival with a speakeasy in
1 on demand, and a still-func-
Redwood City, Calif., came on tional vintage telephone, a sou-
the market in the winter of venir from London from the
2020. wife’s brother. “Needless to
“We wanted a place where say, the speakeasy is now the
our friends and family could most sought-after football
gather to unwind and cele- viewing spot in town,” says
brate. It wasn’t just about the Renovation cost: $118,000 Macuga.
drinks, which we pour strong; Here are some elements of
it was also about the conver- the $118,000 speakeasy.
sations, the camaraderie,” says
the husband.

.
The couple was particularly

ly
taken with the home’s history, 1. A trio of bar stools, original to the house, the homeowners. “They wanted to add a layer
and recognizing that it flank the bar. “We had the metal refinished in of historical, nostalgic charm to the small
checked all their boxes, they a satin brass, and then had the seats reuphol- space,” says Macuga, who later discovered
purchased it soon after for
$3.2 million.
The home, and more specifi-
cally the speakeasy, a barroom
on
stered in a leather similar to the original,” says
Macuga // Price: $2,050 for restoration
5 that the tin also offered excellent acoustic
benefits, making it easier for guests to have
conversations without excessive noise. //
2. The charcoal gray stone cladding the bar Price: $7,000 including installation
us ,

tucked away in the basement, and countertop is a quartzite called Lochness.

required serious work. The
l

“It was a great choice for a bar because it is 4. The antique brass-finish wall sconce by
e
cabinets were chipped, the
al a

more durable than marble and less prone to Kelly Wearstler offers a perfect contrast to
counters worn, and the floor, etching from citrus, which is often used in the gray-green walls. // Price: $775 each
the owners suspect, had seen cocktail crafting,” says Macuga, adding that its
ci on

one too many high heels and a leather-like texture serves as a soothing arm- 5. The coat of arms, signifying the name
tad too much dancing. rest for those seated at the bar. // Price: Smith, the wife’s maiden name, is an antique
In a bid to refresh the space $16,500 including fabrication from an English Pub, and was gifted to the

NICOLE DIANNE (3)

while maintaining the original family by a dear friend. // Price: $3,500
intimacy of the speakeasy, the 3. The tin ceiling was a specific request from
er s

homeowners enlisted Bryan

Clapper of Clapper Construc-
m er
m rp
co Fo
n-

WE INVITE YOU TO JOIN US

no

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here. To leave your own imprints on these sands, on our
inspiring community, and on your family.

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Owner, Developer & Resident

Exotic and tropical, remote and pristine, make your Caribbean family retreat
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Tropicalia are not owned, developed or sold by Four Seasons Hotels Limited or its affiliates (Four Seasons). The developer, Cisneros Real Estate, uses the Four Seasons trademarks and tradenames under a license from Four Seasons Hotels Limited. The marks “FOUR SEASONS,” “FOUR SEASONS HOTELS AND RESORTS,” any combination thereof and the
Tree Design are registered trademarks of Four Seasons Hotels Limited in Canada and U.S.A. and of Four Seasons Hotels (Netherlands) Ltd. elsewhere.

M6 | Friday, January 19, 2024
BY FRED A. BERNSTEIN
I
n 2018, architect Pierre-Henri
Hoppenot, who was born in
France but grew up in Penn-
sylvania and New Jersey, and
his wife, tech entrepreneur
Daphne Earp Hoppenot, who grew
up in Washington, D.C., paid $2.43
million for a house they hated.
The couple planned to raise bilin-
gual children, which had led them
to Carroll Gardens, Brooklyn, the
one-time Italian immigrant neigh-
borhood that now has a large
French-speaking population. But
there was only one house in Car-
roll Gardens listed for under $3
million. It had been slapped to-
gether in 1941 among a row of
older, more substantial buildings.
Its brick facade was a tacky, mul-
ticolored mess with windows ar-
ranged asymmetrically. And the
cheap aluminum awning added no
charm to the stoopless entry.
For a long time after they
bought it, “When friends came over
we would tell them to look for the
ugly house and they knew which
one immediately,” says Daphne.
These days, no one is calling
the house ugly. Since completing a
top-to-bottom renovation of the
three-story building last fall,
Pierre-Henri and his Studio PHH
Architects have landed four town-
house renovation jobs in Carroll
Gardens alone. The transformed
house, it turns out, may be worth
$2.43 million in free advertising.
But it is far from the Studio’s
best-known building. In 2016,
Pierre-Henri learned about a
school that was going to be built
in Haiti, with funding from an or-
ganization that his mother, Anne,
co-founded and directs. He volun-
teered to design the school pro
bono and brought in several
friends, including a structural en-
gineer, to help make it earthquake-
resistant. Completed in stages in
2017 and 2020, the school, La Ré-
férence de Ganthier, drew interna-
tional attention and was honored
by the New York Chapter of the
American Institute of Architects.
The Brooklyn townhouse bears
little resemblance to the school in
Haiti. And yet there is a similarity:
In both cases, Pierre-Henri jokes,
“The architect worked for free.” To
pay for the renovation, which cost
about $550,000, the couple relied
largely on money Daphne had
earned in her 20s, when a company
she helped create went public.
But their budget wasn’t unlim-
ited. “There was a big DIY compo-
nent,” says Daphne of the Brook-
lyn renovation. One Easter, during
a family get-together, the men
tore up an old patio in the back-
yard using metal poles as make-
shift tools. “It was very animalis-
tic,” she says.
In another money-saving move,
the couple tried living in the
house with their two sons during
the renovation. One of the boys
was relegated to a former kitchen.
“When you see your baby in the
crib reaching for the stove, you
know you have to get out,” says
Pierre-Henri. The family rented a
place nearby.
The general contractor was a
former “concrete guy” who wasn’t
used to high-end renovations.
“That’s why we could afford him,”
says Daphne. To get the builder up
to speed, Pierre-Henri spent time
with him every day, discussing de-
sign details. “We’re not fancy peo-
ple,” says Daphne. The way they
divided up the 20-foot-wide house
is certainly straightforward: The
ground floor is a large family
room, and the second and third
floors are each two big rooms with
a bathroom in the middle.
The couple retained whatever
they could from the original
structure, including exposed brick
walls that keep the interiors from
feeling slick. On the living, kitchen
and dining level, they achieved
maximum height and homeyness
by leaving the wooden ceiling
NADIA TODRES PHOTOGRAPHY (HAITI)
Pierre-Henri’s firm has been honored for its design of La Référence de
Ganthier, a school in Haiti. The roof structures are sunshades that also
funnel cooling winds into the classrooms.
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.
NY THE WALL STREET JOURNAL. THE WALL STREET JOURNAL. Friday, January 19, 2024 | M7
MANSION
Pierre-Henri hated the old awning
so much, he says, that he used to
Purchase price 2018: $2.43 million hang from it, hoping it would fall.
Renovation costs: $550,000 (It didn’t.) Eventually he found
money in his budget to replace the
awning, the door and the
multicolored brick facade.
For all the attention they lav-
ished on the interior, the couple
thought they were stuck with the
unsightly facade. But when the
house was nearly done they had
just enough money in a contin-
gency fund to put up a new front.
They used thin slices of hand-
made brick, cemented onto the
existing masonry, to achieve an
elegance the original surface,
called Bartex, lacked. Slabs of
limestone became headers and
sills. The architect designed and
installed a new front door of solid
white oak. Above the door, a
black-painted aluminum awning
gives the building gravitas, while
Pierre-Henri, below, with Daphne, Arthur and Felix, gutted the 20-foot wide interior. New windows were added and doubling as a planter: new life
others were enlarged to maximize light but otherwise the house’s south-facing back wall was kept intact. emerging from new architecture.
The biggest piece in the house
is a Cloud sofa, heavily discounted
at an RH Outlet in Brooklyn. The
LUKE POLIHROM (5, INTERIORS, BEFORE+AFTER); ADELAIDE CHANTILLY PHOTOGRAPHY (PORTRAIT);STUDIO PHH ARCHITECTS (DEMOLITION)
smallest piece may be a chair, also
in the living room, made by an In-
donesian carver from a single
piece of mango wood. Pierre-
Henri found it on 1stDibs. “I used
to carve wood furniture myself,”
he says, “and I have always loved
pieces formed by removing rather
than adding.”
Most of the house is white, with
.
small dark accents. But the bath-
ly
room between the kitchen and the
living room is an exception, with
its Belgian bluestone floors, curved
on
walls of green-glazed Zellige tile
says, adding that she has come to and raw-brass fixtures. Pierre-
love the fixture. Her husband says Henri describes his approach there
that the goal of this oversize light as “leaning into the dark, spalike
us ,
was to help define the dining area qualities of the only room in the
INSIDE STORY ture over the large kitchen island, as an intimate space separate house without natural light.”
l
e
by Allied Maker, cost about $900. from the open kitchen. Toward the end of the project,
al a
From Ugly House
And the fiberglass fixture over the Furniture wasn’t expensive, when he “was running out of en-
dining table—a Moby Dick Light mostly because there isn’t a lot of ergy,” he recalls, Vivian Shao
ci on
by Karman—was expensive and it—just a few simple pieces like Chen, a friend and an interior de-
controversial. counter stools from Meda Work- signer, helped pick fabrics, linens
To Lovely House
“Daphne said she hated it and shop in Serbia and a West Elm and accessories. She also had
so I bought the extra-large one,” dining table. “In the end, how drapes made, to provide privacy
The coffee table is a 300-
Pierre-Henri jokes. they work together matters more and help soften the rooms, for far
er s
pound cart found in a junkyard.
“That’s how the decision-mak- than the brand of any one piece,” less than they would have cost at
m er ing works around here,” Daphne the architect says. a window treatment store.
An architect and his wife bought a home they hated in Carroll Gardens, Brooklyn,
and renovated it to stunning results
m rp
beams exposed. Both bricks and
beams are covered in a lime wash
paint, which looks chalky and
feels soft to the touch.
co Fo
For the floors, the architect
chose 10-inch boards of smoked
white oak. To make sure the
wood wouldn’t be mistaken for
anything artificial, he avoided
trim where the boards meet the
brick walls. That, he says, “allows
you to see the very different tac-
tile materials in direct adjacency.”
As for the cabinet doors, he had
the dark oak panels “wire
brushed to add depth and catch
n-
the light.” Those efforts to let the
wood be wood made the house a 65 Private Residences.
little more rustic than it other-
wise would have been.
THIS IS SAR ASOTA
no
But that rusticity is balanced
by urbane details. Kitchen coun-
REIMAGINED.
tertops and backsplashes are Su-
per White quartzite, beveled in a
way that makes the island seem
particularly substantial. With
floor-to-ceiling cabinetry, any-
thing superfluous is hidden away.
Pierre-Henri even went so far as
to avoid normal electric outlets The credenza, top photo, is from
with rectangular plates. Instead, Four Hands, a furniture wholesaler.
the sheets of quartzite that be- The kitchen has counter stools
came backsplashes were given from Meda Workshop in Serbia,
small oval cutouts corresponding and the fiberglass fixture over the
to the exact location of outlets al- dining table is a Moby Dick Light
ready waiting in the walls. “The by Karman.
stonecutters loved me,” Pierre-
Henri says, sarcastically.
But he’s not a doctrinaire mini- flourishes that seem to connect it
malist. He gave the house’s mill- to more traditional architecture.
work—moldings and window trim The millwork was one of the most
and cabinet doors—a few extra expensive parts of the renovation.
It was done by Liron Zeneli of
Prishtina Millwork, in Mount Ver- L U X U R Y WAT E R F R O N T R E S I D E N C E S W I T H A P R I VAT E D O C K
non, N.Y. AND AN 80,000 -SQUARE-FOOT A MENIT Y DECK .
Another big-ticket item was the
14 new double-glazed Marvin PRICED FROM $2 MILLION.
Windows, casement style with
custom profiles in homage to the 1919 N Flagler Dr, West Palm Beach, FL 33407
building’s 1941 originals, which 561-401-0066 · OlaraWestPalmBeach.com
RESIDENCESLIDOKEY.COM
had long since been removed.
What the couple didn’t do was
turn the back of the building into Now Under Construction • From the $6 Millions • 941-888-3131
ORAL REPRESENTATIONS CANNOT BE RELIED UPON AS CORRECTLY STATING THE REPRESENTATIONS OF THE DEVELOPER.
a wall of glass, an upgrade popu- FOR CORRECT REPRESENTATIONS, MAKE REFERENCE TO THIS BROCHURE AND TO THE DOCUMENTS REQUIRED BY SECTION
lar with townhouse renovators 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
that would have required a new ORAL REPRESENTATIONS CANNOT BE RELIED UPON AS 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
steel structure and cost hundreds CORRECTLY STATING REPRESENTATIONS OF THE DEVELOPER. materials are not to scale and are shown solely for illustrative purposes. This project is being developed by N Flagler Drive Developer, LLC,
FOR CORRECT REPRESENTATIONS, MAKE REFERENCE TO THE a Delaware limited liability company, which was formed solely for such purpose. Olara is sponsored by a Savanna affiliate. Savanna
of thousands of dollars. Other big DOCUMENTS REQUIRED BY SECTION 718.503, FLORIDA STATUTES, TO 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
expenses included the central air- BE FURNISHED BY A DEVELOPER TO A BUYER OR LESSEE. 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
conditioning system and the This project has been filed in the state of Florida and no other state. This is not an offer to sell or solicitation of offers to buy the
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
kitchen’s high-end appliances. condominium units in states where such offer or solicitation cannot be made. Equal Housing Opportunity. Rosewood Residences 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. The Condominium has been registered with the Massachusetts Board of Registration of Real Estate Brokers and Salespersons F-1277-01-
Most of the light fixtures were Lido Key is owned and being developed, offered and sold by WSR—Lido Beach, LLC (“Developer”). The project is not owned, 01. THE COMPLETE OFFERING TERMS ARE IN A FLORIDA PROSPECTUS AVAILABLE FROM THE DEVELOPER. A CPS-12 APPLICATION HAS BEEN ACCEPTED
developed or sold by Rosewood Hotels and Resorts, L.L.C. or any of its affiliates (“Rosewood”). Developer uses the Rosewood IN NEW YORK AS FILE NO. CP22-0089. WARNING: THE CALIFORNIA DEPARTMENT OF REAL ESTATE HAS NOT INSPECTED, EXAMINED, OR QUALIFIED
bought on Etsy, at surprisingly marks pursuant to a license agreement with Rosewood, which may be terminated under certain conditions. Rosewood does not THIS OFFERING. This advertisement is a solicitation for the sale of units in Olara Condominium; N.J. Registration #: 22-04-0012. Equal Housing Opportunity.
low prices. But there were a cou- assume any responsibility or liability in connection with the condominium. Copyright 2024 © All Rights Reserved.
ple of splurges. The “barbell” fix-
 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, January 19, 2024
Matt Schweitzer’s backyard ice rink,
in Westford, Mass. He built it himself.
Friday
Night Ice
Continued from page M1
for figure skating and 20 de-
grees for leisure skating. He
tinkers with the ice’s tem-
perature depending on
weather; when it rains, for
example, he tweaks it so rain
is absorbed into the ice ver-
sus making it bubble.
The average cost of run-
ning the rink per season is
around $35,000, Weiss says.
Welcome to the world of
extreme home ice-rinks, a
cold-weather climate subcul-
ture fueled by grown-up rink
rats striving to achieve back-
no
David Weiss, below, with his wife, Elise, daughter, Ashley, and son, Ariel, and above on the ice resurfacer, says visitors named
it the Rink of Dreams. He has sports ephemera featuring the name around the property.
on
us ,
l
e
al a
ci on
Schweitzer, with his son Roderick, wife Shauna MacNeil and daughter Norah, invites friends over for pickup hockey games—and pizza and a movie afterwards.
er s
yard ice-rink perfection. The
m er
spectrum ranges from big
spenders who erect pricey
ice temples to folksy purists
who revel in the romanti-
m rp
cism of dedicating their win-
ters to their homespun rinks.
The endgame, for most, is a
simple pleasure: giving back
to their family, friends and
co Fo
community. “It’s a labor of
love,” Weiss says.
Grand Rapids, Minn.,-
based photographer Mat-
thew Jasper, an ice-rink
documentarian who has
photographed rinks
throughout the U.S., says
while do-it-yourself back-
yard ice rinks are some-
what common—and
n-
MANSION
boomed during the Covid-19
pandemic—many home-
owners quickly tire of the
maintenance. “A lot of peo-
ple do a home ice rink once
or twice and are like,
‘Never again,’ ” Jasper says.
“What stands out to me are
people who go all-out doing
it year in and year out.”
Take, for example, Matt
Schweitzer. In the summer
of 2017, he rented heavy
machinery to reconstruct
his backyard, simply to
trick out his ice rink for the
upcoming winter.
The previous three win-
ters in Westford, Mass.,
about 30 miles northwest of
Boston, Schweitzer, 52, had
THE WALL STREET JOURNAL.
Schweitzer rented a skid steer
with a bucket attachment and
spent about a week digging up
and leveling a 50-by-30-foot
backyard area.
.
ly
built small rinks—maxing problems. dramatically,” he says. Since
out around 16 feet by 20 So that summer, Schweit- then, Schweitzer has ex-
feet—behind his three-bed- zer rented a skid steer with panded his rink by 8 feet
room, three-bathroom, 1,948- a bucket attachment for un- and replaced the shop lights
square-foot house on 0.84 der $300 and spent about a with four flood lights that
acre. He bought week digging up cost approximately $300.
the house in and leveling a “The outdoor rink com-
2006 for $1 MILLION 50-by-30-foot munity is cultish, in a good
$285,000. The Amount some backyard area. way,” says Ted Renda, presi-
first two years, custom backyard He spent dent and director of sales at
the rinks cost rinks can cost roughly $500 on 360 Sports, a Windham,
under $100. The lumber and N.H.,-based sports-court
third year, he $100 on paint to company that started build-
spent $600 on a rink-build- construct upright boards ing custom ice rinks about 10
ing kit and a plywood perim- with rounded corners, and years ago. It has built more
eter. But his two young chil- spent between $200 and than 1,000 ice rinks, primar-
dren were getting bigger, $300 on a rink liner, which ily in the U.S.’s Northeast re-
hockey pucks were getting holds water until it freezes. gion. Projects have ranged
stuck in the 90-degree board He rigged four $12 shop from under $1,000 to more
corners and the yard’s slope lights with a remote control. than $1 million.
was causing ice-freezing “It increased the level of fun “We’ve built domes on
FROM TOP: SOPHIE PARK FOR THE WALL STREET JOURNAL(4); NELSON HUANG FOR THE WALL STREET JOURNAL (4); JON CUROW
 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.
In New Boston, N.H., Ryan McAllister has friends over
for curling on his backyard curling rink.
top of people’s rinks and
built buildings around peo-
ple’s rinks,” Renda says.
“We’ve done hockey rinks
where you could legit have
the NHL Winter Classic.”
The company averages
about 100 rinks per winter,
commonly sized between
20 feet by 40 feet and 40
feet by 80 feet.
Renda says the covetable,
big-ticket home ice-rink item
is a chilling system, which
keeps a rink frozen when
outdoor temperatures rise to
45 degrees or so. They cost
about $25,000 to $30,000
for a smaller rink and about
$60,000 to $100,000 for a
bigger one, but prices can
reach $250,000 or more.
They need a dedicated elec-
trical system. If a house
doesn’t have one, Renda
says installing one can cost
between roughly $10,000 to
$30,000.
Adam Carignan owns Ice-
TimeMN, a Hudson, Wis.,-
based company that de-
signs, installs, maintains
and stores ice rinks, mostly
in Minnesota’s Twin Cities
area and in western Wis-
consin. “Customers fall in
love with the idea of a rink
and say, ‘I want to go as big
as possible,’ ” Carignan
says. “I am always trying to
talk them down on the size
for year one. Year one is a
lot to learn—how much
time it takes maintaining
ice. Most people listen. A
few won’t, and they always
say, ‘You told me so.’ ”
Maintenance begins the
day a rink is first flooded.
Carignan says most rinks
completely freeze in about
three to 10 days of below-
freezing weather, though
freezing time depends on
no
how much water is needed,
which depends on the rink’s
size as well as the yard’s
slope, which he says is ide-
ally under 8 inches.
Renda at 360 Sports says
with 5 inches of slope—
which looks flat to an un-
trained eye—a small rink
needs roughly 10,000 gal-
lons of water and a large
rink needs up to roughly
40,000 gallons. “People will
throw a lawn hose out
there,” Renda says. “Others
will hire a water or pool
company.” Filling a rink
with a lawn hose can take
anywhere from about 12
FROM TOP: ALEX GAGNE FOR THE WALL STREET JOURNAL (5); ICETIMEMN
This backyard rink in St. Paul, Minn., has a portable refrigerated system that keeps the ice
frozen when temperatures rise to 45 degrees.
The curling rink has $100 marine-grade,
on
us ,
l
e
al a
ci on
er s
m er
m rp
co Fo
hours to a few days.
During the season, rink
owners need to immedi-
ately remove fresh snow or
slush. Letting it melt and
refreeze causes bumps,
humps and lumps. “I’ve
been out there with a
plumbing torch trying to
n-
knock down humps before,”
says Schweitzer in West-
ford, Mass. “That’s a losing
battle.”
Ryan McAllister, 44,
spends four to six hours a
week maintaining the curl-
ing rink behind his three-
bedroom, three-bathroom,
2,589-square-foot property
on 2.25 acres in New Bos-
ton, N.H. He bought the
house in 2014 for $405,000.
He made his first ice rink in
winter 2017-2018 as a place
for his two children to play
hockey. The rink wasn’t get-
ting used much—both chil-
dren preferred skiing. Then
McAllister watched U.S.
curlers win gold in the 2018
Olympic Winter Games. He
got the idea to start curling
NY Friday, January 19, 2024 | M9
MANSION
under-ice lighting.
family opened their rink to
the community.
People drove from far
away. They flew in from all
over Canada. “Some people
wanted to figure skate or
shoot a puck,” Weiss says.
“Others had children with
mental illnesses who used
.
skating as therapy.”
ly
They have hosted hospi-
tal fundraisers and worked
Jasper. with many organizations,
Back in Toronto, David
Weiss built most of his rink
in 2012. For eight years, it
was largely used just by
such as for the blind and
terminally ill. Professional
hockey players have
stopped by, and so has Ca-
friends and family, including nadian Prime Minister Jus-
his three children, now in tin Trudeau.
their 20s. But in winter “I wanted to give some-
2020-2021, when his com- thing to my kids and enjoy
munity’s indoor ice rinks sports, and how it evolved,
closed due to Covid-19, his I never in a million years
wife, feeling nostalgic, would have dreamed I’d be
below 0 degrees. posted a picture of their here,” Weiss says. “It’s not
“You want to have senti- rink on social media. The about whose rink is better
mental moments with your photo went viral. People or nicer. It’s about creating
family and friends,” says started pinging the Weisses, memories that will last a
Minnesota photographer begging for ice time. The lifetime.”
on his rink.
At 65 feet long, the rink
BEACHY.
is just under half the length
of a regulation curling rink.
McAllister frames the rink
PRIVATE &
with lumber and uses a rink
liner, which costs around
$300. At first, he used
twine, screws and food col-
ALL YOURS.
oring to create the rink’s
scoring area, called a curl-
ing house. In 2022, he up-
graded his setup with $100
marine-grade, under-ice
lighting that illuminates the
target at night. “I put a lot
of pressure on myself to
have a cool spot to hang
out,” McAllister says.
In the winter, his house is
a curling mecca. A half-
dozen neighborhood guys
come over Thursday nights
with drinks, appetizers and
cigars. He hosts family and
friends for curling evenings,
where they crank music and
barbecue outside. His annual
curling festival attracts up-
ward of 30 people. It isn’t
unusual for people to be out-
side until 1 a.m. in weather
How cool… to be ferried to your own beach, where umbrellas dotting
perect gulf sands await. It’s an oh-so-rare resor lifestyle — yet very
private. Not only the beach, but golf, itness, a theater and sublimely
luxurious residences — each with forever views across the course to
the Gulf beyond. Ininitely classic, but with an attitude.
NOW UNDER CONSTRUCTION
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REPRESENTATIONS OF THE DEVELOPER. FOR CORRECT REPRESENTATIONS MAKE
REFERENCE TO THE INFORMATION CONTAINED HEREIN AND TO THE DOCUMENTS
REQUIRED BY SECTION 718.503, FLORIDA STATUTES, TO BE FURNISHED BY A DEVELOPER TO A BUYER OR LESSEE.
COMMUNITY FEATURES, AMENITIES AND PRICING APPROXIMATE AND SUBJECT TO CHANGE WITHOUT NOTICE.
 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.

M10 | Friday, January 19, 2024 THE WALL STREET JOURNAL.

MANSION
LIVING HISTORY

A House With Stories to Tell

Over the years, a brownstone in Greenwich Village has been home to writers and artists

BY SARAH PAYNTER art-filled apartment there during

F
the 1950s and 1960s with his wife
or decades, a 19th-cen- Alexina Duchamp, who remained in
tury brownstone in Man- the building until the 1970s.
hattan’s Greenwich Vil- Ann said she and Mel moved
lage has been home to into the building’s largest unit af-
writers and artists such as the ter their West 11th Street home
surrealist Marcel Duchamp, ac- was damaged in the infamous ex-
cording to owner Ann Gussow, 86, plosion of a neighboring house, The artist Marcel Duchamp, shown
who has lived in the six-story where the Weather Underground playing chess in 1966, lived in the
building since 1971. was making bombs. building in the 1950s and ‘60s with
Gussow said she and her late “That was a trying time,” Ann his wife, Alexina Duchamp.
husband, New York Times critic said.
and cultural reporter Mel Gussow, Over the years, the couple Clarke and “The Marvelous Mrs.
also entertained guests such as ac- hosted dinner parties for guests Maisel” costume designer Donna
tress Jessica Tandy and “Who’s including Tandy and Albee, serv- Zakowska, Ann said.
Afraid of Virginia Woolf?” play- ing cocktails and playing records The home’s brownstone facade
wright Edward Albee at the house. as a backdrop to conversations is landmarked, as is a wrought-iron
Now, the building is going on the about art and theater. Another balcony that connects multiple
market for the first time since visitor was Arthur Miller, author buildings on Renwick Row, accord-
around 1960, when it was pur- of the play “Death of a Salesman,” ing to Sayegh. The house has a pri-
chased by her husband’s family, ac- who moved his daughter Rebecca vate outdoor patio and eight total
cording to property records. Miller in for a summer between bedrooms across all the units, he
The roughly 5,000-square-foot college terms. said. Original details include sev-
house, which has an owner’s tri- “It was very unusual seeing her eral marble fireplaces, woodwork
plex and four rental units, is ask- father, Arthur Miller, bringing her and plaster details, said Sayegh.
ing $15 million, said Danny suitcases up the staircase,” said A buyer could convert the
Sayegh of Compass, who has the Ann. property back to a single-family
listing with colleague Jeffrey Dyk- Mel’s parents left the house to home, said Sayegh. Many Renwick
sterhouse. their children in the 1990s, and Row houses were turned into
“I’ve loved entertaining our Mel bought out his siblings, said rentals in the 20th century but
many guests and enjoyed having Ann. He died in 2005. Today, rent- have been converted back to sin-

.
so many interesting people as ten- ers include choreographer Martha gle-family residences, he said.

ly
ants,” said Ann. But she is selling,
she said, because she wants to
downsize into a smaller home.
Part of a group of houses known
as Renwick Row, the roughly 18-
on

TRAVIS MARK (2); MARK KAUFFMAN/GETTY IMAGES (DUCHAMP)

foot-wide building was built
around 1856 as a single-family
us ,

home, but it had been converted to

rental units by the 1940s, property
l
e
records show. Residents included on poems by Tennessee Williams, 1951, investigators searched the
al a

married writers Paul and Jane according to the anthology “Paul apartment and Hammett, sus-
Bowles, Jane Bowles’s lover, Helve- Bowles: Collected Stories & Later pected of communist activities,
ci on

tia Perkins, and Tony Award-win-
ning scenic designer Oliver Smith,
according to a circa 2000 biogra-
phy of Paul Bowles. While living in
the house, Paul Bowles wrote sev-
Writings.”
By 1948, the Bowleses had
moved to Morocco, and “The Mal-
tese Falcon” author Dashiell Ham-
mett moved in to the building, ac-
er s
spent half of 1951 in jail after being
convicted of contempt of court.
Mel Gussow’s parents bought the
building as an investment for about
$60,000, according to property re-

eral short stories and “Blue Moun- cording to “Selected Letters of cords, and became Duchamp’s land-
tain Ballads,” a set of songs based Dashiell Hammett: 1921-1960.” In lords. Ann said the artist lived in an
m er

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THE WALL STREET JOURNAL. Friday, January 19, 2024 | M11

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Source: Ipsos Affluent Survey USA Spring 2022 Adults 18 or older, HHI $125,000+. of the Fair Housing Act and the Equal Opportunity Act. *Source: #1 Team in Illinois among all
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M12 | Friday, January 19, 2024 THE WALL STREET JOURNAL.

PRIVATE PROPERTIES

Holy Ground: A Los Angeles The property spans about

1.4 acres in Brentwood Park.

Home With a Chapel

A Los Angeles compound with
a stand-alone chapel is coming on
the market for $38.5 million.
The gated property, which mea-
sures about 1.4 acres in tony Brent-
wood Park, has a Spanish Colonial
Revival-style house built around
1928, as well as a guesthouse and a
poolhouse. The chapel was added
around 2004 by longtime owners
Helen and David G. Price, Chris- 8,200 square feet across FOR SALE Dallas area, where he
tians who became devout later in
life, according to Craig McDonald,
multiple buildings. The
main house has four $38.5 and his sister live. “It is
a lot of property for one
Helen’s son from a previous mar-
riage. The Mission Revival-style
bedrooms and a three-
car garage, McDonald
MILLION person,” he said.
Listing agent David
8,200 sq. ft., pool,
chapel was “a space for them to be said. After buying the Solomon of Douglas Elli-
guesthouse
able to go and have time and quiet house, his mother and man said the property is
and to study,” he said. stepfather renovated ex- one of the largest in
The late David Price founded tensively. Brentwood Park. “The real value
American Golf Corp., which man- Outside, there is a swimming here is in the size of the land,”
aged golf courses, in the 1970s, pool and the grounds are lined said Solomon, who is marketing
and he later founded its sister million in 1999 for the house, structures, including the chapel with olive trees. A stream runs the property with Anna Solomon,
company, National Golf Proper- property records show. In 2000, and a two-bedroom guesthouse, downhill into a fountain in the his mother and business partner,

CHRISTOPHER AMITRANO (2)

ties, a real-estate investment
trust, McDonald said. He died last
year.
The property includes three
parcels assembled over time, said
McDonald. The Prices paid $5.5
they acquired an adjacent parcel
for $3.27 million, then added a
third parcel for $2.4 million in
2004. As the Prices bought neigh-
boring parcels, they razed existing
houses and added several new
which is connected by a covered
breezeway to a poolhouse with a
living room and kitchen. The cha-
pel has an attached potting shed
and a two-car garage.
The estate measures about
back of the yard. A loggia with a
fireplace at the top of the hill
overlooks the yard.
Following David Price’s death,
McDonald said his 78-year-old
mother is looking to move to the
as well as Evan and Laura Pozarny
of Muselli Commercial Realtors.
—E.B. Solomont
 See more photos of notable
homes at WSJ.com/RealEstate.

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DISTINCTIVE PROPERTIES
SELECT RESIDENTIAL LISTINGS FRIDAYS IN MANSION

LIST YOUR PROPERTY TODAY

(800) 366-3975 | sales.realestate@wsj.com
For more information visit: wsj.com/classifieds
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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, January 19, 2024 | M13

N O RT H T E X AS ’ #
1 LU X U RY B RO K E R AG E

Nothing compares to what’s next.

The new view: Why 2024 could be the year that real estate gets a little more real
BRIGGSFREEMAN.COM

H
ow about some good news?
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inventory served as the norm — the
fourth quarter saw us entering a period of welcome
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market, which meant
that single-family unit FROM THE
closings and dollar PRESIDENT’S P.O.V.
volume also demon-
strated improvement
relative to the past
several quarters. That
increase in new list-
ings is a sure sign that
total inventory will
soon rise. In turn, the
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Each Office is Independently Owned and Operated.

up and buyers should

have more options.
At this moment, though, demand is still outpac-
ing supply, and higher home prices are the outcome of
that imbalance. We don’t know how long this window
Pictured: Kim shows off the luxe

.
of opportunity for sellers will last, because we expect interiors at 771 S. Peytonville Avenue,

ly
her stately Southlake listing.
to see a more normalized market in 2024 — one more
closely aligned with the market before the pandemic.
What could all of this mean for you? Come find
out at our unique and interactive briggsfreeman.com/
on Delivering the highest level of
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market information for every popular neighborhood
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l
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average number of days that homes are on the market.

But I have a better tip than that. Talk to any one
ci on

of our agents. Speaking with one of these skilled pros

© 2024 Sotheby’s International Realty.All Rights Reserved. Sotheby’s International Realty® is a registered trademark and used with permission. Each Sotheby’s International Realty office is independently owned and operated, except those operated by Sotheby’s International Realty, Inc.The Sotheby’s International Realty network fully supports

is the best step you can take, in any market, anytime.

the principles of the Fair Housing Act and the Equal Opportunity Act. All images are a combination of photography and artist renderings.The artist representations and interior decorations, finishes, appliances and furnishings are provided for illustrative purposes only. Prices and features are subject to change.

er s
m er

Southlake, Texas / 2+ Acres / 771 S. Peytonville Avenue / $4,750,000

RUSS ANDERSON
President and CEO Kim Bedwell | Global Real Estate Advisor | 817-229-9445
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$ $
6051 Revere Place / 840,000 1161 La Mirada Court / 7,850,000 Mayer Ranch Polo / $20,000,000

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$ $
1747 Leonard Street / From 3,800,000 4633 Cherokee Trail / Listed for 3,700,000 5519 Winston Court / Off-market sale

SOLD SOLD

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CINDI CAUDLE / 214-991-2990 / ccaudle@briggsfreeman.com ANNE GOYER / 214-457-0417 / agoyer@briggsfreeman.com MICHAEL WONG / 214-263-1853 / mwong@briggsfreeman.com

214-350-0400 FIND US ON SOCIAL MEDIA @BRIGGSFREEMAN AND #BRIGGSFREEMAN

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M14 | Friday, January 19, 2024 THE WALL STREET JOURNAL.

MANSION
HOUSE CALL | ROBERT PATRICK

A Boating Accident
Forced Him to
Become a Hero
The ‘Terminator’ and ‘Reacher’ villain on his family’s moves,
repeating fourth grade and the fate of a flipped coin

V
illains in the movies and fourth grade. Robert Patrick
on TV weren’t an obses- After my father received his in Thousand
sion when I was a kid. I masters degree, we returned to Oaks, Calif., in
suppose the first TV vil- the same Marietta neighborhood, 2021. Left, with
lain I liked was Cesar Romero as to a new house he had built. By his grandfather,
the Joker on TV’s “Batman” in the then, I had four younger siblings— Samuel, in
mid-1960s. That was a comedic Karen, Lewis, Richard and Cheri. Fayetteville,
series, but as a character, Romero At school, I was a grade behind N.C., in 1959.
brought a certain madness to the my old friends. In their eyes, I had
role. flunked. Psychologically, this
I actually identified more with messed me up, and I had trouble
the good guys, the with my school-
heroes. That’s why work. Fortunately, I
I enjoy being a vil- excelled in sports. In 1984, I was piloting a 30- agent got me an audition for “Ter- steel, glass and natural wood.
lain today. I rarely Sensing that foot boat that belonged to a minator 2.” I was cast as T-1000, Looking back, I’m so thankful
get to play the Lockheed was in fi- buddy when it capsized and sank. a huge turning point. for that boating accident. Climb-
hero, so being the nancial trouble, my Five of us were in the water, in- Today, I live with my wife, Bar- ing out of the water that day, I
bad guy who taunts father shifted to cluding my brother, Lewis. I swam bara, in the Hollywood Hills. We was a new person.
the hero is fun. banking. We moved 3½ miles to shore for help. With built our contemporary house —As told to Marc Myers
We moved a lot to Kettering, Ohio, each stroke, I prayed and prom- right after I was in “Striptease,”
when I was young. which gave me a ised myself that if I survived, I’d in 1996. Robert Patrick, 65, is an actor best

FROM TOP: IAN SPANIER; ROBERT PATRICK (FAMILY PHOTO); HARLEY-DAVIDSON MOTOR COMPANY
My father, Robert, clean slate through pursue acting. I made it to shore, Barbara had met Michael Malt- known for his roles in “Die Hard 2”

.
worked in finance, ninth grade. where a bunch of guys and I sped zan, an architect who had worked and the Terminator film series and

ly
at Lockheed Corp. At Bowling Green out to the site in a motorboat. We for Frank Gehry. Michael drew up TV’s “The Sopranos,” “The X-Files,”
in Marietta, Ga. He State, I was invited rescued everyone. plans for a California pavilion- and “1923.” He co-stars in season 2
met my mother, to join the football I vowed to move to New York style residence made of concrete, of Prime Video’s “Reacher.”
Nadine, there. They
were just starting
out, and we lived
made it a week un-
til I realized my
on
team as a walk-on. I or Los Angeles and become an ac-
tor. I flipped a coin, and it was
L.A. I packed a bag and drove
in an apartment. sports dream was out. While working at a restau- ROBERT’S STARE Yamaha Midnight Special.
us ,

My father was the son of a over. I wasn’t much of a college rant, I met a guy who urged me to
lieutenant colonel in the Army student and left. audition for a play. They needed Bad-guy glare? I channel my father.
l

Now? Just one, a Harley-Davidson

e
who had been awarded a bronze The impact was awful. My con- me to create an edgy presence. My eyes are very much like his. Dyna Low Rider S (below). It’s an
al a

star and fought in three wars. His fidence was shattered. Living at Another buddy worked for pro- incredibly fast bike.
military upbringing rubbed off. He home, I began a mission to figure ducer Roger Corman. He told me Essence? I’m tapping into the
ci on

was stern and preoccupied with out my life. I worked in a bank, they needed extras in a biker film potential for violence and dan- Why one? I co-own a Har-
perceptions. In 1968, he was where someone suggested model- called “Warlords From Hell,” di- ger behind ley-Davidson deal-
awarded a scholarship to MIT. We ing. I gave it a shot. I liked being rected by Clark Henderson. those eyes. ership in Santa
moved to Needham, Mass., but the in front of a camera in commer- Watching Corman, I learned ev- Clarita, Calif. For
public school didn’t think I’d been cials, and part of me wanted to be erything instinctively. Motorcycles? I long-distance, I’ll
er s

sufficiently educated. Without an actor. But that wasn’t done in In 1989, I was cast in “Die Hard started riding grab a dealer-tag
testing me, they had me repeat my family, so I held back. 2.” Then a year later, my new at 18. I had a Road Glide Limited.
m er
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www.WaldorfAstoriaResidencesGuanacaste.com/ws1 Waldorf Astoria Residences Costa Rica Cacique

WE ARE PLEDGED TO THE LETTER AND SPIRIT OF U.S. POLICY FOR THE ACHIEVEMENT OF EQUAL HOUSING THROUGHOUT THE NATION. WE ENCOURAGE AND SUPPORT AN AFFIRMATIVE ADVERTISING, MARKETING AND SALES PROGRAM IN WHICH THERE ARE NO BARRIERS TO OBTAINING HOUSING BECAUSE OF RACE, COLOR, SEX, RELIGION, HANDICAP, FAMILIAL STATUS
OR NATIONAL ORIGIN. THE STRUCTURES, MATERIALS AND RECREATIONAL FEATURES AND AMENITIES DESCRIBED AND DEPICTED HEREIN ARE BASED UPON CURRENT DEVELOPMENT PLANS, WHICH ARE SUBJECT TO CHANGE WITHOUT NOTICE. THE ILLUSTRATIONS INCLUDED HEREIN ARE ARTIST RENDERINGS OF PROPOSED IMPROVEMENTS.
Waldorf Astoria is a registered trademark of affiliates of Hilton Worldwide Holdings Inc. (collectively, “Hilton”). The Waldorf Astoria Hotel & Residences Guanacaste (the “Project”) is not owned, developed or sold by Hilton and Hilton does not make any representations, warranties or guaranties whatsoever with
respect to the Project and related residences (the “Residences”). The Project owner uses the Waldorf Astoria brand name and certain Waldorf Astoria trademarks (the “Trademarks”) under a limited, non-exclusive, non-transferable license from Hilton. The license may be terminated or may expire without renewal,
in which case the Residences will not be identified as a Waldorf Astoria branded project and the Project owner will not have any rights to use the Trademarks.