P2JW039000-5-A00100-16DDF61078D
* * * * * THURSDAY, FEBRUARY 8, 2024 ~ VOL. CCLXXXIII NO. 32
DJIA 38677.36 À 156.00 0.40%
What’s
News
Business & Finance
 As part of Disney’s quar-
terly earnings report, CEO
Bob Iger presented a vision
of a new entertainment giant
that will embed the company
further into the American
pop-culture psyche. A1
 CVS reported solid
fourth-quarter earnings but
downgraded its projected re-
sults for 2024 as medical-
cost increases hit the Medi-
care insurance business. B1
 The S&P 500 rose 0.8%,
moving closer to the mile-
stone 5000 level, while the
Nasdaq and Dow gained 0.9%
and 0.4%, respectively. B11
 Alibaba posted lackluster
sales growth and a plunge in
profit in the October-De-
cember quarter after ac-
counting for more than $3
billion in impairments. B4
 Carlyle swung to a quarterly
loss but saw its stock price rise
after it unveiled a pay over-
haul and set new financial tar-
gets for the coming year. B10
 TotalEnergies said it
would lift its 2023 dividend
and increase payouts this
year, joining other energy
companies splashing out on
shareholder returns. B3
 LG Chem will supply GM
with nearly $19 billion of
cathode materials over time,
enough to make batteries
for about five million EVs. B3
 U.K. home builder Barratt
agreed to buy smaller peer Red-
row, creating a company with
a market value in excess of the
equivalent of $9.01 billion. B6
 China removed its top se-
curities regulator after a
yearslong stock-market de-
cline that has become an in-
creasingly sensitive subject
for Beijing officials. B11
World-Wide
 A U.S. drone strike in
Baghdad killed a commander
of the Iran-backed Iraqi mili-
tia blamed for an attack
that killed three American
service members at a U.S.
base in Jordan last week. A1
 Senate Democrats tried to
pin down more GOP support
for a bill that would provide
military aid to Ukraine, Israel
and other allies, after Repub-
licans blocked a broader mea-
sure that linked the foreign
assistance to policy changes
at the southern border. A1
 Israel’s Netanyahu rejected
Hamas’s terms for a cease-
fire in Gaza after the Pales-
tinian militant group called
for the release of thousands
of prisoners along with other
concessions in its first re-
sponse to a U.S.-backed pro-
posal to end the fighting. A16
 The Marine Corps said it
was searching for five Ma-
rines who were in a helicopter
that went missing on its way
from Nevada to San Diego a
day earlier. A6
 Bombs ripped through
two separate political offices
in southwestern Pakistan’s
Baluchistan province, killing
at least 30 people, officials
said, a day before parliamen-
tary elections. A16
 Officials in New York are
pushing to restrict the algo-
rithms that power a social-
media platform’s feed, mak-
ing it the latest state to
attempt to rein in the big
tech companies in the wake
of federal inaction. A3
 Marianne Williamson
ended her long-shot pri-
mary challenge to Biden for
the Democratic presidential
nomination. A6
CONTENTS
Arts in Review..... A11
Business News.. B3,6
Capital Account..... A2
Crossword................ A12
Heard on Street.. B12
Markets...................... B11
s 2024 Dow Jones & Company, Inc.
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Senate
Pivots to
Ukraine,
Israel Aid
Proposal
After GOP blocks
border-policy bill,
Democratic leaders
press military aid
WAS H I N GT O N— S e n ate
Democrats tried Wednesday to
pin down more GOP support
for a bill that would provide
military aid to Ukraine, Israel
and other allies, after Republi-
cans blocked a broader mea-
sure that linked the foreign as-
sistance to policy changes at
the southern border.
HADI MIZBAN/ASSOCIATED PRESS
By Siobhan Hughes,
Katy Stech Ferek
and Lindsay Wise
The broader legislative
package was the product of
four months of bipartisan ne-
Passersby gathered at the site of a burned vehicle targeted by a U.S. drone strike in Baghdad on Wednesday. gotiations, but Republicans
had said this week that it had
U.S. Kills a Leader of Iraq Militia
no path forward. With 49 in fa-
vor and 50 opposed, it fell
short Wednesday of the 60
votes required to advance. GOP
Blamed in Fatal Attack on Troops
lawmakers initially had de-
manded border changes as a
condition for Ukraine aid, but
they later balked, saying the
negotiated terms regarding mi-
BY GORDON LUBOLD Wednesday was part of a these crimes will not go un- the U.S. began retaliatory air- grants weren’t tough enough.
AND NANCY A. YOUSSEF more aggressive tack against punished,” it said in a state- strikes against Iran’s paramili- With the broader measure
leaders of the Iran-aligned ment, adding: “Let this be our tary forces and militias that dead, Senate Majority Leader
WASHINGTON—A U.S. groups that are responsible path and our foremost cause Tehran supports in Syria and Chuck Schumer (D., N.Y.) moved
drone strike in Baghdad killed for at least 168 attacks against from now on and onwards.” Iraq. to schedule a procedural vote
a commander of the Iran- U.S. forces based in the region. President Biden approved The targeted strike on a mi- to advance a narrower, $95.3
backed Iraqi militia blamed Despite the U.S. campaign, Ira- the strike against the com- litia commander within Iraq billion version of the package
for a deadly attack that killed nian-back militias have con- mander early last week, U.S. signals a willingness to ex- that would fund Ukraine, Israel
three American service mem- tinued targeting U.S. forces. officials said. The Pentagon pand the U.S. approach, some and Taiwan but exclude border-
bers at a U.S. base in Jordan Kataib Hezbollah acknowl- proceeded when military plan- analysts said. security provisions. Democrats
last week, part of the Penta- edged the U.S. strike and said ners knew they could take a “In general, U.S. strikes worked for several hours to
gon’s sharpened effort to de- “this calls for steadfastness on shot and the risk of civilian have targeted capabilities to guarantee enough Republican
ter attacks on its forces. the path of jihad,” which often casualties would be mitigated. make it harder for these support, with Schumer ulti-
The commander from the refers to armed struggle. Iraqi officials were notified of groups to target American mately saying they would hold
Iraqi militia group Kataib Hez- Iraq’s pro-Iran Al-Nujaba the strike shortly after it oc- Please turn to page A7 Please turn to page A4
bollah was responsible for di- movement, part of the Islamic curred, the Pentagon said.
rectly planning and participat- Resistance in Iraq, called for Following the Iraqi militia’s  Netanyahu rejects Hamas  Molly Ball: Border deal
ing in attacks on U.S. forces in revenge against America, its deadly drone strike on Jan. 28 terms for truce................. A16 never stood a chance..... A4
the region, the Pentagon said. partners and interests. “Our on a U.S. outpost in Jordan  Tunnels conceal hostages,  Kyiv rations munitions as
The U.S. strike in Iraq on response will be decisive, and near the border with Syria, house militants................ A16 aid dwindles......................... A7
Budget
Why Americans Are Down
U.S. budget deficit, FY2024
by fiscal year $1.58 trillion*
Deficit $3.0 trillion
On a Strong Economy
Set to 2.5
Shrink
2.0
The shortfall
between
Many fear their long-term financial security is vulnerable
1.5
government
spending and Clayton Wiles, a truck driver in North Car- employs close to 50 people.
1.0
revenue this fiscal olina, earns about 20% more than three years But ask any of them about the state of the
year is expected to ago. Kristine Funck, a nurse in Ohio, has won American economy, and the same gloominess
narrow to roughly 0.5 surfaces. “Unstable” is how Arguello de-
$1.6 trillion, helped By Aaron Zitner, scribes it. Said Funck: “Even though I’m OK
by last year’s Amara Omeokwe, Rachel Wolfe right now, there’s a sense it could all go away
0
bipartisan budget and Rachel Louise Ensign in a second.”
deal, a surprisingly FY2013 ’15 ’20 ’24 There’s a striking disconnect between the
strong economy steady pay raises, built retirement savings widely shared pessimism among Americans
*Projected
and delayed tax Note: Fiscal year ends Sept. 30. and owns her home. Alfredo Arguello, who and measures that show the economy is actu-
revenue. A2 Source: Congressional Budget Office opened a restaurant outside Nashville when ally robust. Consumers are spending briskly—
the pandemic hit, now owns a second one and Please turn to page A8
Two Ph.D.s Launch Nuggets,
Slurpees Into Near Space
Disney Lays Out Vision INSIDE
To Bolster Its Fortunes
i i i
U.K. company corners market of sending up
BY ROBBIE WHELAN nite is one of the world’s most
not people, but most anything else popular videogames. The deal
The new, rebuilt Disney will expand the licensing of
that Bob Iger has been prom- characters and story lines from
BY ISABELLE BOUSQUETTE Gummett, who works at ising is coming into focus with Disney franchises including
British supermarket Iceland the help of football, Fortnite Marvel, Star Wars, Pixar and
It was the most important Foods, had been charged with and Taylor Swift. Avatar within Fortnite. JASON GAY
launch of Joseph Gummett’s creating a marketing cam- In a series of sweeping an- Disney also plans to stream A pay-per-view Super
career. He waited nervously at paign for its 50th anniversary. nouncements as part of the an exclusive cut of pop star
his office in Deeside, Wales, He wanted to do something company’s quarterly earnings Taylor Swift’s Eras Tour con-
Bowl? The idea isn’t
which he called “mission novel. “There aren’t many report on Wednesday, Iger pre- cert movie on Disney+ starting going away as sports
control” that day, as the things that haven’t been sented a vision of a new Disney March 15, with footage of five on TV changes. A12
vessel hurtled 110,000 done with a chicken nug- that will embed the entertain- songs not included in either
feet—about 21 miles— get,” he says. “This was ment giant further into the the theatrical release or the
straight up. When definitely one of them.” U.S.’s pop-culture psyche. The on-demand versions of the
he received news Less than 100 miles wide-ranging initiatives marry movie, including the hit single
SCOTT OLSON/GETTY IMAGES
the endeavor was away in Sheffield, U.K., the company with some of the “Cardigan.” The Disney+
Markets Digest...... B7 successful, he was Chris Rose and Alex biggest brands in contempo- movie will be titled “Taylor
Opinion................ A13-15
Personal Journal A9-10
filled with relief. Baker were ready. While rary entertainment. Swift—The Eras Tour (Tay-
Sports.......................... A12 Billionaire-backed major corporations fuel “The stage is now set for lor’s Version).”
Technology........... B4-5 companies including Launch space tourism, Rose significant growth and suc- The company also said it
U.S. News.......... A2-4,6 BlueOrigin, SpaceX and Baker’s 13-year-old cess,” Iger, Disney’s chief exec- would increase its cash divi-
World News........ A7,16 or lunch
and Virgin Galactic company, Sent Into utive officer, said on a call with dend payment to 45 cents from
have reignited interest in get- Space, has cornered the lucra- analysts. 30 cents in July and repur- BUSINESS & FINANCE
> ting more humans into space. tive market of launching not Disney’s new moves include chase up to $3 billion in stock Uber posts first yearly
But as Gummett waited from people, but almost anything a deal to invest $1.5 billion in before the end of September.
his office, there were no hu- else. return for an equity stake in Adding to the Americana
profit since its IPO, on
mans on the vessel. Instead, Definitions differ on where Epic Games, the maker of Fort- theme, Disney said Nick Saban, strong food-delivery
there was a single chicken outer space begins—about 62 nite. With more than 100 mil- the legendary college football and ride demand. B1
nugget. Please turn to page A8 lion active monthly users, Fort- Please turn to page A2
P2JW039000-2-A00200-1--------XA

A2 | Thursday, February 8, 2024 * * THE WALL STREET JOURNAL.

U.S. NEWS
CAPITAL ACCOUNT | By Greg Ip

Gap Shrinks, but China Imports Flow In

T
he U.S. trade defi- shrinking trade deficit over- U.S. annual goods trade deficit with select countries president emeritus of the seems destined to drop.
cit with China states how much the U.S. European Union Chamber of “Greenfield foreign direct
shrank last year to has reduced its consumption $400 billion Commerce in China. “In wind investment into developing
its narrowest in of Chinese-made products. turbines, solar panels, every- countries has remained con-
over a decade. This As the trade war heated up, one is losing money. In cars, stant, but the share that’s
looks, at first glance, like a many manufacturers began one company makes money, going to countries that are
decoupling of the two econo- moving production to other 300 the other 100 lose money.” not China and not Russia
mies thanks to President countries to avoid U.S. tar- has gone way, way up,” said

Donald Trump’s steep tariffs
on Chinese imports in 2018.
Trump is spoiling to fin-
ish the job, floating a 60%,
or higher, tariff on all Chi-
nese imports if re-elected.
The U.S., though, hasn’t
kicked the Chinese import
habit as much as the data
suggest. Chinese and West-
ern manufacturers have
found numerous ways
around tariffs; they are
likely to redouble those ef-
forts if the levies go higher.
Last year, the overall U.S.
trade deficit in goods shrank
to $1.1 trillion from $1.2 tril-
lion in 2022, the Commerce
Department said Wednesday.
As a share of gross domestic
iffs. So the U.S. trade deficit
with Mexico leapt to $151
billion in the 12 months
through November, more
than double the 2017 figure.
The deficit with Vietnam ran
at $104 billion, almost triple
the level of 2017.
A lot of the value of those
increased imports from Viet-
nam and Mexico consisted of
inputs originally sourced in
China. The McKinsey Global
Institute recently reported
that even as China’s share of
U.S. manufactured imports
fell from 2017 to 2020, its
share of the value added in
goods consumed in the U.S.
rose.
200
100
0 Still, Brad Setser of the
2010 ’15
Source: Commerce Department via Haver Analytics
and others found the tariffs
reduced imports of affected
products by 30%; some of
that was made up for by pur-
chases of other Chinese, for-
eign or U.S.-made products.
The authors estimate the to-
S
China
$280.8B o, if tariffs of 25%
barely reduced the
U.S.’s dependence on
China, would 60% do more?
Mexico
Probably. Khandelwal ran the
$152.4B
numbers for a 35% tariff. He
Vietnam estimates a much larger ef-
$104.6B fect on imports and resulting
cost, equal to 0.8% of GDP.
’20 ’23
Council on Foreign Relations
predicts China would double
down on efforts to evade or
neutralize higher tariffs.
less, those counties re- “The incentive to disassem-
warded Trump politically, ble the product, take out a
the study found.) few screws, find an alterna-
The fundamental obstacle tive screw supplier, ship
to decoupling is that China’s them to a third party so it’s
dominant position in world not 100% Chinese content,
manufacturing makes it hard and package it as an export
Olivia White, an author of
the McKinsey report.
To make India a base for
mobile-phone production,
Apple is moving more sup-
pliers there. Samsung has
done the same in Vietnam.
Chinese companies are
playing that game, too. To
get around American tariffs,
their electric-vehicle and
battery companies are build-
ing or contemplating new
factories in countries that
have trade agreements with
the U.S., such as Mexico,
South Korea and Morocco.
Setser predicts that
China, to make up for lost
exports to the U.S., would
drive down its currency to

product, it fell to 3.9%, the
lowest in over a decade.
Most of the reduction came
via the gap with China. This
narrowed by more than $100
billion to $281 billion last
year, the thinnest since 2010.
One reason the deficit
shrank is that U.S. importers
might have overordered in
2022, leading to swollen in-
ventories and fewer imports
in 2023 even as consumption
stayed strong.
More fundamentally, the
F
urther, Chinese compa-
nies have been exploit-
ing a U.S. law that al-
lows packages worth less
than $800 to enter duty-
free. Federal data compiled
by the Yale economist Amit
Khandelwal and a co-author
show the number of pack-
ages entering the U.S. under
that “de minimis” exception
has tripled since 2017 to a
billion last year.
This doesn’t mean the tar-
iffs had no effect. Khandelwal
tal cost to the U.S. economy
at 0.04% of GDP, as losses to
consumers slightly offset
gains to U.S. producers and
the U.S. Treasury.
A separate study by David
Autor of MIT and co-authors
found that counties whose
companies were meant to
benefit from tariffs may
have marginally gained em-
ployment. But, on average,
any such gains were more
than offset by losses when
China retaliated. (Nonethe-
to find substitutes. Its econ- from the third party is just boost exports to countries
omy is hard-wired to manu- overwhelming,” he said. Its that haven’t raised tariffs—
facture more than it can companies would make even expanding Chinese compa-
consume, dictating that it greater use of the de mini- nies’ presence in those econ-
export the surplus. As col- mis exception, he added. omies.
lapsing property investment This doesn’t mean the Of course, the U.S. could
undercuts growth, the ruling U.S. and China are destined try to keep those imports out
Communist Party has leaned to stay coupled. Historically, by hitting other trading part-
even more on manufactur- supply chains move gradu- ners with tariffs. Trump has
ing, though many companies ally. Often, just one step or proposed a 10% levy on all
are already unprofitable. component goes offshore be- imports, not just from China.
“2024 will be the year of fore an ecosystem of suppli- This, though, is a recipe
overcapacity, and pressure ers develops. Over time, the for the decoupling of the U.S.
on exporters in China will be Chinese component in U.S. not just from China, but the
sky-high,” said Joerg Wuttke, imports from third countries whole world.

Federal Budget Deficit Forecast to Narrow This Year

BY ANDREW DUEHREN
WASHINGTON—The federal
deficit is on track to shrink
this year. But the U.S. govern-
ment still faces profound fis-
cal challenges in coming
years.
Last year’s bipartisan bud-
get deal, a surprisingly strong
economy and a bumper crop
of delayed tax revenue are all
helping improve the budget
outlook for the fiscal year
ending Sept. 30, CBO said. The
budget deal, which Democrats
growing interest costs, an ag- ing that period are about 50 to hugely popular entitlement $4 trillion over a decade. Bi-
ing population and higher percent larger than their his- programs such as Medicare, den has pledged to offset
healthcare spending will con- torical average over the past which make up roughly two- those costs with tax increases
tinue to weigh on the budget. 50 years,” Phillip Swagel, the thirds of the government’s an- on corporations and high-in-
CBO said the deficit would CBO’s director, said in a nual spending. come households, though even
reach $2.6 trillion, or 6.1% of statement. Debates over government Democrats in Congress have
the size of the Not that the spending plunged the Capitol previously rejected some of
U.S. gross do- warning is into chaos multiple times last those ideas.

That is the latest forecast
from the Congressional Bud-
get Office, the nonpartisan
scorekeeper that provides law-
makers with economic and
budget data. The annual
shortfall between government
spending and revenue is ex-
pected to be roughly $1.6 tril-
lion this fiscal year. That is a
drop from the roughly $1.7
trillion deficit logged last
year—though the true size of
last year’s deficit was closer
to $2 trillion, a figure masked
by accounting changes for the
cancellation of President Bi-
den’s student debt forgiveness
plan.
and Republicans reached as
part of an agreement to raise
the debt limit, will reduce def-
icits by $2.6 trillion over 10
years, CBO said.
Immigration will also cre-
ate a larger workforce, sup-
porting economic growth and
tax revenue during the next
decade even as the recent re-
cord surge in migrants has be-
come a partisan flashpoint on
Capitol Hill and in states that
are struggling to accommo-
date them.
Overall, the fiscal situation
is deteriorating, CBO said.
Deficits are elevated compared
with historical norms, and
$1.6T
mestic product, likely to change year, with the U.S. coming Other policy changes, in-
in 2034. The how Washing- within days of defaulting on cluding aid for Ukraine, could
scorekeeper’s ton draws up its debt. House Republicans also add to the deficit. A
forecasts also the federal dethroned then-Speaker Kevin House-passed bipartisan bill
assume that CBO’s fiscal year budget. The McCarthy after he brought up aimed at cutting taxes for
federal policy fundamental a bill to keep the government families and companies could
will remain on
deficit outlook, down obstacles to im- funded at existing levels. Law- increase deficits in the short
its current from roughly proving the fis- makers have since extended term if the Senate approves it.
course, but that $1.7 trillion last year. cal outlook re- government spending several Deficits exploded during
is unlikely. Ma- m a i n : times and face another test the depths of the Covid-19
jor chunks of Republicans for March 1, when some fund- pandemic as the Trump and
the 2017 tax support ad- ing again expires. Biden administrations shov-
cuts expire after next year, dressing the problem only The fiscal stakes of the eled money into the economy.
and lawmakers in both parties with spending cuts that Dem- likely rematch between Presi- While the annual shortfall has
agree that they want to ex- ocrats largely oppose. Demo- dent Biden and Donald Trump retreated, the deficit’s size has
tend most of them indefi- crats, meanwhile, line up be- will be enormous. Key tax cuts still come as a surprise to
nitely. hind tax increases that of the 2017 tax law, signed by economists who typically ex-
“Measured in relation to Republicans resist. Neither Trump, will expire after 2025. pect to see deficits shrink as
economic output, deficits dur- party wants to make changes Extending them all could cost the economy remains strong.

Disney Operating losses for Disney’s

direct-to-consumer segment
September, Iger said. He
hasn’t spoken to Peltz “in a
while” and has no plans to
on $4.4 billion in revenue,
compared with a loss of $38
million on $4.4 billion of reve-

Lays Out
$0.25 billion
speak with him, he said. nue a year earlier.
–$138 million Disney has urged sharehold- The new streaming sports
0
ers to vote for its slate of 12 di- partnership is the clearest

Its Vision –0.25

Continued from Page One
–0.50
rectors instead of for slates
proposed by Peltz and another
activist investor that is press-
sign yet of how Iger plans to
expand ESPN’s audience
through streaming.
ing for changes at the com- “This service will bring to-
–0.75 pany’s April 3 annual meeting. gether our collective portfo-
CHUCK ZLOTNICK/MARVEL STUDIOS

coach who retired from the
University of Alabama last
month, will join ESPN as an an-
alyst on its “College GameDay”
program and contribute to cov-
erage of the NFL Draft.
These announcements come
a day after Disney revealed a
partnership with rivals Fox
Corp. and Warner Bros. Dis-
covery to launch a sports-fo-
cused streaming service later
this year, a venture that could
potentially reshape how fans
watch sports and hasten the
demise of the traditional cable
TV business model.
Disney’s moves reflect the
breadth of challenges Iger is
contending with during his
second stint as CEO, from a
costly pivot to streaming to a
box-office slump and lacklus-
ter earnings growth.
Disney reported earnings
for the December quarter that
beat Wall Street’s expecta-
tions for several key metrics,
including two crucial mea-
sures of success in its stream-
ing business: a relatively sta-
ble base of global Disney+
subscribers and shrinking di-
rect-to-consumer operating
losses.
The direct-to-consumer
business lost $138 million in
the quarter, compared with a
loss of $984 million a year
earlier. Losses in streaming
have been gradually contract-
ing, but Wall Street expected a
$419 million loss this quarter.
Disney’s shrinking stream-
ing losses in the quarter were
–1.00
–1.25
–1.50
FY2021 ’22 ’23
Note: Latest fiscal quarter ended Dec. 31
Source: the company
helped by price increases to
Disney+ and Hulu, as well as an
increase in ad revenue. The
company is on track to make
its streaming business profit-
able by the end of September,
Iger said.
The number of domestic
Disney+ subscribers fell
slightly to 46.1 million, likely
the result of price increases,
but the service lost fewer sub-
scribers than Wall Street ana-
lysts predicted. Global sub-
scribers to Disney+, including
its Hotstar service in India,
fell to 149.6 million, from 150.2
million a year earlier.
Disney said it expected to
add between 5.5 million and 6
million core Disney+ subscrib-
ers next quarter, a rare forecast
from the company. In the past,
Disney resisted giving short-
term guidance on these sorts of
financial metrics.
Overall, Disney reported
$23.5 billion in revenue for the
quarter, flat from the year-ear-
lier quarter and slightly lower
than the $23.7 billion that ana-
lysts polled by FactSet pre-
dicted. Net income rose to $1.91
billion, up from $1.28 billion a
’24
Disney said it expected to add between 5.5 million and 6
million core Disney+ subscribers next quarter. Its ‘Echo’ series.
year earlier. Shares rose about
6% in aftermarket trading.
Iger, who returned for a
second stint as CEO in Novem-
ber 2022, is trying to fend off
a proxy campaign from activ-
ist investor Nelson Peltz, co-
founder of Trian Fund Man-
agement, who is seeking one
seat on Disney’s board for
himself and another for for-
mer Disney Chief Financial Of-
ficer Jay Rasulo, among other
changes.
Wednesday’s announce-
ments are likely to make it
more challenging for Peltz to
make his case to shareholders.
Disney has said Peltz failed
to present any new ideas and
lacks the experience in media
to be useful on the board.
In Wednesday’s CNBC inter-
view, Iger said his team was
highly motivated and acting
with great urgency to turn the
company around. He rejected
the notion that Peltz could help
the company.
“The last thing that we
need is to be distracted in
terms of our time or energy
by an activist or activists that
frankly have a completely dif-
“It’s déjà vu all over again. lio,” Iger said in the earnings
We saw this movie last year call, “providing consumers
and we didn’t like the ending,” with more of the sports they
a Trian spokesman said want in a single place.”
Wednesday after Disney’s earn- The deal marks a milestone
ings report. in the growth of the streaming
Since his return, Iger has industry and could accelerate
worked to modernize and pre- consumers’ shift away from
pare ESPN for a streaming fu- cable TV. Sports has long been
ture, including by seeking a po- the key attraction of cable.
tential strategic partner and Iger said ESPN plans to be-
ferent agenda and don’t un- striking a new sports-betting gin selling its channel directly
derstand our company, its as- deal with Penn Entertainment. to consumers as a subscrip-
sets, or the essence of the ESPN’s financial results— tion streaming service in the
Disney brand,” he said. which Disney began reporting fall of 2025, an offering that
The company was on track separately last year–improved Iger said will include sports
to make its streaming busi- in the quarter. Its operating betting, fantasy, statistics fea-
ness profitable by the end of income swung to $199 million tures and shopping.
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P2JW039000-0-A00300-1--------XA

THE WALL STREET JOURNAL. Thursday, February 8, 2024 | A3

U.S. NEWS
Casting Statuettes Ahead of the Screen Actors Guild Awards Ceremony

MARIO ANZUONI/REUTERS (3)

BEHIND THE SCENES: The solid bronze statue, holding a comedy mask in one hand, a tragedy mask in the other, will be given to winners during the 30th annual SAG Awards on Feb. 24.

Supreme Court Case Pits States Propose

Curbs on Social
Trump vs. Old-School GOP Media for Teens
Justices to decide if
ex-president’s Jan. 6 BY JIMMY VIELKIND
role disqualifies him
ALBANY, N.Y.—It’s not just
from Colorado ballot Congress. States are taking on
social media’s grip on teenag-
BY JESS BRAVIN ers, too.
Officials in New York are
WASHINGTON—Norma An- pushing to restrict the algo-
derson remembers weeping rithms that power a platform’s
the night Barry Goldwater lost feed, making it the latest state
the 1964 presidential election to attempt to rein in the big
to Lyndon Johnson, one of tech companies in the wake of
countless ups and downs federal inaction.
through a lifetime spent in Other states have hit legal
Republican politics. roadblocks by attempting to
But at age 91, the former shield children from specific
GOP majority leader of the types of content or restrict mi-
Colorado Senate is capping nors from signing up for ac-
her political career by stand- counts. If New York is success-
ing athwart Donald Trump, as ful, it would offer other states a
lead plaintiff in the case that legal pathway to pursue.
barred the former president “Children and teens are
from the Colorado ballot. struggling,” New York Attorney
Trump is appealing that General Letitia James, a Demo-
decision, and on Thursday the crat, said. The proposal, she
Supreme Court will for the added, “will protect New York
first time hear arguments on children and will be an example
whether a candidate for presi- for others to follow.”
dent is disqualified for engag- James and Gov. Kathy Hochul
ing in insurrection against the support a proposal to prohibit
U.S., under a 14th Amendment social-media companies from
provision ratified after the serving content to minors in the
Civil War. state using algorithms—unless
Anderson said she watched apps such as Instagram and
TV on Jan. 6, 2021, when a TikTok first ob-
mob raided the U.S. Capitol tain parental
following Trump’s exhortation consent. They
to “fight like hell” against cer- are also backing A New York plan
tifying President Biden’s elec- restrictions on would restrict
toral victory. “No one can tell when apps can
me differently. The fact is that send notifica- algorithms but
KEVIN MOHATT/REUTERS (2)
ment free-speech protections.
Lawmakers in Arkansas,
Ohio and Utah have banned mi-
nors from using social-media
platforms without parental con-
sent. NetChoice, a trade group
whose members include TikTok
and Meta, has sued in all three
states and won injunctions in
Arkansas and Ohio. Utah Gov.
Spencer Cox pushed back the
effective date of that state’s law
to October from March “to in-
corporate more feedback.”
A dozen states last year en-
acted laws relating to children’s
use of social media, including
the Utah and Arkansas laws and
other measures to create task
forces or encourage media-liter-
acy education, according to the
National Conference of State
Legislatures.
Danny Weiss, a former con-
gressional aide who is now chief
advocacy officer for the group
Common Sense Media, said
states are acting where Con-
gress hasn’t. “There are no
guardrails on social-media plat-
forms when it comes to our
kids,” Weiss said.
James said New York’s ver-
sion may survive legal scrutiny
thanks to a key
difference from
other state pro-
posals: It limits
a delivery mech-
anism rather
than regulating

Donald Trump tried to over-

throw an election,” Anderson
said. “There’s been presidents
I didn’t like, but they didn’t
violate the Constitution.”
Plaintiffs recruited
Anderson is one of six Col-
orado voters—four Republican
and two independent—re-
cruited by a Washington ad-
vocacy group to challenge
Trump’s qualifications under
the insurrection clause. Oth-
ers include a newspaper col-
umnist, a former Republican
congresswoman, a teacher
married to a state senator, a
former chief of staff to a Re-
publican governor and a for-
mer city council member.
Watching Republicans rally
to Trump’s side as the shock
of Jan. 6 receded, Anderson
says she felt she couldn’t stay
in the party. She switched her
registration to independent,
but after about six months re-
registered as a Republican. It
is the others, she says, who
should change their affilia-
tion.
The Colorado GOP has no
plans to comply.
Old-school Republicans like
Anderson are “bitter that the
party no longer thinks the
world of them,” says Dave
Williams, the state party
chairman. “They had for years
the ability to influence Repub-
lican Party politics, but start-
ing with the Tea Party move-
ment in 2010, with Donald
Trump in 2016, the party has
grown to be more populist,”
Republicans Norma Anderson, top, and Krista Kafer are two of the plaintiffs in the case.
he said.
The Arapahoe County GOP
went further, censuring the
Republican plaintiffs for
“splintering the party instead
of fostering unity,” among
other offenses.
One of those plaintiffs,
Krista Kafer, a Denver Post
columnist and a Republican
who said she voted for Trump
in 2020, laughed off the move.
“I got censured, but I still
keep getting those daily fund-
raising texts,” she said.
Colorado’s highest court in
December found Trump ineli-
gible for public office. If the
U.S. Supreme Court rejects
Trump’s appeal, he could be
stripped from the ballot
across the country, itself an
unprecedented event.
Unprecedented case
A lawyer for Trump didn’t
respond to a request for com-
ment. In legal papers, his law-
yers argue that he had noth-
ing to do with the Capitol
attack. “President Trump
never participated in or di-
rected any of the illegal con-
duct that occurred at the Cap-
itol on Jan. 6, 2021,” they
write.
Until Trump, no credible
presidential candidate had
been accused of engaging in
insurrection, much less been
struck from the ballot for do-
ing so. But legal scholars and
political critics were calling
the Jan. 6 attack an insurrec-
tion before the day was out.
Citizens for Responsibility
and Ethics in Washington, a
watchdog group that repeat-
edly has tangled with Trump,
began researching the insur-
rection clause to try to dis-
qualify politicians involved in
the Capitol attack. After
Trump announced his bid to
retake the White House,
CREW lawyers began working
on the case, and they tapped
like-minded lawyers in Colo-
rado—where state law made a
ballot challenge relatively
easy—to recruit plaintiffs.
“I wasn’t looking to bring
litigation against Trump, but
it’s hard to justify bringing a
case against some lower-level
person and not against the
person who incited the insur-
rection,” said Donald Sher-
man, CREW’s chief counsel.
After a five-day trial, Judge
Sarah Wallace in Denver ruled
in November that the Jan. 6,
2021, attack to stop Congress
from certifying Biden’s elec-
tion was an insurrection, and
that Trump engaged in the of-
fense by inciting extremists in
his movement.
Technicality cited
But she found a technical-
ity exempted Trump from dis-
qualification: The prohibition
in Section 3 of the 14th
Amendment applies only to
people who previously took an
oath to support the Constitu-
tion when serving as a federal
officer, a member of Congress
or a state executive, legisla-
tive or judicial officer. The
presidency’s occupant wasn’t
a federal officer, Wallace con-
cluded. Trump—alone among
the 45 presidents who have
succeeded George Washing-
ton—never served in Congress
or held state or federal office.
Both sides appealed to the
Colorado Supreme Court,
which by a 4-3 vote upheld
the insurrection findings and
ruled that the president was a
federal officer, therefore dis-
qualifying Trump. “We are
mindful of the magnitude and
weight of the questions,” the
majority’s unsigned opinion
said. “We are also cognizant
that we travel in uncharted
territory,” it said, and there-
fore left Trump’s name on the
ballot until the U.S. Supreme
Court decided the ex-presi-
dent’s inevitable appeal.
tions to teen us-
ers and what
faces potential
companies can challenges.
do with data
collected from
minors.
Industry groups have raised
questions about the constitu-
tionality of the proposal and
said media literacy would have
a more immediate impact.
The Albany showdown
marks the latest clash between
state officials and tech compa-
nies. Attorneys general from 41
states sued Meta Platforms,
the operator of Instagram and
Facebook, in October, alleging
the company intentionally built
its products with addictive fea-
tures that harm young users of
its Facebook and Instagram ser-
vices. Meta in November told
The Wall Street Journal it
didn’t design its products to be
addictive for teens.
In Washington last week,
senators from both parties
grilled tech CEOs on how their
algorithms affect minors, and
said they must bear more legal
liability when children are
harmed online. Several senators
acknowledged federal laws
don’t adequately address harms
to children on the platforms.
But lawmakers haven’t united
around a single approach, leav-
ing several bills waiting for a
vote.
While none of the federal
bills have been enacted, several
states have passed laws regu-
lating social media. Tech com-
panies have, so far, been suc-
cessful in blocking those state
efforts by citing First Amend-
content itself.
The algo-
rithm provisions
are linked to a
broader state
spending plan
that must be acted on by March
31.
G.S. Hans, a Cornell Law
School professor and associate
director of the school’s First
Amendment clinic, said the
New York proposal could still
present constitutional con-
cerns. “Even a law that doesn’t
touch content but talks about
how you arrange, present and
prioritize content is going to
face this question,” he said.
Meta said it uses algorithms
to protect all users from inap-
propriate content and to help
steer them toward supportive
communities based on common
interests. The company last
month began to automatically
restrict teen users from harm-
ful content including videos and
posts about self-harm, graphic
violence and eating disorders.
“Teens move interchange-
ably between many websites
and apps, and different laws in
different states will mean teens
and their parents have inconsis-
tent experiences online,” a com-
pany spokeswoman said, add-
ing that Meta supports federal
legislation that would require
parental approval for people
under 16 to download an app.
A TikTok spokesman said the
company automatically sets a
60-minute screen-time limit for
users between ages 13 and 18,
and parents are able to set con-
tent limits on linked accounts.
P2JW039000-4-A00400-16DDF61078D
A4 | Thursday, February 8, 2024
Migrants at the border wall in Texas and, below, in Brooklyn, N.Y. Attempts to pass legislation for fixing a border problem that both parties describe as chaotic have come up empty for years.
Border Compromise Never Stood a Chance
Immigration effort
ran aground on anger
from GOP base and
election politics
BY MOLLY BALL
WASHINGTON—It began as
a clever GOP political ploy:
The party would withhold its
votes for the foreign aid Dem-
ocrats sought unless some-
thing was done about the in-
flux of migrants at the
southern border.
ANALYSIS Yet a gambit Re-
publicans once
hoped would divide their op-
ponents ended up exposing
their own divisions instead,
achieving none of what they
sought and opening them to
accusations of cynical political
gamesmanship.
For decades, well-meaning
members of both parties have
tried to overhaul an immigra-
tion system most agree is
badly broken, only to run
aground on an intractably
toxic issue made even more so
by the looming rematch of
President Biden and Donald
Trump. As the latest such ef-
fort fell apart on Wednesday,
failing to pass a vote in the
Senate, the negotiators behind
it were left to lament that
their months of earnest effort
had amounted to nothing.
“We all negotiated in good
faith. We delivered. We pro-
duced a bill many thought im-
possible,” said Sen. Kyrsten
Sinema, an Arizona indepen-
dent. “But less than 24 hours
after we released the bill, my
Republican colleagues changed
their minds. It turns out they
want all talk and no action.”
The lead Republican negoti-
ator, Sen. James Lankford of
Oklahoma, said, “Americans
are ticked off that this is not
resolved. They expect us to
get things done, so why don’t
we do that?”
Senators
Pivot to Aid
Package
Continued from Page One
the vote Thursday.
“We will recess until tomor-
row and give our Republican
colleagues the night to figure
themselves out,” he said.
Schumer had revealed the
plan Wednesday morning, res-
urrecting the foreign-aid pro-
posal and returning the Sen-
ate to effectively the same
question it had faced before
the ill-fated border talks.
He said he would offer a
“fair and open” process for Re-
publicans to make amend-
ments, and the idea picked up
GOP support, with the top Re-
publican on the Senate Armed
Services Committee, Sen.
Roger Wicker of Mississippi,
predicting the bill would ad-
vance.
But hurdles sprang up.
Asked in the early evening if
Republicans could guarantee
the votes for the slimmed-
down foreign-aid package if
The end result is a nation
less secure at home and
abroad: The border situation
that both parties describe as
chaotic and out of control re-
mains unaddressed; the allies
fighting difficult wars in Israel
and Ukraine remain unaided,
waiting for long-promised
American military assistance.
“What is happening on the
border now is not safe, it’s un-
tenable, it’s a humanitarian cri-
sis,” said Elizabeth Neumann,
who served in the Trump’s ad-
ministration in the Department
of Homeland Security. She
blamed campaign politics for
the impasse, particularly a bloc
of nativist Republicans who see
any compromise as anathema.
“Republicans are not doing
what they were hired to do,
and it’s very disappointing. I’m
deeply disappointed, but I’m
not surprised.”
This wasn’t the ending Re-
publicans envisioned last fall,
when they saw the opportu-
nity to put Democrats on their
heels and bring their own
party together. GOP populists
had long argued that the U.S.
shouldn’t be sending more aid
to Ukraine while domestic
needs went unaddressed.
Spiraling crisis
The spiraling border crisis
was emerging as a deepening
weakness for the Biden admin-
istration, which had preferred
to play down and avoid the is-
sue. Polls showed independent
voters increasingly concerned
about border security, while
Democratic mayors whose
streets were overwhelmed
with migrants pleaded with
the president for help. If Biden
wanted money for Ukraine and
Israel, Republican leaders said,
he would have to come to the
table to address this domestic
crisis as well.
The negotiators who took
up the issue were serious and
earnest. Lankford, Sinema and
they got the border-related
amendment votes that some
sought, Senate Minority Whip
John Thune (R., S.D.) said,
“those are all really good ques-
tions, none of which have good
answers at the moment.”
Senate Republicans picked
over their options in a spirited
midday meeting, with some ea-
ger to move on to foreign aid
and others insisting on revisit-
ing tough border provisions.
Democrats said that Repub-
licans kept moving the goal
posts, first conditioning
Ukraine aid on border-security
measures, then rejecting a bor-
der-security deal that they
sought, only to again demand
border-security votes.
“Every time we agree to
something that is a difficult,
really difficult negotiation,
we’re finding that Republicans
don’t keep their word,” said
Sen. Debbie Stabenow (D.,
Mich.). “It’s shocking now, the
extent to which folks don’t
care about their word.”
A vote to advance the
slimmed-down package would
set the stage for an unpredict-
able battle in Washington in
the coming weeks to get it
through the Senate and then
the House. The effort will test
the leadership not only of
P W L C 10 11 12 H T G
U.S. NEWS
Sen. Chris Murphy (D., Conn.)
had bonded on a January 2023
bipartisan fact-finding trip to
the border.
None of them, however, had
been deeply involved in previ-
ous efforts to overhaul immi-
gration. For veterans of the is-
sue, the surprise isn’t that this
attempt failed but that anyone
thought it could succeed given
the past few decades’ history
of inaction, stalemate and poi-
sonous politics.
Lawmakers tried to craft an
immigration compromise dur-
ing the Obama administration,
with a bipartisan “gang” of
senators crafting a compre-
hensive bill. In 2013 immigra-
tion legislation passed the
Senate with 68 votes, includ-
ing 14 Republicans. But the
Republican-led House resisted
as tremors from the base be-
gan to signal danger. The
measure died.
That episode solidified the
sense among Republicans that
any dealmaking on immigra-
Schumer but more critically
that of Senate Minority Leader
Mitch McConnell (R., Ky.) and
House Speaker Mike Johnson
(R., La). Both of the Republi-
cans have faced grumbling in
the ranks and hold an unsteady
grip on their conferences’
helms.
Several GOP senators held a
news conference this week
criticizing McConnell over the
border deal, and Johnson en-
dured dual setbacks when a
vote to impeach Homeland Se-
curity Secretary Alejandro
Mayorkas failed, followed by
Senate Majority Leader Chuck Schumer resurrected the
foreign-aid proposal Wednesday morning.
K R F A M 1 2 3 4 5 6 7
tion was politically perilous.
“It almost doesn’t matter
what was in the bill, conserva-
tives were going to be angry
and upset about anything they
did,” said Brendan Buck, a for-
mer aide to former House
Speakers John Boehner and
Paul Ryan—both of whom per-
sonally supported immigration
reform but saw it as too divi-
sive to confront.
Populist revolts
While farmers, the business
community, faith leaders and
the GOP establishment
pleaded for a solution, the is-
sue tapped into deep-seated
anxieties around cultural and
demographic change for many
rank-and-file conservatives.
Similar dynamics have played
out throughout the developed
world in this age of global dis-
placement and mass migra-
tion, powering populist revolts
such as Brexit and right-wing
movements across Europe.
the defeat of an Israel-aid bill.
The package pending in the
Senate includes about $60 bil-
lion related to Ukraine, with
$14.1 billion for Israel security
assistance and $2.4 billion for
operations in the Red Sea,
where Houthi rebels in Ye-
men have attacked shipping.
It also includes more than
$9 billion in humanitarian as-
sistance for civilians in Gaza,
the West Bank, Ukraine and
others in conflict zones. It con-
tains about $4.8 billion to help
allies in the Indo-Pacific and
deter aggression by China.
8 9 O I X X * ** * THE WALL STREET JOURNAL.
Trump launched his presi-
dential bid in 2015 with a dia-
tribe against Mexican rapists
and criminals he claimed were
pouring across the border. His
political advisers Kellyanne
Conway, Steve Bannon and
Stephen Miller saw the immi-
gration issue as a way to gal-
vanize working-class whites in
the Rust Belt—a theory that
they saw vindicated by his up-
set 2016 victory.
During Trump’s presidency
he walked away from a deal to
fund a border wall in exchange
for legalizing the “dreamers”—
immigrants in the country ille-
gally who were brought as chil-
dren. Yet Trump’s harsh
rhetoric and calls for a wall
weren’t a clear political win-
ner; most voters disliked his at-
tempts to whip up public anger
around migrant “caravans” and
controversy surrounding family
separations, according to polls.
The current situation at the
border has gotten so dire that
many Democrats became will-
Many Senate Republicans
back Ukraine, and McConnell
has stressed the importance of
helping the country fend off
Russian invaders.
But growing blowback from
conservative voters has made
it a difficult vote.
With Kyiv now rationing
military supplies and the U.S.
worried about the Mideast, the
set of votes will reveal whether
a wing of the Republican Party
embodied by McConnell is
ready to join Democrats to de-
liver aid and reassert a global
leadership role for the U.S.
Former President Donald
Trump, the front-runner for
the 2024 GOP presidential
nomination, has railed against
providing more funds to
Ukraine, and Rep. Marjorie
Taylor Greene (R., Ga.), a
Trump ally, has threatened an
attempt to oust Johnson as
speaker if he provides more
money to Kyiv.
MICHAEL BROCHSTEIN/ZUMA PRESS
Johnson kept his options
open on Wednesday. “We’ll see
what the Senate does,” he said.
Behind the scenes, House
GOP leaders already have been
discussing a menu of options, a
person familiar with the mat-
ter said.
Among those is to demand
a concession on border policy
FROM TOP: JOSE LUIS GONZALEZ/REUTERS; CHARLY TRIBALLEAU/AGENCE FRANCE-PRESSE/GETTY IMAGES
ing to accept a proposal that
would only crack down on bor-
der and asylum policies, with-
out any legalization of the un-
documented. Biden, once wary
of alienating pro-immigration
progressives, discovered a new-
found zeal for “shutting down”
the border. Yet as the Lankford-
Murphy-Sinema talks dragged
on through the end of 2023, it
became increasingly clear that
immigration hawks were gear-
ing up to oppose whatever they
came up with. On the campaign
trail and on social media,
Trump began inveighing
against the yet-to-be-unveiled
legislation, warning his follow-
ers they were being sold out.
‘Destroy you’
Lankford said Wednesday
that a “popular commentator”
who he declined to name had
told him weeks before the
bill’s release, “If you try to
move a bill that solves the
border crisis during this presi-
dential year, I will do what-
ever I can to destroy you, be-
cause I do not want you to
solve this during the presiden-
tial election.”
The House GOP leaders who
had once insisted the border
crisis was too urgent to ignore
began signaling the brewing
compromise was unaccept-
able. In mid-January, House
Speaker Mike Johnson posted
on social media of the nascent
deal, “Absolutely not.” When
the negotiators finally re-
leased their proposal on Sun-
day, House leaders promptly
declared it would get no hear-
ing in their chamber.
Democrats fumed that
they’d given away the store
for nothing. “It was just
months ago that Republicans
were asking for this exact bill
to deal with the border, to
provide support for Ukraine
and Israel,” Biden said Tues-
day. “And now it’s here, and
they are saying, ‘Never mind.’”
from the White House or Dem-
ocrats, this person said. One
idea also gaining currency was
to allow separate votes on dif-
ferent portions of the national-
security package.
President Biden on Tuesday
put the blame on Trump and
urged Republicans to “show
some spine and do what they
know to be right.” McConnell
acknowledged the role of the
GOP in the border false start.
The immigration deal fol-
lowed months of private nego-
tiations between Sens. James
Lankford (R., Okla.), Kyrsten
Sinema (I., Ariz.) and Chris
Murphy (D., Conn.), who took
to the Senate floor Wednesday
to express their deep disap-
pointment.
The deal would have estab-
lished a new asylum process at
the border to deliver fast case
resolutions and swift deporta-
tions for migrants who don’t
qualify. It also would have set
a higher bar for those claims
and created new limits on the
number of immigrants seeking
asylum to prevent the system
from getting overwhelmed.
The bill would have required
the government to “shut down”
the border to asylum seekers if
more than 5,000 migrants at-
tempted to cross in a day.
P2JW039000-0-A00500-1--------XA

THE WALL STREET JOURNAL. Thursday, February 8, 2024 | A5

P2JW039000-4-A00600-1--------NS
A6 | Thursday, February 8, 2024
Five Marines Remain Missing
After Their Helicopter Is Found
BY ALYSSA LUKPAT
AND DOUG CAMERON
The Marine Corps said
Wednesday it was searching
for five Marines who were in a
helicopter that went missing
on its way to San Diego a day
earlier.
The Marines said civil au-
thorities found the helicopter
Wednesday morning in Pine
Valley, Calif., about 40 miles
east of San Diego. It didn’t de-
scribe the aircraft’s condition.
It had taken off a day earlier
from Creech Air Force Base
outside Las Vegas for a rou-
tine training flight.
The helicopter was reported
overdue Tuesday when it
BREACHED: A mudslide damaged a home in Hacienda Heights, Calif., in a storm that battered
Southern California for days. It was moving out of the region Wednesday after another soaking.
didn’t land at the Miramar air
station in San Diego, said
Capt. Stephanie Leguizamon of
the 3rd Marine Aircraft Wing.
California for several days
has been dealing with an at-
mospheric river causing heavy
rain and high winds. State fire
officials said they were
searching for the helicopter in
an area covered in snow that
was hard to access.
The Marine Corps said it
was coordinating the search
with the San Diego County
sheriff’s department and the
Civil Air Patrol, the civilian
auxiliary of the U.S. Air Force.
The sheriff’s department
said it received a call around 1
a.m. Wednesday about the he-
U.S.WATCH
NY
U.S. NEWS
licopter. The department said The 3rd Marine Aircraft
it was searching in difficult Wing in San Diego lost a heli-
and muddy terrain and facing copter in 2018 after it crashed
rain and snow. The Civil Air during a training exercise. All
Patrol didn’t return a request four people on board the air-
for comment. craft, also a CH-53E Super
The aircraft is a CH-53E Su- Stallion, were killed.
per Stallion helicopter, Le- The Marines operate more
guizamon said. than 100 of the CH-53Es, built
Military aviation safety is by the Sikorsky unit of Lock-
under congressional and pub- heed Martin. The fleet has an
lic scrutiny following the fatal average age of 35 years, with
crash of a V-22 Osprey aircraft its life extended through mul-
off the coast of Japan last No- tiple upgrades ahead of the ar-
vember. rival of a new model, the
The entire fleet of more CH-53K King Stallion.
than 400 Ospreys remains A Sikorsky spokesperson
grounded while an investiga- said Wednesday that the com-
tion continues. The CH-53E pany was aware of the incident
has been used to fulfill some and safety was its top priority.
of the Osprey’s duties. The Pentagon has spent
WASHINGTON
Biden Advisers Set Locomotive Derails, Williamson Drops
To Visit Michigan Spilling Diesel
President Biden is dis-
patching a group of foreign
policy and political advisers
to Michigan on Thursday in
an attempt to quell growing
outrage over deaths in Gaza.
The move comes ahead of
Michigan’s Feb. 27 presidential
primary and has taken on a
new urgency after Biden’s pre-
vious attempts to assuage
Muslim and Arab-American
supporters have proved insuf-
ficient. Polls show Biden trail-
ing former President Donald
Trump in Michigan, one of the
“Blue Wall” states along the
Great Lakes that Biden flipped
in his 2020 campaign triumph.
While Biden faces only mi-
nor opposition in the primary,
DAMIAN DOVARGANES/ASSOCIATED PRESS
a group of more than two
dozen local officials have
launched a “Listen to Michi-
gan” effort, vowing to vote
“uncommitted” on Feb. 27.
The leaders have been press-
ing the White House for a
permanent cease-fire in Gaza
and say they intend to hold
Biden accountable.
—Ken Thomas
* ** *
Creech
Cree
Force
Forcce Base
CALIFORNIA
FORNIA
OR NIA
A
LLos
o AAngeles
An
Ang
ng le
Sann Diegoo
PINE V
Tijuanaa
Pacific Ocean
M
MEXIC
MEXICO
COO
100 miles
100 km
Camille Bressange/THE WALL STREET JOURNAL
more than two years working
to improve the safety of its air-
craft after a congressional
commission in December 2020
identified failings with train-
ing, aging aircraft and spare-
parts shortages.
House investigators have
called on Defense Secretary
Lloyd Austin to explain prob-
lems with the Osprey and what
the Pentagon is doing to ensure
COLORADO
Presidential Bid
The locomotive of a cargo
train derailed in northern Col-
orado early Wednesday, spill-
ing hundreds of gallons of
diesel, authorities said.
The Great Western Rail-
way locomotive didn’t tip
over when it went off the
rails at a switch in the tracks
just before 1 a.m. but a fuel
tank was punctured, the
Loveland Fire Rescue Author-
ity said in a Facebook post.
The spill was contained and
didn’t get into any water-
ways, it said.
No one was injured in the
derailment, which happened
near a sugar factory in an
area not far from some
homes, Battalion Chief Kevin
Hessler said. The other loco-
motive and three cars carry-
ing sugar didn’t derail, he said.
A natural berm helped
contain the spilled fuel, which
was pumped up by a hazard-
ous materials contractor, ac-
cording to a spokesperson for
Great Western’s parent com-
pany, OmniTrax.
—Associated Press
THE WALL STREET JOURNAL.
ech
ec
ch Air
Air
Ba
Ba
asse
NEVADA
A
LLas
as Vegas
Vegggas
ARIZONA
ARIZO
ONA
NA
UTAH
After a helicopter from Creech
Air Force Base went missing
during training on Tuesday,
Marines said civil authorities
found it on Wednesday
morning in Pine Valley, about
40 miles east of San Diego.
Pho
PPhoenix
Phoe
Ph
h
VALLEY
VA
A Y
Tuscon
its safety following a series of
crashes that claimed dozens of
service members’ lives.
The grounding of the Osprey
fleet has created a logistical
challenge for the Marines, who
have about 300 of the aircraft,
as well as for the Navy, which
had started using them to sup-
ply aircraft carriers. The Air
Force mainly deploys them for
special forces.
WASHINGTON
Self-help author and spiri-
tual guru Marianne William-
son on Wednesday an-
nounced the end of her long-
shot Democratic challenge to
President Biden.
The 71-year-old onetime
spiritual adviser to Oprah
Winfrey contemplated sus-
pending her campaign last
month after winning just
5,000 votes in New Hamp-
shire’s primary, writing that
she “had to decide whether
now is the time for a digni-
fied exit or continue on our
campaign journey.”
Williamson ultimately
opted to continue on for two
more primaries. She won just
2% of the vote in South Caro-
lina and about 3% in Nevada.
Minnesota Rep. Dean Phil-
lips is the last nationally
known Democrat still running
against Biden, who has
scored blowout victories in
South Carolina and Nevada
and easily won in New
Hampshire, despite not being
on the ballot..
—Associated Press
P2JW039000-4-A00700-1--------XA

THE WALL STREET JOURNAL. * * * * Thursday, February 8, 2024 | A7

WORLD NEWS
Kyiv Rations Munitions as Aid Dwindles
Ukrainian forces are rest. Zaluzhniy has com-
plained about poor recruit-
low on ammunition, ment, blaming the govern-
while Russian troops ment.
Since Russia’s large-scale
are ‘taking bites’ invasion almost two years ago,
Ukraine has held off numeri-
BY JAMES MARSON cally superior Russian forces
AND DANIEL MICHAELS with a combination of extreme
bravery and advanced preci-
KYIV, Ukraine—After a hard sion Western weaponry. The
MANU BRABO FOR THE WALL STREET JOURNAL 92)
ing U.S. provisions, Ukrainian
troops have been husbanding
the munitions they consume
fastest, including ammunition
and defensive systems. Russia,
sensing opportunity, has been
barraging Ukraine with
drones, missiles and rockets
that destroy military equip-
ment, demoralize the popula-
tion and—potentially most

day of fighting in January, exactitude of systems includ- threatening for the longer
Ukrainian troops lost a couple ing U.S. Javelin shoulder- term—deplete Kyiv’s stock of
of ditches near the northeast- launched antitank missiles air-defense interceptors.
ern city of Kupyansk. By the fol- and truck-based Himars rock-
lowing morning, the Russians ets, and European Storm
had dug a mile-long trench and Shadow and Scalp cruise mis- Drone to the rescue
were firmly established. siles has allowed Kyiv’s lim- Ukraine has given priority
A Ukrainian sniper listening ited forces to humble what to hitting targets that can
in on a Russian radio channel have maximum impact, such
heard how. The Russians de- as Russian air bases from
ployed a special trench-digging where attacks are launched,
team typically made up of and fuel refineries or supplies
drunks and other ne’er-do- Ukrainian troops in Lyman, Ukraine. A scarcity of equipment far behind front lines. The
wells. When one refused to dig, is impeding their efforts to hold back Russian advances. goal is to undermine Mos-
one Russian officer reported, cow’s ability to wage war, and
the laggard was swiftly dealt artillery shells. ago was basking in the unex- not just hit groups of troops.
with: “We eliminated him.” The scarcity of shells, mis- pected success of campaigns Kyiv hopes the approach will
The advance had no imme- siles and rockets is impeding against overextended Russian be more cost-effective than
diate strategic impact, but it Ukrainian efforts to hold back troops that regained hundreds targeting front-line soldiers
shows how Russian troops are waves of Russian armored ve- of square miles in late 2022, and may buy some breathing
slowly pressing forward using hicles, troops and artillery. the spreading adversity is an room for Ukrainian soldiers.
a critical advantage: masses of Ukraine is improvising by us- unwelcome change of fortune. “By hitting targets at
poorly trained conscripts and ing explosive drones to take President Volodymyr Zelensky depth, you are relieving troops
indifference to the loss of life. out armored columns. But and his top general, Valeriy at the front,” said retired Ger-
Ukrainian troops are disad- Russian ground troops still slip Zaluzhniy, are at odds, and man Lt. Gen. Heinrich Brauss,
vantaged amid shortages of all through, despite taking heavy political infighting is growing. of Ukraine’s use of British-
kinds of equipment even be- casualties, allowing Moscow’s Zelensky has noted that the French cruise missiles.
fore the consequences of Re- forces to press forward. prospect of battlefield losses least three occasions, Ukraine had been considered one of Ukraine is also racing to ex-
publicans blocking additional “They are taking bites,” the holds potentially dire conse- used its U.S.-designed Patriot the world’s top militaries. pand its production of small
aid to Kyiv fully affect the bat- Ukrainian security official said. quences. air-defense missiles to sur- Now, with Congress unable one-way drones loaded with
tlefield. The most immediately “People really don’t like los- prise expensive Russian war- to agree on more military help explosives. Early in the war,
painful shortage is in artillery: ers,” Zelensky said in an inter- planes and shoot them down. for Ukraine, its soldiers and pol- Kyiv and private citizens im-
Russian forces are outshooting Morale boost needed view in January with Britain’s iticians fear their defenses are ported large numbers of re-
Ukrainians by about 10 Russian Russians have penetrated Channel 4, referring to the weakening. Europe is scram- motely piloted drones, first for
shells to every one they fire, a the eastern Ukrainian city of war’s earliest days, when few Frontline is fragile bling to step up, but it lacks the reconnaissance and later as
Ukrainian security official said. Avdiivka from the north and foreign leaders thought his Ukraine’s military-intelli- Pentagon’s well-stocked arse- offensive systems.
With manpower and equip- south, and are seeking to cut government would survive. The gence agency last week said it nals and ability to quickly ex- In the past year, Ukraine has
ment severely depleted by last off its main supply line. The lesson remains relevant, he in- had used naval drones to de- pand production of vital sup- shifted to making its own ex-
year’s failed counteroffensive, Russians also are closing in dicated. In politics, he said of stroy a Russian missile cor- plies such as artillery shells. plosive drones in roughly 200
Ukraine finds itself fighting a around Kupyansk, a city how failures are shunned, “it’s vette off occupied Crimea. If Congress doesn’t approve factories scattered around the
defensive effort aimed at delay- Ukraine retook in 2022 in a everywhere…from the war to Ukrainian drone attacks have new funding for Ukraine, U.S. country, most of them small,
ing Russian advances and pre- lightning counteroffensive. financing, from the military, severely curtailed the move- equipment won’t suddenly stop, improvised operations. The goal
venting a major breakthrough. Neither city is a major strate- just to bilateral relations.” ments of Russia’s Black Sea but slowly expire. Past appro- is to produce one million drones
Russia hasn’t solved the gic prize, but taking either To be sure, Ukraine is hav- Fleet and allowed Kyiv to in- priations budgeted for muni- this year. From a production
challenge of how to cut through would be the first major con- ing more success in the air crease exports from its main tions that are only starting to rate of about 5,000 drones a
Ukraine’s defensive lines with quest for Russia since it cap- and sea war. Russia appears to southern port of Odesa. be shipped, such as Ground- month last summer, Ukraine by
armored vehicles, which Ukrai- tured the eastern city of have failed in its efforts this The concern for Ukraine is Launched Small Diameter the end of last year reached
nians can quickly spot and tar- Bakhmut in May and allow Rus- winter to cripple civilian in- the fragility of the front line. Bombs, which are fired from Hi- 50,000 a month, said Gustav
get with aerial drones. But they sian President Vladimir Putin to frastructure, including elec- Soldiers in the trenches com- mars or other vehicles and have Gressel, a senior policy fellow at
are inching forward using their claim a morale-boosting victory. tricity and heating, with mis- plain their units aren’t fully a range of more than 90 miles. the European Council on For-
superiority in manpower and For Kyiv, which one year sile and drone strikes. On at staffed and hardly rotated for Facing the prospect of wan- eign Relations, a think tank.

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P2JW039000-0-A00800-1--------XA

A8 | Thursday, February 8, 2024 THE WALL STREET JOURNAL.

FROM PAGE ONE

Why Are need money to make money,

and I think you either start out
ahead or you’re constantly

Americans playing catch-up now.”

One factor in the downbeat

CLOCKWISE FROM TOP: ALLISON JOYCE FOR WSJ; CINDY SCHULTZ FOR WSJ; STACY KRANITZ FOR WSJ
outlook is that many Ameri-

So Down? cans view the economy through

Continued from Page One
behavior that suggests opti-
mism, not retrenchment.
Inflation has tempered. Unem-
ployment has been below 4%
for 24 straight months, the lon-
gest such stretch since the
1960s.
The disconnect has puzzled
economists, investors and busi-
ness owners. But press Ameri-
cans harder, and the immediate
economy emerges as only one
factor in the gloomy outlook.
Americans feel sour about the
economy, many say, because
their long-term financial
security feels fragile and
vulnerable to wide-rang-
ing social and political
threats.
Reliable steps up the
economic ladder, such as
a college degree, no lon-
ger look like a good in-
vestment. War overseas,
and an emboldened set of
hostile nations, have
made the world feel dan-
gerous. Uninspiring lead-
ers at home, running a
government widely seen
as dysfunctional, have
left people without hope
that America is up to the
challenge of fixing its
problems.
The broad reasons for
America’s dim outlook
suggest that even further
improvement in the econ-
omy might not be enough
to lift the nation’s mood.
In an election year, that is
shaping up as one of
President Biden’s biggest
impediments to winning
a second term. He has re-
ceived little credit so far for an
economy that has foiled predic-
tions of a recession and instead
grew 3.1% in the past year, far
ahead of the pace in 2022.
By some metrics, that im-
provement is starting to give
way to slightly rosier views of
the economy. Consumer senti-
ment, as measured by the Uni-
versity of Michigan, recently
posted the biggest two-month
increase since 1991. Yet it re-
mains about 20% lower than
during the robust economy of
early 2020, just before the
Covid-19 pandemic started.
“You could argue unemploy-
ment is 3.7%, but who cares
with this level of uncertainty?”
said Arguello. “Because that’s
what people are feeling. They’re
not feeling hope. They’re not
feeling one country. They’re
feeling a divisive, divided
United States of America.”
No ‘coherent plan’
Theresa Foster estimates
her family’s net worth is up be-
cause the value of their home
in suburban Albany, N.Y., has
risen around 20% since the
pandemic started. “But every
time I go to the store I am
shocked by the prices,” said
Foster, who earns more than
$200,000 combined with her
husband’s income. “I feel like
we’re on really thin ice, that
it’s really fragile, that neither
political party has any theoreti-
cal foundation for what they
want to do with the economy.”
Foster, 57, earned a master’s
degree on GI Bill benefits and
works part time at a nonprofit,
while her husband works full
time in human resources. To
her, the notion that cooling in-
flation should ease her finan-
cial worries is akin to telling a
person who is bleeding out that
the flow of blood has slowed.
What upsets her, she said, is
that the government continues
to spend money while racking
up blunders, such as the
botched withdrawal of U.S.
forces from Afghanistan. None
of that instills confidence in
leaders’ ability to handle other
complex issues.
“I feel like no matter what
they tell me about the econ-
omy, they don’t really know,
because they don’t have a co-
herent plan,” she said.
Funck, the nurse in Milford,
Ohio, said she sees the coun-
try’s decline in the high num-
ber of uninsured and un-
housed patients whom she
cares for at a large Cincinnati
medical center.
“The politicians seem to be
making out really good and
then everybody else is strug-
gling,” said Funck, who is 52
and an independent voter who
backed Biden in 2020. She
earns about $90,000 a year,
had her student loans forgiven
after two decades, and has no
children to support. Still, she
constantly fears she’ll be de-
railed by an unexpected ex-
pense.
While many groups of
Americans have made gains
during the pandemic recovery,
some cracks have emerged.
Americans in lower-paying
industries saw some of the
strongest pay raises in recent
years, but wage growth is now
slowing overall, and more so
for these workers. Research
from the Federal Reserve Bank
of Dallas found that low-income
households disproportionately
bear the brunt of inflation, in
part because of the high share
of their income that goes to-
ward food, gas and rent.
While inflation has cooled
substantially from its peak in
2022, wage growth only began
to outpace price increases in
mid-2023, meaning many
Americans are still reeling from
a long stretch in which it felt
like their earnings couldn’t go
a political lens. Their opinion is
more optimistic when the party
of their choice holds the White
House.
In the weeks before the 2016
election, only 11% of Republi-
cans rated the economy as ex-
cellent or good, CNBC polling
found. That jumped to 26%
right after the election, even
before Donald Trump was
sworn in as president, and rose
to 73% within a year. By con-
trast, Democratic views of the
economy turned more negative
over the same period.
Some analysts find signs
that the partisan skew in views
of the economy is particularly
powerful now, with Biden in
the White House, be-
cause Republicans are
Haleigh and Clayton Wiles, top, feel like they’re sliding backward more likely than Demo-
financially despite pay raises and frugal habits. Theresa Foster, below, crats to adopt a nega-
said she isn’t confident in leaders’ ability to handle complex issues. tive view when their
Alfredo Arguello, in red cap at left, said, ‘You could argue party is out of power.
unemployment is 3.7%, but who cares with this level of uncertainty?’ “We find that Re-
publicans cheer louder
when their party is in
control and boo louder
when their party is out
of control,’’ wrote
Stanford University
economics professor
Neale Mahoney, who
held White House posi-
tions under Biden and
Obama, and Ryan Cum-
mings, a Ph.D. student,
in a November Sub-
stack posting.
By statistically “ad-
justing the decibel
level’’ so that the two
parties cheer equally,
they found that about
negative outlook doesn’t reflect mother of three in Jackson, 30% of the gap between con-
the economic life of most Mich., said she wouldn’t neces- sumer sentiment and what
Americans. “There’s some jus- sarily recommend college for would be predicted by the eco-
tification for some negativity her 18-year-old daughter. Bos nomic data could be explained
about the economy, but noth- herself returned to college in by what they called “asymmet-
far enough. ing resembling the amount of her 30s to help her upgrade ric amplification” of consumer
The unemployment rate re- negativity seen in some of the from a job as a pharmacy tech- sentiment according to a per-
mains at near-record lows, but survey data,” said Jason Fur- nician to higher-paying work in son’s political party.
layoffs have hit some sectors of man, a top economic adviser to human resources, which
the economy with force, includ- President Barack Obama. roughly doubled her pay to $30
ing technology and some other Furman said that, histori- an hour. But she said she sacri- ‘Dark clouds’
white-collar fields. cally, inflation and unemploy- ficed immensely to pay off Arguello, the Nashville-area
James Welch, a married fa- ment levels have been predic- $41,000 in student loans, which restaurant owner, got into the
ther of two, moved his family tors of consumer sentiment, she did only recently. food-service industry in May
from Atlanta to Plano, Texas, to and that the recent spate of “A lot of people go to college 2020, early in the pandemic.
take a job as a manager at an rising prices had unsettled con- and either don’t work in their After ending a 30-year career
online fitness company after he sumers. “It’s just not a good degree field or get a lot of debt at General Electric, where he
was laid off early in the pan- enough reason for them to be for a job that doesn’t have the was most recently a senior ex-
demic from a hotel company. as down on the economy as ability to make very much ecutive, the 65-year-old de-
Last July, he was laid off again. they say they are,” he said. money,” Bos said. cided to buy and operate a
Welch, 49, said he’s depleted Some 78% of Americans said burger franchise with his son, a
close to $450,000 in retirement they aren’t confident their chil- recent college graduate, as a
and emergency savings in re- Sliding backward dren’s lives will be better than way to teach him how to run a
cent years to fund the move, Many Americans point to their own, a Journal-NORC sur- business while deepening his
medical expenses and costs for structural changes in the econ- vey found last year. That’s a re- own roots in his community af-
two children in college. His omy that have left them anx- cord in surveys dating to 1990. ter years of travel.
wife’s salary of roughly ious about the future. The de- In Wilmington, N.C., the The Mooyah burger fran-
$72,000 annually as an opera- cline of company pensions has Wiles family feels like they’re chise they opened was success-
tions manager is keeping the shifted more of the risk of sliding backward financially ful enough that they opened a
family afloat. Welch said he funding retirement from em- despite pay raises and frugal second location. Fourth-quarter
thinks he was the victim of ployers to workers. And many habits. revenues in 2023 were 15%
cost-cutting moves at the com- who once thought they could Clayton, 44 years old, makes higher than in the prior year,
pany. He said shortly after he count on a college degree as a $10,000 more than he did three Arguello said.
was laid off, he saw his job re- ticket into the middle class years ago in his job as a tow- Despite his personal success,
posted for lower pay. now question its value. truck driver, bringing the fam- Arguello said he believes that
To many economists, the Amy Bos, 44, a married ily’s annual income to $58,000. “the light at the end of the tun-
But the Wiles can’t afford to fix nel is not there yet” for a na-
Change from year earlier in spending, wages and prices their broken-down truck and tion emerging from the pan-
plan to draw from modest re- demic and its high-inflation
16%
Spending surged in 2021, compared to tirement savings to pay for trauma. Many other nearby
sharp pandemic pullbacks a year earlier. health insurance for their two restaurants have recently
children when they lose Medic- closed, he said, and more
aid eligibility this year. broadly, he’s concerned that
12 Haleigh, 30, is in school to America is suffering because
Prices surged become a teacher, but worries political leaders are putting
at the end Inflation has slowed since 2023, that even the addition of an ex- their party’s needs above the
of 2021 and though spending has not slowed tra salary won’t enable them to country’s.
8 beginning as quickly as prices. start saving for a down pay- “You have this political in-
of 2022. ment on a house. stability, a world that is very
The combination of higher unstable, with this economic
Spending
borrowing costs and higher uncertainty,’’ said Arguello,
4 Wages home prices has made buying a who is originally from Nicara-
Prices home much less affordable. gua. He considers himself
New 30-year fixed-rate mort- right-of-center politically and
Rising wages are now driving gages, though down about a would vote reluctantly for
more spending growth. percentage point from last fall, Trump this year if he is the
0
are close to 7%, compared with GOP nominee.
June ’22 ’23 ’24 under 3% three years ago. “What people are sensing is
2021
“I don’t think the American not whether the inflation is be-
Note: Spending is change in seasonally adjusted annualized consumer spending. Wages are dream still exists,’’ said Ha- coming moderate,” he said.
seasonally adjusted average hourly earnings for private workers. Prices are unadjusted consumer
price index for all items for urban consumers. leigh. “I don’t think it’s attain- “It’s that the dark clouds re-
Sources: Commerce Department (spending); Labor Department (wages, prices) via St. Louis Fed able anymore. Because you main.”

How to name of science, such as a

meat-and-potato pie launched
by Harry’s Bar, a U.K. pub that
sion for Iron Man triathlons
and Rose has one for pumpkin
carving—he’s a champion—but
signature tumbler, “the
Quencher,” a skyward launch
was the only option, he says.
body to taste it,” he says. Cal-
laghan says the pie is still in a
refrigerator at Harry’s Bar.
where it was launched. All
goods return to Earth and re-
covery is critical to avoid lit-

Launch organizes a world champion

pie-eating competition. Ac-
cording to the bar’s website,
both have a love of space.
Sent Into Space rose from
what Rose called a “crackpot
“We all feel this is a must
have—not a nice to have,” he
wrote to Stanley requesting
A 7-Eleven spokesperson
says the Slurpee, launched in
2021, didn’t spill “and in fact,
tering and help access re-
corded footage.
One vessel, collecting scien-

A Nugget they wanted to “boldly go

Continued from Page One
miles up, according to many
scientists. But at 20 miles, the
company, which calls itself
“Near Space experts,” says
its cameras capture “the
blackness of space, the thin
blue line of the atmosphere
and the curvature of the
Earth.” A baby stroller, Tic
Tacs, Jameson whiskey, a 7-
Eleven Slurpee, a wedding
dress and a portrait of Shake-
speare are among objects that
have journeyed “to the edge of
space,” the company says, of-
ten for marketing campaigns.
Some efforts are in the
where no pie has been be-
fore,” and see if the journey
changed the pie’s molecular
structure.
A launch can cost from a
few thousand dollars to hun-
dreds of thousands, Rose says,
and the company does up to
three a week. “We’re in this
new space race,” Rose says.
“The appeal for space is at an
all-time high.”
After the 2020 nugget
launch, the supermarket made
international news and sold 10
million nuggets that week,
Gummett said.
Rose and Baker met as
Ph.D. candidates at Sheffield
University, where both studied
engineering. Baker has a pas-
scheme” to get a camera into
Near Space. (They did.) Now
they have 25 employees and
one office dog called Doug
who’s come to work every day
for the last seven years.
They use polyethylene bal-
loons with a cargo attachment
containing a camera system
and communications technol-
ogy to track the vessel. After
the camera captures images of
an item sent up, ground-based
technology sends a radio sig-
nal command to the contrap-
tion to fall back to Earth. The
whole journey takes two or
three hours, Rose says.
When Tim Slack, founder of
digital-marketing company
Nativve, was tasked with the
European release of Stanley’s
additional marketing funds.
“Good Lord, where do you
find these things?” Stan-
ley’s team replied. But the
Quencher ascended last year,
and following the campaign
the product sold out within 24
hours.
School children and resi-
dents of a home for elderly
people came to watch the
launch of a pie from the Eng-
lish village of Roby Mill, re-
calls Tony Callaghan, owner of
Wigan Pubs Ltd., which owns
Harry’s Bar. “Whether the pie
would explode, cook, get
burned, we didn’t know,” he
says. So he was surprised the
pie returned to Earth looking
unchanged.
“We should’ve got some-
was still frozen when it came
back. Someone did drink it!”
Baker and Rose said they’re
tific samples for the Univer-
sity of Sheffield, landed on the
Bonneville Salt Flats in Utah,
well practiced on logistics, in- in a location not accessible by
cluding securing government car. “We were probably 50
approvals—and handling post- miles from the nearest cell-
landing challenges. phone reception to get res-
“Going up is the easy part. cued if there was a problem,”
The difficult part is finding it Baker says, adding high tem-
again after it’s come down,” peratures further complicated
said London-based filmmaker the on-foot trek. “I wouldn’t
Jack Jewers who hired Sent say I hated it per se because it
Into Space to launch a portrait was extremely memorable.”
of Shakespeare. He used the Regarding the Shakespeare
footage for films commemo- portrait, launched from Shef-
rating the 400th anniversary field, Jewers says, “I was wor-
of Shakespeare’s First Folio. ried it was going to end up in
Sent Into Space does simu- the sea and be lost forever.”
lations to understand the Luckily, it only crash-landed
flight path and landing zone, into a tree in Wales, he says,
but the vessel can still come and the footage was un-
down up to 100 miles from harmed.
P2JW039000-0-A00900-1--------XA
© 2024 Dow Jones & Company. All Rights Reserved.
ON THE
CLOCK
BY CALLUM
BORCHERS
O
ne sign your office life
is officially back to
normal: a colleague
comes to work, hack-
ing up a lung, and gets
props for pushing
through illness.
If it seems like coughing and
sneezing are a louder-than-usual
workplace soundtrack this winter,
it’s not your imagination. Respira-
tory illnesses have lingered above
the national baseline since Novem-
ber, according to the Centers for
Disease Control and Prevention, as
influenza, Covid, RSV and the
common cold circulate.
Far from staying home to halt
the spread of germs, American
workers are reporting to their
desks at the highest rates in al-
most four years. Last week office
occupancy hit its highest level
since March 2020, according to
Kastle Systems, which tracks
building-access card swipes.
“You really have to be unable to
speak and unable to function to re-
ally make an excuse for yourself
and say, ‘I’m going to take a sick
day,’” says Alberta Johnson,
founder and chief executive of Peo-
ple Experts, an HR consulting firm.
Johnson, who works a hybrid
schedule, recently kept chugging
through a sinus infection. She can-
celed some in-person meetings and
events to protect others but didn’t
take time off until she reached the
point of exhaustion. She scolds
herself in hindsight for compro-
mising her health and modeling a
suck-it-up attitude to her team.
Subtly or explicitly, bosses
sometimes urge employees to ig-
nore minor symptoms. Their own
reluctance to take sick days can
signal that subordinates are ex-
pected to gut it out. Asking
whether an employee feels well
enough to work from home, in-
stead of immediately granting a
day off, can also apply pressure.
So can harping on how inconve-
CLOCKWISE FROM TOP: SAM KELLY/THE WALL STREET JOURNAL, ISTOCK (5); RYAN WOLLERTON; GETTY IMAGES
nient it is and that co-workers will
have to pick up the slack.
In a January survey of 1,000
U.S. managers by Resume Builder,
Swift as Psyop? Another Errors Tour Stop
BY ASHLEY WONG
A
s the Kansas City Chiefs pre-
pare to play the San Francisco
49ers in Las Vegas this Sun-
day, conspiracy theories are swirling
around Taylor Swift and her foot-
ball-player boyfriend Travis Kelce.
They have taken on a distinctly po-
litical shape: Will the couple en-
dorse President Biden for re-elec-
tion? Is Swift part of a government
influence campaign?
The theories aren’t based in fact.
Instead, they rest on conjecture, false
assumptions and tenuous links to
public gestures the two have made
over the years. Since 2018, Swift has
endorsed Democratic politicians—in-
cluding Biden in 2020—and encour-
aged people to register to vote. Her
boyfriend has appeared in ads for
Pfizer’s Covid-19 vaccine. But neither
has appeared at campaign rallies, as
other stars have. Representatives for
Swift and Kelce didn’t respond to re-
quests for comment.
The two are now at the center of
conspiracy theories on the American
government, Biden, George Soros
and the National Football League.
False Theory No. 1:
Taylor Swift is part of a ‘psyop’
Mike Benz, a conservative broad-
caster and former State Department
official under Trump, shared a video
PATRICK SMITH/GETTY IMAGES
in January from a 2019 educational
conference organized by the NATO
Cooperative Cyber Defence Centre of
Excellence. The clip, which he aired
during a livestream and in other
posts on X, shows Alicia Bargar,
then a Johns Hopkins researcher,
PERSONAL JOURNAL.
Germs Also Make
Return to the Office
Contagious workers feel pressure to show up and shame for coming in
one-fifth said they encourage un-
der-the-weather employees to
come to the office. Almost a quar-
ter said they suspect workers lie
about being sick or exaggerate the
severity of their illnesses.
Managers frustrated by the
giving a presentation about fighting
misinformation. One slide features a
picture of Swift, whom Bargar uses
as an example of a person whose
social influence could be helpful for
countering misinformation.
Benz used this video to suggest
that Bargar was a Pentagon repre-
sentative pitching the North Atlantic
Treaty Organization on using Swift
as a psychological-operations as-
set—in other words, to spread pro-
paganda and sway American beliefs.
His theory hinges on several
false inferences. At the time of the
conference, Bargar was about to be-
come an employee at Graphika, a
social-analytics company—and one
that Benz has accused on social
media of working with the Penta-
gon to try to censor online informa-
tion about events like the 2020
election and Covid-19. A spokes-
woman for Graphika said that while
it had contracts with the Depart-
ment of Defense, its focus was on
combating misinformation.
In a statement, Benz maintained
that he believed the presentation
had proposed using Swift as a polit-
ical agent, and cited other leaders
who had requested Swift’s influence
in their campaigns. Last month, a
European Union official publicly
asked Swift to try to encourage
voter registration in Europe when
her Eras Tour begins there in May.
Bargar, the researcher, said in a
statement: “I have no connection to
the Pentagon or NATO. This was an
academic presentation at an open
conference for discussing cyber se-
curity challenges. Taylor Swift was
an incidental example of a famous
THE WALL STREET JOURNAL.
many ways we work now are try-
ing to gain a sense of control over
their people, says Stacie Haller,
Resume Builder’s chief career ad-
viser. The survey results are con-
sistent with others that show
managers often doubt whether
their charges are giving full effort
while working from home.
Workers can’t win, Haller says.
They feel shamed by bosses if they
call out sick or shamed by col-
leagues if they show up contagious.
It’s going around
The good news is the latest Covid
variant appears less dangerous, or
at least no worse, than previous
versions. The bad news is the vi-
rus’s mutations keep adding to the
list of ways people can get sick.
“We unfortunately expect that
every season we’ll have a new dis-
ease to battle,” says Dr. Nahid
 Michael Jordan played with a
103-degree fever in an NBA playoff
game rather than calling in sick.
 Travis Kelce and Taylor Swift are at the center of conspiracy theories
related to the U.S. government, Biden, George Soros and the NFL.
person to explain a social network
analysis concept to the audience.”
After Benz shared the theory,
Jesse Watters elevated it on his
Fox News program with a segment
titled “Is Taylor Swift a Pentagon
Asset?” Bargar said she hadn’t been
contacted ahead of the segment.
A representative for Watters de-
clined to comment.
The Defense Department stuck
down the rumors. “While we love
Taylor Swift songs as much as the
next person (and yes, I watched the
whole Era Tours 3+ hour long
movie), weaving her into conspiracy
theories about psychological opera-
Thursday, February 8, 2024 | A9
 Megan Wollerton says sick days
stop a wider spread of illnesses.
Bhadelia, director of the Boston
University Center for Emerging In-
fectious Diseases.
Some employees take sick days
whenever they sniffle or need a
mental break. About 30% of white-
collar workers with access to paid
sick leave used it last year, up from
tions is a leap too far,” said Major
Charlie Dietz, a spokesman.
False Theory No. 2:
Playoffs were fixed so Biden
could be endorsed at Super Bowl
Ahead of the Chiefs’ victory at the
AFC playoffs last month, broadcaster
and Trump supporter Mike Crispi
said the NFL was “rigged” so that
the Chiefs would go to the Super
Bowl, paving the way for Swift to
emerge during the halftime show
and endorse Biden for re-election.
Though he suggestively teased
that he might have been joking in
the days that followed, versions of
21% in 2019, according to HR-soft-
ware company Gusto. That means
most people don’t take sick time.
Laptop-bound workers often
sign on from home rather than call
in sick, typing and tissue-blowing
in their pajamas. Even Covid isn’t a
slam-dunk reason to miss work any
more if symptoms aren’t severe.
(Speaking of slam dunks: The
sneakers Michael Jordan wore
during his famous “flu game”—he
scored 38 points with a 103-degree
fever in Game 5 of the 1997 NBA
Finals—sold for $1.38 million last
summer. Look no further for evi-
dence that we still fetishize tough-
ing it out.)
In certain cities, sick-shaming
bosses risk blow back. In New
York City and Washington, D.C.,
for example, it is illegal to ask em-
ployees for doctors’ notes after
brief absences.
Even less-direct hassling could
be grounds for a complaint, says
Vanessa Matsis-McCready, vice
president of human resources at
Engage PEO, which handles HR
functions for small and midsize
businesses. A general sense that a
department’s culture is to push
through sickness is enough to re-
port to HR, she said. It may not be
enough to win a grievance case,
but businesses can pay a price in
reputation and morale.
Learning the benefits
of rest and recovery
When I spoke with Megan Woller-
ton on Monday, one of her em-
ployees had just called in sick.
Given that Wollerton’s company,
Life Force Wellness, provides
health coaching as a benefit to
other businesses, there was only
one thing to do: She told the em-
ployee to take the day off and re-
assigned client calls.
Wollerton, 37, was an office
manager at an energy company be-
fore becoming a personal trainer
and changing careers. “I worked in
one of those environments where
you push through no mat-
ter what,” she says.
She’s unlearning the
habit of sucking it up,
which she considers short-
sighted. Being under-
staffed for a day or two is
better than spreading an
illness to the rest of the
team and risking a bigger
productivity loss later. Be-
ing dismissive of employ-
ees who feel sick can harm
retention, she adds.
Jaymes Black, chief ex-
ecutive of the LGBT advo-
cacy nonprofit Family
Equality, is fighting old
urges to brush off sick-
ness. Black, who uses gender-neu-
tral pronouns, was slightly hoarse
from a sore throat when I called
on a recent afternoon and about to
take a nap—but not about to can-
cel our appointment.
All other work tasks would be
postponed until the next day,
Black assured me, adding that
they encourage employees to use
sick days, too: “The work will be
here when you get back.”
this theory have spread on Reddit
and X, including the claim that their
relationship is manufactured. Some
proponents of this theory have seen
Kelce’s support for Pfizer and Bud
Light as evidence that he is being
paid to promote Democratic policies.
Bud Light became the center of a
culture war and a boycott last year
after the company used a transgen-
der influencer in advertising.
Most of these theories don’t fac-
tor in an explanation for how foot-
ball games over months could be
rigged. The NFL didn’t respond to
requests for comment.
False Theory No. 3:
George Soros “owns” Taylor Swift
In 2019, Swift publicly criticized the
sale of her music catalog during an
acceptance speech at the Billboard
Music Awards, claiming that she
had been told “the Soros family”
had partially funded the deal to pur-
chase her music.
Some have pointed to these pro-
nouncements as proof that the So-
ros family controls Swift. These
theorists have claimed that Soros, a
major Democratic political donor, is
behind Swift’s push for Democratic
politicians and liberal causes follow-
ing the sale of her catalog.
But this timeline doesn’t hold up.
Swift waded into politics in a signifi-
cant way for the first time in 2018,
before the sale, when she endorsed
two Democrats in Tennessee.
A Soros spokesman didn’t respond
to requests for comment.
A spokesman for Soros’s nonprofit
Open Society Foundations said the
theories were “preposterous.”
“People need to be suspect about
where they get their news from and
ask themselves who is benefiting
from the spread of these untruths,”
the spokesman said.
P2JW039000-0-A01000-1--------XA
A10 | Thursday, February 8, 2024
A Milestone Loses Its Meaning
As a record number of Americans turn 65 this year, many are redefining a retirement marker
TURNING
POINTS
CLARE
ANSBERRY
M
ore Americans are
turning 65 this
year than any prior
time in history.
Today’s 65-year-
olds are redefining
a milestone long associated with
retirement parties and the end of
productive years. They are wealth-
ier and by many measures, health-
ier, and expected to live another 20
years. A growing share are di-
vorced. Many turn their focus to
what they want in this next stage.
“Being 65 is not just thinking
about who you were, but what you
might become in a new chapter,”
says Ken Dychtwald, CEO of Age
Wave, a California-based consult-
ing firm specializing in aging-re-
lated issues. Our own parents and
grandparents, he says, weren’t
typically thinking of new ventures
and possibilities at 65. “They were
winding down,” he says.
About 4.1 million Americans
will reach 65 years old this year,
reaching a surge that will continue
through 2027, according to an anal-
ysis by Jason Fichtner, executive
director of the Retirement Income
Institute and chief economist at
the Bipartisan Policy Center. That
is about 11,200 a day, compared
with the 10,000 daily average from
the previous decade, he says.
Robin Darrow, vice president of
sales and marketing at Scentrifu-
gal Events, turns 65 in a few
months but has no plans to retire
because she loves her work and
also can’t afford to retire. Darrow,
who lives in the Philadelphia area,
A No-Frills
Airline Tries
To Fly Up
The Charts
BY ALLISON POHLE
T
he budget airline with its name
on the Las Vegas stadium
hosting Super Bowl LVIII is qui-
etly gaining fans of its own.
Allegiant Air took third in The
Wall Street Journal’s annual airline
scorecard, which ranks nine major
carriers on their operational perfor-
mance. It’s the highest finish for the
Las Vegas-based no-frills airline.
The smallest carrier in the rankings
scored well in the categories of
fewest mishandled bags, fewest
cancellations and fewest passen-
gers involuntarily denied boarding.
As with budget competitors
Spirit and Frontier, flying Allegiant
means accepting limitations. Some
Allegiant routes are only available
twice a week. If there is a cancella-
tion, travelers could be stuck for
days. It charges a host of fees for
add-ons—picking a seat assignment,
bringing a carry-on bag or even or-
dering a premium beverage.
But Allegiant’s most loyal cus-
tomers say they have learned to
play the fee game and don’t mind
the upcharges. As rising costs and
overall hassles eat into so many
PERSONAL JOURNAL.
helped found the company in
2016, which offers “create your
own fragrance” events at meet-
ings and celebrations.
“I’m not winding down. I’m
just starting,” she says.
Working longer
Nearly 20% of Americans 65 and
older were employed in 2023,
which is nearly double the share of
those who were working 35 years
ago, according to a recent report
from the Pew Research Center.
“More are working and tending
to work more hours,” says Richard
Fry, a senior researcher at Pew,
who conducted the study. Close to
two-thirds of 65 and older employ-
ees are working full time, compared
with nearly half in 1987, he says.
They’re earning more, too, with av-
erage hourly pay reaching $22 an
hour in 2023, up from $13 an hour
in inflation adjusted dollars in 1987,
according to the Pew report.
Many in this age group are
working because they need the
money now, or want to build a
bigger retirement reserve so they
don’t outlive their savings, says
AARP’s Carly Roszkowski. They
also enjoy their work, and the op-
portunity for ongoing learning and
social connections, she says.
More wealth
Today’s 65-year-olds are wealthier
than their predecessors. While sig-
nificant disparities exist, the me-
dian net worth of those 65 to 74
was $410,000 in 2022, up from
$282,270 in 2010 in inflation-ad-
justed 2022 dollars, according to
the Federal Reserve’s Survey of
Consumer Finances.
“This is one of the untold suc-
cess stories of the modern econ-
omy: There is a lot more wealth as
people enter retirement,” says Ben
parts of the travel experi-
ence, travelers who might
have ignored budget air-
lines before are giving
them a look, with Alle-
giant’s improved efficiency
and nonstop routes helping
it stand out.
Nonstop strategy
Allegiant only flies non-
stop, meaning fliers can
avoid annoying layovers
that increase the changes
of a trip gone wrong. This
spring, travelers can fly
from Bismarck, N.D., to
Florida’s St. Pete-Clearwa-
ter International Airport.
Other routes include Phoe-
nix to Asheville, N.C., and
Omaha to Austin, Texas.
Executives say this small-market
strategy differentiates them from
rivals like Frontier and Spirit, which
are now chasing larger markets.
Frontier Chief Executive Barry
Biffle said in an interview that fly-
ing to larger destinations will give
travelers the chance to save money
in more places. Spirit didn’t respond
to requests for comment.
Allegiant has grown more reli-
able. In 2022, it canceled 4.25% of
its flights, the most of any airline in
the WSJ rankings, and fewer than
two-thirds of its flights arrived on
time, according to data from Pulse,
a data platform from Anuvu, an avi-
ation company. It finished fifth
overall in that year’s rankings.
The airline needed a reset, says
Greg Anderson, president of Alle-
‘I love my job and business,’ says
Robin Darrow, above. Craig
Pampeyan, whose son, James,
earned Eagle Scout rank, is now
doing an Encore Fellowship with
the Boy Scouts after retiring.
Harris, director of the Retirement
Security Project at Brookings Insti-
tution and former chief economist
at the U.S. Treasury Department.
Some of that 45% increase in
net worth reflects rising values of
homes and retirement accounts.
Not all baby boomers have fared
as well: Those 75 and older had a
13% gain in median net worth over
the same period.
Today’s 65-year-olds have
more to spend now, but fewer
have pensions that offer pro-
tected monthly income. They have
to depend on savings, invest-
ments and Social Security to last,
and cover expected rising care-
giving costs, says Fichtner, with
Gina McRae, who just turned 65,
exercises each morning before
work alternating between aerobics,
strength training and yoga.
giant Travel, the airline’s parent
company. It capped its number of
routes at 500 a day during peak pe-
riods and changed its approach to
maintenance to ensure it had parts
spread through its network for
faster repairs.
In 2023, the airline canceled less
than 1% of its scheduled flights and
improved its on-time arrival per-
centage to 72.8%—10 percentage
points up from the year before. (Al-
legiant still finished sixth of nine
carriers for on-time arrivals.)
Operational advantages
Allegiant flies its planes for about
7.5 hours during peak days in 2023,
hours less than Spirit and Frontier.
That relative infrequency gives Alle-
giant more time to recover if things
do go wrong, says Helane Becker,
the Bipartisan Policy Center.
Mark Emerson, 65 of Water-
town, N.Y., retired last year after a
40-year-career as a diesel- truck
mechanic, first as a small-business
owner and then with a large logis-
tics company. He has retirement
savings, but would have had more if
he spent his entire career with the
logistics firm, which had a company
retirement savings program.
Still he says has done relatively
well. His parents lived comfortably
into their 80s on a small pension
and Social Security, but “we’re
better off financially than they
 Budget airline Allegiant scored
well in several of The Wall Street
Journal’s reliability rankings.
an analyst with investment bank
TD Cowen. The carrier has fewer
flights to southeast Florida, which
tends to be more congested than
the Gulf Coast, she says.
Allegiant also flies less than
Frontier and Spirit. Allegiant had
about 115,500 flights scheduled in
2023—60% of Frontier’s total and
38% of Spirit’s, according to avia-
tion-analytics company Cirium.
Unlike Spirit and Frontier, Alle-
giant doesn’t oversell its flights, so it
didn’t bump a single passenger last
year. It also placed first in baggage.
Allegiant had a higher rate of de-
layed flights than the largest U.S.
airlines. Anderson says that’s be-
THE WALL STREET JOURNAL.
were,” says Emerson, who has a
summer cottage on Lake Ontario
and a fishing boat.
Active lifestyles
A greater share of 65-year-olds re-
ported meeting federal physical
activity guidelines of 150 minutes
of moderate-intensity aerobic ac-
tivity a week and strength training
in 2018 than in 1998, according to
researchers from the Centers for
Disease Control and Prevention.
Staying active and muscle
strengthening can help reduce the
risks of falls, cardiovascular dis-
ease, depression and Alzheimer’s
disease.
Gina McRae, an administrative
coordinator for a consulting busi-
ness, turned 65 in early February.
Every weekday at about 7 a.m.,
McRae turns on her TV and works
out for about 30 to 45 minutes with
SeniorShape or other YouTube in-
structors, alternating between
strength, aerobics and yoga in her
Beltsville, Md., basement.
Her routine began in 2019 in
part to lose weight and because she
wanted to be more active than her
mom, whose exercise consisted of
yard work.
“I’m in better shape than she
was at 65,” she says.
Living single
The divorce rate among people 65
and older has more than tripled
since 1990, says sociologist Susan
Brown, co-director of the National
Center for Family and Marriage
Research at Bowling Green State
University in Ohio. It isn’t clear
why a larger share
of 65-year-olds are
getting divorced,
but it could be
partly the result of
longevity.
Today’s 65-year-
olds can reasonably
expect to live an-
other 20 years and
might not want to
spend it in an un-
happy marriage,
says Brown.
They often end
up living alone, al-
though not everyone
can afford doing so.
A higher purpose
CLOCKWISE FROM TOP: ELENA SCOTTI/THE WALL STREET JOURNAL, ISTOCK, PIXELSQUID; CRAIG PAMPEYAN; GINA MCRAE; ROBIN DARROW
Having a purpose matters more
than having youthfulness among
people 50 and older, according to a
Harris Poll survey conducted for
Age Wave. It’s good for our health:
It can lower the risk of Alzheimer’s
disease, heart disease and stroke
and can make people happier.
“A lot of people are thinking
forward. What am I going to do?
Where am I going to live? How
can I have a legacy?” says Age
Wave’s Dychtwald.
Craig Pampeyan, who turns 65
in May, retired last year after a 40-
year tech career. He’s not done yet.
He received an Encore Fellowship,
which matches seasoned profes-
sionals with social impact organiza-
tions. Pampeyan, who had been a
Cub Scout and Eagle Scout, was
paired with Boy Scouts of America
to help with strategy and planning.
“I had to figure out how to get
engaged for the next chapter of my
life,” says Pampeyan, who lives in
Los Altos, Calif. After his fellow-
ship ends in November, he expects
to continue working with youth, ei-
ther on his own or through an or-
ganization. “I’m interested in pre-
paring kids for life,” he says.
cause of the infrequency of its
routes and the fact that it fre-
quents smaller airports. The airline
would rather delay flights than can-
cel them, he says.
Customer service questions
Allegiant flew 17.3 million passen-
gers in 2023. Nearly one-third of
those are returning customers, exec-
utives said in the most recent earn-
ings call, a 16% increase from 2022.
Sean Geurin, a 38-year-old from
Tampa, says he doesn’t shop around
to other airlines because he rarely
has issues with Allegiant. He travels
with a backpack, doesn’t mind ac-
cepting whatever seat he is as-
signed, and, more than anything,
loves avoiding layovers.
Ashley Kuchle says she won’t fly
Allegiant again after an August trip
with her parents from Cincinnati to
Destin, Fla. Both needed wheelchair
assistance at the airport.
Kuchle, 32, says the wheelchair
attendants promised to her at the
ticket counter never showed up.
She and her husband grabbed two
wheelchairs and ran their parents
to the gate, but the door had
closed. They couldn’t get out until
the next day. Kuchle says getting
compensation took weeks.
An Allegiant spokeswoman says
the airline takes responsibility for
its third-party vendor, which didn’t
provide the scheduled wheelchair
assistance. The airline refunded the
fares for the missed flight, resched-
uled them at no additional cost and
ALLEGIANT
hopes that they give Allegiant an-
other chance in the future.
P2JW039000-0-A01100-1--------XA
THE WALL STREET JOURNAL.
ART REVIEW
An Artist Takes Flight
Photographer Debbie Fleming Caffery gets a career-spanning survey
BY WILLIAM MEYERS
New Orleans
‘DEBBIE FLEMING CAFFERY: In
Light of Everything,” a retrospec-
tive of over 50 years of Ms. Caf-
fery’s work at the New Orleans
Museum of Art through May 5, be-
gins at the end. The main en-
trance to NOMA opens on a spa-
cious atrium, and on its
surrounding walls are 12 of the 91
medium-format, black-and-white
prints in the exhibition, the first
of Ms. Caffery’s pictures one sees.
They are all of birds and all dated
between 2018 and 2022—recent
work in her long career. She was
born in 1948 in southern Louisi-
ana, and spent time with her
grandfather who raised guinea
hens, homing and tumbler pi-
geons, doves and bantam chickens.
The wall text quotes her: “After
school I would often go with my
grandfather to feed his birds at a
beautiful magical place on the
Bayou Teche. I felt like I was in a
bird paradise!” In 2018, she dis-
covered organizations in New
Mexico that rescued injured birds,
healed them and released them
back into the wild; many were in-
jured beyond releasing. Those
birds reminded her of her attach-
ment to her grandfather’s, and she
has been photographing birds
there and elsewhere since.
“Jemez, Rio Rancho, New Mex-
DEBBIE FLEMING CAFFERY (3)
CULTURAL COMMENTARY
‘Rhapsody in Blue’
Is Still Lively at 100
BY JOHN EDWARD HASSE
F
eb. 12 marks the 100th anni-
versary of the most famous
and familiar work of American
classical music, the splashy “Rhap-
sody in Blue.” It came to symbolize
the Jazz Age and made an interna-
tional sensation of its composer, 25-
year-old George Gershwin, previ-
ously known only as a writer of
popular songs and musical theater.
“Rhapsody” was commissioned
by bandleader Paul Whiteman for a
concert at New York’s Aeolian Hall
titled “An Experiment in Modern
Music.” Gershwin wrote it hurriedly
for two pianos and Ferde Grofé
scored it for piano
and jazz orchestra,
marking it as a col-
laboration. Gershwin It reshaped
himself played the pi- the American
ano at its premiere.
He called “Rhap- classical scene
sody” “a musical ka-
leidoscope of Amer-
and still inspires
ica,” and it is one. It musicians.
fuses European prac-
tices (classical instru-
ments, rhapsody, pi-
ano concerto) with African-
American ones (banjo, blue notes,
dance rhythms).
Its opening electric clarinet wail
announced that here is something
different. A rhapsody has no preor-
dained form, so a first-time listener
might wonder, “Where is this go-
ing?” and encounter a series of sur-
prises: tempo, key and mood
HULTON ARCHIVE/GETTY IMAGES
changes. And five main themes,
which Leonard Bernstein called “ter-
rific, inspired, God-given.” Through
clever repetition, they’re memorable,
too. The final, most familiar theme
feels grand and romantic. The or-
chestra and piano dance together,
ARTS IN REVIEW
ico” (2018) is a Mexican spotted
owl, blind in one eye; it looks wise
in spite of its impairment. “‘PAPA,’
King Vulture, France” (2019) is
possessed of a more than avian fe-
rocity. “Nigel, Livingston, Louisi-
ana” (2019), a pelican, seems
aware of his responsibility as the
Louisiana state bird. It is charac-
teristic of Ms. Caffery’s practice
that she has lengthy attachments
to the subjects of her work, and
one taking the lead and passing it to
the other as the piano plays written
parts that sound spontaneous.
Gershwin would later say that his
aim had been to show that an ex-
tended jazz piece could change tem-
pos, unlike most dance music, yet
maintain its essence. He did more
than that. With this piece, Gershwin
injected modernism and new energy
into the American classical repertory
and opened up the country’s concert
halls to native composers, a singular
achievement. By contrast, Duke El-
lington and other American compos-
ers of color long struggled to gain
comparable acceptance for their
work and, a century on, they still do.
Critics have been
arguing since its pre-
miere, with some
calling “Rhapsody”
structurally deficient
or, more recently, a
tired chestnut. But
audiences have never
tired of the tuneful
piece.
“From the very be-
ginning,” declares
musicologist Ryan
Paul Bañagale in his book “Arrang-
ing Gershwin,” “‘Rhapsody in Blue’
has existed as a variable idea and
not a fixed text.” It quickly showed
its malleability. In an orchestration
for piano and symphony orchestra,
it began entering the classical rep-
ertory. Various versions were pub-
lished: solo piano, duo piano, violin
and piano and other combinations.
On recordings, whole sections were
omitted. Thus “Rhapsody” is a rara
avis, a work of art that’s canonical
enough to have an enduring place in
the classical repertoire, yet supple
enough, like jazz, to lend itself to
variation and renewal.
that she endows them with an
aura of significance beyond their
simple appearance: This is as
much an achievement of close at-
tention and patience as it is of
technical virtuosity.
Most of the exhibition is in the
museum’s dedicated photography
galleries, modest-sized rooms in
which Brian Piper, NOMA’s curator
of photography, arranged Ms. Caf-
fery’s work chronologically, this
time beginning at the beginning.
She started in the 1970s by concen-
trating on the sugar industry, fa-
miliar from where she grew up,
working with a 35mm camera in
the documentary style of the time.
Her portraits of African-American
workers set against the cane—
“Mary” (1974), “Reverend John
Harris, Overseer” (1972), “Sunrise”
(1974)—show her acute sensitivity
to the human face. In the 1980s she
acquired a Hasselblad; half-a-dozen
square prints are dark, except for
the flame and smoke of burning
sugarcane. In “PaPa” (1987) and
“Homer and Roland” (1985), sil-
houetted figures are set against
the conflagrations. In “Sun Peeking
Through Smoke” and “Sunset
Burning Cane” (both 2001), it
seems nature itself is being incin-
erated. In Ms. Caffery’s pictures
fire is more than just combustion;
it has metaphysical implications,
but whether as punishing hellfire
or a purifying refiner’s fire is un-
Ms. Caffery’s ‘PaPa’ (1987),
included in the current survey at
the New Orleans Museum of Art.
Inventive musicians have rede-
fined its scope and possibilities by
individualizing, improvising, expand-
ing, localizing, or fusing it with
other musical traditions. In 1962,
Billy Strayhorn reshaped “Rhap-
sody” for Ellington’s band of 15 dis-
tinctive instrumental voices, in a
consummate five-minute arrange-
ment. The Brazilian brothers Sergio
and Odair Assad adapted it for two
guitars in a transcription that hews
closely to the familiar version but
nonetheless sounds fresh.
Recording with symphony or-
chestras, two eminent pianists have
made it their own. Marcus Roberts
wanted his version “to reflect a jazz
sensibility within a classical envi-
ronment,” so he injected a groove
George Gershwin in 1924 with the score for his famed work.
Thursday, February 8, 2024 | A11
Debbie Fleming Caffery’s ‘Jemez,
Rio Rancho, New Mexico’ (2018),
above, and ‘Nigel, Livingston,
Louisiana’ (2019), above left.
certain. Maybe both.
In 1984, Ms. Caffery met Polly
Joseph, an elderly black woman
living in a cabin without gas, elec-
tricity or water; they became
friends, and Ms. Caffery photo-
graphed Joseph until her death a
decade later. The meager light in
the cabin illuminated her dark
face enough in “Polly Joseph”
(1984) to limn her palpable affec-
tion for the photographer. When
Polly moved into a nursing home,
her worn Bible was left behind,
turned to Ezekiel 19:1; the picture
of the holy book, “Lamentations
for Princes” (1989), is about the
religious proclivities of both
women.
Darkness is Ms. Caffery’s signa-
ture element. “Marie and Angel
Trumpet” (2004) is one of her pic-
tures taken since the 1990s in
Mexico; the young girl’s face and
hand emerge from shadow, but the
white angel trumpet flower (a to-
ken of vivacity) that she holds is
brilliant, appearing almost as a
flame. Young “Bernardo Domingo”
(1999), with his somber face and
bare shoulders, is seen in spare
light, so the white lace ribbon
(part of a costume) crossing his
naked chest stands out and seems
a significant mark.
rhythm and individual and collective
improvisation to make the piece
new and, at 28 minutes, longer
than usual. (With Mr. Roberts at
the piano, the Symphonic Jazz Or-
chestra will perform his arrange-
ment, on May 11, at the Carpenter
Center for the Performing Arts in
Long Beach, Calif.) And in a 2018
recording with a symphony orches-
tra, Chick Corea playfully personal-
ized “Rhapsody”: He injected sur-
prising Latin rhythms, incorporated
piano variations and stretched it to
26 minutes.
In 2022, pianist Lara Downes
teamed with Puerto Rican com-
poser and saxophonist Edmar Colón
to create the 28-minute “Rhapsody
in Blue Reimagined” to “reflect on
Ms. Caffery spent considerable
time in two Mexican cantinas and
photographed the people she be-
friended there. “Ocotlan” (2004),
grizzled and wrinkled, a propri-
etor, is seen in profile against a
dark background. “Marie” (1996),
a woman past her first beauty,
wears a satiny blouse that shines
in the dim light and looks at the
camera head-on; a man’s hand
rests on her left shoulder, either
affectionately protective or omi-
nously possessive.
When she went to New Orleans
in 2005 to shoot the aftermath of
Hurricane Katrina, Ms. Caffery
was reluctant to go into aban-
doned homes since she hadn’t
been invited. Instead, she went to
wrecked churches, still public
spaces, and took pictures of dam-
aged sacred objects. Paint had
washed off the faces of “St. Au-
gustine” and “St. Teresa,” the
“Saint Praying” was beset with
displaced twigs, and the “Angel at
the Pulpit” was missing a hand
and her nose. One senses the pho-
tographer’s purpose here is not
just to document, but to sanctify.
Debbie Fleming Caffery: In Light
of Everything
New Orleans Museum of Art,
through May 5
Mr. Meyers writes on photography
for the Journal. See his
photographs at
williammeyersphotography.com.
100 years of immigration, transfor-
mation, and the roots of American
music.” The recording was released
earlier this month. Their version is
site-specific, so a performance in
San Francisco might include an
Asian ensemble, while one in Miami
would include Cuban instruments.
Also this month, master banjoist
Béla Fleck issues a CD of “Rhap-
sody” with the Virginia Symphony
and a refreshing adaptation he calls
“Rhapsody in Blue(grass),” with a
six-member band. (On May 4, a Car-
negie Hall concert will celebrate Mr.
Fleck’s music, including the New
York premiere of his “Rhapsody in
Blue” for banjo and orchestra per-
formed with the Aeolian Orchestra.)
It’s fitting, during Black History
Month, to remember that the banjo
is the quintessential African-derived
American instrument.
A bold transformation was issued
in 2005 by California composer and
bandleader Anthony Brown, who re-
conceived the work as “American
Rhapsodies” for his Asian-American
orchestra. He cast it as a “21st cen-
tury mural of our world’s demo-
graphic mosaic, particularly as re-
flected in the San Francisco Bay
Area, ‘Golden Gateway to the East.’”
His six movements replace piano
with electric guitar and incorporate
Cuban, Chinese and Japanese instru-
ments, Afro-Cuban rhythms and in-
genious tone colors. The result is
stunning. More than an arrangement,
it’s an inspired recomposition.
Now that its copyright has ex-
pired, we can hope to hear many
more reworkings, even transforma-
tions, of this shape-shifting Ameri-
can icon. Whether you regard it as
a symphonic warhorse, a razzle-daz-
zle classic, or a splendid springboard
for reinvention, “Rhapsody in Blue,”
100 years on, shows no signs of dis-
appearing into the past.
Mr. Hasse is curator emeritus of
American music at the
Smithsonian’s National Museum of
American History. His books include
“Beyond Category: The Life and
Genius of Duke Ellington” (Da Capo)
and “Discover Jazz” (Pearson).
P2JW039000-0-A01200-1--------XA

A12 | Thursday, February 8, 2024 THE WALL STREET JOURNAL.

SPORTS
JASON GAY a televised sporting event.
“Then it was succeeded by a

Would You Pay to Watch Super Bowl?

The NFL wants the widest reach but a pay-per-view model is a possible idea for the future
A little thought experi-
ment, just to stir up
trouble:
It’s a decade from
now. Actually, no—it’s
three years from now. Against your
better judgment, you’ve decided to
host a Super Bowl party. You’ve
gone out and bought a fancy televi-
sion, so sharp you can see deep
into Jim Nantz’s pores (inside are
tiny greens at Pebble Beach).
You’ve ordered the wings, per-
fected the chili, and the neighbors
are about to call the fire depart-
ment, because you’ve been smok-
ing a whole bison in the front yard
for 11 hours.
Your guests are here, the keg is
tapped, it’s two minutes to game
time, you turn on the fancy TV
and—oh no. You forgot.
You owe $99.99.
Or maybe it’s $129.99, or $49.99,
or $19.99. The point is that this fic-
tional Super Bowl is now “pay-per-
view,” like a boxing match, Wres-
tleMania, or one of those comedies
on the hotel TV that Mario Lopez
is always telling you to watch.
You’ll need to pay up—or you’re
going to miss Taylor Swift singing
the national anthem with her ador-
able daughter, Kelsey.
Relax: We’re not there. Not yet.
Sunday’s Super Bowl between
the Kansas City Chiefs and the San
Francisco 49ers will be on CBS
nascent business—and the land-
scape is going to change, perhaps
radically. On Tuesday, the Journal’s
Joe Flint and Isabella Simonetti
broke the news that Fox, Warner
Bros. Discovery and Disney are
partnering on a three-headed
sports streaming outlet which will
NFL, despite its fussy reputation,
has shown itself open to experi-
ments—witness the uproar over
last month’s “Peacock Game,” in
which a playoff contest was moved
to a subscribers-only streaming
channel. Many fans went berserk,
social media roiled, politicians re-
Super Bowl,” Arum said.
I asked him what sort of price
could be charged for a Super
Bowl.
“You could touch around $100,”
Arum said. “Very few people watch
the Super Bowl by themselves. You
to rationalize the ac- watch with numerous people, so
quisition,” he contin- when you spread the price around,
ued. “They’re going to it’s not that great.”
have to do that by fig- I know, I know. This is the part
uring out smart ways of the column where you’re about
to help their overall to throw your phone, tablet or
business, including print copy of the Journal across
the transition to the room and say you’re never go-
streaming.” ing to watch football again. I don’t
To be clear: If like it, either. I don’t want to be in
you’ve paid for cable, the position of having to charge
or for streamers with my children to watch the Super
NFL rights like Ama- Bowl on TV with me.
zon Prime, or for Sun- But I’d definitely charge them.
day Ticket on You- I’d charge the cat 10 bucks. I don’t
Tube, you’re already care.
paying for the NFL. As The good news is that the NFL
for pay-per-view, the sounds like it’s in no hurry to
NFL’s existing TV change. Goodell firmly pushed back
deals run through on the concept of a streaming-only
2033, so any bold ven- Super Bowl when asked about it
ture before then this week.
would presumably “Certainly not in my time,” said
need league coopera- Goodell, whose current deal runs
tion. through early 2027. “One of the se-
In theory, it could crets of our success is we are re-
be a stand-alone NFL ally committed to broadcast tele-
pay-per-view, like vision.”
what you see with a Hans Schroeder, the NFL’s exec-
prize fight, or, more utive vice president of media dis-
likely, an additional fee tacked onto tribution, underlined the same po-
an existing partner’s streaming sition to me this week. Schroeder
service. There would be incentives is gangbusters on ideas like CBS
to subscribe. Commercials would partner Nickelodeon’s Super Bowl
almost surely remain. Ads are a alternative broadcast—in which
prized Super Bowl revenue stream, kiddies unmoved by Tony Romo
and if you’ve ever been angrily can see the game transformed to
shushed during a break, you know the SpongeBob SquarePants under-

broadcast television, available to
you whether or not you have cable,
steal cable, cut the cord, stream on
your phone, or solder a fork to a
coat hanger to get a fuzzy signal.
This is the way it’s been, and
it’s worked. The Super Bowl is the
most gargantuan television prod-
uct in modern American life—a
moon landing, once a year, with
overwrought commercials—and its
power comes from its durable abil-
ity to reach 100 million plus peo-
ple, from the fantasy football loons
to the casuals to the first-timers
asking why the late Wilford Brim-
ley is coaching the Chiefs.
Still, the TV business is chang-
ing—overall broadcast audiences
are shrinking, cable subscribers are
fleeing, streaming is a rising but
be made available to ESPN+, Hulu
and Max subscribers.
It’s the re-bundling of the bun-
dle! (Now on streaming.)
Jokes aside, this strange alli-
ance points to an urgent tension:
Networks carrying pricey sports
need to figure out how to pay for
the rights in an expanding but fi-
nancially-nebulous streaming era.
The cable bundle, of course, was
a lucrative racket in which sub-
scribers paid for sports whether
they watched sports or not. With
streaming, customers pay directly
for the TV they want. Advertising
fees can help, but it needs to add
up, when one considers the billions
of dollars networks have commit-
ted to programming like the NFL.
New ideas will be explored. The
acted as if Roger Goodell had bit-
ten the top off the Washington
Monument—but around 23 million
watched, according to the net-
work’s estimate.
A pay-per-view Super Bowl?
John Skipper, the former ESPN
boss, now the co-founder/CEO of
Meadowlark Media, raised the pos-
sibility in an interview a while
back, almost as a casual thought
bubble. He’s since grown more
bullish.
“The more I think it through,
the more I think it actually will
happen sooner than I expected,”
Skipper told me. “Because it makes
great financial sense.”
“As sports rights go up, you’re
going to see the people who buy
sports rights look for other ways
the commercials are an event unto
themselves.
In the meantime, the ground is
shifting very fast. Bob Arum, the
boxing maestro and pay-per-view
pioneer, said he was dubious on a
PPV Super Bowl a year ago. He’s
changed his mind.
“The deal they made with Pea-
cock—that was effectively pay-per-
view,” Arum said. “The next step is
more playoff games [on other
streamers]. I think it’s all moving
toward pay-per-view.”
Arum knows the reach of
broadcast TV—he promoted the
1978 rematch between Muhammad
Ali and Leon Spinks which ran on
ABC and attracted an audience of
90 million people on ABC. At the
time, it was an all-time record for
TIMMY HUYNH/THE WALL STREET JOURNAL|, MATT SLOCUM/ASSOCIATED PRESS|, ISTOCK (3)
water universe—but he’s adamant
that the game’s strength is its
reach.
“We really like our model,”
Schroeder told me. “Our partners
have done a great job with our
model, and we’ll continue to inno-
vate and build and evolve around
it, but the foundation will be
around broadcast going forward.”
Translation: My cat is off the
hook for that $10, at least for the
time being.
Television is in a turbulent
place, however, and there will be
additional pressure to monetize
programming. Though pay-per-
view sounds preposterous, the idea
isn’t going away. Until then, the
Super Bowl remains available to
all. Meow.

The WSJ Daily Crossword | Edited by Mike Shenk

1 2 3 4 5 6 7 8 9 10 11 12 13 22 Draw in
23 Obsequious
Sneed Is the Chiefs’ Eraser.
14

17
15

18
16 sort
24 Phishing, e.g.
He Makes Stars Disappear.
26 Ayatollah’s
19 20 21 predecessor BY ANDREW BEATON ever he may be. He’s the NFL’s best receivers. Miami
28 Lt.’s AND JOSHUA ROBINSON main reason why the Chiefs Dolphins dynamo Tyreek Hill
22 23 24 25 26 gave up the second-fewest led the NFL by averaging 112
subordinate
Las Vegas points in the NFL—and have receiving yards per game—
27 28 29 30 31 32 33 29 Aves. and THE MOST MADDENING a chance at stifling the Nin- and averaged just 62 per
blvds. part of playing against the ers’ top-three offense en yards in two tilts against
34 35 36 37 Kansas City Chiefs isn’t try- route to a Lombardi Trophy. Sneed, including in Kansas
31 Rub the
wrong way ing to contain Travis Kelce Sneed wasn’t supposed to City’s postseason win. Other
38 39 40 41 42 or read the mind of Patrick be the NFL’s next great shut- superstars such as the Ea-
32 Chin Mahomes. It isn’t even de- down corner. A wide receiver gles’ A.J. Brown (8 receiving
43 44 45 46 adornment coding coach Andy Reid’s of- in high school, he was lightly yards), the Vikings’ Justin
33 Sisters’ fensive schemes. The real recruited and wound up at Jefferson (28 yards) and the
47 48 49 50 51 overseer source of frustration for op- Louisiana Tech, where the Bills’ Stefon Diggs (45 yards
posing teams is trying—and school’s coaches shifted him combined in two games)
52 53 54 55 36 Research task
suddenly failing—to get the to cornerback and then to were all completely smoth-
39 Betrayed ball to their No. 1 downfield safety. ered, too.
56 57 58 59 60 sorrow playmaker. The Chiefs picked him in “It makes the defense so
40 Inclusive There are NFL stars who the fourth round of the 2020 much easier,” says fellow
61 62 63 64 65 66 67 make their teammates bet- draft and happened to dis- Chiefs corner Jaylen Watson.
word
ter, but what the Chiefs’ op- agree with Louisiana Tech’s “You can just exile every-
68 69 42 It may be ponents run into is L’Jarius assessment. They saw Sneed one’s No. 1 target.”
used to Sneed, a star who does as a natural born cornerback. When Sneed was the pri-
70 71 72 remove red something even harder to By the end of his rookie sea- mary defender this season,
wine stains find: he makes his oppo- son, when Kansas City fell to passers completed just 51%
45 Feels regret nents unimaginably worse. Tom Brady and the Tampa of their passes and averaged
HIGH APPROVAL | By Mike Shenk Over the past four Bay Buccaneers in the Super just 4.8 yards per attempt.
about
Across 27 Escape 59 Positions at 6 Parody months, Sneed has emerged Bowl, Sneed had cracked the That’s worse than the Caro-
character bridge tables 48 Look down on as arguably the best corner- team’s starting lineup. He has lina Panthers’ Bryce Young,
1 Judges wear 7 She voices
them in many 61 Topographical Spider- 50 Infuser back in the entire league. been a starter ever since. who had the fewest yards
programming map depiction Woman in contents And more than Mahomes or In the years since then, he per attempt among qualify-
7 Villain with languages even Kelce, he explains why has emerged into one of the ing quarterbacks this season
more lines 64 Swindled “Spider-Man: 51 Foot part
Kansas City is back in the rare defensive backs who’s a with 5.5. Sneed, in effect,
than the title 30 It’s a long Across the 53 Inundated
68 Gutter Super Bowl to take on the silent killer. He doesn’t rack makes opponents less effi-
character story Spider-Verse” San Francisco 49ers. The up interceptions or highlight- cient than the least efficient
attachment 56 Being, to
11 Political 34 Be 8 King Kong, Sartre Chiefs used to win in spite reel plays. Instead, he has an quarterback in the NFL.
Victory Fund parsimonious 69 Pulitzer for one of their defense. Now they’re uncanny ability to vaporize How Sneed puts receivers
winner 57 Pipe problem one win away from back-to- opposing receivers’ statistics: off their games so consis-
org. 35 Coup target 9 “How about
Welty that!” 58 Carrier cooler back titles because of it. He didn’t allow a single tently begins with a risk-tak-
14 Bishop, e.g. 37 Move up and “We wouldn’t be nearly touchdown over the course of ing, physical approach that
down 70 Heart chart, 10 “My Guy” or 60 See the
15 Abandon for short sights as effective a defense if we the entire regular season. pushes him to the very edge
one’s 38 Largest of “My Girl,” e.g. weren’t able to say, ‘L’Jarius, This year, Sneed of the football rulebook. The
principles the Ryukyu 71 Sheet edges 11 Coward of the 62 “The Mystery go over and cover that guy has gone up 6-foot-1, 192-pound defen-
Islands 72 Express theater of Marie this week,’ says Steve Spag- against a who’s sive back is known for fear-
17 Fairy king Roget” author
approval of, 12 Trick nuolo, the team’s who of the lessly pressing receivers at
18 Like the 41 Crustacean defensive coordi- the line of scrimmage, ruin-
and, if
cheetah, used in a 13 Case worker, 63 Element nator. “And it’s ing the delicate timing of of-
creamy soup reparsed, suffix
among land for short always been the fensive plays.
a hint to 65 Pond fauna
animals 43 “Stand” band making sense 16 Puts on the top guy.” A risk from playing such
19 “Though 44 Become firm of five pairs of market 66 Org. with Even when Kan- a hands-on style is when it
death be poor, 46 Roofing schedules sas City’s offense spills beyond what is strictly
answers 20 Mineo in
it ___mortal went through an un- legal. Sneed was called for 11
material Down movies 67 Scot’s refusal
characteristic rough accepted penalties this regu-
woe”: “Richard
47 Playoff passes 1 Debate side Previous Puzzle’s Solution patch this season, the lar season.
II”
L I S P MAM B A E D S team’s defense remained “He loves to press and
21 Surname of 49 They’re 2 Confederate O N N O I N A L L V I C one of the best units put his hands on receiv-
the “It’s Your parallel to the soldier, WH A T D I D Y O U S A V E in football. Every ers, which receivers don’t
Thing” equator familiarly E L A P S E H OM E S I N week, Spagnuolo like,” said Spagnuolo, who
G I S T B R E E D S I N E
brothers 52 Lt.’s superior
JAY BIGGERSTAFF/USA TODAY SPORTS

3 Bullring G E T O U T O F M YWA V E made it Sneed’s job views the penalties as the

22 Bitter brews 54 What boys cheer O R E S E A T AM E S to completely suffo- cost of doing business. “Not
will be
P L E D L I F E cate the other everybody can do it at the
25 Egypt and 4 Sight at a T H E A S A G E R E F team’s best wide level he does it.”
Syria, once: 55 Workers in nudist colony H O WW A S Y O U R D A V E
receiver, who-
L E T T M E N S A E Y E D
Abbr. gardens 5 School near O P T E D I N N A B O R S
26 Go down 56 Pasta shape Windsor Y O U R E G O N N A P A V E L’Jarius Sneed,
A P B S O R R Y E T A S center, covers the
▶ Solve this puzzle online and discuss it at WSJ.com/Puzzles. L E S I S A A C S E C T
Dolphins’ Tyreek Hill.
P2JW039000-0-A01300-1--------XA

THE WALL STREET JOURNAL. Thursday, February 8, 2024 | A13

OPINION
America’s Unfearful Enemies BOOKSHELF | By Paul Kennedy

The world is
on fire, and
7 trip to the Mideast.
His goal, as before, is
he called Ukraine a
“watershed moment
Trading
Places
the U.S. to negotiate an end for our country” and
should be hav- to the war in Gaza said the West’s op-
ing an elec- that ensures Israel’s position is an attack
tion-year de- security and estab- on the Russian Or-

OFFICE OF THE IRANIAN SUPREME LEADER VIA AP

bate about lishes a path toward thodox Church.
WONDER
LAND foreign policy.
Instead, one
the creation of a Pal-
estinian state. And in
These are ene-
mies who can’t be
A World Safe for Commerce
By Daniel
of the pre- the next half-minute, deterred with the By Dale C. Copeland
Henninger
sumed candi- I will solve Rubik’s standard mix of car- Princeton, 504 pages, $38
dates, Donald Cube. rots and sticks. They

Trump, is unwilling to talk
about anything other than his
years-ago first term, and the
other, Joe Biden, is barely able
to talk about the subject at all.
It falls to everyone else to fill
in the blanks of a hostile
world.
History will record two
dates as defining the final
stretch of President Biden’s
first term: Oct. 7, 2023, the day
Hamas entered Israel and
butchered 1,200 people, in-
cluding Americans, and Jan.
29, when an Iran-allied militia
killed three U.S. service mem-
bers at Tower 22 in Jordan.
Iran, Russia and
China know that
Biden and Trump
aren’t up to the task.
The first event was an Is-
raeli intelligence failure. The
second was also a failure of in-
telligence, though not in the
military sense. The Jan. 29
deaths followed more than 150
attacks on U.S. forces in the re-
gion. The deaths of those U.S.
service members weren’t pre-
dictable. They were inevitable.
After several U.S. counter-
strikes against the militias, the
Biden national-security team
this week is pursuing the one
strategy it believes in—diplo-
macy, which means having
conversations.
Secretary of State Antony
Blinken is on his fifth post-Oct.
L
Running alongside are looking not just ong before the U.S. completed its own continental
this mess are the for regional domi- expansion, its traders were pushing out across the
two dysfunctional nance but active Pacific in search of new markets and sources of
U.S. political parties obeisance to their supply. In the ports of mid-19th-century Hong Kong, many
that compose Con- rule. In the case of trading vessels could be found flying the flag of the fast-
gress, now in the Vladimir Putin and Ayatollah Ali Khamenei. Iran and Russia, that expanding American republic. It didn’t matter to these
process of failing to means literally eras- American merchants that they were sheltering in, and
pass funding support for Is- erate inside the West’s ing opponents such as Israel trading from, a recently established British colony, for it
rael, Ukraine and Taiwan. traditional understanding of and Ukraine. was a commonplace for them to engage in commerce
There is a limit to the power relationships governed Today, elements in both the throughout the British Empire. It was the age of total free
amount of global risk the U.S. by a balance of interests. In- Democratic and Republican trade.
can incur without suffering stead, all three under their parties want to believe that As Dale Copeland details in “A World Safe for
consequences. Put plainly—a current leadership have be- the water’s edge somehow pro- Commerce: American Foreign Policy From the Revolution
big war. come messianic political tects the U.S. Refusing to ig- to the Rise of China,” American traders were quite happy
We need to admit that movements. nore external realities was the to take advantage of the way British colonial acquisitions
avoiding a war is understand- Political messianism has point of Ronald Reagan’s deci- in Asia and Africa were opening up trade for all. Under
ably what Team Biden is trying three characteristics: It is re- sion to raise U.S. defense ca- such circumstances, these merchants had no need of
to do, notwithstanding its lentless in its pursuit of its pacity against the Soviet Union support from Washington. Nor in those early post-
compulsion to euphemize it as goals, outward-moving and to the level of an unmistakable Revolution decades would the U.S. government have had
an “expansion of hostilities.” virtually unappeasable. We deterrent. the interest or capacity to push commercial expansion
In this, the Biden administra- read daily about Iran’s “prox- Reagan summarized the abroad.
tion surely has the support of ies” in the Middle East, but strategy five months before How different the world would be by the end of the 19th
the American people. As well, that bland word undervalues the 1980 election in his “Peace century, when a much more powerful U.S. and a much
Mr. Biden can’t go anywhere in the fanatic energy driving Through Strength” speech at more confident McKinley administration asserted
the U.S. without being taunted Iran’s goals. At this late date it the GOP convention: “We know American trading interests around the world, against all
by anti-Israel agitators. The would require extraordinary only too well that war comes comers. Mr. Copeland, a
antisemitic vote is on the brink myopia not to recognize that not when the forces of free- professor of international
of making itself part of the the Islamic Republic of Iran dom are strong, but when they relations at the University of
Democratic coalition. was, and always will be, a mes- are weak. It is then that ty- Virginia, reminds us that in
We have heard a lot re- sianic movement. rants are tempted.” 1899 Secretary of State John
cently, including in this space, Like Iran’s Supreme Leader Iran isn’t backing down to Hay demanded an “open
about the importance of deter- Ali Khamenei, Vladimir Putin the U.S.’s retaliatory bombing door” to the vast Chinese
rence. Less examined is and Xi Jinping are seeking the of its proxies, because it knows market, and American
whether these commitments to restoration of centuries-old the Biden Democrats’ long- newspapers bayed their
deterrence on paper will match cross-border empires. These term commitments lie with do- approval. Hawaii was annexed
the ideological forces driving goals aren’t propagated merely mestic spending, not rebuild- and the Philippines taken over,
the U.S.’s three primary adver- for internal consumption. Each ing military infrastructure. Mr. a piece of Samoa was picked
saries—Iran, Russia and China. of these men believes it. Trump, an off-and-on public up for a naval base, Spain was
Not one of these countries At the 2021 centennial of admirer of Messrs. Putin and tossed out of Cuba, the
is a conventional opponent, the Chinese Communist Party, Xi, seems to think the answer Caribbean became a sort of
subject—as the Biden national- Mr. Xi described China’s “na- to their messianism is him American lake, and the Alaskan
security team believes—to in- tional rejuvenation” as a “his- talking to them, guy to guy. border was rounded off—to
centives offered through diplo- torical inevitability.” Mr. Putin On the available evidence, Canada’s protests. To ensure the protection of these
matic overtures to reduce their has likened his invasion of neither candidate looks up to national interests abroad, a powerful U.S. Navy was swiftly
aggressive behavior. Iran, Rus- Ukraine to Peter the Great’s the task of stopping these constructed.
sia and China aren’t just mili- 18th-century expansions into three determined threats. The economic justification for an assertive America took
tary threats. None of them op- northern Europe. A year ago Write henninger@wsj.com. on a much bigger dimension in the 20th century, as the
U.S. abandoned its policy of isolation and very forcibly
intervened in World War I, then later entered both the

Bob Beckwith, the Fireman at Ground Zero Pacific and European theaters of World War II. The main
drivers behind these dramatic policy shifts were Woodrow
Wilson and Franklin Roosevelt, and the arguments both
By Karl Rove crowd. As one of the three its founding. They’ve given by ordinary men and women presidents gave for the new approach were focused on
men jumped off the truck, I comfort to those in need, over- like Bob who quietly love their national security.

I
first saw him on Friday,
Sept. 14, 2001, at Ground
Zero in New York. He was
medium height, thin, wearing
jeans and a blue shirt with a
breathing mask hung around
his neck and a fireman’s hel-
met bearing New York City
Fire Department Company
164’s emblem on his head.
Bob Beckwith stood with
two others atop a wrecked
firetruck, flattened by debris
from the World Trade Center,
its battered frame covered in
rubble and dirt.
Bob was 69, a firefighter for
three decades who had been
retired for seven years when
the planes smashed into the
Twin Towers. He watched the
attacks on a hospital waiting
room TV as his grandson—hit
by a car while riding his bike
to school—was being treated.
For three days Bob saw the
recovery efforts unfold on
television until he couldn’t
take it anymore. He grabbed
his helmet, drove to Manhat-
tan, talked his way onto
Ground Zero, and went to
work, pulling rubble from the
wreckage as rescue teams
searched for survivors.
The afternoon I first saw
him, Bob had climbed onto the
ruined firetruck to catch a
glimpse of President George
W. Bush’s visit to Ground
Zero. As a White House aide, I
was looking for where the
president could speak to the
realized Bob’s vantage point
might do. I asked him and the
remaining man to jump up
and down to show their perch
was safe. Both reluctantly did;
the truck looked steady
enough. I told them to stay
there, that someone might
need help getting up. As I
turned around, the second
man disappeared off the
truck. Only Bob remained.
The rest is history. The
president clambered onto the
truck. Bob realized who he’d
helped pull up and tried to
leave, thinking he should get
out of the way. Mr. Bush asked
him where he was going and
told him to stay. The president
fumbled with a bullhorn;
someone yelled “We can’t hear
you.” The president, his arm
draped around Bob’s shoulder,
replied: “I can hear you. The
rest of the world hears you.
And the people who knocked
these buildings down will hear
all of us soon.”
When Bob returned to his
home in Baldwin, N.Y., that
night, he assumed no one
would believe he’d met the
president. Not quite. Neigh-
bors waited in the twilight to
greet Bob with lit candles and
patriotic songs.
No one ordered retired fire-
fighters to report to Ground
Zero that week. But Bob
showed up, just as ordinary
Americans have done in urgent
moments for our country since
come challenges from man and
nature, and defended our na-
tion and our liberties, with
their lives if need be.
Born in Queens in 1932,
part of the generation that ex-
perienced the Great Depres-
sion and World War II, Bob
served as a Navy boatswain
mate before joining the fire
The man who stood
with President Bush
on Sept. 14, 2001, has
died of cancer at 91.
department. Married to Bar-
bara for 67 years, he was fa-
ther of six, grandfather of 10
and great-grandfather of two.
He died Monday at 91.
Since 9/11, this quiet, gener-
ous, self-effacing man traveled
America raising funds for fam-
ilies of firefighters and police
officers who had suffered an
injury or died, especially for
families of burn victims. It was
never about him but the hero-
ism and sacrifice of others.
Former Rep. Pete King, his
friend these past two decades,
said that as recently as Decem-
ber as Bob battled cancer, he
told stories about comrades,
their bravery and sacrifice, not
his. That was Bob’s gracious
humility.
America has been blessed
country and serve. They teach
our children, heal the sick,
protect the weak, build roads
and homes and skyscrapers,
run factory lines, operate ma-
chinery, raise our crops, do re-
search and tinkering and in-
venting, keep our communities
safe and, yes, put out fires.
Bob died a day before Toby
Keith, the legendary song-
writer and singer. The 62-
year-old Oklahoma oil-field
roughneck and rodeo cowboy
was another salt-of-the-earth
patriot and an amazingly
gifted musician. He led Ameri-
cans to dance, tap our feet and
sing along to—count ’em—20
No. 1 singles and 40 million al-
bums sold.
Keith’s “Courtesy of the
Red, White and Blue” caught
the national mood after 9/11.
“We’ll always stand up and
salute / We’ll always recognize
/ When we see Old Glory fly-
ing / There’s a lot of men
dead / So we can sleep in
peace at night when we lay
down our head.”
Bob Beckwith was one of
the Americans Toby Keith said
helped us sleep in peace. Re-
quiescat in pace to both these
good men.
Mr. Rove helped organize
the political-action committee
American Crossroads and is
author of “The Triumph of
William McKinley” (Simon &
Schuster, 2015).
The blatant aggressions of the kaiser’s Germany during
World War I, and Tojo’s Japan and Hitler’s Third Reich
during World War II, Americans were told, posed
existential threats to the U.S. and needed to be defeated.
But behind that logic, Mr. Copeland argues, was a further
objective: a world safe for commerce. Indeed, at one stage
the author insists that “Wilson’s obsession with protecting
America’s economic power sphere must be placed side by
side with his idealism” about democracy and collective
security. A benign and open global trading system, in
which American traders, above all, would prosper, simply
would not exist if Britain fell or if Japan took control of
East Asia.
It was also for this basic commercial reason that, as
World War II came to an end, an assertive U.S. government
insisted upon new international structures, such as the
International Bank for Reconstruction and Development
(subsequently the World Bank) and the International
Monetary Fund. These new world bodies, created at the
important Allied conference at Bretton Woods in 1944, had
the noble aim of ensuring that the global economy would
avoid ever again slipping into a Great Depression; but that,
in its turn, would help American businesses and American
jobs. For the same reason, when Cold War enemies
threatened this American-made order, they, too, had to be
firmly resisted. All of the Free World would gain from this
robust protection, it was argued, even if it was privately
assumed that American companies would gain most of all.
For the first time in more than a century,
there is a global trade war that America
may not win.
And so they did, for a good half-century after World
War II. Many readers of this paper will recall the
astonishing success of Jean-Jacques Servan-Schreiber’s
“The American Challenge” (1967), as France and other
foreign nations appeared to be wilting under the outward,
unbeatable surge of U.S. commercial competitiveness.
There is therefore a historical irony that comes in Mr.
Copeland’s important final chapter, for the story here, as
he puts it, is of “the great geopolitical struggle” of the 21st

In Defense of the Child Tax Credit century “between a seemingly declining United States
wanting to maintain a semblance of preeminence and a
rising China seeking to establish itself as a dominant, if
By Timothy P. Carney households was identical. tax bill of the neighbors who courage marriage, so that not the dominant, state in its region and perhaps the
When they do their taxes have the same number of peo- more children are raised with- world.” Here, for the first time in more than a century,

T
he tax code should be
neutral and shouldn’t
pick winners or losers.
Its role is to generate revenue,
not to modify behavior. Con-
servatives and libertarians of-
ten cite those principles in op-
position to the child tax
credit. But that credit is no
special-interest giveaway.
Consider two hypothetical
houses, each with five resi-
dents. A married couple and
their three young children live
in one house. Next door are
five young men who recently
finished college. The couple
earned a combined $125,000
last year, slightly above the
average income for a family of
five. The bachelors each
earned $25,000 tending bar
and driving Ubers. The 2023
pretax income of the two
this spring, each bachelor
claims the $13,850 standard
deduction, leaving his taxable
income at $11,150—in the 12%
tax bracket. His final tax bill
will be $1,121, so the entire
house will pay $5,605 in fed-
eral income taxes.
A break for working
families is a matter
of basic fairness.
The married couple files
jointly and gets a standard de-
duction of $27,700. The fam-
ily’s taxable income is thus
$97,300, putting it in the 22%
bracket, with a tax bill of
$12,027 before the child tax
credit—more than double the
ple and combined income. A
$2,000-a-child credit closes
most of that gap. Like the de-
pendent exemption before the
2017 Tax Cuts and Jobs Act, it
acknowledges that the three
children are people.
Those who argue that the
tax code shouldn’t favor par-
enthood treat children as a
lifestyle choice or a consump-
tion good, like a Tesla. The tax
code shouldn’t be pro-Tesla,
but it should be pro-human,
especially amid our baby bust.
America’s fertility is below 1.7
per woman, and the number of
births has fallen nearly every
year since 2007. An aging so-
ciety will be a poorer society.
This doesn’t mean we
should have massive cash
giveaways to parents. Exces-
sive child subsidies can dis-
out the example of a working
parent. It’s a good thing, then,
that Congress isn’t seriously
considering a massive expan-
sion to the child tax credit,
only from $2,000 to $2,100,
with more generous “refund-
ability” for parents who don’t
earn enough to owe income
taxes.
There’s plenty to debate
about work requirements and
refundability. But a larger
child tax credit in itself is a
matter of basic fairness.
Mr. Carney is a fellow at
the American Enterprise Insti-
tute, a columnist at the Wash-
ington Examiner and author of
“Family Unfriendly: How Our
Culture Made Rising Kids
Much Harder Than it Needs to
Be,” forthcoming next week.
there exists another nation with a GDP almost as large as
America’s, a nation that sells far more to the U.S. than it
purchases, a nation that seems impervious to American
pressure. All this suggests to Mr. Copeland that there is a
trade war in which America seems to be losing, not
winning. “A World Safe for Commerce” thus ends with the
author’s recommendations for robust policies to preserve
America’s world order, which may be another reason for
paying attention to this work.
While the great bulk of the book is a fine historical
analysis of America’s foreign-trade policies, from the pre-
Independence years until the Cold War, Mr. Copeland’s
study is, essentially, a work for fellow political scientists
who specialize in international-relations theory. Parts of
the book will prove tough reading for a general audience;
many readers may not be able to appreciate, for instance,
Mr. Copeland’s propositions about dynamic realist theory.
For those of us not in that intellectual milieu, the nicely
written middle chapters will have to suffice. Overall, “A
World Safe for Commerce” is an important work.
Mr. Kennedy is a professor of history at Yale and the
author of, among other works, “The Rise and Fall of the Great
Powers.”
P2JW039000-0-A01400-1--------XA

A14 | Thursday, February 8, 2024 THE WALL STREET JOURNAL.

OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR

The Supreme Court’s First Trump Test U.S. Consuls General Stand With Jimmy Lai

D
onald Trump and his opponents have Colorado’s Supreme Court cannot by itself dis- We applaud your editorial on the highly experienced former consul
embroiled the Supreme Court in this qualify Mr. Trump or anyone else it deems an Jimmy Lai trial and the crackdown in general, Amb. James Cunningham,
Hong Kong (“Jimmy Lai’s Offense: has been slandered as a “co-conspira-
year’s election politics, and the Court’s insurrectionist.
Tweets and Op-eds,” Jan. 12). It’s im- tor.” To see one of Hong Kong’s lead-
first test comes Thursday Section 3 notably doesn’t
when the Justices consider A 9-0 ruling against authorize state courts or offi-
portant to focus continuing attention
on this terrible situation.
ing journalists put on trial for engag-
ing in normal journalistic practice
the Colorado Supreme Court’s
decree barring the former
Colorado would be cials to enforce its provisions
or specify a process for deter-
We represented the U.S. as consuls sullies the reputation and brilliance
general in Hong Kong, always keeping that Hong Kong once enjoyed. Jimmy
President from the state’s bal- best for the country. mining whether individuals in mind that more education, infor- Lai should be set free.
lot. The Justices can help de- have “engaged in insurrec- mation, personal contacts, business RICHARD A. BOUCHER
mocracy with a unanimous tion” and how to disqualify and cultural exchanges were good for U.S. Consul General, 1996-99
ruling against Colorado. them from serving in government. Instead, the the U.S. and good for the people of Arlington, Va.
The Colorado court voted 4-3 in December 14th Amendment empowers Congress to “en- Hong Kong. We valued Deng Xiao-
to disqualify Mr. Trump under Section 3 of the force” Section 3 by enacting “appropriate legis- ping’s and China’s promises of “one STEPHEN M. YOUNG
country, two systems.” We openly U.S. Consul General, 2010-13
post-Civil War 14th Amendment, also known as lation.” Congress did so in 1870 by requiring
supported the Joint Declaration and Londonderry, N.H.
the Insurrection Clause. The four Justices held federal prosecutors to bring writs of quo war- the Basic Law. We publicly welcomed
that Mr. Trump engaged in an “insurrection or ranto to disqualify office holders. the initial respect for the new system RICHARD W. MUELLER
rebellion” on Jan. 6, 2021, based largely on evi- Congress later repealed most of this law. as well as the recognition of Hong U.S. Consul General, 1993-96
dence from the House Jan. 6 special committee. What remains is a federal criminal statute pun- Kong’s traditional open and vibrant Golden, Colo.
Maine’s secretary of state has made a similar ishing insurrection, which says anyone “who culture.
ruling, though several other states have ruled engages or assists in an insurrection . . . shall It is thus with great dismay and JAMES KEITH
in Mr. Trump’s favor on the question. be incapable of holding any office under the concern that we read about the trial U.S. Consul General, 2002-05
The easiest way to dispatch Colorado’s ruling United States.” But Mr. Trump hasn’t been of Mr. Lai and how one respected and Reston, Va.
is with a textualist analysis that the President charged with insurrection, and neither has any-
isn’t covered by Section 3. This is the argument one else who has been charged with other
that David Rivkin and Lee Casey make nearby, crimes in connection to Jan. 6.
and former Attorney General Michael Mukasey A risk for the future is that other partisans Cuba, Terrorism and the American Apologists
has made the same case in these pages. will define insurrection down to disqualify their In their letter “Cuba Is No Sponsor doing, Messrs. McGovern and Welsh
The argument is that the President isn’t an political opponents. As former Attorneys Gen- of International Terrorism” (Feb. 1), join the Clintons and former Attorney
“Officer of the United States” as defined by the eral Ed Meese, Bill Barr and Mr. Mukasey argue Massachusetts Rep. Jim McGovern General Eric Holder, President Barack
Constitution. Earlier versions of Section 3 in- in a friend-of-the-court brief, “without a clear and Vermont Sen. Peter Welch twist Obama and then-Vice President Joe
cluded the President and Vice President, but statutory definition, the types of presidential the language to fit their narrative. In Biden, who pushed clemency, in 1999
these offices were scrapped from the final text. actions that might be deemed an ‘insurrection’ urging the removal of Cuba from the and then in 2017, on Morales’s Marx-
That’s in part because the 14th Amendment’s are virtually limitless.” state sponsor of terrorism list, they ist FALN comrades.
authors were mainly worried that Confederate Messrs. Rivkin and Casey make another cru- conveniently add the word “interna- JOE CONNOR
tional” before “terrorism” to change Glen Rock, N.J.
rebels would be elected to Congress, and that cial point, which concerns the uniformity
the nature of the list, thus dismissing
President Andrew Johnson would appoint them among states in qualifications for the Presi- Cuba’s sponsorship of Black Liberation Cuba has been training antidemoc-
to executive-branch offices. dency. If Colorado is upheld, and a handful of Army and FALN terrorists, Joanne racy terrorists since 1960. It has been
The Constitution’s Appointments, Commis- other states follow, the 2024 election will be a Chesimard and William Morales. well-documented that terrorist
sion and Impeachment Clauses separately refer patchwork electoral quilt. Mr. Trump will be on Contrary to their letter, Morales groups trained in Cuba have carried
to the President and “officers of the United some state ballots and not others. This would wasn’t merely accused but also con- out and are still carrying out insur-
States.” If the President were an officer, these be tremendously polarizing politically. But as victed of terrorism-related charges in rections in Colombia, Nicaragua, Ven-
clauses would be superfluous or illogical. Arti- a matter of law, the Supreme Court has ruled the U.S, including bomb making and ezuela, El Salvador, Bolivia, Peru and
cle II gives the President the power to appoint that while states can determine election proce- possession and transportation of ex- many other countries. Thousands of
“Officers of the United States” with the advice dures, they can’t change the qualifications for plosives. To casually refer to these un- lives have been lost in these internal
and consent of the Senate. The President federal office in the Constitution. repentant terrorists as “aging Ameri- wars. It is time that our politicians
can fugitives” and assert that “none understand the hatred that commu-
doesn’t nominate himself. i i i
of them have been accused of interna- nist Cuba has for the U.S. The Cuban
As Chief Justice John Roberts emphasized The best course for the country would be for tional terrorism” is disingenuous. regime would rather let its people go
in Free Enterprise Fund v. Public Company Ac- the Justices to settle this case on the narrow It also dismisses the life of my fa- hungry than stop undermining the
counting Oversight Board (2010), “The people legal issues, and not to enter the political fight ther, Frank Connor, who was mur- U.S. and other countries in the region.
do not vote for the ‘Officers of the United over whether Jan. 6 was an insurrection. The dered by Morales’s FALN at New JORGE L. BLANCO
States.’” Justices don’t need to go there if they find that York’s Fraunces Tavern in 1975. In so Key Biscayne, Fla.
Mr. Trump and several friend-of-the-court Section 3 doesn’t cover the President. A 9-0 de-
briefs also make a compelling argument that cision would send a unified message to the
Section 3 isn’t self-executing—meaning that country that Colorado is wrong on the law. Why the Prosperous Also Want to Leave India
Sadanand Dhume’s column “In the ing between 5% and 10% a year lately,
A Spanking for the FBI ‘Asian Century,’ Indians and Chinese
Flee” (East Is East, Feb. 1), though
Indian industry and government don’t
create enough jobs that pay decent

I
n 2021 the FBI raided a private safe-de-
posit company and seized more than $86
million in cash and valuables from people
accused of no wrongdoing. At the time we
called this a dangerous violation of their con-
stitutional rights. It took three years, but a
three-judge panel of the Ninth Circuit Court of
Appeals has agreed.
U.S. Private Vaults was a private business
in Beverly Hills the government was investi-
gating for money laundering and other things.
The FBI had a warrant, but this didn’t autho-
rize a search of individual safe deposit boxes.
Agents were supposed to open the boxes only
to identify owners and safeguard their prop-
erty until it could be returned.
But the FBI overstepped, seizing the prop-
erty of innocents along with criminals. As the
Ninth Circuit noted, one of U.S. Private Vaults’s
selling points was not asking customers too
many questions—e.g., demanding a Social Se-
curity number—which made it attractive to
drug dealers and other criminals. But that’s
still no excuse for the FBI to overstep its au-
thority and then invoke civil forfeiture to keep
everything it found worth more than $5,000,
all without charging anyone with a crime. A
group of seven safe-deposit renters sued in
what became a class action, represented by the
Institute for Justice.
The district court found for the govern-
ment, but the Ninth Circuit has now reversed.
Judge Milan Smith Jr., said the government
had opened the door to the “limitless searches
of an individual’s personal belongings” that the
British used in colonial America. This, the
judge noted, “led to the adoption of the Fourth
Amendment” and its protection against “un-
reasonable searches and seizures.”
If the FBI has evidence of something illegal,
it can get a warrant. But the Ninth Circuit rul-
ing is a welcome reminder that the govern-
ment can’t go on a fishing expedition that
snares the innocent with the guilty.
well-written as always, stops short of wages to absorb an ever-expanding
solving the puzzle: why some of the pool of labor. According to the Center
brightest and the wealthiest among For Monitoring Indian Economy, the
the Indians and Chinese are so eager unemployment rate of youth ages
to migrate to the West. Allow me to 20-24 exceeded 40% in late 2023. Re-
provide some hints regarding the In- cent Indian government surveys
dian situation. found that nearly 15% of those with
First, even though India’s gross do- advanced education face joblessness
mestic product GDP has been expand- after graduation.
Where would you go if you hap-
pened to be among the desperate job
European-Style Regulation seekers?
For American Dynamism Second, what about the wealthy,
who actually live very well in upscale
Your editorial “Elizabeth Warren’s neighborhoods in India? Why do they
Robot Gift to China” (Jan. 30) frames want to leave? Appropriately, Mr.
Amazon’s abandoned iRobot acquisi- Dhume lists some factors—polluted
tion as a win for China, but the true cities, tax harassment, poor public
takeaway is the Europeanization of health and urban infrastructure—but
U.S. competition policy and how it he misses others that are important.
will harm U.S. startups. The European Among them is easy access to the
Commission’s planned block killed the West’s world-leading medical facili-
deal, and U.S. antitrust enforcers ties and higher education, which offer
want those powers too. a better and brighter future, for the
The Federal Trade Commission and immigrants and for their children.
Justice Department have updated the If children of Indian descent in

The Self-Sabotaging GOP merger guidelines, jettisoning the con- America have risen to the top eche-
sumer-welfare standard. They’ve also
begun a rule-making to flip the pre-
lons of Microsoft, Alphabet, IBM, Citi-
bank, Mastercard, the World Bank, nu-

T
he Senate’s border deal collapsed on Trump makes it back to the White House. merger notification process on its merous Silicon Valley companies and
Wednesday, and the failed 49-50 vote The death of the border deal is at bottom a head, drastically expanding the infor- biotech firms, as well as the U.S. gov-
was a formality: The measure was hem- bloody-minded operation by Mr. Trump and his mation merging parties need to pro- ernment, why not their children? The
orrhaging Republican support allies to flog border chaos vide up front in their filings. Those lure of America is irresistable.
even before it emerged over After killing the border through November—and, if changes will bog down deals and
make us more like Europe.
MAHMOOD ISLAM
Greenwood, Ind.
the weekend. The silver lining
is that the Senate was also pre-
bill, will Trump also possible, bring down Sen.
McConnell as GOP Senate
The new rulebook would reduce
the number of acquisitions that hap-
paring to vote on an aid bill for kill aid to Ukraine? leader. Are they following the pen, which will harm the startup eco- MAGA Remains Aspirational
Ukraine and Israel without the House GOP? The war of all system by chilling investment. Acqui-
I would like to express my heart-
border provisions. We’ll soon against all that has followed its sitions constitute the overwhelming
felt thanks to John Cochrane for his
find out if Republicans in Congress will fold to coup against Kevin McCarthy means new Speaker majority of successful startup exits
op-ed “Incompetent Elites Make
Donald Trump on that too. Mike Johnson couldn’t even pass an Israeli aid bill and create dynamic flows of capital
Trump Look Appealing” (Feb. 3). He
The history of the border deal is being rewrit- this week. That revolution is eating its own. and talent throughout the ecosystem
describes eloquently and cogently
ten by opponents as the failure of chief negotia- Meanwhile, the U.S. asylum system is still that support innovation.
how I and many other conservatives
Europe is envious of our startup
tor James Lankford and GOP leader Mitch broken, and the border dysfunction will con- feel about the direction of our be-
ecosystem, and it can only hope we
McConnell. The truth is that Mr. McConnell pre- tinue, despite the manifest risks to U.S. security. hamstring ourselves by adopting
loved country. We aren’t incorrigible
ferred a vote on the supplemental aid bill for Few will remember details of the Lankford bill. or deplorable when we believe that
their playbook of limiting the acquisi-
Ukraine from the start. But the right of his cau- But voters in November may recall that the GOP Make America Great Again (MAGA) is
tions that create dynamism, spur in-
cus wanted cover for the Ukraine vote and de- campaigned for years on a crisis on the southern aspirational rather than a four-letter
vestment and promote innovation.
manded border reforms. border but did nothing about it. invective.
NATHAN LINDFORS
MADELINE BIZETTE
Mr. McConnell went along and appointed Mr. By our deadline Wednesday, the Senate was Policy director, Engine
Port Orange, Fla.
Lankford, who has an impeccable conservative gearing up to vote to begin debating President Washington
voting record, to dive into the details. Mr. Lank- Biden’s proposal on military aid to Ukraine, Is-
ford has visited the border a dozen times while rael and the Pacific. Sixty votes are needed to
in Congress, and he spent months looking under break a filibuster. If it clears that hurdle and the Cut Out the Middleman Pepper ...
the hood of the U.S. immigration system and try- Senate passes the bill after its recess, the burden Letter writer Marshal Greenblatt And Salt
ing to discern what improvements might be pos- will then be on the House GOP. has hit on a half-truth in arguing that
THE WALL STREET JOURNAL
sible in divided government. As the politics of Ukraine’s military needs grow more urgent by the Federal Reserve should change in-
the border got worse for Democrats, he was able the day, as its supply of munitions dwindles. In a terest rates by very small increments
to negotiate the most conservative border bill conflict dominated by artillery, Russia is firing as frequently (“Are We Doing Monetary
Policy All Wrong?” Feb. 5). This is ex-
in decades, as we described Tuesday. many as 10 shells for every one by Ukraine. With-
actly what a free market unfettered
The mistake by Sens. Lankford and McConnell out more U.S. weapons, Ukraine’s supply of 155 by the Federal Reserve would do on
was assuming that Republicans who demanded mm shells could be gone before the summer. its own.
border provisions were sincere. But those Sena- Ukraine has been doing a brilliant job of makeshift NICHOLAS E. BEDNARSKI
tors ran for cover as soon as Mr. Trump handed arms production, but Russia is receiving a surge Camarillo, Calif.
down orders not to give Mr. Biden anything he of munitions from Iran and North Korea. Without
could take credit for. U.S. artillery and air defenses, U.S. officials believe
Letters intended for publication should
The bill’s details became irrelevant, as the Ukraine will lose the war this year. be emailed to wsj.ltrs@wsj.com. Please
GOP cowered before Mr. Trump, who is now That would be a tragedy for brave Ukraine include your city, state and telephone
trashing Mr. Lankford. “This is a very bad bill for and a strategic catastrophe for free Europe and number. All letters are subject to
his career,” Mr. Trump said in an interview this the U.S. It would also make Republicans morally editing, and unpublished letters cannot
be acknowledged.
week. This retribution will be routine if Mr. complicit in an historic betrayal. “Remind me to tell you the rest later.”
P2JW039000-0-A01500-1--------XA
THE WALL STREET JOURNAL.
Colorado Can’t Disqualify Trump
By David B. Rivkin Jr.
And Lee A. Casey
T
he case of Trump v. Ander-
son, in which Donald
Trump asks the Supreme
Court to reverse a ruling
that bars him from Colo-
rado’s presidential ballot, raises
many complicated legal and factual
questions. The justices should ignore
them and decide a simple one: Does
Section 3 of the 14th Amendment,
which disqualifies certain former of-
ficeholders who have “engaged in in-
surrection,” apply to the presidency?
As Michael Mukasey has argued in
these pages, the answer is no. Those
who are covered by the Insurrection
Clause are specifically disqualified
from serving as members of Con-
gress or the Electoral College—not as
president or vice president. They are
Applying the Insurrection
Clause to the presidency
would have given rogue
states too much power.
also barred from state office and
from “any office, civil or military, un-
der the United States.” But “any of-
fice” refers to appointive posts such
as judges, generals and cabinet secre-
taries, and “officers of the United
States” are appointed, not elected.
This raises an obvious question:
Why would the authors of the 14th
Amendment exclude the presidency?
For two compelling and practical rea-
sons, which reinforce Section 3’s
plain meaning.
First, by the time the amendment
was ratified in 1868, the states had
largely adopted a system whereby
A Russian Victory in Ukraine Would Imperil Us All
By Olaf Scholz
M
ake no mistake: A Russian
victory in Ukraine would not
only be the end of Ukraine as
a free, democratic and independent
state, it would also dramatically
change the face of Europe. It would
deal a severe blow to the liberal
world order. Russia’s brutal attempt
to steal territory by force could serve
as a blueprint for other authoritarian
leaders around the globe. More coun-
tries would run the risk of falling
prey to a nearby predator.
This possibility is why the U.S.
and Europe support Ukraine’s fight
for freedom. President Biden’s lead-
ership has been critical to ensure
that Vladimir Putin’s aggression is
met with a united and successful re-
sponse. So far, Mr. Putin hasn’t
achieved any of his war goals. He
thought that he could take the Ukrai-
nian capital, Kyiv, within two weeks.
After two years, he still is far from
accomplishing this, and Ukraine is
bravely withstanding the Russian on-
Why I Voted Against Impeaching Alejandro Mayorkas
By Mike Gallagher
P
resident Biden has created a di-
saster at our southern border.
In his first 100 days in office,
Mr. Biden halted border-wall con-
struction, ended President Trump’s
successful Remain in Mexico policy,
and implemented a catch-and-release
regime. Homeland Security Secretary
Alejandro Mayorkas is faithfully im-
plementing the president’s ruinous
policies, which are contributing to
immense human suffering, placing a
massive financial burden on states
and cities, and threatening our na-
tional security. His performance has
been a disgrace.
But I disagree with my Republican
colleagues who voted on Tuesday to
impeach Mr. Mayorkas. Impeachment
not only would fail to resolve Mr. Bi-
den’s border crisis but would also set
a dangerous new precedent that
would be used against future Repub-
lican administrations.
The first article of impeachment
lays out in grueling detail Mr. Mayor-
kas’s manifest incompetence. But in-
competence doesn’t rise to the level of
high crimes or misdemeanors. Propo-
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presidential electors, instead of being
appointed by state legislatures, were
chosen by popular vote after commit-
ting to a particular candidate. If no
former Confederates (or more mod-
ern insurrectionists) could stand for
election as presidential electors,
there would be little chance of an in-
surrectionist president. (As Mr. Mu-
kasey also observed, if the president
were covered, there would be no rea-
son to cover presidential electors,
who wouldn’t be able to elect an in-
surrectionist if they wanted to.)
Second, there was no way to
cover the presidency without violat-
ing the Constitution’s established
federalism principles, which require
states to act uniformly when dealing
with federal laws and institutions.
These principles are at the root of
several constitutional provisions, in-
cluding the equal representation of
states in the Senate, the Supremacy
Clause and the Full Faith and Credit
Clause. These provisions are indis-
pensable in making the federal re-
public functional.
Applying Section 3’s disqualification
to the presidency would create exactly
the uniformity problem the Supreme
Court now faces—different states
reaching different conclusions about
what is and isn’t an insurrection in the
context of a national election.
There is ample evidence that the
14th Amendment’s drafters paid great
attention to federalism concerns.
This is particularly true regarding the
amendment’s first two sections,
which dramatically reshaped the rela-
tionship between U.S. citizens and
the federal and state governments by
requiring states to respect federal
constitutional rights. As legal scholar
Kurt T. Lash recounted in “Federal-
ism and the Original Fourteenth
Amendment,” a 2019 article, radical
Republicans, who favored stronger
slaught. This is due to the heroic
fighting of the Ukrainian people, but
it’s also a result of the West’s fiscal
and humanitarian support and the
delivery of weapons and ammunition
to Ukraine.
The European Union and its mem-
ber states have been Ukraine’s larg-
est financial supporter, having con-
tributed more than $91 billion since
the beginning of the war, followed by
the U.S. and Germany. Germany’s mil-
itary support is second only to Amer-
ica’s. Since the war began, my gov-
ernment has earmarked, procured
and delivered military equipment, in-
cluding tanks, artillery and high-
value air-defense systems, worth
more than $30 billion. This has come
on top of Germany’s nonmilitary sup-
port, including welcoming over one
million Ukrainian refugees, and our
share of the EU’s support.
Our message is clear: We have to
do our utmost to prevent Russia
from winning. If we don’t, we might
soon wake up in a world even more
unstable, threatening and unpredict-
nents of impeachment concede the
framers rejected the idea that policy
disputes or “maladministration” con-
stitute grounds for impeachment. They
argue instead that Mr. Mayorkas’s un-
derenforcement goes beyond malad-
ministration, even though it doesn’t
reach the level of a criminal offense.
Their primary evidence is a 2021
memo signed by Mr. Mayorkas order-
ing immigration officials to consider
more than illegal aliens’ criminal his-
tory when determining which ones
should be detained and removed.
They cite district and circuit court
decisions that the order contained in
this memo was against the law, even
though the Supreme Court reversed
those rulings in U.S. v. Texas (2023).
They cite Justice Samuel Alito’s dis-
sent in that case to claim Mr. Mayor-
kas broke the law.
But overturned and dissenting de-
cisions have no legal force. Further,
the majority in Texas affirms the
longstanding precedent that the pres-
ident and homeland security secre-
tary have great discretion in enforc-
ing border laws. And if we are to
make underenforcement of the law,
even egregious underenforcement,
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OPINION
DAVID GOTHARD
federal power, clashed with moderate
Republicans determined to preserve
states’ rights under the Constitution’s
original Madisonian federalism archi-
tecture. It is implausible that they
would have fought hard to protect
federalism while permitting each
state to determine presidential dis-
qualification for itself.
In U.S. Term Limits v. Thornton
(1995), the Supreme Court held that
states couldn’t impose their own
qualifications on members of Con-
gress. Justice John Paul Stevens’s
majority opinion discussed at length
how elections to the national legisla-
ture involved the people of the U.S.
rather than citizens of each state, re-
quiring that qualifications be nation-
ally uniform. This logic is even more
compelling when it comes to the
president, who is elected by the en-
tire nation. As Alexander Hamilton
wrote in Federalist No. 68, the Fram-
ers made the “appointment of the
president” depend “in the first in-
stance to an immediate act of the
people of America, to be exerted in
able than it was during the Cold War.
Despite our support, Ukraine could
soon face serious shortages in arms
and ammunition. Some financial
commitments have already run out,
and others need to be extended. The
long-term consequences and costs of
failing to stop Mr. Putin’s aggression
would dwarf any of the investments
that we are making now.
The West must sustain
support for Kyiv, keep
NATO solid, and spurn
Putin’s effort to divide us.
So, what needs to be done?
First, we must sustain our sup-
port. On Feb. 1, the European Council
decided to commit an additional $54
billion in fiscal aid to Ukraine over
the coming four years. This must be
complemented by additional military
assistance, and I have called on my
impeachable, almost every cabinet
secretary would be subject to im-
peachment. The Treasury and State
departments’ nonenforcement of
sanctions against Iran has embold-
ened a regime that is killing Ameri-
cans in the Middle East. The defense
secretary is clearly violating the Hyde
Amendment by allowing defense
travel funds to be used to facilitate
abortions. These decisions—however
reprehensible—aren’t high crimes or
misdemeanors but would be im-
peachable under the new standard.
Perhaps this is why we have never
impeached a cabinet secretary except
for criminal behavior. The person
chiefly responsible for the chaos and
devastation that has unfolded at the
border is Mr. Biden, not Mr. Mayor-
kas. If Mr. Mayorkas were removed,
his replacement would also imple-
ment Mr. Biden’s disastrous border
policies. If anything, impeaching Mr.
Mayorkas would absolve Mr. Biden of
blame for his own policies.
Proponents argue that impeach-
ment is the only option Congress has
left to hold the Biden administration
accountable after U.S. v. Texas estab-
lished that states don’t have standing
Notable & Quotable: Vandalism
From “How throwing soup at the
Mona Lisa can help fight climate
change” by Shannon Gibson in the
Los Angeles Times, Feb. 1:
Protesters threw soup at the Mona
Lisa on Sunday in the latest instance
of deliberately shocking climate ac-
tivism. While some consider disrup-
tive antics such as this alienating to
the public, research into social move-
ments shows there is strategy behind
it. . . . When in-your-face activism
takes place at the same time as for-
mal institutional challenges, studies
show the combination can help in-
crease awareness of the problem and
Thursday, February 8, 2024 | A15
the choice of persons for the tempo-
rary and sole purpose of making the
appointment”—members of the Elec-
toral College.
The Constitution authorizes state
legislatures to determine how presi-
dential electors are selected—and
even to appoint them directly, as Col-
orado did in 1876—and the qualifica-
tions for serving as president are
stated in the constitutional text.
There is no indication that the states
may interpret these for themselves.
Stevens wrote that while states can
adopt “election procedures” (his em-
phasis) that govern access to the bal-
lot—such as signature requirements
for independent candidates or “sore
loser” provisions that bar a third-
party run by a former candidate for
a major-party nomination—they
can’t set or revise qualifications for
federal office.
Some of Mr. Trump’s opponents
have pointed hopefully to Hassan v.
Colorado, a 2012 decision of the 10th
U.S. Circuit Court of Appeals in which
then-Judge Neil Gorsuch upheld the
European colleagues to make the
necessary budgetary decisions. Like
the U.S. and others, Germany stands
ready to provide Kyiv with long-term
security commitments and arrange-
ments so that Ukraine can deter and
defend itself against future Russian
attacks. As a highly industrialized
country and prospective EU member,
Ukraine will be able to support a
well-equipped modern army if it can
repel Russia’s aggression. That pros-
pect increases the security of us all.
Second, we must continue to
move in a strategic lockstep on both
sides of the Atlantic. Mr. Putin is try-
ing to undermine our unity and turn
our citizens against supporting
Ukraine. Others around the world are
watching closely to see whether
these divisions can be exploited and
whether disinformation campaigns
can take hold. We must prove them
wrong by convincing citizens on
both sides of the Atlantic that a Rus-
sian victory would make the world a
far more dangerous place. It would
also strain our budgets while putting
to sue the federal government for
nonenforcement of immigration laws.
That isn’t true. The courts have sig-
naled that through the legislative
process, Congress can authorize
states to sue.
Ousting a secretary for
‘maladministration’ would
have opened Pandora’s
box. The problem is Biden.
The articles of impeachment even
tacitly admit there are other options
available to Congress. The first arti-
cle quotes Justice Brett Kavanaugh’s
majority opinion, which says there
are political checks on the executive.
Justice Kavanaugh conspicuously
doesn’t list impeachment. Instead, he
outlines other tools Congress has—a
list the impeachment articles elide
when quoting the opinion. Justice
Kavanaugh’s list includes oversight,
appropriations, lawmaking, Senate
confirmations and the biggest politi-
cal check of all: elections. Congress
support for moderate action. Re-
searchers call this the “radical flank
effect.” It was effective for both the
civil rights and feminist movements,
and it is evident in other political
movements in the U.S. today.
We’ve seen this in the United
Kingdom. After initially disapproving
of shocking climate protests, in 2019
London Mayor Sadiq Khan met with
Extinction Rebellion, a group known
for dramatic actions such as spraying
fake blood on the steps of the U.K.
treasury. Britain’s environment secre-
tary also met with the group, and
days later Parliament declared a cli-
mate emergency.
state’s authority to bar from the bal-
lot a naturalized citizen who wanted
to run for president. Abdul Karim
Hassan asserted an eccentric theory
that the 14th Amendment vitiated the
requirement that the president be a
natural-born citizen. Judge Gorsuch
ruled that “a state’s legitimate inter-
est in protecting the integrity and
practical functioning of the political
process permits it to exclude from
the ballot candidates who are consti-
tutionally prohibited from assuming
office”—not that state officials or
judges could decide what the qualifi-
cations for federal office are.
The meaning of “natural-born citi-
zen” is open to dispute in certain un-
usual cases involving would-be candi-
dates born overseas to American
parents or in unincorporated U.S. ter-
ritories (where the Constitution
doesn’t fully apply). If such a dispute
arose and states responded to it dif-
ferently, the federal courts would
have to intervene quickly to impose
uniformity. To avoid precisely that
sort of situation, the drafters of the
14th Amendment left the presidency
out of Section 3.
A Supreme Court decision to that
effect would be consistent with the
doctrine that judges should avoid de-
ciding constitutional issues unneces-
sarily. Was the riot of Jan. 6, 2021, an
“insurrection”? If so, what does it
mean to have “engaged” in it? Does
disqualifying someone from office re-
quire an act of Congress or a criminal
conviction? These questions may be
pertinent in future cases, but not in
Trump v. Anderson.
Messrs. Rivkin and Casey practice
appellate and constitutional law in
Washington. They served at the Jus-
tice Department and the White House
Counsel’s Office in the Reagan and
George H.W. Bush administrations.
the freedom and prosperity of each
of us in peril.
Third, we don’t see ourselves at
war with Russia and don’t seek con-
frontation with Russia. We will resist
any attempt to drag the North Atlan-
tic Treaty Organization into Russia’s
war of aggression against Ukraine.
Fourth, the collective deterrence
and defense of NATO must be credi-
ble. Since I took office, Germany has
massively ramped up its defense
spending to 2% of its gross domestic
product. We launched the European
Sky Shield Initiative to boost Euro-
pean air-defense capabilities and will
base a full German combat brigade in
Lithuania, on NATO’s eastern flank.
The sooner Mr. Putin understands
that we are in this for the long haul,
the sooner the war in Ukraine will
end. The only way that we can con-
tribute to a lasting peace is by keep-
ing up our support, unity and re-
solve. We must stand with Ukraine
for as long as it takes.
Mr. Scholz is Germany’s chancellor.
should exhaust all these options to
secure the border, including defund-
ing ridiculous Biden administration
priorities and regulations until he
changes his border policies.
The second article of impeach-
ment accuses Mr. Mayorkas of failing
to comply with multiple subpoenas
and obstructing certain oversight ef-
forts, actions that are shameful but
not outside the norm for cabinet sec-
retaries. House Democrats impeached
Mr. Trump for the same actions. Un-
like Democrats’ rushed process
against Mr. Trump, we should take
Mr. Mayorkas to court to produce any
information he is withholding and
hold him in criminal contempt of
Congress if he further stonewalls le-
gitimate oversight. If he continues to
obstruct, we should reconsider im-
peachment under a more tailored
version of the second article.
In 2019 and 2021, then-Speaker
Nancy Pelosi and congressional Demo-
crats used impeachment as a weapon
against Mr. Trump, though they
couldn’t produce evidence he had
committed a crime. It was a rushed,
hyperpartisan process that lowered
the bar for what constitutes an im-
peachable offense. Republicans rightly
railed against this effort and the dan-
gers of a single-party impeachment,
impeachment for unpopular decisions,
impeachment for non-criminal acts,
and impeachment for not complying
with congressional subpoenas.
Republicans should reject the
Pelosi precedent. Creating a new,
lower standard for impeachment, one
without any clear limiting principle,
wouldn’t secure the border or hold
Mr. Biden accountable. It would only
pry open the Pandora’s box of perpet-
ual impeachment.
Mr. Gallagher, a Republican, rep-
resents Wisconsin’s Eighth Congres-
sional District and is chairman of the
House Select Committee on Strategic
Competition between the U.S. and the
Chinese Communist Party.
P2JW039000-6-A01600-1--------XA
A16 | Thursday, February 8, 2024
Netanyahu Rejects Hamas Truce Proposal
Prime minister calls
militant group’s
demands ‘bizarre’ in
setback to U.S. push
BY JARED MALSIN
AND SUMMER SAID
Israeli Prime Minister Benja-
min Netanyahu rejected
Hamas’s terms for a cease-fire
in Gaza, after the Palestinian
militant group called for the re-
lease of thousands of prisoners
along with other concessions in
its first response to a U.S.-
backed plan to end the fighting.
The dismissal was a setback
for a U.S. diplomatic push led
by Secretary of State Antony
Blinken, who met with Israeli
leaders on Wednesday during
a fifth visit to the region
aimed in part at defusing ten-
sions before a possible Israeli
military offensive on Rafah, a
city in southern Gaza near
Egypt’s border where more
than a million displaced Pales-
tinians have sought refuge.
IBRAHEEM ABU MUSTAFA/REUTERS
Gaza’s new mothers and their babies are especially vulnerable to the fallout from the conflict between Israel and Hamas.
Women in Gaza Are Forced to Give
Birth in Tents and Public Bathrooms
BY MARGHERITA STANCATI
AND ABEER AYYOUB
Noura Baalousha’s contrac-
tions began on a cold December
evening, as the thud of shelling
reverberated around the build-
ing where she was sheltering in
northern Gaza. There was no
phone signal to call an ambu-
lance and it was too dangerous
to venture outside.
“I felt so afraid. I knew I
wouldn’t be able to reach the
hospital. My water broke and
I knew I would deliver at any
moment,” recalls Baalousha,
whose four other children
were born in a hospital. Dur-
ing a previous war in Gaza,
she witnessed a doctor deliver
a baby in a home.
“I had no other options, I
forced myself to remember ev-
erything I had seen,” she said.
Baalousha’s sister-in-law helped
deliver the baby boy, Adam, us-
ing wooden laundry tongs to
clamp the umbilical cord and
kitchen scissors to cut it.
There were more than
50,000 pregnant women in
Gaza when the war began on
Oct. 7, according to United Na-
tions estimates. Gaza has one of
the region’s highest birthrates.
Some 180 women in the en-
clave give birth each day on av-
erage, many now with little or
PAKISTAN
Blasts Kill at Least
30 Before Election
Bombs ripped through two
separate political offices in
southwestern Pakistan’s Bal-
ochistan province Wednes-
day, killing at least 30 people,
officials said, a day before
parliamentary elections.
At least 18 people were
killed in the first attack at in-
dependent candidate Asfan-
dyar Khan’s election office in
the Pashin district, said Ju-
madad Mandokhel, a govern-
Speaking Wednesday night,
Netanyahu didn’t specify
which demands were unac-
ceptable, but he vowed to con-
tinue Israel’s military cam-
paign against Hamas in Gaza.
“Giving in to Hamas’s bi-
zarre demands…not only won’t
bring the release of hostages. It
will just invite another massa-
cre,” he said at a news confer-
ence. Israel, he said, can topple
Hamas and end security threats
from Gaza within months.
Netanyahu’s comments
showed that despite weeks of
indirect negotiations Israel
and Hamas remain far apart
in agreeing to a cease-fire
framework negotiated by the
U.S., Qatar, Israel and Egypt.
The plan calls for a phased re-
lease of hostages held in Gaza
in exchange for Palestinian
prisoners and a truce that ne-
gotiators hope could lead to
an end to the war.
Israeli officials asked Egypt
to pressure Hamas to come up
with a different response to
the proposal, said Egyptian of-
ficials familiar with the talks.
no medical help, sometimes in
dirty, overcrowded shelters,
public bathrooms or cold, make-
shift tents, the U.N., healthcare
workers and residents say.
Gaza’s new mothers and
their babies are especially vul-
nerable to the fallout from the
conflict between Israel and
Hamas taking place around
them, where the battlefield is
sewn into civilian areas, from
disease and displacement to
shortages of food and water.
Expectant mothers who
make it to hospitals in Gaza
rarely get the level of care they
need, according to the U.N. and
healthcare workers. With only
13 of the enclave’s 36 hospitals
functioning, and those only
partially, the facilities are
short-staffed and overwhelmed
by the number of war-
wounded. Maternity services
are low on the list of priorities
for hospitals, and women in la-
bor are often turned away, the
workers and the U.N. say.
Israeli forces have carried
out operations in and around
hospitals as part of their war
against Hamas. Israel blames
Hamas for embedding itself in
the facilities, and says it does
what it can to limit civilian
suffering in Gaza.
The northern part of the
enclave is largely cut off from
ment official.
Shortly after, another
bombing killed at least 12 peo-
ple at the Jamiat Ulema Islam
party office in Qilla Saifullah,
about 80 miles away, said a
spokesman for the provincial
government.
The Islamic State group’s
branch in Pakistan claimed
the second attack. He said the
elections wouldn’t be delayed.
The attacks, which left
more than two dozen people
wounded, drew condemnation
from nearly all political parties.
—Associated Press
WORLD NEWS
The Israeli prime minister’s of-
fice didn’t respond to a request
for comment on the talks.
The militant group’s coun-
terproposal, conveyed in a let-
ter, includes some demands
Israel could accede to but
some it has opposed, such as
the mass re-
lease of Pales-
tinian prison-
ers, including The plan ‘has
some accused some room to
of violent at-
tacks, said ana- maneuver in,
lysts and offi-
cials familiar
although it will
with the talks. be very difficult.’
“This actu-
ally has some
room to maneu-
ver in, although it will be very
difficult,” said Gershon Baskin,
an Israeli hostage negotiator
who brokered a 2011 prisoner
exchange with Hamas.
The U.S. is increasing pres-
sure on its allies in the region to
stop the fighting in Gaza, which
has left much of the enclave in
ruins and pushed the Middle
East to the brink of war. In Is-
deliveries of medical supplies.
Hospitals in the south are too
stretched to provide expectant
mothers with proper care.
Al Emirati Maternity Hospi-
tal in the city of Rafah, on the
Egyptian border, is the only
dedicated maternal health fa-
cility still functioning in the
strip, according to the U.N.
With over half of Gaza’s popu-
lation, or around 1.3 million
people, now in Rafah, the hos-
pital is handling around 80
births a day, up from around 15
before the war, according to
UNFPA, the U.N.’s reproductive-
health agency. Those who are
admitted are frequently dis-
charged hours after childbirth,
even after caesarean births.
Medical goods and clean
water are in short supply ev-
erywhere in Gaza. The U.N.
has reported several cases of
women receiving C-sections
without adequate anesthesia.
The fighting and near-col-
lapse of the healthcare system
means there is no comprehen-
sive data on the impact the
monthslong war has had on
stillbirths and maternal and
neonatal mortality rates. The
expectation is that they have
gone up significantly, health-
care workers and the U.N. say.
Lack of pre- and postnatal
care means women and their
WORLDWATCH
CONGO
Fears Rise of Rebel
Takeover of City
One of eastern Congo’s
most active rebel groups is at-
tacking a community consid-
ered the last line of defense
before the region’s largest city
of Goma, fleeing residents
said Wednesday, even as the
rebels claimed they had no in-
tention to seize it again.
The M23 rebels, however,
warned in a statement that
“attacks targeting our forces
and/or indiscriminate shelling
rael on Wednesday, Blinken met
with Netanyahu, Israeli military
chief Herzi Halevi, Defense Min-
ister Yoav Gallant and President
Isaac Herzog. He also met with
Palestinian Authority President
Mahmoud Abbas, his spokes-
man Matthew Miller said.
Blinken’s visit
comes at a piv-
otal moment in
the war. Israel
has vowed to
press on with its
military offen-
sive in Gaza if a
cease-fire deal
isn’t reached.
Gallant has said
the military is
planning a final group of hostages and
ground offensive in densely
populated Rafah, noting an op-
eration in the border city is es-
sential to cut off the group’s
smuggling routes to Egypt.
Egypt has expressed con-
cerns that a military operation
in the area could cause an ex-
odus of Palestinians into
Egyptian territory, a crisis
that would damage Egypt’s re-
babies are suffering from and
dying of preventable conditions,
the healthcare workers say.
Life-threatening conditions
such as hypertension in preg-
nancy, or preeclampsia, are
going undiagnosed. Anemia is
widespread, but women aren’t
getting the iron supplements
they need to treat it, health-
care workers and the U.N. say.
The problems for mothers
and babies continue after
birth. Malnutrition among
nursing mothers and their ba-
bies is common, aid workers
say. Families, many of them
huddled in porous tents, are
struggling to get formula milk,
diapers and winter clothes.
Newborns aren’t spared
from the fighting. On Oct. 30,
a woman gave birth to a baby
while sheltering with her ex-
tended family in a building in
Gaza City. Around 10 hours
later, the building was
bombed. Mother and child
died, said Deborah Harrington,
a British obstetrician who re-
cently spent two weeks at Al
Aqsa Hospital in central Gaza,
who knows a senior nurse re-
lated to the victims. “The baby
hadn’t even been registered as
born,” she said. “There is
something deeply wrong about
having a death certificate be-
fore a birth certificate.”
of civilian population will be
dealt with at their source.”
The group rose to promi-
nence a decade ago by seiz-
ing Goma, a base for Congo-
lese forces and aid workers.
The M23 detonated blasts
in North Kivu’s Sake city 16
miles from Goma, residents
said as they hurried from fight-
ing between the rebels and se-
curity forces. “Bombs are being
dropped in the city,” said resi-
dent, Alain Bauma. “We are
fleeing but we don’t know
where we are going to live.”
—Associated Press
* ** ** * THE WALL STREET JOURNAL.
lationship with Israel. Blinken
said any Israeli military oper-
ation “needs to put civilians
first and foremost in mind.”
Negotiations for a cease-fire
are expected to continue on
Thursday in Cairo with a meet-
ing between leaders of Hamas
and Egyptian officials, say offi-
cials familiar with the talks.
One scenario for the negoti-
ations is that both Israel and
Hamas could agree to an ini-
tial cease-fire of up to six
weeks while they negotiate on
further stages of the truce, say
diplomats and analysts. Both
sides would have reason to
back out of a deal before they
can agree to the release of the
senior Palestinian prisoners.
The Hamas counterproposal
is more detailed than the ini-
tial U.S.-backed draft, which
called for hostages to be re-
leased during a series of three
six-week stages, during which
negotiators would push for a
lasting truce.
Hamas is no longer demand-
ing an immediate end to the
Tunnels Conceal
Hostages, House
Militant Leaders
BY DOV LIEBER
KHAN YOUNIS, Gaza
Strip—Beneath the rubble of a
bombed-out residential neigh-
borhood in Khan Younis lies a
sprawling, subterranean com-
plex built to shelter senior
Hamas leaders and, for a time,
used to hold Israeli hostages
grabbed by the militant group,
Israeli officers said.
An access shaft hidden in an
unassuming family home leads
to a sophisticated underground
warren with several kitchens,
fitted out with gas stoves and
refrigerators, as well as sleep-
ing quarters and bathrooms.
A metal-barred gate blocks
the entrance to a chamber con-
verted into a cell. Israeli inves-
tigators say forensic evidence
indicates that at least 12 people
kidnapped by the militants dur-
ing their Oct. 7 assault on Is-
rael were held in the complex.
Hamas has constructed a
vast underground network of
tunnels, barracks, armories
and other facilities beneath
Gaza’s densely populated cit-
ies to hide its fighters, weap-
ons and hostages from the Is-
raeli forces hunting them.
Israel’s military says there
are hundreds of miles of tunnels
in Gaza. Some, like the one
where hostages were kept, ap-
pear meant to house militants
for long periods. Others are
used to transport goods and
people, and some are designed
to facilitate hit-and-run attacks.
The Wall Street Journal ex-
plored a tunnel complex below
Khan Younis this week in a
trip arranged by the Israeli
military. The route to the
scene was lined by piles of
concrete and steel and blown-
Underground living quarters were used by Hamas militants.
CHINA
Prices Decline
On Weak Demand
China’s consumer-price in-
dex posted its biggest annual
decline in over a decade, un-
derlining continued weakness
in domestic demand as the
economy struggles to regain
momentum.
The consumer-price index
fell 0.8% in January from a year
earlier, accelerating from the
0.3% drop seen in December,
the National Bureau of Statis-
tics said Thursday. A Wall
war and would allow for talks
toward a lasting truce to play
out during a cease-fire. It also
hasn’t demanded an immediate
Israeli military withdrawal.
For a first stage lasting 45
days, Hamas is calling for the
release of all Palestinian
women and children under the
age of 19 held in Israeli jails,
along with all prisoners 50 and
older, in return for a first group
of civilian Israeli hostages. Dur-
ing this stage, Israeli forces
would redeploy outside Gaza’s
populated areas, according to
the Hamas proposal. Hamas
wants some reconstruction to
begin during the first phase,
according to the document.
For the second 45-day stage,
Hamas is demanding the re-
lease of 1,500 prisoners, includ-
ing 500 serving long-term sen-
tences, in exchange for Israeli
soldiers held in Gaza. Hamas is
demanding the launch of a
comprehensive reconstruction
in Gaza during this stage. For
the third 45-day stage, Hamas
is proposing that both sides ex-
change the bodies of the dead.
out carcasses of buildings.
In the middle of a devas-
tated residential neighbor-
hood, inside the hefty cement
foundations of a destroyed
house, was a narrow-arch
structure—the gateway to an
underground compound. The
entire block had to be laid to
rubble to get to it, said Brig.
Gen. Dan Goldfus, who com-
mands Israel’s 98th Paratroop-
ers Division and is leading Is-
rael’s fight in Khan Younis.
There are tunnel shafts all
around Khan Younis, Goldfus
said. “In the schools, in the
mosques, in the supermarkets.
Wherever you go there is a
shaft going down into the un-
derground world,” he said.
The subterranean web un-
der the neighborhood, in
places 15 to 25 yards below the
surface, appeared to have been
abandoned with relative haste.
Dishes remained in the sinks,
blankets and mattresses lit-
tered the floors. Passageways
were dark, dank, narrow—just
high enough to pass through
in a crouching position.
The tunnel opened into a liv-
ing complex with tiled floors.
The vaulted chambers had ceil-
ings roughly the height of an
average apartment.
Military officials say their
underground operations are fo-
cused on applying pressure on
Hamas to force it to accept
terms more favorable to Israel
in a deal to return the hostages.
Watch a Video
Scan this code
for a video of a
tunnel where
hostages were
allegedly held.
DOV LIEBER/THE WALL STREET JOURNAL
Street Journal poll of econo-
mists had tipped a 0.6% decline
for the first month of the year.
The reading was the low-
est since September 2009,
when CPI fell 0.8% from a
year earlier.
On a monthly basis, China’s
CPI increased 0.3% in January,
accelerating from the 0.1% in-
crease seen in December.
Meanwhile, the country’s
producer-price index dropped
2.5% in January from a year
earlier, compared with Decem-
ber’s 2.7% fall.
—Grace Zhu
P2JW039000-4-B00100-1--------XA
BUSINESS & FINANCE
© 2024 Dow Jones & Company. All Rights Reserved.
S&P 4995.06 À 0.82% S&P FIN À 0.69%
Uber Posts First Yearly Profit Since IPO
Food, ride demand
stays strong, results
mark end to growth-
at-all-costs era
BY PREETIKA RANA
Uber Technologies posted
its first full-year profit as a
public company last year and
projected continued growth
in the first quarter of 2024,
marking the end of an era in
Some Investors Worry That Meta’s CVS Cuts Guidance
Dividend Signals End of Salad Days As Expenses Rise in
BY HARDIKA SINGH
The scale of Meta’s stock
rally after the social-media gi-
ant said it would pay its first
dividend stunned analysts and
investors. Now some are tak-
ing it as a sign the ride for
shareholders could be on bor-
rowed time.
Shares of the parent com-
pany of Facebook, Instagram
and WhatsApp surged 20% to
close at a record Friday, a day
after the announcement. The
stock pulled back this week
but remains up about 19%
since late Thursday.
For Meta Platforms, the de-
cision signaled the company’s
confidence in its ability to
keep churning out cash as it
invests in areas with huge po-
tential—such as artificial in-
telligence—that aren’t yet
paying off. But dividends tend
to be paid by more mature
companies, such as utility
providers and big banks, and
some analysts and investors
say the move shows Meta’s
days of explosive growth are
likely in the past.
“There needs to be a point
where you cannot keep grow-
ing at 50% a year when you’ve
become such a huge company
and your revenue base is so
high,” said Jon Snare, manag-
ing partner at Bordeaux
Wealth Advisors. “The math
just doesn’t work anymore.”
Meta Platforms won’t be
the first member of the Mag-
nificent Seven group of tech
titans to pay a dividend; Ap-
ple, Microsoft and Nvidia
have offered them for years.
Diversity Groups Urge
Ackman, Musk Pushback
BY TALI ARBEL
Minority, veteran and
women-focused business ad-
vocacy groups are urging com-
panies to invest in diversity
initiatives that are under legal
attack and face fierce opposi-
tion from Bill Ackman and
Elon Musk.
The group, which includes
the U.S. Black Chambers, Na-
tional Urban League, National
LGBT Chamber of Commerce
and National Veteran-Owned
Business Association, said in-
vestments in diversity initia-
tives were essential to busi-
ness success and the U.S.
economy.
“We believe it is imperative
that CEOs and other company
leaders are able to make stra-
tegic decisions for their com-
INSIDE
TECHNOLOGY
Alibaba earnings drop
as the company books
over $3 billion in
impairments. B4
* * * *
S&P IT À 1.43%
which the ride-sharing and
food-delivery company gave
priority to growth over prof-
its.
The company had a profit
of $1.43 billion in the final
three months of 2023, which
included a $1 billion benefit
from its equity investments
as well as income from its
operations. That propelled it
to a full-year net income fol-
lowing years of heavy losses.
The company has turned
an annual profit once before,
Share-price and index performance, year to date
30%
Meta Platforms
32.7%
20
S&P 500
4.7%
10
0
–10
Jan. 2024
Price/earnings ratio, next 12 months
24 times
22
20
18
16
March 2023
*Meta, Microsoft and Apple data look at 2023 free cash flow, while Nvidia data look at the 12 months through the end of October.
†Meta, Microsoft and Apple data looks at calendar year 2023 free cash flow, while Nvidia data looks through the last twelve months ending in Oct. 2023.
Sources: FactSet (performance, P/E ratio); Dow Jones Market Data, based on FactSet data (annual dividend, free cash flow)
But with Meta’s acquisitions
facing intensifying scrutiny
from regulators, analysts say
it makes sense for the com-
pany to start returning some
of its huge cash hoard to in-
vestors.
Already, big tech stocks
have a high bar to clear. The
Magnificent Seven went on a
monster run to drive the stock
panies without threats of friv-
olous lawsuits and political
pressure, and we will be here
with support, every step of
the way,” the coalition said in
a letter published Wednesday.
Conservative activists’ suc-
cess in challenging affirmative
action in college admissions
gave momentum to efforts to
stop diversity, equity and in-
clusion efforts, known as DEI,
in companies, arguing they
are tantamount to race and
sex discrimination. U.S. corpo-
rations have since been reas-
sessing diversity initiatives.
In one high-profile legal
case against such programs,
the American Alliance for
Equal Rights, a group run by
affirmative-action opponent
Edward Blum, alleged venture-
Please turn to page B10
HEARD ON
THE STREET
Department stores
face risks in the credit-
card business. B12
DJ TRANS À 0.42%
THE WALL STREET JOURNAL.
WSJ $ IDX g 0.04%
in 2018 on the back of its in-
vestments, but it wasn’t
earning money from its oper-
ations until now. Uber went
public in 2019.
“Looking back, 2023 was
an inflection point for Uber—
proving that we can continue
to generate strong, profitable
growth at scale,” Chief Exec-
utive Dara Khosrowshahi said
on a conference call with an-
alysts after results were an-
nounced Wednesday.
Uber is expected to outline
Feb.
Meta Platforms
S&P 500
Jan. ’24
market’s gains last year, pro-
pelled by bets that invest-
ments in AI technology will
eventually generate windfall
profits. The group’s gains
have extended into this year
to push the stock market to
records.
Meta has jumped 33% this
year, while the S&P 500 has
added 4.7%.
The NFC Championship Game between the 49ers and Lions was shown on Fox, part of the new streaming venture.
Media Deal to Transform Sports Watching
BY ISABELLA SIMONETTI
AND AMOL SHARMA
It’s one small step for
sports-kind.
Disney’s ESPN, Fox and
Warner Bros. Discovery on
Tuesday announced a new
sports-streaming venture that
promises to make life easier for
consumers who are frustrated
with all the platforms they have
to sign up for to watch their fa-
vorite teams play.
2–YR. TREAS. yield 4.420% NIKKEI (Midday) 36738.42 À 1.71% See more at WSJ.com/Markets
long-term financial targets
during its investor day next
week.
The company’s perfor-
mance in the last three
months of 2023 suggests that
demand for its ride-sharing
and food-delivery services re-
mains strong. The total value
of transactions on its app
grew 22% to $37.58 billion.
Uber’s revenue, or its cut
from those transactions, in-
creased 15% to $9.93 billion.
The quarterly figures were
Annual dividend as a
percentage of free cash flow*
Microsoft
33%
Apple
14%
Meta Platforms
12%
Nvidia
2%
Free cash flow†
Apple
$106.9B
Microsoft
$67.4B
Meta Platforms
$43.8B
Nvidia
$3.8B
The run-up means Magnifi-
cent Seven stocks are trading
at more expensive levels than
the broader market. Meta
trades at nearly 23 times pro-
jected earnings over the next
12 months, while Apple is
trading at roughly 28 times
and Microsoft is at about 33
times. By comparison, the S&P
Please turn to page B4
The as-yet-unnamed service
will bring together in one
streaming package all the con-
tent those companies offer—
from the NFL, NBA, NHL and
MLB to college basketball and
football. Plenty of consumers
will find that appealing. But
before you get too excited,
there is some fine print to be
aware of, from pricing to
availability of the content you
love.
The implications for the fu-
Thursday, February 8, 2024 | B1
slightly higher than Wall
Street’s expectations.
Uber expects the total
value of transactions on its
app to come in between $37
billion and $38.5 billion in
the first three months of
2024, in line with the $37.43
billion that analysts surveyed
by FactSet are expecting.
Uber shares closed up
0.3%.
The easy availability of
capital for much of the past
decade had Uber and other
Medicare Business
BY ANNA WILDE MATHEWS
CVS Health posted solid
fourth-quarter earnings, but it
downgraded its projected re-
sults for 2024 as medical-cost
increases hit the Medicare in-
surance business.
The healthcare company,
which includes a large insurer
and a pharmacy-benefit man-
ager in addition to its epony-
mous pharmacies, said
Wednesday it had seen rising
use of healthcare services by
members in its Medicare plans
in the last quarter of 2023. Its
earnings for the quarter still
came in ahead of analysts’ ex-
pectations.
Shares of CVS closed up
3.1% on Wednesday, which
might reflect that investors
had already expected a guid-
ance revision for this year’s
results.
CVS said it reduced its esti-
mate for 2024 earnings after
analyzing rising costs in its
Medicare business. The com-
pany said it is now assuming
the elevated healthcare ex-
pense might continue into this
year, adding about $400 mil-
lion in additional spending.
During a call with analysts,
CVS executives said the com-
pany had seen higher rates of
outpatient care, including hip
and knee surgeries, and use of
supplemental benefits such as
dental care.
“We are taking a cautious
stance on our outlook for
ture of the media business are
huge. This could be a tipping
point that dooms cable TV. It
will reshape deals between net-
works and leagues for years to
come and will go a long way to-
ward determining the legacies
of some big-name CEOs.
Here are some key take-
aways on what the new ser-
vice, which is slated to launch
later this year, means for con-
sumers and the sports-media
industrial complex:
startups burning through
tens of billions of dollars in
an attempt to gain market
share. From 2016 through the
first quarter of 2023, Uber
collectively racked up close
to $30 billion in operating
losses, according to S&P
Global Market Intelligence.
The company posted its first
quarterly operating profit in
the second quarter of 2023.
The company was founded in
2009.
Please turn to page B2
Medicare Advantage utiliza-
tion,” said Chief Executive
Karen Lynch.
The company revised its
earnings-per-share guidance
for 2024 to at least $7.06 from
$7.26. On an adjusted basis,
the new projection is at least
$8.30 a share, down from
$8.50. Analysts were project-
ing full-year adjusted earnings
of $8.47 a share for 2024, ac-
cording to FactSet.
The guidance revision is
the latest sign for investors al-
ready concerned about the
Medicare business after Medi-
care-focused insurer Humana
posted a steep loss for the
fourth quarter and said its fi-
nancial woes would extend
into next year and beyond.
Other insurers have also
pointed to elevated costs in
their Medicare plans at the
end of last year, but their
takes on the 2024 implications
have varied.
Medicare Advantage, the
version of the federal program
offered by private insurers,
has long been a major source
of growth and profits for the
industry. More than half of
Medicare beneficiaries are
now enrolled in such plans.
But the business is facing
challenges from rising costs
and regulatory changes.
CVS repeated it was expect-
ing its Medicare enrollment to
grow by about 800,000 this
year. The company also said
Please turn to page B2
THEARON W. HENDERSON/GETTY IMAGES
Is this the one-stop shop for
sports I’ve been waiting for?
Not exactly, but it is a start.
Subscribers will have access to
all the networks from the
three companies that show
sports. That includes Disney’s
ESPN, ESPN2, ESPNU, ESPN-
News and ABC; Fox’s broad-
cast network and Fox sports
Please turn to page B2
 Pro sports leagues are
caught off guard ............... B2
P2JW039000-4-B00200-1--------XA

B2 | Thursday, February 8, 2024 * ** * THE WALL STREET JOURNAL.

INDEX TO BUSINESSES BUSINESS & FINANCE

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

Sports
today’s edition. Articles on regional page inserts aren’t cited in these indexes.
What is in the new ESPN
sports-streaming
A G Nordstrom..................................B12 service ESPN2

Streaming
Alibaba............................................B4 General Motors........................B3 Nvidia.......................................B1,B11 ESPNU
Alphabet.......................................B11 H P
ESPNNews
Amazon.com..............................B11 Palantir Technologies.........A2 Disney

To Change
Humana...........................................B1
Apple.........................................B1,B11 ESPN+
I R
B ABC
Intermountain Health........B6 Redrow............................................B6
Barratt Developments.......B6
BP........................................................B3 K S SEC Network
BYD.....................................................B3 Kohl’s...............................................B12 Shell...................................................B3 Continued from page B1 ACC Network
ByteDance....................................B4 Kuaishou Technology.........B4 Snap.......................................B11,B12 cable networks; and Warner’s
C L Synchrony Financial..........B12 TNT, TBS and truTV. FOX
Caesars Entertainment.....B5 T These networks have con-
LG Chem........................................B3 FOX Sports 1
Carlyle............................................B10 Tesla..................................................B3
tracts for some of the highest-
Li Auto.............................................B3 Fox

KELSEY GRANT/GETTY IMAGES

Check Point Software TotalEnergies.............................B3
profile sporting content, in- FOX Sports 2
Lyft......................................................B2
Technologies...........................B5 cluding games from
M U professional football, basket- Big Ten Network
Chipotle Mexican Grill......B11
CVS Health...................................B1 Macy’s............................................B12 Uber Technologies.................B1 ball and hockey, as well as
D Meketa Investment...........B10 V from college sports. Citi ana- TNT
Meta Platforms......A3,B1,B12 lysts expect the new service to Warner Bros.
Darktrace.......................................B5 VistaJet..........................................A2 TBS
MGM Resorts International encompass about 55% of U.S. Discovery
E ............................................................... B5
W truTV
sports rights. The National Basketball
Equinor............................................B3 Microsoft...............................B1,B11 Walt Disney..................A1,B1,B2
Association will be featured. Source: the companies
F Warner Bros. Discovery
N So what’s missing?
........................................................ B1,B2
Ford Motor................................B12 New York Community The service doesn’t include There are so many variables: a lot of people who have paid Fox and Warner are essentially
Fox......................................B1,B2,B11 Bancorp.....................................B11 X content from Paramount’s how many people sign up, how for cable for a long time. doing is creating something
FuboTV...........................................B11 News Corp............................B2,B3 Xpeng................................................B3 CBS, Comcast’s NBC and much sports-rights costs grow. akin to a slimmed-down cable
streaming services like Ama- So it is hard to predict. This service will be jointly package. One insider won-
zon’s Prime and Apple TV+. owned by three companies. dered: Why do media compa-
INDEX TO PEOPLE If you are, say, a really big
NFL fan, this new service
What impact will this have
on cable TV and the media
What could go wrong?
It turns out that we have
nies need to be operating such
a thing, and take on all the
would give you only a portion business? seen a very similar movie al- risks and headaches involved?
A Graham-Watson, Rory.......B3 R of the games you may want to This is very bad for the fu- ready. Why not just allow YouTube
Ackman, Bill.................................B1 H Rasulo, Jay..................................A2 see. You would also need Ama- ture of cable TV. Sports has Hulu was founded by News TV to offer a sports-only tier?
Ananth, Venky..........................B6 Richardville, Craig..................B6 zon for football on Thursdays, been one of the main attrac- Corp (parent of The Wall Or even old-school cable pro-
Hutchinson, Lorraine.........B12
Paramount+ for access to tions of the cable bundle. Con- Street Journal) and NBC, and viders like Charter? One exec-
Anderson, Greg.....................A10
I S
CBS’s Sunday afternoon games solidating so many valuable then later added Disney/ABC utive close to the new venture
Arnold, Scott..............................B6 Schwartz, Harvey................B10
Iger, Bob..........................................A1 and NBCUniversal’s Peacock sports assets in one streaming as a shareholder. For years said ownership of the platform
B Scott, Mike..................................B6 for Sunday Night Football. platform will give people an- critics said media companies will let them collect more ad
Ives, Dan........................................B4
Bahnsen, David........................B4 Silver, Caroline..........................B6 You would also miss out on other reason to cut the cord. weren’t up to the task of run- revenue. Also, the media com-
K certain college football and The biggest draw for the ning a tech-oriented platform panies will have a more direct
Becker, Helane.......................A10 Snare, Jon......................................B1
Khandelwal, Amit..................A2 T basketball programming, big cable bundle now for many and that Hulu’s convoluted relationship with their cus-
Bell, Michael............................B10
Khosrowshahi, Dara..............B1 prominent golf events like the households will be news chan- structure wasn’t helping. Me- tomers.
Biffle, Barry..............................A10 Thomas, David..........................B6 Masters and British Open and nels like Fox News, MSNBC dia and ad analyst Brian Wi-
Boland, Micki.............................B5 L Thomson, Robert....................B3 content from the Olympics, and CNN. Entertainment chan- eser notes that “it was diffi- What impact will this have
C Ladner, Scott............................B11 Trainor, Russ..............................B5 Major League Soccer and the nels—think AMC, A&E, Bravo, cult for Hulu to maximize the on the sports leagues?
Cahall, Steven............................B2
Lejuez, Paul...............................B12 W English Premier League. Also, Comedy Central—are at most opportunity in front of it,” While the new platform
Lynch, Karen................................B1 this service doesn’t include lo- risk of being left behind by which is why some people could be a major draw for
D Wieser, Brian..............................B2
cal telecasts of pro teams. this shift. called it “Clown Co.” sports lovers across the coun-
M Wojcicki, Anne..........................B5
Dusaniwsky, Ihor....................B4 Sports streaming already That said, over time Hulu try, it also raises questions
McCourt, Stephen...............B10 Wu, Eddie.....................................B4 What will it cost? was growing. Nearly 50 mil- did get its act together and about how it will affect bid-
Dychtwald, Ken.....................A10
Mogharabi, Ali..........................B4 X No price has been an- lion Americans had subscrip- manage to become a standout ding for valuable sports-media
E
Murdoch, Lachlan...................B2 Xu, Toby.........................................B4 nounced. It will definitely be tions to a streaming service in streaming. And now, Disney rights. Will this trio be al-
Eagan, Nicole.............................B5 cheaper than the typical $100 offering weekly games as of is likely to become the sole lowed to bid collectively for
Musk, Elon....................................B1 Z
F monthly cable bill, but don’t August, compared with fewer owner, once it buys out NBC digital rights? Executives close
P Zhang, Nan..................................B4 expect it to land in the Netflix than 25 million two years ear- parent Comcast. to the matter say that isn’t the
Farley, Jim..................................B12
Peltz, Nelson..............................A2 Zhang, Yiming..........................B4 zone either, partly because lier, according to Antenna. Ex- This new venture is coming plan and each company will
G Ping, Jenny..................................B3 Zuckerberg, Mark...................B4 sports rights are so expen- pect this new venture to su- at a different moment—the continue to negotiate their
sive. percharge that trend and lead companies are all much more rights deals separately.
Wells Fargo analyst Steven to more “skinny” sports bun- committed to streaming than TNT and ESPN are the

Launch Plan for Service Cahall projected, based on var-

ious assumptions, that the ser-
vice could break even if
dles.
Fox CEO Lachlan Murdoch
said Wednesday that the new
they were 10 years ago—so the
story could very well play out
differently.
NBA’s main media partners
and are currently negotiating
a renewal of their deals. It is

Blindsided the Leagues around six million subscribers

paid $40 a month. Other me-
dia insiders and analysts said
platform is aimed at “cord-
nevers”—younger people who
have never signed up for a tra-
Was there an alternative
path for the companies to
still unclear how those negoti-
ations will be affected by the
creation of this new venture.
the cost would likely have to ditional cable bundle. But it take? —Robert O’Connell
BY JOE FLINT people involved in the part- be in the $50 range or higher. could very well also appeal to Yes, maybe. What ESPN, contributed to this article.
AND ISABELLA SIMONETTI nership said.
“We’re aware of yesterday’s
Sports leagues including
the National Football League
and National Basketball Asso-
announcement and are still
gathering details to under-
stand this proposed new
CVS Cuts CVS Health annual
revenue
$357.8B
+10.9%
Share and index performance
over the past year
ings for the fourth quarter of
2023 were $2.12 a share,
above the $1.98 consensus of

Guidance
$350 billion 30%
ciation were kept in the dark streaming service,” said NFL analysts on FactSet. CVS said
about the new sports stream- spokesman Alex Reithmiller. earnings were helped by its
ing service being launched by The NBA is in negotiations 300 20 S&P 500 pharmacy business, driven by
Walt Disney, Fox and Warner
Bros. Discovery, people famil-
iar with the matter said.
on new rights deals with War-
ner Bros. Discovery and Dis-
ney’s ESPN.
Over Costs 250
10
vaccinations, higher prescrip-
tion volume and lower ex-
penses, among other things.
The companies involved in “While we look forward to 200 CVS said it has begun dis-
the effort are media partners learning more about this new Continued from page B1 0 cussions with pharmacy-bene-
of both leagues. Pro basketball venture, we’re encouraged by the new members were ex- 150 fit managers about its planned
and football programming will the opportunity to make pre- pected to have a neutral effect new pharmacy payment
be among the significant driv- mier sports content more ac- on earnings. At the end of -10 model, and has received posi-
100 CVS Health
ers of the new service. cessible,” an NBA spokes- 2023, CVS had 3.46 million tive feedback so far.
An effort to notify the woman said. Medicare Advantage members. 50 -20 The insurance unit’s medi-
leagues wasn’t made until Given the high financial CVS said that it believes cal loss ratio, or the share of
Tuesday before a planned an- stakes—networks pay billions that Medicare Advantage rates premiums spent on medical
nouncement. Many learned of of dollars a year for the most proposed for 2025 by the fed- 0 -30 expenses, was 88.5% in the
it when The Wall Street Jour- valuable sports rights—the re- eral Medicare agency aren’t 2015 ’20 ’23 March 2023 '24 fourth quarter. Analysts had
nal broke the news. lationships between the two adequate, and that it will push Sources: S&P Capital IQ, the company (revenue); FactSet (performance) expected 88.2%, according to
Silence was maintained to sides are delicate. Some for a higher final result. The FactSet.
keep the plans from leaking leagues often want to be asked company said it would aim for that year. lion, down from $2.3 billion a Revenue for the fourth
during the months the compa- to give their blessing on any higher margins on its Medi- For the fourth quarter, CVS year ago. quarter of 2023 was $93.8 bil-
nies were settling the details, shift in business strategy. care business in its bids for reported net income of $2 bil- On an adjusted basis, earn- lion, up from $83.8 billion.

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P2JW039000-2-B00300-1--------XA

THE WALL STREET JOURNAL. * * Thursday, February 8, 2024 | B3

BUSINESS NEWS

TotalEnergies to Increase Dividends LG Chem,

GM Sign
TotalEnergies quarterly
net profit 4Q 2023
French oil-and-gas
major posts a
$3.24 a share, a 7.1% increase
from a year earlier. The com-
pany proposed a final interim
$1.75 billion and $3.5 billion of
shares in the first quarter of
the year.
from $68.58 billion.
Hydrocarbon production
rose 12% on year to 2.5 million
$19 Billion
Contract
$7 billion $5.06B
quarterly profit of dividend for 2023 of €0.79 a Meanwhile, Norway’s Equi- barrels of oil equivalent a day.
share. nor said on Wednesday that it The company said it ex-
6 more than $5 billion It said it intends to return would buy back between $10 pects its hydrocarbon produc-
more than 40% of cash flow billion and $12 billion of tion to rise by 2% this year,
5
BY PIERRE BERTRAND from operations excluding shares over two years, with up and exceed 2.4 million barrels BY KWANWOO JUN
working capital to sharehold- to $6 billion this year. For of oil equivalent a day in the
4 TotalEnergies said it ers in 2024, combining a 6.8% 2023, the company bought first quarter, boosted by the South Korea’s LG Chem will
would lift its 2023 dividend increase in interim dividends back $6 billion of shares. start of operations at Mero 2 supply General Motors with
3 and increase payouts this to €0.79 a share and $2 billion TotalEnergies’ dividend in- in Brazil. Production will fur- nearly $19 billion of cathode
year, joining other energy of share buybacks in the first crease comes after it made ther benefit from project materials in the coming years,
2 companies such as Shell, BP quarter of 2024. $5.06 billion in fourth-quarter startups in the U.S. and Den- part of the U.S. car maker’s
and Equinor in splashing out In doing so, TotalEnergies net profit, compared with mark, the company said. long-term ambitions to become
1 on shareholder returns. becomes the latest energy $3.26 billion a year prior and TotalEnergies said it ex- a leader in electric vehicles.
The French oil-and-gas company to dish out generous analysts’ expectations of $5.65 pects to invest $17 billion to The Seoul-based chemical
0 company said it would distrib- shareholder returns. Peers BP billion, according to consensus $18 billion in 2024, while its company said Wednesday that
2021 ’22 ’23 ute a cumulative 2023 divi- and Shell this month said they compiled by Visible Alpha. refining utilization rate is ex- it signed a 10-year deal to pro-
Source: S&P Capital IQ dend of €3.01, equivalent to would respectively buy back Sales fell to $59.24 billion pected to rise to above 85%. vide GM with more than
500,000 tons of cathode mate-
rials—enough to make batteries

Wind-Energy Giant Orsted Looks to Cut Costs

for about five million EVs—be-
ginning in 2026. It said the
cathode supply is worth at least
24.75 trillion won ($18.65 bil-
lion).
BY DOMINIC CHOPPING Around 600-800 positions LG Chem will produce the
will be cut globally, with 250 material in Tennessee, where it
Orsted, the struggling Euro- roles to be made redundant in broke ground on a plant in De-
pean wind-energy giant, said it the coming months, it said. cember as part of plans to
will cut costs, pause dividend “Orsted’s strategic update is boost its role in the North
payments over several years, everything [the] market ex- American EV chain. The facility,
sell assets and refocus business pected,” Citi analysts Jenny which it expects will become
priorities as it tries to right it- Ping and Rory Graham-Watson the largest cathode material
self from a costly move into the said in a note. The “question is, plant in the U.S., will produce
U.S. offshore wind market. is this enough for the shares to up to 60,000 metric tons of
Orsted, which transformed go further.” cathode materials a year start-
itself in recent years from what “For Orsted, it’s all about de- ing 2026.
was Denmark’s small state oil livery of targets and building LG Chem said the deal with
company into a global giant in investor confidence, which will GM builds on a plan the compa-
WAYNE PARRY/ASSOCIATED PRESS

wind energy development, has take time,” they said. nies made in 2022 for the long-
recently hit major headwinds as The measures were outlined term supply of cathode materi-
it pushed aggressively to ex- alongside the company’s earn- als.
pand into new markets, partic- ings. It reported fourth-quarter GM didn’t immediately re-
ularly in a push in the U.S. earnings before interest, taxes, spond to a request for com-
After betting big on offshore depreciation and amortization ment.
wind development on the U.S. excluding new partnerships— The Detroit automaker has
East Coast, it has pared back the company’s preferred met- been working to ramp up its
dramatically, and seen its stock- Orsted has said it would ditch two big wind projects off the coast of New Jersey due to costs. ric—of DKK8.62 billion com- budding EV business in recent
market valuation—at one point pared with DKK6.62 billion a years. In 2021, it said it planned
eclipsing that of some of its energy company at the time of another project to become home, including Norway, Spain, year earlier, beating a FactSet to phase out nearly all gasoline-
more traditional oil and natural booked a 26.8 billion Danish sole owner, subject to securing and Portugal, deprioritizing de- consensus of DKK6.08 billion. and diesel-powered vehicles by
gas peers—crater. kroner, equivalent to $3.86 bil- higher tariffs for its output. velopment activities in Japan, The company sees 2024 2035, making it among the first
It has struggled with supply- lion, impairment charge and Orsted said Wednesday that and planning for leaner devel- Ebitda excluding new partner- automakers to vow a full switch
chain bottlenecks in the U.S., has also taken a DKK9.6 billion it will now implement further opment costs for projects, in- ship agreements and provisions to electric.
higher interest rates and trou- provision in 2023. measures to bolster its balance cluding its floating offshore of between DKK23 billion and Its EV business remains un-
ble getting tax credits there. As it continues to shuffle its sheet and support long-term wind projects. DKK26 billion, before rising to profitable, although last week it
Late last year, it said it would portfolio, Orsted last month growth. It said it will also pause divi- between DKK39 billion and said that it would trim losses
pull out of two high-profile canceled a deal to supply power To reduce development costs dends for the financial years DKK43 billion in 2030. on EVs this year after manufac-
wind projects off the coast of from another U.S. offshore proj- and create further strategic 2023-25 and aims to reinstate Gross investments in 2024 turing issues tripped up launch
New Jersey due to spiraling ect due to unfavorable terms market focus, it is exiting sev- dividends from the financial are seen at DKK48 billion to plans for several models last
costs. The Danish renewable- and said it would purchase 50% eral offshore markets closer to year 2026. DKK52 billion. year.

News Corp Revenue, Profit

Rise With Subscriptions
BY JEFFREY A. TRACHTENBERG from $67 million, or 12 cents a earnings of $163 million. News
share, in the year-earlier quar- Corp calculates segment earn-
News Corp posted higher ter. News Corp attributed the ings as revenue less operating
revenue and profit in its re- increase in part to revenue and administrative expenses.
cently completed quarter, as growth and savings related to The Journal averaged 3.528
the media company’s in- a previously announced 5% re- million digital subscriptions in
creased focus on digital sub- duction in staff levels. the quarter, an increase of
scriptions helped it offset a News Corp’s Class A shares 71,000 from the previous
decline in advertising revenue. were flat in after-hours trading. quarter, when it averaged
The New York-based com- Chief Executive Robert 3.457 million. Including the
pany, which owns The Wall Thomson said the company print edition, total subscrip-
Street Journal and HarperCol- continued to benefit from its tions to the Journal averaged
lins Publishers, said revenue “strategic shift to digital and 4.052 million subscriptions.
rose 2.6% to $2.59 billion, with subscription revenues, and Thomson also mentioned
the only decline coming from away from sometimes volatile the continued detention by
its unit that owns news organ- advertising revenues.” Russia of Wall Street Journal
izations in the U.K. and Aus- The company’s biggest rev- reporter Evan Gershkovich,
tralia as well as the New York enue and profit contributor stating that Gershkovich “con-
Post. was Dow Jones, the publisher tinues to be unjustly detained
News Corp earned $156 of the Journal, Barron’s and in a Moscow prison, solely for
million, or 27 cents a share, in MarketWatch, with revenue of being a highly professional
the quarter ended Dec. 31, up $584 million and segment journalist.”

China Offers Boost to EV Makers

BY TRACY QU

China is encouraging its

electric vehicle makers to ex-
pand their overseas presence,
including forging tie-ups with
foreign research institutions
and countries to build indus-
trial clusters.
Companies are encouraged
to establish research-and-de-
velopment centers overseas
and collaborate with shipping
companies to integrate ware-
housing and logistics re-
sources in foreign markets,
the Ministry of Commerce
said in a statement on
LEONHARD SIMON/REUTERS

Wednesday.
The ministry said it would
optimize credit support by
encouraging banks to support
EV supply-chain companies
domestically and overseas.
Banks will also be encouraged BYD recently overtook Tesla in electric-vehicle sales.
to expand the scale of cross-
border settlements in yuan. is expanding showrooms trade potential, consumption
The moves are part of Bei- across Europe as it targets structure, and country risks,
jing’s efforts to strengthen its more sales there this year. the ministry said.
EV and automobile industry Industry organizations are Chinese electric-vehicle
market share by increasing also encouraged to shares were mixed in trading
exports of its EV and hybrid strengthen research on over- on Wednesday, after an over-
vehicles. China’s BYD, the seas markets and guide new night rebound in the U.S.
Warren Buffett-backed com- energy vehicles and their American depositary receipts
pany, had recently surpassed supply chain companies to of Li Auto retreated 2% while
Tesla to become the world’s optimize international coop- Xpeng closed down 1% in
largest EV maker by sales. It eration based on market size, Hong Kong.
P2JW039000-0-B00400-165DF63078D

B4 | Thursday, February 8, 2024 THE WALL STREET JOURNAL.

TECHNOLOGY WSJ.com/Tech

Alibaba Logs Sharp Earnings Drop Chief of

TikTok’s
Chinese
Version
Departs
BY TRACY QU

The chief executive of

Douyin, the Chinese version of
TikTok, has stepped down to
take on other responsibilities,
a company spokeswoman said
Wednesday.
Zhang Nan will remain at
Douyin’s parent company
ByteDance, owner of short-
video app TikTok, but will be
responsible for video-editing
product Jianying, a person
with knowledge of the situa-
tion said.
She has been at ByteDance
for 10 years. In 2020, she took
the newly created position of
CEO of China operations as
TikTok faced scrutiny from
U.S. authorities over fears that
it could be pressured by Bei-
jing to share user data or use
CFOTO/DDP/ZUMA PRESS

the app to spread propaganda.

The e-commerce giant took hits from its Sun Art retailer business and its Youku video platform. Cosplayers at a Youku booth during a Shanghai expo.
Chinese company
books over $3 billion
in impairments, will
boost stock buybacks
BY MAURO ORRU
Alibaba Group Holding
posted lackluster sales growth
and a plunge in profit in the
October-December quarter af-
ter the Chinese e-commerce
giant booked more than $3
billion in impairments linked
to its Sun Art retailer business
and its Youku video platform.
Meanwhile, the company
approved a $25 billion in-
crease to its share-repurchase
program through March 2027,
meaning Alibaba has $35.3
billion available under its
buyback program through the
next three fiscal years. Chief
Financial Officer Toby Xu
said the decision underscored
the group’s confidence in the
outlook of its business and
cash flow.
The company said Wednes-
day that revenue edged up 5%
in its fiscal third quarter to the
equivalent of $36.67 billion.
Sales at Alibaba’s core digital-
retail and online-commerce
businesses, Taobao and Tmall,
grew 2% on year to $18.18 bil-
lion. The group said that while
the volume of orders had in-
creased strongly, their average
value was in decline.
Net income attributable to
ordinary shareholders slumped
69% to $2.03 billion. Alibaba
booked roughly $3.25 billion in
impairments in the quarter.
Excluding the impairments,
share-based compensation ex-
penses and other items, profit
fell 4% to $6.75 billion.
Sales at Alibaba’s interna-
tional digital-commerce busi-
ness climbed 44% on year to
$4.02 billion. The company
cited strong global demand for
products at relatively cheap
prices. However, the group’s
cloud-intelligence business
posted a 3% increase in sales
to $3.95 billion. Alibaba is
seeking to reduce its exposure
to low-margin project-based
contracts.
Alibaba stock closed down
TikTok has repeatedly denied
those claims.
Douyin is the most popular
short-video app in China, fol-
lowed by Kuaishou Technol-
ogy’s platform. As of June
1.5% in Hong Kong. Alibaba’s quarterly net profit* 2023, there were more than 1
“Our top priority is to reig- $7 billion billion users on short-video
nite the growth of our core apps in China, according to
businesses, e-commerce and 6 data from China Internet Net-
cloud computing,” said Chief work Information Center.
Executive Eddie Wu. “We will The person familiar with
5
step up investment to improve $2.03B the matter said Douyin isn’t
users’ core experiences to drive looking to replace the CEO in
4
growth in Taobao and Tmall the near future.
Group and strengthen market Zhang joined ByteDance
leadership in the coming year.” 3 when it was still a startup and
China’s economy grew 5.2% worked closely with founder
last year after expanding just 2 Zhang Yiming, who stepped
3% in 2022, compared with away from the day-to-day
prepandemic rates of 6% or 1 management of the company
more. The country’s economy in 2021. The two aren’t related.
has been suffering from a pro- 0 Last month, TikTok said it
longed downturn in the prop- 1Q 2Q 3Q 4Q 1Q 2Q 3Q had spent $1.5 billion building
erty sector as well as weak ex- FY2023 ’24 an operation intended to con-
ports and consumer demand *Attributable to ordinary shareholders vince U.S. lawmakers that its
since it emerged from the pan- Note: Fiscal year ends March 31 popular video-sharing app is
demic in early 2023. Source: the company safe.

Meta Payout
Worries
Everyone Investors
should be Continued from page B1
500 is at around 20.
DAVID PAUL MORRIS/BLOOMBERG NEWS

This year, analysts estimate

welcome at
Meta’s gains will be much
more subdued. The average
12-month price target is
$502.90, or 7.1% higher than

the table.
Wednesday’s closing price of
$469.59, according to fore-
casts compiled by FactSet.
Last year, Meta shares
nearly tripled, while the S&P Some see the dividend as another part of ‘Year of Efficiency.’
We’re on a mission to provide a billion meals by 500 climbed 24%.
2030. Because over 30 million Americans don’t “One of the reasons they according to a Dow Jones “The historical view of tech
know where their next meal is coming from. It could have declared a dividend is Market Data analysis of the stocks was once you pay a
that they may be foreseeing a current shares outstanding. dividend, it becomes a bad
be anyone, even your neighbors. Let’s break the significant deceleration in Apple, which paid its first thing. It signals less growth,”
cycle of hunger, together. top-line growth,” said Ali dividend in 1987, offers one said Dan Ives, analyst at Wed-
Mogharabi, senior equity ana- with the yearly payout of 96 bush Securities. “But as we’ve
lyst at Morningstar. cents a share. Microsoft began seen from Microsoft, Apple
Short interest in Meta dividends in 2003,and gives and others, it’s about striking
since right before the com- shareholders about $3 a share a balance.”
pany’s earnings results last a year. Nvidia paid its first While Meta’s dividend is
week has risen $1.67 billion, dividend in 2013, with the modest for now, Ives said
or 16%, according to Ihor Du- current annual rate equal to there is potential for it to
saniwsky, managing director 16 cents a share. Over the past grow. As of the fourth quarter,
of predictive analytics at S3 decade, Apple and Microsoft the company had $41.86 bil-
Partners. Short sellers borrow have paid about $135 billion lion in cash on its balance
shares and sell them with the and $144 billion in dividends, sheet.
hope of profiting by buying respectively. Nvidia has paid —Charley Grant contributed
the stock back at a lower out about $3.3 billion. to this article.
price later. Roughly 1.19% of
Meta’s publicly available
shares are currently sold Listen to a Podcast: The Day
short. The Music Died on TikTok
Meta has proved its doubt-
ers wrong before. In 2022, the
company’s shares sank after it
spent exorbitant sums on the
metaverse and gave a dim
outlook for its advertising
business. To shore up investor
confidence, Chief Executive
Mark Zuckerberg subse-
quently embarked on steep
cost cutting that he dubbed
the “Year of Efficiency.” Some
MAIRO CINQUETTI/SOPA IMAGES/ZUMA PRESS

say that last week’s dividend

and buyback announcement is
another leg of that strategy.
NourishingNeighbors.com David Bahnsen, chief in-
vestment officer at Bahnsen
Group, said the dividend could
Nourishing Neighbors is a program of Albertsons Companies Foundation, drive up demand for Meta
a 501 (c)(3) designated nonprofit. shares, since fund managers
with a mandate to invest in
stocks that pay dividends can
now snap them up.
Meta’s dividend amounts to Music from major artists including Taylor
an annual payment of about Swift and The Weeknd has been muted on
$5 billion, or about 12% of the TikTok after a licensing deal fell apart. Scan
company’s annual free cash this code for The Journal podcast on why
flow and 12% of the cash cur- the two companies are at loggerheads.
rently on its balance sheet,
P2JW039000-4-B00500-1--------XA

THE WALL STREET JOURNAL. * * * * Thursday, February 8, 2024 | B5

TECHNOLOGY WSJ.com/Tech

Las Vegas Braces for Cyberattacks 23andMe

Considers
Almost every aspect
of game day relies Splitting
on internet, creating
hacker opportunities Self in Two
BY JAMES RUNDLE BY ROLFE WINKLER

The clash between the San DNA-testing company

Francisco 49ers and the Kan- 23andMe said Wednesday that
sas City Chiefs in Super Bowl it is considering splitting itself
LVIII won’t be the only battle in two, one possible effort to
taking place in Las Vegas this resurrect its sub-$1 share price.
Sunday. Away from Allegiant Investors seemed unmoved,
Stadium, cybersecurity experts however, driving shares down
will be countering threats from as much as 9% after the com-
hackers they expect to be par- pany reported disappointing
ticularly challenging. December-quarter results.
Preparations for defending Chief Executive Officer Anne
computer networks in Las Ve- Wojcicki discussed separating
gas have been under way for its DNA-testing business from
some time. Concerns about the its drug-development business
potential for politicized at- during 23andMe’s earnings
tacks—stemming from the conference call, saying the two
presidential election and geo- units might find new investors
ETHAN MILLER/GETTY IMAGES

political tensions owing to the if they operate solo.

conflict in Gaza and the war in Any excitement over such a
Ukraine—have added to exist- plan was outweighed by disap-
ing cybersecurity threats from pointment in the company’s
criminals and nation-states. revenue report, which missed
“It doesn’t just start with analyst consensus estimates by
the day of the event. It’s nearly 20%.
months ahead prior, doing lots Preparations for defending computer networks in Las Vegas are under way. Elvis impersonators welcome visitors to Las Vegas. The stock fell 3.4% to 70
of different types of scenario cents in aftermarket trading.
testing, and training and role- Cybersecurity and Infrastruc- leading smart cities in the launch relatively sophisticated regular-season NFL games this The Wall Street Journal re-
playing exercises, and it won’t ture Security Agency held joint world,” said Nicole Eagan, attacks. Generative AI tools, season averaged 17.9 million ported last week how
end when the Super Bowl cybersecurity exercises in Sep- chief strategy and artificial in- for instance, can create con- viewers on television and 23andMe’s struggle to make
ends,” said Mike Sherwood, tember. They discussed scenar- telligence officer for Dark- vincing phishing emails to tar- streaming, up 7% from the pre- money has driven its valuation
the city’s chief information se- ios including phishing, ran- trace, a cybersecurity com- get individuals and companies, vious season. from $6 billion to nearly $0 the
curity officer. somware, data breaches and pany working with the city. while simulated audio and This means cybersecurity, past three years.
Cybersecurity has been a insider threats. Casino opera- Two additional factors are video deepfakes have become physical security and informa- 23andMe hopes that data
difficult issue for Las Vegas re- tors and the broader hospital- contributing to the threat en- extremely lifelike. Micki Bo- tion technology teams must from a clinical trial for one of
cently. In September, cyberat- ity industry have been in- vironment, Eagan said. The ro- land, a cybersecurity specialist work in lockstep during the its drug candidates will come
tacks against casino and hotel volved. The Federal Aviation mance between Taylor Swift in the office of the chief tech- Super Bowl to ensure systems back positive later this year
operators, including Caesars Administration has banned and Chiefs’ tight end Travis nology officer at Check Point remain available. and boost its shares.
Entertainment and MGM Re- drones from airspace around Kelce has boosted game view- Software Technologies, said “Cyber’s important, but in Left unmentioned in the
sorts International, crippled the stadium and other loca- ership from her fans hoping to stopping content isn’t easy. my world, you’ve got to make company’s earnings release
gambling operations and guest tions in Las Vegas. catch a glimpse of the singer. “There are some things we sure the regular business apps and on its conference call was
services for days. Securing any major sporting It has also spawned conspiracy can’t protect, and that’s people and all that stuff are working any impact on DNA-test sales
Allegiant Stadium, home to event can be a nightmare. Al- theories about the Super Bowl consuming this media, which as well,” said Russ Trainor, se- from an October security
the Las Vegas Raiders, was most every aspect of game day, being rigged and Swift acting is not real, and then dissemi- nior vice president of informa- breach that compromised data
chosen in 2021 to host this including ticketing, on-site as an operative for the Demo- nating this information as tion technology for the Denver for 6.9 million customers. Sales
year’s Super Bowl, and events sales, operating scoreboards, cratic Party. though it is legitimate,” she Broncos. “It takes a village of those tests continued to de-
are taking place this week in interactive fan experiences and Additional concerns stem said. sometimes, especially for the cline last quarter, which
the buildup to the game. Plan- gaming, involves some form of from the rapid growth of AI The stakes are also high be- Super Bowl, to pull that off.” 23andMe blamed on macroeco-
ning for the events has in- internet access, meaning it can tools, which are being used in yond Las Vegas. Last year’s Su- Sherwood said Las Vegas is nomic headwinds and higher
cluded an array of government all potentially be attacked. Las Vegas to help sift through per Bowl was the most- no stranger to securing major prices.
agencies, local authorities and “It’s all connected through vast amounts of information watched television program of events. In November, the city The company now expects
companies, Sherwood said. operational technology and In- generated by cybersecurity all time, averaging 115.1 million hosted its first Formula One revenue of around $220 million
The National Football ternet-of-Things devices, and systems, and direct resources viewers, according to media Grand Prix, and it hosted the for this fiscal year, roughly half
League, Allegiant Stadium, then you also have the city of to where they are needed. ratings giant Nielsen. This world’s largest technology con- of what the company projected
commercial partners and the Las Vegas, which is one of the But AI can also be used to year’s event could be bigger, as ference, CES, in January. when it went public in 2021.

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P2JW039000-0-B00600-1--------XA
B6 | Thursday, February 8, 2024
U.K. Home Builder Barratt to Buy Smaller Rival
BY IAN WALKER
Home builder Barratt De-
velopments has agreed to buy
smaller peer Redrow in an all-
share deal, creating a com-
pany with a market value of
more than £7.15 billion, equiv-
alent to $9.01 billion.
Under the agreement, ac-
cepting shareholders of FTSE
250-listed Redrow will get
1.44 new Barratt shares for
Hospitals Weigh 5G as Wi-Fi Networks Pushed to Limits
BY ISABELLE BOUSQUETTE
A profusion of connected
devices and data-intensive pro-
cesses in healthcare is forcing
hospital CIOs to evaluate alter-
natives to their existing Wi-Fi
networks, which are pushing
ever closer to their limits.
For years, hospitals have re-
lied on Wi-Fi, where connec-
tivity depends on the amount
and strategic placement of
networking hardware. It’s a
setup chief information offi-
cers say can be difficult to
scale at the pace of galloping
bandwidth demands.
Taking a page from newly
automated warehouses and
factories, some hospital CIOs
are testing and evaluating pri-
vate networks that run on
high-speed 5G wireless cellular
technology and other hybrid
private-public 5G systems,
which they say could be ex-
panded more quickly across
hospital campuses than tradi-
tional Wi-Fi.
“Speed and scalability of a
network is going to become
more demanding with new
technologies that are emerg-
ing,” said Scott Arnold, chief
digital and innovation officer
at Tampa General Hospital.
Specifically, he called out the
amount of extended real-
ity and virtual reality increas-
ingly being used in teaching,
including surgical training.
The benefits of private 5G
each share held. The offer
value is a 27% premium to
Redrow’s closing price of 600
pence on Tuesday and values
the company at £2.52 billion.
Barratt had a market value
of £5.165 billion while Redrow
was worth £1.985 billion based
on their closing share prices
on Tuesday.
Upon completion of the
deal, Redrow shareholders will
own 32.8% of the combined
More bandwidth is needed as medical records and devices increasingly become electronic.
networks, which rely on sig-
nals from cellular sites, could
be likened to those of cloud
computing, Arnold said. Rather
than maintaining its own phys-
ical Wi-Fi infrastructure, the
hospital would outsource con-
nectivity to a major carrier,
and be able to scale up and
down quickly based on de-
mand, he said.
“Our Wi-Fi network is lim-
ited by the amount of circuits
that we purchase,” Arnold
said, adding that getting that
physical hardware in place can
have long lead times.
BUSINESS NEWS
group with Barratt sharehold-
ers owning the rest.
Barratt nonexecutive chair
Caroline Silver, Chief Execu-
tive David Thomas and Chief
Financial Officer Mike Scott
will remain in their roles at
the combined group, with the
rest of the board containing a
mixture of executives and
nonexecutives from both com-
panies.
The merged company—
While Wi-Fi has thus far
held up, evolving medical tech-
nology could change that.
Medical records are increas-
ingly becoming electronic and
accessed by professionals via
laptops and iPads as they
move around the hospital. A
growing number of medical
devices, such as intravenous
pumps, are internet-connected.
And bandwidth-intensive
emerging technology, such as
virtual and augmented reality
as well as new applications of
artificial intelligence, are
slowly making their way into
THE WALL STREET JOURNAL.
which will be called Barratt said.
Redrow—generated aggregate They added that any excess
revenue of £7.45 billion in fis- cash would be returned to
cal 2023 and sold 22,642 shareholders via a share buy-
homes between them. back or special dividends.
They had cash at Dec. 31 of Redrow shareholders will
£874 million. get to keep the dividend of 5
The board expects to main- pence a share as declared sep-
tain Barratt’s existing divi- arately by the company and
dend policy for the combined Barratt shareholders will get
group, leading to a significant 4.4 pence.
raise in payouts for Redrow “The Barratt directors and
shareholders, the companies the Redrow directors believe
barrier, said Venky Ananth, se-
nior vice president and global
head of healthcare at informa-
tion technology consulting
firm Infosys. Providers like T-
Mobile aver that private 5G is
more secure than Wi-Fi, but
some CIOs remain wary.
At Boston Children’s Hospi-
tal, CIO Heather Nelson said
she has been working with T-
Mobile to build a hybrid 5G en-
vironment, which would sup-
port both secure hospital
traffic as well as general public
connections, but with the idea
that Wi-Fi would remain as a
TAMPA GENERAL HOSPITAL backup.
“We knew our current leg-
acy systems couldn’t scale,”
she said. With new technology
coming, she added, “We knew
that we needed to shift our
clinical mobility strategies,
why not do it and why not
make sure that it’s scalable
hospitals. and that we can grow with it,
Tampa General is currently and that it can grow with
building a new pavilion, slated us.” She added that she’s had
to open in 2027. Arnold is con- conversations with many med-
sidering whether a private 5G ical device manufacturers that
network, rather than Wi-Fi, are embedding 5G capabilities
should be its primary point of in their products.
connection, he said. Tradi- 5G promises to cover the
tional Wi-Fi will still be in- hospital’s 3 million square-foot
stalled as a backup in any case, campus more dependably than
he added. Wi-Fi, she said. Wi-Fi can also
Even so, it could be a while cover wide areas if there are
before 5G is widely adopted by enough access points, she said,
hospitals—many medical de- but users moving between
vices don’t run off it. For hos- those points can find them-
pitals in particular, cybersecu- selves with pokey service—sig-
rity concerns could be a nals that go dim in stairwells
that the combination will cre-
ate an exceptional U.K. home
builder in terms of quality,
service and sustainability, de-
livering excellence and driv-
ing innovation for customers,
employees, subcontractors
and the supply chain,” the
companies said in a joint
statement.
The merger is expected to
become effective in the second
half of this year.
or long hallways, for instance.
For hospital staff, it’s a
source of frustration.
“Wi-Fi won’t go away,” Nel-
son said, “but I’m trying to
create a more ubiquitous and
reliable platform.” Testing of
the 5G system so far has gone
well, she added.
But in some quarters, Wi-Fi
is still handling the digital load
with no need for an upgrade.
Craig Richardville, chief digital
and information officer at In-
termountain Health, com-
mented that 5G solutions are
“a little on the bleeding edge”
for healthcare. Wi-Fi is work-
ing well for the Salt Lake City,
Utah-based health system, he
said.
To the extent Richardville is
evaluating 5G for the future,
he’s thinking about cost, de-
vice-readiness and cybersecu-
rity, he said. Currently, Inter-
mountain operates a number
of segmented Wi-Fi networks
independent of each other,
which provides a higher level
of security and less competi-
tion for critical services: for
instance, patients and their
families don’t log into the
same network that’s crunching
medical data.
“We don’t want to put in a
technology just because it’s
cool and because it’s new,”
said Richardville. It has to de-
liver, he added, whether it’s “a
better quality, better price, a
better experience.”
P2JW039000-0-B00700-1--------XA

THE WALL STREET JOURNAL. Thursday, February 8, 2024 | B7

MARKETS DIGEST
EQUITIES

Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index
Last Year ago Last Year ago Last Year ago
38677.36 s 156.00, or 0.40% Trailing P/E ratio 25.72 22.61 4995.06 s 40.83, or 0.82% Trailing P/E ratio * 22.85 18.65 15756.64 s 147.65, or 0.95% Trailing P/E ratio *† 30.87 24.34
High, low, open and close for each P/E estimate * 18.53 17.92 High, low, open and close for each P/E estimate * 22.15 18.52 High, low, open and close for each P/E estimate *† 29.65 24.92
trading day of the past three months. Dividend yield 1.90 2.03 trading day of the past three months. Dividend yield * 1.49 1.65 trading day of the past three months. Dividend yield *† 0.88 0.88
All-time high 38677.36, 02/07/24 All-time high 4995.06, 02/07/24 All-time high: 16057.44, 11/19/21

Current divisor 0.15172752595384

38700 5100 15500
Session high
DOWN UP
Session open Close 37700 4900 15100
t

Close Open
t

36700 4700 14700

Session low

35700 4500 14300

65-day moving average

34700 4300 13900

65-day moving average 13500

33700 4100 65-day moving average

Bars measure the point change from session's open

32700 3900 13100
Nov. Dec. Jan. Feb. Nov. Dec. Jan. Feb. Nov. Dec. Jan. Feb.
* 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* 975,649,341 11,277,871
Industrial Average 38748.11 38571.01 38677.36 156.00 0.40 38677.36 31819.14 13.9 2.6 7.5 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 481,701,906 5,405,228
Transportation Avg 16198.95 16060.23 16076.12 66.83 0.42 16695.32 13444.01 4.4 1.1 7.9 Most-active issues in late trading Decl. volume* 481,638,499 5,018,470
Utility Average 842.45 832.84 837.47 -0.43 -0.05 975.39 783.08 -11.1 -5.0 -1.3 Volume After Hours Issues traded 2,913 300
Company Symbol (000) Last Net chg % chg High Low
Total Stock Market 49713.85 49374.50 49647.87 374.64 0.76 49647.87 38697.55 19.4 3.9 6.5 Advances 1,439 125
Arm Holdings ADR ARM 9,771.3 99.11 22.10 28.70 109.48 76.01
Barron's 400 1071.96 1059.72 1068.70 5.37 0.50 1087.83 881.58 6.4 -0.3 5.3 Declines 1,393 161
PayPal Holdings PYPL 7,218.1 58.83 -4.41 -6.97 69.63 58.55
Unchanged 81 14
Nasdaq Stock Market Disney DIS 6,934.2 104.86 5.72 5.77 107.77 97.98 New highs 167 9
Nasdaq Composite 15770.68 15645.81 15756.64 147.65 0.95 15756.64 11138.89 32.3 5.0 4.4 SPDR S&P 500 ETF Trust SPY 6,691.7 498.01 -0.09 -0.02 498.11 497.76 New lows 36 16
Nasdaq-100 17784.17 17637.73 17755.07 182.34 1.04 17755.07 11830.28 42.1 5.5 9.3 Intel INTC 3,942.5 42.70 -0.08 -0.19 42.88 42.66 Closing Arms† 1.08 0.47
ProShares Short S&P 500 SH 3,768.3 12.48 -0.01 -0.08 12.50 12.48 Block trades* 4,598 119
S&P
Apple AAPL 3,527.7 189.38 -0.03 -0.02 189.81 180.47 Nasdaq NYSE Arca
500 Index 4999.89 4969.05 4995.06 40.83 0.82 4995.06 3855.76 21.3 4.7 8.7
Carnival CCL 3,442.7 15.69 -0.03 -0.19 15.72 15.67
MidCap 400 2773.70 2740.84 2762.35 12.93 0.47 2809.23 2326.82 3.6 -0.7 3.7 Total volume*4,567,580,853 290,959,614
SmallCap 600 1262.51 1251.36 1257.53 -2.49 -0.20 1339.63 1068.80 -1.7 -4.6 0.1 Percentage gainers… Adv. volume*2,308,100,436 136,099,591
Arm Holdings ADR ARM 9,771.3 99.11 22.10 28.70 109.48 76.01 Decl. volume*2,211,533,659 151,616,636
Other Indexes
Oscar Health OSCR 291.1 16.50 3.09 23.04 16.84 13.41 Issues traded 4,438 1,929
Russell 2000 1958.07 1939.97 1950.36 -3.27 -0.17 2066.21 1636.94 0.4 -3.8 -4.4
Confluent Advances 1,839 1,159
NYSE Composite 17236.03 17135.48 17212.32 76.84 0.45 17212.32 14599.05 8.0 2.1 4.5 CFLT 1,531.2 29.15 4.86 20.01 30.39 24.00
Declines 2,430 727
Value Line 581.61 577.58 579.84 0.36 0.06 598.74 498.09 -1.9 -2.4 -1.9 Monolithic Power Systems MPWR 66.8 695.00 49.59 7.68 704.00 645.41
Unchanged 169 43
NYSE Arca Biotech Disney DIS 6,934.2 104.86 5.72 5.77 107.77 97.98
5193.65 5089.96 5089.96 -103.68 -2.00 5538.12 4544.40 -7.9 -6.1 -6.6 New highs 237 398
NYSE Arca Pharma 1000.13 986.73 993.90 7.17 0.73 993.90 791.91 19.7 9.2 12.4 ...And losers New lows 147 26
KBW Bank 93.87 91.88 93.47 0.03 0.03 114.27 71.71 -18.2 -2.7 -4.2 GoPro GPRO 112.3 2.64 -0.26 -8.97 2.99 2.45 Closing Arms† 0.73 1.87
PHLX§ Gold/Silver 112.87 111.46 111.70 -1.20 -1.06 144.37 103.31 -11.8 -11.1 -7.6 Qualys QLYS 60.4 162.44 -14.73 -8.31 177.17 161.13 Block trades* 27,152 1,666
PHLX§ Oil Service 79.63 78.19 78.67 -0.04 -0.05 98.76 69.29 -15.3 -6.2 15.5 Axcelis Technologies ACLS 211.5 121.50 -9.99 -7.60 131.93 113.00 * Primary market NYSE, NYSE American NYSE Arca only.
PHLX§ Semiconductor 4412.61 4329.95 4408.73 70.46 1.62 4483.33 2892.39 44.3 5.6 13.9 Paycom Software PAYC 71.3 184.60 -14.43 -7.25 203.41 179.24 †(TRIN) A comparison of the number of advancing and declining
issues with the volume of shares rising and falling. An
Cboe Volatility 13.13 12.81 12.83 -0.23 -1.76 26.52 12.07 -34.6 3.1 -15.0 PayPal Holdings PYPL 7,218.1 58.83 -4.41 -6.97 69.63 58.55 Arms of less than 1 indicates buying demand; above 1
§ Nasdaq PHLX Sources: FactSet; Dow Jones Market Data indicates selling pressure.

International Stock Indexes Percentage Gainers... Percentage Losers

Latest YTD
Region/Country Index Close Net chg % chg % chg Latest Session 52-Week Latest Session 52-Week
Company Symbol Close Net chg % chg High Low % chg Company Symbol Close Net chg % chg High Low % chg
World MSCI ACWI 745.10 4.42 0.60 2.5 Oxus Acquisition Cl A Phoenix Biotech Acqn
OXUS 12.50 3.50 38.90 12.50 7.20 20.5 PBAX 7.03 -3.97 -36.09 12.80 5.97 -33.4
MSCI ACWI ex-USA 313.35 0.61 0.19 –1.0 XBP Europe Holdings XBP 2.75 0.63 29.72 47.40 1.98 -74.0 Snap SNAP 11.41 -6.04 -34.61 17.90 7.86 -1.3
MSCI World 3265.07 20.56 0.63 3.0 Fitell FTEL 3.46 0.71 25.82 5.26 0.88 ... CytoMed Therapeutics GDTC 2.11 -0.97 -31.43 9.25 1.92 ...
MSCI Emerging Markets 1002.55 2.69 0.27 –2.1 China Liberal Educ Hldgs CLEU 2.85 0.58 25.55 40.80 1.72 -76.3 EW Scripps Co SSP 5.64 -1.79 -24.09 15.32 4.85 -62.6
Americas MSCI AC Americas 1889.85 14.96 0.80 4.2 Tenax Therapeutics TENX 14.26 2.81 24.54 118.40 8.33 -86.6 Chenghe Acquisition Cl A CHEA 5.50 -1.63 -22.86 12.15 4.95 -47.1
Canada S&P/TSX Comp 20969.18 11.44 0.05 0.1 Oragenics OGEN 3.04 0.59 24.08 7.74 2.10 -55.6 fuboTV FUBO 1.94 -0.57 -22.71 3.87 0.96 -22.1
Latin Amer. MSCI EM Latin America 2579.60 –9.29 –0.36 –3.1 SEALSQ LAES 3.55 0.62 21.16 28.50 0.91 ... Humacyte HUMA 2.91 -0.74 -20.27 5.60 1.96 -9.1
Brazil Bovespa 129949.90 –466.41 –0.36 –3.2 Healthcare Triangle HCTI 2.87 0.50 21.10 10.89 1.99 16.0 Perion Network PERI 23.54 -5.93 -20.12 42.75 23.35 -23.3
Chile S&P IPSA 3354.32 2.84 0.08 –3.3 GRIID Infrastructure GRDI 2.53 0.41 19.34 9.66 1.50 ... CCSC Tech Intl CCTG 2.59 -0.65 -20.06 30.00 2.51 ...
Mexico S&P/BMV IPC 58711.87 32.29 0.06 2.3 Aviat Networks AVNW 35.86 5.78 19.22 37.84 21.15 -0.3 Volcon VLCN 2.76 -0.67 -19.53 393.75 2.60 -99.2
EMEA STOXX Europe 600 485.63 –1.13 –0.23 1.4 XPO XPO 116.54 18.49 18.86 117.72 29.02 165.0 Soho House SHCO 5.00 -1.18 -19.09 8.48 4.35 -18.3
Eurozone Euro STOXX 482.64 –1.46 –0.30 1.8 Jasper Therapeutics JSPR 17.50 2.67 18.00 21.90 4.00 -5.4 Pixie Dust Techs ADR PXDT 5.27 -1.21 -18.67 10.51 4.86 ...
Belgium Bel-20 3625.95 5.44 0.15 –2.2 Criteo ADR CRTO 30.83 4.66 17.78 36.76 22.10 -11.2 ViaSat VSAT 18.64 -4.14 -18.17 47.35 15.02 -37.5
Denmark OMX Copenhagen 20 2539.69 1.04 11.2 PepGen PEPG 12.51 1.88 17.63 20.00 3.72 -27.1 SIMPPLE SPPL 4.50 -0.95 -17.43 9.68 4.20 ...
26.13
France CAC 40 7611.26 –0.36 0.9 J-Long Group JL 15.98 2.39 17.59 16.00 6.14 ... Triumph Group TGI 13.64 -2.80 -17.03 17.27 7.00 9.4
–27.71
Germany DAX 16921.96 –0.65 1.0
Israel Tel Aviv 1841.57
–111.28
4.16 0.23 –1.3
Most Active Stocks Volume Movers Ranked by change from 65-day average*
Italy FTSE MIB 30976.02 –140.73 –0.45 2.1 Volume % chg from Latest Session 52-Week Volume % chg from Latest Session 52-Week
Company Symbol (000) 65-day avg Close % chg High Low Company Symbol (000) 65-day avg Close % chg High Low
Netherlands AEX 830.13 –0.96 –0.12 5.5
Norway Oslo Bors All-Share 1451.77 –36.89 –2.48 –4.4 Palantir Technologies PLTR 253,551 295.1 23.60 7.91 23.87 7.19 EVe Mobility Acqn Cl A EVE 913 6657 10.85 -0.82 11.40 10.34
South Africa FTSE/JSE All-Share 74313.44 –245.08 –0.33 –3.4 MicroCloud Hologram HOLO 189,210 128999.9 18.00 1092.05 113.00 1.50 HH&L Acquisition HHLA 1,074 3324 10.76 -0.19 11.30 10.17
Spain IBEX 35 9888.20 –2.1 Snap SNAP 184,635 648.3 11.41 -34.61 17.90 7.86 SPDR S&P Capital Markets KCE 1,119 3161 100.92 1.07 103.06 76.19
–114.80 –1.15
Sweden OMX Stockholm 0.17 –1.4 NY Community Bancorp NYCB 172,249 966.3 4.48 6.67 14.22 3.60 Innov EM Pwr Buffer Jul EJUL 681 3006 23.33 -0.06 24.12 21.90
890.46 1.49
Phunware PHUN 149,615 48.6 0.34 -14.50 1.12 0.07 Athena Tech Acqn II Cl A ATEK 254 2590 11.11 0.27 11.46 10.15
Switzerland Swiss Market 11210.25 –34.78 –0.31 0.7
Turkey BIST 100 8843.01 –26.13 –0.29 18.4 Ford Motor F 136,923 157.7 12.80 6.05 15.42 9.63 Overlay Shares Hedged LC OVLH 510 2030 29.91 0.61 29.95 24.12
U.K. FTSE 100 7628.75 –52.26 –0.68 –1.4 ProSh UltraPro Shrt QQQ SQQQ 122,864 0.8 11.51 -2.95 42.57 11.43 iShares Global 100 ETF IOO 2,516 1873 85.04 0.67 85.12 64.74
U.K. FTSE 250 19104.53 –66.81 –0.35 –3.0 SMX (Security Matters) SMX 118,783 17667.7 0.40 72.34 104.72 0.21 Crown PropTech Acqns A CPTK 427 1772 10.70 0.28 10.80 9.87
Direxion Dly Semi 3 Bear SOXS 111,783 26.9 4.82 -4.37 24.09 4.37 ARYA Sciences Acqn IV ARYD 137 1674 11.11 0.05 11.15 10.17
Asia-Pacific MSCI AC Asia Pacific 168.11 0.78 0.47 –0.8
Tesla TSLA 111,194 -5.3 187.58 1.34 299.29 152.37 Innov Intl Dev Pwr Jul IJUL 642 1575 27.04 0.02 27.40 24.03
Australia S&P/ASX 200 7615.80 34.22 0.45 0.3
* Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least
China Shanghai Composite 2829.70 40.21 1.44 –4.9 5,000 shares =Has traded fewer than 65 days
Hong Kong Hang Seng 16081.89 –54.98 –0.34 –5.7
India S&P BSE Sensex 72152.00 –0.05 –0.1
Scan this code
–34.09
Japan NIKKEI 225 36119.92 –40.74 –0.11 7.9 Get real-time U.S. stock quotes CURRENCIES & COMMODITIES
Singapore Straits Times 3156.15 30.46 0.97 –2.6 and track most-active stocks,
South Korea KOSPI 2609.58 33.38 1.30 –1.7 new highs/lows, mutual funds Currencies
Taiwan TAIEX 18096.07 … Closed 0.9 and ETFs. U.S.-dollar foreign-exchange rates in late New York trading
Thailand SET 1400.02 3.06 0.22 –1.1
All are available free at WSJMarkets.com US$vs, US$vs,
Sources: FactSet; Dow Jones Market Data Wed YTDchg Wed YTDchg
Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%)
Americas Thailand baht .02808 35.610 3.6
CREDIT MARKETS Argentina peso .0012830.0730 2.7
Vietnam dong .00004094 24425 0.6
Brazil real .2012 4.9692 2.4 Europe

Consumer Rates and Returns to Investor Benchmark

Treasury Yields
yield curve Forex Race Canada dollar .7427 1.3465 1.6 Czech Rep. koruna
Denmark krone
.04316 23.168 3.5
.1445 6.9223 2.2
U.S. consumer rates Selected rates and
Yield toRates
maturity of current bills, Yen, euro vs. dollar; dollar vs.
Chile peso
Colombiapeso
.001049 953.60 9.0
.000253 3953.94 2.0 Euro area euro 1.0774 .9282 2.5
notes and bonds major U.S. trading partners Ecuador US dollar 1 1 unch Hungary forint .002775 360.39 3.8
A consumer rate against its New car loan Mexico peso
Iceland krona .007264 137.67 1.2
.0587 17.0493 0.5
benchmark over the past year 6.00% Norway krone .0945 10.5813 4.0
Bankrate.com avg†: 7.87% Uruguay peso .02553 39.1664 0.3
Tradeweb ICE 18% Poland zloty .2480 4.0315 2.4
First Command Bank Asia-Pacific Sweden krona .0954 10.4820 3.8
5.74% Wednesday Close 5.00
Prime rate 8.50% Fort Worth, TX 888-763-7600 t t 9 WSJ Dollar Index Australiadollar .6519 1.5340 4.5 Switzerland franc 1.1431 .8748 3.9
t 4.00
s
China yuan .1393 7.1800 0.9 Turkey lira .0327 30.5753 3.7
Firstrust Bank 5.99% One year ago Hong Kong dollar .1279 7.8192 0.1 Ukraine hryvnia .0266 37.6500 –1.3
8.00 0
Philadelphia, PA 800-220-2265 3.00 India rupee .01205 82.972 –0.3 UK pound 1.2627 .7920 0.8
s
7.50 PNC Bank 6.94% Indonesia rupiah .0000639 15644 1.7 Middle East/Africa
t
2.00 –9 s Euro
New car loan Washington, DC 888-PNC-BANK Yen Japan yen .006748 148.18 5.1 Bahrain dinar 2.6539 .3768 –0.04
7.00 1.00 Kazakhstan tenge .002205 453.53 –0.4 Egypt pound .0324 30.8988 –0.1
Eastern Bank 6.99% –18 Macau pataca .1241 8.0590 0.1 Israel shekel .2737 3.6541 1.4
Boston, MA 781-599-2100 1 3 6 1 2 3 5 7 10 20 30 2023 2024 Malaysia ringgit
6.50 .2100 4.7615 3.6 Kuwait dinar 3.2477 .3079 0.2
WilmingtonSavingsFundSociety,FSB 6.99% month(s) years New Zealand dollar .6113 1.6359 3.4
MAM J J A S O N D J F Oman sul rial 2.5972 .3850 0.01
Wilmington, DE 888-973-7226 maturity Pakistan rupee .00358 279.375 –0.6 Qatar rial .2747 3.640 –0.1
2023 2024
Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Philippines peso .0179 55.960 1.0 Saudi Arabia riyal .2666 3.7504 0.01
Yield/Rate (%) 52-Week Range (%) 3-yr chg Singapore dollar .7444 1.3434 1.8 South Africa rand .0529 18.9046 3.3
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts)
Corporate Borrowing Rates and Yields South Korea won .0007526 1328.69 2.6
Close Net Chg % Chg YTD%Chg
Federal-funds rate target 5.25-5.50 5.25-5.50 4.50 l 5.50 5.25 Sri Lanka rupee .0031917 313.31 –3.3
Yield (%) 52-Week Total Return (%) Taiwan dollar .03182 31.425 2.4 WSJ Dollar Index 98.35 –0.04–0.04 2.63
Prime rate* 8.50 8.50 7.75 l 8.50 5.25 Bond total return index Close Last Week ago High Low 52-wk 3-yr
SOFR 5.31 5.31 4.55 l 5.40 5.29 Sources: Tullett Prebon, Dow Jones Market Data
U.S. Treasury, Bloomberg 2151.650 4.280 4.120 5.120 3.610 1.353 –3.670
Money market, annual yield 0.50 0.50 0.39 l 0.64 0.40
Five-year CD, annual yield 2.82 2.83 2.74 l 2.87 2.34 U.S. Treasury Long, Bloomberg 3126.230 4.410 4.300 5.280 3.630 –5.291–10.739 Commodities Wednesday 52-Week YTD
30-year mortgage, fixed† 7.21 7.14 6.60 l 8.28 4.35 Aggregate, Bloomberg 2037.640 4.750 4.590 5.740 4.200 2.113 –3.320 Pricing trends on someClose
raw materials, or commodities
Net chg % Chg High Low % Chg % chg
15-year mortgage, fixed† 6.55 6.51 5.83 l 7.42 4.19 Fixed-Rate MBS, Bloomberg 2006.280 4.970 4.800 6.050 4.290 1.066 –3.353
Jumbo mortgages, $766,550-plus† 7.30 7.19 6.65 l 8.33 4.41 DJ Commodity 944.37 0.99 0.10 1035.63 930.59 -7.49 -1.40
High Yield 100, ICE BofA 3546.934 7.199 n.a. 9.101 7.030 9.262 1.909 Refinitiv/CC CRB Index 270.35 1.30 0.48 290.29 253.85 -0.22 2.47
Five-year adj mortgage (ARM)† 6.37 6.37 5.39 l 7.16 3.19
Muni Master, ICE BofA 585.044 3.228 3.163 4.311 2.801 2.734 –0.783 Crude oil, $ per barrel 73.86 0.55 0.75 93.68 66.74 -5.87 3.08
New-car loan, 48-month 7.87 7.66 6.65 l 7.87 3.85
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 838.237 7.505 7.441 8.842 7.206 6.212 –3.303 Natural gas, $/MMBtu 1.967 -0.042 -2.09 3.575 1.967 -17.90 -21.76
banks.† Excludes closing costs. Gold, $ per troy oz. 2035.20 0.70 0.03 2081.90 1808.80 8.41 -1.32
Sources: FactSet; Dow Jones Market Data; Bankrate.com Sources: J.P. Morgan; Bloomberg Fixed Income Indices; ICE Data Services
P2JW039000-0-B00800-1--------XA

B8 | Thursday, February 8, 2024 THE WALL STREET JOURNAL.

COMMODITIES wsj.com/market-data/commodities

Futures Contracts Open

Contract
High hilo Low Settle Chg
Open
interest
Cash Prices Wednesday, February 7, 2024
Metal & Petroleum Futures Cocoa (ICE-US)-10 metric tons; $ per ton. These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace—
Contract Open
March 5,219 5,429 s 5,194 5,410 190 72,707 separate from the futures price on an exchange, which reflects what the commodity might be worth in future
Open High hi lo Low Settle Chg interest May 5,107 5,275 s 5,083 5,241 134 96,865 months.
Copper-High (CMX)-25,000 lbs.; $ per lb. Coffee (ICE-US)-37,500 lbs.; cents per lb. Wednesday Wednesday Wednesday
March 189.40 191.80 188.70 190.70 2.50 65,642
Feb 3.7845 3.7845 3.7350 3.7375 –0.0450 1,807 Copper,Comex spot 3.7375 Wheat,No.2 soft red,St.Louis-u 6.1200
March 3.7840 3.7950 3.7315 3.7355 –0.0455 126,177
May 186.30 188.65 185.65 187.85 2.75 90,598 Energy Iron Ore, 62% Fe CFR China-s *125.5 Wheat - Hard - KC (USDA) $ per bu-u 6.5825
Gold (CMX)-100 troy oz.; $ per troy oz. Sugar-World (ICE-US)-112,000 lbs.; cents per lb. Steel, HRC USA, FOB Midwest Mill-s *1000.0 Wheat,No.1soft white,Portld,OR-u
Coal,C.Aplc.,12500Btu,1.2SO2-r,w 71.000 6.5250
March 23.70 24.41 23.64 23.88 .32 251,151
Feb 2032.80 2039.50 2032.70 2035.20 0.70 697
May 22.95 23.62 22.94 23.20 .34 226,229
Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 14.000 Battery/EV metals Food
March 2042.20 2051.00 2037.00 2041.80 0.30 2,063 BMI Lithium Carbonate, EXW China, =99.2%-v,w 13425
April 2052.60 2061.30 2046.40 2051.70 0.30 343,300
Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. Metals BMI Lithium Hydroxide, EXW China, =56.5% -v,w 11475 Beef,carcass equiv. index
March 40.10 41.25 40.00 40.10 –1.38 104
June 2072.00 2080.90 2066.20 2071.50 0.30 33,280 Gold, per troy oz BMI Cobalt sulphate, EXW China, >20.5% -v,m 4448 choice 1-3,600-900 lbs.-u 276.82
Aug 2089.30 2098.10 2085.60 2089.00 0.20 18,552
Cotton (ICE-US)-50,000 lbs.; cents per lb. BMI Nickel Sulphate, EXW China, >22%-v,m select 1-3,600-900 lbs.-u 265.22
Engelhard industrial 2037.00 3628
March 87.59 88.68 s 87.21 88.47 .93 71,376
Oct 2105.40 2114.10 2101.70 2105.60 0.10 5,222 Handy & Harman base 2041.60 BMIFlakeGraphite,FOBChina,-100Mesh,94-95%-v,m 538 Broilers, National comp wtd. avg.-u,w 1.2662
May 88.33 89.54 s 88.08 89.30 .90 86,666
Palladium (NYM) - 50 troy oz.; $ per troy oz. Butter,AA Chicago-d 2.7700
Feb 896.90 –51.10 2
Orange Juice (ICE-US)-15,000 lbs.; cents per lb. Handy & Harman fabricated 2266.18 Fibers and Textiles Cheddar cheese,bbl,Chicago-d 157.50
March 380.85 390.95 s 379.65 390.95 10.00 4,776 LBMA Gold Price AM *2025.05
March 955.00 957.00 t 895.50 900.30 –51.10 19,350 LBMA Gold Price PM *2030.80 Burlap,10-oz,40-inch NY yd-n,w 0.7700 Cheddar cheese,blk,Chicago-d 161.50
May 368.00 378.35 s 368.00 378.35 10.00 2,407
Platinum (NYM)-50 troy oz.; $ per troy oz. Krugerrand,wholesale-e 2115.57 Cotton,1 1/16 std lw-mdMphs-u 0.8647 Milk,Nonfat dry,Chicago lb.-d 122.00
Feb 879.40 –23.80 55 Maple Leaf-e Cotlook 'A' Index-t *95.60 Coffee,Brazilian,Comp-y 1.8441
Interest Rate Futures 2135.91
April 912.10 914.80 884.70 886.90 –24.10 67,801 American Eagle-e Hides,hvy native steers piece fob-u n.a. Coffee,Colombian, NY-y 2.0872
2135.91
Silver (CMX)-5,000 troy oz.; $ per troy oz. Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100% Mexican peso-e 2460.63 Wool,64s,staple,Terr del-u,w n.a. Eggs,large white,Chicago-u 2.9250
Feb 22.340 22.450 22.220 22.278 –0.115 479 March 127-130 127-260 126-200 127-070 –8.0 1,650,534 Flour,hard winter KC-p 18.75
March 22.505 22.535 22.275 22.360 –0.118 98,261 June 129-100 129-240 128-200 129-060 –8.0 657
Austria crown-e 1996.92 Grains and Feeds Hams,17-20 lbs,Mid-US fob-u n.a.
Austria phil-e 2135.91
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. Treasury Bonds (CBT)-$100,000; pts 32nds of 100% Bran,wheat middlings, KC-u,w 115 Hogs,Iowa-So. Minnesota-u 73.73
March 120-280 121-100 120-120 120-270 –5.0 1,424,410 Silver, troy oz. Corn,No. 2 yellow,Cent IL-bp,u Pork bellies,12-14 lb MidUS-u n.a.
March 73.50 74.22 73.23 73.86 0.55 312,531 4.1200
June 121-040 121-100 120-150 120-280 –5.0 9,013 Engelhard industrial 22.4000 Pork loins,13-19 lb MidUS-u 1.0598
April 73.53 74.25 73.29 73.91 0.54 259,207 Corn gluten feed,Midwest-u,w 155.7
Treasury Notes (CBT)-$100,000; pts 32nds of 100% Handy & Harman base 22.3460 Corn gluten meal,Midwest-u,w Steers,Tex.-Okla. Choice-u n.a.
May 73.41 74.21 73.27 73.89 0.54 157,518 448.9
March 111-080 111-165 111-010 111-060 –3.0 4,677,098 Handy & Harman fabricated 27.9330 Cottonseed meal-u,w Steers,feeder,Okla. City-u,w 287.13
June 73.28 74.07 73.15 73.77 0.54 165,701 n.a.
June 111-280 112-040 111-205 111-255 –3.0 30,650 LBMA spot price *£17.7700 Hominy feed,Cent IL-u,w 172
July 73.10 73.82 72.92 73.54 0.53 95,307 Fats and Oils
Dec 71.17 71.83 71.04 71.59 0.44 176,387
5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% (U.S.$ equivalent) *22.3050 Meat-bonemeal,50% pro Mnpls-u,w 220
March 107-205 107-265 107-165 107-180 –2.5 5,818,638 Coins,wholesale $1,000 face-a 18859 Oats,No.2 milling,Mnpls-u Degummed corn oil, crude wtd. avg.-u,w n.a.
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. June 108-030 108-082 107-305 107-317 –2.7 14,615
4.5550
March 2.7586 2.8270 2.7479 2.8152 .0725 110,716 Other metals Rice, Long Grain Milled, No. 2 AR-u,w 36.25 Grease,choice white,Chicago-h 0.3500
2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% LBMA Platinum Price PM *907.0 Sorghum,(Milo) No.2 Gulf-u Lard,Chicago-u n.a.
April 2.6931 2.7513 2.6834 2.7425 .0631 59,818 March 102-150 102-173 102-131 102-138 –.9 3,935,061
n.a.
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. Platinum,Engelhard industrial 895.0 SoybeanMeal,Cent IL,rail,ton48%-u,w 375.80 Soybean oil,crude;Centl IL-u,w 0.4648
June 103-006 103-030 102-310 102-313 –.9 9,491
March 2.2160 2.2729 2.2106 2.2630 .0457 94,833 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. Palladium,Engelhard industrial 945.0 Soybeans,No.1 yllw IL-bp,u 11.6500 Tallow,bleach;Chicago-h 0.3975
April 2.4438 2.4910 2.4386 2.4826 .0373 64,327 Feb 94.6775 94.6800 94.6750 94.6775 587,451 Aluminum, LME, $ per metric ton *2184.5 Wheat,Spring14%-pro Mnpls-u 8.9125 Tallow,edible,Chicago-u n.a.
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. April 94.7300 94.7400 94.7200 94.7250 417,551
March 2.003 2.040 t 1.956 1.967 –.042 392,613 Three-Month SOFR (CME)-$1,000,000; 100 - daily avg. 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;
April 2.000 2.035 t 1.967 1.980 –.027 171,397 Nov 94.6400 3,272 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
Dec 94.6450 94.6500 s 94.6450 94.6450 –.0025 1,209,265 Mineral Intelligence; W=weekly; Y=International Coffee Organization; Z=not quoted. *Data as of 2/6
May 2.085 2.114 t 2.053 2.069 –.021 149,443
Source: Dow Jones Market Data
July 2.419 2.443 t 2.385 2.400 –.028 90,159
Sept 2.467 2.484 t 2.429 2.449 –.025 67,414 Currency Futures
Oct 2.542 2.562 t 2.509 2.527 –.024 102,111 Japanese Yen (CME)-¥12,500,000; $ per 100¥
Feb .6782 .6787 .6758 .6763 –.0009 904 Bonds | wsj.com/market-data/bonds/benchmarks
Agriculture Futures March .6807 .6817 .6788 .6794 –.0009 255,676
Corn (CBT)-5,000 bu.; cents per bu.
Canadian Dollar (CME)-CAD 100,000; $ per CAD
Feb .7416 .7433 .7414 .7427 .0009 535
Tracking Bond Benchmarks
March 438.50 439.25 t 432.75 434.25 –4.50 594,080
May t 445.25
March .7417 .7436 .7416 .7430 .0009 153,701 Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week
450.25 451.25 446.50 –4.00 318,445 British Pound (CME)-£62,500; $ per £
Oats (CBT)-5,000 bu.; cents per bu. Feb 1.2600 1.2642 1.2596 1.2630 .0035 1,922
highs and lows for different types of bonds
March 377.25 383.50 375.50 382.50 4.50 2,476 March 1.2599 1.2645 1.2599 1.2632 .0035 185,214 Total Total
May 371.00 374.00 368.00 373.25 2.50 805 Swiss Franc (CME)-CHF 125,000; $ per CHF return YTD total Yield (%) return YTD total Yield (%)
Soybeans (CBT)-5,000 bu.; cents per bu. March 1.1546 t 1.1473
1.15581.1483 –.0056 49,157 close return (%) Index Latest Low High close return (%) Index Latest Low High
March 1199.00 1202.00 t 1179.25 1189.00 –10.50 288,473 June 1.1657 t 1.1585
1.16681.1594 –.0055 481
Australian Dollar (CME)-AUD 100,000; $ per AUD Broad Market Bloomberg Fixed Income Indices Mortgage-Backed Bloomberg Fixed Income Indices
May 1207.50 1211.00 t 1188.75 1197.50 –10.75 206,206
Soybean Meal (CBT)-100 tons; $ per ton. Feb .6530 .6542 .6519 .6521 … 240 2006.28 -1.5 Mortgage-Backed 4.970 4.290 6.050
March .6532 .6548 .6524 .6527 … 179,093 2037.64 -1.1 U.S. Aggregate 4.750 4.200 5.740
March 358.80 359.80 350.00 351.20 –7.60 173,940
May 354.40 355.30 t 346.20 347.80 –6.60 144,216
Mexican Peso (CME)-MXN 500,000; $ per MXN U.S. Corporate Indexes Bloomberg Fixed Income Indices 1980.92 -1.5 Ginnie Mae (GNMA) 4.990 4.350 6.020
Feb .05862 .05862 .05852 .05850 –.00005 123
Soybean Oil (CBT)-60,000 lbs.; cents per lb. March .05830 .05841 .05816 .05820 –.00005 260,654 3089.97 -1.0 U.S. Corporate 5.240 4.990 6.430 1180.12 -1.5 Fannie mae (FNMA) 4.970 4.280 6.050
March 46.00 46.89 45.33 46.76 .82 179,766 Euro (CME)-€125,000; $ per €
May 46.50 47.33 45.82 47.19 .79 157,222 2983.27 -0.3 Intermediate 5.150 4.890 6.350 1822.60 -1.1 Freddie Mac (FHLMC) 4.890 4.240 6.190
Feb 1.0762 1.0789 1.0757 1.0777 .0022 3,261
Rough Rice (CBT)-2,000 cwt.; $ per cwt. March 1.0772 1.0802 1.0772 1.0789 .0022 718,772 Long term 585.04 -0.5 Muni Master 3.228 2.801 4.311
March 18.53 18.58 s 18.36 18.49 –.09 9,229
4121.59 -2.2 5.440 5.160 6.600
Sept 15.40 15.40 t 15.21 15.23 –.16 1,448 Index Futures 590.54 -1.5 Double-A-rated 4.800 4.320 5.760 416.26 -0.5 7-12 year 2.894 2.404 4.097
Wheat (CBT)-5,000 bu.; cents per bu.
March 594.75 606.75 590.75 602.00 7.00 179,487
Mini DJ Industrial Average (CBT)-$5 x index 832.49 -0.8 Triple-B-rated 5.460 5.250 6.700 473.25 -0.6 12-22 year 3.549 3.294 4.742
March 38591 38843 38546 38774 161 103,874
May 602.25 612.50 598.50 608.00 5.25 93,522 June 38965 39224 38947 39166 159 538 High Yield Bonds ICE BofA 446.21 -0.6 22-plus year 4.195 4.020 5.274
Wheat (KC)-5,000 bu.; cents per bu. Mini S&P 500 (CME)-$50 x index
March 617.00 626.00 613.00 618.25 –.25 99,738 526.19 0.1 High Yield Constrained 7.845 7.620 9.560 Global Government J.P. Morgan†
March 4971.50 5020.00 s 4970.00 5015.25 40.50 2,253,123
May 615.75 622.50 611.25 615.75 … 61,280 June 5030.00 5077.25 s 5027.00 5072.75 41.00 37,768 Triple-C-rated 537.22 -1.2 Global Government 3.240 2.740 3.810
505.87 -0.2 13.580 12.776 15.457
Cattle-Feeder (CME)-50,000 lbs.; cents per lb. Mini S&P Midcap 400 (CME)-$100 x index
March 246.975 248.250 s 245.050 245.550 –1.125 17,967 March 2760.50 2783.40 2749.80 2772.60 13.20 37,737 3546.93 0.1 High Yield 100 7.199 7.030 9.101 787.37 -1.9 Canada 3.530 2.880 4.260
Aug 270.950 271.925 s 269.625 270.400 –.550 8,277 June 2793.60 13.20 1
Mini Nasdaq 100 (CME)-$20 x index 458.31 0.4 Global High Yield Constrained 7.759 7.648 9.440 351.10 -1.5 EMU§ 3.058 2.669 3.790
Cattle-Live (CME)-40,000 lbs.; cents per lb.
Feb 182.975 183.350 s March 17645.75 17875.50 s 17629.75 17841.75 181.75 283,020
France
181.825 182.225 –.775 14,513 348.21 0.6 Europe High Yield Constrained 6.384 6.262 8.022 648.41 -1.8 2.950 2.540 3.630
April 186.050 186.200 184.350 184.800 –1.275 120,620 June 17882.00 18102.75 s 17858.25 18071.25 184.50 1,863
Hogs-Lean (CME)-40,000 lbs.; cents per lb. Mini Russell 2000 (CME)-$50 x index U.S Agency Bloomberg Fixed Income Indices 459.92 -1.7 Germany 2.400 2.020 3.030
March 1961.10 1971.60 1944.90 1957.50 –3.50 478,641
Feb 73.900 74.500 73.275 73.375 –.100 18,042
1777.18 -0.2 U.S Agency 4.600 4.130 5.390 Japan
June 1989.00 1991.60 1966.50 1978.40 –3.80 1,148 277.66 -0.5 1.100 0.710 1.300
April 81.700 83.075 81.050 81.100 –.150 94,701 Mini Russell 1000 (CME)-$50 x index
Lumber (CME)-27,500 bd. ft., $ per 1,000 bd. ft. March 2742.30 2750.10 s 2724.60 2746.90 22.30 6,402 1572.95 -0.05 10-20 years 4.590 4.120 5.370 498.90 -2.0 Netherlands 2.650 2.260 3.320
March 557.00 558.00 550.50 554.00 –.50 5,262 U.S. Dollar Index (ICE-US)-$1,000 x index 3378.84 -2.1 20-plus years 4.810 4.300 5.740 785.18 -3.3 U.K.
May 578.00 579.50 575.50 579.00 1.00 2,567 March 104.00 104.03 103.81 103.92 –.15 28,548
4.300 3.510 4.880
Milk (CME)-200,000 lbs., cents per lb. June 103.65 103.68 103.49 103.58 –.15 636 2703.92 -0.8 Yankee 5.070 4.720 6.110 838.24 -1.2 Emerging Markets ** 7.505 7.206 8.842
Feb 16.24 16.26 16.13 16.23 –.03 4,508
March 17.48 17.69 17.25 17.33 –.12 6,064 *Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds
Source: FactSet
** EMBI Global Index Sources: ICE Data Services; Bloomberg Fixed Income Indices; J.P.Morgan

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 February 2. Current figures are in thousands of barrels or
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 4.420 s l 4.406 4.389 4.469
4.500 10 4.108 s l 4.091 4.041 3.673
Inventories, 000s barrels Imports, 000s barrels per day 0.250 Australia 2 3.768 t l 3.814 3.881 3.287 -59.8 -118.4
-65.3
Expected Previous Year 4-week 5-year Expected Previous Year 4-week 5-year 3.000 10 4.102 t l 4.144 4.138 3.608 4.1 -7.0
Current change week ago avg avg Current change week ago avg avg
-0.6
2.500 France 2 2.675 s l 2.642 3.116 2.764 -174.6 -177.0 -170.7
Crude oil and
petroleum prod 1,227,063 ... 1,232 1,239 1,241 1,252 8,986 ... 7,276 10,040 8,214 8,437 3.500 10 2.824 s l 2.812 2.675 2.761 -128.4 -129.1 -91.7
Crude oil 2.500 Germany 2 2.629 s l 2.596 2.575 2.697 -179.1 -181.6 -177.4
excluding SPR 427,432 1,300 422 455 425 448 6,907 ... 5,605 7,058 6,378 6,398 2.200 10 2.318 s l 2.297 2.159 2.343 -178.9 -180.6 -133.5
Gasoline 250,988 ... 254 240 252 252 536 ... 400 989 528 531
3.600 Italy 2 3.261 s l 3.240 3.130 3.051 -115.9 -117.2 -142.0
Finished gasoline 15,473 300 19 16 18 23 56 ... 13 147 55 83
Reformulated 17 ... 0 0 0 0 0 ... 0 0 0 0 4.200 10 3.883 s l 3.857 3.823 4.186 -22.4 -24.6 50.9
Conventional 15,456 ... 19 16 18 23 56 ... 13 147 55 83 0.100 Japan 2 0.105 t l 0.115 0.033 -0.030 -431.6 -429.7 -450.1
Blend. components 235,515 ... 235 223 234 230 480 ... 387 842 474 448 0.600 10 0.710 t l 0.723 0.606 0.495 -338.0 -318.2
-339.8
Natural gas (bcf) 2,659 ... 3 3 3 2 ... ... ... ... ... … 2.800 Spain 2 2.851 t l 2.852 3.112 2.861 -156.0 -161.0
-156.9
Kerosene-type 3.550 10 3.216 s l 3.211 3.124 3.246 -89.1 -89.2 -43.1
jet fuel 40,894 ... 41 36 41 40 126 ... 92 103 96 114
Distillates 3.500 U.K. 2 4.481 s l 4.452 4.231 3.483 6.1 4.0 -98.8
127,574 -2,000 131 121 132 135 126 ... 138 692 145 316
Heating oil 6,181 ... 6 7 6 9 0 ... 3 0 1 1 4.250 10 3.991 s l 3.954 3.793 3.317 -11.7 -14.9 -36.1
Diesel 121,393 ... 124 113 125 63 125 ... 136 692 144 315 Source: Tullett Prebon, Tradeweb ICE U.S. Treasury Close
Residual fuel oil 27,489 ... 27 33 27 30 100 ... 126 208 126 192
Other oils 267,330 ... 270 262 273 266 1,045 ... 774 802 806 731
Net crude, petroleum
Corporate Debt
products, incl. SPR 1,585,080 ... 1,589 1,611 1,598 1,828 -982 ... -2,543 878 -2,277 43
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…
Spread*, in basis points
Expected Previous Year 4-week 5-year Billions of cubic feet; weekly totals Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week
Current change week ago avg avg
Merck MRK 5.850 5.25 June 30, ’39 115 –274 109
Total petroleum
4250 ENEL Finance International ENELIM 3.625 5.07 May 25, ’27 89 –163 n.a.
product 20,227 ... 20,119 20,536 19,943 20,616
Natural gas, New York Life Global Funding NYLIFE 1.850 5.03 Aug. 1, ’31 92 –120 n.a.
Finished lower 48 states 3250
Credit Agricole ACAFP 5.589 4.91 July 5, ’26 49 –36 52
motor gasoline t
8,807 ... 8,144 8,428 8,275 8,594 t
2250 Tapestry TPR 7.000 5.93 Nov. 27, ’26 150 –29 150
Kerosene-type Five-year average
Sumitomo Mitsui Financial SUMIBK 3.446 4.93 Jan. 11, ’27 71 –18 73
jet fuel 1,604 ... 1,590 1,541 1,502 1,383 for each week
1250 John Deere Capital –13
Distillates 3,817 ... 3,757 3,762 3,751 4,123 … 4.500 4.44 Jan. 16, ’29 40 62
Residual fuel oil 211 ... 279 130 300 383 Nomura Holdings NOMURA 2.999 5.42 Jan. 22, ’32 133 –13 151
250
Propane/propylene 1,240 ... 1,931 1,853 1,524 ... F M A M J J A S O N D J
Other oils 4,549 ... 4,418 4,822 4,593 ...
…And spreads that widened the most
2023
Note: Expected changes are provided by Dow Jones Newswires' survey of analysts. Previous and average inventory data are in millions. Citigroup C 4.450 5.21 Sept. 29, ’27 101 12 111
Sources: FactSet; Dow Jones Market Data; U.S. Energy Information Administration; Dow Jones Newswires 12
Toyota Motor Credit TOYOTA 5.250 4.67 Sept. 11, ’28 62 63
Bank of Montreal BMO 5.266 4.99 Dec. 11, ’26 56 10 52
Exchange-Traded Portfolios | WSJ.com/ETFresearch UnitedHealth UNH 5.800 4.96 March 15, ’36 86 8 82
Closing Chg YTD CF Industries 5.150 5.42 March 15, ’34 132 7
Largest 100 exchange-traded funds, latest session ETF Symbol Price (%) (%)
CF n.a.
SPDR S&P Div SDY 123.42 0.31 –1.2 American Honda Finance HNDA 1.300 4.73 Sept. 9, ’26 35 7 34
Wednesday, February 7, 2024 Closing Chg YTD
ETF Symbol Price (%) (%) TechSelectSector XLK 204.44 1.32 6.2 7
Closing Chg YTD Intesa Sanpaolo ISPIM 6.625 6.40 June 20, ’33 230 224
VangdInfoTech VGT 511.06 1.29 5.6
ETF Symbol Price (%) (%) iSh1-3YTreaBd SHY 81.86 –0.04 –0.2 7
VangdSC Val VBR 175.65 0.14 –2.4 Pfizer PFE 5.600 5.25 Sept. 15, ’40 85 n.a.
CommSvsSPDR XLC 78.78 0.51 8.4 iShRussMC IWR 78.00 0.62 0.3 VangdExtMkt VXF 162.47 0.33 –1.2
iShRuss1000 IWB 273.87 0.88 4.4
CnsmrDiscSel
DimenUSCoreEq2
XLY
DFAC
177.85
29.90
1.12
0.54
–0.5
2.3 iShRuss1000Grw IWF 325.59 1.28 7.4
VangdDivApp
VangdFTSEAWxUS
VIG
VEU
175.28
55.75
0.71
...
2.9
–0.7
High-yield issues with the biggest price increases…
EnSelSectorSPDR XLE 83.75 0.20 –0.1 iShRuss1000Val IWD 166.64 0.26 0.8 VangdFTSEDevMk VEA 47.55 0.06 –0.7 Bond Price as % of face value
FinSelSectorSPDR XLF 39.12 0.75 4.0 iShRuss2000 IWM 193.22 –0.23 –3.7 VangdFTSE EM VWO 40.68 –0.07 –1.0 Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week
GrayscaleBitcoin GBTC 39.43 2.50 13.9 iShS&P500Grw IVW 81.17 1.34 8.1
VangdFTSE Europe VGK 63.63 –0.33 –1.3
HealthCrSelSect XLV iShS&P500Value IVE 175.64 0.26 1.0 1.01
144.37 0.27 5.9 VangdGrowth VUG 333.41 1.30 7.2 Prime Security Services Borrower PRSESE 5.750 5.38 April 15, ’26 100.761 100.125
InvscNasd100 QQQM 177.82 1.01 5.5 iShSelectDiv DVY 113.91 0.11 –2.8
VangdHlthCr VHT 263.51 0.14 5.1
InvscQQQI QQQ 431.99 1.03 5.5 iSh7-10YTreaBd IEF 94.97 –0.18 –1.5
VangdHiDiv VYM 112.93 0.19 1.2 Intesa Sanpaolo ISPIM 5.710 5.63 Jan. 15, ’26 100.136 0.80 99.874
InvscS&P500EW RSP 158.39 0.39 0.4 iShShortTreaBd SHV 110.20 0.02 0.1
VangdIntermBd BIV 75.50 –0.16 –1.2
Sensata Technologies 0.76
iShCoreDivGrowth DGRO 55.11 0.36 2.4 iShTIPSBond TIP 106.56 –0.19 –0.9 ST 5.000 5.15 Oct. 1, ’25 99.761 99.119
VangdIntrCorpBd VCIT 80.34 –0.15 –1.2
iShCoreMSCIEAFE IEFA 69.96 –0.06 –0.6 iSh20+YTreaBd TLT 94.59 –0.48 –4.3
iShUSTreasuryBd GOVT 22.75 –1.3
VangdIntermTrea VGIT 58.76 –0.14 –0.9 Navient NAVI 5.625 8.82 Aug. 1, ’33 79.750 0.75 79.750
iShCoreMSCIEM IEMG 49.94 0.10 –1.3 –0.15
VangdLC VV 228.91 0.81 4.9
iShCoreMSCITotInt IXUS 64.42 0.05 –0.8 iSh0-3MTreaBd SGOV 100.37 0.02 0.1
JPM EqPrem JEPI 56.15 0.21 2.1
VangdMegaGrwth MGK 279.61 1.36 7.7 Bath & Body Works BBWI 6.875 6.82 Nov. 1, ’35 100.406 0.66 99.750
iShCoreS&P500 IVV 500.42 0.81 4.8
JPM UltShIncm JPST VangdMC VO 232.86 0.46 0.1
iShCoreS&P MC IJH 275.59 0.50 –0.6 50.30 ... 0.1
VangdMBS VMBS 45.55 –0.26 –1.7 United States Cellular USM 6.700 6.46 Dec. 15, ’33 101.750 0.63 103.000
iShCoreS&P SC IJR 103.32 –0.29 –4.6 PacerUSCashCows COWZ 52.04 0.46 0.1
VangdRealEst VNQ 83.57 –0.14 –5.4 0.56
iShCoreS&PTotUS ITOT 109.37 0.79 3.9 ProShUltPrQQQ TQQQ 58.31 2.98 15.0 Dish DBS … 7.750 32.79 July 1, ’26 60.500 59.000
SPDRBbg1-3MTB BIL 91.47 0.01 0.1 VangdRuss1000Grw VONG 83.83 1.29 7.4
iShCoreTotUSDBd IUSB 45.53 –0.20 –1.2
iShCoreUSAggBd AGG 97.96 –0.20 –1.3 SPDR DJIA Tr DIA 386.67 0.41 2.6 VangdS&P500ETF VOO 457.76 0.82 4.8 Royal Caribbean RCL 7.500 5.89 Oct. 15, ’27 105.247 0.45 105.254
iShEdgeMSCIMinUSA USMV 80.38 0.44 3.0 SPDR Gold GLD 188.50 –0.03 –1.4 VangdST Bond BSV 76.77 –0.05 –0.3
iShEdgeMSCIUSAQual
iShGoldTr
QUAL
IAU
156.29
38.49
1.17
–0.08
6.2
–1.4
SPDRPtfDevxUS
SPDRS&P500Value
SPDW
SPYV
33.79
47.09
0.09
0.19
–0.6
1.0
VangdSTCpBd
VangdShortTrea
VCSH
VGSH
77.23
58.16
–0.03
–0.03
–0.2
–0.3
…And with the biggest price decreases
SPDRPtfS&P500 SPLG VangdSC VB 209.64 0.28 –1.7
iShiBoxx$HYCpBd HYG 77.24 0.17 –0.2 58.59 0.81 4.8
Teva Pharmaceutical Finance Netherlands … 4.100 6.87 Oct. 1, ’46 68.375 –0.25 68.313
iShiBoxx$IGCpBd LQD 108.86 –0.29 –1.6 SPDRS&P500Growth SPYG 70.32 1.34 8.1 VangdTaxExemptBd VTEB 50.57 –0.04 –0.9
iShMBS MBB 92.42 –0.31 –1.8 SPDR S&P 500 SPY 498.10 0.83 4.8 VangdTotalBd BND 72.62 –0.19 –1.3 Dish DBS … 5.875 17.43 Nov. 15, ’24 92.000 –0.13 93.000
iShMSCIACWI ACWI 104.47 0.51 2.7 SchwabIntEquity SCHF 36.78 0.05 –0.5 VangdTotIntlBd BNDX 48.71 –0.16 –1.3
iShMSCI EAFE EFA 75.17 –0.05 –0.2 SchwabUS BrdMkt SCHB 57.90 0.78 4.0 VangdTotIntlStk VXUS 57.46 0.02 –0.9 CSC Holdings CSCHLD 5.250 5.49 June 1, ’24 99.910 –0.02 99.900
iSh MSCI EM EEM 39.63 0.13 –1.4 SchwabUS Div SCHD 76.87 0.16 1.0 VangdTotalStk VTI 246.78 0.79 4.0
iShMSCIEAFEValue EFV 51.11 –0.35 –1.9 SchwabUS LC SCHX 59.00 0.79 4.6 VangdTotWrldStk VT 105.08 0.51 2.1 *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 107.71 –0.11 –0.6 SchwabUS LC Grw SCHG 89.40 1.29 7.8 VangdValue VTV 152.40 0.29 1.9 Note: Data are for the most active issue of bonds with maturities of two years or more
iSh1-5YIGCpBd IGSB 51.19 –0.04 –0.2 SPDR S&PMdCpTr MDY 504.53 0.58 –0.6 WT FRTrea USFR 50.34 ... 0.2 Source: MarketAxess
P2JW039000-1-B00900-1--------XA

THE WALL STREET JOURNAL. * Thursday, February 8, 2024 | B9

BIGGEST 1,000 STOCKS

Net Net Net Net Net Net
How to Read the Stock Tables Footnotes: Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg
The following explanations apply to NYSE, NYSE s-New 52-week high. Globant GLOB 236.22 1.34 Lear LEA 132.35 -2.84 s NVIDIA NVDA 700.99 18.76 SS&C Tech SSNC 60.71 -0.02 s TaiwanSemi TSM 124.98 5.60 VICI Prop VICI 29.70 -0.13
Arca, NYSE American and Nasdaq Stock Market t-New 52-week low. GlobeLife GL 122.47 1.28 LegendBiotech LEGN 58.62 -0.79 s Saia SAIA 536.02 5.26 s TakeTwoSoftware TTWO 169.57 2.90 VailResorts MTN 221.25 -0.20
listed securities. Prices are composite quotations
that include primary market trades as well as
dd-Indicates loss in the most recent four
quarters. GlobusMedical GMED 52.84 0.13 Leidos LDOS 113.08 0.92 O P Q s Salesforce CRM 288.84 3.01 TakedaPharm TAK 14.18 0.02 Vale VALE 13.49 0.08
trades reported by Nasdaq BX (formerly Boston), FD-First day of trading. s GoDaddy GDDY 112.38 2.88 Lennar B LEN.B 142.02 0.99 Samsara IOT 32.41 0.69 Tapestry TPR 40.35 -0.65 ValeroEnergy VLO 141.18 3.35
ONEOK OKE 68.54 0.60
Chicago Stock Exchange, Cboe, NYSE National and h-Does not meet continued listing GoldFields GFI 14.09 -0.16 Lennar A LEN 152.69 1.75 Sanofi SNY 46.92 -0.14 TargaResources TRGP 87.05 0.83 Vaxcyte PCVX 73.46 -1.37
ON Semi ON 76.96 0.64
Nasdaq ISE. standards GoldmanSachs GS 386.66 1.67 LennoxIntl LII 437.76 12.48
s OReillyAuto ORLY 1067.02 SareptaTherap SRPT 126.05 -0.36 Target TGT 146.73 2.30 VeevaSystems VEEV 214.56 5.23
15.16
The list comprises the 1,000 largest companies lf-Late filing Grab GRAB 3.30 0.05 LiAuto LI 30.26 -0.69 Schlumberger SLB 47.45 -0.56 TechnipFMC FTI 19.08 0.13 Ventas VTR 45.09 -0.01
OccidentalPetrol OXY 57.62 0.05
based on market capitalization. q-Temporary exemption from Nasdaq Graco GGG 87.30 0.45 t LibertyBroadbandC LBRDK 60.33 -2.23 SchwabC SCHW 62.43 0.54 TeckResourcesB TECK 38.43 -0.27 Veralto VLTO 81.16 3.54
Underlined quotations are those stocks with requirements. Okta OKTA 83.56 1.70
Grainger GWW 945.00 4.66 t LibertyBroadbandA LBRDA 60.35 -2.01 Sea SE 43.61 1.22 TeledyneTech TDY 432.09 -1.95 VeriSign VRSN 200.28 1.57
large changes in volume compared with the t-NYSE bankruptcy s OldDomFreight ODFL 432.45 6.90
GraphicPkg GPK 24.96 0.17 LibertyGlobalA LBTYA 19.28 0.06 Seagate STX 86.76 0.56 Teleflex TFX 250.89 -1.36 s VeriskAnalytics VRSK 250.66 2.19
issue’s average trading volume. v-Trading halted on primary market. OldRepublic ORI 27.48 -0.14
Boldfaced quotations highlight those issues vj-In bankruptcy or receivership or being GpoAeroportuar PAC 166.20 -2.17 LibertyGlobalC LBTYK 20.49 0.08 Sempra SRE 70.05 0.29 Ericsson ERIC 5.35 -0.03 Verizon VZ 40.42 -0.68
Omnicom OMC 86.32 -2.68
whose price changed by 5% or more if their reorganized under the Bankruptcy Code, s GpoAeroportSur ASR 316.34 3.46 LibertyGlobalB LBTYB 20.00 ... s SentinelOne S 28.24 0.78 TelefonicaBras VIV 10.79 -0.02 VertexPharm VRTX 419.08 2.95
OnHolding ONON 27.87 ...
previous closing price was $2 or higher. or securities assumed by such companies. Guidewire GWRE 115.40 1.47 LibertyFormOne A FWONA 59.24 -0.18 ServiceIntl SCI 65.31 -0.36 Telefonica TEF 3.89 -0.07 Vertiv VRT 60.74 1.62
OntoInnovation ONTO 158.52 2.75
HCA Healthcare HCA 307.28 0.46 LibertyFormOne C FWONK 66.00 -0.10 s ServiceNow NOW 790.39 12.94 TelekmIndonesia TLK 25.51 0.12 Viatris VTRS 11.74 -0.15
OpenText OTEX 40.91 -0.42
Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and HDFC Bank HDB 55.63 -0.42 LibertySirius C LSXMK 30.64 0.01 Shell SHEL 63.56 -0.09 TempurSealy TPX 51.25 0.55 VinFastAuto VFS 5.35 -0.04
Oracle ORCL 117.27 1.97
changes in the closing prices from 4 p.m. the previous day. HF Sinclair DINO 57.15 0.65 LibertySirius A LSXMA 30.76 0.07 SherwinWilliams SHW 309.86 1.98 Tenaris TS 31.63 -0.24 Vipshop VIPS 16.89 -0.22
Orange ORAN 11.57 -0.08
HP HPQ 27.95 -0.34 LibertySirius B LSXMB 30.76 -0.54 ShinhanFin SHG 32.35 0.50 TencentMusic TME 9.66 -0.14 Visa V 279.39 2.63
Orix IX 97.47 1.10
Wednesday, February 7, 2024 HSBC HSBC 39.95 -0.04 Light&Wonder LNW 84.03 1.73 ShockwaveMed SWAV 236.59 -0.08 TenetHealthcare THC 88.11 -0.33 Vistra VST 43.76 0.50
Net Net Oshkosh OSK 111.90 -0.02
Stock Sym Close Chg Stock Sym Close Chg H World HTHT 31.93 -0.75 EliLilly LLY 725.38 20.35 s Shopify SHOP 85.17 3.61 Teradyne TER 97.51 -0.24 Vodafone VOD 8.16 -0.24
Net s OtisWorldwide OTIS 91.77 -0.17
Haleon HLN 8.37 -0.01 s LincolnElectric LECO 226.84 3.07 SimonProperty SPG 143.44 0.05 Tesla TSLA 187.58 2.48 VoyaFinancial VOYA 68.78 -2.99
Stock Sym Close Chg Halliburton HAL 34.74 Linde LIN 416.83
Ovintiv OVV 41.75 0.12
s VulcanMatls VMC 236.52
Birkenstock BIRK 45.91 -0.50 Deere DE 385.95 -2.95 -0.08 1.27
s OwensCorning OC 158.57 SimpsonMfg SSD 182.69 2.00 s TetraTech TTEK 174.38 4.16 4.94
5.31
A B C BlackRock
Blackstone
BLK 794.70 6.72
BX 126.09 2.53
DellTechC
DeltaAir
DELL 83.74
DAL 40.21
1.06
0.03
HartfordFinl HIG 89.85
HealthpeakProp PEAK 17.87
0.15
-0.21
LithiaMotors LAD 290.33
LiveNationEnt LYV 87.66
-1.92
-1.18
PDD PDD 128.78 3.00
SiriusXM SIRI
SkechersUSA SKX 57.05
5.07 -0.04
-0.68
TevaPharm TEVA 12.14 -0.11
W X Y Z
PG&E PCG 16.41 0.17 TexasInstruments TXN 158.77 0.40
AECOM ACM 87.33 -1.26 Block SQ 68.31 1.31 DentsplySirona XRAY 33.71 -0.45 Heico HEI 189.57 2.40 LloydsBanking LYG 2.07 -0.01 Skyworks SWKS 103.71 0.66 TexasPacLand TPL 1490.85 46.42
PNC Finl PNC 148.17 -1.12 WEC Energy WEC 78.16 -0.18
AES AES 16.32 -0.18 s BlueOwlCapital OWL 16.14 0.36 DescartesSystems DSGX 87.86 -0.13 s Heico A HEI.A 149.52 2.13 LockheedMartin LMT 430.10 3.15 SmithAO AOS 79.84 1.62 s TexasRoadhouse TXRH 132.61 3.43
POSCO PKX 84.40 2.50 WEX WEX 202.38 2.91
Aflac AFL 78.83 1.91 Boeing BA 211.92 3.34 DeutscheBank DB 12.58 -0.61 HenrySchein HSIC 75.26 -0.83 Loews L 72.66 -0.15 Smith&Nephew SNN 28.19 -0.17 s Textron TXT 87.71 1.62
PPG Ind PPG 139.37 -0.52 W.P.Carey WPC 60.90 0.22
AGCO AGCO 117.91 -4.28 s Booking BKNG 3708.92 63.98 DevonEnergy DVN 41.31 0.23 Hershey HSY 194.26 -0.52 LogitechIntl LOGI 83.34 -1.63 Smucker SJM 131.62 -0.59 ThermoFisher TMO 552.31 -7.97
PPL PPL 25.68 -0.01 WPP WPP 49.37 -0.51
Ansys ANSS 336.93 0.27 BoozAllen BAH 143.66 -0.39 DexCom DXCM 126.61 1.69 Hess HES 145.20 -0.85 Lowe's LOW 221.69 3.57 Snap SNAP 11.41 -6.04 ThomsonReuters TRI 149.09 -0.18
PTC PTC 180.21 3.10 s Wabtec WAB 136.50 1.76
APA APA 30.55 0.03 BorgWarner BWA 33.83 -0.24 Diageo DEO 148.61 -1.28 HessMidstream HESM 32.62 -0.03 Lucid LCID 3.38 -0.12 Snap-On SNA 294.50 1.08 3M MMM 93.84 0.08
PVH PVH 119.79 -0.93 WalgreensBoots WBA 22.81 -0.30
ASE Tech ASX 9.27 0.19 BostonProps BXP 63.77 0.46 DiamondbkEner FANG 151.45 -0.54 HewlettPackard HPE 15.26 -0.02 lululemon LULU 457.75 1.21 Snowflake SNOW 218.23 4.55 Toast TOST 19.28 0.87
s Paccar PCAR 105.06 0.83 s Walmart WMT 169.38 -0.43
s ASML ASML 922.23 17.34 s BostonSci BSX 65.23 0.44 s Dick's DKS 158.59 1.65 s Hilton HLT 196.03 1.41 LyondellBasell LYB 94.47 ... SOQUIMICH SQM 40.47 -0.05 Toll Bros TOL 99.75 1.13
PackagingCpAm PKG 165.31 2.28 WarnerBrosA WBD 9.75 -0.32
AT&T T 17.33 -0.28 BristolMyers BMY 48.64 -0.62 DigitalRealty DLR 145.47 1.21 Hologic HOLX 73.85 -0.32 SoFiTech SOFI 7.66 -0.14 TopBuild BLD 379.25 6.73
AbbottLabs ABT 113.31 -0.69 BritishAmTob BTI 29.41 -0.35 DiscoverFinSvcs DFS 106.28 0.62 s HomeDepot HD 362.69 6.44 M N s PalantirTech PLTR 23.60 1.73
Sony SONY 97.26 0.30 Toro TTC 94.20 2.14
WarnerMusic WMG 36.19 -0.21
s PaloAltoNtwks PANW 364.50 23.01 WasteConnections WCN 156.96 0.02
s AbbVie ABBV 175.01 1.72 Broadcom AVGO 1257.06 34.41 Disney DIS 99.14 -0.15 HondaMotor HMC 34.93 0.51 Southern SO 66.95 -0.45 TorontoDomBk TD 59.25 -0.57
M&T Bank MTB 130.47 -1.80 ParamountB PARA 12.85 -1.14 s WasteMgt WM 189.98 0.77
AcadiaHealthcare ACHC 79.61 -0.22 BroadridgeFinl BR 198.25 -0.60 DocuSign DOCU 51.31 -0.86 Honeywell HON 194.10 0.46 SoCopper SCCO 82.03 -0.18 TotalEnergies TTE 63.05 -2.00
MGM Resorts MGM 44.72 0.03 ParamountA PARAA 20.31 -1.45 Waters WAT 323.54 -6.84
Accenture ACN 366.65 1.95 BrookfieldAsset BAM 39.79 0.09 DolbyLab DLB 79.22 -0.18 t HormelFoods HRL 29.73 -0.36 SouthwestAir LUV 30.74 -0.29 s ToyotaMotor TM 223.05 4.19
MKS Instrum MKSI 108.04 0.16 s ParkerHannifin PH 514.22 2.67 Watsco WSO 402.72 8.35
AcuityBrands AYI 236.31 1.73 Brookfield BN 39.75 0.10 DollarGeneral DG 135.29 0.98 DR Horton DHI 144.64 1.61 SouthwesternEner SWN 6.40 0.01 TractorSupply TSCO 233.45 -0.34
MPLX MPLX 37.70 0.21 Paychex PAYX 122.10 -0.09 WebsterFin WBS 45.43 -0.71
Adobe ADBE 615.85 8.71 BrookfieldInfr BIP 30.99 -0.46 DollarTree DLTR 139.83 2.07 HostHotels HST 19.23 -0.24 Splunk SPLK 153.42 -0.08 TradeDesk TTD 69.60 1.00
MSCI MSCI 590.63 8.63 PaycomSoftware PAYC 199.03 1.37 WellsFargo WFC 48.48 0.19
AdvDrainageSys WMS 138.08 3.85 BrookfieldRenew BEPC 26.42 -0.26 DominionEner D 44.49 -0.60 HoulihanLokey HLI 124.57 0.39 Spotify SPOT 240.83 8.91 s Tradeweb TW 99.45
MagnaIntl MGA 58.53 0.10 Paylocity PCTY 168.30 2.12 2.34 Welltower WELL 86.76 0.23
AdvMicroDevices AMD 170.94 3.06 Brown&Brown BRO 78.93 0.52 Domino's DPZ 421.95 0.37 s HowmetAerospace HWM 59.09 0.66 StanleyBlackDck SWK 89.69 0.35
ManhattanAssoc MANH 245.73 -1.79 PayPal PYPL 63.24 -0.47 TraneTech TT 273.43 3.20 s WescoIntl WCC 188.21 3.61
Aegon AEG 5.80 0.01 Brown-Forman A BF.A 58.64 0.37 Donaldson DCI 66.82 0.54 s Hubbell HUBB 355.13 4.88 Stantec STN 81.57 0.89 s TransDigm
s ManulifeFinl MFC 22.58 0.32 Pearson PSO 11.76 -0.05 TDG 1147.01 6.41 WestPharmSvcs WST 413.00 14.73
AerCap AER 77.95 0.75 Brown-Forman B BF.B 57.13 0.22 s DoorDash DASH 114.33 1.99 HubSpot HUBS 609.85 3.92 Starbucks SBUX 95.31 -0.36 TransUnion TRU 68.63
MarathonOil MRO 22.69 0.16 PembinaPipeline PBA 33.72 0.13 0.68 WesternDigital WDC 57.94 -0.51
AffirmHldgs AFRM 44.61 1.18 Bruker BRKR 70.70 -3.18 DoubleVerify DV 41.47 -0.08 Humana HUM 368.57 2.22 StateStreet STT 73.03 0.58 Travelers TRV 214.22
MarathonPetrol MPC 169.59 2.95 PenskeAuto PAG 148.25 -1.49 1.21 WesternMidstrm WES 28.00 0.08
AgilentTechs A s BuildersFirst BLDR 180.91 2.96 s Dover DOV 160.47 -0.35 s JBHunt JBHT 214.18 2.78 SteelDynamics STLD 124.56 4.39
132.79 -3.07 Markel MKL 1445.42 37.66 Pentair PNR 74.10 0.52 s Trex TREX 89.91 6.72 Westlake WLK 140.95 1.59
AgnicoEagleMines AEM 47.50 -0.29 t BungeGlobal BG 87.95 -2.08 Dow DOW 54.09 0.05 HuntingtonBcshs HBAN 12.35 -0.02 Stellantis STLA 23.51 0.48
MarketAxess MKTX 226.41 5.15 Penumbra PEN 265.06 6.46 Trimble TRMB 51.91 0.22 WestRock WRK 39.92 1.55
AirProducts APD 215.38 -2.67 BurlingtonStrs BURL 194.14 0.02 s DrReddy'sLab RDY 73.40 0.20 s HuntingIngalls HII 274.74 8.52 Steris STE 225.87 -0.05
s Marriott MAR 247.94 3.18 PepsiCo PEP 171.47 0.05 Trip.com TCOM 39.45 -0.03 Weyerhaeuser WY 32.86 0.05
Airbnb ABNB 147.55 3.02 CACI Intl CACI 351.15 1.77 s DraftKings DKNG 42.60 0.86 HyattHotels H 129.49 ... Stevanato STVN 34.00 -0.16
Marsh&McLen MMC 195.73 1.23 PerformanceFood PFGC 72.50 -0.78 TruistFinl TFC 36.01 -0.24 WheatonPrecMet WPM 46.66 -0.29
s AkamaiTech AKAM 125.57 1.09 CBRE Group CBRE 83.94 -0.25 s Dropbox DBX 32.89 0.19 ICICI Bank IBN 24.57 -0.09 s StifelFinancial SF 74.71 0.36
MartinMarietta MLM 524.48 9.97 PermianRscs PR 13.25 0.12 Twilio TWLO 69.71 0.59 Williams WMB 34.29 -0.01
Albemarle ALB 115.05 2.03 s CDW CDW 237.60 7.10 DukeEnergy DUK 95.50 0.44 IdexxLab IDXX 572.31 5.31 STMicroelec STM 44.03 -0.19
MarvellTech MRVL 69.37 2.29 PetroleoBrasil PBR 17.39 0.16 TylerTech TYL 435.88 5.36 Williams-Sonoma WSM 205.52 0.83
Albertsons ACI CF Industries CF 76.36 0.22 Duolingo DUOL 182.47 3.48 ING Groep ING 12.90 -0.14 s Stryker SYK 342.72 2.95
21.20 -0.04 Masco MAS 70.44 1.66 PetroleoBrasilA PBR.A 16.95 0.24 TysonFoods TSN 53.94 -1.45 s WillisTowers WTW 271.79 3.34
Alcon ALC 76.86 -0.07 CGI A GIB 111.75 0.24 DuPont DD 66.48 0.74 Invesco IVZ 15.92 0.04 SumitomoMits SMFG 10.41 0.13
Masimo MASI 135.14 0.37 Pfizer PFE 27.56 0.06 UBS Group UBS 27.76 -0.39 WillScotMobile WSC 50.69 0.59
AlexandriaRlEst ARE 117.22 -0.41 CH Robinson CHRW 73.66 -0.86 Dynatrace DT 60.65 1.07 IQVIA IQV 214.34 -1.07 SunComms SUI 124.50 -0.48
Mastercard MA 461.91 1.41 PhilipMorris PM 91.44 -0.22 UDR UDR 35.32 -0.24 s Wingstop WING 292.79 6.31
CME Group CME 205.46 2.68 elfBeauty ELF 164.82 -8.50 s ITT ITT 125.75 0.76 SunLifeFinancial SLF 52.58 0.28
Alibaba BABA 73.64 -4.59 MatchGroup MTCH 34.82 -1.22 Phillips66 PSX 146.53 0.62 UFP Inds UFPI 116.12 0.63 Wipro WIT 5.90 -0.04
AlignTech ALGN 284.73 -3.71 CMS Energy CMS 56.41 -0.06 s EMCOR EME 238.99 2.05 IcahnEnterprises IEP 18.64 -0.15 SuncorEnergy SU 32.12 0.14
McCormickVtg MKC.V 65.97 -0.67 t PinnacleWest PNW 67.24 -0.84 U-Haul N UHAL/B 64.76 0.91 s Wix.com WIX 133.16 3.95
Allegion ALLE 126.94 0.91 s CNA Fin CNA 46.45 0.36 ENI E 30.94 -0.40 Icon ICLR 269.06 3.58 s SuperMicroComp SMCI 683.60 2.01
McCormick MKC 65.62 -1.43 Pinterest PINS 40.83 -0.22 U-Haul UHAL 66.91 0.55 WoodsideEnergy WDS 21.19 -0.04
AlliantEnergy LNT 47.78 0.02 CNH Indl CNHI 12.37 -0.05 EOG Rscs EOG 112.52 0.64 IDEX IEX 222.42 3.53 Suzano SUZ 10.81 0.02
McDonald's MCD 287.33 2.68 PioneerNatRscs PXD 227.76 -0.29 US Foods USFD 46.44 -0.31 Woodward WWD 137.82 1.05
Allstate ALL 158.60 1.25 s CRH CRH 74.71 1.32 EPAM Systems EPAM 285.69 -3.46 IllinoisToolWks ITW 254.09 -1.60 s Symbotic SYM 39.28 1.37
McKesson MCK 516.98 10.11 PlainsAllAmPipe PAA 15.35 0.18 UWM UWMC 6.89 -0.01 WooriFinl WF 32.74 1.35
AllyFinancial ALLY 35.68 -0.19 s CSX CSX 36.99 -0.03 EQT EQT 34.23 ... Illumina ILMN 142.94 -1.95 SynchronyFinl SYF 38.53 -0.26
Medpace MEDP 308.76 6.17 PlainsGP PAGP 16.06 0.11 s Uber UBER 70.65 0.18 Workday WDAY 294.42 5.79
AlnylamPharm ALNY 168.60 -3.58 CVS Health CVS 76.05 2.29 s EagleMaterials EXP 240.28 4.46 Immunogen IMGN 29.55 0.04 Synopsys SNPS 554.28 11.85
Medtronic MDT 87.16 -0.58 Pool POOL 380.85 7.28 Ubiquiti UI 126.94 -0.86 WynnResorts WYNN 99.83 -0.23
Alphabet C GOOG 146.68 1.27 s CadenceDesign CDNS 300.73 7.93 EastWestBncp EWBC 69.20 -0.06 ImperialOil IMO 57.17 -0.37 Sysco SYY 79.67 -0.74
MercadoLibre MELI 1713.87 3.48 Primerica PRI 232.99 2.07 UiPath PATH 23.48 0.33 XP XP 24.81 -0.34
CaesarsEnt CZR 43.07 -0.31 EastGroup EGP 179.35 -1.75 Incyte INCY 57.34 -2.29 s
Alphabet A GOOGL 145.54 1.44 Merck MRK 127.47 0.59 UltaBeauty ULTA 514.04 s
s AltairEngg ALTR 89.48 0.79 CamdenProperty CPT 94.69 -0.63 EastmanChem EMN 82.97 0.36 Informatica INFA 30.20 0.17
MetaPlatforms META 469.59 14.87
PrincipalFinl PFG 78.11 -0.29 T U V Unilever UL 48.90
12.04
-0.97
XPO XPO 116.54
XcelEnergy XEL 58.37
18.49
-0.07
Cameco CCJ 48.05 0.43 s Eaton ETN 272.85 1.73 Infosys INFY 20.43 -0.18 ProcoreTech PCOR 72.57 0.72
Altria MO 40.26 -0.34 MetLife MET 67.00 1.04 s Procter&Gamble PG 159.12 0.16 TAL Education TAL 12.04 -0.14 s UnionPacific UNP 249.16 -0.71 XPeng XPEV 8.43 -0.36
CampbellSoup CPB 43.63 -0.73 eBay EBAY 42.34 -0.32 s IngersollRand IR 84.57 1.33
Amazon.com AMZN 170.53 1.38 Mettler-Toledo MTD 1213.23 1.13 s Progressive PGR 182.17 1.90 TC Energy TRP 37.73 -0.30 UnitedAirlines UAL 41.28 0.05 s Xylem XYL 123.35 3.79
CIBC CM 44.77 -0.09 s Ecolab ECL 203.00 3.05 Ingredion INGR 110.68 0.97
Ambev ABEV 2.59 -0.06 MicrochipTech MCHP 83.31 0.06
Prologis PLD 129.09 -1.41 TD Synnex SNX 99.25 -0.55 UnitedMicro UMC 7.90 0.23 YPF YPF 16.04 -0.49
s CanNtlRlwy CNI 129.13 0.86 Ecopetrol EC 11.98 0.08 Insulet PODD 198.75 -0.88
Amcor AMCR 9.38 0.20 MicronTech MU 85.17 0.57 s PrudentialFinl PRU 109.13 5.74 TE Connectivity TEL 141.99 0.44 UPS B UPS 147.24 1.32 Yum!Brands YUM 129.64 2.37
CanadianNatRscs CNQ 60.32 -0.65 EdisonIntl EIX 65.44 0.31 Intel INTC 42.78 0.04
Amdocs DOX 90.96 -1.75 Microsoft MSFT 414.05 8.56
Prudential PUK 21.35 -0.20 Telus TU 17.46 0.06 s UnitedRentals URI 652.73 -1.81 YumChina YUMC 40.39 2.95
s CdnPacKC CP 85.35 1.07 EdwardsLife EW 86.61 -1.64 InteractiveBrkrs IBKR 94.44 1.42
AmerSports AS 15.05 -0.08 MicroStrategy MSTR 508.01 10.01 US Bancorp USB 39.91
CapitalOne COF 133.97 -0.38 s ElancoAnimal ELAN 15.78 -0.24 ICE ICE 128.08 1.75 PublicServiceEnt PEG 59.01 0.03 Ternium TX 38.36 0.10 -0.19 ZTO Express ZTO 17.64 -0.18
Ameren AEE 68.69 0.31 MidAmApt MAA 125.18 -0.40
CardinalHealth CAH 105.67 1.60 Elastic ESTC 125.50 3.27 InterContinentl IHG 96.30 -0.48 PublicStorage PSA 281.21 2.56 s TFI Intl TFII 140.34 4.99 US Steel X 46.07 0.48 ZebraTech ZBRA 247.11 4.62
AmericaMovil AMX 17.77 -0.21 Middleby MIDD 142.94 1.64 UnitedTherap UTHR 210.76
s Carlisle CSL 341.91 24.30 ElbitSystems ESLT 205.39 -4.01 IBM IBM 183.74 0.33 PulteGroup PHM 103.01 0.44 TIM TIMB 18.37 0.04 -4.19 Zillow C Z 57.25 0.19
AmerAirlines AAL 14.91 0.01 MitsubishiUFJ MUFG 9.45 0.10
s ElectronicArts EA 136.75 1.49 IntlFlavors IFF 82.34 1.57 PureStorage PSTG 42.54 0.86 s TJX TJX 97.83 0.73 UnitedHealth UNH 519.39 8.72 Zillow A ZG 55.55 0.21
AEP AEP 77.33 0.10 Carlyle CG 44.24 3.52 MizuhoFin MFG 3.71 ...
IntlPaper IP 33.86 0.72 Qiagen QGEN 43.52 -1.28 TKO TKO 87.30 0.13 UnitySoftware U 32.52 0.47 ZimmerBiomet ZBH 127.55 -0.05
s AmerExpress AXP 209.08 3.43 CarMax KMX 72.30 0.47 s ElevanceHealth ELV 497.79 3.96 Mobileye MBLY 26.65 -0.56
Interpublic IPG 32.24 -0.75 Qorvo QRVO 110.85 2.24 T-MobileUS TMUS 161.78 0.78 UnivDisplay OLED 175.93 4.15 Zoetis ZTS 197.09 0.95
AmericanFin AFG 122.24 2.53 Carnival CCL 15.72 -0.25 s EmersonElec EMR 104.09 9.83 Moderna MRNA 99.30 -0.73
Intuit INTU 643.17 7.87 Qualcomm QCOM 145.89 1.79 TPG TPG 43.10 0.68 UniversalHealthB UHS 162.45 0.30 ZoomVideo ZM 63.88 0.28
AmHomes4Rent AMH 34.77 -0.09 Carnival CUK 14.34 -0.28 Enbridge ENB 34.42 -0.24 MolinaHealthcare MOH 362.10 4.98
s IntuitiveSurgical ISRG 391.38 1.69 QuantaServices PWR 208.90 2.79 T.RowePrice TROW 109.73 0.75 UnumGroup UNM 47.27 -0.26 Zscaler ZS 244.66 9.93
AIG AIG 69.81 1.04 CarrierGlobal CARR 53.83 -0.48 s EncompassHealth EHC 72.76 0.57 MolsonCoorsA TAP.A 61.03 -3.96
Endeavor EDR 24.34 0.02 InvitatHomes INVH 32.56 -0.16 QuestDiag DGX 127.42 1.16
AmerTowerREIT AMT 193.62 1.95 Carvana CVNA 48.09 -0.10 MolsonCoorsB TAP 59.73 -1.56
IonisPharm IONS 49.54 0.42
AmerWaterWorks AWK 121.95 0.14 CaseysGenStores CASY 275.20 -0.91
Catalent CTLT 56.50 -1.96
EnergyTransfer ET 13.90
EnphaseEnergy ENPH 117.51
-0.07
17.00 IronMountain IRM 67.82 -1.14
s monday.com MNDY 217.96 2.60 R S IPO Scorecard
AmericoldRealty COLD 27.49 -0.66 Mondelez MDLZ 74.62 -0.63
ItauUnibanco ITUB 6.95 -0.10
Ameriprise AMP 391.36 3.31 Caterpillar CAT 323.59 0.87 Entegris ENTG 119.88 1.31 s MongoDB MDB 457.39 14.08 RBC Bearings RBC 272.93 -1.68 Performance of IPOs, most-recent listed first
Celanese CE 149.01 1.14 Entergy ETR 98.76 -0.69 RB Global RBA 67.46 0.99
s Ametek
Amgen
AME 166.73 0.65
AMGN 295.87 -20.20 CelsiusHldg CELH 57.77 1.97 EnterpriseProd EPD 26.25 0.02 J K L s MonolithicPower MPWR 645.41
MonsterBev MNST 56.46
12.43
0.12 RELX RELX 41.35 -0.11
% Chg From % Chg From
Company SYMBOL Wed's Offer 1st-day Company SYMBOL Wed3s Offer 1st-day
AmkorTech AMKR 29.58 -1.11 s Cemex CX 8.74 0.06 Equifax EFX 241.86 -1.42 JD.com JD 23.05 -1.06 s Moody's MCO 404.85 6.80 RPM RPM 105.98 1.11
s Cencora COR 237.67 2.66 s Equinix EQIX 846.73 8.72 RTX RTX 91.93 -0.35 IPO date/Offer price close ($) price close IPO date/Offer price close ($) price close
s Amphenol APH 104.26 1.49 JPMorganChase JPM 175.43 0.33 MorganStanley MS 86.00 -0.10
AnalogDevices ADI 191.97 2.26 CenovusEnergy CVE 15.90 0.06 Equinor EQNR 27.09 -2.10 Jabil JBL 131.55 1.79 Morningstar MORN 278.20 3.89 RalphLauren RL 147.14 -0.20 American Heathcare REIT 13.22 10.2 ... FibroBiologics 8.68 8.5 –70.2
AngloGoldAsh AU 17.84 -0.14 Centene CNC 74.92 ... Equitable EQH 33.70 0.96 JackHenry JKHY 169.18 5.27 Mosaic MOS 30.37 0.02 RaymondJames RJF 111.04 -0.31 AHR Feb. 7/$12.00 FBLG Jan. 31/$8.00
AB InBev BUD 65.53 1.80 CenterPointEner CNP 27.57 -0.04 EquityLife ELS 66.52 -0.53 JacobsSolns J 143.58 3.67 MotorolaSol MSI 327.93 2.55 RealtyIncome O 53.36 -0.39
EquityResdntl EQR 58.82
Legato Merger III 10.06 0.5 ... ArriVent Biopharma 22.16 23.1 10.8
AnnalyCap NLY 18.58 -0.33 CentraisElBras EBR 8.72 0.01 -0.36 JamesHardie JHX 38.55 -0.46 MurphyUSA MUSA 367.63 7.74 RegalRexnord RRX 140.76 3.27
CerevelTherap CERE 41.53 -0.13 s ErieIndemnity ERIE 350.00 2.51 RegencyCtrs REG 61.94 -0.27
LEGT.UT Feb. 6/$10.00 AVBP Jan. 26/$18.00
Aon AON 301.88 1.05 JazzPharm JAZZ 122.94 -1.77 NICE NICE 217.14 2.15
ApellisPharm APLS 66.70 -0.61 CharlesRiverLabs CRL 218.58 -1.92 EssentialUtil WTRG 35.60 0.05 JefferiesFinl JEF 40.08 0.13 NIO NIO 5.86 -0.17 RegenPharm REGN 938.49 0.68 Alto Neuroscience 18.98 18.6 –8.3 BrightSpring Health Services 11.49 –11.6 4.5
APi Group APG 34.15 0.57 t CharterComms CHTR 283.67 -6.61 EssexProp ESS 229.02 -3.95 J&J JNJ 157.98 -0.08 NNN REIT NNN 39.98 -0.24 RegionsFinl RF 17.84 -0.02 ANRO Feb. 2/$16.00 BTSG Jan. 26/$13.00
s ApolloGlbMgmt APO 105.90 1.43 CheckPoint CHKP 164.33 1.88 EsteeLauder EL 141.93 -4.28 JohnsonControls JCI 54.40 1.14 NRG Energy NRG 52.99 -0.53 ReinsGrp RGA 169.01 2.01
Etsy ETSY 73.26 -1.59 s
Fractyl Health 10.48 –30.1 –18.4 Haoxi Health Technology 7.14 78.5 35.2
s AppFolio APPF 233.32 5.60 Chemed CHE 592.80 0.65 JonesLang JLL 171.88 0.61 s NVR NVR 7420.71 87.89 RelianceSteel RS 298.26 6.87
CheniereEnergy LNG 160.08 -0.18 Everest EG 383.94 3.31 s RenaissanceRe RNR 234.55 6.88
GUTS Feb. 2/$15.00 HAO Jan. 26/$4.00
Apple AAPL 189.41 0.11 JuniperNetworks JNPR 37.03 0.04 NXP Semicon NXPI 221.37 -1.63
ApplMaterials AMAT 170.90 2.20 CheniereEnerPtrs CQP 49.62 0.08 Evergy EVRG 49.38 -0.28 KB Financial KB 49.33 2.05 Nasdaq NDAQ 56.91 0.59 RentokilInit RTO 25.64 -0.36 Amer Sports 15.05 15.8 12.3 CG Oncology 40.52 113.3 9.0
s Applovin APP 47.69 1.65 ChesapeakeEner CHK 76.04 0.01 EversourceEner ES 53.79 0.05 KBR KBR 53.35 0.46 s Natera NTRA 69.92 -0.30 Repligen RGEN 201.75 1.23 AS Feb. 1/$13.00 CGON Jan. 25/$19.00
Aptargroup ATR 131.80 0.67 Chevron CVX 152.13 -0.22 ExactSciences EXAS 61.14 -3.46 KE Holdings BEKE 13.51 -0.19 NationalGrid NGG 66.46 -0.11 s RepublicSvcs RSG 174.56 0.88
Aptiv APTV 82.02 -2.17 Chewy CHWY 16.93 -0.20 Exelon EXC 34.10 0.19 s KKR KKR 94.73 1.15 NatWest NWG 5.58 -0.04 ResMed RMD 186.59 -3.65 Sources: Dow Jones Market Data; FactSet
Aramark ARMK 28.88 -0.43 s Chipotle CMG 2666.99179.25 s Expedia EXPE 154.38 0.68 KLA KLAC 608.90 7.28 NetApp NTAP 87.23 -0.37 RestaurantBrands QSR 76.84 0.50
ArcelorMittal MT 27.42 0.04 Chubb CB 246.89 -0.78 ExpeditorsIntl EXPD 127.61 1.60 KarunaTherap KRTX 314.06 -1.75 NetEase NTES 106.34 -1.02 Revvity RVTY 102.90 -1.32
ArchCapital ACGL 84.42 1.12
ADM ADM 52.88 0.01
ChunghwaTel CHT 38.83 0.23
Church&Dwight CHD 100.75 0.59
ExtraSpaceSt EXR 142.41
ExxonMobil XOM 102.22
-0.32
-0.03
Kaspi.kz
Kellanova
KSPI 90.00
K 53.69
-0.95
-0.74
Netflix
Neurocrine
NFLX 559.30
NBIX 136.29
3.42
-6.67
RexfordIndlRealty REXR 51.50
RioTinto RIO 68.52
-1.38
0.20 Borrowing Benchmarks
ChurchillDowns CHDN 121.98 1.15 F5 FFIV 183.29 0.82 Rivian RIVN 15.17
s AresMgmt ARES 128.85 1.86
Ciena CIEN 55.79 0.88 FactSet FDS 483.06 5.65
Kenvue KVUE 20.52 -0.08 NewOrientalEduc EDU 81.37 0.60
RobertHalf RHI 79.48
-0.33
-0.62
wsj.com/market-data/bonds/benchmarks
argenx ARGX 391.95 -1.17 KeurigDrPepper KDP 31.26 0.15 NYTimes A NYT 44.96 -3.56
AristaNetworks ANET 267.05 2.16 s Cigna CI 330.55 2.97 FairIsaac FICO 1280.45 20.64 KeyCorp KEY 13.90 ... Newmont NEM 33.65 -0.01 Robinhood HOOD 11.00 0.22
Arm ARM 77.01 4.03
AscendisPharma ASND 139.29 -1.55 s
CincinnatiFinl CINF 107.03 -5.07
Cintas CTAS 621.62 3.73
Fastenal FAST 69.46
FederalRealty FRT 100.84
-0.02
-0.82
KeysightTech KEYS 158.14
KimberlyClark KMB 121.07
2.17
-0.26
NewsCorp B NWS 25.30
NewsCorp A NWSA 24.27
-0.40
-0.41
Roblox RBLX 44.74
RocketCos. RKT 11.50
4.14
-0.17
Money Rates February 7, 2024
AspenTech AZPN 192.41 -0.91 CiscoSystems CSCO 49.77 -0.21 FedEx FDX 242.13 0.81 KimcoRealty KIM 20.17 -0.08 NextEraEnergy NEE 56.38 0.15 Rockwell ROK 269.02 9.04
s Assurant AIZ 175.35 6.46 Citigroup C 54.54 0.19 s Ferguson FERG 193.82 1.02 KinderMorgan KMI 16.65 -0.04 Nextracker NXT 55.42 -0.34 RogersComm B RCI 46.39 -0.23 Key annual interest rates paid to borrow or lend money in U.S. and
AstraZeneca AZN 66.55 -0.49 CitizensFin CFG 31.31 -0.23 Ferrari RACE 381.04 2.51 KinsaleCapital KNSL 407.19 5.80 Nike NKE 103.79 1.18 RoivantSciences ROIV 10.39 0.09 international markets. Rates below are a guide to general levels but
s CleanHarbors CLH 176.90 0.32 FidNatlFinl FNF 50.34 0.27 Klaviyo KVYO 27.78 0.01 NiSource NI 25.09 0.01 Roku ROKU 94.49 1.01
Atlassian TEAM 209.46 -1.80
AtmosEnergy ATO 111.93 0.12 Cleveland-Cliffs CLF 19.78 0.03 FidNatlInfo FIS 61.67 0.05 Knight-Swift KNX 60.31 0.18 Nokia NOK 3.55 -0.01 Rollins ROL 44.20 0.19 don’t always represent actual transactions.
s Autodesk ADSK 258.43 4.45 Clorox CLX 155.54 0.77 FifthThirdBncp FITB 33.36 -0.11 Philips PHG 20.40 -0.80 Nomura NMR 5.48 -0.04 RoperTech ROP 548.69 3.39
Week —52-WEEK—
Autoliv ALV 108.45 -1.97 Cloudflare NET 83.35 1.76 FirstCitizBcshA FCNCA 1484.03 0.98 KoreaElecPwr KEP 7.92 0.13 Nordson NDSN 255.81 2.16 RossStores ROST 143.25 1.09 Inflation Latest ago High Low
ADP ADP 250.27 -0.54 Coca-Cola KO 59.99 0.05 FirstHorizon FHN 13.66 -0.15 KraftHeinz KHC 36.40 -0.81 NorfolkSouthern NSC 250.55 -1.31 RoyalBkCanada RY 97.03 0.09
Dec. index Chg From (%)
CocaColaCon COKE 883.38 6.37 FirstSolar FSLR 145.46 4.35 Kroger KR 44.62 -0.37 NorthernTrust NTRS 79.12 0.92 RoyalCaribbean RCL 119.43 -1.14
s AutoZone AZO 2842.54 30.68
Coca-ColaEuro CCEP 67.00 -0.79 FirstEnergy FE 35.83 0.02 LKQ LKQ 47.57 0.45 NorthropGrum NOC 453.90 5.73 RoyalGold RGLD 112.48 -0.42
level Nov. '23 Dec. '22 Secondary market
Avalonbay AVB 173.42 0.67
CognizantTech CTSH 78.00 -0.73 FirstService FSV 164.15 -0.03 LPL Financial LPLA 243.80 2.30 NorwegCruise NCLH 17.39 -0.05 RoyaltyPharma RPRX 29.33 -0.86
Avangrid AGR 30.42 0.12
s Fiserv FI U.S. consumer price index Fannie Mae
Avantor AVTR 23.68 0.03 Coherent COHR 61.89 3.89 142.71 1.62 L3HarrisTech LHX 209.56 1.85 Novartis NVS 103.46 -0.28 RyanSpecialty RYAN 43.05 0.15
CoinbaseGlbl COIN 122.07 2.28 FiveBelow FIVE 182.71 1.31 LabCorp.ofAmerica LH 223.71 1.43 s NovoNordisk NVO 118.66 1.05 s Ryanair RYAAY 140.10 2.09 All items 306.746 –0.10 3.4 30-year mortgage yields
AveryDennison AVY 203.07 4.63
AxaltaCoating AXTA 32.55 0.13 ColgatePalm CL 83.86 0.12 FleetCorTech FLT 291.99 5.00 LamResearch LRCX 848.54 13.92 s NuHoldings NU 9.56 0.18 s SAP SAP 181.18 2.39 Core 311.907 0.10 3.9 30 days 6.146 5.949 7.495 5.496
Comcast A CMCSA 42.86 -1.56 Flex FLEX 24.51 0.34 LamarAdv LAMR 104.53 0.25 Nucor NUE 186.21 4.86 s S&P Global SPGI 459.72 6.43 60 days 5.955 7.554 5.500
s AxonEnterprise AXON 265.47 6.01 6.158
BCE BCE 39.39 -0.24 s ComfortSystems FIX 231.95 5.39 Floor&Decor FND 104.95 1.33 LambWeston LW 100.19 -0.87 Nutanix NTNX 57.52 0.98 SBA Comm SBAC 217.00 -1.60 International rates
BHP Group BHP 60.52 0.19 s SABESP SBS 16.13 -0.02
s
FlutterEnt FLUT 207.27 -2.00 LasVegasSands LVS 52.75 0.58 Nutrien NTR 49.68 -0.73 SEI Investments SEIC 65.97 0.26 Other short-term rates
BILL BILL 74.93 -1.77 ConagraBrands CAG 28.36 -0.26 FomentoEconMex FMX 139.39 0.08 LatticeSemi LSCC 63.92 2.37 nVentElectric NVT 63.97 2.15 SK Telecom SKM 21.57 0.35 Week 52-Week
Confluent CFLT 24.29 0.81 FordMotor F 12.80 0.73 Latest ago High Low
BJ'sWholesale BJ 66.01 0.17 Week 52-Week
BP BP 36.17 -0.22 ConocoPhillips COP 112.32 0.80 Fortinet FTNT 70.03 2.55 Latest high low
ago
s BWX Tech BWXT 83.95 0.94 ConEd ED 89.47 -0.30 Fortis FTS 39.33 -0.33 Prime rates
Baidu BIDU 105.30 -2.26
BakerHughes BKR 29.12 -0.27 s
ConstBrands A STZ 244.42 -3.34
ConstellationEner CEG 132.50 1.49
Fortive FTV 82.33
FortuneBrands FBIN 78.49
0.78
0.81
Dividend Changes U.S. 8.50 8.50 8.50 7.75 Call money
Cooper COO 374.64 -0.06 FoxA FOXA 29.47 -2.15 Canada 7.20 7.20 7.20 6.70 7.25 7.25 7.25 6.50
Ball BALL 58.49 1.24
BBVA BBVA 9.70 -0.01 Copart CPRT 50.85 0.37 FoxB FOX 27.44 -1.90 Amount Payable / Japan 1.475 1.475 1.475 1.475
s Core&Main CNM 42.21 0.74 Franco-Nevada FNV 107.88 0.94 Company Symbol Yld % New/Old Frq Record Commercial paper (AA financial)
BancoBradesco BBDO 2.56 -0.39
CorebridgeFin CRBG 23.42 0.08 FranklinRscs BEN 26.72 0.09 Policy Rates 90 days n.a. n.a. 5.54 4.70
BancodeChile BCH 22.71 -0.11 Increased
Corning GLW 31.79 -0.25 FreeportMcM FCX 39.20 -0.97 Euro zone 4.50 4.50 4.50 3.00
BancSanBrasil BSBR 5.83 -0.18
BcoSantChile BSAC 18.38 -0.16
Corteva CTVA 54.07 1.98 FreseniusMedCare FMS 19.69 -0.17 3M MMM 6.4 1.51 /1.50 Q Mar12 /Feb16 Switzerland 2.25 2.25 2.25 1.50 Secured Overnight Financing Rate
CoStar CSGP 85.13 1.25 ChampionX CHX 1.3 .095 /.085 Q Apr26 /Apr05 Britain 5.25 5.25 5.25 4.00 5.31 5.31 5.40 4.55
BancoSantander SAN
BanColombia CIB
3.97 -0.03
s Costco COST 719.78 8.99 G H I DuPont de Nemours DD 2.3 .38 /.36 Q Mar15 /Feb29
31.77 -0.01
CoterraEnergy CTRA 24.36 0.04
Australia 4.35 4.35 4.35 3.35
BankofAmerica BAC 33.18 0.14 GE HealthCare GEHC 81.83 -0.13 Kforce KFRC 2.3 .38 /.36 Q Mar29 /Mar15 Value 52-Week
Coty COTY 12.18 -0.09 Latest Traded High Low
BankMontreal BMO 91.75 -0.30
Coupang CPNG 14.37 0.33
GFLEnvironmental GFL 35.65 0.35 Otter Tail OTTR 2.0 .4675 /.4375 Q Mar08 /Feb15 Overnight repurchase
BankNY Mellon BK 55.27 0.21 s GSK GSK 42.02 0.27 Tractor Supply TSCO 1.9 1.10 /1.03 Q Mar12 /Feb26 U.S.
Crane CR 125.95 1.12 5.35 5.39 5.48 4.55 DTCC GCF Repo Index
BankNovaScotia BNS 46.46 -0.23
Credicorp BAP 154.28 0.83
Gallagher AJG 236.20 2.15 Tradeweb Markets TW 0.4 .10 /.09 Q Mar15 /Mar01
Barclays BCS Gaming&Leisure GLPI 45.30 0.09 Treasury 5.348 30.210 5.504 4.546
7.43 -0.07
s CrowdStrike CRWD 317.78 15.67 UFP Industries UFPI 1.1 .33 /.30 Q Mar15 /Mar01 U.S. government rates MBS
BarrickGold GOLD 14.93 -0.10 Gap GPS 19.87 0.09 Xylem XYL 1.2 .36 /.33 Q Mar20 /Feb21 5.367 43.470 5.689 4.564
CrownCastle CCI 106.87 -0.79
Bath&BodyWks BBWI 44.09 0.95
Crown Holdings CCK 74.96 -1.71
Garmin GRMN 121.73 -0.08 Discount Notes on data:
BaxterIntl BAX 39.38 -0.33
CubeSmart CUBE 43.81 0.15
Gartner IT 449.95 -11.75 Foreign 5.50 5.50 5.50 4.75
BectonDicknsn BDX 239.48 0.80 GenDigital GEN 20.91 0.32 AudioCodes AUDC 2.6 .18 SA Mar06 /Feb20 U.S. prime rate is the base rate on corporate
BeiGene BGNE 147.76 -5.82 Cummins CMI 248.11 -3.43 loans posted by at least 70% of the 10 largest
Generac GNRC 125.80 8.45
s BellRing BRBR 58.65 1.81
s Curtiss-Wright CW 226.88 -0.02 s GeneralDynamics GD 269.09 1.40
Banco Bradesco Ord ADR BBDO 6.0 .00347 Apr08 /Mar05 Federal funds U.S. banks, and is effective July 27, 2023. Other
s CyberArkSoftware CYBR 243.17 3.31 Banco Bradesco Pref ADR BBD 5.9 .00381 Apr08 /Mar05 Effective rate 5.3400 5.3300 5.3500 4.5800 prime rates aren’t directly comparable; lending
BentleySystems BSY 51.93 0.99 s GeneralElec GE 138.50 0.92
Berkley WRB 80.34 -0.15 Cytokinetics CYTK 77.12 -3.04
GeneralMills GIS 63.71 -1.12
Banco de Chile ADR BCH 4.8 1.69244 A Apr05 /Mar22 High 5.5500 5.6500 5.6500 4.9000 practices vary widely by location; Discount rate
BP ADR BP 4.1 .4362 Q Mar28 /Feb16 is effective July 27, 2023. Secured Overnight
s
s
BerkHathwy B BRK.B 397.66 3.92
BerkHathwy A BRK.A 5993006930.00
D E F GeneralMotors GM
Genmab
38.72 0.69
GMAB 27.97 -0.18 Diageo ADR DEO 2.7 1.62 SA Apr17 /Mar01
Low 5.3200 5.3100 5.3300 4.5400 Financing Rate is as of February 6, 2024. DTCC
Bid 5.3300 5.3100 5.3300 4.5700 GCF Repo Index is Depository Trust & Clearing
BerryGlobal BERY 56.71 -7.57 DTE Energy DTE 105.22 1.01 s Gentex GNTX 34.55 0.05 Offer 5.3300 5.3700 4.5800 Corp.'s weighted average for overnight trades in
Special 5.3600
BestBuy BBY 75.48 0.64 s Danaher DHR 246.64 -1.56 GenuineParts GPC 142.78 1.46 applicable CUSIPs. Value traded is in billions of
Bio-Techne TECH 66.36 -1.01 Darden DRI 166.04 0.12 Golub Capital BDC GBDC 10.1 .07 Mar15 /Feb15
Gerdau GGB 4.38 -0.01 Treasury bill auction U.S. dollars. Federal-funds rates are Tullett
Bio-RadLab A BIO 325.16 0.15 Datadog DDOG 130.62 1.44 GileadSciences GILD 74.42 -3.30 Sources: FactSet; Dow Jones Market Data Prebon rates as of 5:30 p.m. ET.
Biogen BIIB 240.54 -5.01 DaVita DVA 111.61 -0.47 GitLab GTLB 72.75 1.80 4 weeks 5.280 5.280 5.840 3.190
Sources: Federal Reserve; Bureau of Labor
BioMarinPharm BMRN 89.66 -0.14 Dayforce DAY 69.31 -1.94 GlobalPayments GPN 137.01 1.15 KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and ratio; SO: 13 weeks 5.235 5.210 5.345 4.590 Statistics; DTCC; FactSet;
BioNTech BNTX 95.05 -0.95 DeckersOutdoor DECK 833.33 7.98 GlobalFoundries GFS 52.54 0.89 spin-off. 26 weeks 5.045 4.985 5.350 4.620 Tullett Prebon Information, Ltd.

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 31.70 +0.40 7.5 SrsEmrgMkt 17.20 +0.04 -0.8 LgCpGwth 66.50 +1.05 10.6 MidCap 102.08 +0.80 2.0 MuShtAdml 15.74 ... 0.1 Welltn 42.22 +0.19 2.1
Top 250 mutual-funds listings for Nasdaq-published share classes by net assets. MidCpInxInstPrem 30.05 +0.17 0.3 SrsGlobal 13.75 +0.02 -0.7 JPMorgan R Class NHoriz 57.08 +0.31 1.5 PrmcpAdml r 160.75 +0.53 2.8 WndsrII 44.04 +0.24 2.7
e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes e and s SAIUSLgCpIndxFd 20.68 +0.17 4.8 SrsGroCoRetail 21.15 +0.24 8.6 CoreBond 10.21 -0.01 -0.7 R2025 15.85 +0.04 0.9 RealEstatAdml 118.47 -0.21 -5.3 VANGUARD INDEX FDS
apply. k-Recalculated by Lipper, using updated data. p-Distribution costs apply, 12b-1. r- SeriesBondFd 8.95 -0.01 -1.0 SrsIntlGrw 17.64 +0.08 3.0 CorePlusBd 7.19 -0.01 -0.6 R2030 24.21 +0.07 1.1 SmCapAdml 100.45 +0.26 -1.7 ExtndIstPl 304.34 +1.07 -1.1
Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and r apply. v-Footnotes SeriesOverseas 13.17 +0.04 1.5 SrsIntlVal 11.58 -0.01 -0.8 Lord Abbett I R2040 28.12 +0.12 1.8 SmGthAdml 84.28 +0.33 -0.8 IdxIntl 18.45 +0.03 -0.9
x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not available due to incomplete SerLTTreBdIdx 5.64 -0.02 -3.4 TotalBond 9.48 -0.01 -0.7 ShtDurInc p 3.85 ... 0.5 Schwab Funds STBondAdml 10.06 -0.01 -0.1 MdCpGrAdml 95.69 +0.74 1.2
price, performance or cost data. NE-Not released by Lipper; data under review. NN-Fund not SmCpIdxInstPrem 24.12 -0.04 -3.7 Fidelity SAI Metropolitan West 1000 Inv r 106.93 +0.87 NA STIGradeAdml 10.20 -0.01 0.1 MdCpVlAdml 74.48 +0.22 -0.8
tracked. NS-Fund didn’t exist at start of period. TMktIdxInstPrem 137.02 +1.04 4.0 TotalBd 8.97 -0.01 -0.7 TotRetBdI 9.04 -0.02 NA S&P Sel 76.63 +0.63 NA STIPSIxAdm 23.82 -0.01 ... SmValAdml 75.49 +0.10 -2.4
TotalMarketIndex 17.29 +0.13 4.0 U.S.TreBdIdx 8.71 -0.02 -1.0 TRBdPlan 8.48 -0.02 NA TSM Sel r 84.21 +0.64 NA TotBdAdml 9.57 -0.02 -1.1 TotBd2 9.45 -0.02 -1.1
TtlIntIdxInstPr 13.02 +0.01 -1.0 Fidelity Selects MFS Funds TIAA/CREF Funds TotIntBdIdxAdm 19.49 -0.04 -1.0 TotIntlInstIdx r 123.40 +0.19 -0.9
Wednesday, February 7, 2024 USBdIdxInstPrem 10.29 -0.02 Semiconductors r 27.16 +0.52
-1.0 12.0 IIE 32.81 -0.02 -0.4 EqIdxInst 35.02 +0.27 4.0 TotIntlAdmIdx r 30.86 +0.05 -0.9 TotItlInstPlId r 123.43 +0.19 -0.9
Net YTD Net YTD Net YTD Fidelity Advisor I Softwr 29.12 +0.43 5.2 MFS Funds Class I IntlEqIdxInst 21.82 +0.01 -0.2 TotStAdml 120.12 +0.91 4.0 TotSt 120.09 +0.91 4.0
Fund NAV Chg % Ret Fund NAV Chg % Ret Fund NAV Chg % Ret Total Bd 9.47 -0.01 -0.7 Tech 30.83 +0.33 8.1 GrowthI 189.71 +2.67 10.3 LrgCpGrIdxInst 55.71 +0.71 7.5 TxMCapAdml 258.07 +2.09 4.4 VANGUARD INSTL FDS
Fidelity Freedom First Eagle Funds ValueI 48.45 +0.15 1.8 VANGUARD ADMIRAL TxMIn r 15.27 +0.02 -0.8 BalInst 45.50 +0.19 2.0
AB Funds Artisan Funds US CoreEq1 37.27 +0.25 3.4 FF2030 16.71 +0.03 0.8 GlbA 63.75 +0.06 1.0 500Adml 461.22 +3.77 4.8 DevMktsIndInst 15.29 +0.02 -0.9
MuniIncmShares 11.07 +0.01 -0.1 IntlVal Inst 45.97 -0.11 NA US CoreEq2 33.33 +0.20 2.6 Natixis Funds USGroAdml 158.09 +2.18 7.8
AB Funds - ADV Baird Funds US Small 42.98 +0.05 -3.1
FF2040 10.68 +0.04 1.8 Franklin A1 LSGrowthY 24.97 +0.31 7.5 BalAdml 45.49 +0.18 2.0
ValAdml 59.47 +0.19 2.0 DevMktsInxInst 23.91 +0.04 -0.8
Freedom2030 K 16.69 +0.03 0.8 IncomeA1 2.29 ... -0.8 Northern Funds CAITAdml 11.41 +0.01 -0.3
WdsrllAdml 78.13 +0.44 2.7
ExtndInst 123.32 +0.43 -1.1
LgCpGrAdv 100.95 +1.42 8.8 AggBdInst 9.74 -0.02 -1.0 US SmCpVal 43.30 -0.02 -3.6 Freedom2035 K 14.70 +0.04 1.3 FrankTemp/Frank Adv CapOpAdml r 183.51 +0.47 2.4 GrwthInst 171.64 +2.17 7.3
American Century Inv CorBdInst 10.06 -0.02 -0.8 US TgdVal 30.58 -0.05 -4.1 StkIdx 51.34 +0.42 4.8 WellsIAdml 59.84 -0.03 -1.0
Freedom2040 K 10.68 +0.04 1.8 IncomeAdv 2.27 ... -0.8 Old Westbury Fds DivAppIdxAdm 47.57 +0.33 2.9 InPrSeIn 9.30 -0.02 -0.9
Ultra 79.42 +0.98 6.6 BlackRock Funds USLgVa 45.18 +0.11 1.4 WelltnAdml 72.91 +0.33 2.1
Idx2030InsPre 19.04 +0.05 0.7 FrankTemp/Franklin A LrgCpStr 18.11 +0.16 4.3
EMAdmr 33.81 +0.06 -1.1 InstIdx 412.47 +3.37 4.8
American Funds Cl A HiYldBd Inst 7.02 +0.01 0.4 Dodge & Cox WndsrAdml 71.27 +0.14 -1.6
Idx2035InsPre 21.73 +0.08 1.1 Growth A 129.75 +1.24 5.8
Parnassus Fds EqIncAdml 83.96 +0.16 -0.4 InstPlus 412.47 +3.38 4.8
AmcpA 40.19 +0.46 5.4 BlackRock Funds III Balanced 100.86 -0.08 -0.4 VANGUARD FDS
Idx2040InsPre 22.53 +0.10 1.5 RisDv A 90.76 +0.70 2.6
ParnEqFd 57.06 +0.39 3.5
ExplrAdml 103.08 +0.47 -0.1 InstTStPlus 85.65 +0.65 4.0
AMutlA 51.86 +0.11 1.7 iShS&P500IdxK 585.80 +4.80 4.8 GblStock 14.67 -0.01 -1.7 Idx2045InsPre 23.55 +0.11 1.7 Guggenheim Funds Tru ExtndAdml 123.33 +0.43 -1.1 DivdGro 38.31 +0.20 3.0 MidCpInst 63.73 +0.33 0.1
BalA 32.63 +0.16 2.0 BlackRock Funds Inst Income 12.51 -0.02 -0.9 PGIM Funds Cl Z IntlVal 39.96 -0.05 -1.0
Idx2050InsPre 23.59 +0.11 1.7 TotRtnBdFdClInst 23.58 -0.03 -0.6 GNMAAdml 9.18 -0.02 -1.5 MidCpIstPl 314.29 +1.63 0.1
BondA 11.33 -0.02 -1.0 EqtyDivd 19.37 +0.02 1.0 Intl Stk 47.48 -0.23 -3.4 TotalReturnBond 11.92 -0.01 NA LifeCon 20.40 +0.01 0.1
Fidelity Invest Harbor Funds GroIncAdml 95.81 +0.98 6.2 SmCapInst 100.44 +0.25 -1.7
CapIBA 65.89 -0.02 -0.5 StratIncOpptyIns 9.38 -0.01 -0.1 Stock 245.04 +0.42 0.6 PIMCO Fds Instl LifeGro 42.03 +0.16 1.4
Balanc 27.78 +0.12 3.2 CapApInst 106.06 +1.69 9.9 GrwthAdml 171.63 +2.17 7.3 SmCapIstPl 289.92 +0.73 -1.7
CapWGrA 61.34 +0.27 2.0 TotRet 9.91 -0.02 NA DoubleLine Funds Harding Loevner AllAsset 10.94 -0.01 NA
HlthCareAdml r 90.69 +0.17 LifeMod 30.69 +0.07 0.8
BluCh 187.62 +0.83 8.3 2.9 STIGradeInst 10.20 -0.01 0.1
EupacA 55.16 +0.13 0.9 Calamos Funds TotRetBdI NA ... NA TotRt 8.56 -0.01 NA HYCorAdml r PrmcpCor 32.66 +0.12 2.9
BluChpGr K6 28.93 +0.16 7.8 IntlEq 25.31 +0.05 -2.5 5.38 +0.01 -0.1 STIPSIxins 23.83 -0.01 ...
FdInvA 74.32 +0.62 4.0 MktNeutI 14.29 ... 0.8 Edgewood Growth Instituti PIMCO Funds A InfProAd STAR 27.07 +0.08 0.8
Contra 17.91 +0.26 11.3 Invesco Funds A 22.84 -0.04 -0.8 TotBdInst 9.57 -0.02 -1.1
GwthA 66.80 +0.72 5.8 Columbia Class I EdgewoodGrInst 47.93 +0.68 9.6 ContraK 17.98 +0.26 11.3 EqIncA 10.18 +0.03 1.0 IncomeFd 10.57 -0.01 0.1 IntlGrAdml 101.86 +0.78 ... TgtRe2020 26.95 +0.03 0.3 TotBdInst2 9.45 -0.02 -1.1
HI TrA 9.48 +0.01 0.4 DivIncom I 31.14 +0.12 2.4 Federated Hermes Int PIMCO Funds I2 ITBondAdml 10.23 -0.01 TgtRe2025 18.49 +0.03 0.6
CpInc 9.73 +0.04 1.4 Invesco Funds Y -0.9 TotBdInstPl 9.57 -0.02 -1.1
ICAA 52.46 +0.38 4.1 Dimensional Fds TtlRtnBdI 9.45 -0.02 -1.0 GroCo 34.60 +0.38 8.4 DevMktY 37.70 +0.08 -2.4 Income 10.57 -0.01 0.1 ITIGradeAdml 8.58 -0.01 -0.7 TgtRe2030 35.79 +0.09 0.9 TotIntBdIdxInst 29.24 -0.06 -1.0
IncoA 23.31 +0.01 -0.6 5GlbFxdInc 10.02 ... 0.6 Fidelity InvGrBd 9.97 -0.02 -0.9 JHF III DispVal PIMCO Funds Instl LarCapAd 115.62 +0.97 4.9 TgtRe2035 22.38 +0.07 1.2 TotStInst 120.14 +0.91 4.0
N PerA 57.61 +0.32 3.1 EmgMktVa 29.37 +0.11 -0.2 500IdxInstPrem 173.48 +1.42 4.8 LowP 43.66 +0.03 -0.9 DispValMCI 27.28 +0.13 -0.3 IncomeFd 10.57 -0.01 0.2 LTGradeAdml 7.91 -0.03 -2.2 TgtRe2040 39.84 +0.15 1.4 ValueInst 59.46 +0.18 2.0
NEcoA 56.79 +0.59 5.2 EmMktCorEq 22.26 +0.10 -0.7 Contrafund K6 25.55 +0.36 10.8 Magin 13.44 +0.17 9.2 John Hancock Price Funds MidCpAdml 288.48 +1.50 0.1 TgtRe2045 27.09 +0.11 1.6 WCM Focus Funds
NwWrldA 75.77 +0.28 1.0 IntlCoreEq 15.09 ... -1.5 ExtMktIdxInstPre 77.21 +0.27 -1.1 NASDAQ 199.67 +1.88 5.0 BondR6 13.46 -0.02 -0.7 BlChip 163.55 +2.34 9.5 MuHYAdml 10.65 +0.01 -0.2 TgtRe2050 45.22 +0.21 1.8 WCMFocIntlGrwIns 23.64 +0.07 3.9
SmCpA 65.16 +0.32 -1.6 IntSmCo 18.88 ... -2.2 FidSerToMarket 16.32 +0.13 4.0 OTC 19.72 +0.20 7.8 JPMorgan I Class DivGro 72.59 +0.39 2.5 MuIntAdml 13.66 ... -0.4 TgtRe2060 46.48 +0.21 1.7 Western Asset
TxExA 12.39 +0.01 -0.4 IntSmVa 20.84 +0.04 -1.8 GrowthCompanyK6 24.45 +0.28 8.9 Puritn 24.31 +0.16 4.3 CoreBond 10.19 -0.02 -0.8 Growth 93.86 +1.21 8.4 MuLTAdml 10.91 +0.01 -0.5 TgtRet2055 50.45 +0.23 1.7 CoreBondI NA ... NA
WshA 58.98 +0.44 3.1 LgCo 33.14 +0.27 4.8 IntlIdxInstPrem 47.22 ... -0.3 SAIUSQtyIdx 20.89 +0.21 7.9 EqInc 23.10 +0.04 0.6 LgCapGow I 71.74 +0.89 9.1 MuLtdAdml 10.82 ... -0.1 TgtRetInc 13.02 +0.01 ... CorePlusBdI NA ... NA
P2JW039000-0-B01000-1--------XA

B10 | Thursday, February 8, 2024 THE WALL STREET JOURNAL.

BUSINESS & FINANCE

Carlyle Revamps Pay System, Meketa Sets Up

New Fund Aimed
Sets New Financial Targets At Individuals
BY CHRIS CUMMING investors will receive a larger in large part due to the asset 40% to 50% for 2024. The
share of the management fees, manager’s reliance on revenue firm’s profit margin on fees in
Carlyle Group swung to a revenue stream prized for its from performance fees, which the past has lagged behind sev- BY CHRIS CUMMING
quarterly loss but saw its stock stable, predictable nature. The can be choppy, and its relative eral other alternative-fund
price rise after it unveiled a change shouldn’t affect the dearth of so-called permanent managers. Carlyle’s 2023 mar- Meketa Investment Group
pay overhaul that will give in- overall level of compensation, capital, or money that gener- gin was 37%, while Black- has launched a new fund de-
vestors a bigger piece of man- the firm said. ates fees in perpetuity. stone’s was 58%, for instance. signed for individuals, joining
agement fees and set new per- The new pay system was Schwartz took the CEO role Carlyle’s 2023 fee-related a growing number of private-
formance targets for the designed to create better align- a year ago with a mandate to earnings of $859 billion was an markets firms targeting the
coming year. ment between help the firm annual record for the firm. vast pool of money held by the
The private-equity firm re- the firm, its catch up with Carlyle also announced a wealthy.

$692M
ported a higher profit margin s to c k h o l d e r s its peers, in fundraising target for 2024 of The Boston-based firm,
on fees, and its profit that can and the inves- part by mod- $40 billion. Carlyle raised $16.9 which advises institutional in-

KATIE WARNKE/GREENEARTH PHOTOGRAPHY

be returned to shareholders tors in its ernizing and di- billion in the fourth quarter vestors such as pension funds,
beat analyst expectations. funds, Schwartz versifying the and $37.1 billion during all of has begun marketing a new
Carlyle posted a fourth- said. Loss reported by firm’s sources 2023, 24% up from the prior infrastructure fund to individ-
quarter loss of $692 million, or “Carlyle has of revenue. year. ual investors, or ordinary peo-
$1.92 a share, compared with a a performance-
the private-equity Schwartz has The firm is also emphasiz- ple rather than the institu-
profit of $127.2 million, or 35 driven culture firm for the fourth emphasized ex- ing fundraising centers beyond tions that private-markets
cents a share, the same period and our senior quarter of 2023 panding the traditional private equity, a firms typically target, accord-
a year earlier. professionals firm’s credit sector that Schwartz said faces ing to a statement released
The loss was driven by a want their com- and insurance headwinds. Wednesday.
one-time noncash charge of pensation more businesses and Credit funds accounted for The Meketa Infrastructure
$1.1 billion, which was tied to tightly tied to performance,” raising more money from $9.5 billion of the $16.9 billion Fund is the first offering from Meketa Capital’s Michael Bell
the rollout of a new system for he said. “Shareholders also get wealthy individual investors, as raised in the fourth quarter. the firm’s newly formed Me-
compensating employees, the more of what they value most,” well as cutting costs. Credit is now the firm’s largest keta Capital division, which frastructure funds are still
firm said. the stable management fees. Carlyle’s distributable earn- segment, with about $190 bil- will aim to provide alterna- less widely available than ve-
The new pay system is in- “And our investing clients ings, or profit that can be re- lion under management, up al- tive-investment funds through hicles focusing on real estate
tended to link compensation benefit from our having more turned to shareholders, fell to most 300% over the past four registered investment advisers or private credit. Michael Bell,
more closely to investment skin in the game,” Schwartz $402.7 million in the fourth years, Schwartz said. The firm and other intermediaries, said the CEO of Meketa Capital,
performance, Chief Executive said. quarter, about 7% below the also added $29 billion in insur- Stephen McCourt, Meketa’s said the firm aimed to make
Harvey Schwartz said on a call Carlyle shares rose 8.6% to same period last year, but still ance assets in 2023. co-chief executive. the new fund easy to access,
with financial analysts close at $44.24 on Wednesday. ahead of analyst expectations. Overall, Carlyle’s total assets “The idea for Meketa Capi- with a ticker symbol, a rela-
Wednesday. Since going public in 2012, The firm said its quarterly under management were $426 tal came about over the last tively low minimum invest-
While Carlyle’s employees Carlyle’s share price and valua- profit margin on fee revenue of billion at the end of the year. couple of years in response to ment and no capital calls.
will receive a larger share of tion have lagged behind those 43% was its highest ever, and it —Sabela Ojea increased demand for and in- “We have developed a way
deal profits going forward, its of other private-markets firms, set a target for a margin of contributed to this article. terest in the types of services to access a very difficult-to-
that we could provide RIAs access asset class,” said Bell.
and financial advisers,” Mc- Meketa is perhaps best
Court said. known as a consultant to large
In the past several years, institutional investors such as
private-equity firms have be- public pension systems, and
gun to raise large amounts of advises on some $1.8 trillion
money from individual inves- in client assets.
tors, a group that most alter- Bell and Meketa had a years-
native-asset managers had typ- long relationship before the
ically neglected. firm recently tapped him to run
Private funds are generally the new division. Bell previously
open to people with at least $1 founded Denver-based Primark
million to in- Capital, which
vest or an an- manages a pri-
nual salary of vate-equity ve-
$200,000 or The fund will hicle for ordi-
more. For many focus on co- nary investors
years, manag- that has Meketa
ers raised so investing in as a subadviser.
much money
from institu-
infrastructure Called the Pri-
mark Meketa
tional inves- projects. Private Equity
tors—which Investments
typically write Fund, it held
much larger about $119 mil-
checks than all but the very lion in private-equity assets as
wealthiest individuals—that of its most recent regulatory fil-
they didn’t need to bother ing last September.
with the retail market. The new Meketa fund,
But private-markets fund- which went live several weeks
raising has been under pres- ago, will focus on co-investing
sure for about two years be- in infrastructure projects and
cause of high interest rates assets alongside managers
and recession fears. Last year, with whom Meketa has a rela-
LEV RADIN/ZUMA PRESS

firms raised about $804 bil- tionship, with a portion of the

lion globally, the lowest sum
in six years, according to data
provider Preqin.
Under these circumstances,
Activists picket outside the offices of Bill Ackman’s company this week over his position on diversity initiatives. the retail market has become
a larger piece of the fundrais-
fund set aside in liquid invest-
ments to provide capital for
redemptions. It is structured
as a so-called interval fund
that lets investors redeem a
certain portion of its total

Groups Black applicants. Legal experts

have said the outcome of the
case, which is in a federal ap-
find itself in violation of fed-
eral law—and in federal
court.”
ment.
Ackman has frequently fo-
cused on DEI in the context of
ing pie for many firms. Pri-
vate-equity firm KKR, for in-
stance, said Tuesday that it
value at given periods—in this
case, up to 5% every quarter.
Meketa Capital has been

Push Back peals court, could affect diver-

sity initiatives in the business
world.
Ackman and Musk, two bil-
lionaires with wide followings
on X, which Musk owns, have
college campuses, where he
says such initiatives foment
antisemitism. He pushed to
managed a total of $75 billion
from wealthy individuals and
family offices. Blackstone,
meeting with investment ad-
visers to wealthy people to
discuss the fund and provide

On Diversity Blum’s group last week also

took aim at proposed busi-
ness-diversity guidelines from
also taken up the fight against
DEI, giving it a bigger plat-
form.
oust the presidents of Har-
vard, the Massachusetts Insti-
tute of Technology and Uni-
which has tried more than
perhaps any private-markets
firm to court individual inves-
information about the asset
class.
Down the line, the firm in-
the Commerce Department, “Discrimination on the ba- versity of Pennsylvania over tors, said last month it held tends to set up other interval
Continued from page B1 saying they would encourage sis of race, which DEI does, is their responses to campus an- about $64 billion in its open- funds for individuals as well
capital firm Fearless Fund’s discrimination by race. He literally the definition of rac- tisemitism, as well as allega- ended private-credit fund and as model portfolios, and plans
startup-grant program for said Wednesday that any busi- ism,” Musk posted in January. tions of plagiarism at Harvard. $61 billion in its private real- to offer related consulting and
Black women was discrimina- ness that implemented the A spokesman for X didn’t only MIT’s president remains estate income trust. outsourced chief investment
tory against potential non- government’s proposal “will return a request for com- in her post. However, retail-focused in- officer services, McCourt said.

New Highs and Lows Stock

52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg
IngersollRand IR 84.97 1.6 Paccar PCAR 105.61 0.8 UltraparPart UGP 5.84 2.1 CarismaTherap CARM 1.96 -4.3 LL Flooring LL 2.03 9.3 PsyenceBiomed PBM 1.11 -22.0
The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE American IntegratedRailA IRRX 12.12 0.1 PalantirTech PLTR 23.87 7.9 UnionPacific UNP 251.65 -0.3 CasaSystems CASA 0.29 8.3 LTC Properties LTC 30.30 -0.7 QualigenTherap QLGN 0.45 4.1
and Nasdaq Stock Market stocks that hit a new 52-week intraday high or low in the latest PaloAltoNtwks PANW 366.14 6.7 UnitedRentals
Intellinetics INLX 7.79 3.4 URI 658.86 -0.3 CharterComms CHTR 282.54 -2.3 LibertyBroadbandA LBRDA 60.33 -3.2 RMGAcqnIII RMGCU 9.29 -10.4
session. % CHG-Daily percentage change from the previous trading session.
IntuitiveSurgical ISRG 392.00 0.4 ParPacific PARR 38.06 3.5 UrbanOutfitters URBN 41.39 1.6 Cheche CCG 3.50 -5.9 LibertyBroadbandC LBRDK 60.28 -3.6 ReadyCapital RC 8.74 -2.8
InvestcorpEur I A IVCB 11.12 0.2 ParkerHannifin PH 517.51 0.5 VEON VEON 22.41 3.9 ChickenSoupNts CSSEN 2.06 -8.9 Lightbridge LTBR 2.77 -1.4 RegencellBio RGC 7.79 -1.4
Wednesday, February 7, 2024
IronHorseAcqns IROHU 10.15 0.1 PerspectiveTherap CATX 1.00 4.1 VeriskAnalytics VRSK 251.98 0.9 ChinaNaturalRscs CHNR 0.86 1.1 LixteBiotechWt LIXTW 0.03 56.3 RevelationBio REVB 2.40 -0.8
52-Wk % 52-Wk % 52-Wk % IronwoodPharm IRWD 14.99 ... PlumAcqnIWt PLMIW 0.44 -6.5 Vontier VNT 36.57 -0.4 Cingulate CING 1.05 -15.5 LytusTech LYT 0.08 -5.0 SAB BiotherapWt SABSW 0.02 -23.3
Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg JVSPACAcqn JVSAU 10.17 0.1 PowellIndustries POWL 137.85 4.8 VulcanMatls VMC 237.53 2.1 CleanEnergyTechs CETY 0.51 -21.3 MGO Global MGOL 0.36 -1.1 Srivaru SVMH 0.17 -1.1
CDW CDW 247.63 3.1 Ecolab ECL 203.41 1.5 JawsMustang JWSM.U 11.43 -1.7 PrimorisSvcs PRIM 36.29 1.3 Wabtec WAB 137.33 1.3 ComstockRscs CRK 7.31 -0.8 MSP Recovery LIFW 0.72 0.6 SU Group SUGP 2.20 -5.0
Highs CG Oncology CGON 41.85 9.4 EdgewiseTherap EWTX 20.01 1.7 KKR KKR 95.47 1.2 Procter&Gamble PG 159.83 0.1 Walmart WMT 170.66 -0.3 ComtechTel CMTL 5.77 -0.7 MainStreetBcshs MNSB 17.50 -0.5 Safe&Green SGBX 0.26 3.4
CNA Fin CNA 46.96 0.8 ElancoAnimal ELAN 16.08 -1.5 Kadant KAI 297.57 -0.1 Progressive PGR 182.85 1.1 WasteMgt WM 190.36 0.4 ContainerStore TCS 0.95 -39.4 MatthewsIntl MATW 27.95 -3.5 SanJuanBasin SJT 4.39 -0.9
AAON AAON 75.56 4.5
PrudentialFinl 109.47 5.6 WerewolfTherap HOWL
CRH CRH 74.74 1.8 ElevanceHealth ELV 502.14 0.8 Kingstone KINS 3.56 0.9 PRU 6.77 -2.9 Cool CLCO 10.45 0.2 MercurySystems MRCY 25.31 -11.4 SaveFoods SVFD 1.50 -2.1
ASML ASML 927.79 1.9 RelianceSteel 298.60 2.4 WescoIntl
CSW Industrials CSWI 226.95 1.9 EmersonElec EMR 105.71 10.4 Lensar LNSR 4.84 12.9 RS WCC 188.55 2.0 CosmosHealth COSM 0.80 -14.6 MiddlesexWater MSEX 54.17 -2.1 Scienjoy SJ 0.66 -14.8
ASP Isotopes ASPI 3.22 -0.3 RenaissanceRe RNR 235.14 3.0 WillisTowers SeelosTherap SEEL 0.71 0.2
CSX CSX 37.37 -0.1 EncompassHealth EHC 73.65 0.8 LGL Group LGL 6.66 0.3 WTW 272.09 1.2 CureVac CVAC 3.35 -1.7 MobileGlbEsports MGAM 0.24 -3.2
AZEK AZEK 45.83 14.5 RepublicSvcs RSG 175.35 0.5 Wingstop Shapeways SHPW 1.77 -1.6
CadenceDesign CDNS 302.42 2.7 Equillium EQ 1.68 20.3 LegatoMergerIII LEGT.U 10.08 ... WING 296.08 2.2 CytoMedTherap GDTC 1.92 -31.4 NetPower NPWR 8.18 -6.8
AZZ AZZ 66.15 2.3 Ryanair RYAAY 140.22 1.5 SharpsTech STSS 0.27 -7.0
Cadre CDRE 35.47 0.6 Equinix EQIX 848.72 1.0 LincolnElectric LECO 228.38 1.4 Wix.com WIX 134.21 3.1 DDC Enterprise DDC 1.83 4.5 NanoStringTech NSTG 0.05 -42.0
AbacusLife ABL 13.25 ... RymanHospitality RHP 115.56 0.3 XPO ShiftPixy PIXY 4.16 -7.1
CanNtlRlwy CNI 129.66 0.7 ErieIndemnity ERIE 350.63 0.7 Liquidia LQDA 14.67 7.7 XPO 117.72 18.9 DistokenAcqnRt DISTR 0.08 -18.8 Netcapital NCPL 0.14 -6.5
AbbVie ABBV 175.56 1.0 SAP SAP 181.57 1.3 Xylem XYL 124.56 3.2 Shimmick SHIM 5.75 1.7
CdnPacKC CP 85.47 1.3 EssaPharma EPIX 11.67 1.0 Macerich MAC 17.36 2.1 ElicioTherap ELTX 2.96 -11.3 NewPacificMetals NEWP 1.16 -4.8
Adeia ADEA 12.87 1.3 S&P Global SPGI 461.16 1.4 Zenvia ZENV 2.37 18.0 SigmaLithium SGML 12.48 -8.5
Carlisle CSL 350.00 7.7 Expedia EXPE 156.77 0.4 Macrogenics MGNX 18.10 1.0 Emeren SOL 1.54 1.9 NY CmntyBcp NYCB 3.60 6.7
AdverumBiotech ADVM 2.82 12.4 SCETrustVIIPfd SCEpM 26.45 0.2 ZurnElkayWater ZWS 33.95 4.2 SiNtxTech SINT 0.13 -4.1
Carlyle CG 44.83 8.6 EyePointPharm EYPT 29.65 1.7 ManulifeFinl MFC 22.62 1.4 EvolutionPetrol EPM 5.00 3.7 NYComBncpPfdA NYCBpA 13.28 -4.3
AkamaiTech AKAM 125.90 0.9 SPX Tech SPXC 106.73 1.5 SnailA SNAL 0.79 -3.6
Cemex CX 8.81 0.7 FAT Brands FAT 9.48 3.4 Marriott MAR 250.00 1.3 Express EXPR 3.74 -2.3 NY CmtyCap V NYCBpU
Lows
18.10 -1.7
AlarumTech ALAR 14.54 2.8 Saia SAIA 556.94 1.0 SohoHouse SHCO 4.35 -19.1
Cencora COR 239.38 1.1 Ferguson FERG 195.00 0.5 MartinMarietta MLM 527.66 1.9 ExtremeNetworks EXTR 12.11 0.3 Next.e.GO EGOX 0.24 -7.8
AltairEngg ALTR 89.56 0.9 Salesforce CRM 289.80 1.1 SolidionTech STI 1.70 -16.7
Chipotle CMG 2725.83 7.2 Flexsteel FLXS 32.99 5.6 Masco MAS 70.82 2.4 EzFill EZFL 1.30 -9.7 99AcqnRt NNAGR 0.12 -19.9
AmerExpress AXP 209.15 1.7 SentinelOne S 28.80 2.8 AST Space ASTS 2.59 -9.5
SonderWt SONDW 0.00 46.5
Cigna CI 333.86 0.9 FomentoEconMex FMX 142.44 0.1 McKesson MCK 519.75 2.0 FNCB Bancorp FNCB 5.41 -2.7 NKGenBiotechWt NKGNW 0.03 -70.3
AmerHlthcrREIT AHR 13.26 10.2 ServiceNow NOW 793.47 1.7 Aclarion ACON 1.80 -5.4
Southland SLND 4.70 -2.1
Cintas CTAS 626.18 0.6 Freshpet FRPT 89.87 ... Merck MRK 128.06 0.5 FaradayFuture FFIE 0.09 -13.0 noco-nocoWt NCNCW 0.01 -41.6
Ametek AME 168.64 0.4 Shopify SHOP 85.46 4.4 AgileTherap AGRX 1.25 -15.2
SplashBeverage SBEV 0.33 -4.6
CleanHarbors CLH 180.22 0.2 FutureTechII FTIIU 11.14 1.1 MercurityFintech MFH 3.19 1.3 FibroBiologics FBLG 8.07 -16.0 Northann NCL 0.70 -4.2
Amphenol APH 104.36 1.4 SkyWest SKYW 60.51 -0.4 Agriforce AGRI 0.21 -0.4
Staffing360 STAF 0.28 -5.9
CognyteSoftware CGNT 7.57 2.2 GMS GMS 87.42 2.4 Merus MRUS 38.07 5.3 AltamiraTherap CYTO 1.61 4.0 FirstBancorp FNLC 22.13 -2.7 NorthwestNat NWN 35.54 -0.4
ApolloGlbMgmt APO 106.53 1.4 Slam SLAMU 11.63 0.3 StoneBridgeA APAC 9.00 -7.4
Coherent COHR 63.37 6.7 GSK GSK 42.21 0.6 Metlife pfA METpA 24.26 -1.3 FlexLNG FLNG 26.22 -5.7 NovaBayPharm NBY 0.12 0.2
AppFolio APPF 234.79 2.5 Smith-Midland SMID 46.37 0.7 AltoNeurosci ANRO 17.50 -2.1 SturmRuger RGR 42.86 0.2
ComfortSystems FIX 233.92 2.4 GasLogPtrsPfdC GLOPpC 24.90 0.1 MinervaNeurosci NERV 13.49 -13.7 FocusUniversal FCUV 0.76 -14.9 NovaGoldRscs NG 2.24 -5.4
Applovin APP 47.83 3.6 SparkIAcqnA SPKL 10.23 0.2 AndrettiAcqn WNNR.U 9.00 0.5 SummitStateBk SSBI 9.55 -5.1
SABESP SBS 16.41 -0.1 GencorInds GENC 16.85 2.4 monday.com MNDY 220.74 1.2 AntelopeEnterprise AEHL 1.40 0.8 FractylHealth GUTS 10.20 0.8 NutexHealth NUTX 0.11 -1.8
ArcBest ARCB 146.24 1.2 SpreeAcqn1 A SHAP 11.55 ... Sunworks SUNW 0.05 -35.6
ConstellationEner CEG 133.80 1.1 GeneralDynamics GD 270.15 0.5 MongoDB MDB 463.20 3.2 Fresh2 FRES 0.32 -3.2 NuvveHolding NVVE 0.96 -14.1
ArcturusTherap ARCT 38.27 -1.2 SpringValleyII A SVII 10.92 0.2 ArrowElec ARW 108.77 -0.7 SuperCom SPCB 0.17 -4.4
ConstructionPtrs ROAD 50.16 3.7 GeneralElec GE 138.83 0.7 MonolithicPower MPWR 655.88 2.0 GT Biopharma GTBP 4.73 -2.0 ONE GroupHosp STKS 3.72 -1.7
SpruceBio SPRB 4.10 9.7 ArrowrootAcqnA ARRW 9.30 0.9 TGVentureAcqn TGVC 9.85 -8.7
AresMgmt ARES 130.15 1.5 Core&Main CNM 42.43 1.8 Gentex GNTX 35.08 0.1 Moody's MCO 406.30 1.7 GenentaScience GNTA 3.16 -4.1 OceanBiomedical OCEA 0.52 -3.1
SuperMicroComp SMCI 699.77 0.3 ArrowrootAcqn ARRWU 10.00 -2.4 TargetHospWt THWWW 0.06 -38.7
AriszAcqnA ARIZ 11.95 0.3 CostamarePfdE CMREpE 26.73 0.2 GibraltarInds ROCK 84.59 0.6 Napco Security NSSC 44.17 1.0 GlobalBlueWt GB.WS 0.04 -3.1 OcuphirePharma OCUP 2.40 -3.9
SurgePays SURG 8.34 1.2 Ashford AINC 2.22 -8.2 TidewaterWt TDW.WS 2.52 -5.6
ArmadaAcqnI AACI 11.05 1.0 Costco COST 723.32 1.3 Glaukos GKOS 95.42 1.1 NGL EnergyPfdB NGLpB 30.98 0.6 GoldenstoneWt GDSTW 0.01 -60.0 OfficePropNts2050 OPINL 9.90 -0.2
TFI Intl TFII 141.13 3.7 AvenueTherap ATXI 0.11 13.3 TrioPetroleum TPET 0.13 -13.8
ArmstrongWorld AWI 103.46 2.2 CrowdStrike CRWD 321.07 5.2 GlobeLifeDeb2061 GLpD 20.16 0.6 NGL Energy NGL 5.99 3.5 GreenGiant GGE 0.03 -15.0 OncolyticsBio ONCY 0.88 -14.9
TJX TJX 98.29 0.8 BelpointePrep OZ 61.83 0.1 TritiumDCFC DCFC 0.09 -8.9
Arvinas ARVN 49.50 -3.1 CullinanOncology CGEM 18.78 -1.3 GoDaddy GDDY 112.49 2.6 NVR NVR 7439.98 1.2 Biofrontera BFRI 0.70 -19.9 Greenlane GNLN 0.41 -10.7 OneConnectFin OCFT 2.17 -1.3
TaiwanSemi TSM 125.00 4.7 TuanChe TC 1.70 8.2
Assurant AIZ 179.41 3.8 Curtiss-Wright CW 228.64 ... GoldmanSachsPfA GSpA 22.68 -0.4 Natera NTRA 71.29 -0.4 HH&L Acqn Wt HHLA.WS 0.00 -57.9 Organovo ONVO 0.95 -6.3
TakeTwoSoftware TTWO 169.68 1.7 Biolase BIOL 0.35 -28.4 22ndCentury XXII 0.14 -9.7
Autodesk ADSK 261.00 1.8 CyberArkSoftware CYBR 245.84 1.4 Griffon GFF 68.98 12.8 NeuroPace NPCE 17.22 5.8 HainCelestial HAIN 9.26 -15.9 OxusAcqnA OXUS 7.20 38.9
TarsusPharm TARS 30.00 0.4 BioRestorative BRTX 1.26 -9.6 U Power UCAR 0.06 -6.5
AutoZone AZO 2855.21 1.1 Danaher DHR 249.89 -0.6 GpoAeroportSur ASR 317.94 1.1 NovoNordisk NVO 119.67 0.9 HeclaMining HL 3.54 -3.0 PhaxiamTherap PHXM 3.63 -0.7
TaylorDevices TAYD 34.25 3.0 BiosigTech BSGM 0.72 -9.0 VCIGlobal VCIG 0.81 -7.2
AviatNetworks AVNW 37.84 19.2 DianthusTherap DNTH 24.44 6.0 HaymakerAcqnCorp.4 HYAC 10.37 ... NuHoldings NU 9.60 1.9 HormelFoods HRL 29.57 -1.2 PalisadeBio PALI 0.43 -1.9
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BWX Tech BWXT 84.38 1.1 DoorDash DASH 117.06 1.8 Hilton HLT 198.15 0.7 OReillyAuto ORLY 1074.04 1.4 TetraTech TTEK 174.83 2.4 BrightGreen BGXX 0.18 -10.0 HubCyberSecurity HUBC 1.39 -11.9 PerionNetwork PERI 23.35 -20.1 VintageWineEstates VWE 0.44 -1.5
BellRing BRBR 58.83 3.2 Dover DOV 162.48 -0.2 HomeDepot HD 363.73 1.8 OculisWt OCSAW 2.98 16.6 TexasRoadhouse TXRH 133.15 2.7 BrightSpringUn BTSGU 43.01 ... InfraredCameras MSAI 1.89 -4.0 PermianBasin PBT 13.29 -0.9 VirtuFinancial VIRT 16.02 0.2
BerkHathwy A BRK.A 600531 1.2 DrReddy'sLab RDY 73.92 0.3 HowmetAerospace HWM 59.42 1.1 OldDomFreight ODFL 448.45 1.6 Textron TXT 87.97 1.9 BruushOralCare BRSH 0.10 -6.5 IntelligentLiving ILAG 0.33 -11.3 PhoenixBiotech PBAX 5.97 -36.1 WstAstHiIncmFdIIRt HIXr 0.00 6.9
BerkHathwy B BRK.B 399.15 1.0 DraftKings DKNG 42.64 2.1 Hubbell HUBB 358.12 1.4 OricPharm ORIC 12.74 2.4 ToyotaMotor TM 224.02 1.9 BungeGlobal BG 86.10 -2.3 JE Cleantech JCSE 0.61 -7.1 PineappleEner PEGY 0.09 -31.0 WesternCopper WRN 1.03 1.9
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BlueOwlCapital OWL 16.22 2.3 EMCOR EME 240.94 0.9 HuntingIngalls HII 275.85 3.2 OtterTail OTTR 95.99 0.7 TransDigm TDG 1150.15 0.6 CSG Systems CSGS 45.27 -0.2 KKR RealEstFin KREF 9.42 -13.8 PixieDustTech PXDT 4.86 -18.7 WindtreeTherap WINT 0.34 -0.1
Booking BKNG 3745.46 1.8 ESAB ESAB 90.74 -0.8 IMAC Wt IMACW 0.17 800.0 OwensCorning OC 159.83 3.5 Trex TREX 92.25 8.1 CableOne CABO 488.90 -2.9 KulrTech KULR 0.13 -20.9 Playstudios MYPS 2.12 -1.8 WiSA Tech WISA 0.08 -9.8
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BuildersFirst BLDR 184.12 1.7 Eaton ETN 274.01 0.6 InFinTAcqnA IFIN 11.39 -0.3 ProceptBio PRCT 50.00 0.8 UltraClean UCTT 41.16 1.2 CareMax CMAX 6.02 -16.2 LCattertonAsia LCAAU 9.22 -16.2 PropertyGuru PGRU 3.16 -2.2 ZaiLab ZLAB 19.33 -9.0
P2JW039000-4-B01100-1--------XA
THE WALL STREET JOURNAL.
Stocks Rise, S&P 500 Nears Milestone
Major indexes climb
despite tempered
market hopes for
Fed rate cuts
BY ERIC WALLERSTEIN
Stocks marched higher with
the S&P 500 moving closer to
the milestone level of 5000.
The S&P 500 rose 0.8%, fin-
ishing at 4995.06,-its eighth
record close of the year. Nine
of the S&P 500’s 11 sectors fin-
ished the day
WEDNESDAY’S in the green.
MARKETS The Dow
industrials
added 0.4%, or 156 points, also
reaching a record. The tech-
heavy Nasdaq Composite
gained 0.9%.
“The market has largely
gone sideways over the past
2.5 years,” said Scott Ladner,
chief investment officer at Ho-
rizon Investments. “Seeing the
S&P 500 cross 5000 would be
psychologically important for
folks. It shouldn’t matter, but
China Replaces Its Top Securities Regulator Amid Rout
BY REBECCA FENG
China removed its top secu-
rities regulator, after a years-
long stock-market decline that
has become an increasingly
sensitive subject for Beijing
officials in recent days.
Yi Huiman, chairman of the
China Securities Regulatory
Commission, is being replaced
by Wu Qing, deputy party sec-
retary of Shanghai—one of the
city’s highest-ranking offi-
cials—according to a state
news agency.
The move came after in-
creasing attempts by regulators
and government officials to end
China’s prolonged stock-market
decline, which has badly
knocked confidence among in-
dividual investors in the coun-
try. Last weekend, thousands of
Member Voices
The Wall Street Journal CMO Network connects the decision-makers behind the world’s most influential
brands to discuss what — and who — is driving today’s trends and chart the path forward.
Kim Salem-Jackson
EVP and
Chief Marketing Officer,
Akamai Technologies
Membership is by invitation:
CMONetwork@wsj.com
Read the extended version:
CMONetwork.wsj.com/
membervoicesakamaitechnologies
The Wall Street Journal news
organization was not involved
in the creation of this content.
* * * *
MARKETS
it probably does.” Index performance on Wednesday
For the first time in
months, individual investors 1.0%
are starting to scoop up
shares, Ladner said. The econ-
omy has held up better than 0.8
many thought it could under
the weight of higher interest
rates, and consumer senti-
ment looks like it is finally be- 0.6
ginning to reflect that, he
said.
One source of concern for
0.4
investors has been the concen-
tration of the market’s gains
among big tech stocks. The
five largest stocks in the S&P 0.2
500 made up 17% of the index
when it crossed the 3000 level
in July 2019, according to Dow Five-minute intervals
0 (5.180%)
Jones Market Data. Now,
shares of Microsoft, Apple, 10 a.m. 11
Alphabet, Amazon.com and Source: FactSet
Nvidia account for 27% of the
benchmark index. The bank’s stock plunged
New York Community Ban- last week after it reported a
corp shares rose 6.7% after surprise quarterly loss and
the bank named a new chair- slashed its dividend. Its stock
man and Moody’s cut the price is down 56% in the year
lender’s credit rating two to date.,
notches to junk status the pre- Many analysts contend that
vious night. NYCB’s situation is relatively
Yi Huiman became head of the CSRC in 2019.
angry individual investors The decision to replace Yi
flooded social-media posts has echoes of the ouster of an-
from the embassies of the U.S., other former CSRC head eight
India, and Japan in China and years ago. Xiao Gang oversaw
aired their frustrations. the regulator during a sharp
A DV E RT I SE ME N T
What priorities rise to the top
for you in your role as CMO
during times like this?
Value creation is a top priority that
never goes out of vogue. It can
manifest in different forms depending
on the stakeholder group and market
segment you target. At Akamai, we
focus on safeguarding our brand,
driving growth and leveraging next-
generation technologies like AI to
anticipate and better serve customer
needs. This focus enables us to
navigate and drive value through
unpredictable times.
In the past two years, what’s the
biggest lesson you’ve learned
about marketing through
economic uncertainty?
To prepare for the unknown, CMOs
should lean into their company’s
core strengths. Valuing customers,
embracing our purpose and delivering
world-class experiences remain
Akamai’s strengths. Our customers
serve as our North Star, guiding our
strategy. Akamai’s purpose — to
make life better for billions of people,
trillions of times a day — serves
as a beacon for all our decisions.
Upholding our commitment to
delivering exceptional experiences by
harnessing the collective knowledge
of our teams ensures we remain a
trusted brand.
Nasdaq Composite
S&P 500
Dow Jones Industrial Average
noon 1 p.m. 2 3 4 Corp. and The Wall Street
contained to issues stemming
from the purchase of Signa-
ture Bank’s assets, though the
KBW Nasdaq Regional Banking
Index has slid 12% this year.
Investors were quick to buy
ultrasafe Treasurys at signs of
stress in the regional banking
selloff in the summer of 2015
and introduced a circuit-
breaker mechanism, which
brings an early halt to trading
on days when stock prices
have fallen sharply. The move
exacerbated the loss of confi-
dence, and in January 2016
Xiao was replaced.
The State Council, the
QILAI SHEN/BLOOMBERG NEWS
country’s top government
body, last month called for
more to be done to stabilize
the stock market and boost
confidence, and the CSRC has
since issued several state-
ments attempting to calm in-
vestors’ nerves.
Yi chaired a meeting of the
CSRC on Sunday, during which
the regulator vowed to protect
the stability of the capital
market, according to official
statements.
What does authentic marketing
look like for you? And what’s one
mistake you think brands make
during times of instability?
One common mistake brands make
is veering away from authenticity,
giving in to external pressures and
losing sight of their company’s
ethos. Authentic marketing is
about speaking in one’s genuine
voice. At Akamai, authenticity is
not just a branding exercise; it’s a
commitment to staying true to our
brand identity while reflecting the
essence of our company’s DNA. It’s
about acculturation and bringing
in inclusive perspectives that align
with our values.
What are the biggest challenges
around ROI, and what do you
consider the most effective
ways of measuring it?
ROI is the lifeblood of marketing.
A strong ROI model starts with a
robust foundation built on trusted
and certified data. Just as you
diversify a stock portfolio to adapt
to macroeconomic factors,
marketers must adjust their
approaches in response to market
demands. Recognize that even
the most sophisticated models
are useless without accurate
foundational data. Regardless of
how you calculate ROI — and every
Thursday, February 8, 2024 | B11
system, though yields rose to nue expectations. Chipotle
4.108% as prices fell during Mexican Grill rose 7.2% to a
trading. The government’s re- record after reporting strong
cord sale of $42 billion of 10- sales.
year Treasurys—the largest Overseas, the Stoxx Europe
for the bond that serves as a 600 edged 0.2% lower. At mid-
benchmark for borrowing day Thursday, Japan’s Nikkei
costs across the U.S. econ- 225 was up 1.7%, but Homg
omy—saw strong demand Kong’s Hang Seng Index was
from investors Wednesday. down 0.6%.
Fox Class A shares fell
6.8%, the worst one-day per-
formance since October 2022, AUCTION RESULTS
Here are the results of Wednesday's Treasury
after the company reported auctions. All bids are awarded at a single price at the
market-clearing yield. Rates are determined by the
lower advertising revenue. On difference between that price and the face value.
Tuesday, Fox said it is teaming 17-WEEK BILLS
up with rivals ESPN and War- Applications $178,413,782,700
ner Bros. Discovery to build a Accepted bids
" noncompetitively
$60,287,042,200
$602,195,900
supersize sports-streaming " foreign noncompetitively $0
Auction price (rate) 98.287722
service that will offer content
from all major leagues. Fox Coupon equivalent 5.358%
Bids at clearing yield accepted 50.07%
Cusip number 912797KE6
Journal parent company News The bills, dated Feb. 13, 2024, mature on June 11, 2024.
Corp share common owner- 10-YEAR NOTES
ship. Applications $110,505,124,500
Accepted bids $45,106,262,000
Shares of streaming service " noncompetitively $181,194,400
FuboTV declined 23%. " foreign noncompetitively $0
99.243059
Earnings season continues Auction price (rate)
(4.093%)
to fuel big moves. Snap shares Interest rate 4.000%
dropped 35% after the Snap- Bids at clearing yield accepted
Cusip number
19.64%
91282CJZ5
chat parent reported slower The notes, dated Feb. 15, 2024, mature on Feb. 15,
user growth and missed reve- 2034.
Stocks rallied on Tuesday fell more than 11% in 2023, a
after a unit of China’s sover- contrast to rallies elsewhere:
eign-wealth fund said it ex- U.S. stocks are booming, and
panded its holdings of ex- Japanese shares are trading
change-traded funds, which around their highest levels in
buy shares. The market got more than three decades.
support from further promises Yi became head of the
from the CSRC to boost confi- CSRC during another period of
dence, and some changes to market weakness in 2019, re-
trading rules this week. placing Liu Shiyu. Before that,
Chinese stocks rose on Yi was chairman of the Indus-
Wednesday before Yi’s re- trial & Commercial Bank of
moval was announced. The China, the biggest bank in the
CSI 300 closed up 1%, while world. After he had left the
the Shanghai Composite Index CSRC, Liu was charged with
ended the day 1.4% higher. corruption.
But the recent jumps ha- Wu, the next CSRC head,
ven’t made up for last month’s has years of experience work-
slide in Chinese stocks. The ing at the regulator, as well as
country’s benchmark CSI 300 at the Shanghai Stock Ex-
index is down 2.5% this year, change.
despite rising for three days
in a row. It is now in its fourth  Heard on the Street: Bailout
year of decline. The CSI 300 won’t help China stocks....B12
company does it differently —
the goal remains the same: put a
stake in the ground, aim up and
to the right, and continuously
measure progress.
Tell us about a milestone that
shaped your career path.
For me, it’s less about a specific
milestone and more about my
ongoing commitment to being
uncomfortable until you are
comfortable. Throughout my
career, I made a habit of saying yes
to opportunities for which I wasn’t
necessarily qualified. Through
these experiences, I encountered
both success and failure, and in
each instance, I learned and grew.
My career milestones were defined
by a continuum of experiences that
have shaped my journey and will
continue to do so in the years
to come.
What are you most proud
of in your current role?
My team, without a doubt. No
corporate strategy, technology or
brand can compensate for a lack of
marketing talent and excellence.
I am humbled every day to work
with a world-class marketing
organization and a group of
marketing leaders who are the
best in the business.
© 2024 Dow Jones & Co., Inc. All rights reserved. 6DJ7981
P2JW039000-0-B01200-1--------XA
B12 | Thursday, February 8, 2024
Department Stores Face Card Risks
Crackdown on late fees, more delinquent accounts pose a threat to Macy’s, Kohl’s, Nordstrom
Department stores haven’t had
an easy life lately, but store credit
cards lightened the load. Now, that
part of their business faces a new
threat.
There are two developments
worth watching: First is a proposed
rule by the Consumer Financial
Protection Bureau to cut the late
fees that credit cards can charge
consumers from as much as $41 per
missed payment ($30 on the first
missed payment) to $8. The agency
is expected to issue a final ruling in
the coming months, though legal
challenges could end up affecting
the timing and severity of the cuts.
Second, delinquencies, which have
hit Macy’s, could soon affect other
department stores.
Credit income accounted for
about 49% and 44% of Macy’s and
Nordstrom’s operating income in
2022, according to estimates from
BofA Global Research equity ana-
lyst Lorraine Hutchinson. At
Kohl’s, credit income well ex-
ceeded operating income, implying
the retailer would have swung to
an operating loss if it hadn’t been
for the credit-card business.
At Macy’s, revenue excluding
credit cards shrank 5.7% from 2016
to 2022, but credit-card income rose
53%. At least a part of that is due to
cannibalization: Department stores
often dangle discounts to customers
who sign onto their branded cards.
That translates to gains on the
credit revenue line and a hit to
gross margins, notes Hutchinson.
Late fees are especially important
for store credit cards. They made up
EVs Put a Damper on Ford’s Profit
Pickup trucks and big sport-
utility vehicles are too heavy to
turn into efficient electric vehi-
cles. Ford’s results showed Tues-
day that this is both a blessing
and a curse for the makers of the
monsters of the road.
As with General Motors last
week, the big news at Ford was an
upbeat outlook for 2024. At the
midpoint of guidance, the pioneer
SHAWN THEW/EPA/SHUTTERSTOCK
of mass production expects an ad-
justed operating profit of $11 bil-
lion this year.
Before the report, released after
hours, analysts expected $9.6 bil-
lion, according to FactSet. Last
year, Ford made $10.4 billion.
The stock was up nearly 6% on
Wednesday.
Investors had been worried
about falling vehicle prices as pan-
demic shortages ease, higher labor
costs after the United Auto Work-
ers strike and, above all, the con-
tinuing challenge of making EVs
profitable.
Yet Ford noted tailwinds that
would tip the scale toward
growth: resilient U.S. sales, the ab-
sence of last year’s strike costs,
the impact of last year’s cost-cut-
ting program and a full year of
profit from the new Super Duty F-
Series truck.
GM said something similar last
week. But the new business split
Snap Doesn’t Get Its Meta Moment
It seems a rising tide doesn’t
lift all boats equally—especially
when they are very different.
Meta and Snap operate social-
network platforms that saw their
growth rates hit hard in 2022 by a
variety of factors, including a
slowdown in spending by advertis-
ers and changes made by Apple to
its mobile operating system. Those
changes made it harder to track
user behavior to better target ads.
But the two have been showing
signs of recovery of late, which
helped make their stocks among the
hottest over the past few months.
Meta’s surge put the Facebook par-
ent back into the Trillion Dollar
Club, while Snap’s three-month gain
of 62% before its fourth-quarter re-
sults Tuesday afternoon exceeded
that of every stock on the S&P 500
save for one, according to FactSet.
The similarities end there. Meta
last week reported that ad reve-
nue grew 24% year over year to
$38.7 billion in the fourth quarter,
beating Wall Street’s lofty expec-
tations and giving the stock a 20%
boost the following trading ses-
sion. Snap said Tuesday that reve-
nue for the same period grew less
than 5% year over year to about
HEARD STREET FINANCIAL ANALYSIS & COMMENTARY
Change in Macy’s net revenue (excluding credit card)
and credit-card income since fiscal year 2016
60%
Credit-card income
40
20
0 Beijing’s largess might help put a
–20 Net revenue
excluding credit card
–40
FY2016 ’17 ’18 ’19
Note: Fiscal 2022 ended January 2023.
about a quarter of such card issu-
ers’ total interest and consumer
fees, according to a March 2022 re-
port from CFPB. While retailers
don’t disclose the breakdown of
these revenue streams, BofA Global
Research and Citi Research estimate
late fees represent between roughly
14% and 30% of their overall credit-
card-portfolio revenue.
Based on those assumptions,
BofA estimated the CFPB’s late fee
rule could reduce Kohl’s earnings
per share by 29% to 63% this fiscal
year, compared with a scenario
where such a rule isn’t imposed, and
Nordstrom’s by 11% to 23%. Macy’s
earnings per share could take a 6%
to 14% hit. There is at least a limit
to the impact since stores no longer
own their credit-card receivables.
Retailers and credit-card issuers
said they have ways to offset the
late-fee cut, but they aren’t so sim-
A Ford Mustang Mach-E at an auto show in Washington, D.C., in January.
introduced by Ford last year puts
eye-opening numbers on some of
the parts moving under the hood.
Ford’s “Pro” business, which
comprises its sales to companies,
is the engine behind Ford’s results.
It made $7.2 billion of operating
profit last year, and the company
expects that to rise to at least $8
billion in 2024.
The supersize Super Duty,
which is mainly a professional
product, is a key reason. It is also
easier to sell software to busi-
nesses than consumers, who can
get a lot for free.
Share-price and index performance,
past six months
80%
Meta
60
Nasdaq Composite
Snap
40
20
0 0
–20
Sept. 2023 Jan. ’24
Sources: FactSet (performance); the company (revenue)
$1.36 billion—more than 1% short
of analysts’ targets. The com-
pany’s revenue projection for the
current quarter also under-
whelmed. Snap’s shares plunged
nearly 35% on Wednesday.
The Snapchat parent’s stock has
sold off after its past six quarterly
reports, with five of those being
double-digit percentage declines.
The results raise questions about
just how representative Meta’s im-
ON
THE
Credit-card income as a percentage
of operating income
200%
Nordstrom
150
100
50
0
–50
–100
–150
’20 ’21 ’22 FY2010 ’12
Sources: Visible Alpha (Macy’s net revenue and credit-card income); BofA Global Research (credit-card income)
ple. Increasing interest rates they
charge customers could help, but
there will be a period when banks
can’t boost rates on existing bal-
ances and must notify consumers
that their rates will be rising on
future purchases, according to a
report from Citi Research equity
analyst Paul Lejuez. Another op-
tion is to reduce charge-offs by be-
coming more selective in extending
credit, but that would limit eligible
consumers and hurt revenue.
Deteriorating consumer credit
health could pour salt in the wound.
Credit-card issuers across the board
are seeing delinquency rates rise af-
ter hitting a trough in 2021. Syn-
chrony Financial, one of the largest
private-label credit-card issuers,
said the 30-plus day delinquency
rate rose to 4.74% in the fourth
quarter, exceeding the rate seen in
the last three months of 2019.
Meanwhile, EVs lost $4.7 billion
last year and the company sees
the losses deepening to between
$5 billion and $5.5 billion this
year.
To put this another way, if Ford
weren’t selling its Mustang Mach-
E and F-150 Lightning models and
investing in a new generation of
products to replace them, its ad-
justed operating profit would be
50% higher.
Ford and GM are in a similarly
confusing strategic position. The
strength of their core businesses
and the limited scope of Tesla’s
Snap’s quarterly revenue,
change from a year earlier*
125%
100
75
50
25
–25
2020 ’21 ’22 ’23 ’24
*First quarter of 2024 is midpoint of company’s projection
proving business is of its industry.
Snap has some bright spots.
User growth is strong; the com-
pany added eight million average
daily active users during the
fourth quarter and projected six
million more during the first quar-
ter—both ahead of analysts’ esti-
mates. And Snap’s slightly disap-
pointing revenue forecast for the
first quarter projects year-over-
year growth of nearly 13% at the
Kohl’s Macy’s
’14 ’16 ’18
In 2023, Macy’s was the only
department store to flag big de-
clines in its card business. Its
credit-card income fell 41% in its
fiscal second quarter of 2023 com-
pared with a year earlier and then
31% in the third quarter as delin-
quency rates and bad-debt levels
rose. This might portend problems
for Kohl’s and Nordstrom. Macy’s
takes on bad-debt reserves based
on delinquency trends, which
means it has a more forward-look-
ing way of treating the amount
that credit-card holders never end
up paying (net charge-offs). Kohl’s
and Nordstrom’s credit-card reve-
nues reflect the actual charge-offs
over the reporting period.
If anything, this year’s challenges
are a good opportunity for investors
to evaluate whether department
stores’ relationship with credit
cards has gone toxic. —Jinjoo Lee
Cybertruck underline the limita-
tions of today’s EV technology for
pickup trucks and SUVs. But giv-
ing up on EVs is hardly an option
either.
The big jump in profit would be
accompanied by impossible long-
term questions. Chances are that
battery technology will eventually
improve to the point of working in
larger vehicles.
Mixed messaging reflects their
ambivalence. On Ford’s earnings
call Tuesday, Chief Executive Jim
Farley stressed he would only
launch next-generation EVs that
will be profitable within a year,
meaning some products are being
pushed back.
But Ford is planning to devote
40% of its capital expenditures to
the technology in 2024—same as
last year. And Farley still has
sights on the EV growth opportu-
nity.
“The ultimate competition is
going to be the affordable Tesla
and the Chinese OEMs,” he said.
A messy transition is keeping a
lid on Ford and GM shares, which
trade at less than seven and five
times earnings respectively.
Delaying investments helps
profit, but it also postpones the
day when investors can stop wor-
rying about their future.
—Stephen Wilmot
midpoint—the fastest pace it has
seen in nearly two years.
The company continues to cut
costs aggressively, having unveiled
plans Monday to lay off 10% of its
workforce after cutting its head
count by about 18% over the past 18
months. Snap’s revenue per em-
ployee jumped 24% over that time.
But the disappointing report af-
ter Meta’s blowout is yet another
reminder that not all social net-
works are created equal. Meta’s
heft as the second-largest digital
ad platform in the U.S. next to
Google gives it a scale that is hard
for advertisers to resist, even with
the platform’s controversies con-
cerning misinformation, privacy
and user safety.
That scale allows Meta to have
its own networking backbone,
while Snap has to rely on cloud-
service providers Google and Ama-
zon to power its services. Snap
paid 84 cents per daily active user
in infrastructure costs in the
fourth quarter, up 47% from a year
earlier. The fact that Snapchat
isn’t Facebook is a major appeal
for its users. It is something
Snap’s investors need to keep in
mind. —Dan Gallagher
THE WALL STREET JOURNAL.
A Stock
Bailout
Won’t Help
China
State intervention isn’t
much to celebrate about
floor beneath China’s ailing stock
market. A better foundation for a
rally would be rebuilding the na-
tion’s crumbling housing market.
Chinese stocks had their best day
’20 ’22
in years on Tuesday, after Beijing
hinted it will step up efforts to prop
up the market. China’s CSI 300 in-
dex, which tracks the biggest stocks
in Shanghai and Shenzhen, gained
4.5% in the past two trading days.
The CSI 1000 index, which tracks
smaller stocks, surged 12%.
Central Huijin, part of China’s
sovereign-wealth fund, said Tues-
day that it will expand the scale of
its exchange-traded fund hold-
ings—lighting the fire under
small-cap stocks, which were
plummeting. Adding to the fervor,
an unconfirmed report from
Bloomberg claimed China’s leader
Xi Jinping met with market regu-
lators on Tuesday. On Wednesday,
it was announced that the head of
China’s securities regulator was
stepping down.
In a Monday report, Goldman
Sachs estimated state-backed funds
have bought around 70 billion
yuan, the equivalent of roughly $10
billion, of Chinese stocks in the
past month. At least 200 billion
yuan is needed to stabilize the
market, according to the bank.
Given the large state presence in
the market, a relatively small pub-
lic float and cheap valuations, it’s
possible Beijing could steady the
ship—at least for a while. The gov-
ernment has plenty of other tools
at its disposal, like banning major
shareholders from selling. But if
Beijing is really planning to deploy
hundreds of billions of yuan—still
an uncertain prospect—is the stock
market the best place for them?
The answer is almost certainly no.
The last time Beijing pulled out
all the stops to stem a market de-
cline in 2015, China also was fac-
ing an ugly housing downturn. But
there are crucial differences.
The stock market then was a big
source of instability: Leveraged bets
on stocks skyrocketed in early 2015
as individual investors, and listed
companies, rushed into the market.
The CSI 300 more than doubled in
less than a year before peaking in
June 2015. Outstanding margin
loans more than quintupled to 2.3
trillion yuan. When the bubble de-
flated, that risked creating a vicious
cycle as investors sold stocks—or
other assets—to repay debts.
These days, outstanding margin
loans are nearly 40% below their
peak and have been drifting lower.
Rather than a deflating margin bub-
ble threatening financial stability,
the market collapse this time is an-
chored in reality. It reflects worries
about a structural growth slow-
down, the implosion of the real-es-
tate market and policy uncertainty.
The money that would be
needed to shock the market back to
life would be better put to work in
the real-estate sector. Property in-
vestment dropped nearly 10% year
on year in 2023 while home sales
by value fell 6%. Sales from the
country’s top 100 largest develop-
ers fell 34% in January from a year
earlier, making it the worst month
since at least July 2020, according
to China Real Estate Information.
Ensuring the timely delivery of
unbuilt apartments that households
bought is the key to reviving con-
sumer confidence. That would prob-
ably mean directly recapitalizing
some larger, healthier property de-
velopers—giving them the where-
withal to complete the languishing
projects of their peers, and giving
banks and households the confi-
dence to trust them with their cash.
The sums involved would be
large: A November note from re-
search firm Gavekal Dragonomics
estimated that even in 2022, deliver-
ing all those apartments would have
required a backstop of around one
trillion yuan. But the idea that
households will have the confidence
to spend and invest while the value
and safety of their main asset re-
mains so murky is questionable at
best: The stock market and floor-
space sales have moved down more
or less in tandem since mid-2021.
Throwing billions into the stock
market may arrest its decline, at
least for a while. But that would
be treating the symptoms, not the
disease. —Jacky Wong