***** FRIDAY, MARCH 3, 2023 ~ VOL. CCLXXXI NO. 50 WSJ.com
Edition
DJIA 33003.57 À 341.73 1.0%
What’s
News
C
Business & Finance
onsumers pulled back on
purchases of apparel and
electronics in recent months
while continuing to spend on
groceries and other neces-
sities, according to some of
the largest U.S. retailers. A1
 A raft of crypto firms cut
ties with one of the digital
currency market’s top banks,
Silvergate Capital, whose fi-
nancial troubles threaten the
industry’s ability to fulfill ba-
sic financial transactions. B1
 FTX said it has identified
a deficit of $8.9 billion in
customer funds that it can’t
account for, the first time the
bankrupt crypto exchange
has pinned down how much
money has gone missing. B3
 Walmart CEO McMillon
plans to helm the retailer
for at least three more years
as the company continues
work to identify a succes-
sor, according to people fa-
miliar with the matter. B1
 Eurozone inflation eased
in February for the fourth
straight month, but a strong
pickup in services prices
makes it likely that the
ECB will continue to raise
rates in coming months. A9
 U.S. stocks rose, with
the S&P 500, Nasdaq and
Dow advancing 0.8%, 0.7%
and 1%, respectively. B11
 Profit across the U.S. bank-
ing industry fell 6% in 2022
compared with the previous
year, but the $263 billion in
profit was the biggest of
any year except 2021. B1
 Apple has delayed ap-
proval of an email-app update
with AI-powered language
tools over concerns that it
could generate inappropri-
ate content for children. B1
World-Wide
 Blinken held his first
face-to-face conversation
with his Russian counterpart
since the start of the war in
Ukraine on the sidelines of
a meeting of G-20 foreign
ministers, while Russia and
China blocked the gather-
ing’s effort to condemn Mos-
cow’s invasion of Ukraine. A1
 Russia said two civilians
were killed and a boy was in-
jured in an attack in the coun-
try’s south that it blamed on
what it called Ukrainian sab-
oteurs, an alleged assault in
which Ukrainian intelligence
said it played no part. A10
 Alex Murdaugh, the scion
of one of South Carolina’s
most powerful families, was
found guilty of murdering
his wife and son, capping a
trial that captivated the na-
tion. The jury deliberated
for less than three hours. A1
 Trump can be sued in
civil lawsuits that seek to
hold him accountable for
the attack on the U.S. Capi-
tol, the Justice Department
argued, declining to back
This edition of The Wall Street Journal was originally published in the United States and reprinted locally for regional distribution.
his claims of “absolute im-
munity” from allegations
he sparked the violence. A6
 The House Ethics panel
said it has formally opened
an investigation into Rep.
George Santos over accusa-
tions he engaged in unlawful
activity during his 2022 cam-
paign and failed to disclose
required information. A4
 Biden said that he
would support an effort by
Congress to roll back
changes to the District of
Columbia’s criminal code. A4
 Died: Wayne Shorter, 89,
influential jazz innovator. A6
CONTENTS
Arts in Review. A12-13
Banking & Finance B10
Business News...... B3
Crossword.............. A13
Equities....................... B7
Heard on Street B11-12
s 2023 Dow Jones & Company, Inc.
All Rights Reserved
U.S.
NASDAQ 11462.98 À 0.7% STOXX 600 460.02 À 0.5%
Next Stop, International Space Station
MALCOLM DENEMARK/FLORIDA TODAY/ASSOCIATED PRESS
BRIGHT PATH: SpaceX launched a crew to the International Space Station early Thursday
from the Kennedy Space Center in Florida, a makeup flight for a mission that the company
and NASA scrubbed earlier this week because of a technical issue. A6
Ocean Jury Finds Murdaugh Guilty
Shipping Of Murdering His Wife, Son
Slumps as
Pandemic
Gains End
BY COSTAS PARIS
LONG BEACH, Calif.—Global
shipping executives are wres-
tling with plunging exports,
falling rates and mounting
suspense over a possible price
war—a reversal of the soaring
demand the industry saw dur-
ing the pandemic.
Traffic from China’s ports
has slowed significantly,
empty containers are stacked
six high and trucks with no
cargo dot the highway leading
to the major terminals.
The world’s largest box-ship
operator plans to return doz-
ens of chartered vessels to
their owners.
China’s exports fell nearly
10% in December from a year
ago, the third straight month
of declines and the biggest
drop since Beijing locked
down the port city of Wuhan
in early 2020.
The falling volumes have
pushed global ship freight
rates into a downward spiral,
with the cost of sending a
box from China to Los Ange-
les dropping to $1,238 this
week from $15,600 this time
last year, according to the
Freightos Baltic Index.
Manufacturing activity in
Mansion............. M1-16 China increased in February at
Markets..................... B11
Opinion.............. A15-17 the fastest pace in more than
Sports....................... A14 a decade and export orders in-
Technology............... B4 creased for the first time in
U.S. News..... A2-4,6,8
World News A9-10,18
nearly two years.
Global shipping boomed
earlier in the pandemic, when
> soaring demand for goods led
to lines of more than 100 ves-
sels off the Southern Califor-
nia coast.
Since then, rising inflation
has sapped demand for many
Please turn to page A8
10-YR. TREAS. g 20/32 , yield 4.072% OIL $78.16 À $0.47 GOLD $1,833.50 g $4.20
Blinken Meets,
Warns Lavrov
At G-20 Talks
Ukraine overshadows
gathering, with Russia,
China rejecting a move
to condemn invasion
BY VIVIAN SALAMA
NEW DELHI—U.S. Secretary
of State Antony Blinken held
his first face-to-face conversa-
tion with Foreign Minister
Sergei Lavrov of Russia since
the start of the war in Ukraine
on the sidelines of a meeting
of foreign ministers from the
Group of 20, while Russia and
China blocked the gathering’s
effort to condemn Russia’s in-
vasion of Ukraine.
The summit in India’s capi-
tal on Thursday was aimed at
addressing some of the world’s
Big Stores’ Sales Fall
As Shoppers Budget
BY SUZANNE KAPNER
AND DEAN SEAL
Consumers pulled back on
purchases of apparel and elec-
tronics in recent months while
continuing to spend on grocer-
ies and other necessities, ac-
cording to some of the largest
U.S. retailers.
Macy’s Inc. and Best Buy
Inc. said they expect sales to
fall this year, after declining in
2022, as inflation and other
economic issues weigh on
shoppers. Macy’s Chief Execu-
tive Jeff Gennette said he ex-
pects consumers at all income
levels to be under pressure.
Shoppers are looking to buy
more lower-cost store brands
BY VALERIE BAUERLEIN on a total of 99 counts, pri-
AND JENNIFER CALFAS
WALTERBORO, S.C.—Alex
marily related to allegedly
swindling his personal-injury
clients out of $8.8 million over
Murdaugh, a disbarred lawyer
and scion of one of South Car-
olina’s most powerful families,
the course of a decade but
also related to alleged drug
trafficking, money laundering
JOSHUA BOUCHER/PRESS POOL
was convicted Thursday of and insurance fraud. Mr.
murdering his wife and son, Murdaugh pleaded not guilty
capping a trial that engulfed to the murder charges and
this small, rural community most of the other counts
and captivated the nation. against him, though he admit-
The jury deliberated for ted in court that he had stolen
less than three hours before money from clients.
finding that Mr. Murdaugh fa- As the verdict was read, Mr.
tally shot his wife, Maggie Alex Murdaugh Murdaugh stood impassively,
Murdaugh, and adult son Paul betraying no visible emotion.
on a rainy night in June 2021 Carolina is 30 years in prison. After a brief chat with his law-
at the family hunting estate, The state previously said it yers, Mr. Murdaugh was hand-
known as Moselle. would seek life without parole, cuffed and led by law enforce-
Circuit Court Judge Clifton though on Thursday prosecu- ment out of the courtroom
Newman said that Mr. tors declined to comment on through a back door.
Murdaugh would be sentenced sentencing. The trial, which was ex-
Friday morning. The minimum Mr. Murdaugh, 54 years old, pected to last three weeks,
sentence for murder in South has been jailed for over a year Please turn to page A8
Attorney General Merrick Garland
Can’t Shake It Off Putin’s Secret
Weapon on Energy
i i i
The Taylor Swift superfan drops lyrics
into conversations and legal arguments
Ex-Morgan Stanley banker is part of a new
BY SADIE GURMAN been talking about Taylor
Swift and Ticketmaster, from
generation of Western-savvy officials
WASHINGTON—At a con- senators in congressional
gressional hearing on Wednes- hearings to White House offi- BY BENOIT FAUCON
day, senators grilled Attorney cials in public reports and fans
General Merrick Garland on holding protest signs on the Russia urgently needs to
the Justice Department’s streets. develop new markets for its
investigation into Mr. Garland has oil and gas companies, with
Ticketmaster, which been talking about Western sanctions cutting
botched ticket sales her for years. In his into the backbone of its
for Taylor Swift’s home, in his car, economy. It’s relying on a 37-
coming tour and is and in his wood- year-old former Morgan
dominant in the con- paneled office suite Stanley banker to keep prof-
cert industry. on Pennsylvania Av- its flowing.
“Channeling Taylor enue, where he has Pavel Sorokin, Russia’s
Swift, I know that ‘All prominently dis- deputy energy minister, is
Holding court
Too Well,’ ” Mr. Gar- played nearly all part of a cadre of young
land said, name-dropping the of her CDs in a curio cabinet. technocrats with deep
title of one of her songs. “I’m He’s a die-hard Swiftie, as her knowledge of the West, fast-
pretty familiar with Taylor fans are known, and he drops tracked by Vladimir Putin to
Swift.” lyrics into legal arguments and the upper echelons of power.
Everyone in the Capital has Please turn to page A11 Mr. Sorokin, who studied fi-
EURO $1.0597 YEN 136.77
most pressing challenges, from
food and fuel security to coun-
ternarcotics and climate
change. While the bloc reached
agreement on many of those is-
sues, the war in Ukraine proved
itself an obstacle to any genu-
ine consensus among members
of the world’s 20 largest econo-
mies, raising questions about
the effectiveness of the forum.
The meeting came at a tense
moment in relations among the
great powers, just over a year
after the start of the Ukraine
war. The divide over Ukraine,
revealed in the group’s failure to
issue its customary joint com-
muniqué, reflected the broader
problems exacerbated by the
Please turn to page A9
 Moscow blames Ukrainians
for attack on its soil........... A10
and smaller sizes of some
items such as paper products,
said Rodney McMullen, chief
executive of Kroger Co., the
biggest U.S. supermarket oper-
ator. “They are behaving as if
they are already in a reces-
sion,” Mr. McMullen said.
At the same time, consumers
are shopping more frequently
than they have in recent months
and, in some cases, are splurg-
ing on products they want, such
as premium beer, he said.
The latest quarterly reports
from retailers show a diver-
gence in fortunes among sell-
ers of discretionary products
and staples. The pandemic
lifted sellers of products from
Please turn to page A2
INSIDE
MANSION
International
purchasers score big as
they return to the U.S.
housing market. M1
BUSINESS & FINANCE
Tesla executives lay
out plans to grow, but
no new model is
announced. B1
nance in London, has negoti-
ated deals in Africa and the
Middle East. He played an
early role in the develop-
ment of OPEC+, the partner-
ship between Russia’s oil in-
dustry and the Saudi-led
Organization of the Petro-
leum Exporting Countries.
Last year, he was influen-
tial in exaggerating the im-
pact of damage to the Rus-
sian-controlled pipeline to
the Black Sea, a move that
spooked the West and
pushed oil prices higher, ac-
cording to his former press
secretary and a former jour-
Please turn to page A11
A2 | Friday, March 3, 2023 ** THE WALL STREET JOURNAL.

U.S. NEWS
Different Measures of Inflation Test Fed
BY GWYNN GUILFORD mean the historical wedge Personal-consumption expenditures vs. Because of the differences in when health insurance is in-
might shrink or even invert as the consumer-price index, 12-month change weighting, such a reversal cluded.
Two measures of U.S. infla- CPI inflation comes down will likely exert a bigger drag Energy, too, might affect
10% COVID-19 PANDEMIC
tion are now telling a similar much faster than PCE infla- on the CPI than on the PCE the wedge, said Mr. Pond. It
story. But those measures are tion, Mr. Pond said. Barclays CPI price index. makes up around 6.9% of the
8
likely to diverge this year, forecasts that PCE will rise Core CPI Medical care costs will also CPI, compared with around
with one signaling the Federal about 2.8% in October from a play a part. Unlike housing, 4% of the PCE. As long as it
6 PCE
Reserve’s work is nearly done year earlier while CPI’s 12- medical-care services infla- keeps falling, it will drag
and the other suggesting the month growth rate will slip to 4
Core PCE tion is expected to accelerate more on the CPI than on the
opposite. 2.6%. this year. Because medical PCE price index.
That could make it hard for “That will leave market 2 care services make up 16% of The combination of these
the Federal Reserve to explain participants looking at low in- the PCE, contrasted with just forces could put the 12-month
to the public why it is holding flation while the Fed looks at 0 under 7% in CPI, that will gain in overall CPI close to
interest rates high. a measure that tells them tend to put upward pressure 3.2% by June, while the equiv-
2010 ’11 ’12 ’13 ’14 ’15 ’16 ’17 ’18 ’19 ’20 ’21 ’22 ’23
Markets are now betting they need to continue to be on PCE inflation relative to alent figure for PCE will be
that inflation, as measured by quite hawkish,” said Mr. Pond. Spread between the 12-month rate of CPI inflation. around 3.6% that month, said
the 12-month change in the “The Fed will have quite a change of the CPI and PCE price indexes The indexes measure medi- Veronica Clark, economist at
consumer-price index, will fall quandary on its hands from a cal-services prices differently. Citi. She expects an even
to about 2.8% by October, communications standpoint.” 2.0 pct. pts. The CPI’s measurement tech- wider spread between mea-
from 6.4% in January. Nor- The gap has been even 2022 AVERAGE nique for health insurance sures of core inflation, which
mally, CPI inflation runs a bit wider than usual, with CPI in- 1.5 means it will be a deflation- exclude food and energy. Core
higher than inflation mea- flation about 1.7 percentage ary drag on overall inflation CPI’s annual growth is on
sured by the Commerce De- points higher than the PCE 1.0 through September or Octo- track to hit 3.8% by Decem-
partment’s personal-con- price index last year, on aver- ber. Excluding health insur- ber, compared with a 4.3%
0.5 2017–2019
sumption expenditures (PCE) age. In January, the gap nar- AVERAGE ance, the CPI’s index of medi- rise in the core PCE price in-
price index. If that relation- rowed to 1 percentage point. cal-care services prices rose dex, she said.
0
ship holds, markets’ CPI fore- One reason is the differing 3.2% in January from a year “For the Fed, the messag-
cast implies PCE inflation weights of housing in the two –0.5
earlier. Healthcare in the PCE ing could be kind of tricky,”
would drop to around 2.5% by indexes. price index, which doesn’t in- she said. “They target PCE,
then, said Michael Pond, head The costs of housing are 2010 ’11 ’12 ’13 ’14 ’15 ’16 ’17 ’18 ’19 ’20 ’21 ’22 ’23 clude health insurance, in- technically, so as long as PCE
inflation research analyst at rising about 8% a year in both Note: Personal-consumption expenditures are seasonally adjusted. creased 2.1%. remains high, they can’t de-
Barclays PLC. indexes, a four-decade high, Sources: Commerce Department (PCE); Labor Department (CPI) Omair Sharif, founder and clare victory.”
That would imply the Fed- the lagged effect of booming president of the advisory firm Mr. Sharif also expects the
eral Reserve’s work is nearly demand for houses and apart- the current strength in hous- price index. Inflation Insights LLC, ex- PCE growth rate to surpass
done because it prefers the ments owing to low interest ing costs is pushing up CPI But that dynamic is set to pects PCE medical inflation to that of CPI late this year. But
PCE to the CPI index, and it rates and remote working more, contributing 2.5 per- reverse. Jake Oubina, senior accelerate thanks to compo- he is skeptical the Fed will
uses PCE as the basis for its during the pandemic. centage points to January’s U.S. economist at Piper Sand- nents it counts that the CPI struggle to reconcile these
2% inflation target. Housing makes up around 6.4% rise in CPI, compared ler, expects CPI shelter infla- measure doesn’t, even as CPI dynamics because it will be
But differences in how the 33% of CPI, more than twice with 1.2 percentage points in tion to fall from 8.1% in inflation slows and turns neg- fairly easy to explain what is
two indexes are constructed its share in PCE. That means the 5.4% rise in January’s PCE March to 5.5% by December. ative some time this year driving the divergence.

Waller Says a Price-Rise Revival Can’t Be Risked

BY NICK TIMIRAOS pher Waller said in remarks
posted on the Fed’s website.
The Federal Reserve will “But wishful thinking is not a
need to raise rates to higher substitute for hard evidence in
levels than previously antici- the form of economic data. Af-
pated to prevent inflation ter seeing promising signs of
from picking up if the recent progress, we cannot risk a re-
strength in hiring and con- vival of inflation.”
sumer spending continues, a Mr. Waller didn’t say in his
central bank official said prepared remarks whether he
Thursday. would continue to favor rais-
“I would be very pleased if ing interest rates by a quarter-
the data we receive on infla- percentage point, which was
tion and the labor market this his preference at the Fed’s last
month show signs of modera- meeting, or whether he would
tion,” Fed governor Christo- instead support a larger half-
point increase at its next gath-
ering, March 21-22.
The Fed’s rate-setting com-
mittee voted unanimously last
month to slow rate increases
by lifting their benchmark fed-
eral-funds rate by a quarter
percentage point—to a range
between 4.5% and 4.75%—fol-
lowing larger moves of a half
point in December and 0.75
point in November.
At their December meeting,
most Fed officials projected
lifting the rate to between 5%
and 5.5% this year to combat
high inflation by slowing eco-
nomic activity. So far, three of-
ficials out of 18 who partici-
pate in policy-setting
deliberations have suggested
they would have favored an in-
crease of a half-percentage-
point at the recent meeting or
could support such a move
this month.
Since Fed officials’ recent
meeting that concluded on
Feb. 1, the government re-
leased reports showing stron-
ger hiring and spending in
January than forecast, along
with slower progress on re- that forthcoming data will
ducing inflation. show that economic activity
Recent data shows con- and inflation resumed their
sumer spending isn’t slowing decline.”
as much as anticipated, that Separately, Atlanta Fed
the job market “continues to President Raphael Bostic told
run unsustainably hot, and reporters Thursday that he
that inflation is not coming “still very firmly” supports
down as fast as I had raising rates in quarter-point
thought,” said Mr. Waller on increments as officials deter-
Thursday. “It could be that mine just how high rates
progress has stalled, or it is should rise to restrain eco-
possible that the numbers re- nomic activity. “Slow and
leased last month were a blip, steady in this is going to be
perhaps associated with un- the appropriate course of ac-
usually favorable weather, and tion,” he said.

Sales at Mortgage Rates Keep

Big Stores Going Up, Hit 6.65%
Decline BY GINA HEEB
7%
Thursday
6.65%
Mortgage rates rose again,
Continued from Page One hitting levels not seen since
YUKI IWAMURA/AGENCE FRANCE-PRESSE/GETTY IMAGES

home goods to casual wear as their most recent peak in Average rate
homebound consumers shifted early November. 6
on a 30-year
spending from services and The average rate on the fixed mortgage
activities outside the home. standard 30-year fixed mort-
As health restrictions eased, gage rose to 6.65%, according 5
consumers returned to spending to a survey of lenders released
on travel, entertainment and Thursday by mortgage-finance
services. Now rising prices, giant Freddie Mac. That is the 4
shifts in the labor market and a highest level since Nov. 10,
downturn in parts of the stock when it was above 7%. Rates
market have contributed to a were 6.5% a week ago and less 3
malaise hitting shoppers, retail than 4% a year ago.
analysts and executives said. Mortgage rates have risen
The spending spigot wasn’t for four straight weeks, the 2
completely turned off. Helped Macy’s profit in the quarter fell 32% from a year earlier to $508 million, but was better than expected. longest streak of gains since 2019 ’20 ’21 ’22 ’23
by an uptick in income, U.S. con- September. That has pushed Source: Freddie Mac via St. Louis Fed
sumers’ spending showed unex- it isn’t providing annual guid- Net sales for Macy’s and Best ecutives said Thursday people many would-be buyers back to
pected strength in January, ac- ance for now, citing greater- Buy’s U.S. stores, change from are buying more food and es- the sidelines after a brief re- higher rates, ongoing infla-
cording to Commerce than-usual uncertainty in the a year earlier sentials, but fewer big-ticket prieve at the start of the year. tionary pressures, and eco-
Department data. Retail spend- macroeconomic environment. items, eating into sales. Shop- Both purchase and refinance nomic volatility are giving
ing rose 3% in the first month of Macy’s said sales could fall as 60% pers flocked to the warehouse applications declined again some prospective home buyers
2023 from December on a sea- much as 3% this year. The re- retailers for bulk purchases last week, according to the pause about entering the
sonally adjusted basis, boosted tailer said it expects prices to 40 and more gravitated to Mortgage Bankers Association. housing market,” said Bob
by spending on vehicles, furni- rise slightly this year, but not as Costco’s in the quarter com- “After solid gains in pur- Broeksmit, president and CEO
ture, clothing and dining. The much as last year. It isn’t pro- 20
Macy’s pared with last year, said Chief chase activity to begin 2023, of MBA.
University of Michigan survey of jecting sales to start growing t4.6% Financial Officer Richard Gal-

CORRECTIONS  AMPLIFICATIONS
consumer sentiment showed again until 2024, as consumers anti on a call with analysts.
improvement in recent months across all income levels remain 0 Comparable sales, those from
from multidecade lows this past under pressure, Mr. Gennette stores or digital channels op-
summer as inflation cooled. said. One way the company –20 erating for at least 12 months,
Jeffrey Roach, chief econo- plans to drive sales this year is Best Buy rose 6.8% in the quarter ended Marathon Oil Corp. said David Golub acquired
mist at LPL Financial, a large to add 2,000 more brands to its t9.8% Feb. 12 excluding fuel and cur- that its expenditures would in- around 133,000 shares of
–40
independent broker dealer, online marketplace that offers rency movement versus a year crease by up to 14% in 2023 Golub Capital BDC 4 Inc., an
said he expects consumer items from third-party sellers. earlier. Quarterly net sales from 2022 and that its pro- unlisted, closed-end investment
spending to remain strong as Best Buy CEO Corie Barry –60 rose 6.5% to $54.24 billion, duction would remain flat, company. The Insider-Trading
long as the labor market, wage said on a conference call she FY2020 ’21 ’22 slightly below analysts expec- when not accounting for a re- Spotlight table in Monday’s
growth and savings rates hold. expects 2023 “will be the bot- tations, according to FactSet. cent acquisition. A Business & Business & Finance section in-
Note: Latest fiscal quarter for both
Mr. Roach noted the shift to tom for the decline in tech de- ended Jan. 28
Macy’s profit in the quarter Finance article on Monday correctly said that David Golub
services from goods is hap- mand,” adding sales growth Sources: S&P Capital IQ; the companies fell 32% from a year earlier to about U.S. oil and gas produc- acquired shares of Golub Capi-
pening more slowly than he during the pandemic created a $508 million, but came in bet- ers incorrectly said that Mara- tal BDC Inc. (ticker: GBDC).
expected. As of January, 33% larger base of installed devices same-store sales, excluding ter than analysts expected, thon Oil’s expenses would in- The listed symbol, closing price
of consumer spending was on in Americans’ homes. That fuel, rose 6.2% in its recently largely because the company crease up to 35%, and it didn’t and year-to-date change were
goods, compared with 30% be- should continue to drive de- completed quarter from a year was able to reduce excess in- specify that the production for Golub Capital BDC; that in-
fore the pandemic. As spend- mand, she said. “On average ago as shoppers continued to ventory without having to forecast excluded a recent ac- formation isn’t available for
ing continues to revert to pre- U.S. households now have twice spend on groceries. Results “chase unprofitable sales,” Mr. quisition. unlisted Golub Capital BDC 4.
pandemic norms, that could as many connected devices as were boosted by a 10% in- Gennette said.
equate to an additional $450 they did in 2019 and consum- crease in sales from its pri- Comparable sales fell 3.3% in Readers can alert The Wall Street Journal to any errors in news articles by
billion sucked out of goods ers indicate that more of their vate-label products. Revenue the fourth quarter, as people emailing wsjcontact@wsj.com or by calling 888-410-2667.
and into services, he said. tech purchases are need-based came in at $34.82 billion. spent less online and in stores.
To cope with inflation, peo- than want-based,” she said. Inflation is pushing some of Department-store chain
ple cut back on purchases and Sales growth has been eas- those increases. Food prices at Nordstrom Inc. said men’s ap- THE WALL STREET JOURNAL
(USPS 664-880) (Eastern Edition ISSN 0099-9660) (Central Edition ISSN 1092-0935) (Western Edition ISSN 0193-2241)
opted for cheaper, private-la- ier for purveyors of groceries. grocery stores and supermar- parel was a standout performer
Editorial and publication headquarters: 1211 Avenue of the Americas, New York, N.Y. 10036
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THE WALL STREET JOURNAL. ***** Friday, March 3, 2023 | A3

U.S. NEWS
Robots Test
Antarctic
Ice’s Health
Two international groups of
glaciologists and roboticists trav-
eled to Antarctica to study some
of its most remote locations.

COUNTER CLOCKWISE FROM TOP: ICEFIN/NASA PSTAR RISE UP/SCHMIDT/LAWRENCE (2); ICEFIN/ITGC/DICHEK
Among their goals was to use
an underwater robot named Icefin
(right) to get otherwise inaccessi-
ble close-up views of Antarctica’s
ice, as well as measurements of
the temperature, salinity and oxy-
gen levels in this extreme environ-
ment. Those data help researchers
assess melt rates, a key input for
models that predict sea-level rise.
One team went to Kamb Ice
Stream, which feeds into Ross Ice
Shelf and has been stagnant for
about 150 years. Ice shelves are
floating platforms of ice that slow
down the flow of ice into the
ocean from the interior of the con-
tinent. At Kamb, the team sent
Icefin (below, near right) into cre-
vasses, where they observed sea-
water actively freezing. The forma-
tion of marine ice might help
“heal” these cracks, contributing to
the structural stability of the ice
shelf, said Justin Lawrence, a plan-
etary scientist and an author of a
study published Thursday in Na-
ture Geoscience.
An open question is whether
Kamb will “reactivate,” or start
moving again, which could contrib-
ute to sea-level rise, he said.
His collaborators went to
Thwaites Glacier, which is feared to
collapse. There, Icefin (far right)
measured high ocean tempera-
tures. Warm water melts glaciers
from below, destabilizing them.
Measurements taken underneath
the ice with robots complement
readings taken with satellites.
The teams for these missions
included scientists from the U.S.,
New Zealand and the U.K.
—Daniela Hernandez

Proposal Spurs Fight on Private Medicare Pay

BY ANNA WILDE MATHEWS
Health insurers are tussling
with the Biden administration
over a proposal that could
curtail federal payments for
some private Medicare plans,
a high-stakes issue for the in-
dustry because the business
represents a growth engine.
In a continuing effort that
included a Super Bowl ad, in-
surers and their allies argue
that the administration plans
a payment cut next year for
the popular health plans,
which are known as Medicare
Advantage. The tagline for the
commercial, from the indus-
try-backed Better Medicare Al-
liance, was “Tell the White
House: Don’t cut Medicare Ad-
vantage.” The group has also
rallied Medicare Advantage
enrollees to call members of
Congress.
Federal health officials have
fired back. Xavier Becerra, the
secretary of Health and Hu-
man Services, criticized “disin-
formation being pushed out by
high-paid industry hacks and
their allies.” The head of the
Medicare agency, Chiquita
Brooks-LaSure, said that her
agency has “thoughtfully pro-
posed updates that improve
payment accuracy” and that
Medicare Advantage plans
would see an overall increase
in payments next year under
the proposal.
The proposal by the Centers
for Medicare and Medicaid
Services would change how
the Medicare agency pays in-
surers. Under a setup called
“risk adjustment,” the insurers
get more money for enrollees
who are sicker, since those pa-
tients are likely to need more
care and generate higher ex-
penses. The more health con-
ditions that the insurers can
document in their customers,
the higher their payments
from the government are
likely to be.
Critics have long contended
that insurers’ intense efforts
to document health conditions
have resulted in overpay-
ments. The new proposal
would eliminate or trim the
payments associated with
some conditions, such as ath-
erosclerosis, or plaque
$427B
Amount the U.S. spent on
Medicare Advantage in 2022
buildup, in arteries of the ex-
tremities, and a specific type
of malnutrition.
Insurers argue that these
changes, combined with other
aspects of the proposal, would
effectively represent a cut in
their payments.
The new policy, which
would affect payments for
2024, is expected to be final-
ized in early April.
For insurers and some doc-
tor groups, the proposed
changes are a threat because
of the importance of the rap-
idly growing Medicare busi-
ness. More than 30 million
people now get their Medicare
coverage through private in-
surers, about half of all the
program’s beneficiaries. In
2022, the federal Medicare
program spent about $427 bil-
lion on Medicare Advantage,
according to the Kaiser Family
Foundation.
The Biden administration’s
stance is based on a projec-
tion from the Medicare
agency, which suggested that
even if the proposal went into
effect, the Medicare Advan-
tage insurers’ revenue would
increase by about 1% on aver-
age next year. That is because
the agency expects insurers
will bill next year in a way
that will still increase the risk
adjustments.
The insurers argue that the
agency is making an assump-
tion about how they will bill.
Stacy Sanders, a counselor
to the HHS secretary, said the
rate proposal would increase
payments overall by about $4
billion.
For some insurers—and
doctor groups that work with
them—the diagnoses affected
by the proposed changes are
key sources of revenue, indus-
try consultants said. Amer-
ica’s Physician Groups, an as-
sociation representing doctor
groups, said some members
projected their revenue could
fall by as much as 20%.
Among the largest Medi-
care Advantage companies are
UnitedHealth Group Inc. and
Humana Inc. Humana said it
was still analyzing the pro-
posed changes. A spokesman
for UnitedHealth said the pro-
posal should be withdrawn.
The proposed changes “would
effectively cut benefits and
raise costs for the 30 million
seniors who depend on Medi-
care Advantage for their
healthcare, with a dispropor-
tionate impact on diverse,
low-income and chronically ill
seniors,” the spokesman said.
The Medicare agency said
the risk-adjustment changes
are important to update the
payment system and ensure
its accuracy. The agency said
it had taken aim at diagnoses
that were documented more
frequently among patients
with private Medicare plans
than among those covered di-
rectly by the federal govern-
ment.
“We are taking action on
codes that are ripe for gam-
ing, meaning diagnosis codes
that can be manipulated to in-
crease payment but don’t ac-
tually reflect what it will cost
to treat that patient,” said Ms.
Sanders, the HHS counselor.

Michigan Attorney General

Says She Was Target of Man
Threatening Jewish Officials
BY JOSEPH DE AVILA
Michigan Attorney General
Dana Nessel said she was tar-
geted by a man who threat-
ened to kill Jewish government
officials.
The Federal Bureau of In-
vestigation has accused Jack
Carpenter III of Tipton, Mich.,
of making death and injury
threats on social media against
Jewish Michigan government
officials, according to a crimi-
nal complaint filed in the U.S.
District Court in Eastern Mich-
igan on Feb. 18. He has been
charged with transmitting an
interstate threat.
Mr. Carpenter, 41 years old,
faces up to five years in prison
if convicted, according to
prosecutors.
“The FBI has confirmed I
was a target of the heavily
armed defendant in this mat-
ter,” said Ms. Nessel, a Demo-
crat, in a tweet Thursday. “It is
my sincere hope that the fed-
eral authorities take this of-
fense just as seriously as my
Hate Crimes & Domestic Ter-
rorism Unit takes plots to mur-
der elected officials.”
The FBI didn’t respond to a
request to comment. Ms. Nes-
sel’s office declined to elabo-
rate.
Mr. Carpenter made the
threats in February using a
Twitter account, according to
the criminal complaint. “I’m
heading back to Michigan now
threatening to carry out the
punishment of death to anyone
that is jewish in the Michigan
govt if they don’t leave, or
confess, and now that kind of
problem. Because I can Legally
do that, right?” Mr. Carpenter
allegedly tweeted on Feb. 17.
Mr. Carpenter was arrested in
Texas and transported to De-
troit. He is due in court Friday
for a detention hearing.
Mr. Carpenter’s mother con-
firmed that the Twitter ac-
count belonged to her son, ac-
cording to the complaint. His
mother, referred to in the com-
plaint only as LD of Van Buren
Township, Mich., also told in-
vestigators that Mr. Carpenter
owned three handguns, a 12-
gauge shotgun and two hunt-
ing rifles.
Mr. Carpenter also allegedly
made threats against law-en-
forcement officials. “I’ll be
coming back to Michigan, still
driving with expired plates.
You may want to let everyone
know, and Wayne County sher-
iff as well, any attempt to sub-
due me will be met with
deadly force in self-defense,”
Mr. Carpenter allegedly
tweeted on Feb. 18.
A spokeswoman for Univer-
sity of Michigan said Mr. Car-
penter worked for the school
from 2011 to 2021.
A4 | Friday, March 3, 2023 HK JP TU ML SI IN UK FR MN PR ***** THE WALL STREET JOURNAL.

U.S. NEWS

Deep Snow Closes Yosemite Indefinitely

Storms buried parts of The storms that slammed
Yosemite were the latest
the California national events in a relentless winter
park, making it too for California, which has en-
dured months of floods, rain
dangerous for visitors and power outages.
Around the holidays, a se-
BY ALYSSA LUKPAT ries of atmospheric rivers
killed more than a dozen peo-
The latest storms in an un- ple and caused billions of dol-
usually difficult winter for Cal- lars’ worth of damage. The
ifornia forced Yosemite Na- winter storms that followed
tional Park to remain closed brought blizzards to parts of
indefinitely on Thursday as the state that rarely see
parts of the park were buried snow.
in up to 15 feet of snow. Gov. Gavin Newsom on
Yosemite, one of the state’s Wednesday declared a state of
most famous landmarks, has emergency in 13 counties, in-
been closed since Saturday af- cluding Los Angeles, in re-
ter snowstorms moved sponse to the storms that be-
through the area, according to gan last week.
the National Park Service. He said California had been
A Yosemite spokesman said battered by unusually cold

NATIONAL PARK SERVICE/ASSOCIATED PRESS

Thursday that the agency temperatures as the storms
hasn’t set a reopening date have shut down critical infra-
because park crews still need structure and forced people to
to clear roads, dig out walk- evacuate their homes.
ways and remove snow from Researchers at the Univer-
roofs. sity of California, Berkeley
Winter is a slower tourism said Wednesday that the state
season for Yosemite but visi- had seen more than double its
tors still come to ski, enjoy average snowfall compared
views of the Half Dome peak with this point in a normal
and spend money at local winter.
businesses. Tents at Curry Village were covered with snow in Yosemite National Park in California. The park has been closed since Saturday. The National Park Service
Some tourists come in Feb- said Thursday that Joshua
ruary to see the annual Fire- ever, a series of storms un- it too dangerous to visit the mountains of Northern Cali- freezing temperatures forecast Tree National Park in South-
fall, when one of the park’s leashed snow, rain and heavy park. fornia, show blocked doorways for the coming days. ern California was open
waterfalls glows bright orange winds throughout the park, Pictures taken at Yosemite, and structures engulfed in Meteorologists predicted again. It was closed Wednes-
as the sun sets. forecasters said. Yosemite offi- which spans around 760,000 snowpack. The snow wasn’t yet another storm would ar- day because of inclement
Since late last week, how- cials said the conditions made acres in the Sierra Nevada expected to melt soon, with rive over the weekend. weather.

President Backs Reversing D.C. Crime Law Manchin Urges

As Democrats Signal Support for GOP Bill Spending Talks
BY NATALIE ANDREWS
AND ERIC BAZAIL-EIMIL

WASHINGTON—President Bi-
den said he would support an
With Republicans
effort by Congress to roll back BY SIOBHAN HUGHES ics in his speaker race.
changes to the District of Co- Mr. Manchin has been a de-
lumbia’s criminal code, siding WASHINGTON—Sen. Joe cisive vote on Democratic leg-
with federal lawmakers over lo- Manchin, who has been a cru- islation in recent years. When
cal elected officials as the capi- cial vote in shaping major the Senate was split 50-50 in
tal city grapples with a surge in pieces of President Biden’s the previous Congress, he
murders and car thefts. agenda, urged Democratic col- blocked Mr. Biden’s “Build
The Republican-led measure leagues to hold talks with Re- Back Better” social-spending
to overturn the criminal-code publicans on cutting federal package, while later agreeing
changes has already passed the spending, ahead of a summer to a smaller deal dubbed the
House with significant Demo- deadline to reach a deal on Inflation Reduction Act that
cratic support, and Senate Re- raising the country’s debt included tax increases on com-
MICHAEL REYNOLDS/EPA/SHUTTERSTOCK

publicans plan to force a vote as ceiling. panies and new spending on

early as next week to repeal the “My Democratic friends climate and healthcare.
law. Some Senate Democrats don’t want to say a word A separate bill demanded
have said that they would back about our out-of-control by Mr. Manchin to speed up
the measure, making the over- spending and are outright re- energy permitting has stalled
ride likely to also pass that fusing to even talk to Republi- in Congress.
chamber, where Democrats hold cans about reasonable and re- This year, Mr. Manchin
a narrow majority. sponsible reforms,” the West voted with Republicans to
The D.C. law and efforts to Virginia Democrat said in a overturn a regulation related
reverse it had put Democrats speech on the Senate floor. to environmental, social and
and Mr. Biden in a tough spot, President Biden with Senate Majority Leader Chuck Schumer on Capitol Hill on Thursday. “We’re going to pay our debts, corporate governance, which
testing whether they would we have to pay our sins of the Mr. Biden is expected to veto,
stand by their support of D.C. ing in city affairs and effectively bowing to political reality as and a 109% increase in auto past, but can’t we at least sit and said he would side with
home rule and potential state- overruling the will of voters to several Democrats crossed theft, according to police data. down and discuss?” he said. the GOP in overturning
hood or take a tough-on-crime make a political point. party lines and more appeared “Reducing violent crime “Can we even talk about that changes to the District of Co-
stance and oppose the local law. Mr. Biden first disclosed his on the fence. “I think a lot of should not be controversial,” and see if there’s a pathway lumbia’s criminal code.
“I support D.C. Statehood position to Senate Democrats. folks will be voting for it,” said tweeted Sen. Bill Hagerty (R., forward?” At the same time, he has
and home-rule—but I don’t sup- “He said that very clearly, and Sen. Mark Kelly (D., Ariz.). Tenn.), who is leading the bill Mr. Manchin said he wanted stuck with fellow Democrats in
port some of the changes D.C. we heard it very loud and clear, When asked if he was among in the Senate. a short-term deal to bring confirming Mr. Biden’s judicial
Council put forward” regarding and I clapped very loudly be- them, he said “yeah.” Sens. Bob D.C. Council member Zach- down spending this year as nominees.
criminal sentencing, Mr. Biden cause I feel the same,” said Sen. Casey (D., Pa.) and Tammy Bald- ary Parker tweeted: “The threat well as a longer-term plan to On Wednesday, Mr. Man-
tweeted Thursday. “If the Sen- Joe Manchin (D., W.Va.), who win (D., Wis.), who are up for of having our legislation over- tackle future fiscal challenges. chin pointed to his vote on the
ate votes to overturn what D.C. plans to join Republicans in re-election in 2024, also said turned by Congressional Re- The speech put him ESG resolution as illustrating
Council did—I’ll sign it.” backing overturning the they would vote for the bill. publicans is a reminder of the squarely at odds with the
Proponents of the effort say changes to the criminal code. Washington has been strug- second-class-citizen status Dis- White House and most Demo-
the changes to the D.C. code The White House, which had gling with rising crime. Through trict residents are already sub- crats, who have rejected Re-
would make residents less safe. previously said it opposed the the end of February, Washing- jected to without statehood.” publicans’ demands for spend-
The White House
Defenders of the D.C. law say measure but hadn’t issued a ton has seen a 35% increase in —Andrew Restuccia ing reductions as part of debt- wants a debt-ceiling
Congress is improperly interfer- veto threat, appeared to be homicides from a year earlier contributed to this article. ceiling talks.
Mr. Biden has said he wants
increase with no
a “clean” debt-ceiling increase conditions attached.
Rep. Santos Faces Ethics Committee Probe with no conditions attached.
While they haven’t laid out a
plan, Republicans say Social
BY NATALIE ANDREWS The Ethics Committee said has opened an investigation, about the veracity of his ré- Security and Medicare are off the political distance between
it is investigating whether Mr. and Congressman George San- sumé, and subsequent articles the table and have indicated him and Mr. Biden.
The House Committee on Santos “engaged in unlawful tos is fully cooperating. There showed he had misled people they won’t seek to slash mili- “We’re just in different ball-
Ethics said Thursday it has activity with respect to his will be no further comment about various components of tary spending. games,” Mr. Manchin said.
formally opened an investiga- 2022 congressional campaign; made at this time.” his life. For example, he never Mr. Manchin also took shots “We’re not even in the same
tion into embattled Rep. failed to properly disclose re- The ethics panel created a graduated from Baruch College, at Republicans in his speech, ballpark on so many things.”
George Santos (R., N.Y.) over quired information on state- bipartisan investigative sub- as he earlier claimed. He also saying they have “refused to He added: “I mean, there’s no
accusations he engaged in un- ments filed with the House; vi- committee to investigate the al- admitted that he never was an offer any specifics, and some way I can vote for this stuff.
lawful activity during his 2022 olated federal conflict of legations against Mr. Santos, employee of Citigroup Inc. and have recklessly threatened de- This is crazy stuff.”
campaign and failed to dis- interest laws in connection with Rep. David Joyce (R., Goldman Sachs Group Inc., as fault” regarding spending and Mr. Manchin has yet to say
close required information. with his role in a firm provid- Ohio) as chairman and Rep. Su- he previously claimed. the debt ceiling. if he will run for another term
The freshman Republican ing fiduciary services; and/or san Wild (D., Pa.) as the ranking His financial disclosures The country in January in solidly conservative West
has admitted misleading vot- engaged in sexual misconduct member. They will be joined by and loans to his campaign to- bumped up against its $31.4 Virginia, where former Presi-
ers about his past, including towards an individual seeking Reps. John Rutherford (R., Fla.) taling more than $625,000 trillion limit, and the Treasury dent Donald Trump won by
about his education and pro- employment in his congressio- and Glenn Ivey (D., Md.). have received increased scru- is using so-called extraordi- about 40 points in 2020.
fessional experience. He has nal office.” Mr. Santos’s background tiny. He has also faced ques- nary measures to avoid de- Mr. Manchin has played up
said he hasn’t committed any Mr. Santos’s Twitter ac- came under an intense spotlight tions about a sudden surge in faulting on debt payments or his independent streak and
crimes and still intends to count issued a statement: “The after a New York Times article income in recent years, which other government obligations played down his membership
serve in Congress. House Committee on Ethics in December raised questions he has defended as legitimate. such as Social Security checks. in the Democratic Party in re-
Those measures are expected cent months.
to run out this summer. In interviews since the fall
Budget deficits have bal- midterms, Mr. Manchin has
Ocasio-Cortez Under House Scrutiny Over Met Gala looned under the leadership of
both Republicans and Demo-
declined to describe himself as
a Democrat, though he has
BY ERIC BAZAIL-EIMIL scrawled across the back in transportation provided by to believe that she accepted crats in recent decades, with signaled no intention of leav-
red ink. magazine publisher Condé impermissible gifts.” Covid-19 aid adding trillions of ing the party.
WASHINGTON—House eth- The House Ethics Commit- Nast, Brother Vellies and other A spokeswoman for Ms. Oc- dollars to the debt in 2020 “I identify as an American,”
ics investigators said they have tee on Thursday released a re- vendors associated with the asio-Cortez’s office said that and 2021. said Mr. Manchin when asked
evidence Rep. Alexandria Oca- port by the Office of Congres- event. Those services totaled while there were “unaccept- Democrats have a 51-49 ma- during a recent Fox News ap-
sio-Cortez (D., N.Y.) ran afoul sional Ethics, an internal, over $5,000, well above the able” and “regrettable” delays jority in the Senate, though pearance if he still considered
of congressional rules, after nonpartisan ethics office that limit on gifts for lawmakers associated with reimbursing Democratic Sen. John Fetter- himself a Democrat.
she was slow to reimburse reviews allegations of miscon- set forth in federal law and vendors, “this matter defini- man is sidelined for at least Centrist Sen. Kyrsten
vendors for clothing and other duct against lawmakers. congressional ethics rules, ac- tively does not rise to the several weeks as he seeks Sinema’s decision to register as
expenses tied to her participa- The OCE stated in its June cording to the OCE investiga- level of a violation of House treatment for depression. Re- an independent in December
tion in the 2021 Met Gala. 2022 report that Ms. Ocasio- tion. Rules or of federal law.” In an publicans control the House, added to Democratic complica-
At the event, Ms. Ocasio- Cortez “may have accepted The OCE recommended that interview with investigators and Speaker Kevin McCarthy tions to retain their majority.
Cortez wore a white dress by impermissible gifts” in the the House Ethics Committee included in the OCE exhibits, (R., Calif.) has pledged to try Ms. Sinema, like Mr. Manchin,
fashion brand Brother Vellies form of hair and makeup ser- review the matter, saying Ms. Ocasio-Cortez blamed the to roll back spending levels as has often been a decisive vote
with the words “tax the rich” vices, attire for the event and there is a “substantial reason delays on a campaign staffer. part of a deal to win over crit- in shaping legislation.
THE WALL STREET JOURNAL. Friday, March 3, 2023 | A5

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 A6 | Friday, March 3, 2023
U.S. Targets Firms on Cyber Risk
Administration wants
software developers
liable for products
that lack protections
BY DUSTIN VOLZ
WASHINGTON—The Biden
administration said it would
pursue laws to establish liabil-
ity for software companies
that sell technology that lacks
cybersecurity protections,
concluding that market forces
alone aren’t sufficient to guard
consumers and the nation.
Free markets and a reliance
on voluntary security frame-
works have imposed “inade-
quate costs” on companies
that offer insecure products or
services, according to a na-
tional cybersecurity strategy
released Thursday. It says the
administration would work
with Congress and the private
sector to create liability for
software vendors, sketching
out in broad terms what such
legislation should entail.
“We must begin to shift the
liability onto those entities
Senators Warn Meta on App Release for Teens
BY SALVADOR RODRIGUEZ
Meta Platforms Inc. Chief
Executive Mark Zuckerberg
should halt the company’s plan
to release its fledgling Horizon
Worlds metaverse app to teens
ages 13 to 17, according to a
letter to him sent Thursday
from two U.S. senators.
“In light of your company’s
record of failure to protect
children and teens and a
growing body of evidence
pointing to threats to young
users in the metaverse, we
urge you to halt this plan im-
mediately,” the letter from
Sens. Ed Markey (D., Mass.)
and Richard Blumenthal (D.,
Conn.) said.
ED PERLSTEIN/REDFERNS/GETTY IMAGES
Wayne Shorter performing with Weather Report during the Berkeley Jazz Festival at the Greek Theatre in California in 1979. The Grammy winner died Thursday at 89.
WASHINGTON
Biden Seeks Measure SpaceX Rocket Takes New Law Restricts
On Covid Relief Fraud Off for Space Station Transgender Care
President Biden is calling on
Congress to approve a $1.6 bil-
lion legislative package to crack
down on fraud stemming from
pandemic relief programs.
The measure aims to step up
the federal government’s capacity
to investigate and prosecute
fraud; improve efforts to prevent
identity theft tied to the spate of
pandemic benefit programs; and
help victims of identity theft.
Gene Sperling, a senior ad-
viser to Mr. Biden, said he be-
lieves lawmakers of both parties
can find common ground.
The proposal comes as House
Republicans have promised to
conduct oversight investigations
into how the Biden administra-
tion is spending trillions of dol-
lars approved by Congress in re-
cent years to help the country
recover from the pandemic.
—Andrew Restuccia
that fail to take reasonable
precautions to secure their
software while recognizing
that even the most advanced
software security programs
cannot prevent all vulnerabili-
ties,” says the 35-page strat-
egy, an interagency product
that was written by the office
of the national cyber director,
which is part of the executive
office of the president. Thurs-
day’s strategy also advocates
developing a more expansive
framework of cybersecurity
regulations to protect the na-
tion’s critical infrastructure—a
categorization that includes
energy operators, hospitals
and banks, among others.
Any legislation supported
by the administration should
prevent software makers from
avoiding liability by contract
and create higher standards
for software in specific high-
risk situations, the strategy
says. The administration
would work to develop an
evolving safe harbor frame-
work—borrowing from current
best practices for secure soft-
ware—to shield companies
from liability, it adds.
A spokesman for Meta, the
parent company of Facebook,
didn’t provide a response to
the letter. He said Meta in June
released supervision tools to
users of the company’s Quest
headsets that allow parents to
approve, block and view the
apps their teens use.
Last month, The Wall Street
Journal reported that Meta
planned to open Horizon to
teenagers as soon as sometime
in March as part of the com-
pany’s new strategy to expand
the app’s user base. “For Hori-
zon to succeed we need to en-
sure that we serve this cohort
first and foremost,” Gabriel Aul,
Meta’s vice president of Hori-
zon, wrote in an internal com-
FLORIDA
SpaceX launched a crew to the
International Space Station early
Thursday, a makeup flight for a
mission that the company and
NASA scrubbed earlier this week
because of a technical issue.
The delay was a rare hiccup
in SpaceX’s work handling hu-
man space flights for NASA. The
Elon Musk-led rocket company
has now conducted seven of
those missions for NASA since
2020.
The latest mission began just
after 12:30 a.m. ET Thursday,
when the company’s rocket
blasted off from Kennedy Space
Center in Florida, according to a
NASA live stream. Following the
launch, the Crew Dragon vehicle
separated from the rocket and
was expected to travel for
slightly more than a day before
docking with the space station.
—Micah Maidenberg
U.S. NEWS
Such a push on software li-
ability, if successful, would
pivot national cybersecurity
policy in the U.S. after several
Democratic and Republican
administrations favored an ap-
proach that largely relied on
software vendors and other
businesses to voluntarily man-
age their own cybersecurity.
President Biden, in a signed
Voluntary security
frameworks impose
‘inadequate costs,’ a
new strategy says.
cover letter, said the strategy
“takes on the systemic chal-
lenge that too much of the re-
sponsibility for cybersecurity
has fallen on individual users
and small organizations.”
Major software companies
“can and should shoulder a
bigger share of the cyber
risk,” Kemba Walden, acting
national cyber director, said
during a media briefing. Hacks
pany memo. A company spokes-
man said at the time that
Meta’s Quest virtual-reality
headsets were designed for
people ages 13 and up and that
the company wanted to offer
teens who already spend time
on the headset a great experi-
ence with age-appropriate pro-
tections in place.
Sens. Markey and Blumen-
thal said they are concerned
because of Meta’s record with
products designed for children
and teenagers. The senators
cited a flaw in Messenger Kids
that allowed users between
the ages of 6 and 12 to circum-
vent the app’s age restrictions
and interact with strangers.
The senators said Meta has
U.S. WATCH
TENNESSEE
Tennessee’s governor on
Thursday signed legislation that
blocks physicians from providing
treatments to minors related to
their gender identity.
The law, signed by GOP Gov.
Bill Lee, prohibits doctors from
providing certain treatments to
anyone under 18 even with pa-
rental consent if the procedure
is used as part of transgender
healthcare. Those treatments
could include prescribing medica-
tions that can delay puberty.
The law allows the state attor-
ney general to bring civil law-
suits against medical profession-
als if they provide such care.
Doctors also could be sued by
minors or their parents.
Mr. Lee also signed a bill
Thursday that curtails drag perfor-
mances in the state.
—Mariah Timms
and Laura Kusisto
of widely used software can be
devastating and far reaching,
officials and experts have said,
such as an alleged Chinese cy-
berattack on Microsoft email
software in 2021 that rendered
hundreds of thousands of
mostly small businesses and
organizations vulnerable to in-
trusion.
For more than a decade
lawmakers in both parties
have sought to create certain
cybersecurity requirements on
companies, but legislative ef-
forts have typically crumbled
in the face of opposition from
business interests, which often
argued such requirements
would be onerous and costly,
as well as stifle innovation.
“Makers of enterprise soft-
ware take seriously their re-
sponsibilities to customers
and the public, and continu-
ously work to evolve the secu-
rity of their products to meet
new threats,” Victoria Espinel,
president of BSA | The Soft-
ware Alliance, a trade group,
said in a statement about the
strategy. Ms. Espinel said the
document offered a “thought-
ful path” for industry and gov-
previously failed to stop ads
for tobacco, alcohol and eating
disorders from targeting teens.
Meta said the Messenger
Kids flaw affected a small num-
ber of group chats. The spokes-
man added that Meta has re-
stricted the options advertisers
have to reach teens.
The two senators cited the
company’s internal research,
which according to a report
from the Journal in 2021, found
that its Instagram service was
toxic for some teen girls.
Sens. Markey and Blumen-
thal also highlighted a number
of concerns that have arisen re-
garding the potential threats to
teenagers in the metaverse. This
includes the collection of data
NORTH CAROLINA
Agreement Reached
To Expand Medicaid
North Carolina legislative
leaders announced Thursday an
agreement to expand Medicaid
to hundreds of thousands of ad-
ditional low-income adults
through the Affordable Care Act.
The deal, which likely won’t be
voted on until later this month,
marks a milestone for Republi-
cans, most of whom opposed the
idea until recently for close to a
decade. North Carolina has been
one of 11 states that hasn’t ad-
opted Medicaid expansion.
The state would start enroll-
ing people in January. The fed-
eral government covers 90% of
the cost of Medicaid recipients
under expansion. North Caro-
lina’s 10% share would be paid
through assessments paid by
hospitals, which in turn benefit
from getting reimbursed as they
cover patients with Medicaid.
—Associated Press
***** THE WALL STREET JOURNAL.
ernment collaboration.
A senior administration of-
ficial said the liability push
was a “long-term process”
that could take many years to
develop. “We don’t anticipate
this is something where we
are going to see a new law on
the books within the next
year,” the official said.
The strategy offers a sober
assessment of mounting secu-
rity risks associated with the
accelerating integration of digi-
tal and physical realities into
every facet of daily life, busi-
ness and commerce that has
defined the 21st century—a
trend it says has made the
problem of insecure technology
an urgent national priority.
In addition to making a
forceful call for expanded lia-
bility, the plan reiterates sev-
eral priorities that have fre-
quently been listed by various
senior cybersecurity officials,
such as urging more collabora-
tion and threat-intelligence
sharing with the private sec-
tor, forging international part-
nerships to develop cyber
norms, and modernizing fed-
eral technology.
on face and eye movement,
physiological damage and expo-
sure to abusive behavior.
“Meta can’t protect the
young people on its platforms
now, so Mark Zuckerberg has
no right to pull more teens
into the wild west of the meta-
verse,” Sen. Markey said to
the Journal.
A spokesman for Meta said
that eye-tracking and face-
tracking capabilities are avail-
able only in the Quest Pro
$1,500 virtual-reality headset.
The company has built a num-
ber of protections that would
prevent the kind of face and
eye tracking “privacy inva-
sion” that the letter suggests,
the spokesman said.
OBITUARY
Wayne Shorter, Sax
Player, Jazz Innovator
Wayne Shorter, an influential
jazz innovator whose lyrical, com-
plex jazz compositions and pio-
neering saxophone playing
sounded through more than half a
century of American music, has
died. He was 89.
Mr. Shorter died Thursday in
Los Angeles, a representative for
the musician said.
A tenor saxophonist, he made
his debut in 1959 and would go
on to be a foundational member
of two of the most seminal jazz
groups: Art Blakey’s Jazz Messen-
gers and the Miles Davis Quintet.
In the following decades, Mr.
Shorter’s collaborations would in-
clude co-founding the 1970s fu-
sion band Weather Report. As a
band leader, he released more
than 25 albums, won 12 Grammy
awards and in 2015 was given a
lifetime achievement Grammy.
—Associated Press
Trump
Can Be
Sued Over
Jan. 6,
DOJ Says
BY C. RYAN BARBER
WASHINGTON— Donald
Trump can be sued in civil
lawsuits that seek to hold him
accountable for the Jan. 6,
2021, attack on the Capitol,
the Justice Department argued
Thursday, declining to back
the former president’s claims
of “absolute immunity” from
allegations he sparked the vio-
lence that disrupted the
peaceful transfer of power.
While expressing no view on
the truth of the allegations, the
Justice Department urged a
three-judge appeals-court panel
to reject the former president’s
immunity claims in lawsuits
brought by Capitol police offi-
cers and Democratic lawmakers
that say he incited his support-
ers to storm the Capitol.
A lower-court judge previ-
ously dismissed Mr. Trump’s
immunity claims, ruling that
the plaintiffs had plausibly al-
leged that the then-president’s
fiery rhetoric during a Jan. 6,
2021, speech galvanized his
supporters to violently oppose
the certification of the 2020
election results.
In a 32-page court filing,
the department broadly ar-
gued that the incitement of vi-
olence falls outside the scope
of a president’s duties. “In the
United States’ view, such in-
citement of imminent private
violence wouldn’t be within
the outer perimeter of the of-
fice of the president of the
United States,” Justice Depart-
ment lawyers said.
“Speaking to the public on
matters of public concern is a
traditional function of the pres-
idency, and the outer perimeter
of the president’s office in-
cludes a vast realm of such
speech. But that traditional
function is one of public com-
munication,” the Justice De-
partment lawyers added. “It
does not include incitement of
imminent private violence of
the sort the district court found
that plaintiffs’ complaints have
plausibly alleged here.”
An appeals court
will rule on Trump’s
claim of immunity in
the Capitol riot.
A spokesman for Mr. Trump
said the former president “re-
peatedly called for peace, patri-
otism, and respect for our men
and women of law enforce-
ment” on Jan. 6, 2021, adding
in a statement that the courts
“should rule for President
Trump in short order and dis-
miss these frivolous lawsuits.”
A three-judge panel of the
U.S. Court of Appeals for the
D.C. Circuit had invited the
Justice Department to weigh
in on the civil lawsuits.
The D.C. Circuit panel heard
arguments in December from
lawyers for Mr. Trump, Demo-
cratic House members and
Capitol police officers, in a
case over whether the former
president bears responsibility
for the mental and physical
harm caused by the Jan. 6,
2021, attack.
During that December argu-
ment, the court considered
whether Mr. Trump was per-
forming official duties when
he drew thousands of support-
ers to Washington and, during
a speech on the Ellipse, urged
them to “fight like hell” to
keep Congress from certifying
his loss to President Biden.
Mr. Trump’s legal team ap-
pealed to the D.C. Circuit after
Judge Amit Mehta, of the fed-
eral trial court in Washington,
denied the former president’s
claims of immunity and al-
lowed the lawsuits against him
to move forward. In his ruling,
Judge Mehta said Mr. Trump’s
actions didn’t relate to his of-
ficial duties as president.
“They entirely concern his
efforts to remain in office for
a second term,” Judge Mehta
wrote. “These are unofficial
acts.”
The Justice Department’s
filing Thursday came as a spe-
cial counsel, Jack Smith, in-
vestigates Mr. Trump and his
allies in connection with their
efforts to overturn the 2020
election results.
THE WALL STREET JOURNAL. Friday, March 3, 2023 | A7

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 A8 | Friday, March 3, 2023
Weapons Taken From
Idaho Suspect’s Home
BY SURYATAPA BHATTACHARYA
Investigators confiscated
several knives and a gun from
the house where Bryan Koh-
berger was arrested in connec-
tion with the stabbing deaths
of four University of Idaho
students, according to newly
unsealed search warrants.
The Pennsylvania State Po-
lice warrants, released Tues-
day and Thursday, revealed
that officials also took a flash-
light, medical-style gloves and
black face masks, from Mr.
Kohberger’s parents’ home in
Albrightsville, Pa.
The 28-year-old graduate
student at Washington State
University was arrested in late
December for the deaths of
Xana Kernodle, 20, Ethan
Chapin, 20, Madison Mogen,
21, and Kaylee Goncalves, 21.
He was extradited to Idaho,
where he was charged in early
January with four counts of
first-degree murder.
A lawyer who represented
Mr. Kohberger at his extradi-
tion hearing said Mr. Koh-
berger is eager to be exoner-
ated.
The four University of Idaho
undergraduates were found
stabbed to death in an off-
campus residence in Moscow,
Idaho, on Nov. 13. The killings
shocked the college town and
drew national attention, even
CHRIS CARLSON/ASSOCIATED PRESS
Murdaugh
Guilty of
Murders
Continued from Page One
dragged on for more than five.
It has spawned documentaries
and podcasts and Mr.
Murdaugh’s testimony in his
own defense was carried live
by cable networks. Churches
in Walterboro, population of
about 5,500, opened their
parking lots to journalists and
true-crime aficionados who
have crowded the few blocks
of downtown, particularly at
Shipping
Price War
Looming
Continued from Page One
products as U.S. consumers
shifted more spending to food,
fuel and services, leaving re-
tailers with a glut of goods.
“There are 16,000 registered
truck drivers here but only
3,000 are now working,” said
Gao Chiang, a driver who had
just unloaded a container filled
with kitchen cabinets at Shen-
zhen’s port, one of China’s big-
gest export gateways. “This
year will probably be one of
the worst we’ve ever seen be-
cause the Americans stopped
buying Chinese goods.”
Giant liners such as A.P.
Moller-Maersk A/S and Medi-
terranean Shipping Co., which
made record profits earlier in
the pandemic, have been
as details remained scarce at
times.
The release this week of
search warrants revealed some
of the first details about the
murders since a judge in Idaho
imposed a gag order on offi-
cials and victims’ families soon
after Mr. Kohberger’s arrest.
The judge said the order was
put in place for safety reasons
as well as to ensure a fair trial.
Police had surveilled Mr.
Kohberger’s family’s residence
before the arrest, court docu-
ments show. Mr. Kohberger,
who was pursuing a doctorate
in criminology at WSU, which
is about 7 miles from the Uni-
versity of Idaho campus, had
driven cross-country for the
holidays.
More than 60 items were
collected from his parent’s
home, including a knife, a cut-
lery knife with leather sheath,
a pocketknife, a .40-caliber
Glock pistol and three empty
gun magazines. Investigators
also took a cellphone, laptops,
a note to his father, school
textbooks and paperwork,
shoes and some of his clothes
and “green leafy substance in
green container.”
They confiscated a shovel,
goggles and more medical-
style gloves from Mr. Koh-
berger’s car, a white Hyundai
Elantra. They also removed a
door panel and took swabs
the 1822 county courthouse
where the trial took place.
The Murdaughs were a
household name long before
the deaths of Maggie and Paul.
Mr. Murdaugh is part of the
fourth generation of a power-
ful South Carolina family
whose members have been so-
licitors, or district attorneys,
for a five-county area, as well
as founding members of a re-
gional law firm. For decades,
his grandfather’s portrait hung
in the courtroom where he had
been tried; it was removed for
the proceedings.
“Today’s verdict proves that
no one—no one, no matter
who you are in society—is
above the law,” South Carolina
Attorney General Alan Wilson
said after the verdict was read.
thrust into a new reality. Over
the past three months they
have held back up to a third of
scheduled capacity from Asia
to the U.S. and 20% from Asia
to Europe, canceling the sail-
ings of dozens of ships.
The industry also has idled
around 7% of global vessel ca-
pacity, according to box-ship
operators. Those ships are ei-
ther parked at shipyards un-
dergoing extended mainte-
nance or anchored in the
waters outside Malaysia and
other locations in Southeast
Asia with only a few crew
members onboard.
Idling or “laying up” vessels
is a practice adopted by the in-
dustry at times of stress such
as the 2008 financial crisis
and in 2016, when a wave of
consolidation cut the top
dozen global players by half.
The shipping industry now
faces the same uncertainty
that surrounds its biggest cus-
tomers such Amazon.com Inc.,
Target Corp. and Home Depot
Inc.
If U.S. consumers keep
U.S. NEWS
from the car, the documents
showed.
After Mr. Kohberger’s ar-
rest, the Federal Bureau of In-
vestigation collected a cheek
swab, typically used to sample
DNA, the warrants show. Four
swabs were also taken at the
family residence.
The evidence adds to items
collected at Mr. Kohberger’s
residence near WSU’s Pullman
campus, including a dust con-
tainer from a vacuum, hair
strands and cuttings from a
pillow and mattress cover that
appeared to have dark or red-
dish-brown stains, according
to court documents.
Mr. Kohberger is being held
at a county jail without bail.
His next hearing is in late
June, when the charges
against him will be presented.
He could face the death pen-
alty if convicted. He hasn’t en-
tered a plea yet.
The weekslong investiga-
tion into the November kill-
ings left students and resi-
dents in Moscow on edge.
With no suspect named during
that time, the police asked for
and received thousands of tips.
They focused their public
search on a white Hyundai
Elantra that police said was
believed to be close to the vic-
tims’ residence in the early
hours of Sunday, Nov. 13.
Police in Idaho said they
“We are obviously disap-
pointed,” Dick Harpootlian,
one of Mr. Murdaugh’s law-
yers, said.
Mr. Murdaugh had main-
tained his innocence, telling the
jury in emotional testimony, “I
would never hurt Maggie, and I
would never hurt Paul, ever,
under any circumstances.”
Still, the bombshell from
Mr. Murdaugh’s testimony was
his admission in open court
that he lied to investigators
about his whereabouts the
night of the killings. Jurors
earlier had seen a cellphone
video that showed Mr.
Murdaugh was with his 52-
year-old wife and 22-year-old
son minutes before they were
killed, in contradiction of his
original statement that he
spending, bloated inventories
will be drawn down and de-
mand for imports will resume.
But if the economy con-
tracts, freight rates are ex-
pected to fall below break-even
levels and kick off a new series
of price wars among carriers
that in the past led to multi-
year losses.
“Inventory levels are still
extremely high,” Soren Toft,
chief executive of Geneva-
based MSC, said in an inter-
view at the Trans-Pacific Mari-
time conference in Long Beach,
an annual gathering for the
shipping and logistics indus-
tries that was held in Febru-
ary. “I believe they will deplete
a little bit in the second quar-
ter and we’ll see some growth
again in the second half.”
Mr. Toft said MSC, the ship-
ping industry’s biggest player
with more than 700 vessels,
will return up to 60 chartered
ships to their owners and
scrap a number of older ves-
sels to control capacity. It has
ordered around 130 new ships
that will be added to its fleet
Bryan Kohberger arriving at Idaho’s Latah County District Court in early January
gathered digital and physical
evidence. They compiled cell-
phone and security footage re-
cords, and located a single
source of male DNA on the
button snap of the sheath of a
knife that was found near one
of the victims. In December,
investigators took trash from
Mr. Kohberger’s family home
in Pennsylvania and sent it to
a crime lab in Idaho, which
identified a link based on fam-
ily DNA.
Police said the knife sheath
was made of tan leather with
hadn’t seen them late that
evening.
The defendant’s appeal to
the jury, over two days of tes-
timony, was to not hold his
past lies against him because
he was telling the truth about
not killing his wife and son.
Lead prosecutor Creighton
Waters during his closing ar-
guments to the jury used Mr.
Murdaugh’s testimony, includ-
ing the accused’s inability to
go into detail about his lies,
against him.
“He was forced into doing
what he does all the time, and
that’s coming up with a new
lie when he’s confronted with
evidence he can no longer
deny.” Mr. Waters said.
The state said Mr.
Murdaugh was a desperate
over the next 3½ years.
“Nobody really knows, but
from what I can see we are not
going into recession territory,”
Mr. Toft said. “We still believe
that globalization is here to
stay, global trade will grow
with more modest figures, but
that’s good enough.”
10%
Fall in China’s exports in
December from a year earlier
Others in the industry be-
lieve a turnaround will take
longer.
Vincent Clerc, Maersk’s
chief executive, said in Febru-
ary that U.S. importers were
ordering well below normal
levels and that it would be six
to eight months before de-
mand started to grow again.
He said earnings this year will
be lower than in 2022.
**** THE WALL STREET JOURNAL.
U.S. Marine Corps insignia.
The victims were likely
asleep when they were at-
tacked with a fixed-blade
knife, according to police and
an autopsy report. A surviving
roommate told police she saw
a tall, athletic man in black
clothing and a mask walk past
her. His face was partially cov-
ered, but she said she could
see bushy eyebrows.
The off-campus residence
where the four students were
killed is set to be torn down,
according to University of
Alex Murdaugh was led out of court in handcuffs after a South
Carolina jury convicted him Thursday of the murders of his wife,
Maggie, and son, Paul. Family photo shows, from left, the
couple’s other son, Buster, Maggie, Paul and Alex Murdaugh.
man as his alleged financial
crimes started to come to
light. The prosecution’s case
essentially boiled down to an
argument that Mr. Murdaugh
killed his wife and son to gen-
erate sympathy and avoid de-
tection of a long-running fi-
nancial fraud. An administrator
at the Murdaugh family law
firm testified that a few hours
before the killings on June 7,
2021, she had confronted Mr.
Murdaugh about a $792,000
missing fee.
A key factor was the state
prosecutors’ ability, granted
by Judge Newman, to present
the jury with evidence of al-
leged financial wrongdoing.
The defense unsuccessfully
fought to keep the trial fo-
cused on evidence related to
murder.
Mr. Murdaugh’s attorneys
sought to exploit what it
called a lack of direct evi-
dence that the defendant
murdered his wife and son.
The defense also argued
the state’s case amounted to
character assassination and
The National Retail Federa-
tion estimates that U.S. sea
import volumes fell 12% in
February compared with Janu-
ary, and were down 26% from
a year ago.
Analysts said carriers will
likely start undercutting each
other in coming weeks on pric-
ing to attract new customers
or keep existing ones.
“They should have canceled
twice as many sailings as they
did,” said Lars Jensen, chief
executive of Denmark-based
consulting firm Vespucci Mari-
time. “The collapse in demand
we have seen over the past
five months is leading to price
wars, which nobody wants.”
As the quest for customers
intensifies, Maersk and MSC
said in January that in 2025
they will end their 2M Alli-
ance, a partnership formed in
2015 to help them reduce costs
by sharing cargo on major
ocean routes.
Rivals formed similar part-
nerships, creating the Ocean
Alliance and THE Alliance. The
three groups account for about
TED S. WARREN/PRESS POOL
Idaho President Scott Green.
The owner of the house of-
fered the house to the univer-
sity, Mr. Green said in a note
to students and employees.
“This is a healing step and
removes the physical structure
where the crime that shook
our community was commit-
ted,” Mr. Green said. “Demoli-
tion also removes efforts to
further sensationalize the
crime scene.”
The university is planning a
memorial for the four students
on campus grounds, he added
raised the possibility there
might have been two killers.
Mr. Murdaugh was also
convicted on two counts of
possession of a weapon during
the commission of a violent
crime.
The jury’s verdict was de-
livered after the defense gave
its closing arguments earlier
in the day.
Defense attorney Jim Grif-
fin said the motive offered by
prosecutors made little sense.
“Their theory is he slaugh-
tered his wife and son to dis-
tract from an impending fi-
nancial investigation—but he
puts himself in the middle of a
murder investigation and he
puts himself in the spotlight
of a media firestorm. That’s
their motive,” Mr. Griffin said.
Judge Newman said he
agreed with the jury’s deci-
sion, and denied a request
from Mr. Murdaugh’s attorney
for a mistrial. “The evidence
of guilt is overwhelming,”
Judge Newman said.
—Joshua Jamerson
contributed to this article.
75% of global container-ship-
ping capacity, according to
data provider Alphaliner.
Big cargo owners are secur-
ing long-term ocean freight
rates that are about one-third
less than last year’s contracts,
according to people involved
in the talks. The TPM confer-
ence is the main venue where
long-term shipping rates are
negotiated every year.
Shippers at TPM said that
they are getting lower rates
and no longer facing extended
delivery delays. Shippers tradi-
tionally negotiate freight rates
that run for a year.
But at this year’s TPM con-
ference, they are negotiating
contracts as short as two or
three months, which is unprec-
edented, according to Peter
Sand, chief analyst at shipping
data provider Xeneta.
“The tide has turned com-
pletely and cargo owners now
have the upper hand in con-
tract talks,” Mr. Sand said.
“There will certainly be more
freight rate hardship for carri-
ers this year.”
THE WALL STREET JOURNAL.
EU Inflation Eases, Core Measure Hits High
Services drove surge,
which could prompt
Central Bank to raise
rates over longer period
BY PAUL HANNON
Eurozone inflation eased in
February for the fourth straight
month, but a strong pickup in
services prices makes it likely
that the European Central Bank
would continue to raise inter-
est rates in coming months.
Despite the overall easing
in price rises, inflation accel-
erated in many of the euro-
zone’s largest members—in-
cluding Germany, France and
Spain—underlining how diffi-
cult a task central bankers face
Ukraine
Looms Over
G-20 Talks
Continued from Page One
conflict, in everything from sup-
ply chains to energy to arma-
ments to geopolitical loyalties.
China has largely sided with
Russia, supplying Moscow
with drones, navigation equip-
ment, jamming technology, jet-
fighter parts and other high-
tech goods, while positioning
itself as a potential peace-
maker. The U.S. recently
warned that Beijing was
weighing providing lethal
weapons to Moscow, while
China has responded by point-
ing out that the U.S is the big-
gest source of arms to Kyiv.
India has interests in coop-
erating on regional security is-
sues with the U.S.—to con-
strain China’s regional
ambitions—but has avoided
taking sides in Ukraine and
has continued to buy Russian
oil. It is the largest of the de-
veloping countries that have
declined to join the Western
allies backing Ukraine.
in bringing it back under con-
trol. Strikes and labor unrest
across the region are pushing
wages higher, something that
makes inflation stickier.
The decline in the broadest
measure of inflation likely will
continue unless energy prices
surge again as they did in the
months leading up to and imme-
diately following Russia’s Febru-
ary 2022 invasion of Ukraine.
The speed with which food
and services prices rose last
month suggests inflation may
remain above the ECB’s target
for longer than the bank antic-
ipated. Recent surveys point
to faster economic growth
than the ECB’s economists
forecast, strengthening the
hand of policy makers calling
for larger rate rises.
Antony Blinken, top center, walked by Russia’s Sergei Lavrov, bottom center, in New Delhi on Thursday.
The U.S. is seeking to rally
its partners in Europe and
Asia to counter what it sees as
the rise of two belligerent ri-
vals, with its own national se-
curity priorities focused on
how both to repel Russia from
Ukraine and to undermine Chi-
nese ambitions to reunite the
mainland with Taiwan.
Prime Minister Narendra
Modi of India told the G-20
WORLD NEWS
ECB President Christine
Lagarde told a Spanish TV news
show Thursday that she didn’t
“have much doubt” that policy
makers would raise rates when
they meet on March 16, and
might move again thereafter.
The European Union’s statis-
tics agency said consumer prices
in the eurozone were 8.5%
higher in February than a year
earlier, a decline from the 8.6%
rate of inflation recorded in Jan-
uary and well below the recent
peak of 10.6% in October. Econo-
mists surveyed by The Wall
Street Journal last week ex-
pected to see a decline to 8.2%.
Italy was the only one of
the eurozone’s four largest
members to record a decline
in inflation, a drop that was
large enough to offset small
gathering that nations had
failed to find solutions to grow-
ing global rifts.
As president of the G-20 this
year, Mr. Modi warned on
Thursday that countries
weren’t accomplishing the main
goals of global governance—
preventing wars and fostering
international cooperation on
common issues—and that the
impacts were being felt most in
rises in other countries. pace, increasing by 15% during
The eurozone’s core measure the 12 months through Febru-
of inflation, which excludes vol- ary, up from 14.1% in January.
atile items such as food and en- The ECB has signaled that
ergy and is seen as a better it will raise its key interest
guide to future price rises, rose rate to 3% from 2.5% this
to a fresh record of 5.6%, from month. Recent moves in euro-
5.3% in January. That was zone government bonds indi-
largely due to a jump in services cate that investors anticipate
inflation to 4.8% from 4.4%. further increases.
Another worry for central This week’s inflation data
bankers is whether China’s has sparked a bond-market
abandonment of its zero-Covid selloff that propelled borrowing
policy would give a fresh costs for some eurozone gov-
boost to global inflation. ernments to their highest levels
ECB policy makers regard in a decade or more. Investors
services prices as a good indi- bolstered bets that the ECB will
cator of inflation pressures lift rates to record highs this
that are being generated within year to cool price pressures.
the eurozone because they are Markets are betting that the
less affected by imports and ECB’s main policy rate will rise
more affected by wages. Food to about 4% by November, ac-
prices also rose at a faster cording to Tradeweb data.
tation of the treaty on Thurs-
day. He also pressed Russia to
release ex-U.S. Marine Paul
Whelan from detention in Rus-
sia and he stressed the con-
tinuing support by the U.S.
and its allies for Ukraine “for
as long as it takes.”
“I told the foreign minister
what I and so many others said
last week at the United Nations
and what so many of the G-20
foreign ministers said today:
End this war of aggression, en-
gage in meaningful diplomacy
that will produce a just and
durable peace,” Mr. Blinken
OLIVIER DOULIERY/PRESS POOL
said in New Delhi.
Russian Foreign Ministry
spokeswoman Maria
Zakharova said the two diplo-
mats spoke briefly at the re-
quest of Mr. Blinken.
The two men had spoken
once by telephone since Russia
invaded Ukraine and have at-
tended summits together dur-
the developing world. ing the past year, but they
For their first talk in person hadn’t met one-on-one.
since February 2022, Mr. Last week, Mr. Putin said
Blinken approached Mr. Lav- Moscow would step back from
rov for about 10 minutes with New Start, the last remaining
the aim of conveying three key major nuclear-arms-control
messages, a senior State De- treaty between the U.S. and
partment official said. Russia, and vowed to continue
He urged Russia to rejoin the Ukraine military campaign.
the New Start nuclear arms In his conversation with Mr.
treaty, the official said, after it Lavrov, Mr. Blinken reiterated
formally suspended implemen- the support of the U.S. and its
Friday, March 3, 2023 | A9
Eurozone consumer prices,
change from a year earlier
10%
8
All Items
6
Services
4
2
0
March '23
2022
Source: Eurostat
allies for Ukraine, a senior
State Department official said.
The intention, the official said,
was to dissuade Moscow from
“any notion that our support
might be wavering or the sup-
port from our allies and part-
ners might be wavering.”
Mr. Blinken said following
Thursday’s meeting that Rus-
sia and China were the only
two countries to reject a col-
lective declaration by the G-20
condemning the war.
Last week, G-20 finance
ministers failed to agree on a
joint statement on the global
economy at talks in Bengaluru,
India, after Russia and China
rejected the characterization
of the Ukraine war. Instead,
the two-day meeting resulted
only in what was described as
a “chair’s summary,” which
said “most members strongly
condemned the war in
Ukraine” and that there were
“different assessments of the
situation and sanctions.”
—Ann M. Simmons
contributed to this article.
Watch a Video
Scan this code
for a video on
the Blinken-
Lavrov meeting
at the G-20.
 A10 | Friday, March 3, 2023
KATERINA KLOCHKO/AGENCE FRANCE-PRESSE/GETTY IMAGES
Workers dig through the rubble of an apartment block in Zaporizhzhia, Ukraine, that was hit by a Russian missile, leaving at least two people dead.
Moscow Claims Saboteur Attack,
Ukraine Apartment Block Is Hit
BY ANN M. SIMMONS
AND ISABEL COLES
Russia said two civilians
were killed and a boy was in-
jured in an attack in the coun-
try’s south that it blamed on
what it called Ukrainian sabo-
teurs, an alleged assault in
which Ukrainian intelligence
said it played no part.
Meanwhile, Russian forces hit
a multistory apartment block in
the southern Ukraine city of
Zaporizhzhia overnight, killing at
least two people in an attack con-
demned by President Volodymyr
Zelensky as an act of terrorism.
Workers dug through the
building rubble Thursday, offi-
cials said. Eleven people were
rescued from the wreckage.
City council official Anatoliy
Kurtiev said Russia hit the resi-
dential block with an S-300
surface-to-air missile, which
U.S. Export
Limits Target
28 Chinese
Entities
BY IAN TALLEY
WASHINGTON—The U.S.
Commerce Department on
Thursday targeted more than
two dozen Chinese entities
with export restrictions, part of
a broader effort by the Biden
administration to mitigate what
it says is a growing national se-
curity threat from China.
In adding the 28 Chinese
firms and individuals to its En-
tity List, Commerce’s Bureau
of Industry and Security said
the firms represented a range
of potential national security
risks including through alleged
dealings with an Iranian elec-
tronics firm previously sanc-
tioned by the U.S. for its al-
leged ties to Tehran’s military.
The listings are designed to
prevent U.S. goods from being
used by entities Washington
believes are a potential threat
to Western interests.
The move comes amid ris-
ing diplomatic tensions be-
tween the world’s two largest
economies. China’s dealings
with Russia and Iran and the
discovery of China’s suspected
surveillance balloon program
are fueling calls for the Biden
administration to tighten re-
strictions on trade and invest-
ment between the two powers.
Commerce’s entity listings
restrict sales to targeted firms
unless exporters secure a li-
cense from the U.S. govern-
ment. Those added to the En-
tity List included subsidiaries
of Chinese genetics company
BGI, cloud-computing com-
pany Inspur and several elec-
tronics firms. The companies
and the Chinese Embassy in
Washington didn’t respond to
requests for comment. Offi-
cials in Beijing have repeat-
edly denounced U.S. sanctions
as illegal.
***** THE WALL STREET JOURNAL.
WORLD NEWS
Germany
Struggles
With Plan
To Rearm
BY BOJAN PANCEVSKI
Days after being elected
chancellor, Olaf Scholz de-
manded to see his govern-
ment’s contingency plans in
case Russia, Germany’s main
energy supplier, suddenly
stopped supplies.
The response: There was no
plan.
It was December 2021 and
the U.S. was warning that Rus-
sian President Vladimir Putin
was about to invade Ukraine.
In a landmark speech days af-
ter the invasion, Mr. Scholz
promised a “Zeitenwende”—a
turning point—pledging to re-
build Germany’s military, se-
cure alternative energy sup-
plies and help Ukraine fight
off Russia.
He has delivered on the lat-
ter two pledges, but a year on,
Germany’s armed forces are in
an even worse condition than
when the war started, military
commanders say, and Mr.
Scholz has struggled to invest
any extra in the military.
Berlin’s wobbling defense
commitments are likely to
hang in the air when Mr.
Scholz visits Washington on
Friday to meet with President
Biden for talks that German
officials said would focus on
Ukraine and the security of
Europe.
Moscow has deployed exten- man for Ukrainian military intel- nearly 13,300 injured—the and drones, according to the re- When Mr. Scholz picked up
sively to strike targets across ligence, said the service played United Nations said last week. gional military administration. the reins of Europe’s largest
Ukraine. no role in the alleged operation. The true number is likely to be Eleven people were wounded in economy after Angela Merkel’s
Authorities in Russia said, Russian presidential spokes- substantially higher, the U.N. the attacks, it said. 16-year rule, Germany de-
without providing evidence, that man Dmitry Peskov said Presi- said. While Bakhmut is of no ma- pended on Russia for its en-
a group infiltrated the Bryansk dent Vladimir Putin canceled a The civilian toll is the result jor strategic value, according to ergy, China for its trade and
region from the neighboring trip to the Stavropol region in of frequent missile attacks on Ukrainian commanders, a Rus- the U.S. for its security. Its
Ukrainian area of Chernihiv and southwestern Russia because of cities behind the front lines and sian victory would give Mos-
took up to six people hostage in the attack in Bryansk. daily shelling of villages within cow fresh impetus in its cam-
the village of Lyubechane. Alex- “Today they committed an- range of Russian artillery. paign to seize the industrial
ander Bogomaz, the governor of other terrorist act, another Along the front lines in the Donbas heartland. Russia has
Mr. Scholz has
Bryansk, said on Telegram that crime, penetrated the border east, Ukraine was hanging on to bolstered efforts to break struggled to invest
the injured boy was taken to a area and opened fire on civil- the city of Bakhmut as Russian through Ukraine’s defenses in
hospital with non-life-threaten- ians,” Mr. Putin was cited as forces squeezed its defenders’ the east in recent weeks, taking
any extra money in
ing injuries. saying by TASS. last supply route to the battle- territory at a heavy price. the military.
Moscow’s Federal Security Ukrainian presidential ad- field. By holding out in Bakhmut,
Service said Thursday that it viser Mykhailo Podolyak said Russia’s recent gains around Ukrainian forces have sought to
found and defused “a great Russia was blaming the incur- the city have raised a dilemma wear Russian forces down,
number of explosive devices,” sion on Ukraine to justify its in- for Ukraine’s political and mili- while building up their own military was creaking after de-
and that further demining was vasion. Russians who are op- tary leadership: when to with- combat power for an antici- cades of underinvestment and
under way, reported state news posed to their own government draw to preserve lives. pated counteroffensive to re- its energy infrastructure was
agency TASS. The security ser- are growing stronger and more In the southern Kherson re- take territory in spring. But the heavily geared toward Russian
vice said the situation was un- aggressive, he said on Twitter. gion, Russian forces fired 87 battle for Bakhmut is costly for pipeline oil and gas. When
der the control of law-enforce- In the year since Russia in- times on villages Wednesday, Ukraine, too. Russia invaded Ukraine, Mr.
ment agencies, TASS said. vaded Ukraine, at least 8,000 using mortars, multiple-launch —Matthew Luxmoore Scholz was left scrambling to
Andriy Chernyak, a spokes- civilians have been killed—with rocket systems, artillery, tanks contributed to this article. reverse defense, energy and
economic policies entrenched
over decades.
Train Crash Sparks Protests in Greece
On energy and assistance to
Kyiv, Mr. Scholz more than de-
livered. Within a year, Ger-
BY CRISTINA ROCA
many became almost entirely
independent of Russia for its
AND ERIC SYLVERS
Protesters in Greece de-
oil and gas, avoiding blackouts
and a winter gas shortage.
Berlin committed over 7% of
manded the government take
responsibility for the train
its gross domestic product in
measures to shield households
crash this week that killed at and companies from the im-
least 57 people, pushing back pact of higher energy prices.
on Thursday against Prime On Ukraine, Mr. Scholz dis-
Minister Kyriakos Mitsotakis’s carded the longstanding paci-
assessment that human error fism underpinning German
was the main cause. foreign policy to become the
Protesters and labor unions third-largest supplier of weap-
said a lack of technology in the ons to Kyiv after the U.S. and
railway network, poor mainte- the U.K., according to the Kiel
nance and staff shortages were Institute for the World Econ-
KOSTAS TSIRONIS/EPA/SHUTTERSTOCK
to blame. A spokesman at the omy. Two days after the inva-
state-owned operator of sion Mr. Scholz lifted a ban on
Greece’s rail network, OSE, exporting weapons to war
said there were no safety sys- zones. Berlin has purchased
tems in operation in the area for Ukraine state-of-the-art
where the crash took place. weapons Germany’s own army
The entire managing board was never able to afford. It
of OSE and of a subsidiary re- welcomed more than one mil-
signed following the crash. lion Ukrainian refugees and
The head-on collision be- granted the country more than
tween a passenger train carry- Marchers in Athens protest railway safety after at least 57 people died in a train crash. €14 billion in aid, equivalent to
ing about 350 people and a around $15 billion.
freight train occurred just be- Terzakis, a special adviser at gence; and bodily harm caused were more protests Thursday, “The achievements are
fore midnight on Tuesday near OSE, told state television. by negligence, said Stamatis including in Athens, Thessalo- pretty remarkable,” said Muj-
the city of Larissa on the main- Workers continued to clear Daskalopoulos, a prosecutor. niki and Larissa. taba Rahman, managing direc-
line that runs between the cap- the crash site Thursday, looking “It is being investigated “For an accident to occur, tor with Eurasia Group, a con-
ital Athens and Thessaloniki. for passengers not yet ac- whether the systems were more than two factors are re- sulting firm.
The trains were traveling at counted for. So far, 56 passen- working and whether [the train quired,” Nikos Tsikalakis, presi- The one promise Mr. Scholz
roughly 85 and 100 miles an gers have been declared missing. drivers and station operators] dent of the union of OSE work- has yet to make good on is his
hour, OSE’s spokesman said. Police arrested a station could communicate” he said. ers and a switchman, told state pledge to rearm Germany.
“Some controls that were manager Wednesday. He is be- Protesters gathered on TV. He noted that the rail sys- A year ago, his government
performed at the station in ing held on suspicion of dis- Wednesday outside the office tem has 750 employees, com- said it would create a special-
Larissa” resulted in two trains turbing transportation safety of Hellenic Train, which owns pared with the workforce of purpose €100 billion fund to
moving on the same track in and causing deaths; man- the trains but doesn’t oversee 2,100 it should have according boost weapon purchases, a
opposite directions, Panagiotis slaughter caused by negli- the railway network. There to a plan approved by the state. move that required an amend-
ment to the constitution. The
funds would go toward fixing a
Missile Sale to Taiwan Receives Approval German military hollowed out
by decades of belt-tightening.
Germany’s military leaders
have publicly complained
BY DOUG CAMERON considers the self-ruled island out land-based radar stations. sanctions as symbolic, with no about the poor state of the
part of its territory and has The main contractors for the impact on their business. force. The army commander
The State Department ap- threatened to take it by force. latest planned package are Ray- U.S. defense contractors are lieutenant-general Alfons
proved a $619 million sale of The U.S. has responded with theon Technologies Corp. and boosting capacity to handle Mais said at the start of the
hundreds of missiles to Taiwan the approval of more than $20 Lockheed Martin Corp., which demand driven by the conflict war that his troops were
to arm new U.S.-made F-16 jet billion in sales of military air- is also building the F-16 jets. The in Ukraine but have run into “more or less bare” in the face
fighters the island is expecting craft, Javelin and Stinger mis- first of the 66 aircraft is set to supply-chain problems and la- of Russian aggression.
to receive by mid-decade. siles, howitzers and other mu- be delivered in the mid-2020s as bor shortages that have ham- The immediate extra fund-
The proposed sale, about nitions since 2019 to Taiwan. planned, said people familiar pered increased production. ing is meant to improve the
which the State Department in- The latest proposed sale is with the order. Both companies The logjams have raised most acute shortcomings, but
formed Congress on Wednesday, the first in 2023 after a raft at have been sanctioned by China concerns among U.S. govern- officials say that the scale of
comes as tensions rise between the end of 2022. It includes 200 for their involvement in arms ment and congressional offi- the investment needed to
Washington and Beijing over Amraam missiles and 100 exports to Taiwan. U.S. and com- cials about the growing backlog make the force fit for purpose
Taiwan and other issues. China AGM-88B HARMs that can take pany officials have described the of weapons bound for Taiwan. is significantly larger.
THE WALL STREET JOURNAL.
Attorney
General Is
A Swiftie
Continued from Page One
discussions all the time. “My
favorite song is ‘Shake It
Off,’ ” he said in an interview.
He tracks Swiftie minutiae
and has discovered Taylor
Swift fans on his own staff.
“Since we established our
mutual regard for Taylor, ref-
erences to her work have
come up in a few conversa-
tions, sometimes hiding in
plain sight,” said Marissa
Brogger, his chief speech-
writer. “Recently, I dropped
something off for the attorney
general to review and he said
he would do so swiftly. It took
me a second to realize it, but
given the attorney general’s
tendency to be precise in his
word choice, I don’t think it
was an accident.”
Mr. Garland learned of Ms.
Swift from his two daughters,
who insisted on blasting the
singer’s self-titled debut and
2008 follow-up album “Fear-
less” while Mr. Garland, then a
federal appeals court judge,
drove the girls to school when
they were young.
“We invented carpool kara-
oke before it was a thing,” Mr.
Garland said in his office,
Technocrats
Rise in the
Kremlin
Continued from Page One
nalist at Russia’s state-run
news agency.
Mr. Sorokin, Russia’s energy
ministry and the Kremlin
didn’t respond to requests for
comment.
Last month, Mr. Sorokin
was instrumental in setting
fixed prices on Russia’s main
oil export, the Urals grade, in-
stead of letting markets decide
how much companies charge,
said people familiar with the
matter. The decision is ex-
pected to draw $8.2 billion in
taxes to the country’s cash-
strapped treasury.
Economic strain
Mr. Sorokin and his cohorts
have thus far navigated the
sanctions in a way that has
left Russia under severe eco-
nomic strain—but not yet in-
capacitated. That task will
only get more complicated as
the longer-term effects take
hold, but analysts say they’ve
defied expectations through
the Ukraine war’s first full
year.
Mr. Sorokin has become
Russia’s “secret weapon” in
blunting the impact of the
West’s sanctions, said Viktor
Katona, the lead crude analyst
at commodity-data company
Kpler. He said he believes
many Ukraine allies underesti-
mated the expertise of the
Kremlin’s new generation of
Western-trained decision mak-
ers. Mr. Putin, long sur-
rounded by former spies and
business friends from St. Pe-
tersburg, has increasingly
turned to the newcomers, who
speak fluent English and ad-
here to his nationalist ideol-
ogy.
Mr. Sorokin “is the epitome
of something that didn’t exist
in the Soviet Union,” Mr. Ka-
tona said. “He is part of a new
breed of young people who
had choices” and decided to
work in the Russian govern-
ment.
The war in Ukraine scram-
bled global energy markets
and longtime alliances. Russia,
which once counted Europe as
its most lucrative energy cus-
tomer, now sends much of its
production to India and China,
which typically buy it at steep
discounts to market prices. In
part because of those dis-
counts, Russian oil and natural
gas revenues fell 46% in Janu-
ary from the same month last
year, according to data from
the Russian Ministry of Fi-
nance.
To make up for that lost
revenue, Russia needs to culti-
vate new trading partners. Mr.
Sorokin and his associates are
showing some success: Russia
exported more than 8 million
barrels of oil in January, ac-
cording to Kpler—one of the
top five months on record and
a level not reached since April
2020, though it is typically
selling at a discount of around
Taylor Swift lyrics show up in Attorney General Merrick Garland’s legal arguments and discussions.
where the Swift CDs, given to
him by his daughters, occupy a
place shared only by Bruce
Springsteen’s autobiography
“Born to Run” and a collection
of Beatles albums. Now, when-
ever Ms. Swift releases an al-
bum, the Garland family gath-
ers by phone to swap notes.
“My daughter sent me ‘Mid-
nights’ right away as a CD,
which I appreciate is a little
prehistoric at this point,” Mr.
Garland said. “And then she
told me the playlist order in
which I should listen to the
songs.”
Mr. Garland declined to dis-
cuss the Ticketmaster investi-
$30 a barrel.
Mr. Sorokin’s outreach in-
cluded a September trip to the
Republic of Congo’s capital,
Brazzaville, where he emerged
from a 20-hour flight to be
greeted by the country’s presi-
dent.
Over two days, often while
seated on golden chairs amid
the pilasters and palm trees of
the colonial-era presidential
palace, Mr. Sorokin hammered
out a deal for Russia to supply
oil products to the Republic of
Congo and for two Russian
companies to build a 625-mile,
$850 million pipeline, accord-
ing to a document seen by The
Wall Street Journal and cur-
rent and former officials
briefed on the visit. The Con-
golese oil ministry and the
government in Brazzaville
didn’t return requests for
comment.
The previous month, he met
a delegation from Afghanistan.
Mr. Sorokin was nonplussed
when the Afghans offered to
trade raisins and herbs for
fuel, said a former aide who
was briefed on the meeting.
The Taliban government and
Kremlin later unveiled a deal
to supply Kabul with Russian
gasoline. The Afghan ministry
of trade and industry didn’t
return a request for comment.
Mr. Sorokin also held talks
with Bahrain for the small Per-
sian Gulf kingdom to become a
hub for trading oil supplied by
Russian companies, said peo-
ple familiar with the matter.
Customs records show that
some of the Kremlin’s oil
transactions were handled in
the country last year. The Bah-
raini government didn’t return
a request for comment.
A new regime
Inside the Kremlin, other
rising officials include Russia’s
39-year-old deputy finance
minister, Alexey Sazanov, who
was educated at Oxford and
worked with Mr. Sorokin at
Ernst & Young in Moscow.
Along with Mr. Sorokin, he
now plays a key role in finding
ways to plug Russia’s fast-ex-
panding deficit.
Denis Deryushkin, a former
Bank of America analyst, be-
came the energy ministry’s
head of research at age 29,
representing Russia at OPEC
advisory meetings designed to
help maximize oil prices.
Mr. Putin’s most influential
economic adviser, Maksim
Oreshkin, who got the job at
38, previously worked for
French bank Crédit Agricole.
He led a successful strategy to
push foreign companies to buy
Russian natural gas in rubles,
rather than in dollars or euros,
to bypass sanctions.
Mr. Sorokin was born in
Moscow but raised in Cyprus
in a family of Russian diplo-
mats. He moved back to Russia
to start his professional career
as an accountant at Ernst &
Young. He became a senior an-
alyst at age 26 at Alfa-Bank,
Russia’s largest private bank,
before a brief spell getting his
master’s of finance at the Uni-
versity of London.
He later moved on to Mor-
gan Stanley’s Moscow office.
In 2015, a ranking by Extel and
Institutional Investor named
FROM PAGE ONE
gation, which predates the
Taylor Swift ticket fiasco, dur-
ing which fans waited in on-
line queues for hours before
having tickets disappear from
their carts during checkout or
the site crashed.
A spokeswoman for Live
Nation Entertainment Inc.,
which owns Ticketmaster,
didn’t respond to a request for
comment. The company’s
President Joe Berchtold has
apologized for the bungled
ticket-sale process, and previ-
ously said bots were to blame
for problems.
Did Mr. Garland or anyone
in his office get tickets to Ms.
‘I always knew that I wanted to
go back to my homeland.’
Pavel Sorokin, Russia’s deputy energy minister
him as one of the top analysts
in the oil and gas sector for
Russia and countries in Eu-
rope, the Middle East and Af-
rica.
A Morgan Stanley spokes-
man declined to comment.
As a young banker, he was
seen as both a rising star and
an unassuming colleague who
regularly had lunch at a local
Ukrainian eatery and dinners
at upmarket Asian-fusion res-
taurants, said people who
knew him at the time. But he
also stood out with conserva-
tive, hawkish views on Russian
politics, they said. A former
colleague said he was critical
of Russia’s political opening in
the 1990s. “He wanted to make
Russia great again,” said an-
other former colleague.
Political rise
In 2016, Alexander Novak,
then Russia’s energy minister
and now deputy prime minis-
ter, poached Mr. Sorokin from
the Wall Street bank and put
him in charge of his group’s
An oil refinery at sunset in the Siberian city of Omsk, Russia, last month.
Friday, March 3, 2023 | A11
quoted from Gilbert and Sulli- “And it was great.”
van’s 1879 opera “The Pirates
of Penzance”—“When constab-
Once, as a judge hearing
oral arguments, Mr. Garland
ulary duty’s to be done, to be tapped Ms. Swift’s words to
done, a policeman’s lot is not a
happy one.”
describe how two parties
needed to give clear notice be-
“The Sound of Music” pro-
vided another source of wis-
dom.
fore they could get out of
signing a contract.
He turned to the clarity of
“One line I used to quote the singer’s famous breakup
more in the Senate was, as the song.
great economist Julie Andrews “I said, ‘so you’re agreeing
sang, ‘Nothing comes from you have to say you’re never
nothing. Nothing ever could,’ ” ever, ever going to get back
he recalled. together,’ ” he recalled, “like
Congress and pop culture ever.”
have intersected in interesting “It fit very well into the is-
TERRY WYATT/GETTY IMAGES
ways before. Frank Zappa, sue of the case,” he said.
John Denver and Dee Snider of In 2017, when the Shake-
Twisted Sister testified at a speare Theatre Company in
1985 Senate hearing on ex- Washington presented a mock
plicit rock lyrics. People trial based on the play
packed the hearing room to “Twelfth Night,” Mr. Garland
get a look. “I’ve been a fan for served as a judge in the mat-
a long time, Mr. Denver,” then- ter, which was rife with dating
Sen. Al Gore told the singer. drama. A lawyer representing
Swift’s tour during Novem- Things got chillier when Mr. the character Olivia likened
ber’s debacle? Snider, who wore a sleeveless her situation to a Britney
“That is a delicate ques- T-shirt, asked if Mr. Gore Spears hit “Oops!…I Did It
tion,” Mr. Garland said, in an planned to praise his music Again.”
apparent reference to Ms. too. Mr. Gore conceded he en- “Your argument seems to
Swift’s hit song, “Delicate.” joyed Mr. Zappa and Mr. Den- be, ‘look what you made me
Mr. Garland is one of sev- ver. “I am not, however, a fan do,’ ” Mr. Garland countered,
eral musically inclined attor- of Twisted Sister.” using Ms. Swift’s lyrics to cor-
neys general. William Barr Well before becoming a rect her.
loved the bagpipes and played parent, Mr. Garland was at the Different Swift hits have
them himself in the Great Hall vanguard of popular music. He resonated at various points in
of the Justice Department. recalled seeing the little- Mr. Garland’s career, such as
“I always have been a big known Bruce Springsteen and when Senate Republicans
fan of big Broadway musicals,” the E Street Band open for blocked his path to confirma-
Jeff Sessions said in an inter- Bonnie Raitt at the Harvard tion to the Supreme Court in
view. Square Theater in 1974, when 2016. Why is his favorite song,
Mr. Sessions confirmed that he was in college there. “No- “Shake It Off”?
at least once during a private body I knew had ever heard of “That should be self-explan-
meeting on policing issues he Springsteen before,” he said. atory,” he said.
global oil market. The coali-
tion shortly thereafter ap-
proved a production cut that
to issue statements.
One evening in March last
year, the Russian-controlled
successfully boosted prices.
During a meeting in 2018,
Mr. Putin asked Mr. Sorokin
Caspian Pipeline Consortium
notified the ministry that its
facility had been damaged by
what he was doing for the
government. “A large project
we have been working on re-
a storm. The pipeline exports
1.2 million barrels a day of Ka-
zakh crude through a Russian
cently is the agreement to port in the Black Sea, the bulk
limit production between Rus- of which is pumped by Chev-
sia and OPEC countries,” he ron Corp. and Exxon Mobil
responded, according to the Corp., which hold a minority
Kremlin’s transcript of their stake in the export route.
conversation. Chevron declined to comment.
“It is time to promote you,” Exxon Mobil didn’t return a
the Russian president said. request for comment.
Within days, Mr. Sorokin was The consortium said the in-
appointed deputy energy min- cident stemmed from the “dis-
ister. placement of the power frame
MAXIM SLUTSKY/TASS/ZUMA PRESS
Mr. Sorokin has been ada- of one of the floating hoses”
mant about his patriotism. and had caused no significant
“For all my life, when I was a disruption, the state-run news
child, I lived and went to agency TASS reported at the
school abroad. And I always time.
knew that I wanted to go back
to my homeland,” he told Mr.
Putin, according to the Krem- Pipeline damage
lin transcript. Mr. Sorokin started the
The deputy minister has public response at the Russian
also spearheaded moves to energy ministry and helped
modernize the country’s en- turn the incident into a global
ergy sector, recently launching event, according to Mr. Pogo-
motor-fuel stations powered syan and Iuliia Khazagaeva,
with natural gas—of which who ran energy coverage at
Russia has the world’s largest TASS. She has since left Russia
resources—and a national plan and spoken out against the
to reduce energy consumption. war.
energy research center. Mr. Pogosyan said he came
Mr. Sorokin built a rapport to Mr. Sorokin with a draft
with the famously frosty Mr. PR campaign statement outlining the inci-
Novak. The latter started to Soon after becoming deputy dent. After speaking with the
address him by his nickname— minister, Mr. Sorokin hired Ar- Kremlin, Mr. Sorokin said it
“Pasha,” short for Pavel—and senii Pogosyan, then a 27- wasn’t tough enough, accord-
frequently invites him to bar- year-old journalist, to handle ing to Mr. Pogosyan.
becue outings at his dacha his public relations. Mr. Sorokin repeatedly
outside Moscow, according to Mr. Pogosyan left Russia af- asked for edits to a videotaped
people who know them. ter he learned he was to be message over the next 12
Mr. Sorokin soon became a called to the front line in hours to make it increasingly
fixture at diplomatic events by Ukraine in late September, and alarming, his former press
accompanying Mr. Novak as a has since defected. aide said. Paragraphs of con-
translator. He was easily rec- The former press chief said text over the potential scope
ognized by his boyish bob, and Mr. Sorokin stood out in the and impact of the disruption
his English skills earned him career bureaucracy with his moved up from the bottom to
another nickname, “the inter- Westernized habits—snacking the top of his statement.
preter.” on sliced pineapple and cele- “The Kremlin wanted the
He also built an enduring brating with a glass of whis- West to stay on the edge,” said
friendship with Adeeb Al key instead of vodka—and his Mr. Pogosyan. Russian media
Yama, a longtime adviser to private sector-style embrace picked up the messaging.
Saudi energy ministers, as of public engagement. “He Ms. Khazagaeva said that
well as the late OPEC chief wanted to go on YouTube and after she was initially in-
Mohammed Barkindo. Mr. Al he would respond to press formed the episode was rela-
Yama didn’t return a request queries within an hour. It was tively minor, her editors or-
for comment. In part by build- thrilling,” Mr. Pogosyan said. dered her to emphasize a set
ing on those relationships, he As tensions mounted be- of talking points playing up
helped Mr. Novak plan an alli- tween Russia and the West, the risk of prolonged disrup-
ance with the Saudi-led OPEC Mr. Pogosyan said, Mr. Sorokin tions to the U.S., Chinese and
that led to the creation of became less approachable, ei- European markets. Her editor
OPEC+ in 2016, in which Rus- ther refusing to respond to in chief sent her an email tell-
sia got a bigger voice in the press queries or taking hours ing her to reach out to Mr. So-
rokin, among others, for com-
ment.
TASS didn’t respond to a
request for comment.
Pipeline operator CPC,
which referred a request for
comment to its past public
statements, said at the time
that two of three of its off-
shore loading points had been
damaged by the storm and
would require two to four
weeks to repair.
On Russian state television,
Mr. Sorokin warned the break-
down would require up to two
months of repairs, with the
loss of exports of up to 1 mil-
lion barrels a day. Interna-
tional oil prices immediately
ALEXEY MALGAVKO/REUTERS
rose by 5%.
Within two days, loadings
from the terminal had re-
started, Kpler data shows. CPC
announced a return to full ca-
pacity within a month.
—Summer Said
contributed to this article.
 A12 | Friday, March 3, 2023
HULU (3)
TELEVISION REVIEW | JOHN ANDERSON
Mel Brooks Blazes Back in Time
The legendary comedian finally follows up on his 1981 comedy film with a new series
‘I’M AMERICAN TREASURE Mel
Brooks,” announces the writer, di-
rector, producer and comedy insti-
tution as he introduces his 40-
years-in-the-awaiting “History of
the World, Part II” on Hulu. “To
some of you I’m a hero. To others,
merely a legend.” As prepared as a
viewer might be to laugh out loud,
he or she will still laugh out loud.
If Mr. Brooks hadn’t titled his
1981 comedy “History of the World,
Part I,” there wouldn’t
have been decades of
speculation about
whether a sequel ever
would be made. Why
has Mr. Brooks pro-
duced one now, at the
age of 96? “I was ap-
proached by somebody
named Hulu.” But he
had two conditions: one,
that they had to make
him look exactly as he
did in ’81 (when he was
the star of the first film
and in his sprightly
mid-50s) and, two, that
the material be entirely
Dove Cameron, right,
and Nick Kroll, Pam
Adlon and Charles
Melton, far right, in
‘History of the World,
Part II’ on Hulu
FILM REVIEW | KYLE SMITH
‘Creed III’: A Punch
From the Past
W
hat if Rocky Balboa were
an arrogant lout? The ques-
tion opens up dramatic pos-
sibilities and adds some unexpected
conundrums to “Creed III,” the ninth
boxing movie in the universe cre-
ated 47 years ago in “Rocky.”
We probably didn’t need a third
“Creed” film—the basic recipe of un-
derdog training hard, rising to the
challenge and winning a climactic
fight has been done enough times—
A retired boxing champ
trains a man who
resurfaces from his
turbulent teenage years.
but in his directorial debut, the fran-
chise’s star Michael B. Jordan proves
more than capable of hitting the
right beats and telling a straightfor-
ward story without getting dis-
METRO-GOLDWYN-MAYER PICTURES
tracted by cinematic gimmicks, ex-
cept for a brief fantasy interlude in
the third act that feels out of place.
Taking the reins of the first
“Rocky”-verse film in which Sylves-
ter Stallone does not appear, Mr.
Jordan directs a script by Zach Bay-
lin (“King Richard”) and Keenan
Coogler, the younger brother of
ARTS IN REVIEW
new. “No repeats.” Neither condi-
tion is met entirely, but that was a
choice of Mr. Brooks, who serves
here as a writer and executive pro-
ducer. Alice Mathias, David Stassen,
Nick Kroll and Lance Bangs di-
rected the eight-episode season.
The fun, easy and cheap way to
review “Part II” would be to regur-
gitate all its good jokes. It’s almost
irresistible. As fans of the previous
film know, “History of the World,”
“Creed” director Ryan Coogler, who
receives a story credit. The film
opens in chiaroscuro tones, with
light and darkness contrasting
sharply: Mr. Jordan’s Adonis Creed,
the son of Rocky’s rival-turned-
friend Apollo, is the retired heavy-
weight champion of the world, living
in kingly splendor in the hills above
Los Angeles with a gorgeous, gold-
record-winning wife (Tessa Thomp-
son) and an adorable daughter (Mila
Davis-Kent). Yet a flashback from
Creed’s teen years illustrates an un-
happy incident that has been si-
lently clouding the interior life of
“Donnie,” as friends call him. That
bad memory materializes when a
buddy from early days, Damian, ap-
pears at the gym where Donnie de-
velops young boxing talent. Damian
has just gotten out of prison after
18 years. Donnie, who sparked the
confrontation that led to that prison
term, had escaped punishment him-
self by fleeing the scene.
Damian, or “Dame,” a onetime
Golden Gloves amateur boxing
champ who taught Donnie much
about the sport, is played by the
suddenly ubiquitous Jonathan Ma-
jors, who made a splash at this
winter’s Sundance Film Festival
with the bodybuilding drama “Mag-
azine Dreams,” played the lead vil-
lain in “Ant-Man and the Wasp:
Quantumania,” and will be seen
as a not-so-prolific franchise, fol-
lows a sketch-comedy format and
recounts a past that isn’t literally
true, but isn’t Howard Zinn either.
Or even “Drunk History.” In “Part
II,” ancient times, and not-so-an-
cient times, are fed through a
Brooksian processor that always
renders a germ of truth amid
anachronisms galore. For instance,
Princess Anastasia (Dove Cam-
eron), the last remaining Romanov
Director and star Michael B. Jordan as Adonis Creed
playing the same role in more Mar-
vel movies. Mr. Majors (who also
starred in HBO’s “Lovecraft Coun-
try”) has an unusual approach for a
movie star: He has a recessive style
in which trying to charm the audi-
ence plays no part. When he meets
Donnie after being paroled, Dame
is draping himself mischievously
over his old friend’s Rolls-Royce. A
chilly fog of turpitude seems to ac-
company the ex-con wherever he
goes, but Donnie feels obligated to
give him a chance. And soon, im-
probably enough, Donnie is helping
arrange for Dame to get a shot at
the championship. His first profes-
in the series’ recurring “Russian
Revolution” segments, is a social-
media influencer, although her
“device” is a film camera the size
of a mini-fridge. When Jesus (Jay
Ellis) meets Mary Magdalene
(Zazie Beetz), he acknowledges
that he’s a carpenter—and he per-
forms miracles. “Oh,” Mary re-
sponds, “like finishing a project on
time and being under budget?” In
a “Mezo America” segment, the
sional fight will be for the title.
Dame is such an outlandishly un-
likely competitor for the top prize
that he is in effect the new Rocky.
And yet who wants to sit through
another fairy tale about a lovable
lug with a dream? As everyone
around Donnie instantly notices,
Dame fights dirty. His attitude is
terrible. His soul is full of malice. In-
stead of being bombastically antag-
onistic (as Carl Weathers, Mr. T and
Dolph Lundgren were in previous
“Rocky” movies), Mr. Majors smirks
quietly and looks menacing. One
look at his impudent expression
confirms that he’s pure poison. Who
THE WALL STREET JOURNAL.
Jay Ellis, Zazie Beetz and Quinta
Brunson
about-to-be-sacrificed “virgin” ar-
gues about what a filthy promiscu-
ous life she’s led.
As uneven as “History of the
World, Part II” can be, it’s always
taking a chance and time is on its
side: The sketches are only a few
minutes long and each episode
only about 30. (Two episodes pre-
miere Monday with two more each
night through Thursday.) Mr.
Brooks has been hit or miss ever
since he released two near-perfect
comedies—“Blazing Saddles” and
“Young Frankenstein”—in the
same year (1974) and then fol-
lowed with some films that have
become cult classics, such as
“High Anxiety” and “Spaceballs.”
His reboot of “The Producers” be-
came a Broadway smash. The
story told about the much-loved
“Robin Hood: Men in Tights,” per-
haps apocryphal, was that Mr.
Brooks needed to make a PG-13
movie and, as a result, the funni-
est stuff got cut. In “History of
the World, Part II” there was no-
body looking over his shoulder.
And you can tell.
Mr. Brooks is not what you’d
call a regular here; Mr. Kroll, as
good as he’s ever been, is doing
the Brooks roles, including Judas
Iscariot and the recurring
Schmuck Mudman, shtetl dweller
and proto-caterer. (He also exe-
cutes a note-for-note homage to
the hysterical Gene Wilder/Leo
Bloom in “The Producers.”) Pam
Adlon, as Mudman’s pistol-wield-
ing, Emma Goldman-inspired Bol-
shevik wife, is also screamingly
funny, literally. Others in the cast
include Jason Alexander, Fred Ar-
misen, Finesse Mitchell, Rob Rig-
gle, James Urbaniak, D’Arcy
Carden, Rob Corddry, Danny De-
Vito, David Duchovny, Josh Gad,
Richard Kind, Emily Ratajkowski,
Seth Rogen, Sarah Silverman,
Taika Waititi and dozens more, all
of whom get to be funny and pay
tribute, in their way, to Mr.
Brooks. You know why they
showed up.
History of the World, Part II
Begins Monday, Hulu
Mr. Anderson is the Journal’s TV
critic.
would want to be alone in a room
with this man, let alone do him any
favors?
And yet Donnie’s quandary is a
compelling one: Given events from
nearly 20 years earlier, he has sound
reasons to feel responsible for how
Dame turned out. It’s tempting for
movie stars to paint themselves as
pristine heroes, especially in vehicles
they direct—look no further than the
example of Rocky himself, Sylvester
Stallone, whose vanity gradually be-
came his defining trait in the ’80s—
but Mr. Jordan’s morally polluted
and self-interrogating character is a
refreshing callback to the crepuscu-
lar feel of ’70s cinema. “Creed III”
brings up unusually troubling ques-
tions for a formula picture, and the
care the script takes to add depth
to Donnie strengthens the final third
of the film, which in accordance
with the sports-drama rulebook
leads us through a rousing training
montage and a climactic competi-
tion, this time in Dodger Stadium.
“Creed III” may break no ground
in its structure, and a few scenes
land awkwardly (such as when Don-
nie reacts to his little girl’s slugging
of a classmate by coaching her to
be even more aggressive). Yet it
skillfully joins nostalgic feelings for
the highest-grossing series of sports
movies to a fresh, hip-hop-infused
appreciation for the style of younger
generations. Once, Rocky Balboa
was exhilarated just to run all the
way up the steps of the Philadelphia
Museum of Art; now Donnie goes
on a much more strenuous dash up
the hills behind the Hollywood sign.
His point of view from this splendid
aerie reminds us all how vastly the
American vision has expanded since
the glum ’70s.
 THE WALL STREET JOURNAL. Friday, March 3, 2023 | A13

ARTS IN REVIEW

T
New York
he birch trees are
banished, and in
their place blooms
a riotous garden of
profanity and sex-
ual frankness in
“The Seagull/Woodstock,
NY,” Thomas Bradshaw’s
blazingly funny but also
emotionally acute contempo-
rary adaptation of the Chek-
hov classic.
While preserving the
characters’ tangled misalli-
ances and misguided roman-
tic obsessions, Mr. Bradshaw
reimagines the original with
a forthright audacity. Chek-
hov’s comedy (his designa-
tion), often treated with a
pious reverence that muffles
any humor, is transformed
into a captivating comic
drama that speaks loudly,
and, yes, often vulgarly, to
such contemporary cultural
issues as race, racism and
the “‘woke’ educated world,”
and even to the cult of the
Kardashians, who are hilari-
ously (and perhaps truth-
fully) said to have the same
prominence in today’s Amer-
ica as the gods in ancient
Greece.
This New Group produc-
tion, directed with emotion-
ally lucid precision by Scott
Elliott, features a superlative
cast, with Parker Posey, one
of our most distinctive comic THEATER REVIEW | CHARLES ISHERWOOD sexual urges and casually Bill Sage, Ato Essandoh,
actors, shining in the central cruel behavior can be star- Daniel Oreskes, Parker

Chekhov’s Fun,
role of Irene, an actress with tling, and his language a bit Posey, David Cale, Amy
a faded career who nonethe- overloaded with expletives— Stiller and Hari Nef
less has a plushly upholstered the play is performed on a
ego in which she happily co- thrust stage, with the audi-
coons herself. (The pink-tinted ence in tight intimacy with “The Seagull/Woodstock,
glasses she wears are a witty
touch; certainly the world is
rose-colored when Irene is
looking in the mirror.)
Visiting a house in the
With Parker Posey the actors—the production is
also supremely funny. Sasha
to Irene: “I hope I look as
good as you when I’m your
age.” Irene, unmalicious:
NY” brings out qualities in
the Russian playwright that
are often smothered in
gauze: his unflinching
awareness of people’s ego-
upstate town of the title that
A play that’s both hilarious and emotionally acute “You don’t look as good as ism, self-delusion and ruth-
she co-owns with her dear me now.” Pauline, soured lessness when it comes to
friend Samuel (a sublimely that Black Lives Matter?” ters’ emotions and opinions upgraded from a servant of with envy of Irene, whom fulfilling their own needs.
sensitive David Cale), a gay, she scolds—but it is Irene are often megaphoned, ex- sorts to “heiress” here (she’s her husband swoons over: Call it a theatrical Tinder
retired lawyer with respira- whom Kevin most desper- pressed overtly rather than Pauline and Darren’s daugh- “She’s theater famous, not hookup that is as surprising
tory problems, Irene stirs up ately wants to impress. suggested. What is some- ter) and played with sensa- famous, famous.” as it is rewarding.
turmoil among her admiring Kevin’s volatility—every times subtext in the original tionally funny deadpan glum- Mr. Bradshaw, who has
circle, while dropping other character seems to ask comes splashing to the sur- ness by Hari Nef. She long been known for his The Seagull/Woodstock, NY
names—Tracy Letts, Arthur if he has been taking his face, eruptions that are in worships Kevin, who barely provocative plays (“Burn- Pershing Square Signature
Miller, Gwyneth Paltrow, Bob “meds”—shifts into a higher keeping with our overshar- registers her interest, while ing,” “Intimacy”), might Center, 480 W. 42nd St., New
Marley(!)—at a head-spin- gear when he sees Nina, ing, repression-is-poison era. she scorns the adoration of seem an unlikely channeler York, $38-$79, 917-935-4242,
ning pace. played with a bewitching But the dramatic effect is the schoolteacher Mark (Pat- of Chekhovian anomie— closes April 9
The most fraught rela- freshness by Ms. Shannon, similar. We writhe along rick Foley). imagine Proust reinter-
tionship, mirroring the origi- falling under the spell of with the characters as they While Mr. Bradshaw’s ex- preted by “Portnoy’s Com- Mr. Isherwood is the
nal, is between Irene and her trample over one another’s posure of the characters’ plaint”-era Philip Roth. Yet Journal’s theater critic.
son, Kevin (Nat Wolff), an tenderest feelings. The an-
aspiring playwright whose tagonism between the pros-
presentation of his new work
‘The Seagull/ perous farmer Darren (the
before his mother and her Woodstock, NY’ is a ever-fine Daniel Oreskes)
friends has him alternately and his wife, Pauline (Amy The WSJ Daily Crossword | Edited by Mike Shenk
gnawing his innards and
riotous adaptation Stiller, deftly touching), is
glowing with excitement. Mr. of a Russian classic. downright vicious, for in-
1 2 3 4 5 6 7 8 9 10 11 12 13
PUZZLE
Wolff’s intensity as Kevin stance, as is the savage fight 14 15 16 CONTEST
flits among self-assurance, between Irene and Kevin.
insecurity and overwhelming Him: “You’re despicable. 17 18 19
love for his leading lady, Irene’s partner, the success- Choosing a pompous ass
Nina (Aleyse Shannon), is al- ful novelist William (a suit- who cheats on you over your 25 Summoned
20 21 22
most as discomfiting to ably suave Ato Essandoh). own son.” Her: “You need to the butler
watch as his play. This doesn’t sit well with be committed.” (Also, after 23 24 25 26 27 28 29 27 1932 Marlene
This turns out to be a Irene, either, particularly he slaps a phone from her Dietrich film
fourth-wall-obliterating since William tells Irene, in hand, amusingly outsize out- 30 31 32 28 Listless
monologue that contains graphic terms, of his attrac- rage: “You cracked my feeling
musings on the third rail tion to Nina. Irene’s savage screen!”) 33 34 35 36 37 29 Witherspoon
that is “the N word” (Nina is riposte: “It’s because she’s Merely pitiable is Pauline’s of “Walk the
the daughter of a white fa- black, isn’t it?” (William is puppy-doggish love for the 38 39 40 41 42 Line”
ther and a black mother) and black, although he later con- doctor Dean, played by Bill 32 Prime
then takes a peculiar twist fides to Nina that he believes Sage with a sympathetic ear 43 44 45 46 minister
to become a manifesto on “interracial marriage is the for everyone’s troubles. An- before
the merits of masturbation. key to eradicating racism.”) other case of obsessive unre- 47 48 49 50 51 Johnson
Only Irene flies into dud- As may be gleaned, in Mr. quited love afflicts Sasha— 33 “The Silence
geon—“Haven’t you heard Bradshaw’s take, the charac- Masha in the original— 52 53 54 55 56 of the ___”
34 Idolize
57 58 59 36 Dr.’s org.
39 Affleck of
60 61 62 63 64 65 “Argo”
40 Clerical
66 67 68
vestments
69 70 71 41 Agitate
44 Frequent
co-star of
FILM EDITING | By Mike Shenk Rogers
46 Keystone
The answer to 33 Diane of 57 “Angela’s ___” 6 Wing State port
this week’s contest “Rambling 59 “Get Out” 7 Bow in silent 48 Filled with
crossword is a word Rose” writer-director movies horror
related to movies. 35 Carrier of Jordan 8 “Oh, now I 49 Yuletide song
Across genetic 60 Bitcoin, e.g. understand!” 51 Pack leaders
1 Stormy state instructions 65 Zero 9 “___Baby” 54 Award given
4 Blueprint 37 Make 66 Verdi (“Hair” song) to 94 Best
figure reparation offerings 10 Do a Pictures so far
8 Place for 38 Nicole 67 Verdi offering headhunter’s 55 Choice
those who Kidman’s role 68 Hagen of “The work 56 Kick back
don’t want in “Cold Boys From 11 Dramatic
Mountain” 58 Ollie’s comedy
a lot Brazil” progression partner
14 Tyler who 39 Nickname of 69 Cast 12 Sticky gunk
1860s con 60 URL part
played the elf members, in 13 Finish 61 Hoppy brew,
Mr. Essandoh, Ms. Posey, Mr. Oreskes and Mr. Cale, above; Nat Wolff and Aleyse Shannon, below Arwen artist Eliza movie lingo
Wallace 19 “The Right initially
15 Monitor’s 70 Film for which Stuff” org. 62 Salon stuff
domain 42 Greek Warren
consonants 21 Popular tablet 63 “Where the
16 One of the Beatty won Boys ___”
moons of 43 Janelle of an Academy 24 “Diamonds”
Uranus “Moonlight” Award for singer, to her 64 “___and
directing fans Nancy”
17 Bar supply 45 Mahershala of
18 Victim of “Moonlight” 71 Cause of an Previous Puzzle’s Solution
overfishing 46 Falco of R rating C U B AM C C A R S O N
20 Bitter “Avatar: Down A N I C U R T O L E E L O
C B S T S A I N OMA D S
22 One with a The Way of 1 Inspiration for H O H O I B M T E A S
track record Water” “Troy” E X O T I C E Y E S P O T
23 Nursery woe 47 007 portrayer 2 Christina of P I C A T O N S N O B
between T A S S E L R U T S E K E
26 App with a “Sleepy A H A I F E A R S O D Y E
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30 Sweetheart of 50 Trumpet in poetry D I U R N A L A R E T H A
sound F R E T I N G S E A T
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31 Pooh’s creator 53 Pâté base 5 Butter square A G E T E N H E X N U T

▶ Email your answer—in the subject line—to crosswordcontest@wsj.com by 11:59 p.m. Eastern Time Sunday,
March 5. A solver selected at random will win a WSJ mug. Last week’s winner: Karen Laubenstein, Rancho
Palos Verdes, CA. Complete contest rules at WSJ.com/Puzzles. (No purchase necessary. Void where
prohibited. U.S. residents 18 and over only.)
 A14 | Friday, March 3, 2023
ANDREW PATRON/ZUMA PRESS
JASON GAY
He Has an M.B.A. From Harvard.
But Can He Beat Novak Djokovic?
Real-estate investor Matija Pecotić became a tennis sensation with an out-of-the-blue victory
You have to be a fairly
committed tennis fol-
lower to already know
the story of Matija
Pecotić, but that may
change soon. In February, Pecotić,
a crafty Croatian left-hander born
in Belgrade and raised in Malta,
notched his first-ever victory in an
ATP Tour main draw when he de-
feated former top-10 player Jack
Sock at a tournament in Delray
Beach, Fla.
It was a nice breakthrough win.
What made it stand out was that
Pecotić is 33 years old—an ad-
vanced age at which men’s players
not named Roger, Rafa or Novak
are usually starting to decline, or
at least plateau.
What made it really stand out is
that Pecotić isn’t even a full-time
professional. He’s a part-time ten-
nis player with a totally separate
career, working at Wexford Real
Estate Investors in Palm Beach,
Fla.
BY ANDREW BEATON
THE WASHINGTON COMMANDERS
Indianapolis
have faced controversies over
their name, their workplace cul-
ture and ownership. Now they
have been tagged as the worst
team in the NFL to play for—and
that’s according to the players
themselves.
Washington’s football team,
which owner Dan Snyder is explor-
ing selling, ranked last in a survey
conducted by the NFL Players As-
sociation that rated teams in eight
categories, including the treatment
of players’ families, nutrition, the
training staff and team travel. In
three categories, the Commanders
received an F- grade.
The responses from 1,300 play-
ers across the league present an
unusually revealing look inside
how franchises worth billions of
dollars are still rankled by prob-
lems—with vast gaps in quality
from team to team. Three clubs,
according to the survey, don’t
serve their players dinner. Six
teams make some of their players
share hotel rooms before road
games. The Bengals were the lone
team that doesn’t offer their play-
ers nutritional supplements, and
one of two that doesn’t give them
vitamins.
Other issues that players
flagged teams for included a rat
infestation, cold tubs that weren’t
cold, “gross” hot tubs, and players’
wives having to nurse their babies
on the floors of public restrooms
because their teams lacked a room
for families.
The goal of the survey wasn’t to
shame teams, but rather to create
a comprehensive review of the dif-
ferent working conditions across
the league, said union president
J.C. Tretter. This time of year,
ahead of free agency, it isn’t un-
common for players to swap notes
about what it’s like playing for dif-
ferent teams.
“There were a lot of examples
of doing great things for players,”
Tretter said. “It puts it in stark
contrast to teams that aren’t.”
The Minnesota Vikings, which
That’s right: Tennis’s new over-
night sensation is a director-capi-
tal markets. And a Harvard M.B.A.
He’s basically a walking, talking
Wall Street Journal sports story—
the first athlete I’ve ever inter-
viewed to note they were really
starting to blow up on LinkedIn.
“You don’t belong in the office
just yet,” World No. 1 Novak Djok-
ovic called out to his pal Pecotić
over social media after his Delray
win.
We’ll get to Pecotić’s back story
in a minute, because it’s consider-
able. But first he had some news
to share. The win over Sock caused
a buzz in tennis circles, and pro-
voked a question: What is Pecotić
going to do now?
“I just made this decision less
than 48 hours ago—I will compete
in about 25 [events] this year,” Pe-
cotić told me Wednesday. “I’m go-
ing to go play, but I’m continuing
to stay with the firm. I’m not
quitting.”
The Washington Commanders
Ranked Last in NFL Player Survey
A new survey of NFL players found the Washington Commanders had the worst workplace conditions.
opened up a new practice facility
in 2018, topped the rankings and
received no worse than an A-
grade in any category. The report
said that the Vikings are a “shin-
ing example of what is possible
when a concerted investment is
made in both staffing and facili-
ties.”
The Commanders, meanwhile,
won’t be putting their report card
on the refrigerator. Their F- grades
came in the training room, locker
room and team travel categories.
The primary problem is the
state of their facilities, with the
survey showing that players had
“more concerns with each area of
the facility than the player respon-
SPORTS
Pecotić said his bosses, Wexford
Capital co-founders Joseph Jacobs
and Charles Davidson, are on
board with the plan.
“I think this actually sort of
complements what he’s doing,” Ja-
cobs said. “He’s not going to be in
the office as much, but how could I
possibly deny this person the op-
portunity to see if [he] can make it
go?”
Thus begins the next chapter in
an unusual tennis journey. Pecotić
played college tennis at Princeton,
where the school took a flier on
him after watching tape of a for-
mer handball player in his late
teens; he wound up winning Ivy
League player of the year three
times.
“A very good player with a clear
chance of becoming professional,”
said Princeton’s coach, Billy Pate,
adding that Pecotić continues to
hit with and mentor fellow Tiger
players. “He’s always willing to
give advice.”
dents on any other team.” The
complaints included small hot and
cold tubs for recovery, a cramped
locker room, a lack of warm water
and issues with poor drainage in
the showers.
“The locker room does not have
confidence that club owner Dan
Snyder is willing to invest to up-
grade the facilities, as player re-
sponses rank him 31st in this cate-
gory,” the NFLPA report says.
Those weren’t the only issues.
Only 22% of Commanders’ players
responded that they have enough
space on team flights, while the
Commanders are one of seven
teams that don’t offer their play-
ers first-class seats. They were
Pecotić turned pro in 2014, get-
ting early backing from investor
Bill Ackman, who watched him
practice with Djokovic and offered
to sign on as a sponsor. Pecotić’s
start in lower-level tournaments
was promising—he reached No.
206 in 2015—but an infection after
a sports hernia injury caused him
to miss significant time. That’s
when Pecotić put tennis to the side
to apply to Harvard Business
School, enrolling in 2017.
“I wasn’t sure how I would
bounce back after my surgery and
my illness, and I’d always wanted
to be in the business world, since
my first month in the U.S.,” Pecotić
explained. “Being mentored by Bill
Ackman continued to influence
that hunger. I learned everything I
could from him. He has that fa-
mous reading list that he gives to
his incoming analysts. I read all
those books. I knew [business] was
where I wanted to be. I recognized
the finitude of a tennis life.”
also one of the teams that make a
segment of their players bunk with
roommates on the road.
The club has been pursuing a
new stadium, and ultimately re-
ceived poor grades in every cate-
gory but strength coaches, who re-
ceived an A+.
“Player health and safety is our
top priority, and we continue to
invest in our facilities, including a
new practice field, new turf in the
practice bubble and increased
meeting room space,” a Command-
ers spokeswoman said. “We know
there is more to do, and we regu-
larly talk with our players about
ways to improve their work envi-
ronment and the experience for
THE WALL STREET JOURNAL.
Matija Pecotić beat former top-10
player Jack Sock in a tournament
in Delray Beach, Fla., in February.
Tennis remains a sport where
too few pros are able to make a
living; outside of the top 100, it
can be a struggle to break even.
Still, it was during B-school that
Pecotić reignited his tennis pas-
sion, practicing with the Harvard
team. Upon graduating in 2019,
and with a hedge-fund job offer
looming, he gave pro tennis an-
other go, winning a small clay
court tournament in Lebanon and
a hard-court event in Tunisia,
among others. He was rolling.
Then Covid hit, derailing him
again.
In Wexford, Pecotić found an
employer willing to accommodate
his tennis aspirations. Being based
in sunny Florida didn’t hurt, nor
did having a tennis-playing boss in
Jacobs, either.
Pecotić was a last-minute addi-
tion to the Delray Beach tourna-
ment. He was an alternate who
found out a player had dropped
out when he went in to pick up
some rackets he’d had strung. His
road through the pretournament
qualifiers included a victory over
Tennys Sandgren, a two-time Aus-
tralian Open quarterfinalist.
Because of his significant time
off, Pecotić has lower mileage than
the average 33-year-old player, and
he believes his business life has
given him helpful focus. He’s a
strong adherent of the tennis ana-
lytics shaped by Gordon Uehling,
the technology-savvy coach who
hosted the practice session where
Pecotić met both Djokovic and
Ackman for the first time. Pecotić
likens the data about tactics and
tendencies to the info used by
high-frequency day traders.
“In our world, we are all about
information, put the emotions
aside—analytics, analytics, analyt-
ics,” he said. “That’s how you
move forward.”
Ackman, who watched Pecotić’s
victory over Sock and a subse-
quent loss in the round of 16 to
Marcos Giron, thinks that Pecotić’s
life experience is also an edge.
“The huge advantage the guy
has over other people on the
tour—he’s unbelievably mature,
unbelievably disciplined on top of
being a great athlete,” Ackman
said.
Now Pecotić is set to double
down on his commitment. The cur-
rent plan is an intensive six-week
program to hone his fitness for the
season. He’s got his eye on a clay-
court ATP 250 tournament in
Houston in April.
I asked him if qualifying for the
U.S. Open would be a dream out-
come.
“Dream outcome?” he asked,
smiling. “Winning the U.S. Open.”
“Come on, man,” Matija Pecotić
said. “Why not dream big?”
their families.”
The Arizona Cardinals ranked
just ahead of the Commanders in
second-to-last place. Some players
complained about a weight room
that they say can feel like a safety
hazard with uneven floors and the
floorboards peeling up. The survey
also noted the team’s apparent
policy of deducting dinner from
players’ paychecks if they want to
get food from the facility. A team
spokesman didn’t respond to a re-
quest for comment.
While the Los Angeles Chargers
ranked 30th, the report accounted
for their circumstances—they are
in a temporary facility before their
new one El Segundo, Calif., costing
upward of $200 million and built
by owner Dean Spanos, is com-
pleted in 2024. It added that their
coach, Brandon Staley, and
strength coaches received high
marks. However it also noted that
multiple players described the
team’s hot tubs as “gross” and
that the cold tubs are often not
cold.
The Jacksonville Jaguars, as the
team with the alleged rat infesta-
tion, also received low marks. The
report said that for three to four
weeks there were rats in the
locker room and the hampers.
Jacksonville, along with the Ben-
gals, drew complaints of players’
wives having to nurse their babies
on the floors of public restrooms
because there wasn’t a family
room for them. Jaguars and Ben-
gals spokespeople didn’t respond
to requests for comment.
On the other end of the spec-
trum, the Miami Dolphins, Las Ve-
gas Raiders, Houston Texans and
Dallas Cowboys rounded out the
top-five teams behind Minnesota,
with generally positive reviews.
The report also noted that
teams that didn’t eat up too much
GEOFF BURKE/USA TODAY SPORTS
of players’ days were rewarded. It
said that seven of the eight teams
that were most efficient with
player time made the playoffs last
year.
But good grades didn’t exactly
correlate with winning, either. The
Super Bowl-champion Chiefs fin-
ished 29th.
THE WALL STREET JOURNAL.
OPINION
A Haley and Ramaswamy Victory
Here’s some-
thing
would have
that
been unimagi-
nable only a
few years ago:
Two out of
EAST IS
three candi-
EAST
dates cur-
By Sadanand
rently vying
Dhume
for the GOP
presidential
nomination are Indian-Ameri-
cans, a community that’s 1.3%
of the U.S. population.
The odds that either for-
mer South Carolina Gov. Nikki
Haley or businessman and an-
tiwoke pundit Vivek Ramas-
wamy will win the nomination
appear vanishingly small.
Nonetheless their candidacies
carry great symbolic value.
They puncture the corrosive
myth that America is a racist
nation constantly threatened
by the phantom of white su-
premacy. And they underscore
why striving immigrant com-
munities from all parts of the
world need an alternative to
the Democratic Party, whose
obsession with identity poli-
tics undermines the principles
of merit and fair play that
make the U.S. great.
How much do Indian-
Americans matter to electoral
politics? The U.S. Census Bu-
reau estimates that people of
Indian origin number 4.4 mil-
lion, but only about 2.9 mil-
lion are citizens. Half live in
six solidly blue states—Cali-
fornia, New Jersey, New York,
Illinois, Washington and Mas-
sachusetts—where their
votes don’t make much dif-
ference in statewide or na-
tional elections.
Nonetheless, Indian-Ameri-
cans are undoubtedly growing
more influential. Over the
Persian Jews Celebrate Purim in America
HOUSES OF “You know, of Pharaoh, a king “who did continuous Jewish commu- cheeks. “I could never have
WORSHIP Rabbi, on Pu- not know Joseph.” That is, a nity in the world began to imagined growing up that I
By David rim one is
Wolpe supposed to
drink,” a man
in a festive
mask said to me last year. “But
we Iranian Jews should drink
more, because we were the
ones who were saved!” Though
spoken in jest about the holiday
Jews will celebrate Monday,
these words reflect the abiding
connection Iranian Jews feel to-
ward the events that took place
in the land of their birth.
Purim’s tale, recounted in
the Book of Esther, is one of
salvation. When Esther, a Jew,
wins a beauty contest to be-
come the queen of Persia, she
learns of a wicked plot: Ha-
man, one of the king’s advis-
ers, has set out to kill the em-
pire’s Jewish population. The
queen is anguished, not know-
ing what to do, when her fos-
ter father, Mordecai, tells her
that while she fears informing
the king of the minister’s evil
designs, it was perhaps for
this moment that she was ele-
vated to the throne. Esther
then summons the courage to
speak. The king is outraged by
the plot, Haman’s designs are
foiled, and the Jews of Persia
are saved.
The biblical account is one
of victory. But what about the
next ruler, or the one after
that? The story of slavery be-
gins in Exodus with the ascent
The U.S. Should Head an Arms Cartel
By Jonathan D. Caverley
T
he Biden administration
recently released its
conventional-arms
transfer policy, which de-em-
phasizes the Trump adminis-
tration’s focus on the eco-
nomic benefit of weapons sales
in favor of considering the
buyers’ human-rights records.
This is wise, given that Ameri-
can dominance of the global
arms market means the eco-
nomic benefits of a few addi-
tional sales pale in comparison
to strategic advantages con-
ferred by arms transfers. But
the U.S. can’t—and shouldn’t—
do it alone.
The war in Ukraine has ad-
justed geopolitical risk assess-
ments and revealed the rela-
tive performance of Russian
and Western weapons. This
has accelerated an already ex-
isting trend in the global arms
trade. Even before the war,
U.S. market share had steadily
grown to nearly 40%. Now the
U.S. can’t build weapons fast
enough to meet growing inter-
national demand in addition to
its own.
past three decades, their pop-
ulation has more than quintu-
pled. In 2021 Indian-Ameri-
cans comprised the second
largest number of new natu-
ralizations (7%) after Mexi-
can-Americans (13.9%). They
are on track to overtake Chi-
nese-Americans as the largest
Asian-American group.
Indian-Americans are be-
ginning to matter more in
closely contested states. In
Virginia they’re nearly 1.8% of
the population. In the swing
states of Michigan, Pennsylva-
nia and Georgia they account
for between about 1.2% and
1.5%—enough to tip the bal-
ance in a tight race.
Thus far, like Asian-Ameri-
cans in general, Indian-Ameri-
cans have solidly backed Dem-
ocrats. A survey by the Asian
American Legal Defense and
Education Fund estimated
that 72% of Indian-Americans
voted for Joe Biden in the
2020 election. Indian-Ameri-
can representation in Con-
gress has grown from one in
2013 to five in the current
Congress. All are Democrats.
This may be in part be-
cause so many Indian-Ameri-
cans happen to live in blue
states, where leaning left is
the social norm. More than 3
in 4 are college-educated, a
demographic that skews Dem-
ocratic. Indian-Americans in
media and elite universities
may understandably believe
that parroting left-wing talk-
ing points on race, gender and
sexuality is required to suc-
ceed in their fields.
But if anyone should recog-
nize the dangers of a state-
dominated economy and the
cult of ethnic victimhood that
now defines the Democratic
Party, it’s Indian-Americans.
ruler with no allegiance to Jo-
seph or his people. Jewish his-
tory has been a succession of
fortunate and tragic depen-
dence on the will of kings and
queens, autocrats and dicta-
tors of all kinds. The deputy
high priest, Rabbi Hanina, an-
ticipated this two millennia
ago, when he advised Jews to
“pray for the welfare of the
government, for without fear
of it people would swallow one
another alive.”
The holiday—for which we
wear masks because many
characters in the story take
time for their true nature to
be revealed—underscores the
insecurity of the Diaspora.
Places and people that
seemed safe were “unmasked”
as dangerous with a change of
mind or ruler. The fate of
Jews lies in the fickle hands
of government.
As rabbi of a majority Ira-
nian congregation in Los An-
geles, I have heard wrenching
stories of what happens when
leaders change. In February
1979, after the shah was
overthrown, Ayatollah Ruhol-
lah Khomeini returned to
power from exile in France.
Habib Elganian, the symbolic
head of Iran’s Jewish commu-
nity, was executed by firing
squad three months later.
Tens of thousands of what
some consider the oldest
Less appreciated is that
North Atlantic Treaty Organi-
zation members and other
American allies control much
of the remaining market. That
is, three quarters of the arms
market is supplied by the U.S.
or countries that depend on it
for their security. Despite be-
ing kicked out of the F-35 pro-
The objective would
be not to make money
but to advance a
security agenda.
gram and having a healthy
drone export portfolio, Turkey
still seeks a consolation prize
of American air power in the
form of upgraded F-16s. South
Korea has roared into the Eu-
ropean arms market with bil-
lions in sales to Poland, but
the 48 FA-50 fighter planes in
its deal contain so much U.S.
technology they can’t be ex-
ported without U.S. permis-
sion. Poland bought Korean
rocket launchers because the
They may not acknowledge
this, but many emigrated to
flee the socialist policies and
toxic identity politics of their
ancestral homeland. The
strong presence in America of
opposing principles—a belief
in merit, a culture of striving,
and a tradition of judging peo-
ple as individuals rather than
as members of groups—has
allowed Indian-Americans to
flourish.
Ms. Haley pointed out in her
campaign announcement video
that “even on our worst day
we are blessed to live in Amer-
ica.” Her words were aimed at
Nomination aside, it’s
a win if Democrats
can’t take immigrants
for granted anymore.
all Americans, but they are es-
pecially true for Indian immi-
grants and their descendants.
The $142,000 median Indian-
American household income—
the highest among all ethnic
groups in the U.S.—is more
than 60 times India’s per cap-
ita income.
Simply put, the most fortu-
nate Indians on the planet live
in the U.S. Like all immi-
grants, they have a responsi-
bility to ensure that this coun-
try doesn’t lose the principles
that have enabled their flour-
ishing and made America the
most successful nation in hu-
man history.
Either implicitly or explic-
itly, both Ms. Haley and Mr.
Ramaswamy underscore this
in their campaigns. Ms. Haley
has flatly declared that the
U.S. isn’t a racist nation. Mr.
flee. Most Jews, including
those in my congregation,
left with nothing but a suit-
case and a story.
The Iranian refugees who
came to America discovered
something unprecedented in
Jewish history. For once their
survival didn’t depend en-
tirely on the autocratic whim
of the ruler. Life and death
weren’t in the hands of a Ha-
man, nor salvation in the eyes
of an Esther. In a pluralistic
They pray for God’s
protection—and for
our nation, and its
promise, to endure.
democracy you may favor one
president or party over an-
other, but you needn’t pray
fervently for a single ruler out
of fear that his successor will
prove the downfall of the
Jewish people.
Given this epochal shift
from subject to citizen, the
Persian Jewish community
bears great love for this coun-
try and for the state of Israel.
As we danced on the streets of
Westwood last October to cel-
ebrate Simchat Torah, a
woman approached me with
tears running down her of Sinai Temple in Los Angeles.
U.S. can’t provide Himars
quickly enough.
By comparison, the Organi-
zation of the Petroleum Ex-
porting Countries Plus—of
which Russia is a part—makes
up roughly 60% of global oil
exports. America rightly rails
against OPEC’s market manip-
ulation, but when it comes to
weapons, the virtues of a com-
petitive global market—higher
quality at lower prices in
greater numbers—don’t serve
American interests.
America should lead a
weapons cartel—not to maxi-
mize revenue but to advance
its security agenda and deter
market entry. This cartel’s goal
would be to keep Russia down
and China out, diminishing the
influence these two adversar-
ies gain through exports.
This would involve wean-
ing major customers such as
India off Russian weapons,
but not necessarily in favor of
American ones. Just as Saudi
Arabia shows moderation rel-
ative to smaller oil producers,
the U.S. must resist the temp-
tation to win every potential
arms contract at the expense
Ramaswamy has vowed to
tear down affirmative action,
which erodes excellence and
American competitiveness by
rewarding race rather than
ability and hard work.
Not surprisingly, the reac-
tion from the left has been de-
ranged. On MSNBC, Daily
Beast columnist Wajahat Ali
accused Ms. Haley of using
“her brown skin as a weapon
against poor black folks and
poor brown folks” and “to
launder white-supremacist
talking points.”
It’s still too early to say if
Ms. Haley and Mr. Ramas-
wamy will widen the GOP
base, but the prospects are
promising. In 2020, 26% of
Indian-Americans and 29% of
Asian-Americans voted for
Donald Trump, up from 14%
and 18%, respectively, in 2016.
In 2021, Gov. Glenn Youngkin
won 33% of the Asian-Ameri-
can vote, in part because of a
backlash against a Demo-
cratic push against race-blind
tests for admission to presti-
gious high schools. The Sikh
lawyer Harmeet Dhillon’s
spirited bid to replace Ronna
McDaniel as Republican Na-
tional Committee chairman
earlier this year shows that
the GOP is gradually becom-
ing more open to greater reli-
gious diversity.
In the end, it doesn’t mat-
ter too much whether Ms. Ha-
ley or Mr. Ramaswamy win
the GOP nomination. If they
can ensure that Democrats
can no longer take immi-
grants for granted, they will
have done a service to their
country.
Kimberley A. Strassel is
away.
would be able to dance in the
street with the Torah. We
were always so cautious, so
afraid.” Then she turned to the
crowd of dancers and shouted,
“God bless America!”
Jews may not live without
peril today, but America is the
freest, safest home we have
ever known. Our age is one,
moreover, that would have
been unimaginable for the
Jews of ancient Persia, save
for the coming of the Mes-
siah—a world in which there is
a thriving and strong state of
Israel. Purim is a reminder to
cherish these realities and
preserve them.
When Jews all over the
world read the Purim story,
they drown out Haman’s name
with noisemakers as it is
chanted. As I watch Iranian
Jewish children joyously mak-
ing noise each Purim, I also
watch their parents. They have
once more escaped annihila-
tion. These men and women
have experienced a tyrant put-
ting an end to thousands of
years of Jewish history in the
country where their grandpar-
ents lie buried along with
their family memories. They
pray for God’s protection and
for America, and its promise,
to endure.
Rabbi Wolpe is senior rabbi
of its allies. When it does ma-
nipulate the market, such as
prohibiting South Korean
fighter sales to Uzbekistan,
the U.S. must make clear its
decision is based on political
rather than economic goals.
The U.S. should encourage
its allies’ industries to com-
pete among themselves to pro-
vide the somewhat less sophis-
ticated but still vital products
—especially munitions—
currently in high demand by
friendly countries.
While it may seem absurd
to suggest that the world’s
largest arms seller can also be
restrained and liberal, this is
in fact a prerequisite. Unlike
other nations with defense in-
dustries, which depend on ex-
ports to survive, America can
afford to say no.
A century of conventional-
arms treaties has shown little
success in limiting proliferation.
Perhaps it’s time to try good old-
fashioned monopolistic pricing.
Mr. Caverley is a professor
of strategic and operational
research at the U.S. Naval War
College.
Friday, March 3, 2023 | A15
BOOKSHELF | By Tom Nolan
To Catch
A Predator
I Know Who You Are
By Barbara Rae-Venter
(Ballantine, 270 pages, $28.99)
F
or a dozen years in the late 20th century, a lone
criminal psychopath spread terror throughout much
of California. “From his very first known offense,”
writes Barbara Rae-Venter in “I Know Who You Are,”
her account of her key involvement in the hunt for this
elusive predator, he “committed at least 13 murders,
dozens of rapes, and some 160 other violent offenses—
possibly the most atrocious series of crimes in U.S.
history.”
Early in the perpetrator’s spree, the press called him
“the Visalia Ransacker,” then “the East Area Rapist,” and
later “the Diamond Knot Killer.” Finally, he was dubbed
“the Golden State Killer.” His campaign of “profound,
rampant evil” ceased in 1986, but three decades later,
when Ms. Rae-Venter became involved with the case, he
was still at large. No one knew if he was even alive.
“All my life,” Ms. Rae-Venter writes, “mysteries have
called out to me to be
solved.” Born in New Zea-
land, she showed a “child-
hood curiosity” that befitted
a future scientist. She earned
a Ph.D. in biology at the Uni-
versity of California at San
Diego and a law degree at
the University of Texas at
Austin before beginning a
long career as a California
patent attorney.
In retirement, the author
lived on the Northern Califor-
nia coast and volunteered as a
“search angel,” helping people
fill in the blanks of their family
genealogies. In 2015 a San Bernardino County sheriff’s
deputy, having heard of her success, asked for her assis-
tance in identifying a 30-something woman abducted at
age 2 and held captive for years by a suspected serial
killer. The murderer’s only surviving victim, the woman
still did not know her own real identity, let alone his.
After a year of concentrated effort, Ms. Rae-Venter and
her group of amateur genealogists, working with police,
at last discovered their living Jane Doe’s true origins:
“The number of ancestors on the tree I built with the
help of the team reached to nearly eighteen thousand
names.” Her success led the police to ask for her help
with a cold case involving a quadruple murder in New
Hampshire. That investigation, which proved to have
extraordinary connections with its Jane Doe predecessor,
would mark “the first time in the history of U.S. law
enforcement that autosomal DNA from rootless hair
samples helped solve a crime—and the first time genetic
genealogy had been used to obtain the true identity of a
criminal.”
Word spread fast of the crime-solving potential of
investigative genetic genealogy. In 2017 Ms. Rae-Venter
was approached by Paul Holes, a cold-case investigator
with the sheriff’s office in California’s Contra Costa
County. This was the contact that thrust the author front
and center into the pursuit of “one of the most earnestly
hunted human beings in all of history.”
She had not previously known about the Golden State
Killer, she writes. But “the more I read about his crimes,
the more determined I became to identify him.” Her de-
scription of the obsessive zeal with which she sought
this personification of evil echoes the dedication dis-
played by such fictional police detectives as California
novelist Michael Connelly’s Harry Bosch.
How a retired patent attorney helped police
apprehend the Golden State Killer, who spread
terror in California in the late 20th century.
Like a good crime writer, Ms. Rae-Venter has a gift for
storytelling. She describes the Golden State investigation
and other cases—their complications and vexations, dead
ends and breakthroughs—with enviable clarity, suitable
detail and a fine sense of pace. Her scientific explanations
are concise and her revelations are dramatic. “I Know
Who You Are” is a remarkably exciting book.
“I only really needed one thing to identify the Golden
State Killer,” she writes, “his DNA.” Alas: “We did not
have his DNA.” The samples initially available had been
used up in previous searches. A breakthrough finally
came courtesy of the Ventura County Medical Examiner’s
Office. A technician there checked a lab freezer and dis-
covered a sealed rape kit from one of the killer’s victims
in 1980. Thanks to a farsighted pathologist who always
took two samples at a crime scene, a vial was obtained
that “survived unopened and forgotten for the next
thirty-seven years”—thus providing “a gold mine of
Golden State Killer DNA.”
The investigative team got to work, using various
sources, including a number of ancestry sites, to whittle
down a list of suspects. One was a former police officer
named Joseph DeAngelo, by now in his 70s and living in a
Sacramento suburb. Ms. Rae-Venter became convinced
that this was the culprit; her suspicion was confirmed
when investigators discreetly swabbed DNA from
DeAngelo’s property and matched it to the sample from
Ventura County. On April 24, 2018, the Golden State Killer
was arrested, and two years later was sentenced to
multiple life terms.
The author estimates that more than a thousand cold
cases have been solved through investigative genetic
genealogy that would have gone unsolved without it.
Those statistics, though, provoked such a public outcry—
claims of invasion of privacy, fears of potential police
abuse—that ancestry firms have changed their rules to
make police cooperation more difficult. Ms. Rae-Venter
acknowledges the need for a code of ethics. But she
points out that, due to the way ancestry firms work, the
millions who subscribe—not to mention their relatives—
have already potentially given up their genetic privacy in
whole or in part: “The horse is already out of the barn.”
Mr. Nolan reviews crime fiction for the Journal.
Coming in BOOKS this weekend
Mrs. President: The legacy of first lady Edith Wilson •
The Republican contenders write their memoirs • The life
of Chaucer’s Wife of Bath • Leon Russell: Rock’s Master
of Space and Time • ‘Babi Yar’ revisited • & much more
A16 | Friday, March 3, 2023 THE WALL STREET JOURNAL.

OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR

No Country for Alzheimer’s Patients Schumer Wraps Himself in the Free-Market Flag

P
resident Biden says his Administration The FDA in January approved an anti-amy- Sen. Chuck Schumer argues in fa- During my 45 years in business, I
is leading the fight against Alzheimer’s loid treatment (Leqembi) by Biogen and Eisai vor of a regulation explicitly allowing learned that when a boss made a
retirement-fund managers to include “suggestion,” you pretty much knew
disease, but at the same time it is re- that slowed progression by 5.3 months over an
environmental, social and governance that’s what he wanted, and that it
stricting access to break- 18-month trial. Even some objectives as investment criteria, would be a good idea to do it. Now
through treatments. Members Biden’s CMS won’t neurologists who were skepti- maintaining that ESG factors “mini- Mr. Schumer says companies and in-
of Congress in both parties budge despite evidence cal of Aduhelm say Leqembi mize risk and maximize their clients’ vestors are free to ignore the govern-
and Alzheimer’s experts are could be a game-changer. The returns” (“Republicans Ought to Be ment’s ESG suggestions. When they
calling out this contradiction. of treatment progress. Alzheimer’s Association and All for ESG,” op-ed, March 1). Oh, are coming from the party in power,
The Centers for Medicare more than 200 researchers please. ESG criteria, among which are in the current political environment?
and Medicaid Services (CMS) have asked CMS to revise its disinvestment from industries pur- Nice try.
took the unprecedented step last year of limiting restrictions. portedly contributing to the climate CHUCK MCGEE
coverage of novel Alzheimer’s drugs. Normally As have 20 Senators, including Democrats “crisis,” charitable donations to com- Moultonborough, N.H.
if the Food and Drug Administration approves Gary Peters and Amy Klobuchar, plus 74 House munity (leftist) groups, and identity-
group representation on corporate Investors should be applauding Mr.
a drug, Medicare pays for it. But CMS said it Members including 38 Democrats. The House
boards, are necessarily political. They Schumer’s full-throated support for
wasn’t convinced that a new class of Alzheimer’s Members said in a letter to CMS that “access to allow fund managers to substitute the free market as the best way to
drugs is “reasonable and necessary” for seniors. disease-modifying therapy for Alzheimer’s dis- their political preferences in place of deal with ESG issues. I assume that
i i i ease will be extremely limited, nearly nonexis- the fiduciary interests of plan partici- he will now turn the Senate’s full at-
This is back-door government medical ra- tent,” resulting in “irreversible disease progres- pants under the Employee Retirement tention to removing the many other
tioning. Medicare’s coverage restrictions were sion” and “added burdens for [patient] Income Security Act of 1974. regulations, requirements and restric-
a political response to the FDA’s controversial caregivers.” A substantial body of evidence tions imposed by government that
approval of Biogen’s Aduhelm, a monoclonal an- CMS last week said it didn’t care. The agency demonstrates that the insertion of hinder the free market from deliver-
tibody that removes amyloid plaque in the brain. told the Alzheimer’s Association that it hasn’t re- nonpecuniary investment criteria im- ing the many benefits of economic
The cause of Alzheimer’s isn’t known, but amy- ceived “new evidence that meets the required cri- poses a substantial penalty over time growth, employment and innovation.
in terms of realized returns. This THOMAS BURNS
loid is a feature of the disease. teria” for reconsideration, and it wants to study
isn’t surprising: The criteria impose Berkeley, Calif.
Neurologists posit that removing amyloid how the anti-amyloid treatments work in the artificial constraints on investment
could slow progression. A high-dose of Aduhelm “real-world.” CMS Administrator Chiquita Brooks- choices. Far from being a way to “let Tim Buckley (“Vanguard’s CEO
removed 71% of plaque buildup. Patients in one LaSure told reporters the agency wants to “learn the market work,” ESG in reality is Bucks the ESG Orthodoxy” by Ter-
trial who received the highest dose also showed what these products are going to do.” the most recent version of the time- rence Keeley, op-ed, Feb. 27) regrets
25% to 28% less decline in memory and problem- But evaluating the safety and efficacy of less game of “Other People’s Money.” to inform Mr. Schumer that he doesn’t
solving. A second trial showed unclear benefits drugs is the job of the FDA, not Medicare. CMS BENJAMIN ZYCHER see a future for him at Vanguard.
in part because patients were on the highest doesn’t require real-world evidence to cover Fellow, American Enterprise Institute DAVID J. GROSS
dose for less time. treatments for any other disease, so why dis- Long Beach, Wash. St. Augustine, Fla.
FDA to its credit showed regulatory flexibility criminate against Alzheimer’s patients? Do the
and approved the drug through its accelerated gate-keepers worry that patients who receive
approval pathway based on amyloid clearance. treatment will live longer and increase the bur-
Cue progressive howls. “It’s unconscionable to den on the healthcare system? WHO Replies on Covid-Origin Investigation
ask seniors and taxpayers to pay $56,000 a year Biden officials might also worry that new Your editorial “Another Turn in CoV-2’s origins through studies in
for a drug that has yet to be proven effective,” Alzheimer’s treatments could increase Medicare the Wuhan Leak Story” (Feb. 27) China and elsewhere, while studying
Oregon Sen. Ron Wyden tweeted. spending and premiums, which would undercut states that “news reports say the other outbreaks too. As Dr. Maria Van
Biogen later slashed Aduhelm’s price by half, their promise that the Inflation Reduction Act’s WHO recently abandoned the second Kerkhove repeatedly told Nature be-
but CMS ensured that Medicare patients drug price controls will reduce costs. They phase of its investigation.” This re- fore and after publication, a second
couldn’t get it—or other similar future FDA-ap- won’t. They will merely discourage pharmaceu- fers to an inaccurate and misleading phase envisioned by a 2021 scientific
proved treatments. Medicare said it would only tical investment and cause drug makers to Feb. 14 story published in Nature. mission to Wuhan evolved into SAGO,
pay for anti-amyloid monoclonal antibodies that launch treatments at higher prices. We’ve put the facts in the public which is a more robust, permanent
win accelerated approval if patients enroll in i i i domain. The World Health Organiza- mechanism; there are overlapping
tion has neither “abandoned” nor qui- study proposals and members.
randomized controlled trials. Medicare rationing won’t stop at Alzheimer’s
etly shelved the search for the virus’s Most important, we continue to
The CMS decision limits Alzheimer’s treat- treatments. CMS last month proposed reducing origins. Our efforts to identify the or- call on China to allow further studies
ments to a small number of patients who live payments for other drugs that win FDA acceler- igins of SARS-CoV-2 continue, includ- and share data around all hypothe-
near large medical centers capable of con- ated approval in the future. These would likely ing via outreach to China’s leadership ses. Understanding the pandemic’s
ducting trials. Some patients would also re- include cancer therapies that shrink tumors in at high levels. origins remains a scientific and
ceive a placebo. Even treatments that receive early trials, but whose survival benefits require The Scientific Advisory Group for moral imperative.
regular FDA approval would be available only more time to bear out. the Origins of Novel Pathogens TARIK JAŠAREVIĆ
through CMS-approved studies that would In his State of the Union address, Mr. Biden (SAGO), established in 2021, also con- Spokesman, World Health Organization
still restrict access. touted a new government research agency “to tinues working to understand SARS- Geneva
To justify its restrictions, CMS claimed that drive breakthroughs in the fights against cancer,
no large randomized controlled trial on anti-am- Alzheimer’s, diabetes, and so much more.” Yet
yloid treatments had shown a “clear (non-con- it makes no sense to fund treatments while re- Israel Faces a Question of Checks and Balances
flicting) improved health outcome” and that it stricting patient access to them and discourag- Regarding Michael Mukasey’s op-ed Constitution requires that “political
could reconsider its position if one does. Well, ing private investment. We’re glad to see Con- “Netanyahu’s Judicial Reform Doesn’t questions” be left to the elected
now one has, yet CMS refuses to budge. gress and disease experts pushing back. Go Far Enough” (Feb. 27): The U.S. branches, not adjudicated by the court,
Constitution grants justices lifetime and that it bans “advisory opinions.”
tenure, protecting their independence, Under the U.S. system, the judi-
Overruling the District of Crazy II but they are selected by the political
process (the president with the con-
ciary thus acts as a check and balance
on the other branches of government,

R
epublicans in the new Congress are
heading for their first big victory. Pres-
ident Biden said Thursday that he
won’t veto a resolution to overturn a District
of Columbia law that eases sentences on car-
jackings, burglaries and other felonies if it
passes the Senate.
The House passed the resolution last month,
250-173, with 31 Democrats joining the GOP ma-
jority. Senate Democrats have been debating how
to handle the resolution, and blocking it became
harder when West Virginia’s Joe Manchin said
he’d vote for it. We were wrong last month when
we suggested the resolution would need to over-
come a 60-vote filibuster. As a privileged resolu-
tion, it needs only a simple majority.
Congress has oversight authority of the dis-
trict under the U.S. Constitution, though it
hasn’t overturned one of its laws in more than
30 years. This one deserves it. Crime has spiked
in the district as it has in many big cities, and
it defies all common sense to go easier on crimi-
nals when they are piling up victims.
Biden’s First Veto Is Revealing
Democrats prize “home rule” in the district,
which is run by fellow Democrats. But they also
want to retain their Senate majority in 2024,
when several of their Members from swing
states are up for re-election. Mr. Manchin is one
of them, as is Montana’s Jon Tester, and both
also voted to override a Biden Labor Depart-
ment regulation on politicized pension invest-
ing. (See nearby.) Expect more such attempts
at political self-protection this Congress.
Crime continues to be a Democratic political
vulnerability, thanks to “defund the police” and
progressive prosecutors elected with George
Soros backing. Chicago’s repudiation of incum-
bent Lori Lightfoot in this week’s mayoral pri-
mary, in which crime was the dominant issue,
reinforced that political message. Mr. Biden
doesn’t want to give Republicans an easy open-
ing on crime in 2024.
If he doesn’t veto, Republicans won’t have
the election issue next year. But they will have
done a great service by making the nation’s cap-
ital safer for residents and visitors.
sent of Congress). Further, the U.S. Su- but the system also provides a check
preme Court has long held that the and balance on the court. Mr. Mu-
kasey notes that the Israeli Supreme
Court is essentially a self-selecting
Apprenticeship Programs group that recognizes no limits on its
power other than its own concept of
Help Police Recruit and Train “reasonableness”—a concept not con-
Regarding Jason Johnson’s op-ed tained in the Israeli constitution, be-
“‘Defund the Police’ Led to Lower cause Israel doesn’t have one.
Standards” (Feb. 23): One way to im- Establishing a check and balance on
prove recruitment and training is to the Israeli Supreme Court would seem
expand the apprenticeship programs. to be as important as retaining the
I used to be a police apprentice; you court as a check and balance on the
can start in or just after high school, prime minister and the Knesset. With
allowing police to tap into a larger its proposals and protests, the Israeli
applicant pool. They work at produc- political system is confronting issues
tive tasks, such as taking fingerprints, on which the genius of the American
driving emergency vehicles and han- founders may give some guidance.
dling evidence, and they gain experi- RICK RICHMAN
ence over three years, riding along Resident scholar
with patrols and helping officers in American Jewish University
traffic stops and calls for service. Los Angeles
By contrast, academy recruits may
never experience direct supervision
of their policing ability and they train Leaders vs. the Rule of Law
only for short periods before they
Reading Mary Anastasia O’Grady’s
walk a beat. Staff observe apprentices
column “Tesla Meets the Rule of
and identify problematic candidates
long before they are offered jobs as
AMLO” (The Americas, Feb. 27), I find
myself wondering how most Journal

R
armed police officers. Apprentices are
epublicans in Congress are forcing Presi- recting fiduciaries to “rely on efficient struc- readers would answer the following
also more likely to be nonwhite or
dent Biden to issue his first veto, and tures” such as “proxy advisors/managers that question: What 80-year-old ruler of a
women than traditionally recruited
North American country expresses
they’re getting bipartisan help. The Sen- act on behalf of large aggregates of investors.” officers, and frequently have ties to
conditional support for the rule of law,
ate and House this week voted ISS and Glass Lewis are voting the communities they will serve.
places ideology over reality, is willing
to overturn a Labor Depart- He’ll block a bipartisan force multipliers on ESG BEN KLOSKY
to use the apparatus of government to
ment rule that lets retirement Washington
fund managers use worker
resolution that protects shareholder resolutions. The
rule would drive more savings
accomplish his goals in the absence of
authorization from the legislature or
savings for political causes. worker savings. into ESG funds that typically
Starbucks for Your 401(k)? courts, and is working to subvert the
Democratic Sens. Joe Man- charge higher fees by letting election structure in his country in
chin and Jon Tester on retirement sponsors offer Jack Hajjar’s musings on the an- furtherance of consolidating power
Wednesday joined Republicans to pass a resolu- them as default options in 401(k) plans. Work- nual waste of a daily Dunkins run— and implementing his ideology?
tion repudiating the DOL rule. As Mr. Manchin ers can opt out of default plans but usually “those three bucks add up”—as refer- I think there’s more than one right
enced in Carine Hajjar’s delightful op- answer.
explained, the rule lets retirement plan fiducia- don’t. Why isn’t Mr. Biden lambasting ESG
ed “Jiddoo’s Guide to a Long and JIM WOOD
ries consider environmental, social and corporate funds for charging “junk fees”? Happy Life” (Feb. 27), remind me of Jensen Beach, Fla.
governance (ESG) factors and “prioritizes politics Chuck Schumer argued in our pages this my long-ago efforts to encourage
over getting the best returns for millions of week that the DOL rule doesn’t impose man- staffers at my law firm to participate
Americans’ retirement investments.” dates. Yet it would let pension funds and asset in our 401(k) program. “I can’t afford
The Biden rule reversed a Trump-era clarifi- managers conscript workers into funding pro- to contribute” was the usual excuse.
Pepper ...
cation of the 1974 Employee Retirement Income gressive causes. He gave away the game when My response would make Mr. Hajjar And Salt
Security Act (Erisa), which required retirement he wrote that reversing the rule would “prevent proud: You arrive at the office every
THE WALL STREET JOURNAL
plan fiduciaries to consider solely “pecuniary” investors from adapting to the future, for their morning with a Starbucks latte.
factors that have a “material effect” on invest- own good and the good of the country” (our Those cost you at least $20 a week,
ment risk or return. Erisa is intended to pre- emphasis). $1,000 a year or $40,000 over 40
years in after-tax money. Those are
vent retirement funds from using savings for Mr. Biden claimed in a veto threat that re-
the dollars you could be investing.
their own purposes. turning to the Trump rule “would be interfer- The coffee at the office is free, and
The Biden rule protects fiduciaries from law- ing with the market,” supposedly because asset those bucks add up.
suits for considering ESG factors that could be managers want free rein to consider ESG fac- SCOTT HOYNE
“relevant” to investment performance such as tors. Sorry, what’s good for BlackRock isn’t al- Long Grove, Ill.
a company’s greenhouse-gas emissions or ways good for workers, and protecting retire-
workforce diversity. This broad standard would ment savings isn’t interfering in markets.
Letters intended for publication should
essentially let managers invest retirement sav- Senate and House Democrats running for re- be emailed to wsj.ltrs@wsj.com. Please
ings however they want. election in 2024 who voted against the resolu- include your city, state and telephone
The rule would also augment the power of tion should be asked to explain to voters why number. All letters are subject to
proxy advisory duopolists Glass Lewis and In- they support the political exploitation of Amer- editing, and unpublished letters cannot “That section is for people
be acknowledged.
stitutional Shareholder Services (ISS) by di- ican retirement savings. who drank from the carton.”
THE WALL STREET JOURNAL.
The U.S. Must Defeat Mexico’s Cartels
By William P. Barr
A
merica can no longer tol-
erate narco-terrorist car-
tels. Operating from ha-
vens in Mexico, their
production of deadly drugs
on an industrial scale is flooding our
country with this poison. The time is
long past to deal with this outrage
decisively. Reps. Dan Crenshaw (R.,
Texas) and Michael Waltz (R., Fla.)
have proposed a joint resolution giv-
ing the president authority to use
the U.S. military against these car-
tels in Mexico. This is a necessary
step and puts the focus where it
must be.
Overdose deaths every year—
more than 100,000—exceed the
number of Americans killed in ac-
tion during the bloodiest year of
World War II. But the devastation
from drug abuse goes much deeper.
A 2017 analysis, accounting for the
costs of healthcare, criminal justice,
lost productivity and social and
family services, estimated that the
total cost of America’s drug epi-
demic was more than $1 trillion an-
The narco-terrorists
behind most illicit drugs
here are more like ISIS
than the American mafia.
nually, or 5% of gross domestic
product. Given the explosion in il-
licit drug deaths since then, this es-
timate now seems conservative.
Almost all illicit drugs coming
into the U.S. are controlled by the
Mexican cartels, principally those
based in the states of Sinaloa and Ja-
lisco. These paramilitary organiza-
tions use bribery and terror tactics
to entrench themselves as essentially
states within the state, controlling
large areas of Mexico. They have be-
come so powerful they can confront
the Mexican government with the
narcoterrorists’ stark choice: “plata
o plomo”—silver or lead. If they
can’t buy off officials, they try to
cow them with threats of violence.
An antidrug strategy that leaves
Fed Tightening Should Go Faster and Further
By Jason Furman
T
he Federal Reserve has said re-
peatedly that it responds to
data and doesn’t set interest
rates on autopilot. The data have
changed dramatically. The Fed should
prove it means what it says by shift-
ing from a 25-basis-point increase at
its next meeting to a 50-point in-
crease. It should also shift expecta-
tions toward a terminal rate of
around 6%.
The Fed should never react too
much to any single data point, but
when the annualized three-month
core inflation rate jumps from 2.9%
to 4.7%, the central bank must take
notice. When that happens after
The labor market and wage
data call for a 50-basis-
point increase and a
terminal rate closer to 6%.
strong jobs data and faster wage
growth, the Fed should plan on ac-
tion. The expectation that inflation
would melt away on its own was al-
ways unjustified, but the latest eco-
nomic data have been especially un-
kind to team transitory.
A more aggressive course of action
wouldn’t be an overreaction to vola-
tile January data, which likely was af-
fected by unusually warm weather
and seasonal quirks. If the Fed be-
lieved the January data—which
showed 517,000 added jobs, a 14% an-
nualized increase in inflation-ad-
justed consumption spending, and 7%
annualized core inflation—was the
true underlying trend, then it should
be raising rates at its next meeting by
more like 250 basis points instead of
nudging the path up by 50 points. In-
stead, even discounting the January
data, the unfavorable revisions to the
last few months of 2022 should alter
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A bus set on fire by cartel gunmen in Culiacán, Mexico, on Oct. 17, 2019.
the drug supply chain untouched will
have minimal impact. Real progress
requires aggressively attacking the
drug supply at its source. The head
of the snake is in Mexico, and that is
where the main thrust of our efforts
must be directed. Experience in the
early 1990s proved this, when the
U.S. and Colombian governments
joined in an all-out attack on the Me-
dellín and Cali cartels inside Colom-
bia, successfully eliminating them.
Unfortunately, in the mid-1990s, we
pulled back from this kind of extra-
territorial engagement.
Mexican cartels have flourished
because Mexican administrations
haven’t been willing to take them
on. The exception was President Fe-
lipe Calderón (2006-12) who
wanted to go full bore against the
cartels, but American priorities
were elsewhere at the time. Today,
the cartels’ chief enabler is Presi-
dent Andrés Manuel López Obrador,
known as AMLO. When he came to
power at the end of 2018, he an-
nounced the switch to a policy of
“hugs, not bullets” and shut down
counternarcotics cooperation with
the U.S. Under strong pressure from
President Trump, he occasionally
engaged in a high-profile operation
to create the illusion of coopera-
tion, but these were smoke screens.
In reality, AMLO is unwilling to
take action that would seriously
challenge the cartels. He shields
perceptions of the economy.
What makes the current inflation
particularly troubling is that all the
hoped-for saviors have come and
gone without reducing underlying in-
flation very much. Inflation was sup-
posed to go away after base effects
receded, when the economy got over
the Delta and Omicron surges, when
the ports were unclogged, when tim-
ber prices fell, when the fiscal stimu-
lus wore off, when microchips were
available, when energy prices came
back down again after the Russian in-
vasion. All of that has happened, and
yet the underlying inflation rate re-
mains above 4.5% on just about every
time horizon and every measure.
The one story optimists can still
cling to is that the slowdown in rents
on new leases will—with a lag—likely
show up in slower housing inflation.
But this factor is probably worth less
than 1 percentage point off the infla-
tion rate and could well be offset by
other factors moving in the opposite
direction.
Fundamentally, much of the econ-
omy’s underlying inflation had noth-
ing to do with base effects or micro-
chips or timber prices. It’s a product
of extremely tight labor markets
leading to rapid wage gains that
passed through as higher prices.
These higher prices have also led to
faster wage gains. Some call it a
“wage-price spiral,” but a better term
is “wage-price persistence,” because
inflation stays high even after the de-
mand surge goes away.
Wage growth is currently running
at an annual rate of about 5%. Sus-
taining such wage growth with 2% in-
flation would require a large increase
in productivity growth or continually
falling profit margins. I’d root for ei-
ther outcome, but I wouldn’t bet on
them. Falling wage growth could
bring down inflation, but in an econ-
omy with nearly two job openings for
every person looking for work, don’t
expect it to happen. Instead, the
most probable outcome is that if the
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OPINION
REUTERS
them by consistently invoking Mex-
ico’s sovereignty to block the U.S.
from taking effective action.
This posture should anger Ameri-
cans. Under international law, a gov-
ernment has a duty to ensure that
lawless groups don’t use its territory
to carry out predations against its
neighbors. If a government is unwill-
ing or unable to do so, then the
country being harmed has the right
to take direct action to eliminate the
threat, with or without the host
country’s approval.
Even if AMLO were willing to
move against the cartels, Mexico
can’t do the job itself. Its criminal-
justice system is dysfunctional: 95%
of all violent crimes go unpunished.
Pervasive corruption at every level
of Mexico’s government makes it al-
most impossible to mount effective
law-enforcement or military opera-
tions without the cartels being
tipped off in advance. The big cartels
have become potent paramilitary
forces, with heavily armed mobile
units able to stand their ground
against the Mexican military.
In October 2019, when Mexican
troops went into Sinaloa and ar-
rested El Chapo’s son, they were sur-
rounded by 700 cartel paramilitary
fighters with armored cars, rocket
launchers and heavy machine guns,
and the military was forced to re-
lease its prisoner. This past January,
it repeated the operation with 4,000
unemployment rate doesn’t rise,
wages will continue to grow at that
pace, which historically is associated
with about 4% inflation.
Monetary policy operates with long
and variable lags. Given that most of
the tightening in financial conditions
was already in place 10 months ago
and, if anything, the real economy and
demand have strengthened in recent
months, it would be foolish to sit and
wait for the medicine to work. In fact,
lags are precisely why the Fed should
do more now—considering it will take
months for whatever the central bank
does next to have a meaningful effect
on inflation.
Too many analysts have focused on
what is possible for the economy
A Teachers Union Smears
Asians as Communists
By Wai Wah Chin
T
he Democrats who control the
Virginia Senate don’t want the
commonwealth’s schoolchil-
dren to learn about communism. By
a party-line committee vote on Feb.
16 they killed a bill, which had
passed the Republican House of Del-
egates, that would have required
public schools to honor on each Nov.
7 the 100 million or so people killed
by communist regimes around the
world and to align their history cur-
ricula accordingly. (Nov. 7, 1917, was
the day Lenin overthrew the provi-
sional Russian government and pro-
claimed the creation of what became
the Soviet Union.)
What’s wrong with teaching kids
about communism? “We are con-
cerned that this bill would subject
Asian-American students to anti-
Asian sentiments,” a spokeswoman
for the Virginia Education Associa-
tion was quoted as saying. Lenin was
born west of the Urals—that is, in
Europe—and Karl Marx and
Friedrich Engels were German. But
of the five remaining communist
states—China, Cuba, North Korea,
Laos and Vietnam—four are in Asia.
Virginia’s Senate Democrats have
evinced no special fondness for
Asians. Two days before the commit-
tee vote, they rejected Suparna
Dutta, Gov. Glenn Youngkin’s nomi-
nee to the state school board, an In-
dian-American mother known for
opposing anti-Asian discrimination
at the selective Thomas Jefferson
High School for Science and Tech-
nology. Sen. Ghazala Hashmi accused
Ms. Dutta of “alignment” with
“white-supremacist groups.”
If teaching the history of commu-
nism really does arouse anti-Asian
sentiment, teachers should welcome
troops, supported by aircraft. As a
former Mexican security official com-
plained, the military simply with-
drew after capturing El Chapo’s son,
leaving the cartel army intact and
free to rampage around the state.
What will it take to defeat the
Mexican cartels? First, a far more
aggressive American effort inside
Mexico than ever before, including a
significant U.S. law-enforcement and
intelligence presence, as well as se-
lect military capabilities. Optimally,
the Mexican government will sup-
port and participate in this effort,
and it is likely to do so once they un-
derstand that the U.S. is committed
to do whatever is necessary to crip-
ple the cartels, whether or not the
Mexican government participates.
Second, the danger cartels pose to
the U.S. requires that we confront
them primarily as national-security
threats, not a law-enforcement mat-
ter. These narco-terrorist groups are
more like ISIS than like the Ameri-
can mafia. Case-by-case prosecution
of individuals can be a part of an
overall effort, but the only way to
defeat them is to use every tool at
our disposal inside Mexico. Merely
designating the cartels as terrorist
groups will do nothing by itself. The
real question is whether we are will-
ing to go after them as we would a
terrorist group.
The goal isn’t a perfect Mexico.
Our objective must be to degrade the
cartels to the point that Mexican
governments can muster the will and
the wherewithal to keep them in
check. We can’t get caught in the
trap of “nation building.” Attempts
to reform Mexico’s institutions and
surmount its pervasive corruption
will get nowhere as long as cartels
hold the dominance they do.
The cartels have Mexico in a py-
thon-like stranglehold. American
leadership is needed to help Mexico
break free. We can’t accept a failed
narco-state on our border, providing
sanctuary to narco-terrorist groups
preying on the American people.
Mr. Barr is a distinguished fellow
at the Hudson Institute and author
of the memoir “One Damn Thing Af-
ter Another.” He served as U.S. attor-
ney general, 1991-93 and 2019-20.
rather than what is probable. Yes, a
soft landing is still possible, but it re-
mains improbable. Since his Jackson
Hole speech in August, Fed Chairman
Jerome Powell has focused much more
on what is probable, warning that the
fight against inflation will be long and
difficult. There is no need for the Fed
to change its policy. Instead it should
continue to follow its data-dependent
approach and, absent a very favorable
turn in the data, raise rates by another
50 basis points at its next meeting.
Mr. Furman, a professor of the
practice of economic policy at Har-
vard, was chairman of the White
House Council of Economic Advisers,
2013-17.
a proverbial “teachable moment.”
Teach students to distinguish Chi-
nese-Americans, and ordinary Chi-
nese citizens, from the Chinese re-
gime of the Great Leap Forward, the
Cultural Revolution, the Wuhan lab
and the spy balloon. Teach them
about the 20th-century victims of
communism not only in Asia but in
Europe, Latin America and Africa—
and point out that most Asian coun-
tries are noncommunist and many
are democracies.
A ‘strong association’ kills
a history curriculum bill
in the Virginia Senate.
Teach students that if America
finds itself in conflict with China,
Chinese-Americans can still be patri-
otic Americans. Remind them that
during World War II Americans of
German, Italian and Japanese de-
scent fought valiantly for America.
Teach students that collective
characterizations of people by race,
ethnicity or national origin is big-
otry. That is the most important les-
son they could learn about diversity,
empathy and cultural sensitivity.
Instead, the teachers union
spokeswoman told Reason’s Eugene
Volokh that given the location of
most of the few remaining commu-
nist regimes, “there is a strong asso-
ciation between communism and
Asians.” That is a vicious anti-Asian
slur.
Ms. Chin is charter president of
the Chinese American Citizens Alli-
ance of Greater New York and an ad-
junct fellow at the Manhattan Insti-
tute.
Friday, March 3, 2023 | A17
Congress Can
Investigate
Lina Khan
By Robert H. Bork Jr.
C
hristine Wilson’s resignation
from the Federal Trade Com-
mission followed nearly two
years of complaints about Chairman
Lina Khan from her own staff and
colleagues. Congress should investi-
gate Ms. Khan’s leadership of the
FTC.
There’s a precedent for such a
probe. In 2008 the House Energy and
Commerce Committee investigated
Kevin Martin, President George W.
Bush’s appointee as chairman of the
Federal Communications Commis-
sion. Republicans supported starting
an inquiry as controversy grew about
Mr. Martin’s stewardship of his com-
mission, although only the majority
Democrats signed the 110-page final
report. Mr. Martin announced his res-
ignation soon after, well before the
end of his term.
There’s a precedent: The
House looked into FCC
Chairman Kevin Martin
on similar grounds.
The report, titled “Deception and
Distrust,” found that Mr. Martin em-
ployed a “heavy-handed, opaque, and
non-collegial management style that
has created distrust, suspicion, and
turmoil.” He was accused of manipu-
lating and suppressing reports, data
and information and advancing policy
positions by bullying, intrigue and
creating “a climate of fear.”
Similarly, FTC employees in confi-
dential government surveys have
twice awarded Ms. Khan low marks
for “honesty and integrity.” She con-
tinues to override staff recommenda-
tions and double down on losing legal
strategies that earn her one court-
room rebuke after another, most re-
cently with a judge tossing out her
antitrust suit against Meta (which co-
incidentally now employs Mr. Mar-
tin). In my discussions with current
and recent FTC officials, they de-
scribe Ms. Khan as a Machiavellian
who muddies transparent processes
and trashes precedent by announcing
surprise policy reversals.
The FTC had long been revered for
its intellectual ferment and impartial
debate. FTC experts were sought out
to speak at business forums, an activ-
ity that allowed them to vet ideas
and receive insights into how mar-
kets function.
Like Mr. Martin, Ms. Khan crashed
into an intricate system with a bull-
dozer. House Democrats accused Mr.
Martin of creating a “culture of se-
crecy” at the FCC. He discouraged
staff from participating in intra- and
interagency working groups, task
forces and external events. One of
Ms. Khan’s first acts was to bar staff
from external events. The commis-
sion’s internal culture of debate was
replaced by unprecedented consoli-
dation of power in her office. Like Mr.
Martin, Ms. Khan issues directives
without submitting policies to com-
mission votes. Policies long subject to
notice and comment are altered or
rescinded with little or no internal or
external input.
Mr. Martin was accused of with-
holding reports signed by fellow FCC
commissioners from public scrutiny.
Mrs. Wilson detailed examples of
“dishonesty and subterfuge” at Ms.
Khan’s FTC, including the flouting of
due process and misuse of redaction
to black out disclosures of ethical
breaches. Ms. Khan twisted the rules
so that a departed commissioner
could cast “zombie votes.” Early on,
she unleashed a combative chief of
staff—sporting the f-word on a silver
necklace—to let everyone know that,
contrary to Pete Townshend, the new
boss was completely different from
the old boss.
The House report on Mr. Martin
asserted that fear of losing their jobs
made key witnesses at FCC “unwill-
ing to testify or even have their
names become known.” My experi-
ence with Ms. Khan’s FTC is that
staffers, even when guaranteed confi-
dentiality, often refuse to confirm the
time of day.
The mainstream media, which was
unsparing in describing the abrasive-
ness of Mr. Martin, have built Ms.
Khan up as an enthralling wunder-
kind. They now frame Mrs. Wilson’s
resignation as a Republicans-pounce
story. The New York Times asserted
that Ms. Khan has “come under re-
peated fire from the political right
and big business for being too tough
on mergers.” The Washington Post
reported the resignation as a “GOP
uproar.”
The uproar should be bipartisan
and the press should take an interest
in Ms. Khan’s bad management. It
won’t, but that shouldn’t stop Rep.
James Comer and the House Over-
sight Committee from investigating.
Mr. Bork is president of the Anti-
trust Education Project.
A18 | Friday, March 3, 2023 ***** THE WALL STREET JOURNAL.

WORLD NEWS

Violence Hits Palestinian Town Hard Pyongyang

Battles
Recent mayhem in
Huwara is part of
escalating tit-for-tat
Worsening
attacks with Israelis Food Crisis
HUWARA, West Bank—The
smell of burning tires hung in BY DASL YOON
the air as father of four Ziad
Dmeidi on Wednesday sur- SEOUL—North Koreans are
veyed the damage to his home, experiencing widespread hun-
which was torched by a group ger and dying of starvation as
of Jewish settlers that the country suffers one of the
stormed this small West Bank worst food shortages in de-
town last weekend. “We’re just cades as a result of its inter-
glad to be alive,” he said. national isolation and natural
TANYA HABJOUQA/NOOR FOR THE WALL STREET JOURNAL

disasters that have damaged

By Dov Lieber, crops, reducing yields.
Fatima AbdulKarim The North Korean regime
and Aaron Boxerman held an urgent meeting on ag-
riculture and the economy this
The attack by the settlers— week. Such a gathering is rare
which left one Palestinian and indicates the seriousness
dead and 390 injured, accord- of the shortages, South Korean
ing to Palestinian health offi- officials said.
cials—was part of an escalat- North Korean leader Kim
ing wave of tit-for-tat violence Jong Un ordered officials to re-
in the West Bank as a new, solve the food-supply problems
right-wing Israeli government with better farming equipment
moves to expand Israeli settle- and scientific methods during
ments and continue a pro- the four-day plenary meeting,
longed counterterrorism cam- Five-year-old Bassem Khmers stands atop one of the family cars burned in front of his family’s home during a recent West Bank riot. state media reported Thursday.
paign that began last spring. The report didn’t elaborate on
Hundreds of rioters, some of part of a cycle of violence that which are under the control of car lot. Israeli rioters set the the specific policies, but said
them armed with knives and has left at least 61 Palestin- LEBANON the Palestinian Authority, the cars on fire as soldiers looked Mr. Kim called for a fundamen-
guns, rampaged through Huwara ians—many of them militants SYRIA Israeli military controls Hu- on, and his sister-in-law, el- tal change in agricultural pro-
hours after two Israeli brothers according to the Israeli mili- Mediterranean wara and is responsible for en- derly mother, and five children duction that would lead to a
Sea Haif
H
Ha
Haifa
a fa
on their way to religious schools tary—and 14 Israelis, all civil- suring the safety of its resi- choked on smoke inside their turning point in the country’s
Nazar
r tthh
re
Nazareth Irb
IIr
rrbid
rb
bbid
Irbididd
were fatally shot nearby. ians but one, dead since the dents. Palestinians complained home, he said. Only when the prosperity.
Israel’s finance minister, beginning of the year. Huwara
a
that the army did little to stop fire spread did troops inter- North Korea, which has a
Bezalel Smotrich, who is a The mayhem that gripped the settlers Sunday. vene to extract them, without population of 26 million, has
leader in the settlement move- Huwara on Sunday night put a Tel-Aviv
Tel Avivv WEST Amman
Am
m
mm
Amman Maj. Gen. Yehuda Fuchs, who arresting the Israelis, he added. struggled for decades to pro-
BANK
ment and chair of the far-right spotlight on attacks by set- oversees Israel’s military oper- The Israeli military shared duce enough food for its peo-
Jeru
uusale
ssal
ale
ale
leem
Jerusalem m
Religious Zionism Party, said tlers, which have increased in ations in the West Bank, said images of soldiers helping Pal- ple because of international
Wednesday that “the village of recent years, according to the GAZA the army was on guard for estinians flee from burning isolation, economic misman-
Huwara should be erased,” U.N., and rarely result in ar- STRIP JORDAN some reaction, but was unpre- homes. Gen. Fuchs said Israeli agement and natural disasters.
Be’er
B e’er
adding, but “I think the State rests or convictions, say Is- SSheva
heevvaa pared for the level of violence soldiers opened fire at Israelis But the situation worsened in
of Israel should be the one to raeli human-rights groups. that erupted. He called the riot rioters that were endangering recent months as a result of
ISRAEL m25 lemiles
xx miles
xx miiiles
do it, not private individuals.” Huwara, a town of 7,000 a “pogrom,” a term largely Palestinian lives. its border restrictions during
EGYPT 25 km
xx km
xx km
Mr. Smotrich, whose party Palestinians, has long been a used for Eastern European at- During the clashes, 37-year- the pandemic, and floods and
wants Israel to formally annex hot spot for violence between tacks on Jewish communities. old Sameh Aktash, a father of droughts last year that hurt its
large parts of the West Bank, Israelis and Palestinians. The nesses in Huwara. Palestinian residents said five, was shot and killed, Pal- harvests. Last May, North Ko-
was sharply criticized by op- village sits along Route 60, the After the brothers were soldiers used tear gas to keep estinian health officials said. rea reported its second-worst
position politicians, and later main road that snakes through killed, settlers took to social Palestinians from approaching Palestinian witnesses told The drought since the country be-
said he only meant to express the occupied West Bank. Pales- media calling for a protest at homes that were torched, but Wall Street Journal that a gan measurements in 1981, af-
his support for targeted action tinians throw rocks at passing the scene under the slogan: didn’t take action against the Jewish rioter fired at Mr. Ak- fecting the capital city of
against terrorists. motorists on the road, which “We demand victory. We de- settlers. “They basically kept tash. An Israeli military offi- Pyongyang and nearby prov-
State Department spokes- often is clogged with traffic, as mand revenge. We demand to Palestinians trapped in their cial said there was no infor- inces. Over the summer, towns
man Ned Price said Mr. it was the day Hallel Yaniv, 22 take the war to them.” locations,” said Sami Huwari, mation to suggest that a along the border with China
Smotrich’s remarks were a years old, and Yagel Yaniv, 20, Huwara Mayor Moeen who owns a gas station in Hu- soldier shot Mr. Aktash, but flooded after heavy rainfall.
“disgusting” incitement to vio- were killed, making drivers and Dmeidi said what followed is wara. “But they didn’t do any- didn’t say who had killed him. It is unlikely the country is
lence and called on Israel’s passengers easy targets for “the result of long years of si- thing to stop the fires.” Settler attacks on Palestin- facing mass starvation on the
Prime Minister Benjamin Ne- those looking to attack Israelis. lence and empowerment of Huwara resident Ahmad ians and property were up 70% scale that it experienced in the
tanyahu to condemn them. In response, roaming bands settlers against Huwara.” Khmous said he arrived home in 2022, U.N. data show. Israel 1990s as North Korea strug-
The killing of the brothers of settlers set cars on fire and Unlike large Palestinian cit- in time to see his family’s cars says similar acts of Palestinian gled to cope with the end of
and the retaliatory riot were smashed the windows of busi- ies such as Ramallah or Nablus, going up in flames near a large violence are more common. support from the Soviet Union,
but there are reports of deaths
due to starvation, according to

Iran Probes Alleged Poisoning of Schoolgirls

BY SUNE ENGEL RASMUSSEN she had noticed a strange
smell and struggled to
Iranian officials are investi- breathe, after which the
gating the alleged poisoning of teacher asked the class if they
hundreds of schoolgirls across smelled anything, and then the
the country after a wave of whole class fell ill.
hospitalizations sparked anger The number of such inci-
against the government for dents has picked up sharply in
initially playing down the in- recent days, with at least 17
cidents. cases reported in Tehran and
Since November, hundreds three other cities on Wednes-
of mostly female students in day, Iranian officials, teachers
dozens of schools have been and students said.
taken to hospitals with symp- Amid growing uncertainty
toms of poisoning such as and anger about what is hap-
nausea, vomiting, shortness of pening, officials have accused
breath, dizziness and fatigue. religious fundamentalists op-
In one video posted on social posed to girls’ education of
media on Wednesday, a girl the suspected attacks, while
with asthma said she had some opposition groups
mentioned to her teacher that abroad have blamed the gov-
ernment. No one has claimed
the alleged attacks.
Iran doesn’t have a history
of fundamentalists targeting
girls’ education, which the Is-
lamic Republic has promoted
for 40 years. Girls and women
comprise more than half of
students in universities.
Iran’s main teacher’s union
on Wednesday called the at-
tacks biological terrorism
aimed at creating social panic
among young women who
spearheaded recent protests
against the country’s clerical
leadership. The union accused
the government of denying the
attacks and misinforming the
public for three months.
Angry parents whose chil-
dren suffered poisoning symp-
toms protested Wednesday in
front of schools where their
children had fallen ill, chant-
ing “Death to Khamenei,” re-
ferring to Iran’s supreme
leader, and “Death to the
child-killer regime,” according
to footage on social media.
The first incident was re-
ported in the central city of
Qom, a religious heartland, on
Nov. 30, when 18 students
were reported to have been
poisoned at the Noor Yazd-
abnshahr art conservatory.
One month later, 51 students
from the same school were
hospitalized with similar
symptoms.
Since late January, the fre-
South Korea’s unification min-
istry. North Korea experts said
the crisis is one of the worst
since the 1990s famine and
threatens to sow instability if
quency of incidents has picked the regime doesn’t show it is
up, with 26 schools affected, trying to address the problem.
the teachers union said, in- “Food insecurity will lead to
cluding in Qom, Tehran, Ard- increased distrust in the re-
abil, Kermanshah, Boroujerd gime and the plenary session is
and Isfahan. aimed at showing the govern-
A government probe indi- ment is serious about resolving
cated that the poison in the the food issue,” said Kwon Tae-
schools contained nitrogen di- jin, a senior economist special-
oxide, said Alireza Monadi, the izing in North Korean agricul-
head of parliament’s educa- ture at the GS&J Institute, a
tion, research and technology think tank in South Korea.
commission. He added that the In 2022, North Korea’s food
poison disappeared quickly in production dropped by about
the body of its victims and 180,000 metric tons from the
was difficult to detect. previous year, said South Ko-
Nitrogen dioxide also forms rea’s Rural Development Ad-
from vehicles and power-plant ministration. The decline was
emissions, which have contrib- attributed to the drought and
uted to the high levels of air floods, as well as Russian ex-
pollution in Iran. port controls on fertilizers.

WORLD WATCH
IRAN UNITED KINGDOM

U.S., Allies Split Over MI5 Missed Chance

Nuclear Advance To Stop Bomb Attack
The U.S. and its European al- Britain’s domestic intelligence
lies have split over the response agency didn’t act swiftly enough
to Iran’s production of near- on key information and missed a
weapons-grade uranium, with significant opportunity to prevent
Britain, France and Germany fa- the suicide bombing that killed
voring a public censure of Tehran 22 people at a 2017 Ariana
while the Biden administration is Grande concert in northwest Eng-
KHALED DESOUKI/AGENCE FRANCE-PRESSE/GETTY IMAGES

reluctant to do that, diplomats land, an inquiry found Thursday.

involved in the discussions said. Retired judge John Saunders,
The International Atomic En- who led the inquiry into the
ergy Agency said this week that Manchester Arena attack, said
Iran had produced particles of that one MI5 officer admitted
enriched uranium of around 84% that intelligence about suicide
in recent weeks, just shy of the bomber Salman Abedi possibly
roughly 90% needed for weap- being a national-security concern
ons-grade nuclear fuel. was considered but wasn’t dis-
The production of weapons- cussed with colleagues quickly
grade material could spark a cri- enough.
sis over Tehran’s nuclear pro- MI5 Director General Ken Mc-
gram. European diplomats say it Callum said he was “profoundly
could be the trigger to kill off sorry that MI5 did not prevent
the 2015 nuclear deal. Israeli of- the attack.”
ficials have signaled that weap- Archaeologists said a newly unveiled chamber isn’t accessible from the outside of the Pyramid of Khufu at Giza, near Cairo. Abedi, 22 years old, set off a
ons-grade enrichment is a red knapsack bomb in the arena’s
line, although they haven’t pub- was accidental or intentional. EGYPT using modern scanning technol- what the function was of the foyer at the end of the May 22,
licly set out what their response Tehran says the production of ogy and measures nearly 30 feet chamber, which isn’t accessible 2017, concert, as thousands of
would be. Washington has long the 84% enriched uranium was New Great Pyramid in length and more than 6 feet from the outside. fans, including children, were
warned Iran against crossing unintended. Chamber Is Unveiled wide. It is perched above the main The Pyramid of Khufu— leaving the pop star’s show.
that threshold. This week’s IAEA report said entrance at the Pyramid of Khufu, named after its builder, a Fourth Abedi died in the explosion.
The IAEA has said discus- Iran wasn’t stockpiling near- Egypt’s antiquities authorities the largest pyramid at the site, Dynasty pharaoh who reigned His brother, Hashem Abedi,
sions with Tehran on what hap- weapons-grade material and on Thursday unveiled a newly and was discovered by the Scan from 2509 to 2483 B.C.—is one was convicted in 2020 of help-
pened are continuing and offi- that it was still producing 60% discovered chamber inside one Pyramids project, an international of three pyramids that make up ing to plan and carry out the at-
cials close to the agency have enriched uranium at Fordow, a of the Great Pyramids at Giza, program that looks at unexplored the Great Pyramids at Giza com- tack. He was sentenced to life in
said they can’t say with cer- high but less-dangerous level. just outside Cairo. sections of the ancient structure. plex. prison.
tainty whether Iran’s production —Laurence Norman The chamber was discovered Archaeologists don’t know —Associated Press —Associated Press
 TECHNOLOGY: VOLKSWAGEN SAYS NO HUMAN-RIGHTS ABUSES AT PLANT IN XINJIANG, CHINA B4
BUSINESS & FINANCE
© 2023 Dow Jones & Company. All Rights Reserved.
S&P 3981.35 À 0.76% S&P FIN g 0.53%
Higher Rates,
War Cut Into
Bank Profits
BY GINA HEEB
Profit across the banking
industry fell 6% in 2022 from
the previous year, according
to Federal Deposit Insurance
Corp. data released this week.
Still, the $263 billion in profit
was the biggest of any year
except 2021.
Banks were dealing with a
new world in 2022, thanks to
the Federal Reserve’s aggres-
sive campaign to curb infla-
tion. Higher interest rates
sent markets spinning, as did
Russia’s invasion of Ukraine.
The uncertainty pushed many
corporate chieftains to the
sidelines, even though they
had powered a mergers-and-
acquisitions banking boom in
2021.
Higher interest rates
pushed up net interest income
20% from a year earlier in
2022. Noninterest income,
which includes fees that the
Apple Blocks Update of App Using ChatGPT
BY AARON TILLEY
Apple Inc. has delayed the
approval of an email-app up-
date with AI-powered lan-
guage tools over concerns that
it could generate inappropri-
ate content for children, ac-
cording to communications
Apple sent to the app maker.
The software developer dis-
agrees with Apple’s decision.
The dispute shows the
broad concerns about whether
language-generating artificial-
intelligence tools, such as
 Heard on the Street: AI has
its ‘iPhone moment’............. B12
Tesla Followers Wait, Wonder About Next Model
BY REBECCA ELLIOTT
AUSTIN, Texas—Elon
Musk’s Tesla Inc. spent
around $28 billion to cement
itself as the world’s most valu-
able car company. It is now
preparing to invest roughly
five times that as it strives to
meet the next objective: be-
coming the world’s largest car
maker by volume.
Chief Financial Officer Zach
Kirkhorn said publicly for the
first time on Wednesday that
Tesla could need to spend
nearly $150 billion more to
achieve its long-term goals,
which includes selling 20 mil-
lion vehicles a year. Today’s
largest auto maker sells
roughly half that annually,
while Tesla delivered around
1.3 million vehicles to custom-
ers globally last year.
Tesla leadership, in their
presentation to investors gath-
ered at the company’s Austin-
area factory, spoke to both the
scale of its ambitions and how
they had overcome hurdles, in-
cluding reducing manufactur-
ing costs. What stood out, as
 Heard on the Street: No news
is bad news at Tesla........... B12
Salesforce’s Cost Control, Outlook
Buoy Defense Against Activists
BY DEAN SEAL
Salesforce Inc.’s latest re-
sults and coming changes such
as disbanding its deal-making
committee might be enough to
undercut some of the chief
concerns floated by activists
against the business-software
provider, according to analysts.
Salesforce on Wednesday
reported better-than-expected
fourth-quarter earnings and
upbeat guidance for the year,
including improved profitabil-
ity amid a cost-cutting push.
S&P IT À 1.26%
****
DJ TRANS À 1.86%
banks charge consumers and
corporate clients, fell about
3%.
Rapid inflation and the end
of pandemic-era stimulus pro-
grams made many bank exec-
utives worry about their con-
sumer-loan books, and they
set aside more in rainy-day
funds.
“I think banks had gotten
understandably very used to
significant liquidity and very
low rates,” Jill Cetina, associ-
ate managing director at
Moody’s Investors Service,
said at an event for clients, in-
vestors and other market
players this week. “Now we
are starting to see some pres-
sures begin to emerge.”
On fourth-quarter earnings
calls, many bank executives
said they are preparing for
more Americans to fall behind
on loans, especially if the U.S.
enters a recession as some an-
Please turn to page B11
ChatGPT, are ready for wide-
spread use.
Apple took steps last week
to block an update of email
app BlueMail because of con-
cerns that a new AI feature in
the app could show inappro-
priate content, according to
Ben Volach, co-founder of
BlueMail developer Blix Inc.,
and documents viewed by The
Wall Street Journal.
BlueMail’s new AI feature
uses OpenAI’s latest ChatGPT
chatbot to help automate the
writing of emails using the
contents of prior emails and
calendar events. ChatGPT al-
lows users to converse with an
Tesla currently offers four passenger vehicles. Wall Street is clamoring for a less expensive car.
much as anything, was what
they didn’t talk about in de-
tail: a new vehicle.
Tesla hinted at coming
models, displaying a slide with
two vehicles cloaked in sheets,
without sharing specifics. Wall
Co-founder and Chief Execu-
tive Marc Benioff said the com-
pany is focused on improving
its profit by reducing its head
count, paring real-estate costs
and eliminating a committee
on mergers and acquisitions.
The results should pla-
cate some activists that have
pressed Salesforce to focus on
improving profit amid a reve-
nue slowdown, analysts said.
Salesforce shares surged as
much as 16% on Thursday
morning. They closed at
$186.59, up about 11%.
THE WALL STREET JOURNAL.
WSJ $ IDX À 0.50%
Annual U.S. bank profits
$275 billion
250
225
200
175
150
125
100
75
50
25
0 –0.25
–25
2005 ’10 ’15
Net interest margin, by bank size, quarterly
Assets less than
$100 million
4%
3 said.
2 has elevated several execu-
1 them likely successors to Mr.
0 John Furner, 48, and Interna-
2010 ’15 ’20 ’10
Source: FDIC
AI in seemingly humanlike
ways and is capable of ad-
vanced long-form writing on a
variety of topics.
“Your app includes AI-gen-
erated content but does not ap-
pear to include content filter-
ing at this time,” Apple’s app-
review team said last week in a
message to the developer re-
viewed by the Journal.
The app-review team said
that because the app could
produce content not appropri-
ate for all audiences, BlueMail
should move up its age restric-
tion to 17 and older, or include
content filtering, the docu-
ments show. Mr. Volach says it
Street had been clamoring for
details on when Tesla might
introduce a new, less expen-
sive car that would expand its
reach.
Wells Fargo analysts called
it disappointing that “there
“We believe a strong quarter
and guidance should help
[Salesforce] conclude its activ-
ist investor episode,” D.A. Da-
vidson analyst Gil Luria said in
a note, adding that the pro-
jected growth rates, cost cuts
and steady share buybacks
“should help defang the activist
argument that [Salesforce] is
not making sufficient progress.”
Salesforce expects adjusted
operating margins of about
27%, up from 22.5% in the pre-
vious year and pushing past an
Please turn to page B2
2–YR. TREAS. yield 4.902% NIKKEI (Midday) 27898.37
Provisions for loan and lease losses
$200 billion
150
100
50
0 To Stay
–50
1985 ’90
Bank deposits, change from the previous quarter
$1.00 trillion
0.75
0.50
0.25
0 sor, according to people famil-
–0.50
’20 2008 ’10 ’12
$100 million- $1 billion-
$1 billion $10 billion
’15 ’20 ’10 ’15 ’20
has content-filtering capabili-
ties. The app’s restriction is
currently set for users 4 years
old and older. Apple’s age re-
striction for 17 and older is for
categories of apps that may in-
clude everything from offen-
sive language to sexual content
and references to drugs. Mr.
Volach says that this request is
unfair and that other apps with
similar AI functions without
age restrictions are already al-
lowed for Apple users.
“Apple is making it really
hard for us to bring innovation
to our users,” said Mr. Volach.
An Apple spokesman said
that developers can challenge
was no reveal, timeline, or
even basic product description
of the next gen model.”
The company currently of-
fers four passenger vehicles,
with a fifth—the Cybertruck
pickup—slated to hit the mar-
BANKRUPTCY
FTX’s new managers
put the amount of
missing customer
funds at $8.9 billion. B3
’95 2000 ’05 ’10 ’15
’14 ’16 ’18 ’20
$10 billion- Greater than
$250 billion $250 billion
’10 ’15 ’20 ’10 ’15
a rejection through its App Re-
view Board appeal process and
that it is investigating Blix’s
complaint.
So-called generative AI has
emerged as one of the most
closely watched developing
technologies in decades, pri-
marily kicked off by ChatGPT,
a chatbot created by OpenAI.
The technology has quickly
generated controversy. Follow-
ing the release of Microsoft
Corp.’s Bing search engine
powered by ChatGPT, early
testers grew concerned with
responses generated by the
chatbot, including incorrect
Please turn to page B4
ket later this year. The least
expensive of those offerings is
priced at more than $40,000
in the U.S.
It would be jumping the
gun, Mr. Musk said, to discuss
a coming vehicle, saying the
company would have a sepa-
rate product event. However,
he and others underscored the
importance of affordability.
Any new, more affordable
model is unlikely to contribute
meaningfully to Tesla’s sales
until 2025 at the earliest,
Bernstein Research analyst
TASSANEE VEJPONGSA/ASSOCIATED PRESS
Toni Sacconaghi Jr. said in a
note to investors. In the mean-
time, he said, Tesla will need
to lower prices to hit its
growth targets.
Tesla shares slumped nearly
6% in Thursday trading.
Mr. Musk, the chief execu-
tive, confirmed plans to build
a new factory in Mexico while
expanding the company’s ex-
isting plants. Tesla currently
makes vehicles in the U.S.,
China and Germany. Mr. Musk
has said the company is likely
to need roughly a dozen facto-
ries to meet its long-term
sales goal.
Tesla will build its next-
Please turn to page B2
INSIDE
ELIZABETH FRANTZ/REUTERS
BUSINESS NEWS
Many companies are
finding it difficult to
sever ties with
Russia. B6
Friday, March 3, 2023 | B1
À 1.45% See more at WSJ.com/Markets
Walmart
CEO
’20 3 Years
BY SARAH NASSAUER
Walmart Inc. Chief Execu-
tive Doug McMillon plans to
helm the country’s largest re-
tailer for at least three more
years as the company contin-
ues work to identify a succes-
iar with the matter.
Mr. McMillon, 56 years old,
a Walmart lifer who has held
’22 the job since 2014, is the com-
pany’s fourth CEO since
founder Sam Walton. His plans
to stay in the role for more
than a decade will extend the
company’s timeline for finding
its next leader, the people
In recent years, Walmart
tives into roles that made
McMillon, including U.S. CEO
’20 tional CEO Judith McKenna,
56.
Kathryn McLay, 49, the
head of Sam’s Club, Walmart’s
warehouse chain, is also
among those seen as potential
candidates, said these people,
as well as a more junior gener-
ation of executives.
Mr. McMillon and other top
executives don’t have formal
employment agreements with
the company, Walmart’s secu-
rities filings say. He received
compensation, including stock
Please turn to page B2
Silvergate
Rattles
Crypto
Sector
BY CAITLIN OSTROFF
AND CHARLEY GRANT
A raft of crypto companies
cut ties Thursday with one of
the digital currency market’s
top banks, Silvergate Capital
Corp., whose financial troubles
threaten the industry’s ability
to fulfill basic financial trans-
actions.
Silvergate bet big on the
crypto market, focusing on
crypto firms as a way to distin-
guish itself from other regional
banks by becoming a conduit
for turning dollars into digital
currency. It grew along with
the rest of the market during
crypto’s rise but has fallen fast.
Late Wednesday, Silvergate had
said that it was at risk of being
“less than well-capitalized” and
was evaluating its ability to
continue doing business.
On Thursday, crypto firms
Coinbase Global Inc., Circle
Internet Financial Ltd., Paxos
Trust Co. and Galaxy Digital
Holdings Ltd. all announced
plans to stop banking with Sil-
vergate.
Silvergate’s stock dropped
58% Thursday. The bank was
recently forced to sell assets at
a steep loss after a flurry of
customers made a run on the
bank, withdrawing billions of
dollars worth of deposits.
Please turn to page B10
EPA/SHUTTERSTOCK
BLOOMBERG NEWS
MARKETS
Small-cap stocks such
as Five Below shine,
even amid economic
uncertainty. B10
 B2 | Friday, March 3, 2023 **** THE WALL STREET JOURNAL.

INDEX TO BUSINESSES BUSINESS & FINANCE

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

A
Adani Enterprises.....B10
Adani.........................B10
Advanced Micro Devices
...................................B11
Anheuser-Busch InBev
.....................................B3
Apple...........................B1
Archegos Capital
Management...........B10
Asbury Automotive..B10
B Management...........B10
Best Buy.....................A1
Big Lots.......................A2
Binance......................B10
Blix .............................. B1
BP................................B6
British American
Tobacco ..................... B6
BYD............................B12
C-F
Carlsberg.....................B6
Circle Internet Financial
.....................................B1
Coinbase Global..........B1
Community Health
Systems..................B10
Credit Suisse.............B10
Danske Bank...............B6
Dominion Voting
INDEX TO PEOPLE
A Hannaway, Rayna
Adani, Gautam..........B10
B election in favor of President
Bankman-Fried, Sam..B3
Barry, Corie.................A2
Bassuk, Greg.............B11
Benioff, Marc..............B1
Bowles, Jack...............B6
Brandstätter, Ralf.......B4
C-H
Cetina, Jill...................B1
Clark, Veronica............A2
Clerc, Vincent ............. A8
Doukeris, Michel.........B3
Furner, John................B1
Gennette, Jeff............A1
Goldberg, Jason........B11
Golub, David ............... A2
Hall, Jill Carey .......... B10
VINCENT ISORE/IP3/ZUMA PRESS
Systems....................B2
Elliott Management ... B2
Exxon Mobil................B6
Five Below ................ B10
Ford Motor..................B3
Fox...............................B2
FTX..............................B3
G
Galaxy Digital.............B1
Golub Capital..............A2
Greensill Capital
H Rambus ..................... B10
Hard Rock International
.....................................B6
Houlihan Lokey.........B10
Hybe .......................... B11
K-O
Kakao.........................B11
Kinder Morgan............B6
Kroger..................A1,B11
Leidos..........................B6
Lockheed Martin.......A10
Macy’s.........................A1
Marathon Oil .............. A2
Match ........................ B11
Mercedes-Benz ........... B6
Meta Platforms...A6,B11
Morgan Stanley..........A1
News Corp...................B2
Lesser......................B10
Harrison, Natasha .... B10
I Murdoch, Rupert.........B2
Ibrahim, Firdaus........B10
J case is that there’s so much ev-
Jain, Rajiv ................. B10
Jensen, Lars................A8
K
Kirkhorn, Zach ............ B1
Krone, Roger...............B6
L-O
Lane, J. Parker............B2
Lawrence, Des...........B11
Lopez, Tai....................B6
Masturzo, Jim...........B10
McKenna, Judith.........B1
McLay, Kathryn...........B1
Nordstrom...................B3
OpenAI.................B1,B11
Overstock.com ............ B6
Fox Case Tests Press Protections
P Legal observers say
Paxos Trust.................B1
Payward.....................B10
Dominion suit has
Philip Morris
International.............B6
potential to overcome
Q free-speech defense
Qualys ....................... B10
R BY ERIN MULVANEY
Raytheon Technologies
...................................A10 Recently released documents
Renault........................B6 in Dominion Voting Systems’
Retail Ecommerce
defamation case against Fox
Ventures ................... B6
News show the voting-machine
S-W
company is heading toward an
SAIC Motor.................B4
Salesforce.....B1,B11,B12 April trial with a body of evi-
Signature Bank.........B10 dence that could help it over-
Silvergate Capital.......B1
come hurdles that usually
SK Innovation.............B3
SM Entertainment....B11 doom lawsuits against media
Snap...........................B11 organizations.
Starboard Value..........B2 Media lawyers and academ-
Tesla ............. B1,B11,B12
ics say these latest court filings
Volkswagen............B4,B6
provide potentially important
Walmart.................A2,B1
Wolfspeed.................B12 revelations about the state of
mind of individuals at Fox
News at the time the network
was airing segments in which
associates of former President
Donald Trump made false
McMillon, Doug...........B1 claims that Dominion’s voting
McMullen, Rodney......A1 machines helped rig the 2020
Mehr, Alex...................B6
Biden.
Musk, Elon ... B1,B11,B12
“What’s stunning in this
Nordstrom, Erik..........B3
Oubina, Jake...............A2
idence showing that Fox wasn’t
P just acting like an ostrich with
Penner, Greg ............... B2 its head in the sand, trying to
Pond, Michael.............A2 avoid learning the truth, but af-
R firmatively knew these conspir-
Ray, John J. III............B3 acy theories weren’t true,” said
S-Z Sonja West, a University of
Sharif, Omair..............A2 Georgia law professor.
Soo-man, Lee............B11 Dominion in one filing un-
Toft, Soren..................A8 sealed last month showed that
Volach, Ben.................B1 Fox’s on-air hosts privately ex-
Zuckerberg, Mark A6,B11 pressed concern that there was
no support for the allegations,
even as the network aired
them. And in another document
unsealed this week, the com-
pany quoted from a deposition
in which Rupert Murdoch, the
chair of Fox News parent Fox
Corp., acknowledged that some
Fox News and Fox Business
commentators endorsed the
idea of a stolen election to
varying degrees.
Mr. Murdoch testified in the
deposition that he could have
ion—but didn’t do so. Mr. Mur-
doch said Fox News itself didn’t
endorse a stolen-election narra-
tive. “I would have liked us to
be stronger in denouncing it, in
hindsight,” he said, according
to the filing.
Mr. Murdoch is also execu-
tive chairman of News Corp,
parent of The Wall Street Jour-
nal. He and his family are large
shareholders in Fox Corp. and
News Corp.
Defamation claims against
media outlets are traditionally
difficult to win, thanks to Su-
preme Court precedent dating
more than 50 years. To prevail,
Dominion must prove that Fox
News acted with actual malice,
by either knowingly publishing
a false statement or showing a
reckless disregard for the truth.
That standard has been a
difficult one to meet, giving
news organizations broad pro-
tection when reporting on offi-
cials or organizations of public
importance, even if the journal-
ism itself is erroneous, sloppy
or partisan, said University of
Utah law professor RonNell An-
dersen Jones.
Dominion’s case “tests the
ability of defamation law to act
as a tool for remedying wider
disinformation,” Ms. Andersen
Jones said. “The Constitution
fiercely protects speech for im-
portant reasons. It draws the
line at deliberate, defamatory
lies. That’s the meat of this
case.”
Dominion is seeking $1.6 bil-
lion in damages, saying it suf-
fered reputational harm that
led to lost profits and a dimin-
ished valuation. It also says it
has been forced to spend
money to defend its business
and employees, who have been
harassed, stalked and received
death threats.
“Dominion is a strong be-
liever in the First Amendment
and its protections,” a company
spokeswoman said. “As long-
settled law makes clear, the
First Amendment does not
shield broadcasters that know-
porting on newsworthy allega- len-election claims but aired
tions made by others. The them anyway.
network says Fox hosts didn’t Longtime media lawyer Lee
know in the immediate after- Levine said one potentially im-
math of the election that fraud portant question in the case is
claims by Mr. Trump and his the relevance of the internal
associates were false, adding views of Mr. Murdoch and
that electronic voting machines other top officials who didn’t
have been a subject of contro- have day-to-day involvement
versy for years. with programs that aired the
Erin Murphy, a lawyer rep- claims against Dominion.
resenting Fox News, said Do- Courts haven’t routinely con-
minion was pushing a radical fronted chain-of-command is-
view of defamation law. “They sues in defamation cases, Mr.
should be suing every newspa- Levine said.
per,” Ms. Murphy said. “All of Another key issue could be
this was out there. It was cov- how jurors view Dominion’s al-
ered by all sorts of media out- legations that Fox News’s ac-
lets.” tions were consciously driven
by business concerns, namely
the retention of pro-Trump
viewers who were angry with
Dominion seeks $1.6 the network for calling the key
billion in damages, state of Arizona for Mr. Biden
on election night.
citing harm to its
reputation.
The company in its court fil-
ing unsealed this week said Fox
News allowed appearances by
Mike Lindell, the chief execu-
tive of MyPillow Inc., to make
Ms. Murphy also said that stolen-election allegations be-
some internal Fox discussions cause he was an advertiser.
highlighted in Dominion’s briefs When Dominion’s lawyers
weren’t relevant to the alleg- asked Mr. Murdoch why Fox
edly defamatory statements the continued to give Mr. Lindell a
voting-machine company is platform, he testified, “It is not
challenging. red or blue, it is green.”
Fox says Dominion cherry- Jeffrey Pyle, a media lawyer
picked snippets of evidence out with Prince Lobel Tye LLP and
of context and argues that Do- professor at Boston College
minion’s damages claims have Law School, said Dominion will
no basis in fact. “Dominion’s attempt to connect the net-
lawsuit has always been more work’s revenue concerns to its
about what will generate head- willingness to air the election
lines than what can withstand conspiracies. The case, Mr. Pyle
legal and factual scrutiny,” Fox said, has the chance to be a
News Media said in a statement rare instance in which a defa-
this week. mation plaintiff can overcome
Mary-Rose Papandrea, a law free-press protections.
professor at the University of “Cases like this can tend to
North Carolina, said some of show that the current standard
Fox News’s arguments would for defamation does strike a
expand the scope of defamation workable balance between the
protections for news organiza- rights of the plaintiff and their
tions that neutrally report on reputation and the right of the
allegations from prominent of- press to report on newsworthy
ficials, no matter whether they information about public infor-
are false. mation and public figures,” he
But for such a defense to said. A trial is scheduled to be-
work, she said, Fox would need gin April 17 in Delaware. Both

ordered network leaders to
stop hosting guests—including
lawyers Sidney Powell and
Rudy Giuliani, who voiced con-
spiracy theories about Domin-
ingly or recklessly spread lies.”
Fox News says a victory for
Dominion would be a blow to
press freedom and expose out-
lets to liability simply for re-
to show that its reporting was sides have filed motions asking
fair and dispassionate, which the presiding judge to rule in
could be a challenge if Domin- their favor ahead of trial. A
ion is able to establish that net- hearing on those motions is set
work officials doubted the sto- for later this month.

The company’s cuts include disbanding a committee on mergers. Tesla’s weathered periods of extreme
financial strain, narrowly
avoiding bankruptcy in 2008
The Marketplace
ADVERTISEMENT

Salesforce Salesforce share price

$195 Next Model and again roughly a decade
later as it struggled to ramp
up production of the Model 3
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Gets Lift 190 Awaited sedan, Mr. Musk has said.

Now, Tesla is sitting on a war
chest of around $22 billion in
BUSINESS OPPORTUNITIES NOTICE OF SALE

Vs. Activists 185

Thursday
Continued from page B1
generation vehicle in Mexico
cash and short-term invest-
ments.
The company, which has re- HOT AIR
NOTICE OF PUBLIC SALE • Property to be Sold

Item #
1
PORTFOLIO NO. 1 – RMBS
Tuesday,March 7,2023 at 9:30 a.m.Eastern Time
CUSIP Issuer
073879PV4 BSABS 2005-HE1 M5 3,652,000.00
Original Face

Continued from page B1

180 $186.59 and elsewhere, the company ported 14 profitable quarters BALLOON CO. 2 073879PW2 BSABS 2005-HE1 M6 3,652,000.00
+11.5% indicated. in a row, slashed vehicle prices 3 20847TBB6 CNFHE 2001-C B1 5,000,000.00

earlier target to hit 25% by Mr. Kirkhorn, the CFO, said earlier this year—some by IN NAPA VALLEY 4
5
12669UAH3 CWHL 2002-R2 1M
32027NPK1 FFML 2004-FFH4 M8 2,500,000.00
3,000,000.00

2026. Stifel analyst J. Parker 175 his investment forecast of up nearly 20% in the U.S.—amid 6 36242DTV5 GSAA 2005-2 B2 1,330,000.00
7 36242DTW3 GSAA 2005-2 B3 1,912,000.00
Lane said the results and out- to $175 billion, including concerns about sagging de- INCLUDES PRIME 8
9
61909QAG1 MABS 2002-NC1 M4 4,667,000.00
64352VCT6 NCHET 2003-2 M3 1,000,000.00
look should help put to rest in- around $28 billion already mand. It has since nudged
vestor concerns.
170
spent, was intended to illus- some prices back up. Tesla REAL ESTATE 10 45660NVD4 RAST 2003-A11 B1
11 86358EHX7 SAIL 2004-4 M7
6,774,000.00
1,000,000.00
12 86359BSY8 SASC 2004-S2 M7 4,474,000.00
The company might still trate the feasibility of Tesla’s found that “even small Completely Turnkey 13 9292276N1 WAMU 2003-AR7 B1 6,000,000.00
face questions about a tough 165 goals. changes in the price have a big Huge Upside PORTFOLIO NO. 2 – Mixed
Tuesday,March 7,2023 at 9:30 a.m.Eastern Time
macroeconomic environment “We may choose to verti- effect on demand, very big,” Scalable Item # CUSIP Issuer Original Face
1 78443CAH7 SLMA 2003-A C 4,000,000.00
and succession planning, but One-minute intervals cally integrate more into Mr. Musk said.
“Salesforce appears poised to
160
things. We may find efficien- He again dismissed the no- 707-294-2944 2
3
239155AD6 DVSQ 2005-5A E
85768TAG4 START 2005-CA D
2,000,000.00
3,000,000.00
Wednesday Thursday 4 87330PAJ1 TBRNA 2005-1A D 8,500,000.00
successfully execute the pivot cies elsewhere,” he said. tion that Tesla could struggle 5 525ESCAQ2 LEH Float 04/20/17 10,000,000.00
6 64806QAL8 BRX 6.9 02/15/28 4,600,000.00
to sustainable profit growth Source: FactSet Meanwhile, Tesla is getting to find buyers. PORTFOLIO NO. 3 – Zero Factor
while maintaining its category into the business of making “Demand for our vehicles, Tuesday,March 7,2023 at 1:00 p.m.Eastern Time
Item # CUSIP Issuer Original Face
leadership,” he added. Elliott was preparing to nomi- the materials needed to pro- in terms of desire to own 1 52204PAQ2 LIFT 1 C1 6,000,000.00
The company is ratcheting nate its own slate of directors. duce the battery cells that them, may as well be infinite,” 2
3
25153HAB0 NORTH 2001-3A CTFS 2,000,000.00
225458RX8 CSFB 2005-C2 AJ 4,500,000.00
up its focus on margins after Last month the activist inves- power its electric vehicles. It he said. 4 268617AP2 EMAC 1999-1 IO 57,000,000.00
5 67087TDT5 OAK 2002-B M2 2,000,000.00
delivering top-line growth of tor privately nominated a broke ground on a lithium re- Unleashing that demand 6 000759CS7 ABFS 2002-2 M2 5,100,000.00
17%, after stripping out cur- slate, according to people fa- finery near Corpus Christi, will require cost reductions, 7 03072S2E4 AMSI 2006-R2 M8 4,000,000.00
8 12669UAB6 CWHL 2002-R1 B1 3,426,000.00
rency effects in the fourth miliar with the matter, the Texas, and is building a bat- though, Tesla powertrain en- PUBLIC NOTICES 9 12669UAJ9 CWHL 2002-R2 1B1 1,000,000.00
quarter. The better-than-ex- Journal reported. tery materials facility in the gineering leader Colin Camp- 10
11
126671SP2
126670ZU5
CWL 2002-4 B2
CWL 2006-6 M7
800,000.00
1,500,000.00
pected growth, along with Elliott praised Salesforce’s Austin area, said Drew Ba- bell said. “If we want to make 12 152314DT4 CXHE 2001-B M2 2,000,000.00
13 32027NPL9 FFML 2004-FFH4 M9 1,000,000.00
guidance for coming double- plans on Wednesday, saying glino, the company’s senior EVs more accessible to peo- NOTICE OF SECURED PARTY PUBLIC AUCTION OF 14 35729PMP2 FHLT 2005-D M9 1,500,000.00
100% OF THE LIMITED LIABILITY COMPANY INTERESTS
digit revenue increases, should the company needs to deliver vice president of powertrain ple, they have to be cheaper,” IN FPG DS OWNER ONE, LLC AND FPG DS OWNER
15 35729PNM8 FHLT 2005-E M9 2,000,000.00
16 3623415A3 GSAMP 2006-HE1 M8 1,350,000.00
make it “harder for activists on what it has outlined and go and energy engineering. he said. “We can make lower TWO, LLC 17 40430HEH7 HASC 2006-OPT2 M8 4,035,000.00
to ask for more short term further. “We are also trying to ac- cost products that are still ef- PLEASE TAKE NOTICE that, in accordance with applicable
provisions of the Uniform Commercial Code as enacted
18
19
22541SLX4 HEMT 2004-3 B1
41161PN90 HVMLT 2006-4 B9
1,500,000.00
3,674,000.00
cuts,” said Mr. Luria, the Da- “Salesforce needs a sustain- celerate the pace of the in- ficient and compelling and we in New York, RREF IV-D MEZZ DOCK SQUARE, LLC, a 20 46626LHJ2 JPMAC 2006-FRE2 M8 4,669,000.00
Delaware limited liability Company, as administrative 21 542514KY9 LBMLT 2005-2 M8 5,500,000.00
vidson analyst. able leadership plan and a dustry by trying some new can make them at scale.” agent for itself and the Co-Lenders (as defined in the 22 57643LAR7 MABS 2003-OPT1 MF5 1,000,000.00
Salesforce is facing pres- board that demonstrates it can things that are a little bit Mezzanine Loan Agreement (as hereinafter defined), 23
24
57643LRC2 MABS 2006-HE1 M8 1,513,000.00
65535VGZ5 NAA 2004-AR4 M5 1,448,000.00
“Agent”) and SCP DOCK SQUARE LENDER LLC, a
sure from at least five activist provide accountability through more scalable and de-risking Delaware limited liability company, (“SCP Lender” and 25 69121PCS0 OWNIT 2006-1 B1 1,165,000.00
investors, including Elliott proper oversight,” Elliott said. certain innovations that im- Watch a Video together with Agent, collectively, “Secured Party”), 26 761118WY0 RALI 2006-QO3 M7 1,000,000.00
acting by and through Agent, will sell all of the limited 27 761118WZ7 RALI 2006-QO3 M8 2,100,000.00
Management Corp. and Star- “Elliott intends to continue prove productivity,” Mr. Ba- Scan this code liability company interests in FPG DS OWNER ONE, LLC, 28 75970NBQ9 RAMC 2005-3 M8 2,250,000.00
a Delaware limited liability company and FPG DS OWNER 29 75970NBR7 RAMC 2005-3 M9 2,250,000.00
board Value LP, that are working with Salesforce as we glino said. for a video on TWO, LLC, a Delaware limited liability company (the 30 759950GJ1 RAMC 2005-4 M8 2,313,000.00
lobbying management for evaluate the level of engage- Tesla is expanding from a Tesla’s growing “Collateral”) held by FPG DS MEZZ ONE, LLC, a Delaware 31
32
760985KY6 RAMP 2002-RZ2 M3 1,000,000.00
805564JT9 SAST 2001-2 B1 3,512,000.00
limited liability company and FPG DS MEZZ TWO, LLC,
change. The Wall Street Jour- ment necessary to achieve the position of relative financial competition a Delaware limited liability company (collectively, the 33 83611MMT2 SVHE 2006-OPT2 M7 2,500,000.00
34 93934FQF2 WAMU 2006-AR4 B9 1,631,000.00
nal reported in January that best outcome for the company.” strength. The company has in China. “Pledged Entity”) to the highest qualified bidder at a
Odeon Capital Group LLC (“Odeon”) on behalf of The Bank of New
public sale. The public sale will take place beginning at
10:00 a.m. Eastern Daylight Time (New York) on March York Mellon Trust Company, National Association, in its capacity
15, 2023, both in person and remotely from the offices as trustee (the “Trustee”), will be conducting one or more sales of
certain collateral pledged to the Trustee.The Collateral (as defined
of Paul Hastings LLP, 200 Park Avenue, New York, New herein) will be offered and sold by the Trustee without recourse,

Walmart Penner, and plays a large role

in picking the next CEO. Mr.
McMillon’s decision to stay on
Walmart CEO plays an outsize
role in the American political
and corporate landscape.
goods and other items bol-
stered by government stimu-
lus payments. More recently
York 10166, with access afforded in person and remotely
via Zoom or other web-based video conferencing and/
or telephonic conferencing program selected by Secured
Party. Remote log in credentials will be provided to
registered bidders. Secured Party’s understanding is
representations, or covenants, express or implied, being made by
the Trustee with respect to the Collateral (except as to title to the
Collateral) or with respect to any other information then in the
Trustee’s possession, including without limitation any offering cir-
cular or other financial information. Location of Sales. The sales

CEO Plans as CEO is a sign that he and

the board are considering the
transition carefully at a com-
During his tenure, Mr. Mc-
Millon has invested in growing
e-commerce sales to fend off
thrifty shoppers have gravi-
tated to Walmart as prices rise
for a host of goods amid high
that the principal asset of FPG DS OWNER ONE, LLC
and FPG DS OWNER TWO, LLC is the parcel of real
property commonly known as 20 Clinton Street, Boston,
Massachusetts 02109. The Collateral will be sold to
the highest qualified bidder; provided, however, that
will be held at 750 Lexington Avenue,27th Floor,NewYork,NewYork
10022. Additional Information. Please be advised that the sale
of each security listed above may be made only to the best bidder
who is also a qualified bidder and may be subject to a reserve level.
For additional information, including with respect to qualified bid-

To Remain plex time for retailers.

After the company’s
founder stepped down as CEO
Amazon.com Inc., and he
pared down Walmart’s over-
seas operations. He has
inflation and spending shifts
to necessities such as food.
Mr. McMillon recently up-
Secured Party reserves the right to cancel the sale in
its entirety, or to adjourn the sale to a future date by
announcement made at the time and place scheduled
for the public sale. The sale will be conducted by a
NYC Division of Consumer Affairs Licensed Auctioneer.
der status, and to obtain copies of an Investor Representation and
Confidentiality Agreement, contact James Burke by telephone at
(212) 230-5866 or by e-mail at jburke@OdeonCap.com or Yulia
Gilman by telephone at (212) 257-6168 or by email at ygilman@
OdeonCap.com or by mail addressed to 750 Lexington Avenue,27th
in 1988, each person who has worked to diversify Walmart’s dated his stock-trading plan to The Collateral will be sold as a single lot, and will not
Floor,New York,New York 10022.Disclaimer. The Trustee is autho-
rized at such sales,if the Trustee deems it advisable or is required by
Continued from page B1 served in the role was an exec- sources of revenue by pushing sell a predetermined batch of be divided or sold in any lesser amounts. Interested applicable law to do so: (i) to restrict the prospective bidders on or
parties who intend to bid on the above Collateral must purchasers of any of the above identified securities (the“Collateral”)
awards, valued at $25.7 million utive who spent many years into advertising, healthcare Walmart shares each month contact Sara Forino of Cushman & Wakefield U.S., Inc. at to be sold to those who will represent and agree that they are pur-
for the fiscal year ended Janu- inside the company in multiple and memberships. between June 2023 and May email: Sara.forino@cushwake.com, tel: 617-204-4109, to chasing for their own account for investment and not with a view
to the distribution or resale of any of such assets, (ii) to verify that
receive the Terms of Public Sale and bidding instructions.
ary 2022. The company hasn’t roles. He has also waded more 2025, according to a securities Upon execution of a standard non-disclosure agreement, each certificate for each security to be sold bears a legend substan-
additional documentation and information will be made tially to the effect that such security has not been registered under
yet disclosed pay for the most Mr. McMillon started at than previous CEOs into the filing. The trading plan re- available. Interested parties who do not contact the
the Securities Act of 1933, as amended, (the“Act”) and may not be
disposed of in violation of the provisions of said Act,(iii) to disclaim
recent fiscal year. Walmart as a teenager unload- American political landscape. placed one that was set to end Secured Party and qualify prior to the public sale will not and to refuse to give any warranty (other than as to title),and (iv) to
be permitted to enter a bid or participate at the public
The Walton family is Wal- ing trucks. He held a series of Walmart’s sales have grown in March. Such trading plans sale either in person or remotely.
impose such other limitations or conditions in connection with any
such sale as theTrustee deems necessary or advisable.
mart’s biggest shareholder, corporate roles, including CEO rapidly during the pandemic are common for top executives PAUL HASTINGS LLP
holding about 47% of the of Sam’s Club and CEO of Wal- era. who want to regularly sell Attorneys for Secured Party
Attn: Eric R. Allendorf, Esq.
stock, according to the com- mart International. Early on, Walmart benefited shares while having access to
pany’s 2022 proxy filing. The As head of the country’s as shoppers clamored for ev- insider information.
200 Park Avenue
New York, New York 10166 THEMARKETPLACE
Tel: (212) 318-6383 (800) 366-3975 | wsj.com/classifieds
family holds three board seats, largest retailer by revenue and eryday items like toilet paper, —Theo Francis contrib- Fax: (212) 303-7083
© 2023 Dow Jones & Company, Inc.
E-mail: ericallendorf@paulhastings.com
including Chairman Greg largest private employer, the then spent heavily on home uted to this article. All Rights Reserved.
THE WALL STREET JOURNAL.
FTX Says $8.9 Billion Is Missing
BY ALEXANDER SAEEDY
FTX says it has identified a
deficit of $8.9 billion in cus-
tomer funds that it can’t ac-
count for, the first time the
bankrupt cryptocurrency ex-
change has pinned down how
much money has gone missing.
In a public presentation re-
leased on Thursday, FTX said
it had identified around $2.7
billion of customer assets,
compared with $11.6 billion of
balances outstanding on cus-
tomer accounts. The estimated
value of FTX’s assets and lia-
bilities are based on crypto
prices on the day of the com-
Bud Brewer’s Volume Fell as Prices Jumped
BY JENNIFER MALONEY
AND PETER STIFF
The world’s largest brewer
reported a fall in sales volume
at the end of 2022 as steep
price increases prompted a
drop in demand for beer in the
U.S., but American beer drink-
ers are now getting over their
sticker shock, Anheuser-Busch
InBev SA Chief Executive
Michel Doukeris said.
AB InBev’s drop in volume
in the fourth quarter came as
companies across the con-
sumer-products industry have
grappled with how much they
can raise prices to offset rising
costs without deterring shop-
pers. For much of last year, AB
InBev said drinkers weren’t
giving up their brews despite
inflation’s bite, though that
trend appeared to end in the
last few months of the year.
In the 12 weeks before
Christmas, prices for American
lagers such as Bud Light and
Coors Light climbed an average
of 10% from the year-earlier
period, according to an analy-
sis of Nielsen data by Bump
Williams Consulting Co., a con-
sulting firm. AB InBev said its
revenue per hectoliter in the
U.S. rose 12.2%, primarily
driven by price increases.
AB InBev on Thursday said
its global sales volume declined
pany’s bankruptcy filing in
early November.
New managers at FTX, led
by restructuring veteran John
J. Ray III, have been working
to locate and protect billions
of dollars in missing customer
funds since the bankruptcy.
FTX sought chapter 11 protec-
tion after allegations emerged
that Alameda Research, a
hedge fund started by FTX co-
founder Sam Bankman-Fried,
was taking customers’ funds
from FTX accounts without
authorization.
Mr. Ray said Thursday that
it isn’t yet possible to predict
how much customers will be
Anheuser-Busch InBev has for years seen mainstream brands Bud and Bud Light decline.
0.6% in the final three months
of 2022, missing analysts’ ex-
pectations of a 2.1% increase.
Shares of the company rose
0.5% in Brussels.
The steepest fall in quar-
terly volumes came in North
America, down 8.3%. In the
U.S., AB InBev reported weaker
sales to wholesalers and retail-
ers, which it attributed to a
drop in orders after retailers
stocked up ahead of an October
price increase, and poor
weather in December. Still, it
said revenue rose in the U.S.
BUSINESS NEWS
able to recover.
“[The exchange’s] books
and records are incomplete
and, in many cases, totally ab-
sent,” Mr. Ray said. “For these
reasons, it is important to em-
phasize that this information
is still preliminary and subject
to change.”
It isn’t clear whether cus-
tomers will be able to recover
the entirety of the $2.7 billion
in assets that FTX has found.
About $1.5 billion of that total
included illiquid crypto assets
like FTX’s token, FTT, whose
value has fallen since the
firm’s collapse.
Around $880 million in
thanks to higher selling prices
and its strategy to push into
more premium brews.
Price increases have lagged
behind inflation, Mr. Doukeris
said in an interview. He said
U.S. beer prices last year rose
far less than prices for soft
drinks or food. In the first six
weeks of this year, U.S. beer
sales volumes stabilized, fall-
ing 1%, he said, citing IRI data.
And people are eating and
drinking more at home, a set-
ting that tends to favor beer
over other drinks, he said.
found customer assets are of cash in its accounts as of
considered “liquid currencies”
like dollars, stablecoins, bit-
coin or ether, FTX said.
Jan. 31, according to a financial
update filed by the company.
Additionally, unauthorized
Around $400 million are in
other receivables.
A great deal of the total
transfers and hacks of around
$500 million have widened the
gap between what customers
$8.9 billion shortfall at FTX are owed and what FTX’s man-
can be attributed to Alameda, agers have found.
which had borrowed $9.3 bil- FTX said that it plans to
lion from customers’ accounts continue updating customers
before the exchange went on how they will be able to re-
bankrupt, the presentation cover their funds. However, the
shows. The presentation didn’t exchange said in the presenta-
comment on whether some or tion released Thursday that it
all of the $9.3 billion was bor- has “identified and inventoried
rowed without customers’ substantially all wallets associ-
consent. Alameda Research ated with the FTX.com and
only had around $475 million FTX.US exchanges.”
AB InBev’s sales by volume,
change from a year earlier
20%
10
0
JOHN MARSHALL MANTEL/ZUMA PRESS
–10
4Q 2022
–0.6%
–20
2020 ’21 ’22
Source: the company
“Beer remains resilient,” Mr. pany said those brands outper-
Doukeris said. “I’ll never say formed the industry last year.
that beer is immune to the in- AB InBev also said quarterly
flation and everything that is volumes fell in China, down
happening out there, but [it] re- 6.9%, where beer sales were hit
mains a very resilient category.” as Covid-19 infections surged.
The brewer has for years Consumption is now rebound-
seen its mainstream brands ing quickly, said Mr. Doukeris.
Bud and Bud Light decline, Despite challenges in two
partly amid a broader shift by large markets, AB InBev re-
American drinkers from beer ported a 10.2% rise in quarterly
toward wine and spirits. In re- revenue to $14.67 billion,
sponse, it has worked to in- boosted by higher selling
crease its exposure to premium prices. Net profit in the quarter
offerings such as Michelob Ul- also rose, coming in at $2.84
tra and Stella Artois. The com- billion, up from $1.96 billion.
Friday, March 3, 2023 | B3
Ford Soon
To Restart
Lightning
Production
BY NORA ECKERT
Ford Motor Co. said it will
resume production of its F-150
Lightning electric pickup truck
on March 13, which would
mark five weeks of downtime
as the auto maker investigated
a battery problem that led to a
vehicle fire.
The company had stopped
production and shipments af-
ter a Lightning truck at a Ford
holding facility caught fire
Feb. 4 during a pre-delivery
quality check. Ford extended
the halt during the past few
weeks while it worked with its
battery supplier, South Korea’s
SK On, to identify the root
cause. SK On, part of SK Inno-
vation Co. Ltd., said last week
that the company had re-
started output of battery cells.
Nordstrom
To Pull Out
Of Canada
BY SUZANNE KAPNER
Nordstrom Inc. said it
would wind down and liqui-
date its operations in Canada
under court protection, clos-
ing 13 stores and laying off
about 2,500 workers.
The luxury department store
chain said Thursday it filed for
protection under the Compa-
nies’ Creditors Arrangement
Act, Canada’s rough equivalent
of chapter 11 bankruptcy.
“We do not see a realistic
path to profitability for the
Canadian business,” Chief Ex-
ecutive Erik Nordstrom said.
The company expects to book
$300 million to $350 million
in pretax charges related to
the move. It will mean a de-
cline of about $400 million in
net sales for the fiscal year.
B4 | Friday, March 3, 2023 THE WALL STREET JOURNAL.

TECHNOLOGY WSJ.com/Tech

VW Defends Xinjiang Plant, App Using ware feature called “Sign in

with Apple,” which allows us-
ers to sign into an app without

AI Delayed having to give away personal

information such as email. Blix

Says No Rights Abuses Found At Apple

had patented a similar feature
earlier. Soon after Apple’s
sign-in feature was an-
nounced, Apple removed the
BlueMail app from its Mac app
BY YOKO KUBOTA Continued from page B1 store. At the time, Apple said
AND SELINA CHENG information as well as seem- the removal of the BlueMail
ingly unhinged and angry re- app was due to security con-
BEIJING—Volkswagen AG’s sponses. Microsoft, which has cerns. Mr. Volach said that
agreement 11 years ago to invested billions in OpenAI, there was never a security is-
build a new car plant in the defended the Bing upgrade as sue and that Apple eventually
remote northwestern Chinese a work in progress. ended up approving the app
region of Xinjiang with a Chi- Apple has long said it must many months later.
nese partner was trumpeted carefully curate and review In the past, Apple has at
by leaders in both countries as what software can be accessed times discovered an issue with
a boost to German-Sino eco- on the iPhone and iPad through an app that leads the company
nomic ties. its App Store to keep its prod- to apply a new rule more
Today, the project is a ucts private and secure. broadly. Initial inconsistency
headache for the German car Microsoft recently released in applying App Store poli-
maker, a source of criticism in an updated version of its Bing cies—especially new policies—
Germany for its presence in a smartphone app with the Chat- isn’t uncommon, said Phillip
Chinese region where Western GPT functionality to Apple’s Shoemaker, former senior di-
human-rights activists and
CHINA DAILY/REUTERS

politicians allege authorities
use Muslim Uyghurs as forced
labor.
Ralf Brandstätter, the com-
pany’s China chief, traveled to
the site in mid-February to try
to allay concerns, and this
week said he saw no human-
rights violations. His visit also
highlighted VW’s other prob-
lem with the plant: It has
fallen short of the big plans
the company and its joint-ven-
ture partner, the Shanghai
government-owned SAIC Mo-
tor Corp., initially had for it.
The plant in Xinjiang’s pro-
vincial capital of Urumqi was
the first passenger-car factory
in China’s northwest, complete
with body, paint and final-as-
sembly workshops built to
German standards, and
planned to produce up to
50,000 vehicles a year.
At one point, its output
reached around 20,000 cars
annually but has since de-
clined, Mr. Brandstätter’s pre-
decessor said last year.
Now, no vehicles are made
in the factory’s car-assembly
workshops, VW said. Instead,
up to 10,000 cars assembled in
eastern China are sent to the
Xinjiang factory each year for
part and electrical checks, as
well as system testing. They
are then sold off in the region.
“The business model has
changed. There is currently no
production of our own,” Mr.
The site in Urumqi, China, is used for parts and electrical tests, but cars are no longer assembled there.
Brandstätter said this week af-
ter the first visit in nearly two
years by a VW senior execu-
tive to the site. Chip-supply is-
sues, as well as China’s
Covid-19 curbs, contributed to
the joint venture downsizing
its workforce by almost two-
thirds in recent years.
Much is at stake for VW in
China. The country is its larg-
est single market. Its joint
ventures there made up
around 14% of its operating in-
come in 2021, according to the
group’s annual report. The
Chinese operation sold around
3 million vehicles made at
plants across the country.
Mr. Brandstätter said this
week that he saw no evidence
of human-rights violations
during his visit. Of the 240
people working there, almost
30% of them are ethnic minor-
ities, VW said.
The visit drew renewed
criticism at home. The Volks-
wagen works council, which
represents employees on the
company’s supervisory board,
said it must be made clear to
what extent the Urumqi plant
extends its values beyond the
factory fence there.
“We request German com-
panies to do a lot more than
just look into the situation,
but to react to it,” said Boris
Mijatovic, the German Green
Party’s spokesman for human
rights.
VW can’t make key deci-
sions related to the plant on
its own because it doesn’t con-
trol the 50-50 joint venture,
company executives said this
week.
“The question of whether
we close the plant does not
arise,” Mr. Brandstätter said.
“For one thing, there is no ba-
sis for discussion with SAIC on
this, and for another, the clo-
sure would only be a symbolic
action with harsh conse-
quences for the workers.”
For any decision to be
made, VW and SAIC must
agree, he said. VW neverthe-
less takes serious responsibil-
ity for the factory, and the
company commits to observ-
ing basic values and the law,
Mr. Brandstätter said.
SAIC didn’t respond to a re-
quest for comment.
Last year, VW’s previous
China head said the company
and SAIC decided to keep op-
erating the plant for business
reasons. SAIC had told VW the
company would do more harm
than good if it were to shut
down the factory for political
reasons, he said at the time.
VW’s Urumqi venture was
intended to spearhead manu-
facturing in China’s underde-
veloped far west, generating
hundreds of jobs. The plant
started operating in 2013.
The Chinese government’s
approach to Xinjiang—border-
ing Central Asia and home to
millions of Turkic-speaking
Uyghurs and other predomi-
nantly Muslim minorities—
started to tighten following a
surge in deadly terrorist at-
tacks around the country in
2014 that authorities blamed
on Xinjiang-based militants.
China began to target Xinji-
ang’s mostly Muslim ethnic
minorities with mass-deten-
tion internment camps as part
of a yearslong campaign of
forcible assimilation.
Beijing has denied using
forced labor. It has said state-
run transfers of Uyghur, Ka-
zakh and other mostly Muslim
minority laborers are part of
poverty-alleviation programs.
App Store and Google’s Android
Play Store. Bing is listed in the
iPhone App Store with the 17-
and-older age restriction that
Apple is asking of BlueMail,
while Bing on the Google Play
store has no age restrictions.
Bing in the App Store already
had a 17-and-up age restriction
because of the app’s ability to
find adult content, a Microsoft
spokesman said.
For BlueMail, Apple’s rejec-
tion came a week after the
company submitted the app
upgrade for review. Mr. Volach
said Apple used a test version
of the upgraded app every day
before he got a response. Blue-
Mail was able to update its
Android BlueMail app on the
Google Play app store without
any requests for age restric-
tion or further content filter-
ing, Mr. Volach said.
Mr. Volach says Apple is un-
fairly targeting BlueMail. The
app has content filtering, and
placing a higher age restriction
on the app could limit distribu-
tion to potential new users, he
said. Mr. Volach also said many
other apps that advertise a
ChatGPT-like feature listed on
Apple’s App Store don’t have
age restrictions.
“We want fairness,” said
Mr. Volach. “If we’re required
to be 17-plus, then others
should also have to.”
Mr. Volach has had a con-
tentious history with Apple. In
2019, Apple announced a soft-
rector of the App Store review
team at Apple, who left in
2016.
There are hundreds of indi-
viduals reviewing each app,
and “not everyone sees the
‘Apple is making it
really hard for us to
bring innovation to
our users.’
same thing,” Mr. Shoemaker
said. “Some are viewing apps
faster than others and could
be missing things. The incon-
sistency could be for a variety
of reasons.”
Apple was an early entrant
in bringing AI technology
mainstream with the introduc-
tion of the Siri voice assistant
in 2011. But to date, Apple ap-
pears to have stayed out of the
fray of generative AI. At an in-
ternal AI conference for com-
pany employees last month,
sessions were focused on ar-
eas such as computer vision,
healthcare and privacy, ac-
cording to internal documents
viewed by the Journal.
In February, on the quarterly
earnings conference call, Apple
Chief Executive Tim Cook said
AI “is a major focus of ours,”
pointing out AI-enabled fea-
tures such as crash detection.

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THE WALL STREET JOURNAL. Friday, March 3, 2023 | B5
B6 | Friday, March 3, 2023
Companies Find It Hard to Leave Russia
Many are tangled in
sanctions and Kremlin
bureaucracy, or still
looking for a buyer
BY WILLIAM BOSTON
AND JENNIFER MALONEY
Moscow’s invasion of
Ukraine triggered a wave of
promises by global businesses
to exit Russia. A year later,
many of those companies are
still there.
Hard Rock International
closed its Hard Rock Cafe in
Moscow but says it is negoti-
ating the end of a franchise
agreement with an indepen-
dent restaurant operator in St.
Petersburg. Volkswagen AG,
Europe’s biggest auto maker,
stopped sales and production
of cars in Russia and says it is
in advanced discussion to sell
its subsidiary there.
Even after finding a buyer,
some companies say they are
r ggling to close deal
stru a s, in par
art
because of sanctions. British
A erican Tobacco PLC, which
Am
makes Lucky Strike cigarettes,
Buyer of Moribund Brands
Faces Financial Struggles
BY SOMA BISWAS
AND ANDREW SCURRIA
A retail venture that built a
business giving second life to
famous brands like Ra-
dioShack and Pier 1 Im-
ports after they closed their
stores in bankruptcy now
faces its own financial strug-
gles and has hired restructur-
ing lawyers, according to peo-
ple familiar with the matter.
Retail Ecommerce Ven-
tures LLC, known for reviving
distressed retail brands as on-
line-only businesses, has been
working with lawyers from
Kirkland & Ellis LLP to explore
options including a financial
restructuring, people famil-
iar with the matter said.
Carbon Emissions Rose Less Than Expected in 2022
BY WILL HORNER
Global carbon emissions
inched higher last year, ac-
cording to the International
Energy Agency, but the in-
crease was less than what had
been feared as booming de-
mand for renewable energy
kept the impact from resur-
gent coal plants in check.
An analysis by the energy
forecaster, whose members
comprise many of the world’s
largest energy consumers, said
emissions of carbon dioxide, a
greenhouse gas that drives cli-
mate change, climbed less
than 1% or 321 million metric
tons in 2022.
While the increase takes to-
tal emissions to 36.8 billion
tons, their highest level ever,
the increase is smaller than
what had been feared follow-
ing a year in which the global
energy crisis sparked by Rus-
sia’s invasion of Ukraine drove
many countries to fire up
DOJ Pushes for Clawbacks to Tax Talk Stirs Buyback Worries
Hurt Lawbreaking Executives
BY DYLAN TOKAR
The Justice Department is
looking to hit lawbreaking cor-
porate executives where it
hurts: their paychecks.
A new pilot program intro-
duced this week encourages
companies to leverage their
compensation policies to re-
ward good behavior by execu-
tives while punishing those
who are involved in criminal
offenses, Deputy Attorney
General Lisa Monaco said
Thursday.
The program, previewed by
Ms. Monaco during an Ameri-
can Bar Association confer-
ence in Miami, allows compa-
nies to use executive-pay
clawbacks to offset some of
the financial penalties im-
posed on them when their em-
ployees violate the law.
“Our goal is simple: to shift
the burden of corporate
wrongdoing away from share-
holders, who frequently play
started discussing a transfer of
its Russia business in March
2022. It is now in advanced
talks with a consortium includ-
ing the business unit’s current
managers and its Russian dis-
tributor, but doesn’t expect to
close until later this year.
“I have to make sure things
are done properly, before the
exit and after the exit,” BAT
Chief Executive Jack Bowles
sai
a d. “W
“ e wan
a t to mak
a e sur
u e we
do it the right way.”
More than 1,000 multina-
tional companies have left or
substantially curtailed opera-
tions in Russia, according to the
Chief Executive Leadership In-
stitute, an arm of the Yale
School of Management, which
has compiled a database of the
corporate exodus since the be-
ginning of the war. Many com-
anies wi
pan w th assets still in Russia
have condemned Moscow’s in-
vasion and some are channeling
the proceeds from these busi-
nesses to humanitarian organi-
zations operating in Ukraine.
The institute grades a total
of 1,586 companies in its data-
base on a scale from A to F.
Companies given an A have
The firm, founded by entre-
preneurs Alex Mehr and Tai
Lopez, recently told its inves-
tors it would pause payments
on its debt, according to a
lawsuit filed against it earlier
this week.
Retail Ecommerce Ventures
also is working with invest-
ment bank Piper Sandler and
financial adviser Riveron, peo-
ple familiar with the matter
said.
The bankruptcies of a
handful of retailers at the
start of the Covid-19 pandemic
provided the company with
the opportunity to snap up a
number of national and re-
gional brands in 2020, includ-
ing Pier 1, Modell’s Sporting
Goods and Stein Mart.
long-shunned coal and oil
power plants.
The soaring price of fossil
fuels and concerns about the
security of global energy sup-
plies provoked by the energy
crisis also have proven a boon
for renewable energy sources,
the growth of which continued
in 2022 and helped to alleviate
the rise in carbon emissions,
the Paris-based agency said.
Global carbon emissions
have grown steadily since the
Industrial Revolution, picking
up pace since the 1960s when
they stood at just under 10 bil-
lion tons. The rate of increase
moderated in recent years
amid a shift from fossil fuels.
The sharp slowdown in eco-
nomic activity during the
Covid-19 pandemic saw carbon
emissions slump in 2020 but
then rebound sharply in 2021
as most economies increased
activity.
The latest figures suggest
that rebound was a one-off
no role in misconduct, onto
those directly responsible,”
Ms. Monaco said.
The use of executive com-
pensation in the fight against
corporate crime was first
floated by Ms. Monaco in a
speech last year.
It is the latest in a spate of
changes the Justice Depart-
ment has made in an effort to
crack down on misconduct by
companies and their execu-
tives.
The U.S. Securities and Ex-
change Commission already
has the ability to force chief
executives and chief financial
officers to return bonuses and
other incentive pay when their
companies run afoul of ac-
counting rules, and regulators
there have moved to expand
their rules on clawbacks.
Justice Department officials
say that rules already in place
on clawbacks were narrow in
nature, and that their new ini-
tiative will help instill more
BUSINESS & FINANCE
Mercedes says its divestitures have been held up by bureaucracy.
made a “clean break” with
Russia, the institute says,
based on a frequent review of
company statements, filings
and media reports. An F is
given to companies that ha-
ven’t exited or reduced activi-
ties. There are about 417 com-
panies with grades of D or F
on the list, or 26% of the total,
as of the end of February.
Some companies that have
quit Russia are hedging their
The company’s founding en-
trepreneurs cast Retail Ecom-
merce as a way to leverage the
brands into new, online-only
businesses that would live
on after they closed down
their bricks-and-mortar stores.
The firm allegedly reneged
on a $5.3 million deal to buy
GetSwift Inc., a workforce
management and logistics
software company, out of
chapter 11 in October, accord-
ing to a lawsuit filed on Mon-
day by GetSwift’s bankruptcy
lawyers.
Retail Ecommerce pulled
out of the agreement after in-
forming investors that it
would suspend payments on
its notes and preferred shares,
the lawsuit said.
Global carbon emissions
40 billion metric tons of carbon dioxide
30
2022
36.8
billion
20
10
0 –3.0
1950 ’60 ’70 ’80 ’90 2000 ’10 ’20
Source: International Energy Agency
and not the start of a new pe-
riod of “runaway emissions
growth” from revived fossil
fuel demand, the IEA said.
“The impacts of the energy
crisis didn’t result in the ma-
jor increase in global emis-
effective and consistent prac-
tices among a larger swath of
companies.
Every settlement negotiated
by prosecutors in the Justice
Department’s criminal division
will now include a require-
ment that the company enter-
ing into it develop compensa-
tion policies that promote
compliant behavior by its ex-
ecutives, Ms. Monaco said.
Such a requirement has al-
ready made its way into sev-
eral of the department’s cases,
including in a $2 billion set-
tlement late last year with
Danske Bank A/S over anti-
money-laundering failures at
the bank’s former branch in
Estonia.
In Danske’s case, the bank
agreed to implement a system
that would withhold bonuses
to executives who fail to en-
sure their department is in
line with the organization’s
overall policies around appli-
cable laws and regulations.
**
sale by a foreign company. The
seller is then required to sell
the asset at a 50% discount of
that value.
Phil
i ip Morris Internationala
Inc., which sells Marlboros
overseas, said it is doubtful it
will be able to divest as it had
MIKHAIL TERESHCHENKO/TASS/ZUMA PRESS
once promised. It cited both
the Russian government’s laby-
rinthine rules and a duty to
shareholders to get a fair price
for the company’s $2.5 billion
in assets there.
Shortly after the invasion,
British oil company BP PLC
said it would exit Russia. A
year later, BP is still trying to
leave, including disposing of
its nearly 20% stake in Ros-
neft, a state-backed Russian oil
bets. French auto maker Re- producer. BP took a $25 billion
u t SA and brewer Car
naul a lsberg pretax accounting charge on
A/S have both said they sold its Russian assets last year and
businesses in Russia for sym- removed its executives from
bolic values but both also say Rosneft’s board. But BP still
they retain the right to come holds the stake. “We continue
back to Russia eventually. to actively pursue options to
Russia hasn’t made getting dispose of our Rosneft share-
out easy. In December, the holding,” a BP spokesman said.
Kremlin adopted rules requir- Exxon Mobil Corp. also
ing the Russian government to promised to quickly exit Rus-
conduct an assessment of the A ter Russia’s 2014 annexa-
sia. Af
market value of any asset for x on wi
tion of Crimea, Exx w thdrew
Retail Ecommerce Ventures has given a second life to famous brands such as Pier 1 Imports.
Retail Ecommerce hasn’t business arrangements be-
formally responded to the tween GetSwift and a com-
lawsuit, which seeks damages pany vendor in declining to
after GetSwift sold itself to close on the sale, according to
another bidder at a lower the lawsuit.
price. Retail Ecommerce cited Another of the firm’s re-
Annual net change in emissions would have been nearly three
times as high.”
3.0 billion metric tons of carbon dioxide
The figures are evidence
2022 that the energy crisis has only
+321 million served to accelerate, rather
than impede, the rollout of re-
1.5
newable energy sources. The
IEA has said energy-security
concerns prompted by the war
in Ukraine were hastening a
0
shift away from oil, gas and
coal and that demand for all
fossil fuels would peak in the
–1.5
next decade.
Renewable energy met 90%
of last year’s growth in elec-
tricity demand, the IEA said.
New solar and wind projects
in 2022 helped prevent 465
1950 ’60 ’70 ’80 ’90 2000 ’10 ’20
million tons of carbon emis-
sions while the growth of
other renewable energy
sions that was initially sources prevented an extra 85
feared—and this is thanks to million tons of emissions, the
the outstanding growth of re- agency said.
newables,” said Fatih Birol, the As natural-gas prices
IEA’s executive director. surged following Russia’s inva-
“Without clean energy, the sion of Ukraine, many coun-
growth in CO2 emissions tries turned to cheaper fuels
BY JENNIFER WILLIAMS-ALVAREZ
Executives largely shrugged
Quarterly payouts by
S&P 500 companies
$300 billion
off a new 1% tax on stock buy-
backs as the cost of doing busi-
ness. But a recently proposed 250
4% tax might move them to re- Buybacks
shape their buyback strategies, 200
some said.
The proposed increase now 150
has executives from companies
including Overstock.com Inc., 100
Kinder Morgan Inc. and Leidos Dividends
Holdings Inc. thinking about 50
how their approach to share re-
purchases might change if it 0 May. The Reston, Va.-based
were to pass. Among the strate-
gies under consideration: look- 2020 ’21 ’22
ing to execute repurchases at Note: 4Q 2022 buyback figure is preliminary
lower share prices to limit the Source: S&P Dow Jones Indices
tax impact, or to instead focus
on dividends to return capital to jected to top $1 trillion in 2023
shareholders. for the first time in a calendar
U.S. companies in recent year, according to S&P Dow
months have spent hundreds of Jones Indices.
billions of dollars on share re- But just over a month into its
purchases, which are often seen life—the 1% tax went into effect
by businesses as a good use of Jan. 1—President Biden proposed
capital that reduces the number in his State of the Union address
of a company’s shares and can lifting the rate to 4% to encour-
lift stock prices. And despite the age long-term investments by
1% levy, stock buybacks by com- companies instead of rewarding
panies in the S&P 500 are pro- shareholders and executives.
THE WALL STREET JOURNAL.
from at least 10 joint ventures
with Russian partners, but re-
mained in a venture to exploit
oil-and-gas deposits off Sakha-
lin Island that was launched in
1996. Then, after Russia’s inva-
sion of Ukraine in February,
Exxon said it would withdraw
from Sakhalin. In October, the
company said Moscow had
“terminated our interests” in
the Sakhalin project and trans-
ferred the assets, which Exxon
had valued at around $4 bil-
lion, to a Russian operator.
German auto makers V VW
and Mercedes-Benz Group AG
said they are planning to fully
sell their holdings in Russia.
V says it is still looking for a
VW
buyer. Mercedes says the sale
of its assets have been held up
by government bureaucracy.
Mercedes last year sold its
shares in the Russian automo-
bile dealership JSC Avtodom to
Avtodom. Mercedes said it has
also received permission to sell
its Russian subsidiaries to Avt-
odom, but that deal still needs
a final approval.
—Jenny Strasburg
and Alistair MacDonald
contributed to this article.
MARK HERTZBERG/ZUMA PRESS
cent deals, to invest over $30
million in discount home-
goods retailer Tuesday Morn-
ing Corp., has also run into
trouble after the retailer filed
for bankruptcy last month.
such as coal and oil, which
also produce carbon emis-
sions. Emissions from natural
gas fell by 1.6% or 118 million
tons, but coal emissions grew
by 1.6% or 243 million tons,
and emissions from oil rose
2.5% or 268 million tons, the
IEA said.
China, in particular, has in-
creased building new coal
power plants and last year be-
gan construction on 50 giga-
watts worth of coal power. De-
spite that, the country’s
emissions edged lower by
0.2%, the IEA said.
China also heavily invested
in renewable-energy sources
on a scale that dwarfs its fresh
investments in coal. While
that has helped moderate its
emissions, a sluggish economy
and Covid-19 lockdown mea-
sures that lasted for most of
the year likely also depressed
CO2 emissions, factors that
aren’t expected to continue
into 2023.
Later in February, a group of
Senate Democrats followed up
with a bill similarly seeking to
increase the tax on certain buy-
backs from 1% to 4%, a proposed
increase that faces hurdles to
passage in the divided Congress.
For instance, Leidos Hold-
ings, an information-technology
and engineering services firm,
may shift some of its buyback
spending to dividends if the tax
increases, said Chief Executive
Roger Krone, who will be step-
ping down from that post by
company’s board in February
2022 authorized the repurchase
of up to 20 million shares.
During the fiscal year ended
Dec. 30, Leidos returned $741
million to shareholders, includ-
ing $199 million as part of its
regular dividend program and
$542 million in share buybacks.
Even with the 1% tax, stock buy-
backs are the preferred way to
return cash to shareholders, Mr.
Krone said at a conference in
February. “If the president gets
us 4%,” he added, “maybe every-
one in the industry will do more
dividends or special dividends.”
THE WALL STREET JOURNAL. Friday, March 3, 2023 | B7

MARKETS DIGEST
EQUITIES

Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index
Last Year ago Last Year ago Last Year ago
33003.57 s 341.73, or 1.05% Trailing P/E ratio 21.91 18.77 3981.35 s 29.96, or 0.76% Trailing P/E ratio * 17.82 23.83 11462.98 s 83.50, or 0.73% Trailing P/E ratio *† 24.61 31.76
High, low, open and close for each P/E estimate * 17.60 17.90 High, low, open and close for each P/E estimate * 17.92 19.49 High, low, open and close for each P/E estimate *† 24.02 24.78
trading day of the past three months. Dividend yield 2.11 2.07 trading day of the past three months. Dividend yield * 1.71 1.41 trading day of the past three months. Dividend yield *† 0.90 0.74
All-time high 36799.65, 01/04/22 All-time high 4796.56, 01/03/22 All-time high: 16057.44, 11/19/21

Current divisor 0.15172752595384

34700 4150 12300

34000 4075 11900

33300 4000 11500

Session high 32600 3925 11100

DOWN UP
t

Session open Close 65-day moving average

31900 3850 65-day moving average 10700
Close Open
t

65-day moving average

Session low 31200 3775 10300

Bars measure the point change from session's open

30500 3700 9900
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* 916,312,564 8,719,302
Industrial Average 33083.45 32665.85 33003.57 341.73 1.05 35294.19 28725.51 -2.3 -0.4 7.3 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 549,210,911 3,742,053
Transportation Avg 15094.51 14639.29 15040.66 275.15 1.86 16718.54 11999.40 -2.4 12.3 16.7 Most-active issues in late trading Decl. volume* 340,810,752 4,615,930
Utility Average 903.79 885.17 902.76 12.07 1.36 1071.75 838.99 -6.6 -6.7 0.6 Volume After Hours Issues traded 3,181 319
Company Symbol (000) Last Net chg % chg High Low
Total Stock Market 40361.69 39717.36 40270.44 284.79 0.71 46941.20 36056.21 -9.0 4.5 8.5 Advances 1,654 139
C3.ai AI 6,925.7 24.80 3.49 16.38 26.06 20.29
Barron's 400 992.55 974.83 990.47 4.46 0.45 1051.05 825.73 -2.4 7.6 14.1 Declines 1,416 162
SPDR S&P 500 ETF Trust SPY 5,771.1 397.56 -0.25 -0.06 397.96 382.01
Unchanged 111 18
Nasdaq Stock Market Bank of America BAC 4,264.0 33.46 -0.03 -0.09 33.52 33.45 New highs 83 8
Nasdaq Composite 11487.59 11273.61 11462.98 83.50 0.73 14619.64 10213.29 -15.3 9.5 8.6 Peloton Interactive PTON 3,685.0 12.87 -0.05 -0.39 12.93 12.45 New lows 51 10
Nasdaq-100 12074.59 11830.09 12044.87 106.30 0.89 15239.32 10679.34 -14.2 10.1 10.7 ProShares UltraPro QQQ TQQQ 2,973.9 22.03 -0.08 -0.36 22.17 22.01 Closing Arms† 0.79 1.25
ChargePoint Holdings CHPT 2,875.8 9.76 -1.50 -13.31 11.44 9.23 Block trades* 4,997 97
S&P
0.76
Snap SNAP 2,645.0 10.10 … unch. 10.10 10.07
500 Index 3990.84 3928.16 3981.35 29.96 4631.60 3577.03 -8.8 3.7 8.8 Nasdaq NYSE Arca
Bausch Health BHC 2,540.4 9.25 … unch. 9.28 9.25
MidCap 400 2622.33 2582.54 2619.52 12.26 0.47 2773.72 2200.75 -1.4 7.8 11.8 Total volume*5,313,766,812 266,446,035
SmallCap 600 1257.92 1239.23 1255.40 3.55 0.28 1357.33 1064.45 -4.7 8.5 11.4 Percentage gainers… Adv. volume*3,436,580,746 175,526,768
Heritage Insurance HRTG 73.6 3.26 0.54 19.85 3.40 2.72 Decl. volume*1,829,936,400 88,612,842
Other Indexes
C3.ai AI 6,925.7 24.80 3.49 16.38 26.06 20.29 Issues traded 4,746 1,737
Russell 2000 1905.35 1877.58 1902.66 4.23 0.22 2133.10 1649.84 -6.4 8.0 7.8
Advances 2,376 1,208
NYSE Composite 15555.09 15342.71 15524.52 88.22 0.57 17014.76 13472.18 -4.7 2.2 6.6 Ardelyx ARDX 1,090.1 3.16 0.27 9.34 3.23 2.89
Declines 2,151 499
Value Line 577.08 567.82 576.37 3.67 0.64 653.15 491.56 -8.1 7.5 5.7 BigBear.ai BBAI 495.1 3.06 0.22 7.75 3.08 2.73
Unchanged 219 30
NYSE Arca Biotech 5339.16 5266.77 5327.07 11.71 0.22 5644.50 4208.43 7.5 0.9 1.9
PagSeguro Digital PAGS 63.1 9.00 0.54 6.38 9.10 8.38
New highs 94 5
NYSE Arca Pharma 810.62 801.28 808.81 3.43 0.43 887.27 737.84 2.2 -6.8 9.3 ...And losers New lows 163 14
KBW Bank 108.43 106.19 107.38 -1.95 -1.78 132.22 94.66 -17.4 6.5 4.0 ChargePoint Holdings CHPT 2,875.8 9.76 -1.50 -13.31 11.44 9.23 Closing Arms† 0.59 1.53
PHLX§ Gold/Silver 116.96 115.53 116.95 0.01 0.01 167.76 91.40 -22.1 -3.2 6.1 Zscaler ZS 1,367.7 119.00 -15.13 -11.28 140.80 116.40 Block trades* 45,937 1,073
PHLX§ Oil Service 91.48 88.13 91.13 1.91 2.14 93.94 56.08 28.7 8.7 19.4 Marvell Technology MRVL 1,434.2 42.20 -4.03 -8.72 46.97 42.11 * Primary market NYSE, NYSE American NYSE Arca only.
PHLX§ Semiconductor 2996.59 2892.22 2984.11 28.28 0.96 3625.58 2162.32 -10.6 17.9 19.1 Bumble Cl A BMBL 144.2 22.75 -1.79 -7.29 24.54 22.00 †(TRIN) A comparison of the number of advancing and declining
issues with the volume of shares rising and falling. An
Cboe Volatility 21.42 19.55 19.59 -0.99 -4.81 36.45 17.87 -35.7 -9.6 -16.3 Elastic ESTC 87.6 55.03 -3.38 -5.79 59.91 53.00 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 631.22 2.36 0.38 4.3 OncoSec Medical ONCS 2.77 0.73 35.78 31.90 0.74 -86.9 Silvergate Capital SI 5.72 -7.81 -57.72 162.65 5.66 -95.3
MSCI ACWI ex-USA 294.25 –0.57 –0.19 4.6 Reneo Pharmaceuticals RPHM 4.30 1.01 30.70 5.20 1.79 -2.9 ZimVie ZIMV 5.80 -4.66 -44.55 28.95 5.05 -76.3
MSCI World 2719.68 12.89 0.48 4.5 BioRestorative Therapies BRTX 3.61 0.82 29.39 5.98 2.46 -36.1 HPX Cl A HPX 17.36 -9.71 -35.87 50.50 9.59 75.5
MSCI Emerging Markets 980.05 –4.14 –0.42 2.5 Gaotu Techedu ADR GOTU 4.39 0.91 26.15 4.51 0.64 186.9 CareDx CDNA 10.77 -5.24 -32.72 41.50 9.05 -69.2
Americas MSCI AC Americas 1516.37 10.78 0.72 4.1 Sky Harbour Group SKYH 8.38 1.69 25.26 43.41 2.50 -48.9 Arbe Robotics ARBE 4.65 -1.28 -21.59 9.03 2.89 -36.0
Canada S&P/TSX Comp 20337.21 77.43 0.38 4.9 Atlas Lithium ATLX 16.65 3.30 24.72 23.51 1.55 270.0 Cascadia Acquisition A CCAI 10.44 -2.44 -18.94 14.00 9.71 7.3
Latin Amer. MSCI EM Latin America 2190.79 –17.74 –0.80 2.9 Preformed Line Products PLPC 107.98 19.38 21.87 113.32 56.05 92.4 Entrada Therapeutics TRDA 10.15 -2.10 -17.14 24.38 5.12 -9.5
Brazil BOVESPA 103325.61 –1059.06 –1.01 –5.8 Climb Global Solutions CLMB 47.48 8.06 20.43 47.80 24.65 42.9 Lionheart III Cl A LION 9.74 -2.00 -17.04 18.89 6.11 -1.9
Chile S&P IPSA 3258.11 19.20 0.59 2.7 Arcadia Biosciences RKDA 10.35 1.75 20.35 18.94 7.90 ... Montrose Environmental MEG 36.05 -7.40 -17.03 57.49 28.36 -17.7
Mexico S&P/BMV IPC 53329.53 –143.93 –0.27 10.0 Cardio Diagnostics Hldgs CDIO 7.90 1.30 19.70 10.25 0.80 -20.0 Aehr Test Systems AEHR 30.50 -5.49 -15.25 37.57 6.71 133.9
EMEA STOXX Europe 600 460.02 2.34 0.51 8.3 Organogenesis Hldgs Cl A ORGO 2.72 0.44 19.30 9.20 2.20 -69.1 Pure Storage Cl A PSTG 24.43 -4.36 -15.14 36.71 21.90 -18.3
Eurozone Euro STOXX 455.52 1.87 0.41 11.1 WiSA Technologies WISA 5.15 0.81 18.66 149.00 4.18 -95.9 Werewolf Therapeutics HOWL 2.58 -0.46 -15.13 7.55 1.39 -51.9
Belgium Bel-20 3856.39 –23.48 –0.61 4.2 Zuora ZUO 9.63 1.43 17.44 15.77 5.45 -31.2 Paltalk PALT 1.87 -0.33 -15.00 4.60 1.28 -26.7
Denmark OMX Copenhagen 20 1942.96 3.81 0.20 5.9 Certara CERT 21.63 3.19 17.30 24.66 10.60 4.3 Comstock Hldg Cl A CHCI 4.54 -0.76 -14.34 6.94 3.59 -5.0
France CAC 40 7284.22 0.69 12.5 Advantage Solutions ADV 2.61 0.38 17.04 6.74 1.78 -59.8 Aaron's AAN 12.37 -2.03 -14.10 23.63 7.65 -45.1
49.97
Germany DAX 15327.64 22.62 0.15 10.1
Israel Tel Aviv 1742.62 5.23 0.30 –3.0
Most Active Stocks Volume Movers Ranked by change from 65-day average*
Italy FTSE MIB 27397.60 82.52 0.30 15.6 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 755.17 5.79 0.77 9.6
Norway Oslo Bors All-Share 1424.64 10.17 0.72 4.5 Exela Technologies XELA 778,626 584.3 0.07 40.00 18.90 0.04 Arcadia Biosciences RKDA 7,492 8908 10.35 20.35 18.94 7.90
Troika Media Group TRKA 259,581 716.6 0.54 17.66 1.42 0.10 Dimensional US Sus Core 1 DFSU 5,234 7534 26.49 0.62 27.94 24.01
South Africa FTSE/JSE All-Share 77547.01 –1084.44 –1.38 6.2
0.05 Tesla TSLA 180,964 7.3 190.90 -5.85 384.29 101.81 Pacer CFRA-Stovall Eq Wt SZNE 468 7016 37.46 1.10 39.27 31.08
Spain IBEX 35 9327.30 4.40 13.3
ProShares UltraPro QQQ TQQQ 157,386 -14.7 22.11 2.41 62.96 16.10 Radius Gl Infr Cl A RADI 74,269 5168 14.59 4.96 16.52 7.97
Sweden OMX Stockholm 847.99 –0.34 –0.04 8.5
ProSh UltraPro Shrt QQQ SQQQ 125,413 1.8 39.13 -2.35 69.55 31.17 Healthcare AI Cl A HAIA 2,250 3837 10.40 0.14 10.85 9.87
Switzerland Swiss Market 11165.58 109.50 0.99 4.1
Turkey BIST 100 5261.41 –61.24 –1.15 –4.5 Mullen Automotive MULN 114,882 -44.9 0.21 -3.04 4.18 0.18 Altimar Acqn III Cl A ATAQ 1,485 2253 10.17 -1.26 10.61 9.70
U.K. FTSE 100 7944.04 29.11 0.37 6.6 SPDR S&P 500 ETF Trust SPY 84,778 3.8 397.81 0.78 462.07 348.11 Acropolis Infr Acqn ACRO 1,619 1473 10.10 0.10 10.31 9.63
U.K. FTSE 250 19851.65 –18.95 –0.10 5.3 Ford Motor F 77,888 32.5 12.55 1.87 18.25 10.61 ZimVie ZIMV 6,542 1393 5.80 -44.55 28.95 5.05
Radius Gl Infr Cl A RADI 74,269 5168.2 14.59 4.96 16.52 7.97 Cardio Diagnostics Hldgs CDIO 42,206 1392 7.90 19.70 10.25 0.80
Asia-Pacific MSCI AC Asia Pacific 159.51 –0.65 –0.41 2.4
Direxion Dly SCOND 3 BL SOXL 73,154 -21.3 15.01 2.25 46.00 6.21 CareDx CDNA 14,101 1372 10.77 -32.72 41.50 9.05
Australia S&P/ASX 200 7255.40 3.80 0.05 3.1
* Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least
China Shanghai Composite 3310.65 –1.69 –0.05 7.2 5,000 shares =Has traded fewer than 65 days
Hong Kong Hang Seng 20429.46 –190.25 –0.92 3.3
58909.35
Scan this code
India S&P BSE Sensex –501.72 –0.84 –3.2
Japan NIKKEI 225 27498.87 –17.66 –0.06 5.4 Get real-time U.S. stock quotes CURRENCIES & COMMODITIES
Singapore Straits Times 3234.90 –20.18 –0.62 –0.5 and track most-active stocks,
South Korea KOSPI 2427.85 15.00 0.62 8.6 new highs/lows, mutual funds Currencies
Taiwan TAIEX 15598.72 0.23 0.001 10.3 and ETFs. U.S.-dollar foreign-exchange rates in late New York trading
Thailand SET 1612.64 –7.34 –0.45 –3.4
All are available free at WSJMarkets.com US$vs, US$vs,
Sources: FactSet; Dow Jones Market Data Thurs YTDchg Thurs YTDchg
Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%)
Americas Vietnam dong .00004216 23720 0.4
CREDIT MARKETS Argentina peso .0051197.8744 12.0 Europe
Brazil real .1923 5.2010 –1.6 Czech Rep. koruna .04526 22.095 –2.1
Canada dollar .7355 1.3597 0.3 Denmark krone .1424 7.0228 1.1
Consumer Rates and Returns to Investor Benchmark
Treasury Yields
yield curve Forex Race Chile peso .001230 812.88 –4.2 Euro area euro 1.0597 .9437 1.0
U.S. consumer rates Selected rates andtoRates
Yield maturity of current bills, Yen, euro vs. dollar; dollar vs. Colombiapeso .000207 4819.83 –0.59 Hungary forint .002816 355.08 –4.9
notes and bonds major U.S. trading partners Ecuador US dollar 1 1 unch Iceland krona .007013 142.59 0.7
A consumer rate against its New car loan Mexico peso .0552 18.1239 –7.0 Norway krone .0957 10.4448 6.5
benchmark over the past year 5.00% Uruguay peso .02570 38.9150 –2.7 Poland zloty .2256 4.4322 1.2
Bankrate.com avg†: 6.77% 28% Asia-Pacific Russia ruble .01325 75.499 2.4
t
First Savings Bank of Hegewisch 4.00% 4.00 WSJ Dollar Index Sweden krona .0952 10.5069 0.7
Australiadollar .6730 1.4859 1.3
7.00% Chicago, IL 773-646-4200 Tradeweb ICE 14
s Switzerland franc 1.0613 .9422 1.8
China yuan .1446 6.9153 0.2
Prime rate Thursday Close 3.00 Turkey lira .0530 18.8635 0.9
t

Colonial Savings, FA 5.49% Hong Kong dollar .1274 7.8498 0.6

6.00 0 Ukraine hryvnia .0271 36.9500 0.3
Garland, TX 2.00 India rupee .01214 82.350 –0.5
972-495-4032 Euro UK pound 1.1947 .8370 1.3
s Indonesia rupiah .0000653 15321 –1.6
First Command Bank 5.49% One year ago Middle East/Africa
t

t 5.00 1.00 –14 Japan yen .007312 136.77 4.3

Fort Worth, TX 888-763-7600 s Kazakhstan tenge .002294 435.87 –5.8 Bahrain dinar 2.6525 .3770 –0.01
New car loan Yen
4.00 Frost Bank 5.49% 0.00 –28 Macau pataca .1236 8.0910 0.5 Egypt pound .0325 30.7713 24.3
1 3 6 1 2 3 5 7 10 20 30 Malaysia ringgit .2234 4.4755 1.6 Israel shekel .2729 3.6642 3.9
Houston, TX 800-513-7678 2022 2023
3.00 New Zealand dollar .6219 1.6080 2.1 Kuwait dinar 3.2555 .3072 0.4
Third Coast Bank, SSB 5.50% month(s) years
MAM J J A S ON D J FM Pakistan rupee .00355 281.850 24.3 Oman sul rial 2.5978 .3849 –0.02
Humble, TX 281-446-7000 maturity Philippines peso .0180 55.520 –0.3 Qatar rial .2746 3.641 –0.7
2022 2023
Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Singapore dollar .7421 1.3475 0.5 Saudi Arabia riyal .2664 3.7533 –0.1
Yield/Rate (%) 52-Week Range (%) 3-yr chg South Korea won .0007625 1311.39 3.9 South Africa rand .0550 18.1936 6.9
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts)
Corporate Borrowing Rates and Yields Sri Lanka rupee .0028898 346.05 –5.8
Close Net Chg % Chg YTD%Chg
Federal-funds rate target 4.50-4.75 4.50-4.75 0.00 l 4.75 3.00 Taiwan dollar .03261 30.668 0.1
Yield (%) 52-Week Total Return (%) Thailand baht .02871 34.830 0.6 WSJ Dollar Index 97.97 0.48 0.50 1.46
Prime rate* 7.75 7.75 3.25 l 7.75 3.00 Bond total return index Close Last Week ago High Low 52-wk 3-yr
Libor, 3-month 4.99 4.96 0.58 l 4.99 3.73 Sources: Tullett Prebon, Dow Jones Market Data
U.S. Treasury, Bloomberg 2073.300 4.500 4.310 4.560 1.730 –10.236 –4.533
Money market, annual yield 0.47 0.46 0.07 l 0.47 -0.03
Five-year CD, annual yield 2.77 2.75 0.46 l 2.79 1.40 U.S. Treasury Long, Bloomberg 3135.410 4.170 4.000 4.570 2.200 –23.894–11.661 Commodities
30-year mortgage, fixed† 7.12 7.02 4.12 l 7.41 3.48 Aggregate, Bloomberg 1939.110 4.930 4.740 5.210 2.320 –9.946 –4.098 Thursday 52-Week YTD
Pricing trends on someClose
raw materials, or commodities
Net chg % Chg High Low % Chg % chg
15-year mortgage, fixed† 6.26 6.26 3.38 l 6.53 3.19 Fixed-Rate MBS, Bloomberg 1921.680 4.880 4.690 5.380 2.450 –9.766 –4.011
Jumbo mortgages, $726,200-plus† 7.22 7.05 4.12 l 7.44 3.54 DJ Commodity 1014.68 -2.49 -0.24 1264.48 990.27 -13.75 -3.24
High Yield 100, ICE BofA 3175.463 8.067 7.737 8.753 5.085 –5.326 0.304 Refinitiv/CC CRB Index 271.30 -1.51 -0.55 329.59 263.69 -6.19 -2.32
Five-year adj mortgage (ARM)† 5.74 5.60 2.92 l 5.74 2.20
Muni Master, ICE BofA 556.840 3.443 3.378 3.936 1.683 –4.616 –1.486 Crude oil, $ per barrel 78.16 0.47 0.60 123.70 71.02 -27.41 -2.62
New-car loan, 48-month 6.77 6.69 3.58 l 6.77 2.27
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 767.691 7.954 7.745 9.159 5.919 –8.686 –4.993 Natural gas, $/MMBtu 2.765 -0.046 -1.64 9.680 2.073 -41.44 -38.21
banks.† Excludes closing costs.
Sources: FactSet; Dow Jones Market Data; Bankrate.com Sources: J.P. Morgan; Bloomberg Fixed Income Indices; ICE Data Services
Gold, $ per troy oz. 1833.50 -4.20 -0.23 2040.10 1623.30 -5.22 0.76
B8 | Friday, March 3, 2023 * THE WALL STREET JOURNAL.

COMMODITIES wsj.com/market-data/commodities

Futures Contracts Open

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

Metal & Petroleum Futures May 1494.50 1514.75 1489.50 1509.25 15.00 329,951 June 134-140 134-190 132-110 132-300 –1-15.0 1,452,048 June 1.2056 1.2062 1.1948 1.1971 –.0074 5,412
Soybean Meal (CBT)-100 tons; $ per ton. Treasury Bonds (CBT)-$100,000; pts 32nds of 100% Swiss Franc (CME)-CHF 125,000; $ per CHF
Contract Open March 123-000 123-070 121-270 122-070 –31.0 26,295 March 1.0651 t 1.0603
1.0656 1.0626 –.0023 40,757
March 490.40 493.80 488.40 489.30 –1.10 3,827
Open High hi lo Low Settle Chg interest June 124-040 124-060 122-220 123-020 –1-02.0 1,179,230 June 1.0766 t 1.0715
1.0768 1.0737 –.0024 1,302
May 471.00 476.30 469.70 472.30 2.00 235,318
Copper-High (CMX)-25,000 lbs.; $ per lb. Soybean Oil (CBT)-60,000 lbs.; cents per lb. Treasury Notes (CBT)-$100,000; pts 32nds of 100% Australian Dollar (CME)-AUD 100,000; $ per AUD
March 4.1750 4.1750 4.0600 4.0840 –0.0840 4,378 March 60.05 60.05 59.77 61.39 .85 1,158 March 110-185 110-200 109-315 110-030 –15.0 22,916 March .6759 .6768 .6708 .6731 –.0023 127,970
May 4.1685 4.1740 4.0470 4.0760 –0.0840 124,611 May 60.75 62.09 60.11 61.90 1.07 186,925 June 111-015 111-020 110-125 110-160 –16.0 4,315,989 June .6784 .6791 .6733 .6755 –.0023 2,591
Gold (CMX)-100 troy oz.; $ per troy oz. Rough Rice (CBT)-2,000 cwt.; $ per cwt. 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% Mexican Peso (CME)-MXN 500,000; $ per MXN
March 1830.00 1836.30 1830.00 1833.50 –4.20 638 March 17.15 17.23 17.15 17.24 .07 63 March 106-110 106-112 105-307 106-022 –7.0 29,367 March .05512 .05519 .05489 .05507 .00006 292,943
April 1843.80 1845.30 1835.90 1840.50 –4.90 323,538 May 17.56 17.60 17.42 17.59 .07 5,730 June 106-217 106-225 106-087 106-125 –8.0 4,252,186 June .05412 .05417 .05389 .05407 .00006 7,576
May 1847.00 1852.70 s 1847.00 1848.40 –4.80 45 Wheat (CBT)-5,000 bu.; cents per bu. 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% Euro (CME)-€125,000; $ per €
June 1860.10 1861.90 1852.70 1857.30 –4.80 67,017 March 702.50 706.50 702.50 701.25 4.25 820 March 101-165 101-178 101-136 101-162 … 17,247 March 1.0678 1.0679 1.0582 1.0597 –.0069 773,449
Aug 1876.70 1880.00 1871.10 1875.50 –4.80 16,572 May 713.00 721.75 708.50 712.75 2.75 187,478 June 101-215 101-223 101-175 101-201 –1.0 2,549,598 June 1.0734 1.0738 1.0642 1.0655 –.0070 32,336
Oct 1891.00 1896.40 1890.40 1893.50 –4.90 5,599 Wheat (KC)-5,000 bu.; cents per bu. 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg.
Palladium (NYM) - 50 troy oz.; $ per troy oz. March 823.00 832.50 823.00 832.25 11.00 552 March 95.3350 95.3375 95.3300 95.3325 –.0025 166,351 Index Futures
March 1428.90 7.20 37 May 820.75 832.75 813.75 826.00 9.75 84,944 April 95.1150 95.1300 95.1000 95.1100 –.0050 425,798
June 1436.00 1446.00 1412.50 1444.90 7.30 11,950 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100% Mini DJ Industrial Average (CBT)-$5 x index
Cattle-Feeder (CME)-50,000 lbs.; cents per lb. March 32845 33107 32639 33018 325 87,707
Platinum (NYM)-50 troy oz.; $ per troy oz. March 99-160 99-160 99-035 99-090 –19.5 16,725
March 188.275 189.000 188.050 188.575 .275 8,896 June 33093 33372 32899 33279 329 1,695
March … 962.90 1.40 April 193.675 194.550 193.525 193.850 … 16,445
Three-Month SOFR (CME)-$1,000,000; 100 - daily avg.
April 959.60 967.70 948.90 963.20 1.40 53,300 Dec 95.5550 95.5550 95.5525 95.5550 .0025 706,873 Mini S&P 500 (CME)-$50 x index
Cattle-Live (CME)-40,000 lbs.; cents per lb. March 3959.75 3995.25 3925.00 3984.75 28.25 2,067,724
Silver (CMX)-5,000 troy oz.; $ per troy oz. March'23 94.9850 95.0100 94.9775 94.9900 ... 1,408,043
April 165.125 165.150 163.850 164.100 –1.025 141,243 June 3995.00 4031.25 3960.75 4021.00 28.25 38,708
March 20.915 20.915 20.735 20.766 –0.193 798 June 160.400 160.650 159.175 159.450 –1.150 105,239
Eurodollar (CME)-$1,000,000; pts of 100%
March 94.9150 94.9425 94.9075 94.9200 .0075 779,932 Mini S&P Midcap 400 (CME)-$100 x index
May 21.085 21.100 20.760 20.901 –0.194 107,110 Hogs-Lean (CME)-40,000 lbs.; cents per lb. June 94.4100 94.4850 94.4000 94.4450 .0250 703,640 March 2610.90 2624.80 2582.70 2621.00 12.10 44,535
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. April 85.500 85.875 83.625 83.850 –1.100 92,469 June 2641.40 12.00 1
April 77.74 78.59 77.23 78.16 0.47 287,267 Sept 94.2650 94.3300 t 94.2250 94.2900 .0150 643,492
June 101.450 102.100 100.375 100.575 –.225 45,775 Mini Nasdaq 100 (CME)-$20 x index
May 77.90 78.72 77.38 78.31 0.48 198,708 Dec 94.4100 94.4700 t 94.3600 94.4300 .0200 605,587
Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. March 11967.00 12096.25 11832.50 12062.00 100.25 257,317
June 77.81 78.67 77.35 78.29 0.49 218,169 March 370.20 375.00 360.40 371.80 –4.90 537 June 12104.25 12228.75 11964.25 12193.25 99.25 5,879
July 77.57 78.43 77.13 78.08 0.51 140,781 May 410.00 413.50 400.10 410.10 –2.30 1,703
Currency Futures Mini Russell 2000 (CME)-$50 x index
Sept 76.70 77.58 76.35 77.31 0.57 118,214 Milk (CME)-200,000 lbs., cents per lb. Japanese Yen (CME)-¥12,500,000; $ per 100¥ March 1901.90 1908.40 1876.20 1904.20 4.40 431,153
Dec 75.27 76.09 74.88 75.90 0.63 206,658 March 17.75 17.81 17.58 17.71 –.04 5,697 March .7355 t .7361
.7302 .7321 –.0034 185,684 Mini Russell 1000 (CME)-$50 x index
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. April 17.64 17.64 17.38 17.45 –.14 5,003 June .7465 t .7467
.7408 .7427 –.0034 11,163 March 2195.70 2201.70 2166.80 2196.20 15.70 12,755
April 2.8718 2.9107 2.8382 2.8662 –.0076 75,180 Cocoa (ICE-US)-10 metric tons; $ per ton. Canadian Dollar (CME)-CAD 100,000; $ per CAD U.S. Dollar Index (ICE-US)-$1,000 x index
May 2.8089 2.8455 2.7803 2.8096 –.0026 43,529 March 2,769 2,815 2,730 2,760 –40 36 March .7356 .7363 .7331 .7353 .0004 161,743 March 104.44 105.16 104.42 105.00 .56 33,258
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. May 2,834 2,841 2,784 2,790 –51 137,589 June .7367 .7373 .7342 .7363 .0005 6,340 June 104.05 104.79 104.05 104.63 .53 2,760
April 2.6786 2.7073 2.6583 2.7003 .0255 94,906 Coffee (ICE-US)-37,500 lbs.; cents per lb. British Pound (CME)-£62,500; $ per £
May 2.6633 2.6966 2.6488 2.6894 .0250 64,286 March 183.95 –1.35 167 March 1.2030 1.2038 1.1922 1.1945 –.0075 199,913 Source: FactSet
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. May 185.00 186.40 180.55 182.20 –1.35 85,879
April 2.811 2.863 2.710 2.765 –.046 193,922 Sugar-World (ICE-US)-112,000 lbs.; cents per lb.
May 2.938 2.994 2.848 2.899 –.044 265,598 May 20.57 20.62 20.20 20.31 –.26 402,799
July 3.285 3.364 3.234 3.270 –.029
3.276 –.025
85,495 July 20.02 20.04 19.66 19.75 –.27 207,488 Bonds | wsj.com/market-data/bonds/benchmarks
Sept 3.296 3.366 3.242 95,378 Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb.
3.353 –.027
Oct
Jan'24
3.372
4.309
3.445
4.370
3.316
4.259 4.295 –.006
96,685
69,090
May
July
37.24
37.10
…
…
2,554
2,387
Tracking Bond Benchmarks
Cotton (ICE-US)-50,000 lbs.; cents per lb. Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week
Agriculture Futures March 82.85 –1.72 7
highs and lows for different types of bonds
May 85.50 86.25 83.11 83.71 –1.95 94,736
Corn (CBT)-5,000 bu.; cents per bu. Orange Juice (ICE-US)-15,000 lbs.; cents per lb. Total Total
March 641.00 647.25 635.75 637.75 –2.75 4,542 return YTD total Yield (%) return YTD total Yield (%)
March 261.70 261.70 256.00 256.45 –12.90 451
May 637.00 641.50 630.75 633.75 –2.00 527,219 close return (%) Index Latest Low High close return (%) Index Latest Low High
May 238.30 240.30 228.00 229.15 –14.45 9,658
Oats (CBT)-5,000 bu.; cents per bu.
March 338.25 –14.75 6 Broad Market Bloomberg Fixed Income Indices Mortgage-Backed Bloomberg Fixed Income Indices
May 337.25 338.00 331.75 333.50 –2.00 3,048
Interest Rate Futures
Soybeans (CBT)-5,000 bu.; cents per bu. 1939.11 -0.5 U.S. Aggregate 4.930 2.320 5.210 1921.68 -0.6 Mortgage-Backed 4.880 2.450 5.380
Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100%
March 1504.50 1526.50 1501.50 1519.75 15.50 4,189 March 134-070 134-090 132-030 132-210 –1-14.0 15,133 1894.57 -0.5 Ginnie Mae (GNMA) 4.910 2.420 5.370
U.S. Corporate Indexes Bloomberg Fixed Income Indices
2866.76 -0.05 U.S. Corporate 5.620 3.120 6.130 1129.43 -0.7 Fannie mae (FNMA) 4.860 2.460 5.390
-0.7 Freddie Mac (FHLMC) 5.010 2.460 5.370
Cash Prices | wsj.com/market-data/commodities Thursday, March 2, 2023 2782.94 0.01 Intermediate 5.580 2.710 6.050 1732.38
3785.91 -0.2 Long term 5.700 3.810 6.370 556.84 0.1 Muni Master 3.443 1.683 3.936
These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace—
separate from the futures price on an exchange, which reflects what the commodity might be worth in future 552.10 -0.4 Double-A-rated 5.040 2.690 5.320 399.10 0.3 7-12 year 3.072 1.692 3.794
months. 759.17 0.1 Triple-B-rated 5.880 3.370 6.440 444.51 0.4 12-22 year 3.877 1.963 4.428
Thursday Thursday Thursday
Iron Ore, 62% Fe CFR China-s 127.3 Wheat,Spring14%-pro Mnpls-u 10.3125
High Yield Bonds ICE BofA 414.69 0.6 22-plus year 4.543 2.461 5.131
Energy Shredded Scrap, US Midwest-s,m n.a. Wheat,No.2 soft red,St.Louis-u 7.0275 Global Government J.P. Morgan†
473.46 2.2 High Yield Constrained 8.770 5.649 9.623
Coal,C.Aplc.,12500Btu,1.2SO2-r,w 135.700 Steel, HRC USA, FOB Midwest Mill-s 1100 Wheat - Hard - KC (USDA) $ per bu-u 8.8000
Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 15.500 Battery/EV metals Wheat,No.1soft white,Portld,OR-u 8.1750 446.96 6.3 Triple-C-rated 14.509 9.535 16.916 520.11 -0.3 Global Government 3.220 1.230 3.250

Metals BMI Lithium Carbonate, EXW China, =99.2%-v,w 59850 Food 3175.46 2.0 High Yield 100 8.067 5.085 8.753 760.87 -0.4 Canada 3.530 1.740 3.780
BMI Lithium Hydroxide, EXW China, =56.5% -v,w 64675
Gold, per troy oz BMI Cobalt sulphate, EXW China, >20.5% -v,m 5760 Beef,carcass equiv. index 414.65 2.2 Global High Yield Constrained 8.779 6.046 9.945 n.a. n.a. EMU§ n.a. n.a. n.a.
Engelhard industrial 1835.00 BMI Nickel Sulphate, EXW China, >22%-v,m 5616 choice 1-3,600-900 lbs.-u 261.59
BMIFlakeGraphite,FOBChina,-100Mesh,94-95%-v,m 768 select 1-3,600-900 lbs.-u 248.12 317.43 2.8 Europe High Yield Constrained 7.350 4.275 8.508 614.07 -0.9 France 3.310 0.500 3.310
Handy & Harman base 1836.20
Handy & Harman fabricated 2038.18 Broilers, National comp wtd. avg.-u,w 1.2212
Fibers and Textiles Butter,AA Chicago-d 2.3450
U.S Agency Bloomberg Fixed Income Indices 438.52 -1.1 Germany 2.760 -0.140 2.760
LBMA Gold Price AM *1833.50
LBMA Gold Price PM *1841.25 Cheddar cheese,bbl,Chicago-d 153.00 1684.78 -0.2 U.S Agency 4.970 1.770 4.970 279.86 0.7 Japan 0.930 0.450 1.060
Burlap,10-oz,40-inch NY yd-n,w 0.7125
Krugerrand,wholesale-e 1917.31
Cheddar cheese,blk,Chicago-d 191.00
Cotton,1 1/16 std lw-mdMphs-u 0.8271 -0.3
Maple Leaf-e 1963.18
Milk,Nonfat dry,Chicago lb.-d 118.00 1491.06 10-20 years 4.980 1.700 4.980 473.87 -1.2 Netherlands 3.000 0.100 3.000
Cotlook 'A' Index-t *98.60 Coffee,Brazilian,Comp-y 1.9540
American Eagle-e 1963.18 Hides,hvy native steers piece fob-u n.a. 3194.69 0.2 20-plus years 4.880 2.530 5.240 771.60 -1.4 U.K. 4.040 1.330 4.690
Coffee,Colombian, NY-y 2.3463
Mexican peso-e 2367.01 Wool,64s,staple,Terr del-u,w n.a. Eggs,large white,Chicago-u 2.4750 0.1
Austria crown-e 1801.42 2534.02 Yankee 5.440 2.750 5.840 767.69 -0.1 Emerging Markets ** 7.954 5.919 9.159
Grains and Feeds Flour,hard winter KC-p 21.15
Austria phil-e 1926.49
Hams,17-20 lbs,Mid-US fob-u 0.81 *Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds
Silver, troy oz. Barley,top-quality Mnpls-u n.a. Hogs,Iowa-So. Minnesota-u 79.19 ** EMBI Global Index Sources: ICE Data Services; Bloomberg Fixed Income Indices; J.P.Morgan
Engelhard industrial 20.8500 Bran,wheat middlings, KC-u,w 175 Pork bellies,12-14 lb MidUS-u n.a.
Handy & Harman base 20.8270 Corn,No. 2 yellow,Cent IL-bp,u 6.2900 Pork loins,13-19 lb MidUS-u 0.9914
Handy & Harman fabricated
LBMA spot price
26.0340
*£17.4200
Corn gluten feed,Midwest-u,w
Corn gluten meal,Midwest-u,w
209.0
669.9
Steers,Tex.-Okla. Choice-u n.a. Global Government Bonds: Mapping Yields
Steers,feeder,Okla. City-u,w 217.00
(U.S.$ equivalent) *20.9950 Cottonseed meal-u,w 393 Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in
Coins,wholesale $1,000 face-a 18725 Hominy feed,Cent IL-u,w 218 Fats and Oils
Other metals Meat-bonemeal,50% pro Mnpls-u,w 418 Degummed corn oil, crude wtd. avg.-u,w n.a.
selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session
LBMA Platinum Price PM *960.0 Oats,No.2 milling,Mnpls-u 3.9850 Grease,choice white,Chicago-h 0.5600 Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points
Platinum,Engelhard industrial 960.0 Rice, Long Grain Milled, No. 2 AR-u,w 37.00 Lard,Chicago-u n.a. Coupon (%) Maturity, in years Latest(l)-1 0 1 2 3 4 5 Previous Month ago Year ago Latest Prev Year ago
Palladium,Engelhard industrial 1435.0 Sorghum,(Milo) No.2 Gulf-u n.a. Soybean oil,crude;Centl IL-u,w 0.6311 4.625 U.S. 2 4.902 s l 4.887 4.090 1.510
Aluminum, LME, $ per metric ton *2364.0 SoybeanMeal,Cent IL,rail,ton48%-u,w 503.10 Tallow,bleach;Chicago-h 0.5725
Copper,Comex spot 4.0840 Soybeans,No.1 yllw IL-bp,u 15.0600 Tallow,edible,Chicago-u n.a. 3.500 10 4.072 s l 3.994 3.396 1.862
0.250 Australia 2 3.642 s l 3.587 3.180 1.016 -127.9 -130.8 -50.0
KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; D=CME; E=Manfra,Tordella & Brookes; H=American Commodities Brokerage Co;
K=bi-weekly; M=monthly; N=nominal; n.a.=not quoted or not available; P=Sosland Publishing; R=SNL Energy; S=Platts-TSI; T=Cotlook Limited; U=USDA; V=Benchmark 1.750 10 3.873 s l 3.797 3.549 2.074 -20.5 -19.7 19.7
Mineral Intelligence; W=weekly; Y=International Coffee Organization; Z=not quoted. *Data as of 3/1 0.000 France 2 3.311 s l 3.290 2.639 -0.545 -161.0 -160.5 -206.1
Source: Dow Jones Market Data
2.000 10 3.233 s l 3.195 2.503 0.482 -84.6 -79.9 -139.5
2.500 Germany 2 3.213 s l 3.202 2.508 -0.606 -170.8 -169.4 -212.2
Exchange-Traded Portfolios | WSJ.com/ETFresearch 2.300 10 2.750 s l 2.713 2.079 0.029 -132.8 -128.1 -184.9
Closing Chg YTD 2.500 Italy 2 3.761 s l 3.744 2.837 -0.096 -115.9 -115.1 -161.2
Largest 100 exchange-traded funds, latest session ETF Symbol Price (%) (%)
4.400 10 4.629 s l 4.572 3.757 1.534 55.1 57.8 -34.4
Closing Chg YTD SPDR S&P Div SDY 126.00 0.57 0.7
Thursday, March 2, 2023
ETF Symbol Price (%) (%) TechSelectSector XLK 137.19 1.23 10.2 0.005 Japan 2 -0.044 t l -0.029 -0.019 -0.047 -496.5 -492.4 -156.3
Closing Chg YTD
UtilitiesSelSector XLU 65.14 1.89 –7.6 0.500 10 0.497 t l 0.508 0.500 0.134 -348.7 -174.4
ETF Symbol Price (%) (%) iSh1-3YTreaBd SHY 80.71 0.04 –0.6 -358.1
VangdInfoTech VGT 353.55 1.19 10.7
–0.33 iShPfd&Incm PFF 32.23 –0.42 5.6
CnsmrDiscSelSector XLY 143.23 10.9
VangdSC Val VBR 170.23 0.33 7.2 0.000 Spain 2 3.423 s l 3.421 2.713 -0.161 -149.8 -147.4 -167.7
CnsStapleSelSector XLP 72.48 1.37 –2.8 iShRussMC IWR 71.75 0.80 6.4
VangdExtMkt VXF 145.53 0.43 9.5
DimenUSCoreEq2 DFAC 25.53 0.55 5.1 iShRuss1000 IWB 219.93 0.77 4.5 2.550 10 3.704 s l 3.679 2.980 0.995 -37.5 -31.6 -88.3
VangdDivApp VIG 152.38 0.71 0.3
EnSelSectorSPDR XLE 86.09 0.88 –1.6 iShRuss1000Grw IWF 229.78 0.80 7.3
iShRuss1000Val IWD 154.60 0.70 1.9
VangdFTSEAWxUS VEU 52.80 0.27 5.3 0.125 U.K. 2 4.095 s l 4.050 3.162 1.100 -82.5 -84.5 -41.6
FinSelSectorSPDR XLF 35.43 –0.48 3.6
VangdFTSEDevMk VEA 44.52 0.16 6.1
HealthCareSelSect XLV 127.74 0.61 –6.0 iShRussell2000 IWM 188.87 0.24 8.3 4.250 10 3.893 s l 3.840 3.003 1.263 -18.5 -15.5 -61.5
VangdFTSE EM VWO 40.39 0.45 3.6
IndSelSectorSPDR XLI 102.56 1.17 4.4 iShS&P500Grw IVW 60.77 0.71 3.9
VangdFTSE Europe VGK 60.12 0.07 8.4 Source: Tullett Prebon, Tradeweb ICE U.S. Treasury Close
InvscQQQI QQQ 293.61 0.83 10.3 iShS&P500Value IVE 151.00 0.81 4.1
VangdGrowth VUG 232.31 0.97 9.0
InvscS&P500EW RSP 147.48 0.79 4.4 iShSelectDiv DVY 120.96 0.24 0.3
VangdHlthCr VHT 236.10 0.55 –4.8
iShCoreDivGrowth
iShCoreMSCIEAFE
DGRO
IEFA
50.03
65.49
0.54
0.12
0.1
6.2
iSh7-10YTreaBd
iShShortTreaBd
IEF
SHV
94.41
110.01
–0.41
0.05
–1.4
0.1 VangdHiDiv VYM 107.34 0.49 –0.8 Corporate Debt
iShTIPSBondETF TIP 106.86 0.07 0.4 VangdIntermBd BIV 73.57 –0.24 –1.0 Prices of firms' bonds reflect factors including investors' economic, sectoral and company-specific
iShCoreMSCIEM IEMG 48.54 0.35 3.9
–0.89 VangdIntrCorpBd VCIT 77.23 –0.05 –0.4
iShCoreMSCITotInt IXUS 61.04 0.21 5.5 iSh20+YTreaBd TLT 99.48 –0.1
VangdLC VV 181.63 0.82 4.3
expectations
iShCoreS&P500 IVV 399.67 0.79 4.0 iShUSTreasuryBd GOVT 22.54 –0.27 –0.8
iShCoreS&P MC IJH 261.46 0.50 8.1 JPMEquityPrem JEPI 53.57 0.77 –1.7 VangdMC VO 215.50 0.91 5.7 Investment-grade spreads that tightened the most…
iShCoreS&P SC IJR 0.30 JPM UltShIncm JPST 50.14 ... 0.0 VangdMC Val VOE 140.08 0.55 3.6
102.94 8.8 Spread*, in basis points
iShCoreS&PTotUS ITOT 88.89 0.70 4.8 SPDRBbg1-3MTB BIL 91.49 0.03 0.0 VangdMBS VMBS 45.14 –0.40 –0.8 Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week
iShCoreTotalUSDBd IUSB 44.68 –0.16 –0.6 SPDR DJIA Tr DIA 330.44 1.05 –0.3 VangdRealEst VNQ 85.63 1.17 3.8
iShCoreUSAggBd AGG 96.32 –0.21 –0.7 SPDR Gold GLD 170.66 –0.06 0.6 VangdS&P500ETF VOO 365.49 0.75 4.0 Burlington Northern Santa Fe BNSF 7.000 5.25 Dec. 15, ’25 32 –11 n.a.
iShESGAwareUSA ESGU 88.25 0.75 4.1 SPDRPtfDevxUS SPDW 31.52 0.10 6.2 VangdST Bond BSV 74.84 ... –0.6
VangdSTCpBd VCSH 74.97 0.09 –0.3 HCA HCA 7.690 5.93 June 15, ’25 103 –10 n.a.
iShEdgeMSCIMinUSA USMV 70.88 0.87 –1.7 SPDRS&P500Value SPYV 40.49 0.77 4.1
VangdShtTmInfltn VTIP 46.91 0.11 0.4 –9
iShEdgeMSCIUSAQual QUAL 119.55 0.97 4.9 SPDRPtfS&P500 SPLG 46.77 0.75 4.0 PACCAR PCAR 4.950 5.09 Oct. 3, ’25 19 26
iShGoldTr IAU 34.83 –0.03 0.7 SPDRS&P500Growth SPYG 52.66 0.71 3.9 VangdShortTrea VGSH 57.48 0.02 –0.6
iShiBoxx$InvGrCpBd LQD 104.98 0.09 –0.4 SPDR S&P 500 SPY 397.81 0.78 4.0 VangdSC VB 198.88 0.51 8.4 Royal Bank of Canada RY 4.875 5.22 Jan. 12, ’26 57 –9 70
iShJPMUSDEmBd EMB 83.99 –0.37 –0.7 SchwabIntEquity SCHF 34.15 0.15 6.0 VangdTaxExemptBd VTEB 49.32 ... –0.3
VangdTotalBd BND 71.33 –0.21 –0.7 AT&T T 6.625 5.73 May 15, ’29 140 –9 n.a.
iShMBS MBB 91.70 –0.40 –1.1 SchwabUS BrdMkt SCHB 46.96 0.71 4.8
iShMSCIACWI ACWI 88.89 0.54 4.7 SchwabUS Div SCHD 74.79 0.36 –1.0 VangdTotIntlBd BNDX 47.52 –0.04 0.2 Delta Air Lines DAL 7.000 5.87 May 1, ’25 98 –8 120
iShMSCI EAFE EFA 69.86 0.20 6.4 SchwabUS LC SCHX 47.15 0.75 4.4 VangdTotIntlStk VXUS 54.48 0.22 5.3
iSh MSCI EM EEM 39.19 0.36 3.4 SchwabUS LC Grw SCHG 60.49 0.88 8.9 VangdTotalStk VTI 200.31 0.16 4.8 Banco Santander SANTAN 2.749 6.45 Dec. 3, ’30 238 –8 237
iShMSCIEAFEValue EFV 48.87 0.10 6.5 SchwabUS SC SCHA 44.14 0.36 9.0 VangdTotWrldStk VT 90.48 0.52 5.0 –7
GA Global Funding Trust GBLATL 1.950 5.53 Sept. 15, ’28 119 n.a.
iShNatlMuniBd MUB 105.10 0.10 –0.4 Schwab US TIPs SCHP 51.99 0.12 0.4 VangdValue VTV 140.16 0.51 –0.1
iSh1-5YIGCorpBd IGSB 49.71 0.10 –0.2 SPDR S&PMdCpTr MDY 478.68 0.59 8.1 WisdTrFRTrea USFR 50.32 0.04 0.1
…And spreads that widened the most
Wells Fargo WFC 4.300 5.42 July 22, ’27 109 10 n.a.
Borrowing Benchmarks | wsj.com/market-data/bonds/benchmarks United Airlines UAL 4.875 5.84 Jan. 15, ’26 121 9 115
Intesa Sanpaolo ISPIM 7.000 6.24 Nov. 21, ’25 131 7 n.a.
Money Rates March 2, 2023
E.ON International Finance EOANGR 6.650 6.06 April 30, ’38 199 6 n.a.
Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a HSBC Holdings HSBC 4.250 5.87 Aug. 18, ’25 95 6 86
guide to general levels but don’t always represent actual transactions. Morgan Stanley MS 3.875 5.39 Jan. 27, ’26 74 5 74
Week —52-WEEK— Week —52-WEEK— Mitsubishi UFJ Financial MUFG 4.153 5.48 March 7, ’39 124 5 120
Inflation Latest ago High Low Latest ago High Low
Jan. Index Chg From (%) Bank of Nova Scotia BNS 4.850 5.59 Feb. 1, ’30 135 4 129
level Dec. '22 Jan. '22 High 4.9000 n.a. 4.9090 0.1000 One year 5.71400 5.64186 5.71400 1.33186
Low 4.5600 n.a. 4.5900 0.0500
Secured Overnight Financing Rate High-yield issues with the biggest price increases…
U.S. consumer price index Bid 4.5800 n.a. 4.5800 0.0700 Bond Price as % of face value
4.55 4.55 4.56 0.05
All items 299.170 0.80 6.4 Offer 4.6000 n.a. 4.6200 0.0900 Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week
Core 301.962 0.62 5.6 Value 52-Week
Treasury bill auction Latest Traded High Low QVC QVCN 5.950 13.68 March 15, ’43 47.500 2.25 50.750
International rates 4 weeks 4.590 4.515 4.590 0.135
DTCC GCF Repo Index ZF North America Capital ZFFNGR 4.750 6.82 April 29, ’25 95.925 1.18 n.a.
13 weeks 4.750 4.720 4.750 0.360
Week 52-Week Treasury 4.577 32.850 4.597 0.030 Telecom Italia TITIM 5.303 7.45 May 30, ’24 97.500 0.63 97.500
Latest High Low 26 weeks 4.940 4.915 4.940 0.670 MBS 4.578 31.520 4.644 0.042
ago
Hughes Satellite Systems SATS 6.625 7.87 Aug. 1, ’26 96.340 0.47 93.427
Prime rates Secondary market Weekly survey
American Airlines AAL 11.750 7.32 July 15, ’25 109.427 0.43 109.802
U.S. 7.75 7.75 7.75 3.25 Fannie Mae Latest Week ago Year ago
Intesa Sanpaolo ISPIM 5.017 7.46 June 26, ’24 97.000 0.37 96.405
Canada 6.70 6.70 6.70 2.45 30-year mortgage yields
Japan 1.475 1.475 1.475 1.475
Freddie Mac Macy's M 6.700 9.09 July 15, ’34 83.250 0.25 n.a.
30 days 6.417 6.194 6.812 3.327
30-year fixed 6.65 6.50 3.76
60 days 6.436 6.216 6.988 3.383 Transocean RIG 6.800 10.86 March 15, ’38 70.250 0.25 68.750
Policy Rates 15-year fixed 5.89 5.76 3.01
Euro zone 3.00 3.00 3.00 0.00 Other short-term rates
Switzerland 1.50 1.50 1.50 0.00
Notes on data:
U.S. prime rate is the base rate on corporate
…And with the biggest price decreases
Britain 4.00 4.00 4.00 0.50 Week 52-Week loans posted by at least 70% of the 10 largest Bath & Body Works BBWI 6.950 9.12 March 1, ’33 86.000 –2.80 89.127
Australia 3.35 3.35 3.35 0.10 Latest ago high low U.S. banks, and is effective February 2, 2023.
Other prime rates aren’t directly comparable; Lumen Technologies LUMN 6.875 19.25 Jan. 15, ’28 62.000 –2.69 71.870
Overnight repurchase Call money lending practices vary widely by location;
Discount rate is effective February 2, 2023. Liberty Interactive LINTA 8.250 29.30 Feb. 1, ’30 39.000 –2.00 45.250
U.S. 4.58 4.56 4.59 0.01 6.50 6.50 6.50 2.00 Secured Overnight Financing Rate is as of
March 1, 2023. DTCC GCF Repo Index is QVC QVCN 4.850 13.65 April 1, ’24 91.500 –1.00 92.454
U.S. government rates Commercial paper (AA financial) Depository Trust & Clearing Corp.'s weighted
90 days n.a. 4.76 4.82 0.49 average for overnight trades in applicable Bausch Health BHCCN 11.000 17.28 Sept. 30, ’28 78.070 –0.68 77.500
Discount CUSIPs. Value traded is in billions of U.S. dollars.
–0.60
Libor Federal-funds rates are Tullett Prebon rates as Sprint Capital … 8.750 6.16 March 15, ’32 117.750 119.749
4.75 4.75 4.75 0.25 of 5:30 p.m. ET.
One month 4.70143 4.61700 4.70143 0.28914 *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.
Federal funds Sources: Federal Reserve; Bureau of Labor
Three month 4.98571 4.95786 4.98571 0.58314 Statistics; DTCC; FactSet; Note: Data are for the most active issue of bonds with maturities of two years or more
Effective rate 4.5900 n.a. 4.6000 0.0800 Six month 5.31086 5.27700 5.31086 0.89000 Tullett Prebon Information, Ltd. Source: MarketAxess
THE WALL STREET JOURNAL. * Friday, March 3, 2023 | 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. ElectronicArts EA 112.29 1.88 HubSpot HUBS 396.08 12.95 Masco MAS 52.08 0.47 Pool POOL 352.80 4.25 Skyworks SWKS 111.79 -0.05 s UWM UWMC 4.80 0.20
Arca, NYSE American and Nasdaq Stock Market t-New 52-week low. ElevanceHealth ELV 468.78 -0.25 Humana HUM 495.76 -0.39 Masimo MASI 179.92 3.99 Primerica PRI 186.66 -4.47 SmithAO AOS 67.64 0.87 Uber UBER 33.69 0.70
listed securities. Prices are composite quotations dd-Indicates loss in the most recent four EmersonElec EMR 83.80 0.74 JBHunt JBHT 185.85 3.70 s MasTec MTZ 102.38 1.27 PrincipalFinl PFG 86.18 -5.05 Smith&Nephew SNN 28.78 0.09 Ubiquiti UI 267.01 -0.21
that include primary market trades as well as quarters. Enbridge ENB 38.66 0.65 HuntingtonBcshs HBAN 14.97 -0.33 Mastercard MA 355.57 2.07 ProcoreTech PCOR 67.11 1.64 Smucker SJM 148.59 3.34 UiPath PATH 15.14 0.56
trades reported by Nasdaq BX (formerly Boston), FD-First day of trading. Endeavor EDR 23.67 1.62 HuntingIngalls HII 217.52 1.79 MatchGroup MTCH 41.72 0.10 Procter&Gamble PG 139.93 2.27 Snap SNAP 10.10 -0.04 UltaBeauty ULTA 521.12 5.10
Chicago Stock Exchange, Cboe, NYSE National and h-Does not meet continued listing EnergyTransfer ET 12.95 0.16 s HyattHotels H 119.71 2.41 McCormickVtg MKC.V 72.84 0.44 Progressive PGR 142.25 0.02 Snap-On SNA 248.92 1.63 Unilever UL 50.40 0.51
Nasdaq ISE. standards EnphaseEnergy ENPH 211.56 -1.39 ICICI Bank IBN 20.80 0.14 McCormick MKC 73.04 0.07 Prologis PLD 124.62 3.49 Snowflake SNOW 135.28 -19.22 UnionPacific UNP 211.36 3.37
The list comprises the 1,000 largest companies lf-Late filing Entegris ENTG 85.08 0.05 ICL Group ICL 7.31 0.11 McDonald's MCD 267.57 4.85 ProsperityBcshs PB 71.32 -1.12 SOQUIMICH SQM 86.05 -2.11 UnitedAirlines UAL 52.56 0.17
based on market capitalization. q-Temporary exemption from Nasdaq Entergy ETR 103.72 2.30 IdexxLab IDXX 476.13 7.03 McKesson MCK 347.34 -4.41 PrudentialFin PRU 98.01 -1.94 SolarEdgeTech SEDG 323.42 -4.01 UnitedMicro UMC 8.32 0.06
Underlined quotations are those stocks with requirements. EnterpriseProd EPD 25.99 0.37 ING Groep ING 13.94 -0.15 Medtronic MDT 82.26 0.18 Prudential PUK 30.61 -0.46 Sony SONY 83.34 -0.29 UPS B UPS 184.68 1.60
large changes in volume compared with the t-NYSE bankruptcy Equifax EFX 201.95 1.21 Invesco IVZ 17.55 0.02 MercadoLibre MELI 1218.52 9.80 PublicServiceEnt PEG 59.87 1.33 Southern SO 63.67 1.35 UnitedRentals URI 470.60 2.80
issue’s average trading volume. v-Trading halted on primary market. Equinix EQIX 687.97 11.99 IQVIA IQV 215.83 5.06 Merck MRK 107.01 0.36 PublicStorage PSA 301.23 5.53 SoCopper SCCO 75.24 -0.91 US Bancorp USB 46.31 -1.00
Boldfaced quotations highlight those issues vj-In bankruptcy or receivership or being Equinor EQNR 31.11 0.25 ITT ITT 92.83 0.77 MetaPlatforms META 174.53 1.11 PulteGroup PHM 54.28 0.06 SouthwestAir LUV 33.92 0.27 US Steel X 31.02 0.38
whose price changed by 5% or more if their reorganized under the Bankruptcy Code, Equitable EQH 31.93 -0.38 IcahnEnterprises IEP 53.84 0.07 MetLife MET 69.39 -1.88 PureStorage PSTG 24.43 -4.36 Splunk SPLK 102.18 -0.30 UnitedTherap UTHR 244.76 -0.13
previous closing price was $2 or higher. or securities assumed by such companies. EquityLife ELS 67.16 0.88 Icon ICLR 230.47 2.97 Mettler-Toledo MTD 1479.49 61.52 Qiagen QGEN 45.80 0.51 Spotify SPOT 118.48 1.28 UnitedHealth UNH 477.70 2.48
EquityResdntl EQR 61.39 0.45 IDEX IEX 224.43 0.95 MicrochipTech MCHP 81.05 0.27 Qorvo QRVO 101.24 0.79 StanleyBlackDck SWK 85.48 1.75 UnitySoftware U 29.42 -0.29
Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and ErieIndemnity A ERIE 232.36 -1.98 IllinoisToolWks ITW 235.95 3.64 MicronTech MU 56.43 -0.91 Qualcomm QCOM 123.78 0.10 Starbucks SBUX 103.01 1.58 UnivDisplay OLED 138.97 -0.18
changes in the closing prices from 4 p.m. the previous day. EssentialUtil WTRG 42.51 -0.06 Illumina ILMN 206.52 7.98 Microsoft MSFT 251.11 4.84 QualtricsIntl XM 17.12 0.14 StateStreet STT 88.77 -0.74 UniversalHealthB UHS 127.51 -4.57
EssexProp ESS 226.53 3.69 ImperialOil IMO 51.26 1.03 MidAmApt MAA 156.86 1.28 QuantaServices PWR 160.05 0.40 s SteelDynamics STLD 132.89 3.77 UnumGroup UNM 44.97 -0.60
Thursday, March 2, 2023 Net Net EsteeLauder EL 248.84 3.01 Incyte INCY 77.31 -0.52 Middleby MIDD 155.92 0.97 QuestDiag DGX 139.71 0.71 s Stellantis STLA 18.35 0.09 VF VFC 26.29 1.20
Etsy ETSY 118.46 0.18 Infosys INFY 18.09 0.07 MitsubishiUFJ MUFG 6.95 -0.13 Steris STE 188.38 -0.14 VICI Prop VICI 33.80 0.10
Stock Sym Close Chg Stock Sym Close Chg EverestRe
Net RE 383.38 -7.46 IngersollRand IR 58.29 0.25 MizuhoFin MFG 3.11 -0.03 R S StifelFinancial SF 66.59 -0.48 VailResorts MTN 237.18 1.99
Stock Sym Close Chg Baidu BIDU 150.23 6.57 ChewyA CHWY 40.00 0.46 Evergy EVRG 58.81 0.76 Ingredion INGR 100.17 -0.74 Mobileye MBLY 38.48 0.26 STMicroelec STM 47.78 -1.19 Vale VALE 17.10 -0.22
-4.64 Moderna MRNA 137.86 2.20 RBC Bearings RBC 243.78 8.36 Stryker SYK 262.09 2.12 ValeroEnergy VLO 139.23 -0.06
BakerHughes BKR 31.71 0.62 Chipotle CMG 1495.27 10.50 EversourceEner ES 74.15 0.98 InspireMedical INSP 259.17
A B C Ball BALL 56.00 1.34 Chubb CB 208.40 -1.10 ExactSciences EXAS 62.93 0.48 Insulet PODD 282.95 0.47 MolinaHealthcare MOH 277.83 4.03 RELX RELX 30.63 0.18 SumitomoMits SMFG 8.66 -0.01 ValmontInds VMI 326.03 1.09
0.87 MolsonCoorsB TAP 53.28 0.64 RH RH 293.15 1.60 SunComms SUI 141.80 2.83 VeevaSystems VEEV 173.56 7.43
BancoBilbaoViz BBVA 7.70 -0.01 ChunghwaTel CHT 37.89 0.15 Exelon EXC 40.38 0.63 Intel INTC 26.20
ABB ABB 33.71 0.15 EXPE 105.78 -0.38 s InteractiveBrkrs IBKR 88.66 1.34 monday.com MNDY 152.08 4.09 RPM RPM 90.16 1.21 SunLifeFinancial SLF 48.71 -0.04 Ventas
BancoBradesco BBDO 2.27 -0.01 Church&Dwight CHD 84.48 1.35 Expedia VTR 47.88 0.34
ADT ADT 7.58 -0.02 1.81 Mondelez MDLZ 65.36 1.17 RalphLauren RL 118.39 1.51 SuncorEnergy SU 34.79 0.79 VeriSign
AECOM BancodeChile BCH 21.15 -0.23 ChurchillDowns CHDN 246.42 0.84 ExpeditorsIntl EXPD 109.95 4.57 ICE ICE 102.71 VRSN 197.00 0.73
ACM 88.31 0.42 ExtraSpaceSt EXR 166.92 3.26 InterContinentl IHG 68.98 0.49 MongoDB MDB 205.32 -4.65 RaymondJames RJF 106.60 -0.22 Suzano SUZ 8.97 -0.07 VeriskAnalytics VRSK 181.59 4.87
AES BancSanBrasil BSBR 5.24 -0.19 Ciena CIEN 48.81 0.26
AES 24.64 0.01 ExxonMobil XOM 111.40 0.51 IBM IBM 128.93 0.74 MonolithicPower MPWR 493.74 7.21 RaytheonTech RTX 99.00 0.96 SynchronyFin SYF 35.74 -0.24 Verizon VZ 38.41 0.11
Aflac AFL 67.56 -0.56 BcoSantChile BSAC 17.12 -0.04 Cigna CI 287.59 -1.16 RealtyIncome O 64.09 0.57 Synopsys SNPS 363.38 2.36
BancoSantander SAN 3.87 -0.04 CincinnatiFin CINF 119.55 -0.37
F5 FFIV 144.23 0.19 IntlFlavors IFF 93.02 1.38 MonsterBev MNST 102.15 2.96 VertexPharm VRTX 290.76 -0.47
AGCO AGCO 142.74 0.46 FMC FMC 128.86 0.74 IntlPaper IP 37.52 0.83 Moody's MCO 290.34 1.06 RegalRexnord RRX 160.07 1.77 Sysco SYY 75.55 0.46 Viatris VTRS 11.13 -0.18
Ansys ANSS 307.50 8.30 BanColombia CIB 25.60 -0.37 Cintas CTAS 435.28 6.14
FactSet FDS 414.64 1.87 Interpublic IPG 35.65 0.08 MorganStanley MS 96.08 -0.11 RegencyCtrs REG 62.76 ... Vipshop VIPS 15.18 -0.02
APA APA 40.27 0.64 BankofAmerica BAC 33.49 -0.43
BankofMontreal BMO 94.67 -1.28
CiscoSystems CSCO 48.53
Citigroup C 51.40
0.19
-0.10
FairIsaac FICO 687.52 4.73 Intuit INTU 400.37 -0.90 Morningstar MORN 207.00 -0.01 RegenPharm REGN 768.90 -1.54 T U V Visa V 219.06 0.70
ASE Tech ASX 7.39 0.13 Fastenal FAST 52.90 1.35 IntuitiveSurgical ISRG 228.90 1.57 Mosaic MOS 57.00 2.74 RegionsFin RF 22.89 -0.47
ASML ASML 624.17 9.22 BankNY Mellon BK 50.19 -0.33 CitizensFin CFG 40.35 -1.26 RGA 146.17 -0.22 TC Energy TRP 40.82 0.44 Vistra VST 21.29 -0.42
BankNovaScotia BNS 50.59 0.26 FederalRealty FRT 106.22 -0.41 InvitatHomes INVH 30.58 0.22 MotorolaSol MSI 263.56 0.21 ReinsGrp TD Synnex SNX 96.63 -0.21 VMware VMW 111.25 1.16
Clarivate CLVT 11.47 0.05
AT&T T 18.66 ...
Barclays BCS 8.32 -0.14 s CleanHarbors CLH 136.31 FedEx FDX 206.93 2.60 IridiumComm IRDM 61.76 0.17 NICE NICE 210.77 2.06 s RelianceSteel RS 260.17 7.25 TE Connectivity TEL 129.14 1.31 Vodafone VOD 11.91 -0.05
AbbottLabs ABT 102.63 1.80 3.00
BarrickGold GOLD 16.38 0.07 Ferguson FERG 144.59 -0.06 IronMountain IRM 52.79 0.21 t NIO NIO 9.09 0.26 RenaissanceRe RNR 214.18 -3.01 Telus TU 19.89 0.03 VoyaFinancial VOYA 75.06 -1.20
AbbVie ABBV 154.38 -0.89 Cleveland-Cliffs CLF 22.22 0.80
Bath&BodyWks BBWI 39.77 0.36 Ferrari RACE 264.58 1.86 ItauUnibanco ITUB 4.58 -0.30 NOV NOV 22.61 0.39 RentokilInit RTO 30.55 -0.12 Ternium TX 44.82 0.76 VulcanMatls VMC 181.65 1.68
AcadiaHealthcare ACHC 72.75 -1.56 Clorox CLX 156.48 1.79 Repligen RGEN 180.48 4.11
BaxterIntl BAX 39.62 0.56 FidNatlFin FNF 38.17 -0.62 NRG Energy NRG 32.75 -0.27 TFI Intl TFII 124.58 1.46
Cloudflare NET 59.40 0.89
Accenture ACN 265.26 1.67
ActivisionBliz ATVI 77.71 1.99 BectonDicknsn BDX 233.96 1.80 Coca-Cola KO 59.72 0.86
FidNatlInfo FIS 63.89 1.04 J K L NVR NVR 5217.41 78.50 RepublicSvcs RSG 129.13 0.51 TJX TJX 76.71 -0.15 W X Y Z
BeiGene BGNE 240.32 4.43 FifthThirdBncp FITB 35.62 -0.57 NXP Semi NXPI 180.63 1.76 ResMed RMD 215.68 1.57
T-MobileUS TMUS 141.15 -0.14 WEC Energy WEC 88.02 1.45
Coca-ColaEuro CCEP 55.66 0.84
Adobe ADBE 333.50 10.12
BentleySystems BSY 41.71 1.85 FirstCitizBcshA FCNCA 697.87 -25.87 JD.com JD 47.07 1.34 Nasdaq NDAQ 56.00 0.45 RestaurantBrands QSR 63.95 0.12 TPG TPG 32.75 -0.10 WEX
Cognex CGNX 47.78 -0.21
AdvanceAuto AAP 139.21 0.39
Berkley WRB 67.34 0.09 FirstHorizon FHN 21.84 -0.30 JPMorganChase JPM 141.07 -1.48 NationalGrid NGG 61.90 0.55 RexfordIndlRealty REXR 60.67 0.99
T.RowePrice TROW 111.16 0.03 W.P.Carey
WEX 194.38 0.60
CognizantTech CTSH 62.53 0.16
AdvDrainageSys WMS 88.50 0.14
BerkHathwy B BRK.B 307.75 3.13 FirstIndRlty FR 53.57 1.11 Jabil JBL 84.14 -0.05 NatlRetailProp NNN 45.65 0.49 RioTinto RIO 73.74 1.03
TaiwanSemi TSM 89.03 0.61
WPC 81.52 1.25
CoinbaseGlbl COIN 63.70 -0.97
AdvMicroDevices AMD 80.44 2.15
BerkHathwy A BRK.A 4667904354.99 FirstRepBank FRC 119.74 -2.76 JackHenry JKHY 165.85 1.91 NatWest NWG 7.09 -0.04 RitchieBros RBA 59.33 -0.82 TakeTwoSoftware TTWO 115.28 6.58 WPP WPP 62.25 -0.08
ColgatePalm CL 73.77 1.22
Aegon AEG 5.14 -0.05
BerryGlobal BERY 63.47 0.04 s FirstSolar FSLR 198.22 2.54 JacobsSolns J 121.13 1.76 NetApp NTAP 65.14 0.54 t Rivian RIVN 15.72 -0.04
TakedaPharm TAK 15.33 0.05
Wabtec WAB 106.25 1.36
s AerCap Comcast A CMCSA 36.95 0.32
AER 65.47 2.36
BestBuy BBY 80.79 -1.75 FirstEnergy FE 39.08 0.34 JamesHardie JHX 20.63 -0.26 NetEase NTES 85.59 4.07 RobertHalf RHI 80.62 -0.22
Tapestry TPR 43.87 0.62
WalgreensBoots WBA 35.38 0.18
AgilentTechs A 141.67 4.16 Comerica CMA 68.24 -2.44 JazzPharm JAZZ 144.34 3.83 Netflix Walmart WMT 140.50 0.35
Fiserv FISV 117.06 1.25 NFLX 311.88 -1.60 Robinhood HOOD 9.62 -0.11
TargaResources TRGP 77.25 0.96
agilon health AGL 24.47 3.38 Bilibili BILI 21.57 1.90 CommerceBcshrs CBSH 65.36 -0.32
FiveBelow FIVE 201.87 2.47 JefferiesFin JEF 37.14 -0.30 Neurocrine NBIX 100.16 -1.09 Roblox RBLX 39.23 1.75
Target TGT 165.94 3.54
WarnerBrosA WBD 15.24 0.22
Bio-Techne TECH 77.60 2.69 SABESP SBS
FleetCorTech FLT 212.50 -1.00 t J&J
AgnicoEagleMines AEM 47.12 0.22 9.94 -0.07 JNJ 152.45 -0.12 NewFortressEner NFE 34.25 WarnerMusic WMG 31.17 -0.04
0.90 RocketCos. RKT 8.09 0.06
TechnipFMC FTI 15.36 -0.06
AirProducts APD 292.03 3.75 Bio-RadLab A BIO 502.79 27.38 ConagraBrands CAG 35.85 0.11
Flex FLEX 22.76 -0.01 JohnsonControls JCI 63.69 0.50 NewOrientalEduc EDU 42.62 1.63 Rockwell ROK 296.54 3.89 TeckResourcesB TECK 41.78 -0.05 WasteConnections WCN 133.69 0.25
Airbnb Biogen BIIB 268.75 -3.46 Concentrix CNXC 136.86 0.84
ABNB 122.38 1.55 Floor&Decor FND 88.39 -0.08 JonesLang JLL 171.80 -3.60 Newmont NEM 43.94 -0.16 RogersComm B RCI 47.03 -0.57
TeledyneTech TDY 432.65 4.25
WasteMgt WM 150.00 1.17
AkamaiTech AKAM 73.51 0.46 BioMarinPharm BMRN 100.12 -0.87 Confluent CFLT 23.91 0.30
FomentoEconMex FMX 93.31 -0.24 JuniperNetworks JNPR 30.73 0.20 NewsCorp A NWSA 17.26 0.34 Roku ROKU 64.03 0.39 Teleflex TFX 235.67 2.35
Waters WAT 321.36 12.11
Albemarle BioNTech BNTX 127.98 0.50 ConocoPhillips COP 108.33 2.08
ALB 250.38 -2.26 FordMotor F 12.55 0.23 KB Financial KB 38.32 -0.88 NewsCorp B NWS 17.39 0.29 Rollins ROL 34.96 0.41 Ericsson ERIC 5.51 0.05
Watsco WSO 308.45 6.27
Albertsons ACI 19.87 BlackKnight BKI 57.75 -0.62 ConEd ED 89.61 1.46
... Fortinet FTNT 59.64 1.20 KBR KBR 55.24 0.14 NexstarMedia NXST 183.79 -2.43 RoperTech ROP 426.65 5.45 TelefonicaBras VIV 7.37 -0.07
Watsco B WSOB 302.35 -3.14
Alcoa BlackRock BLK 685.91 5.35 ConstBrands A STZ 221.74 2.04
AA 53.69 2.04 Fortis FTS 39.48 0.16 KE Holdings BEKE 19.60 0.40 NextEraEnergy NEE 72.21 2.34 RossStores ROST 111.01 0.34 Telefonica TEF 4.11 -0.03
WebsterFin WBS 51.98 -0.16
Alcon ALC 67.91 -0.05 Blackstone BX 89.06 -0.72 ConstellationEner CEG 76.18 1.83 KKR KKR 55.81 -0.14 Nike
Fortive FTV 67.69 0.91 NKE 119.58 1.00 RoyalBkCanada RY 100.22 1.89 TelekmIndonesia TLK 25.71 -0.17 WellsFargo WFC 45.80 -0.88
AlexandriaRlEst ARE 143.17 0.26 Block SQ 78.04 1.41 Cooper COO 327.86 4.30
FortuneBrands FBIN 61.45 0.76 KLA KLAC 378.31 -0.03 NiSource NI 27.27 0.44 RoyalCaribbean RCL 71.97 0.47 TempurSealy TPX 42.96 0.19 Welltower WELL 74.35 1.26
Alibaba BABA 89.75 -0.20 BlueOwlCapital OWL 12.25 -0.15 Copart CPRT 71.05 1.25 22.73 1.40 Nokia
FoxB FOX 32.30 0.26 Kanzhun BZ NOK 4.68 0.08 RoyalGold RGLD 120.70 -0.10 Tenaris TS 34.49 0.78 WescoIntl WCC 170.12 1.57
AlignTech ALGN 313.21 4.68 Boeing BA 210.06 5.51 CorebridgeFin CRBG 20.50 0.03 -0.08 t RoyaltyPharma RPRX 35.31 -0.31 TencentMusic TME
FoxA FOXA 35.11 0.31 KarunaTherap KRTX 195.36 -1.79 Nomura NMR 4.03 8.17 0.16 WestPharmSvcs WST 322.70 4.42
Allegion ALLE 112.51 0.10 s BookingHldgs BKNG 2577.83 25.51 Corning GLW 34.51 0.18
Franco-Nevada FNV 134.75 0.93 Kellogg K 65.62 0.36 Nordson NDSN 220.90 1.44 RyanSpecialty RYAN 40.90 -0.48 Teradyne TER 102.05 0.67 WestAllianceBcp WAL 74.03 -1.13
AllegroMicro ALGM 44.18 0.41 BoozAllen BAH 96.25 0.79 Corteva CTVA 63.55 1.40 FranklinRscs BEN 29.06 -0.04 KeurigDrPepper KDP 34.58 0.39 NorfolkSouthern NSC 228.61
AlliantEnergy LNT 51.59 1.34 BorgWarner BWA 50.70 0.05 CoStar CSGP 71.22 1.19 FreeportMcM FCX 42.82 -0.18 KeyCorp
3.20 Ryanair RYAAY 95.12 0.67 Tesla TSLA 190.90 -11.87 WesternDigital WDC 38.38 0.26
KEY 17.93 -0.52 NorthernTrust NTRS 92.95
Allstate ALL 126.28 -1.33 t BostonProps BXP 65.13 0.32 Costco COST 485.69 7.02 FreseniusMed FMS 18.94 0.07 KeysightTech KEYS 157.84
-1.47 SAP SAP 114.53 0.30 TetraTech TTEK 140.39 1.88 WesternMidstrm WES 26.67 1.05
0.72 NorthropGrum NOC 468.27 5.72 S&P Global SPGI 339.89 2.11 TevaPharm TEVA 9.96 -0.12 Westlake WLK 122.59 0.89
AllyFinancial ALLY 30.20 0.13 BostonSci BSX 47.25 0.43 CoterraEnergy CTRA 25.81 0.57 FrontierComms FYBR 26.87 -0.76 KimberlyClark KMB 126.67 1.95 Novartis NVS 85.12 1.30 SBA Comm SBAC 257.36 2.45 TexasInstruments TXN 174.08 1.91 WestRock WRK 32.32 0.38
AlnylamPharm ALNY 194.44 -0.96 BoydGaming BYD 65.39 0.30 Coty COTY 11.51 0.20 FullTruck YMM 7.93 0.18 KimcoRealty KIM 20.45 -0.05 NovoNordisk NVO 143.60 0.74 SEI Investments SEIC 60.03 -0.09 TexasPacLand TPL 1812.97 17.64 Weyerhaeuser WY 31.35 -0.14
Alphabet C GOOG 92.31 1.80 BristolMyers BMY 69.19 -0.17 Coupang CPNG 14.00 -0.67 Futu FUTU 51.52 2.40 KinderMorgan KMI 17.46 0.20 Novocure NVCR 75.10 -1.19 SK Telecom SKM 19.27 0.12 TexasRoadhouse TXRH 103.91 2.03 WheatonPrecMet WPM 41.61 ...
Alphabet A GOOGL 92.00 1.64 BritishAmTob BTI 38.19 0.34 s Crane CR 122.39 1.45 KinsaleCapital KNSL 316.75 -0.65 NuHoldings NU 4.67 -0.19 SS&C Tech SSNC 59.17 0.45 Textron TXT 74.48 1.29 Whirlpool WHR 137.47 2.65
Altria MO 46.46 0.31 BrixmorProp BRX 22.54 -0.02
Broadcom AVGO 598.65 5.08
Credicorp
t CreditSuisse CS
BAP 130.61 -0.66 G H I Knight-Swift KNX 58.38 1.93 Nucor NUE 175.78 5.04 SVB Fin SIVB 277.17 -5.86 ThermoFisher TMO 548.75 10.23 Williams WMB 30.42 0.48
Amazon.com AMZN 92.13 -0.04 2.84 -0.16 Philips PHG 16.34 0.24 Nutrien NTR 82.55 3.97 Saia SAIA 285.53 13.11 ThomsonReuters TRI 121.24 0.35 Williams-Sonoma WSM 123.32 -0.19
Ambev ABEV 2.52 -0.06 BroadridgeFinl BR 142.30 2.31 Crocs CROX 125.35 0.90 GE HealthCare GEHC 75.04 -0.26 KoreaElecPwr KEP 6.80 0.05 nVentElectric NVT 46.13 CRM 186.59 19.24 3M
Amcor AMCR 11.21 0.06 BrookfieldAsset BAM 33.81 0.01 CrowdStrike CRWD 123.64 3.43 GFLEnvironmental GFL 31.26 0.60 KraftHeinz
-0.02 Salesforce MMM 109.90 -0.31 WillisTowers WTW 237.62 5.23
KHC 38.66 0.26 NVIDIA NVDA 233.14 6.16 Samsara IOT 16.88 0.57 Toast TOST 18.25 -0.16 WillScotMobile WSC 52.50 0.38
Amdocs DOX 91.71 0.17 Brookfield BN 33.27 0.13 CrownCastle CCI 129.31 0.35 GSK GSK 34.58 0.32 Kroger KR 45.73 2.35 Sanofi SNY 47.63 0.61 TopBuild BLD 206.25 0.27 Wipro WIT 4.74 0.06
Ameren AEE 82.37 1.33 BrookfieldInfr BIP 33.35 0.13 CrownHoldings CCK 86.98 0.98 Gallagher AJG 187.02 -0.21 LKQ LKQ 58.22 0.80 O P Q s SareptaTherap SRPT 153.00 7.37 Toro TTC 111.79 1.05 Wolfspeed WOLF 69.58 -5.22
AmericaMovil AMX 20.83 -0.19 BrookfieldRenew BEPC 28.84 0.80 CubeSmart CUBE 47.52 0.75 s Gaming&Leisure GLPI 54.64 0.73 LPL Financial LPLA 255.55 1.75 Sasol SSL 15.07 0.04 TorontoDomBk TD WoodsideEnergy WDS 25.34 0.46
Brown&Brown BRO 56.15 0.14 65.07 -1.55
AmericaMovil A AMOV 20.89 -0.11 Cullen/Frost CFR 131.52 -1.48 Garmin GRMN 98.17 1.42 L3HarrisTech LHX 212.18 2.10 OGE Energy OGE 35.61 0.47
Schlumberger SLB 55.30 0.41 TotalEnergies TTE 62.56 0.37 WooriFin WF 27.25 -0.94
AmerAirlines AAL 16.12 0.09 Brown-Forman A BF.A 65.72 1.45 Cummins CMI 252.87 3.66 Gartner IT 329.38 3.96 LabCorp.ofAmerica LH 239.46 1.58 ONEOK OKE 66.67 0.51
SchwabC SCHW 76.09 -1.32 ToyotaMotor TM 137.27 0.74 Workday WDAY 188.17 4.05
AEP AEP 87.99 1.63 Brown-Forman B BF.B 65.83 1.58 Curtiss-Wright CW 178.78 2.77 t GenDigital GEN 19.30 0.11 LamResearch LRCX 489.98 -0.94 OReillyAuto ORLY 840.89 16.67
Sea SE 63.56 1.49 TractorSupply TSCO 228.49 2.73 WyndhamHtls WH 78.28 0.98
AmerExpress AXP 175.34 -0.57 Bruker BRKR 73.63 6.17 Generac GNRC 121.99 3.75 LamarAdv 1.57 OakStreetHealth OSH 35.29 -0.03
s BuildersFirst BLDR 86.70 0.94 D E F
LAMR 105.99 Seagate STX 64.86 0.74 TradeDesk TTD 56.39 0.98 s WynnResorts WYNN 113.41 1.19
AmericanFin AFG 134.52 -2.01 GeneralDynamics GD 230.25 2.56 s LambWeston LW 102.30 1.41 OccidentalPetrol OXY 60.27 0.56
Seagen SGEN 178.67 0.44 Tradeweb TW 72.50 0.93 t XP XP 11.51 -0.43
AmHomes4Rent AMH 30.52 0.16 Bunge BG 97.56 2.39 s GeneralElec GE 85.72 1.58 LasVegasSands LVS 60.17 1.60 Okta OKTA 80.91 9.47
DCP Midstream DCP 41.78 -0.02 GeneralMills GIS SealedAir SEE 48.73 -0.19 TraneTech TT 187.12 2.21 XcelEnergy XEL 64.34 1.07
AIG AIG 60.03 -0.93 BurlingtonStrs BURL 212.00 -5.11 78.95 0.10 LatticeSemi LSCC 86.69 1.12 OldDomFreight ODFL 354.77 16.16
DTE Energy DTE 108.36 1.50 GeneralMotors GM Sempra SRE 148.69 0.83 TransDigm TDG 759.06 8.12 XPeng XPEV 9.33 0.47
AmerTowerREIT AMT 197.53 2.64 CACI Intl CACI 295.10 1.16 39.53 0.90 Lear LEA 140.24 -1.12 OldRepublic ORI 26.17 -0.07
Danaher DHR 249.73 4.37 Genmab SensataTechs ST 51.02 0.25 TransUnion TRU 64.90 -0.19 Xylem XYL 102.25 1.16
AmerWaterWorks AWK 138.56 0.42 CBRE Group CBRE 84.22 -0.17 GMAB 36.39 -0.61 LegendBiotech LEGN 45.93 -1.22 Olin OLN 59.00 0.16
CDW CDW 201.52 0.74 Darden DRI 147.14 3.49 Genpact ServiceCorp SCI 66.93 -0.12 Travelers TRV 183.19 -0.86 YPF YPF 11.55 -0.55
AmericoldRealty COLD 29.23 0.04 G 47.75 0.26 Leidos LDOS 96.95 0.29 Omnicom OMC 91.82 0.35
ServiceNow NOW 436.04 7.10 Trimble TRMB 52.23 -0.10 Yum!Brands YUM 128.68 2.48
CF Industries CF DarlingIngred DAR 62.70 -1.25 Gentex
Ameriprise AMP 340.90 -2.39 86.88 1.73 GNTX 28.57 0.25 Lennar B LEN.B 80.71 0.30 OnHolding ONON 22.58 0.39
ShawComm B SJR 28.80 -0.07 Trip.com TCOM 37.87 0.14 YumChina YUMC 61.70 1.16
CGI GIB Datadog DDOG 74.10 -1.12 GenuineParts GPC 170.93 1.57
AmerisourceBrgn ABC 154.90 -1.61 90.65 0.50 Lennar A LEN 96.06 0.42 ON Semi ON 76.75 -1.48
Shell SHEL 62.42 0.48 TruistFinl TFC 45.50 -1.20 ZTO Express ZTO 24.23 -0.07
CH Robinson CHRW 101.30 2.53 DaVita DVA 80.96 -1.37 Gerdau
Ametek AME 142.34 0.69 GGB 5.67 -0.02 LennoxIntl LII 255.49 3.26 OpenText OTEX 34.27 0.27
SherwinWilliams SHW 224.02 5.01 Twilio TWLO 71.64 5.90 ZebraTech ZBRA 306.06 3.72
CME Group CME 186.50 2.27 DeckersOutdoor DECK 420.84 5.25 GileadSciences GILD 79.62 0.03
Amgen AMGN 234.74 -1.45 LeviStrauss LEVI 17.84 0.14 Oracle ORCL 86.97 0.63
ShinhanFin SHG 28.41 -1.33 TylerTech TYL 321.15 1.05 Zillow A ZG 41.54 0.73
CMS Energy CMS 58.89 1.11 Deere DE 421.34 1.59 GlobalPayments GPN 110.72 -0.96
Amphenol APH 78.36 0.65 LiAuto LI 25.32 0.81 Orange ORAN 11.48 -0.02
ShockwaveMed SWAV 185.88 -3.41 t TysonFoods TSN 59.06 -0.23 Zillow C Z 42.15 0.67
CNA Fin CNA 43.88 -0.06 DellTechC DELL 40.17 -0.27 GlobalFoundries GFS 65.54 0.43
AnalogDevices ADI 184.59 1.48 LibertyBroadbandA LBRDA 85.38 0.13 Orix IX 89.47 -0.20
Shopify SHOP 41.18 1.08 UBS Group UBS 21.46 -0.15 ZimmerBiomet ZBH 122.99 0.91
DeltaAir DAL 38.42 -0.09 Globant
AngloGoldAsh AU 17.31 0.17 CNH Indl CNHI 16.71 0.22 GLOB 167.36 0.99 LibertyBroadbandC LBRDK 85.44 0.09 s OtisWorldwide OTIS 85.67 0.44
t SignatureBank SBNY 109.56 -3.05 UDR UDR 42.11 0.46 ZionsBancorp ZION 48.31 -2.13
s CRH CRH 51.82 4.36 DentsplySirona XRAY 37.68 0.32 GlobeLife
AB InBev BUD 61.09 0.84 GL 120.81 -0.85 LibertyGlobal C LBTYK 21.19 0.07 Ovintiv OVV 45.94 0.73
SignifyHealth SGFY 28.65 -0.10 UGI UGI 37.30 0.24 Zoetis ZTS 168.58 1.01
CSX DeutscheBank DB 12.20 -0.22 GoDaddy
AnnalyCap NLY 20.00 -0.14 CSX 31.28 0.42 GDDY 75.62 -0.14 LibertyGlobal A LBTYA 20.34 0.01 OwensCorning OC 99.12 1.22
SimonProperty SPG 122.85 1.60 U-Haul UHAL 63.82 1.07 ZoomVideo ZM 70.63 1.01
t CVS Health CVS 81.43 -1.04 DevonEnergy DVN 55.70 0.96 GoldFields GFI 9.33 0.09 LibertyFormOne A FWONA 65.71 PDD 95.76 4.72
AnteroResources AR 26.44 -0.03 4.84 PDD t SiriusXM SIRI 4.30 0.03 U-Haul N UHAL/B 56.38 1.30 ZoomInfoTech ZI 24.78 0.43
CadenceDesign CDNS 192.64 1.21 DexCom DXCM 121.24 10.48 GoldmanSachs GS 349.10 2.87
Aon AON 301.79 0.08 LibertyFormOne C FWONK 73.16 5.16 PG&E PCG 15.85 0.24
SkechersUSA SKX 45.94 0.62 US Foods USFD 38.25 0.36 Zscaler ZS 134.13 5.69
ApellisPharm APLS 64.40 0.40 CAE CAE 22.60 -0.08 Diageo DEO 175.93 4.56 Grab GRAB 3.20 0.10 LibertyBraves A BATRA 34.41 PNC Fin PNC 150.24 -4.97
0.24
CaesarsEnt CZR 52.26 0.96 DiamondbkEner FANG 144.16 2.49 Graco GGG 69.87 0.70 LibertyBraves C BATRK 33.97
ApolloGlbMgmt APO 72.38 0.44 0.11 POSCO PKX 64.53 1.95
CamdenProperty CPT 114.00 2.04 Dick's DKS 129.51 0.82 s Grainger GWW 684.50 13.49 LibertySirius C LSXMK 31.60
Apple AAPL 145.91 0.60 0.10 PPG Ind PPG 134.84 1.61
ApplMaterials AMAT 118.45 1.19 Cameco CCJ 27.83 -0.08 DigitalRealty DLR 103.10 2.27 s GraphicPkg GPK 24.43 0.05 PPL PPL 27.12 0.44
LibertySirius A LSXMA 31.68 0.09
Aptargroup ATR 118.58 1.12
Aptiv APTV 116.93 -1.17
CampbellSoup CPB 52.42 0.51
CIBC CM 45.63 -0.28
DiscoverFinSvcs DFS 112.37
Disney DIS 98.92
-0.57 Grifols GRFS 8.74 -0.17 LifeStorage LSI 124.74
0.38 GpoAeroportuar PAC 189.62 -0.45
EliLilly LLY 315.05
2.74 PTC
0.88 Paccar
PTC 124.67
PCAR 74.79
0.86
1.74
Dividend Changes
CanNtlRlwy CNI 117.92 2.29 DocuSign DOCU 61.28 2.29 GpoAeroportSur ASR 291.49 0.69
Aramark ARMK 37.18 0.05 LincolnElectric LECO 171.90 2.70 PackagingCpAm PKG 141.01 2.31
CanNaturalRes CNQ 58.90 0.94 DolbyLab DLB 82.95 0.74 HCA Healthcare HCA 243.75 -0.55
ArcelorMittal MT 31.75 0.71 Linde LIN 351.75 1.70 PalantirTech PLTR 7.97 0.28
Amount Payable /
s ArchCapital ACGL 70.90 -0.07 CanPacRlwy CP 78.27 1.28 DollarGeneral DG 216.23 2.44 HDFC Bank HDB 66.65 -0.05
LithiaMotors LAD 254.45 -2.49 PaloAltoNtwks PANW 189.85 2.91
ArcherDaniels ADM 80.57 1.33 Canon CAJ 21.53 -0.04 DollarTree DLTR 146.59 -1.53 HF Sinclair DINO 52.08 0.57 LiveNationEnt LYV 72.46 0.45 ParamountA PARAA 25.58 0.70 Company Symbol Yld % New/Old Frq Record
CapitalOne COF 108.19 -0.39 t DominionEner D 54.99 0.92 HP HPQ 28.81 -0.05 LloydsBanking LYG
AresMgmt ARES 81.16 0.43 2.45 -0.05 ParamountB PARA 22.35 0.63
Increased
ARGX 345.05 -23.90 CardinalHealth CAH 74.71 -1.27 Domino's DPZ 305.32 3.59 HSBC HSBC 36.97 -0.23 LockheedMartin LMT 478.31
arGEN-X 3.98 ParkerHannifin PH 355.50 2.15
Carlisle CSL 260.93 2.99 s Donaldson DCI 66.34 0.57 H World HTHT 51.55 1.56 Loews 1.40 Acushnet Holdings GOLF 1.4 .195 /.18 Q Mar24 /Mar10
AristaNetworks ANET 136.58 -1.98 L 61.44 0.19 Paychex PAYX 112.10
Carlyle CG 34.48 0.06 DoorDash DASH 55.28 1.36 Haleon HLN 7.63 -0.29 LogitechIntl LOGI 53.44 2.83 Comerica 4.0 .71 /.68 Apr01 /Mar15
ArrowElec ARW 120.18 1.11 0.45 PaycomSoftware PAYC 287.34 CMA Q
CarMax KMX 67.86 -0.90 Dover DOV 151.40 1.28 Halliburton
AspenTech AZPN 218.42 3.84 HAL 38.39 0.88 Lowe's LOW 195.10 0.79 Paylocity PCTY 189.68 0.79 First Savings Fincl Gp FSFG 2.6 .14 /.13 Q Mar31 /Mar17
Carnival CCL 10.76 0.17 Dow DOW 58.44 0.42 HarleyDavidson HOG 46.93 -0.40
Assurant AIZ 125.81 -0.64 Lucid LCID 8.53 -0.09 PayPal PYPL 74.10 0.28
Inter Parfums IPAR 1.4 .625 /.50 Q Mar31 /Mar15
Carnival CUK DrReddy'sLab RDY 53.66 0.46 HartfordFinl HIG
2.16 Pearson
AstraZeneca AZN 65.10 -0.11 9.74 0.15 77.35 -0.19 lululemon PSO 11.01 -0.06
LULU 311.65
0.53 Jackson Financial 5.3 .62 /.55 Q Mar23 /Mar14
CarrierGlobal CARR 46.09 0.50 DraftKings DKNG 18.58 0.26 t Hasbro JXN
Atlassian TEAM 166.11 3.92 HAS 55.07 0.59 LyondellBasell LYB 97.69 0.21 PembinaPipeline PBA 33.89
AtmosEnergy ATO 111.49 0.95 CaseysGenStores CASY 211.24 0.87 Dropbox DBX 20.67 0.12 HealthcareRealty HR 19.63 0.28 PenskeAuto PAG 143.63 -1.09 Linde LIN 1.3 1.275 /1.17 Q Mar28 /Mar14
Autodesk
Autoliv
ADSK 201.13 4.75
ALV 93.25 -0.80
Catalent
Caterpillar
CTLT 71.19 2.18
CAT 252.18 3.51
DukeEnergy DUK 93.77
DuPont DD 74.91
1.86 HealthpeakProp PEAK 23.80 0.16
1.24 Heico A HEI.A 137.86 2.71
M N Pentair
Penumbra
PNR 55.48
PEN 260.90
0.12 RCI Hospitality Holdings
2.52 Ross Stores
RICK 0.2 .06 /.05 Q Mar29 /Mar15
ROST 1.1 .335 /.31 Q Mar31 /Mar14
ADP ADP 222.55 2.99 Celanese CE 123.56 3.85 Dynatrace DT 42.16 -0.03 Heico HEI 174.40 2.99 M&T Bank MTB 151.32 -2.86 PepsiCo PEP 173.32 3.14 Verisk Analytics VRSK 0.7 .34 /.31 Q Mar31 /Mar15
AutoZone AZO 2485.63 29.26 CelsiusHldg CELH 94.41 5.63 EMCOR EME 166.86 -0.13 HenrySchein HSIC 77.89 0.14 MGM Resorts MGM 45.27 0.89 PerformanceFood PFGC 57.71 0.41
Avalonbay AVB 169.69 1.48 Cemex CX 5.43 0.24 ENI E 28.39 0.11 Hershey HSY 238.40 1.75 MPLX MPLX 34.80 0.32 PerkinElmer PKI 128.20 4.70 Stocks
Avangrid AGR 38.78 0.68 CenovusEnergy CVE 19.08 0.47 EOG Rscs EOG 120.80 2.79 Hess HES 140.25 2.39 MSCI MSCI 517.29 1.84 PetroleoBrasil PBR 10.76 -0.33
Avantor AVTR 24.77 0.21 t Centene CNC 68.59 0.08 EPAM Systems EPAM 304.25 -1.34 HewlettPackard HPE 15.50 -0.04 MagellanMid MMP 53.48 0.49 PetroleoBrasilA PBR.A 9.52 -0.22 Tootsie Roll Indus TR 0.8 3.00% Mar30 /Mar06
AveryDennison AVY 181.57 0.45 CenterPointEner CNP 27.99 0.63 EQT EQT 33.36 0.06 Hilton HLT 146.19 0.69 MagnaIntl MGA 56.23 0.11 t Pfizer PFE 40.62 0.44
AvisBudget CAR 223.66 5.35 CentraisElBras EBR 6.43 -0.09 EastWestBncp EWBC 74.39 -1.44 Hologic HOLX 80.08 1.02 ManhattanAssoc MANH 146.79 2.92 PhilipMorris PM 98.36 0.85 Foreign
s AxaltaCoating AXTA 30.69 0.52 CeridianHCM CDAY 73.18 1.16 EastGroup EGP 165.83 4.34 HomeDepot HD 293.02 2.23 ManulifeFinl MFC 19.97 -0.03 Phillips66 PSX 105.81 -1.43 Diageo ADR DEO 2.0 1.52867 SA Apr18 /Mar03
AxonEnterprise AXON 218.31 -2.75 CharlesRiverLabs CRL 226.33 3.41 EastmanChem EMN 86.91 0.54 HondaMotor HMC 26.09 -0.12 MarathonOil MRO 26.10 0.31 PinnacleWest PNW 75.27 1.98 Ituran Location & Ctrl ITRN 2.5 .14 Q Apr04 /Mar21
BCE BCE 44.02 -0.26 CharterComms CHTR 363.09 0.55 Eaton ETN 175.15 1.32 Honeywell HON 194.45 1.57 MarathonPetrol MPC 129.63 0.44 Pinterest PINS 25.34 0.37 Royal Bank Canada PfC2 RYpT 6.5 .42188 Q May08 /Apr28
BHP Group BHP 65.01 1.85 CheckPoint CHKP 125.99 2.21 eBay EBAY 45.58 -0.17 HorizonTherap HZNP 110.25 -0.09 Markel MKL 1336.99 9.30 PioneerNatRscs PXD 209.80 4.37
t BILL BILL 87.95 3.77 Chemed CHE 524.58 0.18 Ecolab ECL 161.93 3.41 t HormelFoods HRL 41.83 -2.00 MarketAxess MKTX 354.78 7.51 PlainsAllAmPipe PAA 13.39 0.24
Royal Bank of Canada RY 3.9 .9696 Q May24 /Apr25
BJ'sWholesale BJ 74.14 2.25 CheniereEnergy LNG 163.32 2.53 Ecopetrol EC 11.16 -0.23 DR Horton DHI 90.79 -0.10 Marriott MAR 170.90 1.46 PlainsGP PAGP 14.05 0.25 Sources: FactSet; Dow Jones Market Data
BOK Fin BOKF 102.08 -2.05 CheniereEnerPtrs CQP 49.73 -0.49 EdisonIntl EIX 65.56 0.97 HostHotels HST 16.98 -0.03 Marsh&McLen MMC 161.89 -0.12 PlanetFitness PLNT 80.35 0.55
BP BP 40.26 0.33 ChesapeakeEner CHK 82.08 0.74 EdwardsLife EW 80.23 0.38 HowmetAerospace HWM 43.35 0.55 MartinMarietta MLM 363.47 5.93 PlugPower PLUG 13.33 -0.88 KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and ratio; SO:
BRP DOOO 86.06 -0.67 Chevron CVX 162.56 0.51 ElbitSystems ESLT 169.02 0.93 Hubbell HUBB 249.54 -0.10 MarvellTech MRVL 46.23 0.87 PolestarAuto PSNY 5.35 0.30 spin-off.

New Highs and Lows Stock

52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg
LogisticsInnovA LITT 10.97 ... Tech&TelecomA TETE 11.15 0.4 Azul AZUL 3.82 -1.0 Enviva EVA 35.83 -2.3 LejuHoldings LEJU 1.17 ... ReNewEnergyWt RNWWW 0.39 -2.3
The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE American MSG Sports MSGS 196.47 1.3 Tecnoglass TGLS 41.50 9.8 BILL BILL 82.81 4.5 EquityCommnwlth EQC 20.92 -1.2 LichenChina LICN 1.51 3.2 ReNewEnergy RNW 4.04 1.7
and Nasdaq Stock Market stocks that hit a new 52-week intraday high or low in the latest MagnumOpusA OPA 10.20 ... TeekayTankers TNK 47.75 2.2 BIMI Intl BIMI 1.01 -7.1 Erasca ERAS 3.28 -4.9 Lilium LILM 0.92 -3.7 RepublicFirstBncp FRBK 1.87 -2.0
session. % CHG-Daily percentage change from the previous trading session. Manitowoc MTW 19.56 0.7 Terex TEX 60.08 -0.1 BerkeleyLights BLI 1.58 9.9 EsportsEnt GMBL 2.36 -12.7 LiveOakMobilWt LOKM.WS 0.00 -97.8 Rivian RIVN 15.08 -0.3
MasTec MTZ 102.61 1.3 Thermon THR 27.57 1.8 Biofrontera BFRI 0.62 -7.2 EvaxionBiotech EVAX 1.36 -2.0 LocalBounti LOCL 0.58 -10.9 RoyaltyPharma RPRX 35.18 -0.9
MetalSkyStar MSSAU 14.24 -5.8 Timken TKR 87.94 1.6 BitBrother BTB 1.16 -8.7 EveloBiosci EVLO 0.52 -4.2 LucyScientific LSDI 1.55 -8.9 RubiusTherap RUBY 0.10 -6.6
Thursday, March 2, 2023 Moog A MOG.A 102.35 0.8 TransMedics TMDX 81.98 -1.6 BlackstoneMtg BXMT 20.40 -0.5 FaZeWt FAZEW 0.07 -10.0 LumenTech SellasLifeSci SLS 1.45 -1.3
LUMN 3.12 ...
52-Wk % 52-Wk % 52-Wk % MoonLakeImm MLTX 22.00 7.8 TwinRidgeCapA TRCA 10.22 0.1 BlinkCharging BLNK 8.38 -2.2 FirstNWBncp FNWB 13.95 -0.7 Lyft LYFT 9.52 -1.2 SES AI SES 2.87 -3.1
Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg NaborsEnerA NETC 10.50 0.1 UTA Acqn A UTAA 10.50 0.2 BostonProps BXP 63.39 0.5 FiscalNoteWt NOTE.WS 0.32 -24.7 LyraTherap LYRA 2.25 3.1 SHF SHFS 0.62 -2.4
NaturalResPtrs NRP 63.01 7.1 UWM UWMC 5.03 4.3 BrandywineRealty BDN 5.71 0.3 FiscalNote NOTE 1.95 -5.7 MSD Acqn Wt MSDAW 0.01 -33.3 SNDL SNDL 1.74 -2.2
BuildersFirst BLDR 87.25 1.1 FirstReserveA FRSG 10.16 0.2 NerdWallet NRDS 21.74 5.7 VMGConsumerA VMGA 10.75 0.1 BusFirstBcshs BFST 19.83 -0.8 FocusUniversal FCUV 4.85 1.8 MetaMaterials MMAT 0.59 ... Science37 SNCE 0.30 4.0
Highs CRH
Cabot
CRH
CBT
52.03
82.18
9.2
0.9
FirstSolar
Fluor
FSLR
FLR
199.35 1.3
37.97 ...
NobleRockAcqn NRACU 10.47 4.5 VOXX Intl
VSE
VOXX
VSEC
12.05 0.5 CBD Pao
58.86 1.2 Curo
CBD 2.68 -0.4 FranklinStProp FSP 2.33 0.4 Microvast MVST 1.22 0.8 SeacoastBkgFL SBCF
SecooHolding SECO
28.78 -1.9
1.45 -18.0
AAR AIR 56.34 1.6
NordicAmTankers NAT 4.55 1.6 CURO 2.62 7.4 Funko FNKO 7.14 -7.1 MidatechPharma MTP 0.49 -10.7
CactusAcqn1 CCTSU 11.47 0.6 ForumMergerIV A FMIV 10.18 ... NorthAmConstr NOA 17.26 1.7 V2X VVX 50.16 3.4 CVS Health CVS 81.36 -1.3 FVCBankcorp FVCB 13.36 -0.1 MobiquityTechs MOBQ 0.22 -2.9 SelinaHosp SLNA 1.99 -7.2
AP Acqn A APCA 10.80 ... CannaGlblAcqn CNGLU 10.51 0.5 FreedomAcqnI FACT.U 10.59 0.4 VentyxBiosciences VTYX 46.27 3.7 CamberEnergy SignatureBank SBNY 104.63 -2.7
ATI ATI 42.20 -0.2 NorthernGenIII NGC 10.20 ... CEI 1.58 ... GOL Linhas GOL 2.00 -2.9 Movella MVLA 2.35 -10.4
CapitalCityBank CCBG 36.86 0.1 FreedomI A FACT 10.27 0.6 NorthernStrIV A NSTD 10.74 -0.2 VerraMobility VRRM 17.79 5.3 CambridgeBncp CATC 76.23 -2.3 GSI Tech GSIT 1.51 -3.3 NFTGaming NFTG 1.90 -6.8 SiloPharma SILO 2.15 ...
AchariVenturesI AVHIU 10.96 5.1 CardioDiagWt CDIOW 0.95 62.0 FreshDelMonte FDP 32.49 1.4 VisionSensingA VSAC 10.48 ... Canoo SilvergateCapital SI 5.66 -57.7
AerCap AER 66.85 3.7 NorthViewAcqn NVAC 10.28 0.2 GOEV 0.67 -3.0 GenDigital GEN 19.02 0.6 NIO NIO 8.31 2.9
ChainBridgeIA CBRG 10.39 0.1 FriedmanInds FRD 12.47 4.6 O2MicroIntl OIIM 4.93 ... VitaCoco COCO 17.54 ... CapitalBancorp CBNK 20.06 -0.7 GinkgoBioworks DNA 1.29 ... NanoVibronix NAOV 4.05 -1.0 SilvergatePfdA SIpA 4.69 -46.8
AfterNextHealth AFTR.U 10.21 0.3 WNS WNS SiriusXM SIRI 4.22 0.7
Chase CCF 101.53 1.2 Frontdoor FTDR 33.88 5.3 OlympicSteel ZEUS 56.90 2.5 90.08 0.8 CareDx CDNA 9.05 -32.7 GromSocialEnts GROM 0.83 0.7 NatlHealthcare NHC 55.07 -0.3
AlamoGroup ALG 186.30 0.9 WaverleyCap1 WAVC.U 10.43 2.3 Cazoo SocietyPass SOPA 0.81 -5.8
CidaraTherap CDTX 1.99 -7.7 GalataAcqn GLTA.U 10.41 0.5 OneSpan OSPN 19.25 11.7 CZOO 1.93 -6.9 GuarantyBcshrs GNTY 30.61 -1.0 NationalVision EYE 22.14 0.5
AltaEquipment ALTG 19.30 0.6 Winmark WINA 300.67 1.8 Centene Sonder SOND 0.86 -13.4
CleanHarbors CLH 137.28 2.3 Gaming&Leisure GLPI 54.71 1.4 OrionEngCarbons OEC 26.42 1.3 CNC 67.42 0.1 HCW Biologics HCWB 1.74 -1.1 NetcapitalWt NCPLW 0.12 -37.4
AltEnergyA AEAE 10.35 0.3 WynnResorts WYNN 114.34 1.1 Cepton SouthernFirstBcsh SFST 39.16 0.2
ClimateRockA CLRC 10.34 -0.1 GencorInds GENC 14.51 0.7 OtisWorldwide OTIS 85.98 0.5 CPTN 0.86 -1.6 Hasbro HAS 53.82 1.1 NetScout NTCT 27.67 -0.4
AltisourceAsset AAMC 55.58 -0.7 XpacAcqn XPAXU 10.43 2.6 Chegg SouthwestGas SWX 57.93 0.5
ClimbGlbl CLMB 47.80 20.4 GeneralElec GE 85.73 1.9 PermianRscs PR 12.00 6.9 CHGG 15.30 3.4 Hesai HSAI 17.67 4.8 NetSolTech NTWK 2.62 ...
AltraIndlMotion AIMC 61.73 0.3 XtantMedical XTNT 1.19 20.4 ChickenSoupA StabilisSolns SLNG 3.24 -6.0
CoeptisTherapWt COEPW 0.20 22.0 GlblBlockchain GBBK 10.62 ... PreformedLine PLPC 113.32 21.9 CSSE 3.97 1.0 HormelFoods HRL 40.72 -4.6 Network1Techs NTIP 2.05 1.9
ArcadiaBiosci RKDA 18.94 20.3 ZimmerEnergy ZTAQU 10.81 0.1 ChinaPharma Swvl SWVL 1.83 -8.7
CorazonV838 A CRZN 10.21 ... GlobalinkInvt GLLI 10.46 0.3 PyrophyteAcqn PHYT.U 11.13 0.9 CPHI 0.06 -0.6 HudsonPacProp HPP 8.89 -0.3 Nocera NCRA 1.09 1.8
ArchCapital ACGL 71.14 -0.1 System1Wt SST.WS 0.35 -5.4
CoreMoldingTech CMT 17.46 1.9 GlobalinkInvt GLLIU 10.78 1.3 RF Acqn A RFAC 10.26 0.1 Citizens&Northern CZNC 22.04 -0.7 HyzonMotors HYZN 1.17 -4.7 1stdibs.com DIBS 4.43 6.5
Archrock
AresAcqnA
AROC
AAC
11.39
10.26
2.4
-0.1 Crane CR 122.77 1.2 Grainger GWW 686.88 2.0 RelianceSteel RS 260.19 2.9 Lows ColonyBankcorp CBAN 12.12 -1.1 IMV IMV 0.67 -4.1 OneWaterMarine ONEW 27.03 1.2
TDH
TTEC
PETZ
TTEC
1.42 -3.3
39.22 0.3
DHC Acqn A DHCA 11.05 -0.2 GraphicPkg GPK 24.47 0.2 RELY
AriszAcqnA ARIZ 10.29 0.2 RemitlyGlobal 15.01 3.2 AerwinsTech AWIN 1.04 -12.5 ConsensusCloud CCSI 37.74 -5.0 Ideanomics IDEX 0.12 -6.6 Organogenesis ORGO 2.20 19.3
Trevena TRVN 0.97 -1.9
DHT DHT 11.73 0.9 HaynesIntl HAYN 58.89 0.6 RenovoRx RNXT CFRX ICCC ONL
ArogoCapA AOGO 10.35 0.1 5.70 -3.5 AXT AXTI 4.15 -1.2 ContraFect 2.87 -5.1 Immucell 5.61 0.1 OrionOffice 8.00 -3.0 Tucows TCX 20.88 0.4
Astronics ATRO 15.98 3.4 DirectSellingA DSAQ 10.44 0.1 HomePlateAcqn HPLT 10.66 0.2 RigelResource RRAC.U 10.54 0.5 AcelRxPharm ACRX 1.26 -1.5 CorvusPharm CRVS 0.69 -3.4 ImmunityBio IBRX 1.73 -10.6 PLBY Group PLBY 1.96 1.5 TwistBiosci TWST 17.72 3.3
AsureSoftware ASUR 14.60 8.4 Donaldson DCI 66.46 0.9 HuronConsulting HURN 82.87 1.6 RocketInternet RKTA.U 10.72 1.4 Affimed AFMD 0.82 -1.2 CreditSuisse CS 2.70 -5.3 ImperialPetrol IMPP 0.19 -1.3 PMV Pharm PMVP 5.78 -4.6 TysonFoods TSN 58.24 -0.4
AtlCoastal II A ACAB 10.34 ... Duolingo DUOL 121.33 8.0 HyattHotels H 119.75 2.1 ST Ener I A STET 10.35 ... AlarumTech ALAR 2.01 1.0 CrownPropTech CPTK.U 9.70 -2.2 IndependentBank IBTX 55.56 -0.6 P3HealthPartnersWt PIIIW 0.09 -16.8 US Energy USEG 1.91 -2.3
AvalonAcqn AVACU 10.57 1.5 EDAP TMS EDAP 12.39 0.7 HysterYaleMatls HY 44.64 0.9 SareptaTherap SRPT 153.92 5.1 AlignmentHlthcr ALHC 7.36 -7.8 Cryo-Cell CCEL 3.80 0.5 InfinityPharm INFI 0.21 4.3 PanbelaTherap PBLA 0.90 -4.2 Udemy UDMY 8.99 1.2
AvitaMedical RCEL 13.93 4.3 EG Acqn A EGGF 10.16 ... IXAcqnA IXAQ 10.28 ... 7GC A VII 10.30 1.0 Alpha&Omega AOSL 25.74 -1.2 CumulusMedia CMLS 4.95 -5.1 InMedPharm INM 0.92 -9.0 ParamountGroup PGRE 5.11 0.4 Uniti UNIT 5.01 -1.0
AxaltaCoating AXTA 30.85 1.7 elfBeauty ELF 75.78 1.4 IndustrsBachoco IBA 54.42 -0.3 ShoulderUpTechA SUAC 10.33 0.1 Alset AEI 1.82 -3.4 DHI Group DHX 4.15 -1.9 Innoviva INVA 10.90 -3.9 PearTherap PEAR 0.98 0.6 UnivElectro UEIC 11.74 -1.6
B.RileyPrin250A BRIV 10.12 ... ESM Acqn A ESM 10.21 0.1 InsightEnt NSIT 136.36 1.5 SilverSpikeII A SPKB 11.06 -0.6 AltamiraTherap CYTO 2.26 -4.5 DISH Network DISH 10.64 -1.8 IntegratedMedia IMTE 0.49 1.0 Peraso PRSO 0.64 -2.0 VandaPharm VNDA 6.18 -2.2
BWX Tech BWXT 62.94 0.2 EmbraceChange EMCGU 10.49 0.4 Intapp INTA 40.26 0.9 SilverBoxIIIUn SBXC.U 10.20 -0.1 AmnealPharm AMRX 1.82 -4.8 DesignTherap DSGN 6.46 0.1 Intercure INCR 2.45 1.2 PerformShipping PSHG 1.01 -9.5 VarexImaging VREX 17.53 1.0
BannixAcqn BNIX 10.89 0.4 EnelChile ENIC 2.40 2.6 InterParfums IPAR 138.76 5.6 SpokHoldings SPOK 10.48 1.0 Amyris AMRS 1.12 1.7 DigitalBrands DBGI 1.25 -2.2 Ioneer IONR 9.31 -5.2 PetrosPharm PTPI 1.81 -9.0 Veritex VBTX 25.93 -1.3
BeardEnerTran BRD.U 10.82 -0.1 EnerpacTool EPAC 28.30 3.1 InteractiveBrkrs IBKR 89.28 1.5 SpringValleyII SVIIU 11.24 -3.7 AnywhereRealEst HOUS 5.30 -1.4 DigitalTurbine APPS 10.51 -0.9 IsraelAcqnsWt ISRLW 0.12 -13.3 Pfizer PFE 39.81 1.1 Veru VERU 3.65 0.5
BellevueLifeSci BLACU 10.21 -0.1 EnphysAcqnA NFYS 10.60 0.3 IntlSeaways INSW 52.68 2.0 SpringwaterSpec SWSS 11.28 -0.7 ArenaGroup AREN 7.09 -4.8 DigitalWorldWt DWACW 3.08 -2.1 JBG SMITH Prop JBGS 16.77 ... PortageBiotech PRTG 3.22 -5.1 VintageWineEstates VWE 1.48 ...
BiomeaFusion BMEA 14.24 -8.1 EroCopper ERO 17.15 3.4 InvestcorpIndiaA IVCA 10.51 0.1 SproutsFarmers SFM 35.59 13.0 AridisPharm ARDS 0.48 2.2 DigitalWorldA DWAC 14.10 -2.0 JaguarHealth JAGX 1.60 -2.3 Precigen PGEN 1.11 -1.7 VirginOrbit VORB 1.23 ...
Birks BGI 8.45 0.4 EuropeanBioWt EBACW 0.75 -6.4 JaguarGlbGrwI A JGGC 11.53 0.3 SteelDynamics STLD 133.31 2.9 AscentSolar ASTI 0.46 -1.1 DominionEner D 53.74 1.7 J&J JNJ 151.23 -0.1 PrimisFinl FRST 11.52 -0.3 VornadoRealty VNO 19.15 0.1
BlackSpadeA BSAQ 10.18 ... EverestConsolA MNTN 10.42 0.1 JawsMustangA JWSM 10.47 -0.2 Stellantis STLA 18.38 0.5 AtlisMotor AMV 0.82 -3.1 DouglasEmmett DEI 13.77 0.8 KaivalBrands KAVL 0.60 -1.2 PureCycleTech PCT 5.53 -8.9 voxeljet VJET 1.95 10.0
BlockchainMoonA BMAQ 10.50 0.1 EverestConsol MNTN.U 10.40 0.2 KnightSwanA KNSW 11.30 ... SterlingInfr STRL 41.31 2.4 Audacy AUD 0.18 -9.9 ESSTech GWH 1.56 3.7 KenonHoldings KEN 26.91 -2.1 QuantumComp QUBT 1.31 -3.6 WiSA Tech WISA 4.18 18.7
BookingHldgs BKNG 2583.60 1.0 ExcelFinAcqn XFINU 10.40 0.2 LIVCapAcqnII A LIVB 10.45 -0.3 Stevanato STVN 24.47 6.2 AudioCodes AUDC 15.97 -0.4 Eargo EAR 5.64 -2.5 KinnateBio KNTE 4.84 -2.1 RF Industries RFIL 4.75 -1.6 XP XP 11.48 -3.6
BorrDrilling BORR 7.57 1.5 Expro XPRO 24.04 1.6 LambWeston LW 102.77 1.4 SunCokeEnergy SXC 10.18 1.6 AuroraCannabis ACB 0.81 1.0 EdibleGarden EDBL 2.63 -1.8 KnowLabs KNW 0.80 16.4 RackspaceTech RXT 2.20 2.6 ZW DataAction CNET 1.40 -4.8
Bowlero BOWL 16.01 4.4 FastAcqnII A FZT 10.18 0.3 LibertyRscsA LIBY 10.45 0.1 SwiftmergeA IVCP 10.79 ... AvalonGloboCare ALBT 2.14 -1.3 ElancoAnimal ELAN 10.87 -2.2 LanzaTechGlobal LNZA 3.65 -9.0 RapidMicro RPID 1.01 8.3 ZimVie ZIMV 5.05 -44.6
Brady BRC 56.06 1.0 FedAgriMtg A AGM.A 125.01 3.3 Limoneira LMNR 15.85 0.6 SwiftmergeAcqn IVCPU 10.66 0.2 AytuBioPharma AYTU 2.49 -2.9 EnlightRenewableEn ENLT 15.38 -4.0 LeadEdgeGrwWt LEGAW 0.00 -90.0 Recruiter.com RCRT 0.30 -7.0 ZynerbaPharm ZYNE 0.45 5.6

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 Fund
Net YTD
NAV Chg %Ret
Income 12.24 -0.04 0.4 Idx2040InsPre 19.77 +0.06 4.3 CapApInst 68.65 +0.57 9.4 LrgCpStr 15.11 +0.10 3.6 IntlEqIdxInst 20.26 +0.05 6.1 TotIntBdIdxAdm 19.00 -0.03 0.6 IdxIntl 17.50 +0.05 5.0
Top 250 mutual-funds listings for Nasdaq-published share classes by net assets. Intl Stk 45.77 +0.12 6.2 Fidelity Invest Harding Loevner Parnassus Fds VANGUARD ADMIRAL TotIntlAdmIdx r 29.28 +0.08 5.1 MdCpGrAdml 83.75 +1.12 8.2
Stock 222.77 +0.56 3.3 Balanc 23.83 +0.09 4.0 IntlEq NA ... NA ParnEqFd 48.70 +0.68 3.8 500Adml 368.27 +2.83 4.0 TotStAdml 97.51 +0.70 4.7 MdCpVlAdml 72.54 +0.40 3.5
e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes e DoubleLine Funds BluCh 125.99 +1.19 12.0 Invesco Funds A PGIM Funds Cl Z BalAdml 40.73 +0.13 2.7 TxMCapAdml206.98 +1.63 4.6 SmValAdml 73.16 +0.27 7.2
and s apply. k-Recalculated by Lipper, using updated data. p-Distribution costs apply, EqIncA
TotRetBdI 8.75 -0.04 0.4 Contra 12.62 +0.10 5.9 10.00 +0.02 1.8 TotalReturnBond NA ... NA CAITAdml 11.12 -0.01 0.3 TxMIn r 14.30 +0.04 5.8 TotBd2 9.29 -0.03 -0.4
12b-1. r-Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and r Edgewood Growth Instituti CpInc 9.18 -0.01 2.6 Invesco Funds Y CapOpAdml r152.89 +0.71 4.6 USGroAdml 110.40 +0.98 TotIntlInstIdx r117.09 +0.32 5.1
PIMCO Fds Instl 9.0
apply. v-Footnotes x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not EdgewoodGrInst 33.52 +0.38 7.1 GroCo DevMktY
available due to incomplete price, performance or cost data. NE-Not released by Lipper;
24.64 +0.19 9.5 38.26 +0.17 9.4 AllAsset 10.75 +0.01 NA DivAppIdxAdm 41.35 +0.30 0.3 ValAdml 54.68 +0.30 -0.1 TotItlInstPlId r117.12 +0.32 5.1
Fidelity InvGrBd 9.82 -0.03 0.3 JHF III DispVal TotRt 8.41 -0.03 NA EMAdmr 33.48 +0.13 3.3 WdsrllAdml 68.74 +0.48 3.9 TotSt 97.48 +0.70 4.7
data under review. NN-Fund not tracked. NS-Fund didn’t exist at start of period. 500IdxInstPrem138.45 +1.06 4.0 LowP 47.80 +0.15 3.5 DispValMCI 25.96 +0.16 6.3 PIMCO Funds A EqIncAdml 84.03 +0.47 -0.7 WellsIAdml 59.02 +0.05 VANGUARD INSTL FDS
-0.4
Contrafund K6 17.80 +0.14 5.9 Magin 11.24 +0.13 5.1 John Hancock IncomeFd 10.33 -0.02 NA ExplrAdml 95.30 +0.69 9.7 WelltnAdml 66.66 +0.32 0.5 BalInst 40.74 +0.13 2.7
Thursday, March 2, 2023 ExtMktIdxInstPre 69.01 +0.32 9.5 NASDAQ 144.69 +1.08 9.7 BondR6 13.32 -0.04 0.6 PIMCO Funds I2 ExtndAdml 110.41 +0.52 9.5 WndsrAdml 71.73 +0.46 5.0 DevMktsIndInst 14.32 +0.04 5.8
Net YTD Net YTD Net YTD FidSerToMarket 13.24 +0.09 4.8 OTC 13.80 +0.15 7.6 JPMorgan I Class Income 10.33 -0.02 NA GNMAAdml 9.07 -0.03 -0.8 VANGUARD FDS DevMktsInxInst 22.38 +0.06 5.8
Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret GrowthCompanyK6 16.77 +0.12 9.0 Puritn 21.12 +0.09 3.0 CoreBond 10.07 -0.03 NA PIMCO Funds Instl GrwthAdml 119.58 +1.19 9.0 DivdGro 34.62 +0.31 -1.7 ExtndInst 110.40 +0.52 9.5
InflPrBdIndInsPr 9.05 +0.01 0.3 SAIUSQtyIdx 15.74 +0.16 2.8 EqInc 22.31 +0.10 NA IncomeFd 10.33 -0.02 NA HlthCareAdml r 86.43 +0.37 -3.8 IntlVal 38.28 +0.08 7.1 GrwthInst 119.59 +1.19 9.0
American Century Inv Artisan Funds Calamos Funds IntlIdxInstPrem 43.66 +0.07 6.0 SrsEmrgMkt 16.37 +0.05 4.8 LgCpGwth 46.43 +0.34 NA Price Funds HYCorAdml r 5.17 -0.01 1.3 InPrSeIn 9.47 +0.01 0.4
Ultra 59.62 +0.52 8.1 IntlVal Inst 41.45 +0.25 NA MktNeutI 14.04 +0.02 2.0 LifeCon 19.44 +0.01 1.9
LgCpGwId InstPre 22.33 +0.18 7.3 SrsGlobal 12.99 +0.02 5.2 JPMorgan R Class
BlChip 111.24 +0.87 7.5 InfProAd 23.24 +0.02 0.3 InstIdx 334.49 +2.57 4.0
American Funds Cl A Baird Funds Columbia Class I LifeGro 37.42 +0.14 3.9
MidCpInxInstPrem 27.57 +0.22 6.4 SrsGroCoRetail 14.96 +0.11 CoreBond 10.08 -0.03 NA
0.8 IntlGrAdml InstPlus
8.6 97.39 +0.41 7.7 334.49 +2.57 4.0
AmcpA 32.14 +0.27 6.8 AggBdInst 9.54 -0.03 -0.2 DivIncom I 28.71 +0.15 -0.8 DivGro 64.63 +0.50 LifeMod 28.23 +0.07 2.9
SAIUSLgCpIndxFd 17.48 +0.14 4.0 SrsIntlGrw 15.21 +0.08 6.7 CorePlusBd 7.10 -0.02 NA ITBondAdml 9.98 -0.03 -0.5 InstTStPlus 70.21 +0.50 4.7
AMutlA 48.31 +0.30 -0.2 CorBdInst 9.82 -0.03 ... Dimensional Fds Growth 66.51 +0.58 8.0 PrmcpCor 27.84 +0.10 2.4
SeriesBondFd 8.79 -0.03 -0.4 SrsIntlVal 10.66 +0.02 6.3 Lord Abbett I ITIGradeAdml 8.26 -0.02 -0.1 MidCpInst 58.96 +0.55 5.7
BalA 28.98 +0.12 0.8 BlackRock Funds 5GlbFxdInc 9.87 ... 0.4 HelSci 86.57 +0.39 -3.6 STAR 25.10 +0.07 3.9
SeriesOverseas 11.63 +0.03 7.1 TotalBond 9.33 -0.03 0.7 ShtDurInc p 3.83 ... 0.7 LarCapAd 91.69 +0.70 4.2 MidCpIstPl 290.76 +2.67 5.7
LgCapGow I 48.74 +0.46 6.1
BondA 11.26 -0.03 -0.6 HiYldBd Inst 6.72 -0.01 2.3 EmgMktVa 27.43 +0.13 3.7 SerLTTreBdIdx 5.83 -0.05 ... Fidelity SAI Metropolitan West LTGradeAdml 7.76 -0.03 0.3 TgtRe2020 25.89 +0.04 2.1 RealEstaInstl 18.78 +0.22 3.8
CapIBA 63.55 +0.17 0.9 BlackRock Funds A EmMktCorEq 21.09 +0.10 4.7 SmCpIdxInstPrem 23.50 +0.05 8.3 TotalBd 8.82 -0.02 0.6 TotRetBdI NA ... NA MidCap 94.66 +1.01 6.7
MidCpAdml 266.88 +2.46 5.7 TgtRe2025 17.12 +0.03 2.6 SmCapInst 95.28 +0.47 8.4
CapWGrA 53.61 +0.31 3.9 GlblAlloc 16.74 +0.02 1.7 IntlCoreEq 14.39 +0.02 6.5 TMktIdxInstPrem111.12 +0.81 4.8 U.S.TreBdIdx 8.59 -0.02 -0.4 TRBdPlan NA ... NA NHoriz 50.51 +0.49 9.0
MuHYAdml 10.27 -0.02 0.8 TgtRe2030 32.34 +0.09 3.1 SmCapIstPl 275.00 +1.35 8.3
EupacA 52.01 +0.20 6.1 BlackRock Funds III IntSmCo 18.46 -0.02 6.0 TotalMarketIndex 14.00 +0.11 4.9 First Eagle Funds MFS Funds R2020 17.19 +0.03 2.7 MuIntAdml 13.34 -0.02 0.3 TgtRe2035 20.02 +0.06 3.5 STIGradeInst 9.91 -0.01 ...
FdInvA 62.94 +0.44 4.5 iShS&P500IdxK467.97 +3.59 4.0 IntSmVa 20.15 -0.03 7.1 TtlIntIdxInstPr 12.31 +0.02 5.1 GlbA 60.29 +0.27 4.0 IIE 29.99 +0.12 6.6 R2025 15.06 +0.04 3.0 MuLTAdml 10.54 -0.02 0.3 TgtRe2040 35.29 +0.13 3.8 STIPSIxins 23.54 +0.03 0.4
GwthA 53.54 +0.35 8.2 BlackRock Funds Inst LgCo 27.19 +0.20 4.0 USBdIdxInstPrem 10.09 -0.04 -0.4 Franklin A1 MFS Funds Class I R2030 22.62 +0.07 3.5 MuLtdAdml 10.65 ... 0.2 TgtRe2045 23.77 +0.10 4.2 TotBdInst 9.40 -0.03 -0.4
HI TrA 9.11 -0.01 1.6 EqtyDivd 18.80 +0.06 2.8 US CoreEq1 31.29 +0.19 5.0 Fidelity Freedom IncomeA1 2.28 ... 1.8 GrowthI 138.61 +1.51 4.5 R2040 25.48 +0.13 4.3 MuShtAdml 15.55 ... 0.2 TgtRe2050 39.45 +0.18 4.4 TotBdInst2 9.29 -0.03 -0.4
ICAA 42.79 +0.35 3.7 StratIncOpptyIns 9.21 -0.01 0.8 US CoreEq2 28.58 +0.18 5.3 FF2020 13.11 +0.01 2.7 FrankTemp/Frank Adv ValueI 47.40 +0.35 -0.8 Putnam Funds Class A PrmcpAdml r135.18 +0.52 3.3 TgtRe2060 40.54 +0.19 4.4 TotBdInstPl 9.40 -0.03 -0.4
IncoA 22.68 +0.07 0.2 Bridge Builder Trust US Small 42.05 +0.10 8.6 FF2025 12.09 +0.02 3.2 IncomeAdv 2.26 ... 1.9 Neuberger Berman Fds PutLargCap p 29.11 +0.18 3.2 RealEstatAdml121.34 +1.41 3.8 TgtRet2055 44.02 +0.21 4.4 TotIntBdIdxInst 28.52 -0.03 0.6
N PerA 50.55 +0.24 6.8 CoreBond 8.78 -0.02 0.1 US SmCpVal 42.54 +0.08 8.3 FF2030 15.15 +0.02 3.6 FrankTemp/Franklin A LCVal Inst 42.76 +0.27 -0.7 Schwab Funds SmCapAdml 95.28 +0.47 8.3 TgtRetInc 12.42 ... 1.5 TotStInst 97.53 +0.71 4.7
NEcoA 46.39 +0.35 6.6 CorePlusBond 8.65 -0.04 0.1 US TgdVal 29.82 +0.07 8.9 FF2035 13.12 +0.03 4.3 Growth A 106.96 +1.28 4.7 Northern Funds 1000 Inv r NA ... NA SmGthAdml 77.56 +0.51 10.0 WellsI 24.36 +0.02 -0.4 ValueInst 54.68 +0.30 -0.1
NwWrldA 69.52 +0.20 4.6 Intl Eq 11.50 +0.03 7.3 USLgVa 42.76 +0.21 3.0 FF2040 9.34 +0.03 5.1 RisDv A 83.43 +0.78 1.0 StkIdx 42.45 +0.32 4.0 S&P Sel NA ... NA STBondAdml 9.81 -0.01 -0.3 Welltn 38.60 +0.18 0.5 WCM Focus Funds
SmCpA 60.55 +0.18 7.9 LargeCapGrowth 17.93 +0.19 4.9 Dodge & Cox Freedom2030 K 15.14 +0.02 3.6 Guggenheim Funds Tru Nuveen Cl I TSM Sel r NA ... NA STIGradeAdml 9.91 -0.01 ... WndsrII 38.75 +0.27 3.9 WCMFocIntlGrwIns 21.05 +0.16 7.1
TxExA 12.05 -0.01 0.5 LargeCapValue 15.41 +0.09 2.7 Balanced 95.83 +0.08 2.7 Idx2030InsPre 17.29 +0.02 2.9 TotRtnBdFdClInst 23.34 -0.09 1.3 HYMunBd 14.71 -0.14 NA TIAA/CREF Funds STIPSIxAdm 23.52 +0.03 0.4 VANGUARD INDEX FDS Western Asset
WshA 51.91 +0.40 -0.2 MunicipalBond 9.70 -0.01 0.6 GblStock 13.35 +0.04 5.9 Idx2035InsPre 19.40 +0.05 3.6 Harbor Funds Old Westbury Fds EqIdxInst 28.43 +0.21 4.7 TotBdAdml 9.40 -0.03 -0.4 ExtndIstPl 272.46 +1.30 9.5 CorePlusBdI NA ... NA
B10 | Friday, March 3, 2023
Small-Cap Shares Shine in
A Stock-Market Reversal
BY VICKY GE HUANG
Investors are hoping shares
of small, domestic-focused
companies have more room to
run, even as the rebound in the
broader market fizzles.
They have added a net $4.2
billion to U.S. mutual and ex-
change-traded funds that buy
small-capitalization stocks this
year, while pulling $17.4 billion
from large-cap funds, according
to data from Refinitiv Lipper
through Feb. 22. Of the equity
groups tracked by Refinitiv Lip-
per, the inflows to small-cap
funds are second only to inter-
national stock funds, which
have attracted $16 billion.
Shares of small-cap stocks
are outperforming during
2023’s nascent rebound. The
S&P 600 small-cap index has
risen 8.5%, beating the large-
cap S&P 500’s 3.7% advance.
Among the standouts in the
space are healthcare provider
Community Health Systems
Inc., semiconductor seller Ram-
bus Inc. and automotive re-
tailer Asbury Automotive
Group Inc. Shares of all three
companies have risen more
than 20% this year.
Small companies are often
perceived as riskier and more
sensitive to economic changes
than their larger peers because
they tend to generate the ma-
jority of their sales in the U.S.
Historically, small-cap stocks
have led in market recoveries
but also sold off faster during
recessionary periods. The sec-
tor underperformed the S&P
500 during last year’s market
tumult, while funds tracking
the stocks suffered a net $28.5
billion in outflows.
Despite concerns about a po-
tential recession, the U.S. econ-
omy has exhibited signs of
strength in 2023. The labor
market has remained robust, as
has consumer spending. That
has boosted the attractiveness
of small-caps and helped insu-
late them from global economic
uncertainty.
“The market has been antici-
pating this recession for quite
some time,” said Rayna Lesser
Bills Imperil Credit Suisse’s Recovery
BY MARGOT PATRICK
Credit Suisse Group AG’s
multibillion-dollar legal bills
are posing another threat to its
planned recovery.
The Swiss bank has taken
around $4 billion in litigation
provisions since 2020, contrib-
uting to net losses in 2021 and
2022. In February, it estimated
up to another $1.3 billion looks
reasonably possible.
Credit Suisse’s legal charges
have outstripped those at other
banks because of a maelstrom
of misconduct and earlier tac-
tics by the bank to delay some
cases. It recently wrapped up
some cases involving toxic
mortgage-backed securities it
sold before the 2008 financial
crisis. A new executive team
has pledged to improve the risk
culture at the bank.
Among the pending bills:
damages to reimburse a former
client whose private banker de-
frauded him for years before
being arrested in 2015. Ber-
muda’s Supreme Court has al-
ready ordered a Credit Suisse
Bermuda life insurance subsid-
iary to pay $607 million, which
it is appealing.
Credit Suisse has said it took
provisions previously, without
giving an amount, and recently
returned around $210 million
to the former client, ex-Geor-
Silvergate
Rattles
Crypto
Continued from page B1
“They accepted hot deposits
in a concentrated industry and
once it blew up, they blew up,”
said Mark Williams, a lecturer
at Boston University and for-
mer bank examiner for the
Federal Reserve Bank.
The crypto industry likes to
pitch itself as an alternative to
the traditional financial sys-
tem, but crypto firms rely
heavily on regulated banks.
Without banks, crypto compa-
Net flows into U.S. mutual and exchange-
traded funds that buy small-cap stocks, weekly*
$3 billion
2 Cap 600 Index
1 gate the cause of the market
0 lionaire Gautam Adani‘s name-
–1
–2
–3
–4
–5
Jan. 2022 June
*Data through week ended Feb. 22.
Hannaway, a portfolio manager
at Polen Capital. “What I would
hope is that the thoughtful
management teams are making
smart decisions today that will
help them weather the storm
tomorrow.”
The Polen US Small Com-
pany Growth fund that she co-
manages has returned about
13% this year, according to
Morningstar data as of
Wednesday. Its biggest holdings
include retailer Five Below
Inc., cybersecurity firm Qualys
Inc. and investment bank
Houlihan Lokey Inc.
After rallying to kick off the
year, the broader market has
stumbled of late. Last week,
major indexes suffered their
worst week of the year amid
concerns that the Federal Re-
serve will need to continue
raising rates and keep them el-
evated for longer than expected
to tame inflation. The S&P 600
small-cap index dropped 1.4% in
February, while the S&P 500
fell 2.6%.
To some investors and ana-
lysts, the allure of investing in
small-cap stocks is valuation.
The S&P 600 is trading at 13.9
times its expected earnings
over the next 12 months, while
the S&P 500 is trading at 17.5
times expected earnings, ac-
cording to FactSet. To be sure,
the calculations exclude compa-
nies without earnings, a sizable
share of the small-cap bench-
Credit Suisse litigation
provisions
1.50 billion Swiss francs
1.25
1.00
0.75
0.50
0.25
0
2017 ’18 ’19 ’20 ’21
Note: 1 Swiss franc=$1.06
Sources: the company; WSJ calculations
gian Prime Minister Bidzina
Ivanishvili. A related case in
Singapore for $800 million in
damages is to be decided this
year. Credit Suisse has argued
that the units being sued had
limited duties and is seeking to
minimize any repayments.
Also on the horizon: a Lon-
don commercial court lawsuit
brought by Mozambique over
fraudulent loans Credit Suisse
made in the country, and po-
tential legal action by investors
in the $10 billion investment
funds Credit Suisse ran with
Greensill Capital Manage-
ment. Credit Suisse was re-
buked by Switzerland’s finan-
nies struggle to fulfill basic
functions, like moving money
on behalf of customers or pay-
ing employees.
“This is a very important
part of crypto infrastructure,”
said Ilan Solot, co-head of digi-
tal assets at London-based fi-
nancial firm Marex. “It’s going
to be ever more difficult for
the U.S. crypto industry to con-
nect with the financial system.”
The crypto market, once
worth some $3 trillion, is now
valued at about $1 trillion. The
world’s largest cryptocurrency,
bitcoin, traded around $23,500
on Thursday—a 65% decline
from its record in November
2021. Bitcoin’s price has
climbed more than 40% so far
this year.
The Fed’s aggressive rate-
raising campaign, started last
BANKING & FINANCE
Jan. ’23
Sources: Refinitiv Lipper (net flows); FactSet (performance)
marks. “We’ve been saying that
small-caps are relatively cheap
for quite some time, especially
on a 10-year basis,” said Jim
Masturzo, chief investment of-
ficer of multiasset strategies at
Research Affiliates.
Mr. Masturzo said his firm
expects small caps—as repre-
sented by the Russell 2000 in-
dex—to return, net of inflation,
5% a year over the next 10
years, more than double the
1.9% it expects to see for the
S&P 500.
Stock buybacks are another
factor driving the rebound in
small-caps. Companies that re-
purchased their own stock have
been among the best perform-
ing small-cap groups tracked by
Bank of America Corp. over the
past 12 months—and those
companies typically do well
during downturns, the analysts
wrote in a recent research note.
Jill Carey Hall, equity strate-
gist at Bank of America, said
small-cap stocks are historically
cheap and buybacks done at
lower valuations tend to be re-
warded more by investors than
buying back stock at higher val-
uations.
“Announced buybacks have
been scarce within the market
this year, so scarcity value
could be leading stocks that are
doing buybacks to outperform,”
Ms. Hall said.
Of course, despite the recent
rebound, risks loom on the ho-
cial regulator on Tuesday over
its relationship with supply-
chain lender Greensill, which
went bankrupt in 2021, leaving
fund investments unpaid.
Some investors in the
Greensill funds consider that
Credit Suisse missold and mis-
managed the investments and
“have an actionable claim
against the bank,” said Natasha
Harrison, managing partner at
Pallas, which is representing a
group.
“Credit Suisse has taken sig-
nificant measures to strengthen
its overall risk management
’22 framework and will continue to
actively address legacy issues
to reduce the litigation docket,”
a Credit Suisse spokeswoman
said.
The high legal bills couldn’t
come at a worse time. After fi-
nancial losses and scandals,
Credit Suisse is restructuring
to get back to its roots in serv-
ing the world’s rich. It raised
$4 billion in fresh capital and is
cutting its cost base by 15% in
an attempt to make profits
again next year. The bank an-
ticipates another loss for 2023.
To be sure, Credit Suisse
could escape some of the cases
for less money than expected.
Analysts on average estimate
$715 million in litigation provi-
sions over the next two years,
lower than recent levels. The
year, didn’t help crypto. It gave
many investors more options
for where to put their money
for steady returns, making
them less willing to jump into
risky bets.
More significantly, many in-
‘Things will never be
the same for the
industry,’ says
Thomas Vartanian.
vestors fled crypto last year af-
ter losing faith in the industry,
where multiple firms laid off
workers, froze withdrawals or
filed for bankruptcy. The
crypto exchange FTX, once
Index performance,
year to date
14%
S&P Small
12
10
8
6 would look for regulatory fail-
4 tions that could have contrib-
S&P 500
2
0 son panel adds to an investiga-
Jan. Feb.
rizon for small caps.
The earnings estimates of
smaller companies are facing
some of the same pressures as
their larger peers, reversing the
trend from last year, according
to analysts from RBC Capital
Markets. Throughout the fall of
2022, for example, companies
in the Russell 2000 benchmark
logged fewer downward revi-
sions than the S&P 500, the an-
alysts said.
Additionally, the rally in the
dollar has stalled. Last year, its
staggering climb loomed over
the profit of multinational com-
panies by making their prod-
ucts less affordable overseas,
while also helping the earnings
of smaller companies shine in
comparison. Smaller companies
are more insulated from ad-
verse foreign-exchange effects
because they derive more of
their business stateside. The
WSJ Dollar Index, which mea-
sures the dollar against a bas-
ket of 16 currencies, is up just
nearly 1.5% this year after ris-
ing 7.8% in 2022.
More broadly, stocks across
sectors are facing competition
from rising government-bond
yields. The yield on the 10-year
U.S. Treasury note settled
Thursday at 4.072%, above the
3.826% where it ended last
year. The yields on the six-
month and one-year Treasury
bills are 5.136% and 5.041%, re-
spectively.
lower numbers also reflect how
such charges can be hard to
predict.
Firdaus Ibrahim, an equity
analyst at CFRA Research, said
these estimates still appear
low, considering Credit Suisse’s
$1 billion-plus charges in the
past three years and roughly
$500 million a year before that.
He said the high charges can
be seen to infer “a substandard
culture and processes at Credit
Suisse when it comes to risk
assessment and risk taking.”
Credit Suisse has said it has
taken sweeping measures to
improve its risk culture, which
is at the root of many of its le-
gal woes. It made fresh vows in
2021 following Greensill’s col-
lapse and a separate financial
loss weeks later from family of-
fice Archegos Capital Manage-
ment. The bank fired employ-
ees and clawed back some of
their pay. A new general coun-
sel, Markus Diethelm, was
hired last year to tackle the liti-
gation backlog.
Companies set aside money
to cover lawsuits and regula-
tory probes based on actual
and anticipated outcomes.
Credit Suisse says it has to con-
sider the nature and type of
proceedings, what stage they
are at and the legal advice for
its defense, to come up with
the best estimates.
considered one of the safer ex-
changes, blew up in November,
and it is unclear whether trad-
ers will ever get their money
back.
On Thursday, FTX said it has
identified a deficit of $8.9 bil-
lion in customer funds that it
can’t account for, the first time
the bankrupt cryptocurrency
exchange has pinned down ex-
actly how much money has
gone missing.
Crypto firms have been in-
creasingly under fire from reg-
ulators since the collapse of
FTX.
The three major banking
regulators warned banks in
January that they were con-
cerned about their crypto ties.
They cited “significant safety
and soundness concerns” and
questioned if the industry
**** THE WALL STREET JOURNAL.
Top India Court
Orders Probe of
Adani Turmoil
BY WEILUN SOON
The Supreme Court of India
formed a committee to investi-
turmoil that has engulfed bil-
sake conglomerate, saying it
ures or securities-law viola-
uted to a massive selloff in the
group’s stocks.
The inquiry by the six-per-
tion that is already being con-
March
ducted by the country’s
securities and markets regula-
tor. The new expert committee
will be chaired by a former Su-
preme Court judge and in-
cludes two bankers, a lawyer,
an entrepreneur and a retired
Bombay High Court judge. It
has been given two months to
come up with a report, accord-
ing to a court order on Thurs-
day.
The directive comes a little
over a month after U.S. short
seller Hindenburg Research re-
leased a lengthy report detail-
ing wide-ranging fraud allega-
tions against Adani Group, an
energy-and-infrastructure con-
glomerate. It sparked a weeks-
long selloff that has wiped out
roughly $140 billion in market
value from the nine largest
listed companies under Adani
Group.
Hindenburg alleged the con-
glomerate had engaged in
stock-price manipulation, took
on excessive leverage, prac-
ticed accounting fraud and
conducted other malpractices.
Adani Group has repeatedly
denied those allegations. Mr.
Adani said on Thursday that
the conglomerate welcomed
the Supreme Court’s order. “It
will bring finality in a time
bound manner. Truth will pre-
vail,” the 60-year-old founder
and chairman of the Adani
Group said in a post on Twit-
ter.
The Supreme Court order
came just hours before Adani
Group said GQG Partners, a
Fort Lauderdale, Fla.-based as-
set manager, had bought
shares valued at $1.9 billion in
four Adani companies, includ-
ing Adani Enterprises Ltd.,
the flagship.
GQG’s chairman and chief
investment officer, Rajiv Jain,
said his firm bought the shares
from an Adani family trust. Mr.
Jain said that he had been con-
sidering investing in the Adani
Group for five years, but held
back until the recent slide in
stock prices. GQG bought the
shares at between a 4% to 11%
discount based on Thursday’s
closing prices. “The stocks
were a little bit expensive, and
the recent news has given us
an opportunity to buy what we
think are really high quality, ir-
replaceable assets,” he said.
The top court said its direc-
tive was prompted by four pe-
Gautam Adani said the conglomerate welcomed the investigation.
could be safely banked. That
shift made many banks re-eval-
uate their exposure to the
crypto industry, even if serving
the industry was just a small
part of their business.
“Everything has changed
from the perspective of risk
analysis, the attitude of the
regulators,” said Thomas
Vartanian, executive director of
the Financial Technology and
Cybersecurity Center. “Things
will never be the same for the
industry.”
New York’s Metropolitan
Commercial Bank said in Janu-
ary that it was closing its
crypto business, citing material
changes in the regulatory envi-
ronment.
In February, Signature Bank
cut ties with the international
business of Binance, the big-
Stock performance of three
Adani companies, year to date
20%
0
–20
–40
–60
–80 Adani Enterprises
Adani Green Energy
–100 Adani Total Gas
Jan. Feb. March
Source: FactSet
titions that it had received,
and a need to protect the inter-
ests of Indian investors from
market volatility. Those pleas
included requests that it look
into how exposed a large state-
run bank and a state-backed
insurance firm were to Adani
Group. The two institutions,
the State Bank of India and the
Life Insurance Corp. of India,
have said their exposure to the
conglomerate is manageable.
The court has asked India’s
markets regulator, the Securi-
ties Exchange Board of India,
to investigate if Adani Group
manipulated stock prices of its
listed companies—one of Hin-
denburg’s key allegations—and
if there were failures in regula-
tory oversight. The court also
ordered the regulator to con-
clude its investigation within
two months and file a status
report on it.
After the release of Hinden-
burg’s report on Jan. 24, Adani
Group scrapped a multibillion-
dollar secondary share sale by
its flagship business after its
share prices plummeted, and
repaid some debt ahead of ma-
turity in a bid to shore up in-
vestor confidence. Its execu-
tives recently went on an
international roadshow in
Singapore and Hong Kong to
meet with bond investors, hop-
ing to convince them that the
Adani companies are finan-
cially stable.
The tumult has also
prompted India’s financial in-
stitutions to publicly state
their exposure to the group. In-
dia’s parliamentary sessions
have been disrupted by opposi-
tion parties’ demands that the
government of Prime Minister
Narendra Modi address con-
cerns raised by Hindenburg’s
report.
Mr. Adani’s businesses bene-
fited from links with India’s
current government, led by Mr.
Modi, as the country went on a
modernization drive. Mr.
Adani’s wealth was estimated
to be at $119 billion before Hin-
denburg released its report, ac-
cording to the Bloomberg Bil-
lionaires Index. As of Thursday,
that net worth has fallen to
$43.1 billion.
ADANI ENTERPRISES LTD./ASSOCIATED PRESS
gest crypto exchange.
A Signature spokeswoman
said that it had previously
stated it would no longer sup-
port any of its crypto exchange
customers in buying and sell-
ing amounts of less than
$100,000.
As of the end of March, indi-
vidual account holders on Pay-
ward Inc.’s Kraken platform
will no longer be able to make
dollar deposits or withdrawals
via Signature Bank.
“Kraken maintains a number
of different funding methods to
ensure clients can always de-
posit and withdraw from their
account,” the platform said in a
statement.
Signature Bank shares fell
2.7% on Thursday.
—Alexander Saeedy
contributed to this article.
THE WALL STREET JOURNAL.
The Korean pop music industry’s
corporate-takeover drama is getting
juicier—and the plot twists more
outrageous. The first round of the
fight appears to have ended in a
stalemate. But shareholders in one
of K-pop’s corporate titans will
likely end up with a fat payoff when
the dust finally settles.
South Korea’s Hybe, the agency
behind boy band BTS, is attempting
to gain control of one of its biggest
rivals, SM Entertainment. On
Thursday, it upped the ante ahead
of SM’s shareholder meeting at the
end of March with an open letter to
SM investors.
Hybe has proposed a slate of
candidates for SM’s board—and a
new strategy, which it claims will
improve governance and returns.
Hybe became SM’s largest share-
holder last month after buying a
14.8% stake from SM founder Lee
Soo-man, who has had a falling out
with the company he started.
The new broadside against SM’s
management comes after Hybe’s ten-
der offer to buy an additional 25%
stake in SM closed Wednesday. The
official result won’t be announced
until next week. But Hybe likely
hasn’t had much success—SM’s share
price has traded above the offer
price for most of the offer period.
Hybe is petitioning regulators to
investigate what it calls abnormal
Elon Musk may be losing sleep
over artificial intelligence and he is
hardly alone: The technology indus-
try is ready to move fast and break
anything to artificially serve you.
Setting aside the “existential
angst” that Mr. Musk has com-
plained about, there is suddenly a
real investment risk to big tech com-
panies that fail to strike while the AI
iron is hot. Nearly overnight, appli-
cations in artificial-intelligence tech-
nology seem to have gone from fu-
turistic moonshots to dire
necessities a tech company must
have to be considered investible.
Monday’s pile-on of half-baked AI
announcements across social media
was the latest example. Meta Plat-
forms Chief Executive Mark Zucker-
berg said in a Facebook post that his
company is hustling to centralize
staff working on AI technology to
achieve faster breakthroughs across
more products. The same day, Snap-
chat parent Snap Inc. launched an
imperfect AI chatbot as an experi-
mental feature for its Snapchat+
subscribers. The Information re-
Stocks Gain After Fed Official’s Comments
BY AKANE OTANI
AND WILL HORNER
Stocks climbed, with gains
across sectors offsetting de-
clines in financial and con-
sumer-discretionary shares.
Major indexes began the day
mostly lower. Markets have
been under pressure lately as
hot economic data have con-
vinced many investors that the
Federal Reserve is likely to
keep interest rates higher for
longer.
THURSDAY’S Stocks then
MARKETS wiped out their
declines for the
day after Federal Reserve
Bank of Atlanta President Ra-
phael Bostic said that he “still
very firmly” supported raising
interest rates in quarter-point
increments. While the Fed had
raised rates in bigger incre-
ments last year, Mr. Bostic said
there was a “plausible case”
that past rate increases would
slow the economy more nota-
bly later on.
The S&P 500 rose 29.96
points, or 0.8%, to 3981.35. The
Nasdaq Composite gained
AUCTION RESULTS
Here are the results of Thursday's Treasury auctions.
All bids are awarded at a single price at the market-
clearing yield. Rates are determined by the difference
between that price and the face value.
FOUR-WEEK BILLS
Applications
Accepted bids
" noncompetitively
" foreign noncompetitively
Auction price (rate)
Coupon equivalent
Bids at clearing yield accepted
Cusip number
The bills, dated March 7, 2023, mature on April 4, 2023.
EIGHT-WEEK BILLS
Applications
Accepted bids
" noncompetitively
" foreign noncompetitively
Auction price (rate)
Coupon equivalent
Bids at clearing yield accepted
Cusip number
The bills, dated March 7, 2023, mature on May 2, 2023.
****
K-Pop Corporate Fight Heats Up
Hybe, the agency behind Korean boy band BTS is trying to gain control of one of its biggest rivals, SM Entertainment.
transactions in SM’s shares. It also
says SM’s share buyback during the
period in question constituted in-
terference with the tender offer.
SM, which has previously said con-
trol by Hybe wouldn’t be beneficial
for shareholders due to conflicting
AI Has Its ‘iPhone Moment’
ported Monday that Mr. Musk is in
talks with researchers to develop a
ChatGPT rival that would have fewer
restrictions around divisive topics.
You can forgive investors for be-
ing skeptical. Anyone following the
tech sector has had no shortage of
hyped “next big things” to enter-
tain. In 2019, it was cryptocurrency
and “Project Libra.” In 2020, that
expanded to mean anything block-
chain or so-called Web3. Last year,
it was the metaverse, made espe-
cially salient through Facebook’s re-
branding effort.
There are two key reasons inves-
tors should pay more attention this
time. The first is the velocity at which
AI is growing and improving. AI is, at
its core, technology that mimics hu-
man intelligence through data it has
collected. Recall back in 2010, former
Google Chief Executive Eric Schmidt
said every two days we were creating
as much information as was created
between the dawn of time and 2003.
Since then, the pace of information
creation has accelerated. That means
that today’s nascent AI technology al-
83.50 points, or 0.7%, to
11462.98, and the Dow Jones
Industrial Average advanced
341.73 points, or 1%, to
33003.57.
Many investors say they are
remaining cautious on stocks
in the near term, given how
much market sentiment has
shifted based on the strength
of economic data from month
to month.
Data Thursday showed that
weekly jobless claims, consid-
ered a proxy for layoffs, were
lower than expected, pointing
to continued tightness in the
labor market.
Stocks still look vulnerable
to further declines, said Greg
VCG/GETTY IMAGES
Bassuk, chief executive of AXS
Investments, adding that he
would be keeping a close eye
on the release of consumer-
price-index data later in the
month.
Thursday’s gains were
broad, lifting all but two of the
S&P 500’s sectors.
Utilities and consumer-sta-
ples shares, which investors
tend to think of as defensive
plays because of their rela-
tively big dividend payouts,
helped lead the market’s ad-
vance.
Grocery chain Kroger
jumped $2.35, or 5.4%, to
$45.73.
$190,866,279,000 Meanwhile, growth stocks,
$76,303,119,000 which tend to be sensitive to
$3,093,004,400
$30,000,000 rising interest rates, were
99.643000 among the bigger decliners in
(4.590%)
4.683% the market.
72.80% Shares of Tesla dropped
912796Z93
$11.87, or 5.9%, to $190.90 after
Chief Executive Elon Musk and
his colleagues laid out their vi-
$168,441,409,500
$61,042,546,500
sion for the electric-car maker.
$1,138,456,100 Salesforce bucked the trend,
$398,000,000
99.275889
surging $19.24, or 11%, to
(4.655%) $186.59 after the software pro-
4.767%
90.29%
vider said it expects widening
912796CW7 profit margins and more reve-
nue than analysts had forecast.
HEARD ON THE STREET
interests, didn’t respond to an
emailed request to comment.
Meanwhile, SM’s separate deal to
issue new shares and convertible
bonds to South Korea’s social-media
company Kakao, which could take
its stake to around 9% if all con-
ready has an established and growing
reservoir of knowledge, giving it a
head start relative to other new
technology.
Meta’s virtual-reality headsets
have been available for years, for ex-
ample, but users still complain of
sweaty faces, burning eyes and
headaches—and their avatars don’t
The launch of ChatGPT
has set off a frenzy by
companies to show they
are in the AI game.
even have legs yet. But days after
OpenAI’s ChatGPT was launched as
a prototype late last year, Mr. Musk
was describing it as “scary good.”
The second factor is the rapid and
warm reception AI received from
consumers. In early 2020, Facebook,
through a business unit now called
Meta AI, published a chart that
MARKETS
Advanced Micro Devices shares rose 2.75% The chip maker reported results Tuesday.
Advanced Micro Devices Index performance Thursday
shares rose $2.15, or 2.75%,
1.5%
$80.44. The company on Tues-
day reported a decline in net
income in the fourth quarter.
Bonds retreated again 1.0
Thursday, with the yield on the
10-year U.S. Treasury note ris-
ing to 4.072%, its highest clos-
0.5
ing level since November. The
10-year yield influences every-
thing from student debt to
mortgage rates. 0 sank for three consecutive
“The market is expecting
slightly higher rates for longer
and that has pushed up bond
–0.5
yields,” said Des Lawrence, se-
nior investment strategist at
State Street Global Advisors.
In commodity markets, U.S. –1.0
crude oil rose 0.6% to $78.16 a
10 a.m.
barrel as investors weighed a
rise in U.S. inventories against Source: FactSet
the likelihood that China’s re-
opening would boost demand. Stoxx Europe 600 edged up
In Europe, indexes rose after 0.5%, snapping a two-day los-
data showed eurozone inflation ing streak. Asian stocks rose
easing. The pan-continental early Friday. Japan’s Nikkei 225
Friday, March 3, 2023 | B11
says the Kakao deal would come at
the expense of SM’s shareholders.
In reality, both sides have some
arguments worth considering.
Hybe could help broaden SM’s
reach globally: It made nearly
three-quarters of its sales outside
South Korea last year. BTS is a
global sensation, and Hybe also has
made significant acquisitions
abroad including Ithaca Holdings,
the management company behind
Justin Bieber and Ariana Grande.
A partnership with Kakao, on the
other hand, could leverage the tech
company’s internet platforms to
market SM’s artists. Kakao, with a
market capitalization of $21 billion
compared with Hybe’s $5.9 billion,
CHRIS PIZZELLO/ASSOCIATED PRESS
also is a more financially powerful
backer.
Both suitors seem unlikely to
back off for now. A combination
with SM would reduce Hybe’s over-
reliance on BTS, whose members
will be required to do military ser-
vice. And an SM acquisition would
further Kakao’s entertainment am-
bitions—it already has its own mu-
sic labels. Kakao will, however,
vertible bonds are converted, is still probably need to wait until the
hanging in the balance. Mr. Lee has court case with Mr. Lee is resolved
sued to halt the transaction, saying before making any other moves.
it illegally dilutes his holdings. Meanwhile, SM’s shareholders
The unfolding war of words has are happy to watch the drama un-
at times approached a hyperbole fold: Its shares have already gained
worthy of its K-pop roots. Hybe 67% so far this year. —Jacky Wong
showed nearly half of people evalu- Microsoft Bing. The appeal of AI chat-
ated preferred chatbot interactions to bots varies—they are fun, free, impar-
human chats, up from less than one- tial, always available and, despite
quarter about 18 months earlier. A their relative omniscience, they are
BofA Securities note out this week on humble (just ask them!).
AI’s potential referenced an IE Uni- But in business, timing is every-
versity poll from 2021 that found thing. Dating giant Match Group
more than half of Europeans were in credits its success with Tinder—the
favor of giving government seats to top-grossing dating app for roughly
AI algorithms with access to their the past decade—partly for its timely
personal data. ascendance with the iPhone. Now, af-
Years into VR’s development, only ter years of somewhat empty prom-
one-fifth of Americans use virtual re- ises, a tech industry starved for
ality. An Axios survey last year found growth might have finally found
that more than three times as many what analysts at BofA have called a
Americans say the idea of the meta- new “iPhone moment.”
verse makes them more scared than With that as context, it is no won-
excited. Crypto has been even more der tech companies are racing into AI
cautiously received: Bitcoin has been with seemingly reckless abandon.
available for over a decade, but as of “Sorry in advance!” Snap said
last year 16% of U.S. adults had in- Monday of any havoc its new chat-
vested in, traded or used any crypto- bot may cause. Snap said like “all
currency, Pew Research found. AI-powered chatbots” its My AI
Compare that with ChatGPT, which chatbot is “prone to hallucination,”
Similarweb data show racked up 100 or making statements with false
million users in its first two months. certainty, and “can be tricked into
The firm found the chatbot is attract- saying just about anything.” Evi-
ing some 35 million daily visits, dently, Snap is sorry but not that
roughly as much global web traffic as sorry. —Laura Forman
Banking
Profits
Decline
Continued from page B1
alysts expect. Banks stashed
away $51.6 billion for poten-
tial loan losses in 2022, after
releasing $31 billion in provi-
sions the previous year.
Higher rates meant banks
could charge more on loans.
And since banks were flooded
with deposits in 2020 and
2021, many of them have been
slow to raise rates on depos-
its. A crucial measure of bank
profitability, net interest mar-
gin, widened to 2.95% in 2022
from 2.54% a year earlier.
Still, deposit costs have
started to edge up. And some
customers didn’t want to sit
around and wait for higher re-
turns on their savings. In fact,
U.S. banks had enjoyed a
streak of increasing deposits
every year since at least 1948,
according to Barclays analyst
Dow Jones Industrial Average Jason Goldberg. The run
S&P 500 stopped last year.
Nasdaq Composite At the end of 2022, total
deposits fell 2.5% from the
previous year to $19.2 trillion,
with the decline led by ac-
counts with balances greater
than $250,000. Measured
quarter over quarter, deposits
quarters.
Total loans and leases were
$12.2 trillion at the end of
2022, up 9% from the previ-
ous year.
Delinquencies ticked
Five-minute intervals higher, led by late payments
on mortgages and car loans.
11 noon 1 p.m. 2 3 4
The rate of loans and leases
30 to 89 days past due rose to
0.56% at the end of 2022,
was up 1.5%, Hong Kong’s Hang compared with about 0.5% a
Seng was up 0.6% and the year earlier. That was still be-
Shanghai Composite was up low the prepandemic average
0.1%. S&P 500 futures fell 0.1%. of 0.66%.
B12 | Friday, March 3, 2023 THE WALL STREET JOURNAL.

HEARD STREET FINANCIAL ANALYSIS & COMMENTARY

ON
THE

No News Is Bad News at Tesla

At its investor day, the EV maker touted the efficiency of its next-generation manufacturing platform, but not what it will build
Tesla’s investor day served up an
example of an old Wall Street ad-
age: Buy the rumor, sell the news.
The event late Wednesday failed
to live up to the frenzy of anticipa-
tion that preceded it. The company
didn’t commit to any new numbers
or dates, as other companies typi-
cally do on investor days. That
wasn’t surprising: Tesla isn’t one for
medium-term targets or doing the
usual corporate thing. What was dis-
appointing is that it didn’t offer
much else to fill the void.
Above all, there was no product.
This wasn’t billed as a product
event, but much of the hype cen-
tered on the potential “Model 2”—
the $25,000 successor to the Model
3 that is required to sustain Tesla’s
rapid growth. The event featured
much discussion of the efficiency
gains in manufacturing that the
company will make on its next-gen-
eration production platform, but no
hint of what it might build: no pro-
totype, illustrative image or timeline.
Nor was there any other mean-
ingful announcement. The “master-
plan” Chief Executive Elon Musk
promised was just a high-level elab-
oration of its mission to “accelerate
the world’s transition to sustainable
energy.” Tesla confirmed reports
that it would build its next factory in
Mexico. But the real news was that
there was no real news. The stock
fell about 7% at the open Thursday
and closed the day almost 6% lower.
Perhaps the most important ele-
ment of the event was that it in-
troduced more of Tesla’s manage-
ment team to investors: Sixteen
executives accompanied Mr. Musk
on stage for the question-and-an-
swer session. That the CEO wanted
to emphasize bench strength sug-
gests he is thinking more seriously
about succession now that he has
his hands full with Twitter. This
might be a double-edged sword:
good for the company perhaps,
Net retail stock purchases over among this cohort have been off rocky financial history shaped a
five trading days through March 1, the charts this year—likely one relentless focus on efficiency that
top 10 U.S. stocks reason the stock has risen 52% in is well suited to the task of driving
2023 after last year’s rout. Data down EV costs. One innovation it
Tesla $2.06 billion provider VandaTrack points out touted Wednesday—reducing the
Nvidia
that previous Tesla news events, content of expensive silicon-car-
0.31
such as the stock split in 2020 and bide chips in its next generation of
Apple 0.13 the partnership with Hertz in 2021, vehicles by 75%—reverberated
AMD 0.13 led to elevated buying and share- through the semiconductor indus-
price jumps followed by selloffs. It try Thursday, with shares in sili-
Amazon.com 0.12 expects a similar reversal now. con-carbide specialist Wolfspeed
Meta 0.12 Waves of retail buying and sell- down 12% at the open.
ing are a good reason for other in- But demand for Teslas might
Alibaba 0.11 vestors to steer clear of Tesla. The not always automatically track
Alphabet 0.08 meme-stock vibe leads to volatility fast-increasing supply, as Mr. Musk
and a valuation that anticipates, at appears to assume. Tesla’s limited
Rivian 0.09
the very least, years of market- product lineup is aging, and rivals
Microsoft 0.07 share gains at high margins—a he- are building up their brands and
roic assumption in a market awash manufacturing capacity. Car con-
Source: VandaTrack with new electric-vehicle entrants. sumers have long liked variety. The
Mr. Musk and his team made a market investors need to watch
given Mr. Musk’s taste for contro- convincing case Wednesday that most closely is China, where Tesla
versy, but possibly bad for the Tesla still has a competitive edge has a formidable peer in BYD.
stock, given his cult status among with engineering and manufactur- When it finally arrives, the Model
many individual investors. ing the new automotive technol- 2 will have much to live up to.
Net purchases of Tesla stock ogy. Its clean-sheet approach and —Stephen Wilmot

Okta Is on Safer Ground With Growth Back on Track

Okta’s share price as a multiple of Timing hasn’t been Okta’s friend
forward sales, past two years for a while, but that looks to be
changing.
35 times
The cloud software company
that specializes in identity-manage-
30 ment services for businesses had a
rotten run of luck last year. A
25 breach by a hacking group worried
Okta’s customers and shook the
20 faith of investors after the company
reported the incident in March.
15 That roughly coincided with inte-
gration problems with the record-
10 sized acquisition of Auth0 the year
before. And all this was taking
5 place during a global economic
slowdown that was driving corpo-
0 rate customers to finally hit the
brakes on tech spending.
March 2021 ’22 ’23
The net result was Okta’s once-
Source: FactSet blistering growth rapidly slowing
and its once-highflying stock
grounded. Okta’s shares lost 70% of
their value last year. It didn’t help
that the stock began 2022 trading
at more than 20 times forward
sales—about twice the median val-
uation for the BVP Nasdaq Emerg-
ing Cloud Index at the time.
Expectations are far more
grounded now, and the company’s
performance is picking up. Okta’s
fiscal fourth-quarter results late
Wednesday showed both revenue
and billings—an indication of busi-
ness transacted during the quar-
ter—soundly beating Wall Street’s
forecasts. Adjusted operating in-
come of $46 million was a big sur-
prise—nearly triple analysts’ fore-
casts. Okta also lifted its revenue
projection for the fiscal year ending
in January 2024 by about 1% from
the range it gave three months ago,
a notable move considering that
many other tech companies have
seen their business prospects
weaken in that time.
Okta’s share price jumped 13% on
Thursday, but still trades around
six times forward sales. The report
had echoes of Salesforce, Okta’s
San Francisco neighbor that also
saw its stock jump Thursday fol-
lowing surprisingly strong results
that showed renewed growth rates
and greater attention to the bottom
line. But many analysts view Sales-
force’s projection for 10% revenue
growth this fiscal year as risky.
By contrast, Okta’s projection of
16% revenue growth for the same
year looks more achievable, espe-
cially against the 49% growth it has
averaged over the past five years.
Okta also seems to have regained
the confidence of its customer base
following last year’s hack. A survey
of mostly large Okta customers by
Stifel in January found 90% happy
with the service and about half in-
terested in the company’s newer
customer identity-management
software. Okta said Wednesday that
it has landed ChatGPT owner Open-
AI as a customer for that offering.
In a world suddenly awash with
companies trying to ride the hype
on generative AI, this makes Okta
one of the few companies that will
actually be making some money on
it in the foreseeable future. Timing
is finally going Okta’s way.
—Dan Gallagher

Leapfrogging in Latin America

L
atin America is making a big digital leap forward,
creating opportunities for global investors.
Favorable demographics and investment in digital
infrastructure mean Latin Americans are adopting
the latest digital products and services at lightning
velocity.
Less than a third of people in Latin America used formal
financial instruments like bank accounts in 2017, says
Aron Schwarzkopf, chief executive and co-founder of
Kushki, which builds digital payments infrastructure
and is Ecuador’s first unicorn. Now it’s more than 80%,
largely because of digital financial services.
The digital trend benefitted from Covid-19 tailwinds,
but it’s mostly driven by demographics. A quarter of
the population is under age 14 and another quarter is
Gen Z. “Half the population are digital natives, growing
up with the Internet being as normal as a light bulb,”
Mr. Schwarzkopf says. “It’s one of the reasons we’re
so bullish on Latin America, regardless of any global
market conditions.”
Across Latin America, credit cards and dial-up Internet
connections long were luxuries reserved for the few.
With smartphones now ubiquitous, so, too, are digital
payments and financial services.
“In the last five years, merchants and businesses The region’s economic growth previously lagged Decades of investment in telecommunications
got to the point where digital sales have matched or behind rivals like Asia because of a focus on primary infrastructure meant Latin America was able to handle
surpassed the share seen in the U.S.,” he says. “Adoption materials rather than industrialization, and the a sudden jump of more than 40% in Internet traffic in
is on an exponential curve.” And unlike digital sales in domination of dynastic big companies and low- March 2020. Venture capital is paying attention, with
the U.S., which shrank somewhat as the pandemic quality services. When the Covid-19 pandemic hit, deals in 2022 worth $8.28 billion–down from 2021’s
faded, digital sales in Latin America continue to grow. Latin American consumers were poised to switch to record but still double the 2020 level.
Kushki forecasts at least 25% year-on-year growth shopping and banking online, as well as using digital “Latin America in the past five years has built 2,500
going forward. services for healthcare, education and more. fintechs that are really innovating,” Mr. Schwarzkopf
“The pandemic aside, if you think about people having says. Other booming areas include digital real estate,
to stand in line to pay their bills or have access to a such as data centers and server farms, as well as
doctor, now a lot of those paradigms are shifting to logistics centers to deliver goods quickly.
better, faster, cheaper if you do them digitally. One As for Kushki, he says, “We’re the plumbers who are
of the positive side effects for regions lagging in cleaning and modernizing all the pipelines for money
infrastructure is that they don’t go through inferior in Latin America so that one day all payments will be
first versions and go straight to latest,” Mr. Schwarzkopf digital. We want to be the pillar to allow that to turn on.”
says. Kushki’s role is to modernize and standardize
infrastructure so businesses can do transactions
within a country or across the region. Kushki Mundial,
is a division within the company that offers payment
solutions for global payment companies that have
Aron Schwarzkopf, Co-Founder and CEO of Kushki. business in Latin America.

$13 Million
A 30,000-sq.-ft.
St. Louis-area
estate with a
carwash sells. M11
HOMES | MARKETS | PEOPLE | REDOS
BOYNTON BEACH, FLA.
LIST PRICE: $2.7 million
Foreign Buyers Are Back
After a big dropoff during the pandemic, overseas shoppers are here for the bargains and stability
Alice-Christine and Stefano Merenda, right with their four children, live in Munich, Germany, but want to relocate
to the U.S. They have a budget around $2 million and recently looked at this home.
BY NANCY KEATES
TOMMY DEAN CONSIDERS him-
self a party guy. Therefore, he cre-
ated the ultimate party house: A
three-level, 3,200-square-foot
modern box, renovated to include
glass walls, a hot tub and an out-
door kitchen, right on the beach
in Carlsbad, Calif., where he goes
to both meditate and entertain.
“It’s just total indulgence,” says
Mr. Dean, 75, who has founded
and sold several businesses rang-
ing from natural grocery stores in
North Carolina to real-estate data
and insurance companies.
Mr. Dean bought the beach
house for $3.5 million in 2013 on
a whim after getting detoured one
day and seeing the For Sale sign.
It is about four miles away from
his primary house—an 8,000
square foot, Tuscan-style stone
mansion along a lagoon.
“I wanted a cool party house,”
he says, sitting on a slouchy
suede, black and white hounds-
tooth patterned Ligne Roset Togo
chair in his downstairs lounge,
dressed in a wide-brimmed black
Stetson matched by gold-and-
black framed spectacles, black
MANSION
$33.8 Million
Billionaires’ Row
condo sale earns
NYC developer
$11.6 million. M2
| SALES THE WALL STREET JOURNAL.
BY KATHERINE CLARKE
A
lice-Christine Mer-
enda and her family,
who live in Munich,
Germany, had been
thinking of moving to
the U.S. for years. A professional
translator and interpreter,
she said she and her husband,
Stefano Merenda, wanted to raise
their four children bilingually and
admired the freedoms U.S. citi-
zens had amid the Covid on-
slaught, when Germans were con-
fined to their homes.
Then, the war in Ukraine began.
“It kind of proved our deci-
sion,” said Ms. Merenda, 44, not-
ing that, though it is a country
away from Germany, the war
seems far too close to home. “It
was just another thing that I
hadn’t figured possible in our life-
times. It felt like Europe was no
longer the Europe it used to be.”
Mr. Merenda, a 47-year-old
smart home technology entrepre-
neur, has set up a consulting busi-
ness in South Florida and the pair
are shopping for a four-bedroom
home in the Boynton Beach and
Boca Raton areas that can accom-
modate their large family—which
The Party Cube
Four miles from his primary residence, Tommy Dean created
an ultramodern California beach house where he could entertain
Purchase price:
$3.5 million
Renovation costs:
$5 million
3,200 sq. ft., 3 levels
Friday, March 3, 2023 | M1
JOEY DUHON/DRONE HOME PHOTOGRAPHY (2); MERENDA FAMILY
40%
of business with Douglas
Elliman’s Eklund Gomes
team, which has offices in
L.A., Miami and NYC, is
with foreign buyers.
That’s up from around
30% prepandemic.
includes a set of twins. Their
agent, Veronica Peters of Premier
Estate Properties, has already
shown them a string of homes.
Their budget: Around $2 million.
Real-estate insiders across the
country say they have seen an ac-
celeration in the number of over-
seas buyers returning to the U.S.
market. While international pur-
chasers have been trickling back
for more than a year following
their relative absence amid the
pandemic, the past three months
Please turn to page M8
boots, black jeans, a black shirt
and a tan leather jacket.
When he bought it, the beach
house had five bedrooms. Its walls
were painted in bright paint col-
ors and the rooms were chopped
up into lots of spaces, says Mr.
Dean, who is single now after two
marriages. It sat as it was for sev-
eral years, serving as a place for
then 20-year-old son to live and
skateboard inside.
In 2015 he hired San Diego-
based designer Tiffani Baumgart,
giving her almost free rein, he
says, for what turned out to be a
more than four-year, $5 million
renovation. Ms. Baumgart, work-
ing with an architect for the
structural drawings and contrac-
tors, opened up the space, recon-
figuring it to three bedrooms and
LUIS GARCIA FOR THE WALL STREET JOURNAL
five bathrooms. She repositioned
the staircases, added glass walls
and created a living room with a
22-foot-high ceiling by punching
out the floor above.
The main bedroom is now a
loft that looks out over the living
room below, with views across to
enormous windows that frame the
ocean from the beach to the
Please turn to page M4
M2 | Friday, March 3, 2023 THE WALL STREET JOURNAL.

PRIVATE PROPERTIES

Crypto
Investor Buys
Ex-JetBlue
Chief’s Home
Joel Peterson, the former Mr. Sharif declined to

ARTHUR SHARIF/SOTHEBY’S INTERNATIONAL REALTY

chairman of JetBlue, has comment on the identity of
sold his Silicon Valley com- the buyers, but records
pound for close to $45 mil- point to Suna Said, the
lion in one of the largest founder and chief executive
home transactions of Nima Capital, an
ever recorded in SOLD investment firm
Northern Califor- that’s been active
nia.
Mr. Peterson put
$45 in the cryptocur-
rency space, and
the property on
MILLION her husband Scott
11 acres,
the market for $49 Maslin, a founder
2 main houses, Asking price: $49 million
million in February of real-estate in-
3 guesthouses
2021. The buyers vestment firm
signed a deal to Woodglen Invest- cal architect Bernard May- with three bedrooms, while added properties on either it while in town to teach at
purchase it roughly two ments. The couple was rep- beck, which Mr. Peterson the second home, built in side. He completed con- Stanford University and for
months later, but negoti- resented by Ken DeLeon of had completely rebuilt. ranch style, measures struction of the compound family events. In 2021, he
ated an unusually long clos- DeLeon Realty. There are also three guest- around 5,100 square feet around 2010. Mr. Peterson told The Wall Street Jour-
ing period, according to the Located in the suburb of houses, a tennis pavilion, with five bedrooms. didn’t respond to a request nal he wasn’t using the
listing agent, Arthur Sharif Woodside, the property sits several garages, a soccer Mr. Peterson started as- for comment. property as frequently since
of Sotheby’s International on more than 11 acres and field, a tennis court, a pool sembling the property in The home didn’t serve as the pandemic began and
Realty. They already moved includes two main houses, and a barn. the early 2000s, when he his primary residence; he wanted to simplify his hold-
into the house, before the including a reconstructed The main Maybeck house purchased one home for was based in Salt Lake City ings as he got older.
closing, he said. home designed by noted lo- is about 6,000 square feet about $6 million. Later, he as of 2021. Rather, he used —Katherine Clarke

The roughly 3,000-

square-foot condo wasn’t
publicly listed for sale. It
was previously listed for
rent, asking
SOLD $75,000 a
month with
$33.8
Adam Modlin
of Modlin
MILLION Group, accord-
3 bedrooms, ing to Street-
3,000 sq. ft. Easy. It has a
corner living
room, a dining room and a
primary bathroom clad in
black-and-white marble, ac-
cording to the listing. Mr.
Modlin brokered the off-

FROM TOP: DOROTHY HONG FOR THE WALL STREET JOURNAL; MARK SAGLIOCCO/GETTY IMAGES (YARDENI)
market sale.
Designed by Robert A.M.
Stern Architects, 220 Cen-
tral Park South was com-
pleted around 2019 and is
widely recognized as the
most expensive condomin-
ium in New York. The build-
ing set a record for the U.S.
After 4 Years, NYC Condo when hedge-funder Ken
Griffin purchased a pent-

Sells for $11.6 Million Profit house there for roughly

$238 million in 2019.
With a limestone facade,
220 Central Park South has
On Billionaires’ Row in of Stonehenge NYC, a New private dining rooms, an
New York, a condominium York-based real-estate athletic club, a juice bar, a
at Vornado Realty Trust’s company. He paid about basketball court and a golf
220 Central Park South has $22.2 million for the 37th- simulator.
sold for $33.8 million, floor residence, records The number of Manhat-
about 52% higher than its show. tan luxury sales dropped
last sale price in 2019. The identity of the buyer 28.5% in the fourth quarter
The seller of the three- couldn’t be determined. Mr. from the prior-year period,
bedroom unit was Ofer Yardeni didn’t respond to a according to Miller Samuel.
Yardeni, chairman and CEO request for comment. —E.B. Solomont

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THE WALL STREET JOURNAL. Friday, March 3, 2023 | M3

MANSION
BALANCE SHEET BALANCE
SHEET
A Family Home Rises Foundation
and framing

From the Ashes $190,000

Landscaping
and hardscaping

$150,000
The Davis family lost their Malibu home in the Woolsey Fire.
Glass doors
The community came together to help them rebuild. and windows

$100,000
BY SARAH PAYNTER
Furniture

A
s the Woolsey Fire approached Malibu, Ca-
lif., in 2018, Walter and Nan Davis and $80,000
their 11-year-old son, Nicholas, packed a
few keepsakes and left their home under Kitchen and
an orange sky. bathroom cabinetry
Later, Mr. Davis saw a video of their suburban
Malibu West street and recognized the spot where $50,000
their house once stood. Even as nearby neighbors’
homes were spared, their four-bedroom, ranch-style Roofing
house had burned down to its concrete foundation.
“I got a horrible sinking feeling in my stomach,” $60,000
Olive trees

$16,000
Wood floors

$25,000
Fire feature

$10,000
Fireplace

said Mr. Davis, 52, who said they Davises had given it a roughly The Davises’ four-bedroom, ranch-style house burned down to its concrete foundation $10,000
had renovated the house only $90,000 renovation, redoing the in the fire, while others in the area were spared. They finished rebuilding in late 2021.
months before the fire. kitchen, the floors and Nicholas’s
The final blow came when the bathroom, said Mr. Davis. locals who lost their homes in the
family realized that Nicholas’s box “It took a lot out of me,” Mr. fire, said Mr. Davis.
of keepsakes—including Hellboy Davis said of the fire. “It dulls you Outside, the Davises spent
comic books, antique Coca-Cola a little bit.” Still, they knew they about $150,000 on landscaping
memorabilia, PlayStation video- wanted to rebuild, in part to keep and hardscaping. The living room
games and other items—had been Nicholas in his school, he said. opens to a raised outdoor dining
left behind. After they noticed, To design their new home, they area with a concrete path to a
Mr. Davis said, “we all cried.” hired Martha Gray of Montecito’s roughly $10,000 fire feature and a
The Davises were among the Gray & Gray Architects. Coinci- seating area, said Mr. Davis. The
first families in Malibu to rebuild dentally, Ms. Gray had lost her area is surrounded by four old-

NOAH WEBB FOR THE WALL STREET JOURNAL (2); ONE SHOT PRODUCTIONS (AERIAL); MARTHA GRAY (FIRE DAMAGE)
their home after the fire, a pro- own home to the Thomas Fire of growth, knotted olive trees, each
cess they completed around Sep- 2017. She designed the Davises’ of which cost about $2,650 to buy
tember 2021 at a cost of about house for a reduced rate, she said, and plant. There are also two in
$1.3 million, said Mr. Davis. Most about $48,000. the front yard, said Mr. Davis.
of the cost, he said, was covered Losing a home is “a pretty Since their home was com-
by Travelers Insurance plus a pri- emotional experience,” said Ms. pleted, the Davises have made it a
vate settlement with Southern Gray. “That’s one of the reasons I family sanctuary.
Cost to rebuild: $1.3 million
California Edison, which has con- wanted to help them.” Ms. Davis likes to play with
ceded its equipment was likely as- The Davises wanted to get back their dog, Spooky, in the living
sociated with the ignition of the into their house as soon as possi- said, so the choice will come in cost about $35,000, said Mr. room while Nicholas does home-
fire. ble, Mr. Davis said, and keeping handy in case of another fire. The Schaub. work on the dining-room table,
Moving into the new home was the home close to its original size siding, with installation, cost The kitchen has a peaked ceil- said Mr. Davis.
bittersweet at first, because it re- helped expedite the permit ap- about $35,000, said the Davises’ ing with a skylight, plus a walk-in Nicholas, now 15, said he likes
minded the family of losing their proval process. They broke contractor, Brad Schaub of the pantry and access to an outside the openness of the new house.
old house, said Mr. Davis. Still, ground on the new house in the Schaub Pacific Group. alcove where the Davises plan to He has been able to replace much
“we are so grateful,” he said. “We summer of 2020. The garage doors are fire-rated, build display storage for their of what he lost in the fire—he up-
were treated amazingly through They chose a Modern Farm- and the fencing around the prop- surfboards. The kitchen and bath- graded his PlayStation and
this whole thing.” house aesthetic for their new erty is fireproof, said Mr. Davis. room cabinetry cost around shopped at antique stores for
The Davises paid $1.535 million house because they wanted to Fire sprinklers, which are now re- $50,000, and they spent about more Coca-Cola memorabilia, he
in 2015 for their house in the maintain the look of their previ- quired in the area, cost about $15,000 on marble countertops. said. He even found exact replicas
foothills of the Santa Monica ous home, said Mr. Davis. Still, $13,000, said Mr. Schaub. The new house also has a of some of his comic books.
mountains. They liked the home’s “we did something more interest- Ms. Gray aimed to infuse the soundproofed music room for Mr. “There’s nothing I can really do
rustic aesthetic and location close ing and contemporary than what home with natural light by inte- Davis, who likes to record music about the stuff that I lost or my
to the beach, he said. they had before,” said Ms. Gray. grating skylights, windows and on his guitars as a hobby. house burning, so I didn’t really
Built in the 1960s, the house Hardie board, a signature sid- french doors, she said. A floor-to- They filled the home with worry about it too much,” he said.
spanned about 3,000 square feet. ing of Modern Farmhouse style, is ceiling gas fireplace cost about about $80,000 of furniture from “I just focused on what I can do,
Only months before the fire, the noncombustible, the company $10,000, and a wall of glass doors RH, which offered a discount to which is getting back what I can.”
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OF ANY STATEMENTS OR REPRESENTATIONS MADE ABOUT THE PROJECT. ORAL REPRESENTATIONS CANNOT BE RELIED UPON AS CORRECTLY STATING THE REPRESENTATIONS OF THE DEVELOPER. FOR CORRECT REPRESENTATIONS, MAKE REFERENCE TO THIS BROCHURE AND TO THE DOCUMENTS REQUIRED BY SECTION
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M4 | Friday, March 3, 2023 THE WALL STREET JOURNAL.

MANSION

The kitchen has white quartz counters, The courtyard

black and white tiled backsplash and a
calacatta marble island.

Tommy Dean, who has founded and sold several

businesses, bought the beach house in 2013.

A Place The lower level deck has a hot tub with

intricate, hand-designed tiles.

To Party
Continued from page M1
horizon. Mr. Dean gets privacy
from curtains on the loft balcony
and automatic shades on all the
windows. The room has a massive
vintage sofa covered in black linen
and a custom bed made with os-
trich print on embossed white
leather.
Ms. Baumgart chose a combina-
tion of Southern California and
European furnishings, with the
twin goals of fashion and comfort.
In the lower level lounge, there’s a
calacatta stone bar on a base sitions by fashion illustrator Re-
made from wood and corbels from gina Yazdi, known for her
a Spanish church; the ceiling sketches for clients like Chanel,
Dior, Bulgari and Harry Winston.
The kitchen has white quartz
counters, black and white tiled
‘It’s just total backsplash and a calacatta marble
island with an exotic wood base.
indulgence. I wanted a The floor is white oak stained
cool party house.’ white. The bathrooms are all viv-
The ceiling above the bar is made
—Tommy Dean idly tiled, also in black and white
of vintage tin panels from France.
patterns. A guest bathroom has a
large black and white photo of
Brigitte Bardot that Ms. Baumgart
above the bar is made of vintage says she made into wallpaper to
tin panels from France. The bar honor Mr. Dean’s passion for the
stools are covered in black lamb- actress.
swool throws (Mr. Dean says they Each of the outdoors decks
double serve as sweaters when serves a different purpose. The
guests get cold). The sofas lower level has a hot tub with in-
throughout the house are stylish tricate, hand-designed tiles and a
LUIS GARCIA FOR THE WALL STREET JOURNAL (5)

but comfortable, upholstered in black and white sofa facing to-

materials like leather and linen. wards the beach and ocean. On
The color scheme is all black the main floor, there’s an outdoor
and white, with punches of green kitchen with a pizza oven, a bar
to add an element of nature, says and a dining area in the back/
Ms. Baumgart. Spiky, sea-urchin ocean side, and a courtyard with a
shaped artwork and lighting fix- fountain filled with oversized
tures are meant to subtly invoke crystals and a full outdoor living
nature. One large wall in the main area with a black and white tiled
sitting area holds a black and floor on the front/street side.
white art piece with silhouettes of In the garage are the two vin-
pin-up style women in various po- tage members of Mr. Dean’s six-car

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THE WALL STREET JOURNAL. Friday, March 3, 2023 | M5

The main bedroom has views
from the beach to the horizon.
collection: a matte white 1954 Jag-
uar (it was the first sports car he
ever saw, he says) and a matte
black 1962 Corvette (he wanted
one ever since saw one on the TV
show “Route 66”), He uses a Bent-
ley to travel the five minute drive
between his two homes.
Mr. Dean was raised in Kings
Mountain, N.C., just west of Char-
lotte. His father was a car dealer
who Mr. Dean says was always
worried about making enough
money to survive. Mr. Dean chose
MANSION
The main San Diego, a place he says he’d al-
Spiky, sea-urchin
bedroom has ways wanted to live. After a few
shaped artwork and
a massive years trading stocks, and almost
lighting fixtures are
vintage sofa going bankrupt, in the early 1990s
meant to subtly
covered in he started a company selling real
invoke nature.
black linen estate data online as a tool for ap-
and a custom praisers to quickly find and access
bed, below, property data to use in their re-
made with ports. He sold that company,
ostrich print called National Data Collective
on embossed (NDC), along with his other ven-
white leather. tures in insurance, eight years
ago, he says.
Mr. Dean bought his primary
home, which has four bedrooms,
six bathrooms, an enormous great
room with a pool table and a pri-
vate beach, for $4.17 million in
2004. Ms. Baumgart helped up-
date that house too, and Mr. Dean
says he put in about $1 million.
His second marriage, in 2006,
didn’t last long, he says. One of
the ideas he had when he bought
the new beach house in 2013 was
that he would leave the primary
house to his daughter and the
beach house to his son, both of
whom are now adults.
For now, Mr. Dean says he is
thoroughly enjoying his life. He
attributes much of his success to
his Transcendental Meditation
East Carolina University in Green- practice, which he says “takes the
ville, N.C., for college because it static out of the game” and makes
had a reputation for being a top enjoyment more fulfilling – in-
party school with a debauched cluding his enjoyment of the
student body, he says. After grad- beach house.
uating in 1969 with the lowest “I like to crank open the doors
possible GPA, Mr. Dean says he and turn the music on,” he says.
went to teach fifth grade in Hen-
derson, N.C,. in order to avoid go-
Mr. Dean’s 1954 Jaguar
ing to Vietnam.
in front of his house.
After a little while of drifting,
living in his VW van, Mr. Dean ran
into a friend who had inherited
some money and wanted to open
a natural food
store. They
opened their first
in 1972, and Mr.

LUIS GARCIA FOR THE WALL STREET JOURNAL (5)

Dean soon
bought out his
friend and went
on to open about
13 stores in North
Carolina and Vir-
ginia.
He sold his in-
terest in the
stores and in
1987 moved with
His 8,000 sq. ft. primary house cost $4.17 million.
his first wife to

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 M6 | Friday, March 3, 2023
RICH ZIPS | A LOOK AT SOME OF THE MOST EXCLUSIVE ZIP CODES IN THE U.S.
Greenwich, CT 06831
BY JESSICA FLINT
LOCATED ON Long Island Sound,
Greenwich is Connecticut’s first
town after crossing New York’s
state line on Interstate 95. Ap-
proximately 48 square miles total,
according to census data, Green-
wich has several neighborhoods.
But its 06831 ZIP Code, which en-
compasses Greenwich’s backcoun-
try, has the priciest real estate in
New England as ranked by median
list price, according to Real-
tor.com. (News Corp, owner of
The Wall Street Journal, also op-
erates Realtor.com under license
from the National Association of
Realtors.) Backcountry was origi-
nally farmland. Today, one of its
standout features is Round Hill
Road, where home sales can sur-
pass $50 million. The ZIP Code is
also home to Glenville, a former
mill village.
NOTABLE STOPS AND SHOPS
Greenwich Audubon Center
When it opened in 1943, this cen-
ter was the National Audubon So-
ciety’s first environmental educa-
tion space. Today it has seven
sanctuaries along with private
parcels, totaling 686 acres. Its
AXEL DUPEUX FOR THE WALL STREET JOURNAL (2)
Chef Reza Khorshidi at Rebeccas
in Glenville prepares sashimi with
an Asian salad.
THE BRAVEST HEARTS
DESERVE THE HELP OF THE
BRIGHTEST MINDS.
The Quality of Life Plus Program brings together America’s brightest students at leading
universities to create life-transforming, assistive technology for our country’s wounded heroes.
Please help support us so we can continue to help them. www.qlplus.org
THE WALL STREET JOURNAL.
MANSION
LISTINGS
$5.41
MILLION $16.995 MILLION
Median List Price
7 bedrooms, 11 bathrooms
(up 9.58% year-
Built in 2021, this 17,408-square-
over-year)
foot home is on 4 acres. The mar-
ble entry has a double staircase.
FROM TOP: DANIEL MILSTEIN FOR SOTHEBY’S INTERNATIONAL REALTY; CHRIS KIELY FOR SOTHEBY’S INTERNATIONAL REALTY; REALTY PLANS FOR SOTHEBY’S INTERNATIONAL REALTY; SANNA MANDER (MAP)
186
Median days on
The primary suite has two walk-in
closets, a sitting room with a fire-
place and a balcony. Agent: Joseph
market Barbieri, Sotheby’s International
Realty—Greenwich Brokerage
$669
Median price per
square foot
57
Active Listings
(down 27.85% year-
over-year)
All data is January 2023.
Source: Realtor.com
A church on Round Hill Road in Greenwich, CT. $7.995 MILLION
9 bedrooms, 11 bathrooms
285-acre Main Sanctuary has 7 his childhood best friend, At 14,532 square feet, this house
miles of trails. Greg Oshins, are Greenwich has a formal dining room with a
natives who opened this fireplace, a paneled library and a
Greenwich Polo Club grab-and-go foods market billiards room. There is a guest
On a few Sundays in the summer in Glenville in 2022. The suite on the first floor and a sepa-
and fall, spectators come here to menu includes sand- rate guesthouse. Agent: Joseph
watch elite high-goal polo. The wiches, salads and pre- Barbieri, Sotheby’s International
club’s home team, White Birch, is pared meals such as Realty—Greenwich Brokerage
one of the most successful in the chicken pot pie, lasagna
history of the sport. marinara and beef meat-
loaf. The market used to be
Rebeccas a video store
A Glenville staple where the own-
for 25 years, this ers hunted for
35
upscale modern VHS movies when
American restaurant Roughly the number of they were younger.
has a minimalist in- miles from Greenwich’s
terior. General man- 06831 ZIP Code to Il Leone
ager and Greenwich Midtown Manhattan. Located in Glenville massive manor homes, says Robin
native Rebecca at the historic mill on Kencel, a Compass real-estate $5.15 MILLION
Kirhoffer is the co- the Byram River, this agent. “There is a real mix of ar- 5 bedrooms, 9 bathrooms
proprietor with her husband, chef Italian restaurant, bar and piano chitectural styles throughout This 7,678-square-foot house has a
Reza Khorshidi. Two soups in one bar is run by Ron Rosa, also the Greenwich,” she says, noting that formal living room and dining room,
bowl has long been a signature owner of the Polpo Restaurant & in backcountry there can be larger a family room and a breakfast
starter. Try the seasonal black Saloon, a hot downtown Green- compounds next to more modest room. The primary suite has two
truffle ice cream if it is on offer. wich spot for two decades. farmhouses or Cape Cods. Glen- walk-in closets, a marble bathroom
ville, with single-family homes and a balcony. Agent: Leslie McEl-
The Country Table ADVICE FOR THE BUYER and luxury condominiums, is good wreath, Sotheby’s International Re-
Geoff Lazlo, a pedigreed chef, and Greenwich backcountry isn’t all for first-time home buyers. alty—Greenwich Brokerage
THE WALL STREET JOURNAL.
An Arizona Home With a Metaverse Room
In Paradise Valley, Ariz.,
developers are betting big
on the local market by list-
ing a not-yet-built residen-
tial compound for $75 mil-
lion.
If the property sells for
anywhere near its asking
price, it will set a record
for the state, according to
David Hersh, a real-estate
agent and founder of Wow
Luxury Properties, who is
developing the home with
Cullum Homes. When com-
pleted, the property will
have amenities ranging
from a metaverse room to a
spa facility that produces
snow, Mr. Hersh said.
Mr. Hersh said the goal is
to create a home that com-
petes with the caliber of
luxury properties in other
markets.
“People are moving here
at such a fast rate,” Mr.
Hersh said, and buyers com-
ing from California
and overseas “have FOR SALE
a different expecta-
tion of luxury, in
my opinion, than
$75
what is being deliv-
MILLION
33,000 sq. ft.,
ered in the market-
snow room,
place.”
art gallery
Paradise Valley
is an affluent town
between Phoenix and
Scottsdale. Mr. Hersh said
he paid $10 million for two
lots spanning around 4.7
acres in 2022. There was a
house on the land that has
been demolished, he said,
and the land has been sub-
divided into three parcels,
of which this nearly 2.3-
acre property is the largest.
Plans call for a roughly
33,000-square-foot main
house with eight bedrooms,
including a nearly 3,000-
square-foot primary suite
with a gym. The main floor
will include an art gallery
and a liquor-tasting library.
A two-story aquarium will
run from the main level to
the basement, where it will
serve as a lightwell, said
Lindsay Cullum-Colwell, ar-
chitect and co-owner of
Cullum Homes.
Most of the amenities
The property is about 2.3 acres.
ExploreYour
Membership
© 2023 Dow Jones & Company, Inc. All rights reserved. 6DJ8673
Friday, March 3, 2023 | M7
PRIVATE PROPERTIES
3D ESTATE (2, RENDERINGS)
will be located in building for uses such as Ms. Cullum-Colwell said before it is finished, they $28.1 million. Paradise Val-
the basement, she board meetings and com- they don’t yet have a con- will be able to request ley has few vacant lots, Mr.
said, including the
800-square-foot
pany retreats, according to
Mr. Hersh.
struction budget, but the
project will take four to five
changes to the plans.
Arizona’s most expensive
Hersh said, so he believes
buyers will pay a premium
home theater, There will also be a one- years to complete. If the recorded home sale was a for new construction.
which will double bedroom guardhouse. purchasers buy the house 2022 Scottsdale sale for —Libertina Brandt
as a metaverse
room. A nearly
2,600-square-foot
spa, modeled after the
Awana Spa at Resorts
World Las Vegas, will have
vitality pools and a Himala-
yan salt sauna. The snow
room will produce real
snow to help with rejuvena-
tion and the regrowth of
cells, according to Ms. Cul-
lum-Colwell.
The basement will also
contain a two-lane bowling
alley, a shooting range, a
golf simulator and a record-
ing studio with a lounge
and prep kitchen.
The property will also
have plenty of outdoor
amenities, including a
swim-up movie theater and
a lazy river. There will also
be a putting and chipping
green, two outdoor kitch-
ens, and a bocce court.
Other structures on the
compound will include a
four-bedroom conference LI V E TH E C I PRIA N I LEGAC Y
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ORAL REPRESENTATIONS CANNOT BE RELIED UPON AS CORRECTLY STATING THE REPRESENTATIONS OF THE DEVELOPER. FOR CORRECT REPRESENTATIONS, MAKE REFERENCE TO THIS BROCHURE AND TO
THE DOCUMENTS REQUIRED BY SECTION 718.503, FLORIDA STATUTES, TO BE FURNISHED BY A DEVELOPER TO A BUYER OR LESSEE. These materials are not intended to be an offer to sell, or solicitation to buy a
unit in the condominium. Such an offering shall only be made pursuant to the prospectus (offering circular) for the condominium and no statements should be relied upon unless made in the prospectus or in the applicable
purchase agreement. In no event shall any solicitation, offer or sale of a unit in the condominium be made in, or to residents of, any state or country in which such activity would be unlawful. Equal Housing Opportunity.
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M8 | Friday, March 3, 2023
Foreign
Buyers
Continued from page M1
have seen their levels of in-
terest return to near prepan-
demic levels, insiders said.
That is thanks to a combina-
tion of a drop in Covid re-
strictions across the world,
especially in previously
strict countries like China,
as well a range of political-
economic shifts across the
globe, especially the Russia-
Ukraine war and election tu-
mult in Brazil.
The influx of foreign
buyers is a sharp change in
local markets that have
been softening amid rising
interest rates and recession
fears. The slowdown fol-
lows an intense Covid-
fueled property boom that
drove most U.S. markets up
in 2021 and early 2022.
“It was the domestic
buyer that led the recovery
out of Covid,” said John
Gomes of Douglas Elliman,
who said foreign buyers
currently account for about
40% of his team’s business,
which has offices in
New York, Miami
and Los Ange-
les. That is
up from just
25%
increase in foreign
over 30% visitors to Corcoran
before the Sunshine’s portfolio of
pandemic. NYC buildings in January
“It is the for- 2023 compared with
eign buyer January 2022
that is leading
the recovery this
time around. It’s very,
very apparent.”
Data on the volume of
transactions by foreign buy-
ers is difficult to come by,
since listings sites like Red-
fin don’t keep track of a
buyer’s origins. However,
there is some evidence to
back up claims of a return
of foreign buyers.
New development mar-
keting firm Corcoran Sun-
shine, which sells condos
BEVERLY HILLS, CALIF.
SALE PRICE: about $10 million
across New York City, re-
ported a 25% increase in for-
eign visitors to its portfolio
buildings in January 2023
compared with January
2022, led by a strong uptick
in visitors from China
and the Middle
East. Ryan
Schleis, senior
vice president
of research
and analytics
at Corcoran,
said that,
compared with
the slowest pe-
riod of sales during
the pandemic, April
through December 2020, the
company’s portfolio saw
more than triple the number
of foreign visitors and more
than double the number of
international buyers during
the same period in 2022.
He attributed the uptick
in part to China dropping
its zero-Covid policies, al-
lowing Chinese nationals to
finally travel more freely to
the U.S. “It was a real un-
MANSION
known when and if, after
the pandemic, the Chinese
buyer would come back to
New York,” he said.
By contrast, Corcoran
Sunshine has “clearly seen
a pullback” over the past 10
months in activity by local
and domestic buyers, he
said.
In South Florida, some de-
velopers report seeing a re-
cent increase in interest
from buyers in Brazil. At
Nexo Residences, a 254-unit
condo project in North Mi-
ami Beach, the developers
said they have seen a 30%
increase in interest from
Brazilian buyers since Octo-
THE WALL STREET JOURNAL.
ber 2022 amid political tur-
moil in the wake of the coun-
try’s presidential elections.
Former Brazilian President
Jair Bolsonaro has said he
plans to return to Brazil in
March to lead the political
opposition to President Luiz
Inácio Lula da Silva and de-
fend himself against accusa-
tions he incited attacks by
protesters on government
buildings in January.
In Los Angeles, brokers
report a significant rise in
interest from overseas buy-
ers and some of the area’s
recent big ticket deals were
inked by foreigners. A $55
million Beverly Park home
sold by actor Mark Wahl-
berg was purchased by a
Chinese billionaire, accord-
ing to people familiar with
the situation.
“The amount of Chinese
buyers we’re seeing now is
unprecedented,” said Tomer
Fridman, an agent with Com-
pass in Los Angeles. “And
the price points are high.”
Mr. Fridman said he also
recently signed an $8.3 mil-
lion deal in Beverly Hills
with a buyer from the U.K.
Los Angeles agent Gary
Reavis of Forward Luxury
Real Estate said he has also
worked with two sets of
Singaporean buyers over
the past few months, one of
whom purchased a home
after seeing it only on
FaceTime.
The other, Singaporean
entrepreneur Ivan Chin,
whose company is a global
supplier of nutritional
drinks, purchased Château
des Anges, a roughly 9,000-
square-foot Versailles-style
mansion that sits just
above West Hollywood’s
Sunset Strip. Mr. Reavis
said he worked with Mr.
Chin for about three
months on the deal, re-
searching and touring the
available inventory of
homes in the $10 million to
$100 million range. Mr.
Chin was looking for a
property to use as a pied-à-
THE FRIDMAN GROUP/THE LUXURY LEVEL (2)
terre but that would also be
a solid investment in the
long term, Mr. Reavis said.
Almost every night, they
went to dinner at fancy res-
taurants and talked about
the houses they had seen
that day, he said.
“For him, it was about in-
vesting in the U.S. economy,
 THE WALL STREET JOURNAL. Friday, March 3, 2023 | M9

MANSION

RITZ-CARLTON RESIDENCES IN NOMAD

LIST PRICE: from $3.45 million to $8.8 million

Get More WSJ

With QR Codes
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International buyers account for about half of the sales of apartments so far at the
Ritz-Carlton Residences in NoMad in Manhattan. the newspaper,
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30%
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was just $54.4 billion, the
lowest on record since
2009. That improved to $59
billion between April 2021
and March 2022, though
that was still the second-
lowest figure since 2009.
Agents in New York say
DOUGLAS ELLIMAN (3)

that many of their overseas

a place he thought was
safe,” Mr. Reavis said, not-
ing that Mr. Chin is actively
making offers on several
more properties in the
area. Mr. Chin could not be
reached for comment.
The spending spree by
overseas buyers marks a
sharp turnaround from the
darkest days of the pan-
demic, when foreign interest
in U.S. real estate dried up.
Data from the National As-
buyers are interested in
prime Manhattan areas like
NoMad, the area around
Madison Square Park.
Sebastian Steinau, an
agent with the Corcoran
Group, said he sold two
apartments in December,
priced at $3.975 million and
$6.5 million, at the Ritz-Car-
lton Residences in NoMad
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M10 | Friday, March 3, 2023
Continued from the prior page
to buyers from Austria and
Germany. The Austrian
buyer, who works in the
wine business and plans to
use the apartment as a pied-
à-terre, said that she and
her husband were spooked
by the war in Ukraine and
wanted to diversify their as-
sets beyond Europe, Mr.
Steinau said.
“Everything they had
was in the eurozone,” he
said. “You want to have di-
versification not only in
your real-estate investment,
but also a currency hedge.”
Erin Boisson Aries, exec-
utive marketing and sales
director for the Ritz-Carl-
ton, said that seven of the
15 buyers at the project so
far have been from over-
seas, including several buy-
ers from Europe.
French television pro-
ducer and writer Emmanu-
elle Rey Magnan, 52, said
she was similarly drawn to
the NoMad area and is eye-
ing apartments priced up to
around $2.5 million, includ-
ing a one-bedroom unit on
the 46th floor of Madison
House, a new development
on East 30th Street. She re-
cently launched a new tele-
vision production company,
Story Island Prods, and
plans to be in the U.S. more
frequently to do co-produc-
tion deals with U.S. stream-
ing services. Her husband,
Yann Magnan, is a founder
of a fintech firm that also
has clients in New York, she
said. She said she tries to
ignore the exchange rate be-
MADISON HOUSE, NOMAD
LIST PRICE: $1.875 million to $25 million
French television producer Emmanuelle Rey Magnan, left, was drawn to NYC’s NoMad area.
She looked at a high-floor unit at Madison House on East 30th Street similar to this one.
‘It was the domestic buyer that led the recovery out of Covid. It is
the foreign buyer that is leading the recovery this time around.
It’s very, very apparent.’
tween euros and U.S. dol-
lars, which hasn’t been fa-
vorable to Europeans since
the beginning of the year.
The couple’s agent, Kleo-
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You never asked for it, but you may be the only person truly

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MANSION
—John Gomes of Douglas Elliman
patra Phili of Brown Harris
Stevens, said that many of
her foreign clients are just
following up on plans they
intended to enact years
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prior but were derailed by
the pandemic.
“During Covid, people
decamped to a place of nor-
malcy, safety, maybe famil-
    
THE WALL STREET JOURNAL.
on a home for themselves,
they are planning on get-
ting into real-estate invest-
ing and development, they
said.
“The property markets
around the world right now
FROM LEFT: EMMANUELLE REY MAGNAN; EVAN JOSEPH (3); ROLLING CANVAS PRESENTATIONS
are moving down, but with
the new home in the U.S.,
we can capitalize on the
price,” he said. “So from a
market entry point of view,
it makes sense.”
Still, agents said they are
aware that, despite the up-
tick, foreign interest in the
U.S. can shift quickly.
Nikki Field of Sotheby’s
International Realty said
she was working with three
different Chinese buyers,
one of whom had secured a
“great deal” on a roughly
$32 million Manhattan
apartment, when “all three
of them simultaneously
went dark” a few weeks
ago. She guessed that their
silence had to do with the
“balloon fiasco,” when U.S.
iarity within their own officials shot down what
countries or locations,” she they described as a Chinese
said. “Now, they’re getting reconnaissance balloon off
back on track with what the coast of South Carolina.
they intended.” “It’s always been this
Some overseas buyers way,” she said. “Any inter-
said they see the current ruptions in relations be-
headwinds in the U.S. mar- tween China and the U.S.
ket as an opportunity to en- that could affect their secu-
ter at a more accessible rity or their comfort level
price. The benefits of buying with their funds being here
in the U.S. and diversifying and they go very, very
their portfolios outweigh quiet.”
the downside posed by unfa-
vorable exchange rates with
currencies like the euro and
the Australian dollar.
Australian couple Monika
Muthyam, 30, and Raghav
Saggar, 31, said they are
scouting L.A. homes in the
$4 million to $7 million
range with an eye toward
relocating to America,
where they have enjoyed
numerous vacations. Mr.
Saggar, a financial trader,
said he sees living in the
U.S. as a chance to grow
professionally and the time
zone as being more friendly
to his work in crypto mar- Monika Muthyam and
kets. Once the couple settle Raghav Saggar
 THE WALL STREET JOURNAL. Friday, March 3, 2023 | M11

PRIVATE PROPERTIES

dog•ged
Asking price: $15 million

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Sold in Missouri: Santa Paula,

Santa Paula, CA
CA 93060.
93060.

An In-Home Carwash
A St. Louis-area home
with a carwash has sold for
$13 million, making it one
of the priciest sales ever re-
corded in Missouri, accord-
ing to listing agent Stepha-
nie Oliver of Dielmann
Sotheby’s International Re-
alty.
The roughly SOLD
30,000-square-foot
house is situated
on about 7.5 acres
$13
in the St. Louis
MILLION
30,000 sq. ft.,
suburb of Ladue,
car showroom,
Ms. Oliver said. It
pub, pool
hit the market for
$15 million in Oc-
tober 2022.
The seller is David Por-
ter, inventor of the Furmi-
nator, a deshedding tool for
pets.
The buyer was repre-
sented by Jeff Lottmann of
Compass along with his son
and colleague, Chase Lott-
mann. They declined to
comment on the identity of
their client.
Mr. Porter said he bought
the property with his ex-
wife, Angela Porter, in 2009
for $7.5 million. The Porters
demolished the home on the
property in 2010 and spent
four years building the Eu-
ropean-inspired house that
stands today, said Mr. Por-
ter, who is now the sole
owner.
An avid car collector, Mr.
Porter built a car showroom
in the house; he
kept his Lambor-
ghini Aventador,
Ferrari F12, several
Porches and a Bent-
ley on site. Called
“The Dave Cave,”
the showroom had
a vintage race car
on the wall for dec-
oration. Next to the show-
room is a mechanical shop
with hydraulic lift, he said.
The carwash is located in-
side the seven-car garage,
which has an apartment
above it and is connected to
the main house.
Other indoor amenities
include a pub, a wine cellar,
a home theater, and fitness
and spa rooms.
To give the home an Old
World feel, Mr. Porter said,
he had the roof made of
distressed slate, while the
fireplaces are cast-stone
replicas of centuries-old Eu-
ropean fireplaces.
Smaller details, like the
home’s ironwork and inlays
in the foyer, were also de-
signed by Mr. Porter, who
began his professional ca-
reer as a graphic designer.
Mr. Porter called design-
ing the house a “four-year
art project.”
“I came up with a lot of
crazy ideas,” he said. “I
have a wood-burning fire-
place in the great room, but
I didn’t like carrying fire-
wood through the house, so
Victor
Victor
there’s a dumbwaiter next
to the fireplace.” Active Search
Active Search Dog
Dog
Rescued
Rescued from
from Redding,
Redding, CA.
CA.
The grounds contain a Photographed by
Photographed by Shaina
Shaina Fishman
Fishman
private lake, a sports court, at
at SDF’s
SDF’s National
National Training
Training Center.
Center.
a pool with a swim-up bar
and one-bedroom pool
house. A conservatory has
tiered terraces.
Mr. Porter said he de-
cided to sell because he is
ready to start a new chap-
ter.
According to Ms. Oliver,
the sale set a record for the
greater St. Louis area and is
one of the most expensive
home sales in the state.
—Libertina Brandt

Together you and I can

turn a stairwell into an
ER at a moment’s notice.
Port-au-Prince, Haiti Dr. Paul McMaster, Doctors Without Borders Surgeon
HAITI 2010 © Julie Remy

Donate today at:

doctorswithoutbordersorg
M12 | Friday, March 3, 2023 THE WALL STREET JOURNAL.

MANSION
HOUSE CALL | SAM CLAFLIN more out there beyond where I
grew up, acting became some-
thing I wanted to pursue.

Now He Has an Itch In college, schoolmates planned

to go for advanced degrees at
drama schools with strong musi-
cal-theater departments. I applied,

To Live in Laurel Canyon too.

After a failed attempt at one of
those tryouts, a fellow auditioner
approached me. He said, “You’re
an amazing actor, but you should
try acting programs at drama
The ‘Daisy Jones & the Six’ actor talks about his English upbringing schools. There’s less pressure on
and how two broken ankles upended his soccer career the dance side.” At that moment, I
realized I had been doing every-
thing wrong.

G
rowing up in Norwich, I reapplied to all the top drama
England, I was obsessed schools but focused only on act-
with football, what ing. I was terrified when I audi-
Americans call soccer. I tioned at the London Academy of
played on four teams—for my Music and Dramatic Art. Fortu-
school, my county, Norwich City nately, I was accepted, and my
Academy and a Sunday league. training there was exceptional. yon, with exposed brick and
I broke my left ankle in a After Lamda, I landed a part in wrought iron doors and windows.
match when I was 11, but it “The Pillars of the Earth,” a mini- Maybe one day.
healed. Then one day, when I was series that aired in 2010. On set, I —As told to Marc Myers
16, while playing in the park, I couldn’t believe my luck to be
broke my right ankle. Lying there working with so many incredible Sam Claflin, 36, is an English
in pain on the field, I knew my actors, including Ian McShane and actor who has appeared in the
dream of turning pro was over. Matthew Macfadyen. film “Pirates of the Caribbean: On
We lived in a close-knit neigh- Fortunately, I had an opportu- Stranger Tides” and in the TV se-
borhood in the city. My father, nity to work with Ian again in “Pi- ries “Peaky Blinders.” He currently
Mark, was an accountant until he rates of the Caribbean: On stars in the Prime Video series
had to retire early, and my mum, Stranger Tides” and Matthew in “Daisy Jones & the Six.”
Sue, still works in a school as a “Any Human Heart.” Both were
student well-being advocate. She major career breaks.
has always loved her job, and I Today, I live in Buckingham-

can’t think of anyone better suited
for it. She was and remains caring
and big-hearted.
I had a wonderful upbringing,
and we remain an extremely tight
family. My two older brothers and
I, along with our younger one, were
taught to make our own way. From
the time we were 13, we all worked.
I first worked as a paperboy, and I
held the job for three years.
Our house was always full of
schoolmates dropping in and out
or sleeping over.
In school, I was theatrical from
a young age. I loved doing impres-
sions and making people laugh.
Jim Carrey was my idol, and I saw
all of his movies. I loved the phys-
icality of his performances.
At 15, I was in our school musi-
cal of “Jesus Christ Superstar” as
one of the priests. A year later, a
history teacher put me forward to
join a local youth-theater program
FROM LEFT: TOMO BREJC/TRUNK ARCHIVE; JACK ROBINSON/GETTY IMAGES; SAM CLAFLIN (FAMILY PHOTO)
shire, just west of London, where SAM’S SONGS
I’m renting a house. My kids go to
school nearby and I feel incredibly “Daisy Jones”? I play Billy
lucky to benefit Dunne, the
from lots of open frontman in a
spaces, country 1970s rock band
pubs and walks. until Daisy
For years, I comes along.
treated Los An-
geles as my of- Request? They
fice, not my asked me for a
home. I’d do ‘70s rock song. I
press there for a sang Elton
few days and re- John’s “Your
turn to England. Song.” Clearly, I
Sam Claflin in London in 2020, above. Top right, at soccer practice, age 8. But after work- had to get up
ing there for to speed.
in a different part of the city. I ated from high school, so I did. nine months on
went in to see them perform Ste- Students in drama classes there “Daisy Jones & the Six,” I’ve com- Playlist? I created a 26-track
phen Sondheim’s “Assassins” and were passionately theatrical and pletely fallen in love with the area Laurel Canyon album with Joni
loved it. That’s when my love for from all over the county. and the ’70s rock mystique. Mitchell , CSNY and others.
musical theater consumed me. I quickly discovered people Living in mellow Laurel Canyon
In the local theater program, with different backgrounds, expe- is now my dream. Ideally, I’d like And now? The Doors. I can’t
teachers urged me to attend Nor- riences and approaches. As soon a house that looks like a New stop listening to them. It’s all
wich City College once I gradu- as I realized there was so much York loft in the middle of the Can- so new to me.

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phone: 912.658.5665
Farm + Home & Pond 104 Acres pristine compound with 56 acres
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phone: 803.645.4176 summers@pendarvis.co

To Advertise email sales.realestate@wsj.com or visit classifieds.wsj.com

THE WALL STREET JOURNAL. Friday, March 3, 2023 | M13

Exclusive Member of
AUST I N ’ S # 1
I N D E PE N D E N T BRO KERAGE
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3706Meadowbank.com | $6,000,000 2209KinneyRoad.com | $4,995,000 1337Spyglass.com | $3,695,000 LakewayWaterfrontWonderland.com | $7,950,000

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.7 Acre | Views overlooking 15th fairway & Lake Travis Also for lease $60k/mo | The Austonian Penthouse | 180o Views 3Bd | 3Ba | Downtown & Lake Austin views | Rooftop pool 3Bd | 3Ba | Upgraded interiors | 2 Primary suites
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1 Acre in 4-property gated community | Eanes ISD 3Bd | 2Ba | .24-Acre corner lot in Tarrytown 1.49-Acre homesite in Eanes ISD | 10 Miles to downtown Prime 15-acre estate site | Suitable for SF or subdividing
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ERIC MORELAND 512-480-0844 ERIC MORELAND 512-480-0844 ERIC MORELAND 512-480-0844 ERIC MORELAND 512-480-0844

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2019 AIA Award-winning modern masterpiece on 3.8 acres Driftwood Golf & Ranch Club | Golf course on 3 sides 3Bd | 2.5Ba | 1.35 Acs | Private boat dock | ±290' waterfront 5Bd | 5F+2H Ba | 2-Slip boat dock on Lake Austin
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Serving ATX & surrounding areas since 1986 @MorelandProperties
M14 | Friday, March 3, 2023 THE WALL STREET JOURNAL.

PRIVATE PROPERTIES

A Futuristic
Home Returns to
Market in Malibu
In Malibu, Calif., an
oceanfront home designed
with feng shui in mind is
returning to market for
$68.8 million.
The seller is Wei-Tzuoh
Chen, a California-based
nephrologist, and his
wife, Carrie Chen. Dr.
Chen said they bought the
property in 2003 for
around $2.25 million, and

SIMON BERLYN (2)

spent about six years
building the glass, steel
and concrete home, which
they used as a vacation
property. To design the
FOR SALE time around, he said
they are ready to part
$68.8
with the property be-
cause they no longer
Land price in 2003: $2.25 million

house, they hired contem-

MILLION use it as often as they cause it is located on a hill and bedrooms and 47 skylights. agents.
5 bedrooms,
porary architect Ed Niles, used to. has about 75 feet of oceanfront, Amenities in the house include The property, which also has a
music studio,
who is known for his fu- Dr. Chen, who moved important elements in feng shui, a grand entry hall that can hold one-bedroom guesthouse, is being
guesthouse
turistic designs. to California in the he said. The home was also built around 100 people, a music stu- sold furnished.
They listed the five- 1980s from Taiwan, said facing south to align with feng dio, a home theater and a stain- —Libertina Brandt
bedroom property in 2015 for $53 he is of Chinese descent and is a shui principles. less-steel Japanese soaking tub,
million, but Dr. Chen said they strong believer in feng shui. He The main house measures according to Madison Hildebrand  See more photos of notable
weren’t serious about selling. This chose the property in part be- about 7,600 square feet, with four of Compass, one of the listing homes at WSJ.com/RealEstate.

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Distinctive Properties
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VIRGINIA

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BERKELEY • CA
284 THE UPLANDS
⊲ COMING SOON ⊳
This beautifully restored historic estate
features walled level gardens & splendid
architecture! Grand living room with concert
hall proportions, formal dining room & eat-
in kitchen/family room. Separate artist’s/
writer’s studio. A masterpiece!
5+++BR • 5.5BA • $5,125,000
Bebe McRae
510.928.3912
CALDRE#00875159
PONTE VEDRA BEACH SELECT RESIDENTIAL LISTINGS FRIDAYS IN MANSION
Home of THE PLAYERS
LIST YOUR PROPERTY TODAY
Vacation every day near beautiful
white sand Atlantic Ocean beaches. 4 (800) 366-3975 | sales.realestate@wsj.com
bedrooms, office, 5,835 sq.ft. cooled,
amazing kitchens (indoors AND out), Sea
Island cottage style, wine & media rooms,
watersports, privacy, close to Jacksonville,
100’ on the ICW. $4,770,000
See Ponte Vedra Beach’s TPC Sawgrass
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Berry & Co. Real Estate
Clare Berry, Broker
904.382.5875 • clare@clareberry.realtor
clareberryrealestate.com © 2023 Dow Jones & Company, Inc. All Rights Reserved.
THE WALL STREET JOURNAL. Friday, March 3, 2023 | M15

N O RT H T E X AS ’ #
1 LUXU RY B RO K E RAG E

Nothing compares.
Why trust beats numbers, every time. (But, if you’re a numbers person, have we got some.)
BRIGGSFREEMAN.COM

T
THE PRESIDENT’S hank you for your trust. Southern District Properties Group as South- All of these numbers prove the power
POINT OF VIEW It was especially important ern District Sotheby’s International Realty, of our network. But, trust, of course, is all
last year — a year of shifts and serving the South-Central Texas region. We about comfort, not statistics. Twenty-twenty
changes. You needed someone formed the largest real estate company by and 2021 were unprecedented markets —
who had navigated tough markets before. sales volume in Oregon with the partnership hotter than ever imagined — and now we are
Someone who had succeeded no matter the of Cascade Hasson Sotheby’s International experiencing yet another industry shift. The
circumstances. Realty. And, first-ever offices were opened in continuing low number of available homes
You put your trust in our experience, Egypt, Kazakhstan and Serbia, making our means you need an expert agent more than
stability and expertise. network 1,075 offices in 81 countries and ever. One thing I know for sure: Briggs Free-
Last year’s results for the Sotheby’s In- territories. man Sotheby’s International Realty agents
ternational Realty® network were just an- We are, once again, the No. 1 most pro- are successful in both up and down markets.
nounced — it takes time in our business for filed luxury real estate brand in the news, You can trust them, always.
all the year-end sales to finalize — and they with more than 60,000 press placements. You know, trust is really about feeling at
show that your instincts were absolutely right. Sotheby’s International Realty has more than home. Which is exactly how we want you to
RUSS ANDERSON Our agents, with their 26,000 col- one million social media followers now — feel all the way to your new one.
President leagues around the world, sold an amazing and a jaw-dropping 48 million visits to our
Briggs Freeman Sotheby’s $167 billion in amazing properties. sothebysrealty.com in 2022 alone. A whop- WHAT THE LUXURY LEADERS SAY
International Realty
That’s not all. The network expanded its ping 75 million of our videos were played. Don’t miss our executives’ weekly thoughts,
randerson@briggsfreeman.com Texas footprint, bringing on the successful As our slogan says: Nothing compares. always on briggsfreeman.com/blog

HOMES NEEDED / BUYERS WAITING

Big. Bold. Best. Preston Hollow / $1,000,000 to $2,000,000

When grassroots presence meets global reach, big things happen.

It’s official: The Burgher-Ray Ranch Group has just earned the title of
top ranch-and-land team at Briggs Freeman Sotheby’s International Realty.

#1 N-N-LN  , O PNY  , O L  N 2022 N E E D E D Homes

like this one, sold, at 10748
$100+ LL ON N L  N 2022 Saint Lazare Drive

10 Y  UNN N: D MZ N B  R L E  A N 

PENNY COOK / 214-384-2847 / ptcook@briggsfreeman.com

BENT TREE / DALLAS, TEXAS

5209 Westgrove Place / $2,995,000
© 2023 Sotheby’s International Realty.All Rights Reserved. Sotheby’s International Realty® is a registered trademark and used with permission. Each Sotheby’s International Realty office is independently owned and operated, except those operated by Sotheby’s International Realty, Inc.The Sotheby’s International Realty network fully supports
the principles of the Fair Housing Act and the Equal Opportunity Act. All images are a combination of photography and artist renderings.The artist representations and interior decorations, finishes, appliances and furnishings are provided for illustrative purposes only. Prices and features are subject to change.

COMING SOON

VICKI FOSTER / 214-642-8966 / vfoster@briggsfreeman.com

FARMERS BRANCH, TEXAS

2956 Sunburst Lane / $949,000

UNDER CONTRACT

David Burgher Harlan Ray Clay Bebee

Connor Hunt Davis Walker Barbara Kurilecz
burgherray.com • 214-353-6601
BROOKE VAWTER / 214-642-8012 / bvawter@briggsfreeman.com

BLUFFVIEW / DALLAS, TEXAS DALLAS, TEXAS NORTHWOOD HILLS / DALLAS, TEXAS

4415 Bluffview Boulevard / Off-market sale 28 Wimberley Court / Listed for $1,500,000 6516 Crestmere Dr / Listed for $995,000

SOLD SOLD* SOLD

*REPRESENTED BUYER

SHELLE CARRIG / 214-450-8782 / scarrig@briggsfreeman.com ALEX TRUSLER / 214-755-8180 / atrusler@briggsfreeman.com

TARYN TIMMONS / 214-274-8607 / ttimmons@briggsfreeman.com KARLA TRUSLER / 214-682-6511 / ktrusler@briggsfreeman.com ASHLEY AKIN PEARL / 214-244-1084 / apearl@briggsfreeman.com

HALL ARTS RESIDENCES / DALLAS, TEXAS WESTLAKE, TEXAS LA TOUR CONDOMINIUMS / UPTOWN / DALLAS, TEXAS
Luxury Residences from $3,500,000 1613 Meandering Way Dr / Off-market sale 3030 McKinney Ave #302 / Listed for $715,000

SOLD* SOLD*
*REPRESENTED BUYER
*REPRESENTED BUYER

JEANNIE NETHERY / 214-803-3787 / jnethery@briggsfreeman.com

KYLE RICHARDS / 214-263-4065 / krichards@briggsfreeman.com ANN HENRY / 214-546-6712 / ahenry@briggsfreeman.com PAM BRANNON / 214-912-1756 / pbrannon@briggsfreeman.com

2143500400 FIND US ON SOCIAL MEDIA @BRIGGSFREEMAN AND #BRIGGSFREEMAN

M16 | Friday, March 3, 2023 THE WALL STREET JOURNAL.

Nothing compares.

RUKA, KUUSAMO, FINLAND PARADISE VALLEY, ARIZONA PARADISE VALLEY, ARIZONA TUCSON, ARIZONA TUCSON, ARIZONA

Juhannuskalliontie 27 E 2, 93825 Kuusamo 6130 East Mockingbird Lane 5739 East Cactus Wren Road 7973 North Pima Village Court 509 South 6th Avenue
5 250 000 € | SothebyRealty.com/id/932DS9 $10,000,000 | SothebysRealty.com/id/SG6Q26 $7,995,000 | SothebysRealty.com/id/6525265 $3,295,000 | SothebysRealty.com/id/LGEE82 $1,995,000 | SothebysRealty.com/id/HF743R
Snellman Sotheby's International Realty Russ Lyon Sotheby's International Realty Russ Lyon Sotheby's International Realty Russ Lyon Sotheby's International Realty Russ Lyon Sotheby's International Realty

TEA KÄYHKÖ FRANK AAZAMI FRANK AAZAMI ROBIN SUE KAISERMAN ROBIN SUE KAISERMAN
tea.kayhko@sothebysrealty.fi + () .. frank.aazami@sir.com + . .  frank.aazami@sir.com + . .  robinsue@robinsue.com + . .  robinsue@robinsue.com + . . 

MANHATTAN BEACH, CALIFORNIA SOLANA BEACH, CALIFORNIA TIBURON, CALIFORNIA DARIEN, CONNECTICUT MADISON, CONNECTICUT

2415ManhattanAve.com 521 South Rios Avenue 97ViaLosAltos.com 4LindaLane.com 25LindenLane.com

$9,995,000 $12,500,000 | SothebysRealty.com/id/DMLDWH $7,750,000 $4,785,000 $1,300,000
Vista Sotheby's International Realty Pacific Sotheby's International Realty Golden Gate Sotheby's International Realty William Pitt Sotheby's International Realty William Pitt Sotheby's International Realty

GILLESPIE HOST GROUP ERIC IANTORNO L. SARKISSIAN | M. SARKISSIAN | B. BULLOCK BRUCE BAKER MARGARET MUIR
ghg@vistasir.com + . .  eric@ericiantorno.com + . . l.sarkissian@ggsir.com + .. bbaker@williampitt.com + . .  mmuir@williampitt.com + . . 

BOCA RATON, FLORIDA BONITA SPRINGS, FLORIDA CASEY KEY, FLORIDA CASEY KEY, FLORIDA CASEY KEY, FLORIDA

St. Andrews Country Club 27290 Hickory Blvd 1312CaseyKey.com 2305CaseyKey.com 4019CaseyKey.com
$6,695,000 | SothebysRealty.com/id/B5JEBP $7,995,000 | SothebysRealty.com/id/XG8J6R $18,500,000 $18,000,000 $12,000,000 | SothebysRealty.com/id/FRDKD2
ONE Sotheby's International Realty Premier Sotheby's International Realty Premier Sotheby's International Realty Premier Sotheby's International Realty Premier Sotheby's International Realty

MARK NESTLER | JOHN POLETTO VALERIE BEE VALERIE DALL'ACQUA | LISA NAPOLITANO VALERIE DALL'ACQUA | LISA NAPOLITANO VALERIE DALL'ACQUA | LISA NAPOLITANO
mark@onesir.net +  .. valerie.bee@premiersir.com +  . . valerie.dallacqua@premiersir.com + . .  valerie.dallacqua@premiersir.com + . .  valerie.dallacqua@premiersir.com + . . 

LAKEWOOD RANCH, FLORIDA KEY LARGO, FLORIDA KEY LARGO, FLORIDA VERO BEACH, FLORIDA SCARBOROUGH, MAINE

19460 Ganton Avenue 2 Country Club Road 8 Cinnamon Bark Lane 2150 South A1A, Vero Beach SolarHillMaine.com
$2,850,000 | SothebysRealty.com/id/BZJQCH $11,995,000 | SothebysRealty.com/id/77D94J $7,995,000 | SothebysRealty.com/id/CMF3GK $60,000,000 | SothebysRealty.com/id/3259PD $1,750,000
Premier Sotheby’s International Realty Ocean Reef Club Sotheby's International Realty Ocean Reef Club Sotheby's International Realty ONE Sotheby's International Realty Legacy Properties Sotheby's International Realty

LAURA STAVOLA RUSSELL POST | MOLLY TAYLOR MARY LEE CINDY O'DARE | RICHARD BOGA MICHELE PEREJDA
laura.stavola@premiersir.com + . .  molly@oceanreefclubsir.com + . .  marylee@oceanreefclubsir.com + . . cindy@odareboga.com + .. mperejda@legacysir.com + . . 
SCARBOROUGH, MAINE BOSTON, MASSACHUSETTS BOSTON, MASSACHUSETTS BOSTON, MASSACHUSETTS NANTUCKET, MASSACHUSETTS

11 Evergreen Farms Road Four Seasons One Dalton Unit 5502 1 Fairfield Street Four Seasons Boylston Unit 1101 25 Nonantum Avenue
Price Upon Request | SothebysRealty.com/id/5BKLPX $19,750,000 | SothebysRealty.com/id/SYQSWW $12,000,000 | SothebysRealty.com/id/MQM69J $4,750,000 | SothebysRealty.com/id/R4KHES $33,750,000 | SothebysRealty.com/id/YYGR6W
Legacy Properties Sotheby's International Realty Gibson Sotheby's International Realty Gibson Sotheby's International Realty Gibson Sotheby's International Realty Maury People Sotheby's International Realty

ALEXA OESTREICHER MICHAEL L. CARUCCI MICHAEL L. CARUCCI MICHAEL L. CARUCCI GARY WINN
alexa@legacysir.com + . .  michael.carucci@sothebysrealty.com + . .  michael.carucci@sothebysrealty.com + . .  michael.carucci@sothebysrealty.com + . .  gary@maurypeople.com + ..

STOCKBRIDGE, MASSACHUSETTS INCLINE VILLAGE, NEVADA NEW YORK, NEW YORK NEW YORK, NEW YORK NEW YORK, NEW YORK

7ProspectHillRd.com InclineLuxuryHome.com SherryNetherland17thFloor.com 995FifthAve11S.com 21West20th.com

$12,500,000 $6,950,000 $30,000,000 $26,000,000 $10,745,000
William Pitt Sotheby’s International Realty Sierra Sotheby's International Realty East Side Manhattan Brokerage East Side Manhattan Brokerage East Side Manhattan Brokerage

PATRICE MELLUZZO DAVID DUFFIÉ NIKKI FIELD | ANDREW HARRIS SHEILA ELLIS | PATRICIA WHEATLEY MATTHEW FOX
pmelluzzo@williampitt.com + . . david.duffie@sothebysrealty.com + . .  nikki.field@sothebys.realty + .  . sheila.ellis@sothebys.realty + . . matthew.fox@sothebys.realty + .  . 

NEW YORK, NEW YORK GRANTS PASS, OREGON AUSTIN, TEXAS SAN ANTONIO, TEXAS SPICEWOOD, TEXAS

907FifthAveMaisonette.com SkyRanchOregon.com 7120Clifton.com 123Lexington1702.com 812Rivercliff.com

$6,650,000 $2,950,000 $2,725,000 $1,995,000 $3,494,000
Downtown Manhattan Brokerage Cascade Hasson Sotheby's International Realty Kuper Sotheby's International Realty Kuper Sotheby's International Realty Kuper Sotheby's International Realty

JEREMY STEIN | KAREN MOREAU DENVER LAMONT KUMARA WILCOXON MALLORY BAIRD | NICHOLAS KJOS KUMARA WILCOXON
jeremy.stein@sothebys.realty + . .  denver.lamont@cascadesir.com +  . . kumara@sothebysrealty.com + . . mallory.baird@sothebysrealty.com + . .  kumara@sothebysrealty.com + . .

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