****** WEDNESDAY, MARCH 8, 2023 ~ VOL. CCLXXXI NO. 54
Edition
DJIA 32856.46 g 574.98 1.7%
What’s
News
Business & Finance
owell told lawmakers
P that the Fed would con-
sider raising interest rates by
a larger half percentage point
this month and was likely
to lift them higher than pre-
viously expected this year
to cool an economy that has
shown surprising strength. A1
 Yields on shorter-term
U.S. Treasurys climbed to
new milestones after the Fed
chairman’s remarks. Stocks
fell, with the S&P 500, Dow
and Nasdaq losing 1.5%, 1.7%
and 1.2%, respectively. B1, B11
 The FTC has demanded
that Twitter turn over in-
ternal communications re-
lated to owner Musk as
well as detailed informa-
tion about layoffs, docu-
ments viewed by The Wall
Street Journal show. A1
 The Justice Department
filed a lawsuit seeking to
block JetBlue from merging
with Spirit, saying the deal
would stifle competition and
lead to higher fares for tens
of millions of travelers. A1
 Binance’s American af-
filiate won court approval to
take over thousands of cus-
tomer accounts from bank-
rupt crypto platform Voy-
ager despite warnings the
Binance.US exchange faces
possible regulatory action. B1
 The NTSB said it opened
a special investigation into
Norfolk Southern in con-
nection with recent derail-
ments and fatal accidents in
the railroad’s operations. A4
 The German government
launched a review of the
country’s 5G high-speed mo-
bile telecom networks as part
of a broader revamp of its
relationship with China. B4
World-Wide
 China’s foreign minister
warned that the U.S. strat-
egy toward China risked
plunging the countries into
a conflict, in remarks a day
after Xi unleashed a similar
verbal salvo at Washington,
signaling a deepening rift be-
tween the two powers. A1, A9
 Biden’s budget blueprint
will propose extending the
solvency of a key Medicare
trust fund by at least 25
years, according to the White
House, in part by increasing
tax rates on people earning
over $400,000 a year. A4
 Ukraine urged residents
of Kherson to evacuate amid
an uptick in Russian attacks
in the southern city, while
pressure grew on Ukraine
to vacate the besieged
eastern city of Bakhmut. A8
 Two Americans were
found dead and two were
rescued in the Mexican city
of Matamoros after their Fri-
day trip across the border
turned deadly in an ambush
and kidnapping by gunmen. A8
 A bipartisan group of
senators introduced a bill
to address threats posed by
technology based in adver-
sary countries, including the
TikTok video-sharing app. A4
 Six Palestinian men were
killed in the West Bank city
of Jenin during an Israeli mil-
itary raid pursuing a Hamas
operative suspected of fatally
shooting two Israeli brothers
last week, Israeli and Pales-
tinian authorities said. A18
 The U.S. plans to lift
Covid testing requirements
on travelers from China on
Friday, according to people
familiar with the matter. A9
CONTENTS
Arts in Review.... A13
Banking & Finance B10
Business News.. B3,5
Crossword.............. A14
Heard on Street. B12
Markets..................... B11
s 2023 Dow Jones & Company, Inc.
All Rights Reserved
WSJ.com U.S.
NASDAQ 11530.33 g 1.2% STOXX 600 460.60 g 0.8% 10-YR. TREAS. À 2/32 , yield 3.974% OIL $77.58 g $2.88 GOLD $1,813.90 g $34.00 EURO $1.0549 YEN 137.15
Fed Explores Faster Rate Increases
Stock prices decline as
Powell opens door to a
half-point rise in March
to help cool economy
BY NICK TIMIRAOS
WASHINGTON—Chair Je-
rome Powell said the Federal
Reserve would consider rais-
ing interest rates by a larger
half percentage point this
month and was likely to lift
rates higher than previously
expected this year to cool an
economy that has shown sur-
prising strength.
Mr. Powell’s comments to
lawmakers Tuesday laid the
groundwork for a notable shift
in tactics to reduce price pres-
sures. He said hotter inflation
and hiring could lead central-
bank officials to alter their re-
cently adopted strategy of
raising rates in smaller quar-
ter-point increments.
“The latest economic data
have come in stronger than
AL DRAGO/BLOOMBERG NEWS
expected, which suggests that
the ultimate level of interest
Please turn to page A2
 Rising rates squeeze towns,
school districts.......................... A2
 Short-term yields reach a
Fed Chair Jerome Powell before his Senate committee testimony Tuesday, where he discussed central-bank policy. milestone....................................... B1
FTC Twitter Probe U.S.-China Relations Fray
Demanded Musk As Xi Escalates Rhetoric
Internal Messages BY JAMES T. AREDDY
AND CHARLES HUTZLER
surveillance balloon was de-
tected crossing North America,
the Cold War mentality.”
Mr. Xi elevated the rhetori-
casting a new shadow over re- cal tension with an accusation
BY RYAN TRACY FTC also asked the company to Harsh new verbal attacks lations. The fence-mending trip straight out of that bygone
identify all journalists granted on the U.S. by Beijing’s top was postponed and relations era. China, Mr. Xi charged,
WASHINGTON—The Federal access to company records and leadership demonstrate just between the two powers have faces “all-round containment,
Trade Commission has de- to provide information about how unsteady relations have plunged further into a spiral of encirclement and suppression”
manded Twitter Inc. turn over the launch of the revamped become between the world’s recrimination and tension. at the hands of Western na-
internal communications re- Twitter Blue subscription ser- two major powers. This week, China’s leader, tions in league with the U.S.
lated to owner Elon Musk, as vice, the documents show. Just a few weeks ago, China Xi Jinping, and his foreign On Tuesday, his new for-
well as detailed information The FTC also is seeking to and the U.S. were tiptoeing to- minister accused Washington eign minister, Qin Gang, fol-
about layoffs—citing concerns depose Mr. Musk in connec- ward something akin to a dip- of suppressing China’s devel- lowed up with a warning that
that staff reductions could tion with the probe. lomatic cease-fire. President opment and driving the two unless the U.S. changes
compromise the company’s “We are concerned these Biden’s envoy was due in Bei- countries toward conflict. course, “there will surely be
ability to protect users, docu- staff reductions impact Twit- jing to craft a possible frame- “Everything the other side Please turn to page A9
ments viewed by The Wall ter’s ability to protect con- work for high-level govern- does is seen as negative and
Street Journal show. Please turn to page A6 ment-to-government dialogues done with evil intention,” said  Chinese foreign minister
In 12 letters sent to Twitter and stabilize ties after years of Suisheng Zhao, a China for- criticizes U.S............................... A9
and its lawyers since Mr.  Musk says he is optimistic bitterness. eign-policy specialist at the  Beijing moves to further
Musk’s Oct. 27 takeover, the about Twitter’s future.......... B3 Then, a suspected Chinese University of Denver. “That is centralize government.......... A9
How Google’s Caution on AI
China's imports and exports,
change from one year earlier
Chinese
Exports
Gave Microsoft an Opening
25%
20
Drag on
15
Recovery
Exports from
Blocked from releasing a powerful chatbot, researchers resigned 10 China fell 6.8% in
the first two
BY MILES KRUPPA AND SAM SCHECHNER the way people searched the internet and in- 5 months of 2023
teracted with computers, according to peo- Exports from a year earlier,
More than two years ago, a pair of Google ple who heard the remarks. 0
–6.8% extending a string
researchers started pushing the company to They pushed Google to give access to the Jan.-Feb. of year-over-year
release a chatbot built on technology more chatbot to outside researchers, tried to get it –5 declines stretching
powerful than anything else available at the integrated into the Google Assistant virtual back to October
time. The conversational computer program helper and later asked for Google to make a –10 and complicating
Imports
they had developed could confidently debate public demo available. –10.2% Beijing’s efforts to
–15
philosophy and banter about its favorite TV Google executives rebuffed them at multi- juice an economy
shows, while improvising puns about cows ple turns, saying in at least one instance that Jan. July Jan.- still reeling from
and horses. the program didn’t meet company standards 2022 Feb.* three years of
The researchers, Daniel De Freitas and for the safety and fairness of AI systems, the *China reported combined data for January and February 2023. stringent ‘zero
Noam Shazeer, told colleagues that chatbots people said. The pair quit in 2021 to start Source: China’s customs bureau Covid’ rules. A9
like theirs, supercharged by recent advances their own company to work on similar tech-
in artificial intelligence, would revolutionize Please turn to page A10
Parents Opt for the Magic INSIDE DOJ Sues to Block
Kingdom Over Math Class
i i i JetBlue-Spirit Deal
To dodge high costs and crowds, parents
BY DAVE MICHAELS ence on Tuesday. The District
take kids out of school to go to Disney AND ANDREW TANGEL of Columbia and the states of
New York and Massachusetts
The Justice Department joined the federal govern-
BY JACOB PASSY their children out of school for filed a lawsuit seeking to block ment’s lawsuit, filed in federal
trips. JetBlue Airways Corp. from court in Massachusetts.
Some parents have found a Amanda Howard and her merging with Spirit Airlines JetBlue and Spirit said that
shortcut to save money and husband spent more than 10 Inc., arguing the deal would they would fight the Justice
dodge crowds on family vaca- months planning a getaway stifle competition and lead to Department’s lawsuit and that
tions: They enjoy a break with their four daughters higher fares for tens of mil- their merger would increase
while all the other kids to Walt Disney World SPORTS lions of travelers. competition among major air-
Opinion.............. A15-17 are stuck in class— in Florida. They de- Justice Department officials lines and benefit air travelers.
Personal Journal A11-12 Allegations of sexual
and perhaps frame cided to visit the said JetBlue’s proposed take- “Customers deserve a com-
Property Report... B6
Mickey Mouse as ed- week after Thanks-
assault by star chess over would exacerbate concen- petitive airline marketplace
Sports....................... A14
Technology............... B4 ucational. giving rather than player raise questions tration in the U.S. airline indus- and we will pursue this
U.S. News......... A2-4,6
World News. A8-9,18
Airfare and hotel during the holiday for federation. A14 try, eliminating the country’s merger to ensure they get it,”
prices are high right break in the hopes of largest ultra-low-cost competi- JetBlue Chief Executive Robin
now, particularly for pop- encountering shorter lines tor to major carriers and re- Hayes said in a statement.
> ular travel dates around and cooler weather. BUSINESS & FINANCE ducing available capacity. JetBlue and Spirit agreed to
spring break or summer To go on the trip, Ms. Lego widens lead over “If allowed to proceed, this combine last year in a $3.8 bil-
vacation. Sightseers Far-afield Howard says she filled merger will limit choices and lion deal that aims to create
are back in force. To out forms that school
rivals Mattel, Hasbro, drive up ticket prices for pas- the fifth-largest airline in the
trip
circumvent the added officials needed to ap- reporting 17% rise in sengers across the country,” U.S. Executives for the compa-
cost and headaches, many prove for each of her children. sales for 2022. B1 U.S. Attorney General Merrick nies have said folding Spirit’s
families are opting to pull Please turn to page A12 Garland said at a news confer- Please turn to page A10
A2 | Wednesday, March 8, 2023
Rising Rates Squeeze Towns, School Districts
BY HEATHER GILLERS
Rising interest rates are
squeezing cash-strapped towns
and school systems that use
short-term borrowing to keep
cash flowing while they wait for
property tax dollars to come in.
A-rated cities and school
districts are paying 3.16% for a
one-year loan issued March 3,
compared with 0.21% at the
beginning of 2022, according
to data from Refinitiv MMD. In
places where local budgets are
already burdened by inflation,
rising borrowing costs add to
the pressure to raise taxes or
cut services.
For most of the past decade,
short-term borrowing cost al-
most nothing and offered an
Powell Sees
A Quicker
Tightening
Continued from Page One
rates is likely to be higher
than previously anticipated,”
Mr. Powell told the Senate
Banking Committee. “If the to-
tality of the data were to indi-
cate that faster tightening is
warranted, we would be pre-
pared to increase the pace of
rate hikes.”
Stocks slumped, with the
Dow Jones Industrial Average
dropping about 575 points, or
1.7%. The S&P fell 1.5%, while
the Nasdaq Composite re-
treated 1.25%. The yield on the
two-year Treasury note
climbed above 5% for the first
time since July 2007. The yield
on the 10-year Treasury slid to
3.974% from 3.981% Monday.
Analysts said Mr. Powell’s
comments reflected a declin-
ing confidence in the Fed’s
ability to bring inflation down
to its 2% goal in the next few
years without a recession.
“The Fed is getting closer to
accepting that they aren’t re-
turning inflation to 2% within
any reasonable time frame
Leisure
Industry
Claws Back
Job Losses
Operators of hotels, bars and
restaurants—hit hard as
Covid-19 took hold—are among
the U.S.’s fastest-growing em-
ployers, offsetting a slowdown
in tech-related hiring.
By Nate Rattner,
Danny Dougherty
and Alana Pipe
The leisure-and-hospitality
industry is rebuilding its work-
force after cutting back during
Covid’s early days. In contrast,
companies focused on provid-
ing business and tech-related
services have slowed their
growth in recent months.
Because the hospitality in-
dustry includes a larger num-
ber of private-sector jobs than
the tech and information sec-
tors, the shift in hiring patterns
has helped keep U.S. unemploy-
ment at a 53-year low and the
overall job market tight.
Since November, about half
of job-cut announcements
among U.S.-based employers
have come from tech compa-
nies, according to outplacement
firm Challenger, Gray & Christ-
mas. The cuts partially reverse
some of the hiring made during
the height of the pandemic.
Payrolls grew faster at most
companies in the S&P 500’s
technology and consumer-dis-
cretionary sectors in the first
two years of the pandemic than
during the preceding two years,
according to a Wall Street Jour-
nal analysis of FactSet data.
Factors such as a return to
prepandemic consumer habits,
rising interest rates and fears
of an economic downturn have
prompted some companies to
recalibrate their head counts.
The tech layoffs might not
be affecting the broader em-
ployment data for other rea-
sons. Job-cut announcements
don’t always shrink company
workforces as much as prom-
ised. Business can improve, va-
cant jobs can go unfilled and
layoffs can sometimes take
months to execute.
easy solution for places with
limited reserves and slow-to-ar-
rive revenues. Altogether, mu-
nicipalities generally issue sev-
eral billion dollars in short-term
debt a month to cover day-to-
day expenses like keeping traf-
fic lights on and roads plowed.
Some towns, counties and
school systems have pulled
back on these loans as rates
have shot up, pushing short-
term borrowing by government
entities to its lowest level in
more than a decade, according
to an analysis of Bloomberg
data by Municipal Market Ana-
lytics, a bond research firm.
The analysis tracked a roll-
ing 12-month average of short-
term debt to be repaid with
tax revenues. As rates rose the
without inducing a hard land-
ing,” said Tim Duy, chief U.S.
economist at research firm
SGH Macro Advisors.
Fed officials slowed their
pace of rate rises last month
when they boosted the bench-
mark federal-funds rate by a
quarter point to a range be-
tween 4.5% and 4.75%. That
followed increases of a larger
half point, or 50 basis points,
in December and 0.75 point in
November and at three previ-
ous meetings.
Smaller steps
Officials said last month
that moving in smaller steps
would better allow them to as-
sess the effects of last year’s
rapid increases and reduce the
risk of raising rates too much.
In December, most of them
thought they would raise the
rate this year to between 5%
and 5.5% and hold it there into
2024. Fed officials are sched-
uled to submit new projections
at their March 21-22 meeting.
Officials’ decision on the
size of the next rate rise will
also be influenced by reports
coming Friday on February
hiring and next week on infla-
tion, Mr. Powell said.
But his overarching com-
ments “seemed to do more
than just leave open the possi-
bility of a 50-basis-point hike,”
Change in employment, November 2022 to January 2023*
Other leisure and hospitality
0 0.5
Bars and restaurants
Residential care and
social assistance
Outpatient healthcare
Professional and technical jobs
Office support
Hospitals
Management of companies
Information
Payrolls at many technology companies grew during the first two years of the pandemic,
especially at Amazon. But, rising interest rates and fears of an economic downturn
have prompted some firms to recalibrate their head counts.
Share of companies, by S&P 500 sector, that added
employees more quickly during the first two years
of the pandemic than during the two previous years†
Information technology
Consumer discretionary
Materials
Consumer staples
Financials
Utilities
Healthcare
Industrials
Real estate
Communication services
Energy
0 25
*Seasonally adjusted. Share of payrolls is from beginning of each period. †Counts companies that had a larger percentage change in employees between year-end 2019 and 2021 than year-end
2017 and 2019. Includes firms for which data was available in all three years and are currently in the S&P 500. ‡Head count figures are as of year-end, except Salesforce’s 2022 figure,
which is as of the end of the third quarter. Figures are rounded to the nearest thousand.
Sources: Labor Department (change in employment); WSJ analysis of FactSet data
(S&P 500 sector); FactSet, the companies (number of employees)
U.S. NEWS
amount borrowed fell from
about $27 billion in January
2022 to about $19 billion last
month. Federal pandemic aid
and strong revenues over the
past several years are also
helping some municipalities
avoid borrowing.
North Tonawanda, N.Y., a
suburb of Buffalo with a popu-
lation of 30,000, has worked to
reduce its reliance on short-
term debt. Officials borrowed
$1.6 million last month, down
from $2.3 million in February
2022 and $4.2 million in Feb-
ruary 2021, records show. But
the dollar amount North
Tonawanda paid to borrow
reached a multiyear high after
interest rates topped 3%. The
city carries a rating of A3 from
said Matthew Luzzetti, chief
U.S. economist at Deutsche
Bank.
Mr. Powell wouldn’t have
entertained the option of a
half-point increase “without in-
tending to follow through with
that outcome” at the coming
meeting, Mr. Duy said. “Only
surprisingly weak data will
prevent that outcome now.”
Since Fed officials last met,
several economic reports have
revealed hiring, spending and
inflation were stronger in Jan-
uary than expected. More im-
portantly, data revisions
showed inflation and labor de-
mand didn’t soften as much as
initially reported late last year.
“We’re looking at a rever-
sal, really, of what we thought
we were seeing to some ex-
tent,” Mr. Powell said. Last
month, he said moving more
slowly would better ensure the
Fed didn’t raise rates too
much. On Tuesday, he said,
“nothing about the data sug-
gests to me that we’ve tight-
ened too much.”
Some of the recent upswing
could reflect unusually warm
January weather that can in-
terfere with seasonal adjust-
ments to data, Mr. Powell said.
But the breadth of the rever-
sal, together with revisions to
previous data, “suggests that
inflationary pressures are run-
ning higher than expected at
Construction
All other private jobs
Education
Transportation and warehousing
Wholesale trade
Manufacturing
Retail trade
Finance
50%
Moody’s Investors Service—
slightly below average but still
firmly investment-grade.
The total interest cost for
the three-month loan came to
$18,380.60, about the same as
the price of keeping the city’s
entire fleet of more than 100
vehicles full of gas for a month,
said Mayor Austin Tylec. “Ob-
viously this makes it a little bit
more difficult for us to do what
we need to do,” Mr. Tylec said.
Municipal debt, most of it
backed by ultrareliable taxes or
revenue from essential services,
tends to closely track interest
rates. Like consumers, towns
and school districts are facing
mounting costs as the Federal
Reserve repeatedly raises rates
in an effort to tame inflation.
the time of our previous [rate-
setting] meeting,” he said.
Employers added 517,000
jobs in January, a figure that
shocked economists who were
anticipating hiring to slow,
while unemployment declined
to 3.4%, a 53-year low. Friday’s
labor report could offer clues
on whether the gain was a blip
or a sign of an economy that
is accelerating.
Mr. Powell’s emphasis on
the revisions acknowledged
that recent economic strength
5.62%
Investors’ bets on how high
rates will rise in 2023.
likely wasn’t limited to just
one month, Mr. Luzzetti said.
“It is almost as if we’ve gotten
several months of data since
the February meeting that
have all pushed in a more
hawkish direction,” he said.
The Fed has been trying to
curb investment, spending and
hiring by raising rates, which
makes it more expensive to
borrow and can push down the
price of assets such as stocks
and real estate. The fed-funds
rate influences borrowing
1 1.5%
In the past two months, the information
sector, which accounts for about 1 in 40
private-sector jobs, has lost jobs.
Meanwhile, the leisure and hospitality
and healthcare industries combined
to add 207,000 workers in January,
or nearly half of that month’s
private-sector gains.
Number of employees‡
AMAZON.COM
1.5 million
798K
18K
PAYPAL SALESFORCE
80K
30K
49K
23K
2K 8K
print design by Kurt Wilberding/THE WALL STREET JOURNAL
**
For investors, rising short-
term muni rates typically
mean more income from tax-
exempt money-market funds,
which had about $115 billion
under management as of last
week, according to the Invest-
ment Company Institute.
Some municipalities that
don’t typically use short-term
debt had the bad luck of need-
ing an emergency cash advance
just as rates soared. Skagway,
Alaska, a popular stopping
point for cruises with a popu-
lation of about 1,200, had to
stomach an interest rate of
4.25% when officials took out
a one-year loan in December
to cover the cost of urgent
safety measures following a
series of rockslides.
costs throughout the economy.
Back-and-forth
Tuesday’s hearing marked
Mr. Powell’s first appearance
before Congress since last
June, when the Fed had lifted
the fed-funds rate to a range
between 1.5% and 1.75%. Most
lawmakers on both sides of
the aisle complimented Mr.
Powell on how interest rates
have been managed over the
past year or offered mild criti-
cism.
But Sen. Elizabeth Warren
(D., Mass.) challenged him
over fears the Fed’s efforts to
rein in inflation would lead to
significantly higher job losses
than central-bank officials
have said is likely. During a
testy exchange, Ms. Warren re-
peatedly pressed Mr. Powell to
address an estimated two mil-
lion workers who might lose
their jobs as the Fed tries to
slow the economy.
Inflation is “extremely high,
and it’s hurting the working
people of this country badly—
all of them,” Mr. Powell said.
Ms. Warren asked if that
meant unemployed workers
would “just have to bear it?”
Mr. Powell responded, “Will
working people be better off if
we just walk away from our
jobs and inflation remains 5%,
6%?”
Bar height represents
industry’s share of total
private payrolls
Leisure and hospitality
Healthcare
Professional and
business services
2022 head count
2019 head count
Recently reported
reductions
WALT DISNEY
223K (2022)
220K (2019)
7K
MICROSOFT
221K
144K
10K
META ALPHABET
PLATFORMS
190K
86K
45K 119K
11K 12K
THE WALL STREET JOURNAL.
Short-term debt issued by
state and local governments,
rolling 12-month average
$70 billion
60
50
40
30
20
10
0
2011 ’15 ’20
Source: Municipal Market Analytics analysis of
Bloomberg data
Mr. Powell is set to return
to Capitol Hill on Wednesday
for a hearing before a House
committee. Those will be his
last scheduled public remarks
on interest-rate policy and a
final chance to shape market
expectations before the Fed’s
next meeting.
Several Fed officials have in-
dicated in recent weeks they
could raise rates this year more
than previously projected.
When the Fed last met, in-
vestors in interest-rate futures
markets anticipated officials
would raise the fed-funds rate
just once more this year, to a
peak of 4.9%, and begin cut-
ting it this fall. Before Tues-
day, investors anticipated the
rate would rise to around 5.5%
by midyear and remain there
through the end of 2023, ac-
cording to CME Group.
By the end of Mr. Powell’s
testimony, investors antici-
pated the fed-funds rate would
rise to between 5.5% and 5.75%
this year, and the probability
of a half-point hike this month
rose to around 63%, from 32%
before the hearing.
Watch a Video
Scan this code
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video on
Powell’s latest
comments.
CORRECTIONS 
AMPLIFICATIONS
Earnings per share of
$2.135 can be reported as
$2.14, rounded. A Journal Re-
port article on Monday about
companies’ strategic rounding
in earnings reports incorrectly
said EPS of $2.134 can be re-
ported as $2.14.
A recipe for braised pork
with Brussels sprouts and
English peas requires 2 cups
of chicken stock or water. The
recipe in Saturday’s Off Duty
section incorrectly said 2
quarts.
In the Showtime series
“Billions,” the fictional charac-
ters Bobby Axelrod and Ira
Schirmer, who visited Gray’s
Papaya restaurant in a 2018
episode, aren’t best friends. A
Feb. 18 Off Duty article about
the restaurant incorrectly de-
scribed “Billions” as an HBO
Max series, it incorrectly de-
scribed the characters as best
friends, and it incorrectly said
the episode ran in 2022.
Readers can alert The Wall Street
Journal to any errors in news articles
by emailing wsjcontact@wsj.com or
by calling 888-410-2667.
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 THE WALL STREET JOURNAL. Wednesday, March 8, 2023 | A3

U.S. NEWS
In Parts of U.S., Leaves Make an Early Appearance
Signs of spring are here early.
Trees from Texas to New
York have begun sprouting
leaves earlier than in any year
on record, according to data
from the USA National Phenol-
ogy Network, a group of scien-
tists and educators that moni-
AMANDA JASNOWSKI PASCUAL FOR THE WALL STREET JOURNAL

tors the effects of weather on

plants and animals.
The network’s model is based
on when some lilac and honey-
suckle species sprout their first
leaves, which tend to be the
first plants to start showing
signs of spring in the Northeast.
In some parts of the country,
this spring is starting almost
three weeks earlier than average,
according to the model.
Leaves are appearing earlier
than usual on forsythias in
Maine, sugar maples in New
York and eastern redbuds in Vir-
A witch-hazel tree shows signs of early leafing, partly the result of recent warm temperatures. ginia, according to observational
data submitted by people across
Where the season's earliest leaves are blossoming, as of Monday the country.
Richard Hayden, director of
Latest Late Near normal Early Earliest horticulture at the High Line in
New York City, who isn’t part of
the network, said he saw a
honey bee in a crocus in mid- Mucidule. Cocktail table, designed by Antoine Fritsch & Vivien Durisotti.
February. “My first reaction was,
‘You go, girl. Get out there to
get that pollen. Opportunity says
it’s warm enough for you to be
Chicago
Ch
hicago
hicag
ago
go New York
out foraging for your hive—just
San Francisco get the work done,’ ” he said.
Denver Washington
W
Wa
Was
ashington
shing
Early leafing in Texas hasn’t
been homogenous. Some Mexi-
Los Angeles
geles
eeles
el Nashville
ville
vill
le can plum and pear trees are leaf-
ing in the Dallas area, said Rachel
Atlanta
Atla
tlanta
tla
anta
McGregor, urban-forestry man-
ager with the Texas Trees Foun-
dation, a nonprofit. This is right
Houston on schedule for what they typi-
Notes: Leaves are early if they
are 10 days or more ahead of cally expect this time of year, she
historic norms. Miami said.
Dr. Arthur DeGaetano, director
of the Northeast Regional Climate
The National Phenology Network observes four stages of growth for several types of plants across the U.S. Center at Cornell University, said
as an indicator of springtime conditions. The typical stages of an Arnold Red Honeysuckle: he isn’t surprised by the early
leafing in the Northeast consider-
FIRST LEAF F
FULL LEAF OM
M
FIRST BLOOM M
FULL BLOOM
ing recent warm temperatures.
Leaves have Leaves are The first few
few All the flowers
wers According to data, this January
begun to emerging from flowers ha
have
ave have openednede and February are among the
emerge from all leaf buds. opened. and most are re
warmest on record in the past
the first few still fresh..
leaf buds. 100 years in places from Boston
to Washington, D.C.
—Ariana Perez-Castells, Carl
Source: USA National Phenology Network Carl Churchill and Adrienne Tong/The Wall Street Journal Churchill and Adrienne Tong

Judge Rejects Missouri Gun Law

BY JOSEPH PISANI arms. Gov. Mike Parson, a Re- arms regulations designed by Georgia and other states are
publican, signed the legisla- Congress for the purpose of weighing similar legislation,
A federal judge ruled that tion into law in June 2021. protecting citizens within the with supporters saying the
Missouri’s sweeping gun- The federal government limits of the Constitution.” bills are aimed at stopping law
rights law is unconstitutional, sued Missouri last year, argu- Judge Wimes wrote that enforcement from helping the
in a win for the federal gov- ing the new law impeded the law was “invalid, null, federal government apply gun
ernment, which said the law criminal law-enforcement op- void, and of no effect.” He said restrictions.
hurt criminal investigations. erations in the state. state and local law enforce- But the Missouri law has
The 2021 legislation, known U.S. District Judge Brian C. ment can now share informa- had far-reaching consequences.
as the Second Amendment Wimes said Tuesday the law vi- tion with the federal govern- Some law-enforcement agen-
Preservation Act, made it ille- olated the so-called supremacy ment without fear of being cies in the state have pulled
gal for state or local officials clause of the U.S. Constitution, penalized by the law. out of federal task forces for
to cooperate with federal which says that federal laws Missouri Attorney General fear they could run afoul of the
agents to enforce orders, rules take priority over state laws. Andrew Bailey said he plans to law, according to court filings.
or laws that go against the He also said the law was coun- appeal the ruling. “We are pre- Opponents say it is expansive
Second Amendment, which terintuitive to its purpose. pared to defend this statute to enough to strip law enforce-
protects the right to keep and “While purporting to pro- the highest court and we antici- ment of federal help and fund-
bear arms. tect citizens,” he wrote in the pate a better result at the ing on a range of issues.
The law also gave Missouri- 24-page opinion, the law “ex- Eighth Circuit,” Mr. Bailey said. The Second Amendment
ans the right to sue local po- poses citizens to greater harm The Justice Department Preservation Act has sepa-
lice departments for $50,000 by interfering with the Federal didn’t respond to a request to rately been challenged by the
in damages if officials pre- Government’s ability to en- comment. city of St. Louis, and Jackson
vented their right to bear force lawfully enacted fire- Lawmakers in Iowa, Ohio, and St. Louis counties.

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A4 | Wednesday, March 8, 2023 HK JP TU ML SI IN UK FR MN PR ****** THE WALL STREET JOURNAL.

U.S. NEWS

Tax HikeWould Extend Medicare Fund Senate Bill

Puts More
BY ANDREW RESTUCCIA address in February that his Medicare Hospital Insurance 3.8%. In addition, a parallel panding the 3.8% tax before so
AND RICHARD RUBIN

WASHINGTON—President
coming fiscal year budget pro-
posal would lay out a plan that
he said would extend the sol-
(Part A) trust fund balance*
$200 billion
3.8% tax applies to net invest-
ment income for that same top
group.
that it would apply to all those
types of income. But Demo-
crats have been unable to
Scrutiny
Biden’s coming budget blue-
print will propose extending
the solvency of a key Medicare
vency of Medicare’s hospital-
insurance fund for at least two
decades.
150

100
PROJECTIONS That doesn’t, however, cre-
ate a uniform 3.8% tax on in-
come. Active business in-
move that idea through Con-
gress. What’s new in this
week’s proposal is the call to
On TikTok
trust fund by at least 25 years, As he prepares to launch come—like the profits of a raise the top rate to 5% for BY JOHN D. MCKINNON
according to the White House, his re-election campaign, Mr. 50 closely held manufacturer— those taxes. Unlike Social Se-
in part by increasing tax rates Biden is increasingly trying to 0 isn’t subject to the payroll tax curity taxes, these taxes don’t WASHINGTON—A biparti-
on people earning more than draw a contrast with Republi- or to the investment-income have an income cap and effec- san group of senators intro-
$400,000 a year. cans in Congress, who are -50 tax. tively create a new top tax duced a bill on Tuesday to ad-
The plan would raise Medi- seeking deep cuts to federal Some professional-service bracket. dress threats posed by
-100
care taxes to 5% from 3.8% for programs. business owners have struc- Mr. Biden’s budget plan also technology based in adversary
those top earners and effec- Reserves for Medicare’s -150 tured their finances to clas- outlines several new prescrip- countries, including the popu-
tively expand the reach of the hospital-insurance fund are sify their income as profits tion-drug-related proposals, lar TikTok video-sharing app.
tax so it applies to business currently forecast to run out -200 that don’t face a 3.8% tax in- the savings from which—an The bill would set up gov-
income as well as invest- in 2028, at which point the -250 stead of self-employment in- estimated $200 billion over 10 ernment processes for review-
ments, wages and self-em- program would be able to pay come or wages. A White years—will be credited to the ing and mitigating risks from
2021 '25 '30
ployment income. Mr. Biden only about 90% of hospital House document calls out Medicare trust fund, according foreign technology, according
would also redirect some ex- coverage. The White House es- *Balance at the end of each year that maneuver as a loophole to the White House. to a fact sheet. It would re-
isting taxes from the govern- timated that its plan would ex- Source: KFF analysis of data from the 2022 that needs closing. The presi- The proposal expands on a quire the Commerce Depart-
Annual Report of the Boards of Trustees,
ment’s general fund to a Medi- tend the solvency of the fund Federal Hospital Insurance and Supplementary
dent and first lady Jill Biden provision in the sweeping cli- ment to establish procedures
care fund. The Medicare into the 2050s without cutting Medical Insurance Trust Funds used that technique, likely mate, healthcare and tax legis- to “identify, deter, disrupt,
program provides health in- benefits. saving hundreds of thousands lation that Mr. Biden signed prevent, prohibit and miti-
surance for adults 65 and Under current law for sides of the tax. of dollars in taxes on the in- last year that empowers Medi- gate” risks from foreign tech-
older, as well as some younger Medicare taxes, which come Top earners—individuals come they earned from care to negotiate how much it nology, according to the fact
people with disabilities. on top of regular income making more than $200,000 speeches and books after his pays for certain high-price sheet.
Mr. Biden is set to release taxes, most employers and and married couples making term as vice president ended, prescription drugs. The White The bill also would require
his budget plan on Thursday. workers each pay a 1.45% pay- over $250,000—pay an addi- according to tax returns they House said the budget plan the Commerce Department to
The president promised roll tax for a total of 2.9%. tional 0.9% on money above released publicly. would allow Medicare to nego- coordinate with intelligence
during his State of the Union Self-employed people pay both those thresholds for a total of Mr. Biden has proposed ex- tiate prices for more drugs. agencies to provide declassi-
fied information on how re-

U.S. WATCH
stricted transactions posed
threats.
The legislation is the latest
in a string of bills that would
RAIL SAFETY take on the thorny problem of
what to do about technology
Agency to Investigate controlled by companies based
Norfolk Southern in potential adversary nations,
particularly China.
The National Transportation Lawmakers have grown in-
Safety Board said it opened a creasingly concerned about
special investigation into Norfolk Beijing gaining access to
Southern Corp. in connection with Americans’ user data. TikTok,
recent derailments and fatal acci- owned by China-based Byte-
dents in the railroad’s operations. Dance Ltd., has said it
The agency said Tuesday it wouldn’t share such data with
was taking the step “given the the Chinese government.
number and significance” of acci- Tuesday’s bill was intro-
dents and called for Norfolk duced by a group led by Sens.
Southern to immediately review Mark Warner (D., Va.), the
and assess its safety practices. chairman of the Senate Intelli-
The agency said it has launched gence Committee, and John
investigations into five signifi- Thune (R., S.D.), the Senate
cant accidents involving Norfolk Republican whip.
Southern since December 2021. The lawmakers contend
Norfolk Southern had been that past and current govern-
dealing with scrutiny over its op- ment efforts to address for-
erations following two derail- eign-technology risks have
ments in Ohio in a matter of been disjointed, slow or “un-
weeks, including one on Feb. 3 der-suited to the complexity
MARIO ANZUONI/REUTERS

that resulted in the release of and interconnectedness of the

hazardous chemicals in East Pal-
estine, Ohio.
Then, Tuesday morning, one of
its conductors was fatally injured
in Cleveland after being struck by
a dump truck as a Norfolk South-
ern train was moving through a
crossing at a Cleveland-Cliffs
steel plant in Cleveland. Transpor-
tation Secretary Pete Buttigieg
said the Federal Railroad Admin-
istration and the Occupational
Safety and Health Administration
are investigating.
Cleveland-Cliffs didn’t respond
to a request for comment.
Norfolk CEO Alan Shaw said
Tuesday, “We are going to re-
build our safety culture from the
ground up.” He is slated to tes-
tify before a Senate panel on
Thursday about the East Pales-
tine derailment.
—Costas Paris and Dean Seal
CASTS’ REPAST: Chef Wolfgang Puck and his team on Tuesday displayed a preview of the food for the post-Oscars bash this Sunday.
WASHINGTON, D.C.
Legislation Takes Aim
At Housing Shortage
A bipartisan group of U.S.
lawmakers is reviving efforts to
spur the renovation of single-
family homes in blighted neigh-
borhoods, the latest effort to
dent a long-term national hous-
ing shortage.
Legislation introduced in the
Senate aims to create a new tax
credit to cover a developer’s
costs when the renovation of a
global [technology] supply
chain,” according to a fact
sheet.
In addition, the lawmakers
said, “these efforts often rely
on antiquated authorities del-
egated to the president by
Congress in a pre-digital age.”
crumbling building exceeds a of 500,000 new homes in stalled confirmation process. TikTok said in a statement:
home’s potential selling price, so blighted neighborhoods or rural Ms. Sohn said she was with- “We appreciate that some
the project becomes feasible. areas by offering about $2 bil- drawing because of attacks on members of Congress remain
The bill, modeled in part on a lion a year in tax credits over her record as an advocate that willing to explore options for
much smaller philanthropic pro- the next decade. she said came from “legions of addressing national security
gram in Detroit, aims to dent —Andrew Ackerman cable and media industry lobby- concerns that don’t have the
the estimated national shortage ists, their bought-and-paid-for effect of censoring millions of
of millions of new homes, partic- REGULATION surrogates, and dark money po- Americans. A U.S. ban on Tik-
ularly for entry-level dwellings litical groups.” Tok is a ban on the export of
where most of the demand ex- FCC Nominee Sohn Ms. Sohn, a consumer advo- American culture and values
ists, according to mortgage-fi- Drops Out of Process cate, was nominated in late to the billion-plus people who
nance company Freddie Mac. 2021. Republicans on the Senate use our service worldwide.”
Introduced late Monday by Gigi Sohn withdrew her nomi- Commerce Committee had Jake Sullivan, the White
Sen. Ben Cardin (D., Md.) and nation to serve as a commis- blocked her nomination on the House national security ad-
Sen. Todd Young (R., Ind.), the sioner on the Federal Communi- grounds she was too partisan. viser, urged Congress to act
bill envisions fueling the creation cations Commission after a —Catherine Lucey quickly on the bill.

Carlson Segment on Jan. 6 Capitol Riot

Let’s walk Criticized by Republicans, Democrats
together. BY LINDSAY WISE a bipartisan Senate report.
“I was there, it was violent. I
It makes things better. WA S H I N G T O N — D e m o - thought it then to be an insur-
cratic and Republican lawmak- rection, I still think it was an
ers criticized a Fox News seg- attempted insurrection,” said
ment that showed previously Sen. Mike Rounds (R., S.D.). He
unaired footage of the Jan. 6, said the footage should be re-
JOSE LUIS MAGANA/ASSOCIATED PRESS

2021, attack on the U.S. Capitol, leased to all news organiza-

saying it played down the se- tions. “Most of the American
verity of the riot, in which a people will agree with us, that
pro-Donald Trump mob tried to this was a violent day,” he said.
stop Congress from certifying “I was there on Jan. 6. It
Joe Biden as the winner of the was not peaceful. It was an
presidential election. abomination,” said Sen. John
On Monday night, Fox News Kennedy (R., La.). “And there’s
host Tucker Carlson aired sev- no way to pretty it up.”
eral clips of footage focused on On his show Tuesday, Mr.
central figures of the day, in- Republican Sen. John Kennedy, shown over this past weekend, Carlson played clips of some of
cluding Jacob Chansley, the said Tuesday that the Jan. 6, 2021, attack ‘was not peaceful.’ the comments from Mr. Schumer
self-described QAnon Shaman. and others, which he character-
Mr. Carlson said that lawmak- Manger to rank-and-file officers say whether he believed House ized as an effort to shut down
ers had intentionally overstated that said the segment was Speaker Kevin McCarthy (R., free speech. He said the criti-
the violence and that members “filled with offensive and mis- Calif.) had made a mistake by cism from senators of both par-
of the Jan. 6 committee estab- leading conclusions” about the providing Jan. 6 security foot- ties showed that “they’re all in
lished to investigate the attack attack on the Capitol. age to Mr. Carlson. Mr. McCar- agreement with each other.”
“lied about what they saw” in Speaking to reporters, Mr. thy has defended the decision. Fox News is embroiled in a
the footage. McConnell said it was “a mis- “Each person can come up legal battle against Dominion
“The footage does not show take in my view for Fox News to with their own conclusion, but Voting Systems. The voting-ma-
an insurrection or a riot in depict this in a way that’s com- what I just wanted to make chine company’s defamation
progress” in the Capitol, Mr. pletely at variance with what sure was I had transparency,” suit alleges Fox News know-
Carlson said. He said there were our chief law-enforcement offi- Mr. McCarthy said Tuesday. ingly spread false claims that
some hooligans who committed cial here at the Capitol thinks.” Other senators objected to Dominion’s technology rigged
vandalism, but most people in Senate Majority Leader how the Fox segment portrayed the 2020 election. Fox News
the Capitol were “not insurrec- Chuck Schumer (D., N.Y.) urged Jan. 6, when rioters surged into counters that it was reporting
tionists, they are sightseers.” Fox Corp. Chair Rupert Mur- the Capitol, damaging property on newsworthy claims made by
Lawmakers rejected the seg- doch to stop Mr. Carlson from and causing a delay in the pro- associates of Mr. Trump.
ment’s framing of the events as airing a second night of foot- ceedings as lawmakers and Fox Corp. and Wall Street
a mostly peaceful protest. age. “You know it’s a lie,” he then-Vice President Mike Pence Journal parent News Corp
Senate Republican leader said. Representatives for Fox were rushed to safety. About 140 share common ownership.
1-800-776-6767 | ChildFund.org Mitch McConnell (R., Ky.) said News didn’t respond to re- Capitol and Washington, D.C.,
he agreed with a letter written quests for comment. police officers were injured as a  Documents in defamation suit
by Capitol Police Chief Thomas Mr. McConnell declined to result of the attack, according to spotlight tensions at Fox.... B2
THE WALL STREET JOURNAL. Wednesday, March 8, 2023 | A5

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A6 | Wednesday, March 8, 2023 ***** THE WALL STREET JOURNAL.

U.S. NEWS

Ohio Corruption Trial Nears End

BY JULIE BYKOWICZ the privacy of donors should be a racketeering case.
Florida
GOP Bill
CINCINNATI—An Ohio jury
is about to decide whether pol-
protected so they don’t face a
risk of retaliation from people
who don’t agree with them.
At the time of the bailout,
then-bankrupt FirstEnergy So-
lutions Corp. owned the strug-
Set to Curb
iticians enlisted by an energy
company to seek a $1.3 billion
state bailout of its two failing
Generation Now described
its mission in tax documents
as promoting energy indepen-
gling nuclear plants and was a
subsidiary of FirstEnergy
Corp. FirstEnergy Solutions
Abortion
nuclear plants pushed the
bounds of campaign spending
too far.
dence and economic develop-
ment. The group, which was
led by Mr. Householder’s top
emerged from bankruptcy and
was renamed Energy Harbor
Corp. It is now being acquired
Further
Akron-based FirstEnergy political aide, pleaded guilty by Vistra Corp. BY LAURA KUSISTO

RON SCHWANE/ASSOCIATED PRESS

Corp. secretly spent more than and acknowledged its real pur-
$60 million beginning in 2018 pose was to take undisclosed Florida Republicans on Tues-
to help then-Republican state donations from FirstEnergy World Series guest day introduced a bill that seeks
Rep. Larry Householder win and use them to benefit Mr. Mr. Householder met with to ban abortion after six weeks
the Ohio House speakership Householder and others. then-FirstEnergy CEO Chuck of pregnancy, a measure that
and secure the bailout. Federal Attorneys for Mr. House- Jones in the company’s box at appears to have strong support
prosecutors called the ar- holder and Mr. Borges say the a World Series game in Cleve- from prominent state GOP lead-
rangement an illegal pay-to- donations were ordinary po- land in 2016, according to ers and would further reshape
play bribery scheme. litical spending, permitted prosecutors and trial evidence. the U.S. abortion landscape.
Much of the company’s do- FirstEnergy’s Davis-Besse Nuclear Power Station in Oak Harbor, under court rulings. Later, Mr. Householder and Since the U.S. Supreme
nations flowed through an or- Ohio. The company sought bailouts for two nuclear plants. At the seven-week trial, one of his sons flew with a Court overturned Roe v. Wade
ganization called Generation prosecutors detailed a rela- FirstEnergy executive on the last June and cleared the way
Now and other nonprofit FirstEnergy admitted as part Republicans and Democrats tionship between Mr. House- company’s jet to President for states to ban abortion,
groups organized under 501(c) of a deferred prosecution deride opponents who make holder and the energy com- Donald Trump’s inauguration. Florida has been one of few
(4) of the tax code that aren’t agreement that it used non- use of such groups as accept- pany that involved visits to A few weeks later, Mr. outliers in the South, allowing
required to disclose donors. profit groups “to conceal pay- ing “dark money,” but the or- the company’s baseball-sta- Householder’s top political the procedure up until 15
Mr. Householder, former ments for the benefit of public ganizations have become ubiq- dium suite and trips on its pri- aide, Jeff Longstreth, created weeks of pregnancy. Since
Ohio Republican Party Chair- officials and in return for offi- uitous in local, state and vate jet. Messrs. Householder Generation Now. With dona- then, abortion has presented a
man Matt Borges, several cial action.” The company paid federal politics. and Borges could be sentenced tions from FirstEnergy, the political balancing act for Re-
other political aides and Gen- a $230 million fine and agreed “The law is already very to as much as 20 years in group spent money in 2018 to publican Gov. Ron DeSantis, a
eration Now all were charged to cooperate with investigators. permissive, and still every day prison if convicted. promote candidates aligned likely presidential candidate,
in 2020 with participating in a we see candidates and their Mr. Householder took the with Mr. Householder. and Republican legislative
racketeering conspiracy in donors stretching those lim- stand last week and testified Those candidates backed leaders, who hold a superma-
what officials say is the larg- ‘Dark money’ its—to the point, as in Ohio, there was no quid pro quo for Mr. Householder’s speakership jority in both chambers of the
est political corruption case in Supreme Court decisions where it triggers an FBI inves- the donations his nonprofit bid, which he won early the state legislature.
Ohio history. Closing argu- have allowed companies, trade tigation,” said Adam Bozzi, a group received. Mr. House- next year. A few months later, Florida GOP officials includ-
ments in the trial in U.S. Dis- groups and unions to spend un- spokesman for End Citizens holder and other bailout propo- the energy legislation that in- ing Mr. DeSantis appear to be
trict Court in Cincinnati limited sums supporting politi- United, a Washington organi- nents said closure of the plants cluded FirstEnergy’s bailout coalescing around the new bill,
started Tuesday. The two men cal candidates. That has meant zation that pushes for less would hurt the area economy. passed the House. It also which is among the strictest
now on trial—Messrs. House- more big money in politics, in- corporate and big donor During the corruption probe passed the Senate, and Repub- gestational limits legislators
holder and Borges—both cluding through nonprofits that money in politics. in Ohio, federal investigators lican Gov. Mike DeWine signed could have proposed, short of
pleaded not guilty. The other aren’t legally required to dis- Supporters of politically ac- found what they said was non- it into law later that year. The banning abortion altogether.
defendants pleaded guilty. close their donors. tive nonprofits contend that profit activity that amounted to bailout was repealed in 2021. The legislation includes excep-
tions for rape and incest and if
the mother’s life or health is

Oklahoma Rejects Recreational Marijuana

endangered.
In recent weeks, Mr. DeSan-
tis suggested he would sign a
so-called heartbeat bill if the
BY ADOLFO FLORES legislature sent one to his
desk. Such bills ban abortion
Voters in Oklahoma on Tues- after embryonic cardiac activ-
day rejected a bid to legalize ity is detectable, usually
marijuana for recreational use, around six weeks of preg-
nearly five years after a deci- nancy. “We are for pro-life. I
sion to allow large-scale culti- urge the legislature to work,
vation of the drug in the state produce good stuff. We will
turned it into a leading source sign,” he said last month. On
of black-market weed. Tuesday he said, “We welcome
Roughly 62% of voters said pro-life legislation.”
“no” to State Question 820, ac- Abortion-rights advocates
cording to the Oklahoma State say that if such a law passes, it
Election Board’s unofficial re- would leave women in the
sults. South having to travel long dis-
The measure would have al- tances to clinics in locations
lowed adults over 21 to legally such as North Carolina, which
possess up to an ounce of mar- already have been struggling
ijuana and grow up to six ma- with a huge increase in demand
ture cannabis plants. SQ820 from out-of-state patients.
would have allowed those con- “The impact is going to be
victed of low-level marijuana devastating for not just Floridi-
SEAN MURPHY/ASSOCIATED PRESS

offenses to have their records ans but surrounding states,”

expunged. said Laura Goodhue, executive
Oklahoma voters join those director of Florida Alliance of
in Arkansas, North Dakota and Planned Parenthood Affiliates.
South Dakota in recently re-
jecting similar legalization ef-
forts. There are 21 states that
have legalized the recreational
use of marijuana.
Preterm
Much of the debate over
SQ820 revolved around whether
legalization would worsen an il-
Voters in Oklahoma approved medical marijuana in 2018, leading to an influx of growers. Above, a dispensary in Oklahoma City.

nabis in their homes.
licit market for marijuana, one
that developed after voters ap-
proved medical marijuana in
“I’m proud of Oklahomans
for rejecting the expansion of
organized crime by defeating
2018. The 2018 measure also al-
lowed people with licenses to
carry up to 3 ounces of weed
State Question 820,” Attorney
General Gentner Drummond
said in a statement.
and keep up to 8 ounces of can- Supporters of SQ820 said le-
galization would bring the ensure that the people are op- up shop after the 2018 ap-
Birth Drug
state millions in revenue. It
would, they argued, help sup-
press the black market as resi-
erating these businesses con-
sistent with the law,” said Ryan
Kiesel, an organizer for SQ820
proval, drawn by cheap land,
affordable licenses and light
regulatory oversight. Last year,
Will Be
dents would no longer need to
purchase weed illicitly.
“Regulation, taxation and le-
and a former Democratic law-
maker.
Oklahoma saw an explosion
Oklahoma authorities estimated
that the state had become the
biggest source of black-market
Withdrawn
gal access are the best way to of growers and dispensaries set weed in the country. BY LIZ ESSLEY WHYTE

Covis Pharma Group said it

FTC Asked that same information from

the FTC, Mr. Farrar said.
Twitter didn’t respond to
from Nov. 10 through Feb. 1,
asked Twitter to quantify the
number of layoffs and resigna-
counts and to describe how it
scrubbed sensitive data from
sold office equipment.
would stop selling its drug to
prevent preterm births, after a
study couldn’t confirm the

Twitter for requests to comment. How-

ever, Mr. Musk said on Tues-
day that the company has a
tions across its departments.
The agency sought a detailed
accounting of the responsibili-
On Dec. 13, the FTC asked
about Twitter’s decision to
give journalists access to in-
medicine worked and U.S.
health regulators were taking
steps that could have it pulled.
SAMUEL CORUM/CNP/ZUMA PRESS

Messages chance at being cash-flow pos-

itive next quarter.
The inquiries by the FTC,
which is led by Democrat Lina
Continued from Page One Khan, follow massive layoffs
sumers’ information,” an FTC implemented by Mr. Musk that
official wrote to Twitter’s law- have raised concerns within
yers on Nov. 10 following an the agency about the ability of
initial wave of layoffs, accord- the company to comply with a
ing to a copy of the letter $150 million settlement related
viewed by the Journal. to alleged privacy violations.
The so-called demand let- In November, the FTC said
ters were obtained by the Re- its order accompanying the
publican-led House Judiciary 2022 settlement “gives us new
Committee, which published tools to ensure compliance,
excerpts of them Tuesday in a and we are prepared to use
staff report about the FTC’s them…no CEO or company is
investigation. above the law.”
The letters indicate Twitter The Judiciary panel’s report,
responded to the FTC, but that the first by a new subcommit-
the agency as of late January tee examining what Republi-
felt the company was engaging cans call weaponization of fed-
in a “troubling pattern of ongo- eral agencies, accused the FTC
ing delay” that raises “serious of overstepping its authority at
concerns about its compliance.” the urging of progressive
“Protecting consumers’ pri- groups unhappy with Mr.
vacy is exactly what the FTC is Musk’s acquisition of Twitter.
supposed to do,” FTC spokes- “There is no logical reason,
man Douglas Farrar said. He for example, why the FTC
said the agency is “conducting needs to know the identities of
a rigorous investigation into journalists engaging with Twit-
Twitter’s compliance with a ter,” the report said. “There is
consent order that came into no logical reason why the FTC,
effect long before Mr. Musk on the basis of user privacy,
purchased the company.” needs to analyze all of Twit-
The FTC routinely seeks in- ter’s personnel decisions. And
formation that companies un- there is no logical reason why
der a consent order provide the FTC needs every single in-
third parties, including jour- ternal Twitter communication
nalists, on grounds that the about Elon Musk.”
company couldn’t withhold Asked in a December inter-
ties of new executives, includ-
ing who would be overseeing
privacy and security matters.
One letter pressed for an
explanation of the departure
of Jim Baker, the former Jus-
tice Department official who
until December was a senior
Twitter lawyer with responsi-
FTC Chair Lina Khan. bilities for ensuring compli-
ance with the FTC order.
view with the Journal about The FTC also asked for all
the Twitter investigation, Ms. internal Twitter communica-
Khan declined to discuss spe- tions related to Mr. Musk or
cifics but said the FTC wants sent “at the direction of, or re-
“to make sure that we’re fully ceived by” Mr. Musk.
enforcing the orders that we Mr. Musk was scheduled to
have on the books.” be deposed by the FTC on Feb.
Mr. Musk told Twitter em- 3 but had a potential conflict
ployees in November the com- related to court testimony in a
pany will do whatever it takes securities lawsuit, according to
to follow both the letter and a Jan. 24 FTC letter. The depo-
the spirit of the FTC order, the sition hasn’t happened, a per-
Journal reported at the time. son briefed on the matter said.
Mr. Musk said in December The FTC also pressed Twit-
that the company’s workforce ter on whether it had been
had been reduced to about conducting in-depth privacy
2,000 from 8,000, triggering reviews before implementing
debate on whether tech com- product changes such as the
panies generally are over- new version of Twitter Blue,
staffed as well as questions as required under the 2022 or-
about Twitter’s ability to com- der. The agency sought de-
ply with security practices and tailed records on how product
perform other functions. changes were communicated
In remarks to a tech confer- to Twitter users.
ence in San Francisco on Tues- It asked Twitter to explain
day, Mr. Musk said that Twit- how it handled a recently re-
ter would have gone bankrupt ported leak of Twitter user-
in a few months if he hadn’t profile data, to account for
taken steps to slash costs. changes made to the way us-
The FTC letters, which date ers authenticate their ac-
ternal company communica-
tions, a project Mr. Musk has
dubbed the “Twitter Files” and
that he said sheds light on
controversial decisions by pre-
vious management.
The agency asked Twitter
to describe the “nature of ac-
cess granted each person” and
how allowing that access “is
consistent with your privacy
and information security obli-
gations under the Order.” It
asked if Twitter conducted
background checks on the
journalists and whether the
journalists could access Twit-
ter users’ personal messages.
The House panel’s report re-
flects the sharp partisan divide
over Mr. Musk’s acquisition of
Twitter. Republicans assert
that before the acquisition,
Twitter censored conservative
viewpoints—citing among
other things its decision to ban
former President Donald
Trump from the platform, a de-
cision Mr. Musk reversed.
Twitter’s former executives
have denied political bias. The
GOP-led judiciary panel’s re-
port says Mr. Musk “has re-
shaped Twitter to revitalize
freedom of speech online.”
If the FTC concludes Twit-
ter violated the 2022 order,
the agency could seek finan-
cial penalties, business restric-
tions or sanctions on responsi-
ble executives.
Makena was the only drug
approved by the Food and
Drug Administration to reduce
the risk of preterm birth in
women with a history of early
deliveries.
Covis said Tuesday it wants
to work with the FDA to set a
wind-down period for the drug
so that patients aren’t abruptly
taken off it. The company said
it was acting after experts ad-
vising the agency recom-
mended it pursue Makena’s
withdrawal from the market.
If the agency agrees,
women who are currently tak-
ing Makena could finish their
21-week course of treatment.
“While we stand by Mak-
ena’s favorable benefit-risk
profile, including its efficacy in
women at highest risk of pre-
term birth, we are seeking to
voluntarily withdraw the prod-
uct,” said Covis Chief Innova-
tion Officer Raghav Chari.
Makena, a weekly injection,
is a synthetic version of the
hormone progesterone. It was
intended to help women avoid
early births, which can result
in babies with health problems.
The FDA gave Makena accel-
erated approval in 2011, requir-
ing its maker to confirm its
benefit in more studies. In
2019, however, Makena failed to
work in the follow-up trial, and
the FDA began to move to pull
the drug from the market.
THE WALL STREET JOURNAL. Wednesday, March 8, 2023 | A7

PAID ADVERTISEMENT

PKN Orlen. Central Europe’s leader

shifts into higher gear
transformation of the large and important Read: ORLEN Group’s
USD 72bn is the planned level of the Orlen Group’s investments sector of heat generation.
until 2030, with 40% of that sum being earmarked for green 60% of Orlen’s total capital expenditure 2030 Strategy
budget will be allocated to existing traditional
projects. The updated strategic plan of the Polish multi-utility or transitional areas of business, such as
gas production, oil refining, petrochemicals,
champion is clear – to fast-track its growth driven by a green conventional power generation and retail
engine and to strengthen the region’s energy security. operations. Such allocation of funds is intended
to ensure the Group’s smooth transition

T
he outbreak of the war in Ukraine and
the ensuing anxiety that have shaken
the global energy market has posed
a number of new challenges to energy
companies. In Europe, the need to wean
ourselves off Russian supplies while ensuring
the continent’s energy security and a good pace
of the green transition has defined the energy
policy for the coming months and years. The
latest challenges have been reflected in the
updated strategy of the Orlen Group, Central
Europe’s largest multi-utility player.
Orlen’s strategy adopted two years ago sets
a goal of climate neutrality by 2050. However,
the geopolitical turmoil in Europe and the
energy crisis have further sharpened the
Group’s green strategic horizon and intensified
its focus on modern energy solutions, as
reflected in the new details of Orlen’s future
operations unveiled in late February. By
2030, the Group will spend 40% of its PLN
320bn (USD 72bn) budget on green projects,
including offshore and onshore wind, solar
PV, biogas and biomethane, biofuels, electric
mobility, energy storage and green hydrogen.
Relative to the plans announced two years
ago, Orlen’s renewable power generation
capacity is expected to increase four times,
to ultimately reach 9 GW. Wind farms will be
developed by the Group in Poland and abroad,
within the Baltic Sea region. On the other hand,
CCGT units will soon replace its oldest, most
carbon-intensive and least efficient coal-fired
power and combined heat and power plants,
stabilising the operation of the renewables-
based system. Orlen stresses this is a unique
undertaking on the European scale. By 2030,
the Group plans to have about 4 GW of
installed CCGT capacity.
However, the list of the Group’s plans for
this decade does not end with wind power
and CCGT projects. By 2030, Orlen aims to
become Central Europe’s leader in biogas
and biomethane production, with advanced
plants delivering 1 bcm of biogas (equivalent
to about 0.65 bcm of biomethane). In addition,
the Group will continue to develop safe nuclear
energy in collaboration with US partners. Small
modular reactors, as a stable source of green
energy, are also expected to support the
while boosting its competitive strength.
Competitiveness itself appears to be a crucial
factor in the context of the upcoming changes.
Global demand for fossil fuels is projected
to peak in 2024–2027. In 2035, a ban on
new combustion engine vehicles will enter
into force in the European Union. These are
just some pieces of the puzzle that prompt
multidimensional thinking about the Group’s
product portfolio.
A significant part of PKN Orlen’s business is
associated with upstream gas. In recent years,
the Group has strengthened its position in
Europe as an upstream gas producer. Looking
ahead to 2030, the volume of gas produced
annually by the Orlen Group will exceed
12 bcm, an increase of about 50% relative to the
current level, with a contribution from Polish
operations and new projects, mainly in Norway.
The Group intends to solidify its position as
a proven gas supplier in the region thanks
to new LNG contracts, with supply volumes
reaching about 15 bcm by 2030. It will also
develop a fleet of its own LNG vessels to import
liquefied gas.
The updated strategy sets clear targets of
financial performance. The Group expects to
deliver more than PLN 400bn in LIFO-based
EBITDA by 2030 (about USD 91bn at currently
prevailing exchange rates), which will
benefit shareholders through an attractive,
progressive dividend policy. The dividend
for 2022 recommended by the Group’s
management is the highest on record, at
PLN 5.5 (about USD 1.25) per share.
The initiatives undertaken by the Polish
multi-utility champion are in line with the
energy policy embraced by the European
Union, contributing to its delivery through the
Group’s strong regional position. In 2022, the
European Commission unveiled REPowerEU,
a fundamental plan to provide Europe with
affordable, secure and sustainable energy and
to gain independence from Russian fossil fuels.
PKN Orlen as Poland’s largest business group
is actively involved in the process.

Orlen: a multi-energy group D Obj,

with green ambitions ceo and President

PKN Orlen of Poland ranks among the world’s
largest 150 companies. It has a customer base
of about 150m. In 2022, the Orlen Group reported
revenue of close to PLN 280bn (approximately
USD 63.5bn), and EBITDA just under PLN 40bn
(more than USD 9bn).
of the ManagementI
Board, pkn orlen
renewable energy sources. It remains an active investor in the Baltic,
where it is developing offshore wind farms project. It is also building As a global group that ranks among the
world's top 150 companies by revenue,
a portfolio of onshore renewable assets, including both wind power
and solar photovoltaic projects. Orlen has just announced a strategy we recognise that competitive
that maps out its transformation path. The company aspires to advantage comes from access to
cutting-edge technology, a solid
reach net zero emissions by 2050. By 2030, it intends to make
investments valued at some PLN 320bn (over USD 72bn), with financial base that enables multi-billion dollar
investment projects and a strong position vis-à-vis
40% of that amount to be spent on growing the share of green

O
rlen has refining and petrochemical operations in Poland,
Lithuania and the Czech Republic. It is expanding its retail
network of service stations in Central Europe, currently
consisting of nearly 3,100 sites. Furthermore, the Group
is an oil and gas producer. The largest hydrogen volumes come
from its fields in Poland and Norway, but it is also active in other
regions of the world, including Pakistan, Canada and the United
Arab Emirates. Another important area of the Group’s business
is power generation. Orlen operates conventional power plants
and is building new gas-fired units, while increasing its focus on
PKN ORLEN’s products are marketed in nearly 100 countries on 6 continents
business lines. The plans include development of the portfolio of
renewable assets, investments in biogas and biomethane, biofuels,
alternative fuels and hydrogen technologies, and expansion of the
network of EV charging points. Orlen cooperates with partners in
the US. It imports American LNG based on long-term agreements,
with contracts currently in place for the delivery of nearly 8 million
tonnes of liquefied natural gas per year. Also, there are plans
to build small nuclear reactors, known as SMRs, based on the
BWRX-300 technology sourced from American GE Hitachi Nuclear
Energy, for which Orlen has exclusive rights in Poland.
other market participants. The company's overall
returns are significantly better if it is able to
strengthen its leadership position in the energy
transformation through a diverse group generating
cash flow from different businesses, which often
provide natural hedges. This is what strategic
antifragility is all about.
However, we are well aware of the long-term trends.
Regulation is having a major impact on our business.
New EU regulations are creating significant pressures
as well as incentives for energy transformation and
business change. Those include the Fit for 55 package,
REPowerEU, RED3, long-term carbon price increases
and the expanded EU taxonomy framework. In
addition, we have to address geopolitical changes and
boom and bust cycles, including expected energy
demand growth, the war in Ukraine, restrictions on
the movement of energy resources and commodities,
and disruptions in fuel and commodity markets.

Therefore, in the update of the Orlen Group's

strategy up to 2030, we have to answer two
key questions:
First and foremost, what do we want to achieve?
The goal remains unchanged, despite the current
turmoil. By 2050, we will be carbon neutral. In fact,
in 2020 we were the first company in Central Europe
to announce such goal. Renewables are projected to
make up over 80% of global electricity generation
capacity by 2050, with solar and wind dominating.
Decarbonisation remains our primary goal, even
though at first glance it may seem that we should
be focusing on overcoming the current turbulence
in the oil and gas markets. That is why the new
strategy is much more ambitious than before on the
development of renewables. Our goal is to strengthen
the group's new green division.
Second, are we clear about our path and pace?
Orlen cooperates with US companies Building resilience to market turbulence and
ORLEN Group’s cooperation with US companies spans four areas: supplies of natural gas and crude oil, nuclear power, and offshore accelerating the energy transition are now
wind projects. They are crucial to ensuring ongoing fuel and energy security for Poland and implementing the green transition essential. The pace of change is crucial, given that
strategy for the Polish economy, and to activities geared towards achieving climate neutrality by the ORLEN Group in 2050. the electricity sector at the European level faces
a number of longer-term challenges as a result of the
increasing share of variable RES and the progressive
transition to fully decarbonised electricity by 2050.
This includes securing investment until large-scale
storage and other flexibility tools become available,
not only in renewables but also in weather-
independent low-carbon technologies (such as
gas-fired power plants). This is why we place so
much emphasis on energy security. In the upstream
segment, it is important for us to secure our supply

8m tonnes 2021 2022 2029

LNG
Annual volume of American
gas supplied to PKN Orlen
(after start of deliveries under
all contracts). Cooperation
with Cheniere, Venture Global
Calcasieu Pass, Venture Global
Plaquemines and Sempra
Infrastructure
First forward oil contract with
Exxon Mobil (for the supply
of 1m tonnes of oil per year).
American crude is a part
of PKN ORLEN’s diversified
imports portfolio, in addition
to oil sourced from Nigeria, the
UAE, Saudi Arabia and Norway
Execution of a contract
with a consortium of GE
and Enprom, which will be
responsible for the engineering,
construction and delivery
of the necessary components
for wind farms in the Baltic Sea
Planned start of the
commercial operation
of power plants with
BWRX-300 reactors in Poland
Cooperation with GE Hitachi
Nuclear in the development
of SMR projects
through production in Poland and Norway as we
move away from Russian supplies.
Our strategy guarantees successful combining of
two main goals: the security of energy supply with
the energy transition. I have every confidence that
solutions introduced in our strategy will secure the
dynamic development of the company and bring
additional value to our shareholders.

The Wall Street Journal news organization was not involved in the creation of this content
A8 | Wednesday, March 8, 2023
Two Americans Found Dead in Mexico
Of the four kidnapping
victims, two others
were discovered alive,
one seriously injured
BY JUAN MONTES
AND JOSÉ DE CÓRDOBA
Two Americans were found
dead and two others were res-
cued Tuesday in the Mexican
city of Matamoros, after their
trip across the border for a
cosmetic surgery turned deadly
following an ambush and kid-
napping by gunmen.
The van in which they were
traveling was fired on shortly
after crossing the border Fri-
day from Brownsville, Texas.
After a four-day search, Latavia
“Tay” McGee and Eric James
Williams were found alive, said
Irving Barrios, Tamaulipas
state attorney general. Mr. Wil-
liams had a major wound to his
left leg, the official said.
The two others, Zindell
Brown and Shaeed Woodard,
were found dead, officials said.
The incident occurred as
some U.S. lawmakers are call-
ing for cartels to be designated
as terrorist organizations, and
also for the U.S. military to tar-
get their operations in Mexico,
an idea Mexico’s government
Kyiv Tells Residents to Leave Kherson as Attacks Intensify
BY MATTHEW LUXMOORE
AND EVAN GERSHKOVICH
Ukraine urged residents of
Kherson to evacuate amid an
uptick in Russian attacks in
the southern city that was re-
taken by Kyiv’s troops last fall,
while pressure grew on
Ukraine to vacate the besieged
eastern city of Bakhmut.
Russia fired 360 missiles at
the Kherson region on Mon-
day, authorities there said.
Paramedics and police officers
can no longer help many vic-
tims because they are coming
under fire themselves, the
MAY 2–4, 2023
SPRING STUDIOS, NYC / ONLINE
FEATURED SPEAKERS
Eric Adams
Mayor of New York City
Marissa Mayer
Co-Founder and CEO,
Sunshine Contacts
PRESENTING SPONSORS
has firmly rejected. It also oc-
curred as medical tourism to
Mexico has been recovering af-
ter a drop in cross-border
travel during the pandemic.
The survivors were handed
over to U.S. authorities at the
border bridge between Mata-
moros and Brownsville. They
couldn’t be reached for com-
ment. U.S. Attorney General
Merrick Garland said the two
were receiving medical treat-
ment in the U.S.
“Attacks on U.S. citizens are
unacceptable, no matter
where, under what circum-
stances,” John Kirby, a spokes-
man for the White House Na-
tional Security Council, told
reporters Tuesday.
Asked if the attack could af-
fect U.S. military policy to-
ward Mexico, Mr. Kirby said it
was too soon to say.
State Department spokesman
Ned Price said that the U.S. is
“going to work cooperatively,
collaboratively with our Mexi-
can partners in any way we can
to help address these pockets of
insecurity, the drug trafficking,
the other security threats that
are at or near, sometimes cross
over into our border.”
The surviving Americans
were found at a hut in a field
on the outskirts of Matamoros,
Mr. Barrios said. The bodies of
Kherson city council said.
Kherson has been shelled
regularly by a large contingent
of Russian forces positioned
across the Dnipro River since
returning to Ukrainian hands
in November. Authorities have
warned of the danger to civil-
ians, and on Tuesday issued
renewed calls for people to
take advantage of free trans-
port routes out of the area.
Thousands of people have
left Kherson since Russian
forces retreated to the eastern
bank of the Dnipro and began
bombarding the city. Of the
230,000 residents who were in
Jim Farley
CEO, Ford
Eric Ripert
Chef and Co-Owner,
Le Bernardin
WORLD NEWS
Latavia ‘Tay’ McGee, with long hair, was rescued early Tuesday.
Mr. Brown and Mr. Woodard
were found in the field. He
said the group, who came
from South Carolina, was
likely targeted by mistake by a
criminal gang.
“We send our condolences
to the relatives of the victims,
the city when Ukrainian forces
entered it in November, some
50,000 remain, said Dmytro
Pletenchuk, a spokesman for
the Kherson Defense Com-
mand. Ukraine is fighting back
with its own strikes on Rus-
sian targets across the river.
On Tuesday, Moscow said
its forces were fortifying posi-
tions on the bank of the Dni-
pro, reported Russian state
news agency TASS. The agency
said the focus is to shore up
defenses against Ukrainian
shelling.
Ukrainian officials have sig-
naled plans to launch a new
their friends, to the people of
the U.S., to the government of
the U.S.,” Mexican President
Andrés Manuel López Obrador
said at his daily press confer-
ence. “Of course we lament
what happens in our country,
and especially this,” he added.
offensive this spring to retake
territory held by Russia, with
military analysts expecting it
to focus on the southern
Zaporizhzhia region, where
Russian forces hold several
port cities on the Black Sea.
But worries are growing
that Ukraine will struggle to
mount the planned operation
as its forces suffer losses in
Bakhmut, the eastern city that
Russia has been trying to seize
since the summer.
In recent days, Ukrainian
troops have withdrawn from
the roughly one-third of the
city that sits on the eastern
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Mr. López Obrador said one
person had been detained in
connection with the abduction.
White House press secre-
tary Karine Jean-Pierre said
that the Biden administration
is working with Mexican offi-
cials. “We will continue to
work closely with the Mexican
government to ensure justice
is done in this case,” she said.
Zalayna Brown Grant said
on a GoFundMe page set up
Tuesday that her younger
brother, Mr. Brown, and the
two other men went to Mata-
moros to accompany Ms. Mc-
Gee, her brother’s friend, who
was going to get a “tummy
tuck” operation in Mexico
from a Dr. Roberto Chávez.
A plastic surgeon named Ro-
berto Chávez, who has a prac-
tice in Matamoros, didn’t re-
spond to requests for comment.
A friend of Ms. McGee said
via email: “I do know she is
okay, just mentally and emo-
tionally wrecked and not talk-
ing, just crying.”
Dr. Chávez is popular
among U.S. women seeking
cosmetic surgery, his Facebook
account shows. More than a
dozen women from Oregon
and Texas to Tennessee and
Maryland posted positive com-
ments and recommended him.
Mexico is among the
bank of the Bakhmutka River.
Ukraine continued on Tues-
day to hold off assaults from
Russian troops positioned to
the north, east and south of
the city, which is a key focus
of Russia’s stalled effort to
seize territory in the Donbas
area.
On Monday, Mr. Zelensky
said the country’s top military
commanders were in favor of
continuing to defend the city.
He is coming under pressure
to withdraw to avoid the com-
plete encirclement of his
forces there.
The siege of Bakhmut has
©2023 Dow Jones & Co., Inc. All rights reserved. 6DJ9338
THE WALL STREET JOURNAL.
world’s top destinations for
medical tourism, according to
Chapel Hill, N.C.-based Pa-
tients Beyond Borders, a pub-
lishing and consulting firm for
international healthcare travel.
Before the pandemic,
around 1.2 million Americans a
year traveled to Mexico for
medical treatment, mostly
cosmetic treatments and com-
plex dentistry, but also to con-
front the rising costs of pre-
scription medicines in the U.S.,
said Patients Beyond Borders
CEO Josef Woodman.
In January, two Republicans
in the House introduced a bill
that would authorize the U.S.
military to target cartel opera-
tions in Mexico, a move
blasted by Mexico as an af-
front to its sovereignty.
On Monday, Sen. Lindsey
Graham, (R., S.C.) said in a
television interview that he
would introduce legislation
declaring Mexican cartels to
be foreign terrorist organiza-
tions and setting the stage to
use military force in Mexico.
At his daily press confer-
ence, Mr. López Obrador re-
jected any interventionist
ideas, and said President Biden
respects Mexico’s sovereignty.
—Anthony Harrup
and Gordon Lubold
contributed to this article.
been led by the Russian para-
military Wagner Group, whose
founder, Yevgeny Prigozhin,
has criticized the Russian Min-
istry of Defense for not provid-
ing adequate artillery ammuni-
tion and military vehicles to
enable his troops to take the
city.
“The Ukrainians aren’t run-
ning away,” Mr. Prigozhin said
Tuesday on social media, esti-
mating that there are up to
20,000 Ukrainian soldiers de-
ployed to the city. “They are
dying en masse for Bakhmut
and are surrendering only as a
last resort.”
THE WALL STREET JOURNAL. ***** Wednesday, March 8, 2023 | A9

WORLD NEWS

China Minister Criticizes U.S. Chinese Exports Fall,

BY BRIAN SPEGELE Slowing a Recovery
BEIJING—China’s foreign BY STELLA YIFAN XIE
minister warned that the U.S. U.S. to End Covid
strategy toward China risked HONG KONG—The export
plunging the countries into a engine that propelled China’s Rule for Travelers
conflict, in remarks a day after recovery through much of the
Chinese leader Xi Jinping un- pandemic sputtered to start the
leashed a similar verbal salvo year, complicating Beijing’s ef- The U.S. government is
at Washington, signaling a forts to juice an economy that planning to lift Covid-19 test-
deepening rift between the is still reeling from three years ing requirements on travelers
world’s two largest economies. of stringent “zero-Covid” rules. from China on Friday, amid a
In a news conference Tues- Exports from the world’s decline in cases there follow-
day on the sidelines of China’s second-largest economy fell ing a winter surge, according
annual gathering of its Na- 6.8% in the first two months of to people familiar with the
tional People’s Congress in Bei- 2023 from a year earlier, ex- matter.
jing, Qin Gang said the Biden tending a string of year-over- Those traveling to the U.S.
administration was insincere year declines stretching back from mainland China, Hong
QILAI SHEN/BLOOMBERG NEWS

in saying it wants to preserve to October, data from China’s Kong and Macau were previ-
relations, and warned the U.S. customs bureau showed Tues- ously required to submit a
against engaging in what he day. negative Covid test before
called new McCarthyism. That trend is likely to con- departure following a Biden
The blunt remarks by Mr. tinue as central bankers in de- administration order that
Qin, who until recently served veloped economies signal they went into effect on Jan. 5.
as Beijing’s ambassador to might keep interest rates The administration will
Washington, followed a similar higher for longer to battle in- continue to monitor Covid
broadside Monday from Mr. Xi, Foreign Minister Qin Gang holds a copy of the constitution during a news briefing Tuesday in Beijing. flation, which could damp cases in China and conduct
who criticized what he termed Western demand for Chinese- voluntary genomic surveil-
a U.S. policy of “all-round con- general calls for an end to the cially important “the more un- self-governing island over made goods, economists say. lance at U.S. airports, the
tainment, encirclement and conflict, but has maintained stable the world becomes.” which China claims jurisdic- For China, a softening ex- people familiar with the test-
suppression” of China. warm relations with Moscow, In contrast, Mr. Qin said: “If tion, Mr. Qin contrasted the port sector poses uncertainty ing reversal said. They added
Mr. Xi’s comments were a and helped blunt the impact of the United States does not hit U.S. providing weapons to Tai- for the broader economy. that the U.S. government has
rare instance of China’s top of- U.S. and European sanctions the brakes…no amount of wan with U.S. warnings that On Sunday, Chinese leaders evidence that cases, hospital-
ficial taking direct aim at the through robust trade ties. guardrails can prevent derail- China should refrain from giv- set their growth target for izations and deaths are de-
U.S., and came after weeks of Washington has warned ing, and there will surely be ing lethal aid to Russia. While gross domestic product this clining in China and that bet-
tensions between the two coun- China against supplying military conflict and confrontation.” Washington doesn’t recognize year at about 5%, a relatively ter information is available
tries since the U.S. downing of assistance to Russia. Secretary U.S. competition with China Taiwan diplomatically, the U.S. conservative goal after zero- about the country’s surge.
what it says was a Chinese sur- of State Antony Blinken said in- amounts to “a reckless gam- has long supplied Taiwan with Covid lockdowns and a govern- —Sabrina Siddiqui
veillance balloon that traveled telligence showed Beijing was ble,” he added. weapons to defend itself in ment-induced property slump
through American airspace. considering such aid. It isn’t the first time China event of an attack by China. restricted growth to 3% last
Strains between Beijing and On Tuesday, Mr. Qin said has warned the U.S. about the “Why does the U.S. ask year. The cautious outlook for demic, allowing manufacturers
Washington also have been ex- “China and Russia have found risks of worsening relations, but China not to provide weapons this year reflects deep concerns to continue churning out
acerbated by Mr. Xi’s support a path of major country rela- Chinese officials have tended to to Russia while it keeps selling in Beijing about waning exter- goods—and taking business
for Russian leader Vladimir tions featuring strategic trust speak more elliptically about arms to Taiwan?” he said, nal demand, even after the from competitors in places
Putin, who invaded Ukraine and good neighborliness.” the potential for conflict. adding that China hadn’t sent scrapping of zero-Covid rules such as Southeast Asia.
last year. China has issued Such ties, he said, are espe- On the issue of Taiwan, the weapons to Russia. and with visible signs of life in After a nearly three-year
the battered real-estate sector. run dating back to the early
“While the global economy months of 2020, China suffered

Beijing Moves to Further Centralize Government appears to be resilient so far

BY KEITH ZHAI bodies to oversee segments of
AND CHUN HAN WONG China’s financial system, as
well as the use of data and re-
China is preparing sweeping lated digital technologies.
changes to its government bu- Other state institutions, in-
reaucracy, as leader Xi Jinping cluding the Ministry of Sci-
further strengthens Communist ence and Technology, would be
Party control and seeks to boost restructured or have some of
his country’s technological and their powers redistributed to
financial prowess as competi- other departments. Central-
tion intensifies with the West. government agencies would
Under a plan presented to cut their head count by 5%
lawmakers Tuesday, Beijing across the board.
would create new regulatory The restructuring is aimed
at advancing China’s ability to
foster scientific advances,
strengthen financial oversight
and data management, and im-
prove rural development,
among other goals, said Xiao
Jie, a senior member of the
State Council, China’s cabinet.
Officials must “resolutely
uphold the party center’s au-
thority and centralized, uni-
fied leadership” as they imple-
ment the bureaucratic revamp,
Mr. Xiao said. China’s legisla-
ture is expected to rubber-
stamp the plan Friday.
The restructuring plan is
part of broader overhauls—ap-
proved by senior party offi-
cials last week—to be made
across China’s Communist
Party and state institutions.
Insiders and analysts say the
changes would extend Mr. Xi’s
broad push to entrench him-
self and his nearly 97 million-
strong ruling party at the cen-
ter of Chinese society.
this year, it won’t reverse the
outlook that demand will likely
soften and China will experi-
ence negative growth in ex-
ports this year,” said Robin
Xing, chief China economist at
Morgan Stanley, who predicts
falling exports will be a drag
on overall growth.
Mr. Xing also thinks a pull-
back in Chinese exports this
year could start to erode some
of the market share gains made
during the pandemic. Chinese
leaders gave priority to factory
production during the pan-
its first year-over-year drop in
exports in October last year,
kicking off a string of declines
that has continued at least into
February, the country’s first
full month without Covid re-
strictions.
The decline in exports for
January and February, which
China releases together to
smooth out irregularities tied
to the Lunar New Year holiday,
was less than the 9.9% decline
in December and better than
the 9% pullback expected by
economists surveyed by The
Wall Street Journal.

Rivals’
Relations
GREG BAKER/AGENCE FRANCE-PRESSE/GETTY IMAGES

Deteriorate
Continued from Page One
conflict and confrontation.”
A spokesman for the Na-
tional Security Council, John
Kirby, when asked about the
rhetoric from Beijing, said the
Biden administration policy is
unchanged: It seeks competi-
tion with China, not conflict. Xi Jinping, seen Tuesday, has solidified his post as paramount leader.
“There is nothing about our
approach to this most conse- standing as China’s paramount and bad-mouthed the U.S. at
quential of bilateral relation- leader—he is expected to each stop.
ships that should lead any- emerge with a third term as Washington responded by
body to think that we want president this week—just as rejecting a 12-point Beijing po-
conflict,” he said Tuesday. “We numerous indicators are turn- sition paper calling for talks to
absolutely want to keep it at ing negative for the country, end fighting in Ukraine as a
that level.” from its political relations with proposition only Moscow could
The breadth of discord in Europe to its economic data. like. Mr. Blinken also publicly
U.S.-China ties, however, The comments about encir- warned Beijing not to fan the
shows the difficulties in con- clement demonstrate a Mr. Xi Ukraine conflict, saying the U.S.
straining tensions. The Biden “unchained” by the political had intelligence China was con-
administration has continued season and echo a long tradi- sidering providing Russia with
Trump-era trade tariffs, sharp- tion by Communist officials of lethal aid, like drones and ar-
ened controls on exports of positioning China as a victim, maments. China has responded
advanced semiconductors and said Michael Auslin, a histo- by highlighting U.S. weapons
rallied allies and other coun- rian at Stanford University’s assistance to Ukraine.
tries to counter China’s influ- Hoover Institution. Much of the rhetoric from
ence around the world. In the balloon episode, the both governments appears de-
Beijing has drawn closer to U.S. quickly rejected China’s signed for their domestic au-
Moscow, including during its
war on Ukraine, and stepped
claim it was a harmless diences.
Mr. Xi delivered his “sup-
CHURCHILL’S LOVE
up military provocations
against Taiwan, while last sum-
pression” comments to a legis-
lative advisory body packed
OSCAR NEMON
mer cutting off more of the few
For the U.S., the with business leaders who are Powerful pair. Intimate composition. Renowned sculptor.
channels for U.S. dialogue that balloon flight showed grappling with the worst eco- This sentimental sculpture, commissioned by Lady Churchill,
had existed, including military- nomic outlook in 25 years, in-
to-military exchanges.
brazenness that had cluding a 5% expansion in
was created by revered sculptor Oscar Nemon, who first
Congress has added to the to be responded to. gross domestic product. sculpted Winston Churchill in Marrakech in 1951. Lady
strains. House Speaker Kevin For the U.S., the balloon in- Churchill loved Nemon’s likeness of her husband so dearly
McCarthy (R., Calif.) said Tues- cursion showed a brazenness that she requested he create a sculpture of the couple
day he will meet with Taiwan that demanded a tough re-
President Tsai Ing-wen when weather-monitoring device and sponse—and it served as a
together following the statesman’s death. Another version
she visits the U.S. this year. Bei- shot down what it said was a lightning rod for congressional of this sculpture resides at Blenheim Palace, the birthplace
jing wants to isolate Taiwan, spy craft with a Sidewinder Republicans and security of Winston Churchill. Conceived circa 1978. Signed “Nemon.”
which it considers part of missile on Feb. 4. Behind the hawks from both parties who 19”h x 295/8”w x 19”d. #31-6571
China’s sovereign territory. Mr. pointed remarks that followed want President Biden, a Demo-
McCarthy’s predecessor, Nancy are worries by both countries crat, to take a more uncompro-
Pelosi (D., Calif.), infuriated Bei- that they are on a trajectory mising stance toward Beijing.
jing last year by visiting Taiwan. toward future armed conflict. The diplomatic setback
For years, Mr. Xi has After the balloon incident, makes it harder to improve
sounded ever darker in his as- the U.S. postponed its best gam- U.S.-China exchanges, like visas
sessments of international rela- bit for a detente: a visit to Bei- for journalists or joint cancer
tions, though until this week he jing by Secretary of State Ant- research, while organizing a
usually avoided criticizing the ony Blinken. Both sides had leadership summit that both
U.S. by name. In the past, he pitched the trip as a critical countries hope for this year be-
has also warned fellow officials step toward reopening commu- comes all the more complex. 622 Royal Street, New Orleans, LA • 877-677-2801 • ws@rauantiques.com • msrau.com
to be ready for unpredictable nication channels that had nar- Meanwhile, nations in Asia and
events with dire consequences, rowed during the Trump admin- Europe pine for more stable Since 1912, M.S. Rau has specialized in the world’s finest art, antiques and jewelry.
known as black swans. istration, then all but collapsed U.S.-China relations that might Backed by our unprecedented 125% Guarantee, we stand behind each and every piece.
Now at the tail end of sev- during the Covid-19 pandemic reduce the political risk of trad-
eral months of domestic horse and tensions over Taiwan. ing with each of the world’s
trading in the Communist Instead, Mr. Xi’s top foreign two largest economies—or try-
Party, Mr. Xi has solidified his envoy, Wang Yi, toured Europe ing to choose between them.
A10 | Wednesday, March 8, 2023
U.S. Sues
To Block
Airline Deal
Continued from Page One
operations into JetBlue would
create a stronger competitor
to the four largest U.S. air-
lines, which together account
for about 80% of the market.
With an estimated 9% mar-
ket share, the combined entity
would remain smaller than
American Airlines Group Inc.,
United Airlines Holdings Inc.,
Delta Air Lines Inc. and South-
west Airlines Co.
For years, the Justice De-
partment has been concerned
that previous airline mergers
reduced competition in the in-
dustry. Under the Biden ad-
ministration, antitrust author-
ities have generally taken a
tough stance on corporate
mergers and antitrust enforce-
ment. The Justice Department
separately challenged Jet-
Blue’s attempt to form a part-
nership with American Air-
lines in the Northeast.
The Justice Department’s
lawsuit said JetBlue has at
times matched rivals’ higher
prices, but portrayed Spirit as
Google Is
Cautious
On AI
Continued from Page One
nologies, telling colleagues
that they had been frustrated
they couldn’t get their AI tool
at Google out to the public.
Now Google, the company
that helped pioneer the mod-
ern era of artificial intelli-
gence, finds its cautious ap-
proach to that very technology
being tested by one of its old-
est rivals. Last month Micro-
soft Corp. announced plans to
infuse its Bing search engine
with the technology behind
the viral chatbot ChatGPT,
which has wowed the world
with its ability to converse in
humanlike fashion. Developed
by a seven-year-old startup
co-founded by Elon Musk
called OpenAI, ChatGPT piggy-
backed on early AI advances
made at Google itself.
Public release
Months after ChatGPT’s de-
but, Google is taking steps to-
ward publicly releasing its
own chatbot based in part on
technology Mr. De Freitas and
Mr. Shazeer worked on. Under
the moniker Bard, the chatbot
draws on information from the
web to answer questions in a
conversational format. Google
said on Feb. 6 it was testing
Bard internally and externally
with the aim of releasing it
widely in coming weeks. It
also said it was looking to
build similar technology into
some of its search results.
Google’s relatively cautious
approach was shaped by years
of controversy over its AI ef-
forts, from internal arguments
over bias and accuracy to the
public firing last year of a
staffer who claimed that its AI
had achieved sentience.
Those episodes left execu-
tives wary of the risks public
AI product demos could pose
to its reputation and the
search-advertising business
that delivered most of the
nearly $283 billion in revenue
last year at its parent com-
pany, Alphabet Inc., according
to current and former employ-
ees and others familiar with
the company.
‘Struggling’
“Google is struggling to
find a balance between how
much risk to take versus main-
taining thought leadership in
the world,” said Gaurav Nem-
ade, a former Google product
manager who worked on the
company’s chatbot until 2020.
Messrs. De Freitas and
Shazeer declined requests for
an interview through an exter-
nal representative.
A Google spokesman said
their work was interesting at
the time, but that there is a
big gap between a research
prototype and a reliable prod-
uct that is safe for people to
use daily. The company added
that it has to be more
thoughtful than smaller start-
ups about releasing AI tech-
nologies.
Google’s approach could
prove to be prudent. Microsoft
JetBlue said it plans to repaint Spirit’s jets, while tearing some seats out of its more crowded cabins.
a disrupter. The department
said average fares on a route
fell 17% when Spirit began fly-
ing new segments, and went
up an estimated 30% when
Spirit stopped flying a route.
Cost-conscious travelers
would lose out if the airlines
merge and JetBlue has the
ability to increase fares, the
Justice Department alleged.
“Those include working and
middle-class Americans who
travel for personal as opposed
to business reasons and who
must pay their own way,” Mr.
Garland said.
JetBlue would retrofit
Spirit’s jets to eliminate 10%
Google AI held an event in Manhattan last November, the same month that San Francisco-based OpenAI released an artificial-
intelligence chatbot called ChatGPT, which can have conversations on topics from history to philosophy and suggest edits to
programming code. Below, Microsoft demonstrates the integration of its Bing search engine and Edge browser with OpenAI.
said in February it would put
new limits on its chatbot after
users reported inaccurate an-
swers, and sometimes un-
hinged responses when push-
ing the app to its limits.
In an email to Google em-
ployees last month, Sundar Pi-
chai, chief executive of both
Google and Alphabet, said
some of the company’s most
successful products weren’t
the first to market but earned
user trust over time.
“This will be a long jour-
ney—for everyone, across the
field,” Mr. Pichai wrote. “The
most important thing we can
do right now is to focus on
building a great product and
developing it responsibly.”
Google’s chatbot efforts go
as far back as 2013, when
Google co-founder Larry Page,
then CEO, hired Ray Kurzweil,
a computer scientist who
helped popularize the idea
that machines would one day
surpass human intelligence, a
concept known as “technologi-
cal singularity.”
Mr. Kurzweil began working
on multiple chatbots, includ-
ing one named Danielle based
on a novel he was working on
at the time, he said later.
At the same time, technolo-
gists increasingly raised con-
cerns about AI—such as its
potential for enabling mass
surveillance via facial-recogni-
tion software—and pressured
FROM PAGE ONE
to 15% of their seating capac-
ity, the Justice Department’s
lawsuit said.
On Monday, JetBlue’s Mr.
Hayes said U.S. antitrust au-
thorities seemed intent on
stopping the merger from the
outset. Mr. Garland said Tues-
day the Justice Department
would respond to such asser-
tions in court filings.
The Transportation Depart-
ment also reviewed the
planned JetBlue-Spirit deal
and can block it, clear it or ap-
prove it with conditions. The
Transportation Department
said Tuesday that it supports
the Justice Department’s law-
companies such as Google to
commit not to pursue certain
uses of the technology.
Partly in response to
Google’s growing stature in
the field, a group of tech en-
trepreneurs and investors in-
cluding Mr. Musk formed Ope-
nAI in 2015. Initially
structured as a nonprofit,
OpenAI said it wanted to make
sure AI didn’t fall prey to cor-
porate interests and was in-
stead used for the good of hu-
manity. (Mr. Musk left
OpenAI’s board in 2018.)
Google eventually promised
in 2018 not to use its AI tech-
nology in military weapons,
following an employee back-
lash against the company’s
work on a U.S. Department of
Defense contract called Project
Maven that involved automati-
cally identifying and tracking
potential drone targets, like
cars, using AI. Google dropped
the project.
Mr. Pichai also announced a
set of seven AI principles to
guide the company’s work, de-
signed to limit the spread of
unfairly biased technologies,
such as that AI tools should be
accountable to people and
“built and tested for safety.”
Around that time, Mr. De
Freitas, a Brazilian-born engi-
neer working on Google’s You-
Tube video platform, started
an AI side project.
As a child, Mr. De Freitas
THE WALL STREET JOURNAL.
Share-price performance over
the past year
40%
The government alleges the
deal should be blocked because
it would hurt competition on
20 Spirit
specific routes between cities,
which is why the government
focused its complaint on air-
0
Airlines
ports in New York and South
Florida. JetBlue and Spirit
overlap on as much as 11% of
nonstop routes they fly. JetBlue
offered to seek the divestment
of Spirit’s holdings in Boston
JUSTIN LANE/EPA/SHUTTERSTOCK
–20
and New York, as well as five
airport gates at Fort Lauder-
–40 dale, Fla. JetBlue said the pro-
posed divestitures would allow
other ultra-low-cost carriers
JetBlue Airways room to continue growing.
–60
Doha Mekki, the Justice De-
April 2022 2023
partment antitrust division’s
Source: FactSet second-ranking official, said
there was no guarantee other
suit and would continue its in- The Justice Department al- airlines would replicate the
vestigation into the deal. leged that JetBlue effectively routes that Spirit would give up.
JetBlue stock closed 2.9% acknowledged it would raise The Justice Department has
lower Tuesday, while Spirit’s prices, by predicting it would said JetBlue’s entry into a
shares gained 4.7%. reap 24% more revenue per seat market, particularly in the
While JetBlue offers fliers a than Spirit earns today. “One Northeastern U.S., leads to
higher-end experience with JetBlue executive acknowledged lower fares. The government
perks such as free in-flight in- that this purported synergy said in its lawsuit that Spirit’s
ternet service, Spirit targets comes from charging passen- entry brings fares down even
low fares with fees for extras. gers higher prices for a smaller lower. “Travelers should not
The deal aims to expand Jet- number of available seats,” the have to choose between the
Blue’s nationwide presence, government’s lawsuit said. two,” the lawsuit said.
compared with its current JetBlue and Spirit told The government said Jet-
concentration in the North- transportation officials in fil- Blue, like the rest of the air-
east, and JetBlue has said it ings that the merger would line industry, has had to re-
intends to repaint the airline’s advance U.S. international-avi- spond to Spirit’s low fares by
bright yellow jets, while tear- ation-policy goals and would reducing ticket prices, what
ing some seats out of Spirit’s increase competition in the the Justice Department re-
more crowded cabins. domestic airline industry. ferred to as the “Spirit Effect.”
accurate and minimize the
chance it could be misused.
FROM TOP: JOHN MINCHILLO/AP; STEPHEN BRASHEAR/AP; WINNI WINTERMEYER FOR THE WASHINGTON POST/GETTY IMAGES
“Our highest priority, when
creating technologies like
LaMDA, is working to ensure
we minimize such risks,” two
Google vice presidents said in
a blog post at the time.
Google later considered re-
leasing a version of LaMDA at
its flagship conference in May
2022, said Blake Lemoine, an
engineer the company fired
last year after he published
conversations with the chatbot
and claimed it was sentient.
The company decided against
the release after Mr. Lemoine’s
conclusions began generating
controversy internally, he said.
Google has said Mr. Lemoine’s
concerns lacked merit and that
his public disclosures violated
employment and data-security
policies.
Google Assistant
As far back as 2020, Mr. De
Freitas and Mr. Shazeer also
looked for ways to integrate
LaMDA into Google Assistant,
a software application the
company had debuted four
years earlier on its Pixel
smartphones and home
speaker systems, said people
familiar with the efforts. More
dreamed of working on com- engineer at the AI research than 500 million people were
puter systems that could pro- unit Google Brain, joined the using Assistant every month
duce convincing dialogue, his project, which they renamed to perform basic tasks such as
fellow researcher Mr. Shazeer LaMDA, for Language Model checking the weather and
said during a video interview for Dialogue Applications. scheduling appointments.
uploaded to YouTube in Janu- They injected it with more The team overseeing Assis-
ary. At Google, Mr. De Freitas data and computing power. tant began conducting experi-
set out to build a chatbot that However, the technology ments using LaMDA to answer
could mimic human conversa- behind their work soon led to user questions, said people fa-
tion more closely than any a public dispute. Timnit Gebru, miliar with the efforts. How-
previous attempts. a prominent AI ethics re- ever, Google executives
For years the project, origi- searcher at Google, said in late stopped short of making the
nally named Meena, remained 2020 she was fired for refus- chatbot available as a public
under wraps while Mr. De Fre- ing to retract a research paper demo, the people said.
itas and other Google re- on the risks inherent in pro- Google’s reluctance to re-
searchers fine-tuned its re- grams like LaMDA and then lease LaMDA to the public frus-
sponses. Internally, some complaining about it in an trated Messrs. De Freitas and
employees worried about the email to colleagues. Google Shazeer, who took steps to leave
risks of such programs after said she wasn’t fired and the company, the people said.
Microsoft was forced in 2016 claimed her research was in- Mr. Pichai personally inter-
to end the public release of a sufficiently rigorous. vened, asking the pair to stay
chatbot called Tay after users Google’s head of research, and continue working on
goaded it into problematic re- Jeff Dean, took pains to show LaMDA but without making a
sponses, such as support for Google remained invested in promise to release the chatbot
Adolf Hitler. responsible AI development. to the public, the people said.
The first outside glimpse of The company promised in May Mr. De Freitas and Mr. Shazeer
Meena came in 2020, in a 2021 to double the size of the left Google in late 2021 and in-
Google research paper that AI ethics group. corporated their new startup,
said the chatbot had been fed Character Technologies Inc., in
40 billion words from social- November that year.
media conversations in the
public domain.
Playing Socrates
Character’s software, re-
Abusive language leased last year, allows users
OpenAI had developed a to create and interact with
similar model, GPT-2, based chatbots that role-play as
on 8 million webpages. It re- well-known figures such as
leased a version to researchers Socrates or stock types such
but initially held off on mak- as psychologists.
ing the program publicly avail- “It caused a bit of a stir in-
able, saying it was concerned side of Google,” Mr. Shazeer
it could be used to generate said in the interview uploaded
massive amounts of deceptive, Noam Shazeer and Daniel De to YouTube, without elaborat-
biased or abusive language. Freitas at the office of their ing, “but eventually we de-
At Google, the team behind new company. cided we’d probably have more
Meena also wanted to release luck launching stuff as a
their tool, even if only in a A week after the vow, Mr. startup.”
limited format as OpenAI had Pichai took the stage at the Since Microsoft struck its
done. Google leadership re- company’s flagship annual new deal with OpenAI, Google
jected the proposal on the conference and demonstrated has fought to reassert its iden-
grounds that the chatbot two prerecorded conversations tity as an AI innovator.
didn’t meet the company’s AI with LaMDA, which, on com- Google announced Bard in
principles around safety and mand, responded to questions February, on the eve of a Mi-
fairness, said Mr. Nemade, the as if it were the dwarf planet crosoft event introducing
former product manager. Pluto or a paper airplane. Bing’s integration of OpenAI
A Google spokesman said Google researchers pre- technology.
the chatbot had been through pared the examples days be- Google said that it often re-
many reviews and barred from fore the conference following a assesses the conditions to re-
wider releases for various rea- last-minute demonstration de- lease products and that be-
sons over the years. livered to Mr. Pichai, said peo- cause there is a lot of
The team continued work- ple briefed on the matter. The excitement now, it wanted to
ing on the chatbot. Mr. company emphasized its ef- release Bard to testers even if
Shazeer, a longtime software forts to make the chatbot more it wasn’t perfect.

© 2023 Dow Jones & Company. All Rights Reserved.
BONDS
ELIZABETH
BERNSTEIN
I
cried three times in three
days recently. When I heard a
country song on the radio
about a son missing his late
father. When I saw the moon,
Venus and Jupiter rise above
a stunning sunset.
And when the massive old
iguana that lived in my backyard—
that I’d hated—died unexpectedly.
“I know he was a nuisance, but I
feel really bad for him,” I told a
neighbor.
“Well, he’s in iguana heaven
now,” he said. “Good riddance.”
Some people are more sensitive
than others. Psychologists, neuro-
scientists, educators and others re-
fer to them as highly sensitive per-
sons, or HSPs. If you’re not one
yourself, I bet you know someone
who is.
HSPs process information more
deeply than other people. They’re
very responsive to emotions, both
their own and those of others. And
they’re often more attuned to sen-
sations, such as taste, touch,
sound or smell.
Scientists have been examining
HSPs for decades. Researchers be-
lieve that sensitivity occurs on a
spectrum: About 20% to 30% of
people are HSPs, including both
men and women. A similar amount
have low sensitivity, while the ma-
jority are in the middle.
High sensitivity—another term
is environmental sensitivity—is an
innate, stable trait, requiring some
HSPs to employ next-level coping
skills.
They use strategies such as set-
ting boundaries, scheduling down-
time and planning positive experi-
ences.
These tactics often enable them
to thrive in their personal lives
and careers. They are also a great
blueprint for everyone.
HSPs are more thoroughly at-
tuned to both positive and nega-
tive information, says Elaine Aron,
a psychologist and author of “The
Highly Sensitive Person,” who
coined the term HSP in the 1990s.
She says brain scans of HSPs
show differences in neural activity,
compared with non-HSPs.
They’re more empathic and
more attuned to their environ-
ment—often picking up on subtle-
ties others miss, including social
cues.
I’ve written about HSPs in the
past. Now, there’s increasing atten-
tion to them, much of it focusing on
the benefits of being sensitive.
In May, an international confer-
ence on sensitivity research will be
held in Italy, with sessions on the
highly sensitive brain and high
sensitivity in parents.
A new film, “Sensitive Men Ris-
ing,” will premiere in time for Fa-
ther’s Day. And last week, a book
on the inner strengths of HSPs,
called “Sensitive,” came out.
“In the past, there’s been a
stigma about being sensitive,
where people see it as a weak-
When It Pays Off
To Hire a Tax Pro
BY ASHLEA EBELING
C
rystal Dyck never had trouble
doing her own taxes. But for tax
year 2022, the American expat
said she realized she needed the ser-
vices of an old-school tax preparer.
In that one tax year, Ms. Dyck had
to make sense of the impact of sell-
ing her South Carolina home and
working remotely in Canada for a
U.S.-based corporate recruiter. She
also got a notice from the Internal
Revenue Service saying she made a
mistake with her child-tax-credit pay-
ment on her 2021 return.
F. MARTIN RAMIN/THE WALL STREET JOURNAL|, STYLING BY SHARON RYAN/HALLEY RESOURCES
“Life got more complicated. Taxes
got more complicated,” Ms. Dyck
said. In January, she reached out to
an enrolled agent, an IRS-creden-
tialed tax preparer, referred to her by
a friend.
Despite how easy commercial tax
software has made it to file by your-
self, the growing complexity of tax
filing is persuading more Americans
to pay someone for help. The major-
ity of e-filed tax returns last year
were done by paid tax preparers, the
IRS said. This filing season, as of Feb.
24, the number of paid preparer re-
turns is up 6.1% compared with the
same period last year.
Even Intuit’s TurboTax, the origi-
nal do-it-yourself tax software, is
pushing Americans toward paid pre-
parers. Its 2023 Super Bowl dancing-
man ad beckoned: “Come to Tur-
boTax and don’t do your taxes. Meet
with one of our experts who’ll do
PERSONAL JOURNAL.
**
Highly Sensitive People Offer
Tips for Coping and Thriving
Strategies that they utilize to deal with overwhelming moments can be helpful for others
ness,” says Andre Sólo, one of the
book’s co-authors and co-founder
of a website for HSPs. “But sensi-
tive people are strong—and they
can be a source of compassion and
clarity for others.”
Actor Luke Goss has played a
gangster, a monster, a hit man and
a king. Yet he considers himself
‘In the past, there’s been
a stigma about being
sensitive,’ the author of a
book on the subject says.
“hypersensitive” and says he cries
often, such as when he hears
someone has lost a loved one.
He got teary-eyed during our
interview when talking about how
much sadness he sees in the
world.
Recently, when a bird flew into
his window, he scooped it up
and—with tears in his eyes—said a
prayer.
“I’m a big softy,” says Mr. Goss,
54, who says his sensitivity has
helped him add depth to the char-
your taxes for you.”
TurboTax users may get
prompted to upgrade their
plan to include help from a
human preparer for an ad-
ditional fee.
For those currently
weighing a decision, there
are some key ways to de-
termine whether you
should hire a preparer, de-
tailed below.
The IRS estimates that
the average time all Ameri-
cans spend on taxes is 13
hours, at a cost of $250, in-
cluding both those who file
through a preparer and on
their own. For individual filers with
business income, the average burden
is 25 hours, at a cost of $530.
When does it make
sense to get help with
your taxes?
For taxpayers with straightforward
returns, it may be overkill to pay for
an expensive tax preparer, said Clay
Ernst, a certified financial planner
with Edelman Financial Engines in
Colorado Springs, Colo.
Accountants say some examples
of straightforward returns are a re-
tiree with a Social Security check, a
pension check and an annual distri-
bution from an individual retirement
account. Or it could be a married
couple where both spouses have W2
wage and tax statements, and they
have limited investments outside
THE WALL STREET JOURNAL.
acters he plays.
Overwhelmed by personal
losses over the past few years, Mr.
Goss began painting and writing
songs and sharing them on his In-
stagram account, often talking
about his feelings about love, faith
and sorrow.
People responded by opening
up, too.
“Sensitivity is a secret
weapon,” he says. “It can bring
people together.”
High sensitivity is found within
more than 100 species, including
monkeys, dogs, fish, rats and even
spiders, research shows.
Having some individuals with
the trait likely benefits a species’
survival, says Michael Pluess, a
professor of psychology at Queen
Mary University of London.
“They can pick up on threats
and dangers more quickly and can
inform others,” he says.
HSPs excel at many things.
They’re perceptive, reflective, car-
ing and imaginative. They make
excellent therapists, teachers,
coaches, musicians and artists.
Yet, it can be tough to be some-
one who feels sadness deeply, is
quick to cry and is prone to be-
coming overwhelmed.
their workplace retirement plans.
But the DIY approach might be
fraught for taxpayers with complex
issues such as working in multiple
states, having restricted stock units
that vest, or selling a rental prop-
erty, Mr. Ernst said. Even taxpayers
with self-employment income may
want paid advice because it can in-
volve higher audit red flags such as
excessive business deductions or
the home-office deduction, he said.
One option is to buy add-ons to
DIY software. TurboTax launched its
add-on product, where you can chat
with a tax pro, in 2017 and its full-
service handoff product last tax
season. Revenue for these add-on
assist products rose by 30% last
year, TurboTax said.
H&R Block, which started as an
in-person tax-prep shop, has offered
Wednesday, March 8, 2023 | A11
Here’s some advice for HSPs,
which really applies to everyone.
Embrace being sensitive.
Many people are successful in jobs
and relationships because of their
sensitivity. Make a list of the times
yours has benefited you. This will
help you see it as a strength.
Allocate your energy.
It can be exhausting to process in-
formation so deeply. This puts HSPs
at risk for burnout. Recognize that
your energy is finite. Dr. Aron, who
is an HSP, imagines her daily en-
ergy as a pie: She divides it up into
“pieces”—the periods she needs to
be focused—and is careful not to
consume too much at one time.
Schedule downtime.
The sensitive brain needs a rest.
Put downtime on your calendar
each day. “This prevents overstimu-
lation and it’s often when new
ideas, breakthroughs, or solutions
will come to you,” Mr. Sólo says.
He recommends you choose a
“sensitive sanctuary”: a favorite
armchair, park or maybe even your
bathtub. Having a go-to quiet spot
will signal to your brain that it’s
time to relax.
its add-on for its DIY product for
three years. A tax pro doesn’t sign
the completed return unless taxpay-
ers pay an additional fee.
The choice comes down to your
confidence and desire to do it your-
self, said Heather Watts, who over-
sees the DIY and add-on products
at H&R Block.
A paid preparer is responsible for
the substantive accuracy of your re-
turn, but you’re ultimately responsi-
ble for the accuracy of every item
reported, the IRS said.
How to check a tax
preparer’s credentials
If a preparer doesn’t have an IRS-is-
sued preparer tax-identification
number, or PTIN, and doesn’t sign
the return, that is a red flag to walk
away, said Melanie Lauridsen, direc-
GWENDA KACZOR
Recently, I started taking 10-
minute breaks—I set a timer—on a
daybed in my sunporch. I close my
eyes and slowly repeat this man-
tra: “Just rest.”
It helps a lot.
Set boundaries.
This can be difficult for HSPs, be-
cause they’re attuned to other peo-
ple’s emotions and feel bad if they
let them down, Dr. Pluess says.
Here’s a strategy: Remind your-
self that you need to say no be-
cause you feel awful when you’re
overwhelmed.
Then offer an explanation, such
as: “I’d love to see you, but I’ve
been working hard and I need to
give my brain a rest.”
Create more positive
experiences.
HSPs can get a bigger boost from
positive experiences because they
feel them more deeply, Dr. Pluess
says.
So do more things that make
you happy. Hang out with your fa-
vorite people. Spend time in na-
ture. Check out an art exhibit.
Have a solo dance party.
Trust me on that last one. I’m
sensitive.
tor for tax and ethics with
the American Institute of
CPAs.
Still, having a PTIN
doesn’t guarantee any
level of expertise: Over
75% of all return-preparer
penalties the IRS issued in
2021 were assessed
against noncredentialed
preparers, said National
Taxpayer Advocate Erin
Collins.
Of the 700,000-plus in-
dividuals with a PTIN, less
than half have credentials
such as being a lawyer,
certified public accountant
or enrolled agent. These
preparers who hold attor-
ney, certified public ac-
countant, or enrolled-agent
credentials must pass
competency examinations,
satisfy continuing educa-
tion requirements and are
subject to standards of conduct.
Plus, they can represent taxpayers
before the IRS in the event of an au-
dit or collections proceeding.
The IRS has a directory where you
can verify a preparer’s credentials.
Beyond credentials
Ask potential preparers about their
core practice to make sure they are a
good fit, Mr. Ernst said.
A new preparer should ask for a
taxpayer’s last year’s return since
items carry forward that taxpayers
probably won’t know to mention, said
Annette Clearwaters, a certified fi-
nancial planner in Mount Kisco, N.Y.
Another thing to look for is
whether a tax pro does only tax re-
turns or also does proactive tax plan-
ning. “A lot of them are just filing re-
turns and moving on,” she said.
 A12 | Wednesday, March 8, 2023 THE WALL STREET JOURNAL.

PERSONAL JOURNAL.
He recommends avoiding foods
YOUR and drinks sweetened with sugar
HEALTH alternatives. Use fruit or honey in
SUMATHI moderation, or a little bit of sugar,
REDDY if you want to sweeten something,

S
ome doctors are urging
patients to cut back
their consumption of
sugar substitutes as
questions mount about
their health effects.
In the latest study, published
February in the journal Nature
Medicine, Cleveland Clinic re-
searchers found that the com-
monly used zero-calorie sweetener
erythritol was associated with an
increased risk of heart attacks,
strokes and death within three
years.
Erythritol, a sugar alcohol pro-
duced naturally in the body, is used
as a sugar substitute in low-calorie
and low-carb products, often in
those marketed as keto-friendly,
such as ice cream, baked goods and
condiments. It is also often mixed
with other sweeteners.
As low-carb and ketogenic diets
have grown popular, people have
turned to nonsugar-sweetened
products for a hit of sweetness
with less sugar and carbs. Still, re-
searchers are warning that sugar
substitutes might pose their own
health concerns.
“We can’t say conclusively
that [sweeteners] are safe,” says
Dariush Mozaffarian, dean and
professor of nutrition and medi-
cine at the Friedman School of
Nutrition Science and Policy at
Tufts University. “I think that’s
really worrisome.”
Researchers have long looked
into possible health risks of alter-
native sweeteners, but many stud-
ies have used food diaries, which
researchers say aren’t always a reli-
able record of what people actually
eat. The latest study on erythritol
is more robust and comprehensive.
Other research has suggested
that certain sugar alternatives such
as sucralose and saccharin might
increase people’s risk of developing
SAM KELLY/THE WALL STREET JOURNAL
A Spoonful of Fake Sugar
Might Make Risks Go Up
Some doctors urge patients to cut back, citing possible health effects
limit their consumption of sugar
substitutes.
Doctors aren’t saying plain sugar
is a good alternative, since it has
clear links to diabetes, obesity and
heart disease risks. Instead, they
recommend reducing your intake of
both sugar and sugar alternatives.
What the latest
research found
The findings recently published in
Nature Medicine result from more
he suggests.
The Calorie Control Council, a
trade group representing the low-
calorie food and beverage indus-
try, said in an email that the
safety of erythritol is backed by
years of research. It said that
findings from a study focusing on
people already at risk for cardio-
vascular issues shouldn’t extend
to the wider population.
A representative for the U.S.
Food and Drug Administration said
the agency doesn’t comment on
specific studies but evaluates them
within the wider body of evidence
to better understand issues and
protect public health.
Many of the studies that the
FDA relies upon to establish the
safety of sugar substitutes used
small amounts, says Dana Small, a
professor of psychology and psy-
chiatry at Yale University and di-
rector of its Modern Diet and
Physiology Research Center. Dr.
Small has conducted research on
sugar substitutes but wasn’t in-
volved in the Nature Medicine
study.
Many artificial sweeteners are
used in very small amounts be-
cause they are much sweeter than
sugar, researchers say. Erythritol,
on the other hand, is slightly less
sweet so is used in higher quanti-
ties in food products.
“The amount of erythritol peo-
ple consume on a daily basis is
higher than other artificial sweet-
more than 1,000 people, the chemi- Mozaffarian says. But it did include eners,” says Jotham Suez, an assis-
cal that seemed to predict risk the many people, roughly 4,000. tant professor of microbiology at
most was erythritol, Dr. Hazen Dr. Hazen says in every group Johns Hopkins Bloomberg School
says. The samples were collected they analyzed, participants with of Public Health who studies sugar
between 2004 and 2011, before higher levels of erythritol were alternatives and wasn’t involved in
erythritol was a common additive more likely to have a heart attack the Nature Medicine study.
in the food industry. Researchers or stroke or die in three years. The Earlier research has flagged
believed the erythritol they mea- researchers also did animal and lab risks with other sweeteners. A
sured was produced naturally in studies, finding that erythritol re- 2022 study in the journal Cell
the body. sulted in an increased risk of clot- found that two—sucralose and sac-
The researchers then examined ting in mice and in blood and charin—were linked to elevated
levels in more than 2,000 people in platelet samples. blood glucose levels, a risk factor
the U.S. and more than 800 in Eu- for developing Type 2 diabetes.

Type 2 diabetes.
Most of the studies—including
the recent one on erythritol—show
an association between sugar alter-
natives and health risks, but don’t
prove that the sweeteners cause
the problems.
Still, doctors and researchers
say there is enough evidence out
there now that people should
than a decade of research. Initially,
researchers were looking for com-
pounds in the blood that might
predict development of heart dis-
ease and strokes, says Stanley L.
Hazen, senior author of the study
and chair of the department of car-
diovascular and metabolic sciences
at the Cleveland Clinic.
After analyzing blood from
rope. Most of the participants, What you can do And a 2020 study in the journal
whose median age was in the 60s Dr. Hazen says he is telling pa- Cell Metabolism found that people
and 70s, either already had heart tients to look carefully at labels who consumed the sweetener su-
disease or were at risk for it as a on foods they buy, although he cralose in combination with carbo-
result of conditions such as high notes that erythritol might not al- hydrates for one week became less
blood pressure and diabetes. ways be specifically named with sensitive to sugar. Specifically,
The biggest limitation with the amounts as an ingredient. Prod- more insulin was released upon
Nature Medicine study is that par- ucts with ingredients such as consuming the same amount of
ticipants were largely people with “sugar alcohol” or “natural sweet- sugar, which is similar to what
risk factors for heart disease, Dr. eners” could include erythritol. happens in diabetes.

neyland Resort in California.

JOURNALISTS DON’T Families Skip School
‘JUST WRITE STORIES.’ For Disney Trips
Continued from Page One
The forms asked her to state
THEY RECORD HISTORY. why the trip would be educa-
tionally beneficial.
Inspired by a project she
did in high school, Ms. How-
ard, a nurse, decided to cre-
ate journals for each of her
daughters, who range from 8
to 16. The plan: Fill the jour-
nals during their trip with
things they learned at the
theme parks and during the
drive from Kentucky
to Florida.
When the family,
which lives in Ow-
ensboro, Ky., visited
the Magic Kingdom
park, they had to
discuss what they
learned about tech-
nological innovation
from the Walt Dis-
ney’s Carousel of
Progress attraction.
When they visited
Disney’s Hollywood
Studios park, they
discussed the mech-
anisms involved with
“The Twilight Zone
Tower of Terror” af-
ter they discovered
that the ride wasn’t
in operation.
Ms. Howard ad-
mits her daughters
grumbled whenever
she brought out the
journals during the trip, but
predicts they will serve as
good mementos.
“I think in 10 years or so,
they’ll get to look back on
this and say, ‘I forgot we did
that—that was cool,’ ” Ms.
Howard says. The schools ul-
timately never asked Ms.
Howard’s daughters to show
proof their Disney World
getaway was educational.
SAM KELLY/THE WALL STREET JOURNAL|, ISTOCK (13)
he is open to parents pulling
their children out of school
to go on trips, so long as the
absence doesn’t stretch too
long.
“I know a lot of teachers
get annoyed by it or roll
their eyes, but for me, I feel
like particularly in middle
school it’s not a terrible
thing for children to spend
quality time with their fami-
lies,” he says.
In the past, Mr. Cave
would prepare assignments
for students to do over vaca-
tions. Now he doesn’t
bother, unless a parent with
a guilty conscience asks for
it.
“Experience told me that
work just usually does not
get finished,” he says.
Families save money by
traveling off-peak. The latest
This allowed the family “to
go experience the Christmas
magic without the crowds,”
Mrs. Thatcher says.
Their sons, 12 and 8, also
went on multiple rides for
the first time, including a
new attraction based on the
“Spider-Man” films.
“I think it’s really good
for their mental health,”
Mrs. Thatcher adds.
Brooklynn Randall, a 12-
year-old from Edmonds,
Wash., visited New York City
with her parents and older
brother the week before
winter break began in De-
cember. The day the family
left for the Big Ap-
ple, her choir class
had a field trip, she
says.
When her flight
landed, Brooklynn
says she opened her
phone to see around
50 texts from her
friends complaining
about the field trip,
where they had to
sing carols at ele-
mentary schools.
Brooklynn and her
brother Nolan say it
wasn’t just their
friends who were
jealous.
“The day before I
left, I told my theol-
ogy teacher, and she
said, ‘You’re really
going there without
me? I’m so bummed.
I’ve always wanted
to go to New
York,’ ” Nolan, 17, says. Dur-
ing their visit, the family
walked around Central Park
and visited the Brooklyn
Bridge.
Nolan and Brooklynn’s
parents, Rick Randall, vice
president of title operations
for a title insurance com-
pany, and Jody Randall, who
is self-employed running a
cookie-baking business, say

Educators are divided consumer-price index for going on these trips is an

over the trips. Michael Got-
Learn more about the impact your tfried, a professor at Univer-
sity of Pennsylvania’s Gradu-
journalism career can have on the world. ate School of Education, says
Wall Street Journal reporter Erin Ailworth students may benefit from
visiting historical sites or
and others share career advice at museums, but he adds these
dowjonesnewsfund.org/careers. trips don’t fully compare
with in-class instruction.
Tim Cavey, a middle-
school teacher from Vancou-
ver, British Columbia, says
airfares showed prices were
up nearly 26% on an unad-
justed basis compared with a
year earlier.
Courtney Thatcher, from
South Jordan, Utah, who
works in risk management
for a healthcare company,
and her husband, Mike, a lab
technician, pulled their sons
out of school for 2½ days in
early December to visit Dis-
important part of their par-
enting philosophy, even if it
means pulling them out of
school.
The family has taken time
off school to visit theme
parks, the beaches of Hawaii
and spring training baseball
games in Arizona.
“We just want to make
memories with our kids,”
says Mrs. Randall.
 THE WALL STREET JOURNAL.
MUSIC REVIEW | MARK RICHARDSON
‘Fantasy’:
Song of the
Synthesizer
The new record from a
master world-builder
Anthony
Gonzalez, who
leads M83
ELLA HERME
I
n 2011, M83, an indie rock
band led by French singer-
songwriter Anthony Gonza-
lez, who is the group’s only
constant member, released
its sixth LP, “Hurry Up, We’re
Dreaming.” M83 was already well
known in the rock and electronic
underground. The project’s early
albums were mostly instrumental
and filled with dramatic synthe-
sizers that brought to mind cine-
matic groups like Tangerine
Dream mixed with a pop sensibil-
ity and a sense of songcraft that
grew with each new release. But
“Hurry Up” turned out to be one
of that year’s most acclaimed re-
leases. It was nominated for a
Grammy for Best Alternative Mu-
sic Album, and its hypnotic single
“Midnight City” topped critics’
polls, was licensed for commer-
cials, and currently has over 800
million streams on Spotify. This
was the kind of moment most
would seize upon and try to chan-
O
nce upon a time, you couldn’t
talk about sex in polite con-
versation, much less on tele-
vision. Then we talked sex to death,
but didn’t talk about death. Now,
characters commute from here to
the hereafter as if they had an E-
ZPass. And that’s not even counting
the vampires.
In the too-cleverly titled “School
Spirits,” Madison Nears (Peyton
List) has a not-untypical problem:
She’s dead. The circumstances are a
mystery—the mystery in this eight-
episode season based on a graphic
novel by Nate Trinrud, Megan Trin-
rud and Maria Nguyen. (The Trinrud
sibs created the show.) Madison, or
Maddie, is unclear what happened
to her. At first, she travels the hall-
ways of Split River High School not
knowing why she’s being ignored,
then realizes she can’t be seen, or
heard—not by the living. The only
“individuals” with whom she can
communicate are the other dozen
or so students who have died on
school grounds over the years, who
attend a support group led by a de-
ceased teacher, Mr. Martin (Josh
Zuckerman), but can’t leave the
campus: Every time Maddie tries,
she’s thrust back onto the floor of
the school’s boiler room, where her
blood has been found, but not her
body. Search parties continue to
scour Split River for Maddie, but
the rescue effort is fast becoming a
recovery mission.
“School Spirits,” which recalls
“The Lovely Bones,” albeit with a far
less dreadful tone, is entertaining
and Ms. List (“Cobra Kai”) is mag-
netic. But her advantage is having
only one role to play—i.e., the dearly
departed, who is confused, bereft
and more than a little ticked off at
having had her life abbreviated.
Those around Ms. List are walking
actorly tightropes—Spencer Mac-
ARTS IN REVIEW
nel into something even bigger.
But Mr. Gonzalez had other ideas.
During the rest of the decade,
he scored films—most notably,
2013’s post-apocalyptic adventure
“Oblivion,” star-
ring Tom
Cruise—and
worked on am-
bient instru-
mental music,
but seemed in
no hurry to re-
turn to the style
that brought
him to the
masses. The
lone song-ori-
ented M83 al-
bum he issued
in the decade
since, 2016’s “Junk,” was patchy
and unfocused, as if he were cast-
ing about for a new direction.
“Fantasy” (Mute) the ninth M83
LP, out March 17, is not a sequel
to “Hurry Up,” but it’s easily Mr.
TELEVISION REVIEW | JOHN ANDERSON
High-School Mystical
Milo Manheim, Peyton List and Nick Pugliese, above, and Sarah Yarkin, above right, in ‘School Spirits’
pherson, for instance, who plays
Maddie’s boyfriend, Xavier, with a
dull-eyed shiftiness. Although Xa-
vier was found with Maddie’s
phone, he has an alibi—as well as a
weasel quality that renders him a
prime suspect regardless. (His ex-
tracurricular hookups don’t help his
case.) The “cool” teacher, Mr. Ander-
son (Patrick Gilmore), isn’t above
suspicion either. And even Maddie’s
widowed, alcoholic mother, Sandra
(Maria Dizzia), might deserve a lit-
tle more scrutiny that she’s getting
from a police department led by—
Gonzalez’s strongest album since
2011, and may be the musician’s
best-ever fusion of his ambient
and song-focused tendencies.
The songs in the first half lay
out the stakes,
describing a
world where ev-
ery passing feel-
ing is a matter
of life and death.
The opening in-
strumental, “Wa-
ter Deep,” has a
pronounced
1980s sheen,
evoking the
soundtrack work
of Giorgio Mo-
roder from that
decade—a time
when futuristic synthesizers
mixed easily with heavily pro-
cessed solos on electric guitar.
The next track, “Oceans Niagara,”
has a sugar-rush chorus with
massive washes of background vo-
yes—Xavier’s father.
That only three episodes of
“School Spirits” were made available
for review isn’t so unusual. Some-
times the series are unfinished.
(“School Spirits” completed filming
in November.) More often, produc-
ers fear the leakage of spoilers that
will supposedly ruin the experience,
though sometimes the experience
doesn’t warrant concealment. Here,
it is a matter of life and death: As
Maddie is informed by the rest of
her support group, once you’re dead
you’re dead. There are no atone-
Wednesday, March 8, 2023 | A13
cals, but it also has comparatively
spare and minimalist passages
where we’re invited to luxuriate
in the sound of a vintage synth
pulsing quietly on its own. And
“Earth to Sea” has a bouncy syn-
thetic bassline and digital hand-
claps, though over its length
these dance-leaning elements re-
cede into the shimmering drones
built from guitar and electronics.
The record as a whole evokes
the dream-pop brand of indie mu-
sic that bubbled up in the 1980s,
as embodied by the Cocteau
Twins and compatriots on the
4AD label, along with later shoe-
gaze bands like Lush and Slow-
dive. But Mr. Gonzalez uses the
signifiers of these genres—dis-
torted guitars that sound like
waves crashing on a shore, vocals
processed with reverb to sound
like a communication from the
unconscious, slow-to-mid tempos
that allow the texture plenty of
opportunity to seep in—for his
ments, no resolutions and certainly
no chitchat with the living. And yet,
not very far into episode 1, Maddie
is seen and heard by her living,
breathing best friend, Simon (Kris-
tian Flores), who is likely in love
with Maddie, never liked Xavier any-
way and sets out to crack the case.
This astonishes the dead ones, who
include Charley (Nick Pugliese), a
gay kid from the ’90s; Wally (Milo
Manheim), a jock from the ’80s; and
Rhonda (Sarah Yarkin), a beatnik
from the early ’60s.
So what exactly is the deal? If
the rules of the afterlife, even this
own ends. Rather than conveying
more abstract states of mind, he
goes for the gut, zeroing in on
feelings of bliss, awe, joy and
heartbreak, with a particular em-
phasis on the power of dreaming.
“To the edge of wonder / Where
the wire stretches,” he sings on
“Earth to Sea,” perhaps pointing
to the place where he hopes to
take the listener.
Lyrics have never been Mr.
Gonzalez’s specialty—he’s not one
for nuance, and is generally con-
tent to let a few broad strokes cre-
ate a frame that he fills with mel-
ody and his heavenly productions.
Given that, he wisely keeps them
minimal. “Oceans Niagara” repre-
sents the extreme here, the only
lyrics being the repeated refrain
“Beyond adventure.” But it’s a tes-
tament to Mr. Gonzalez’s record-
making ability that it still feels
more or less like a complete song
as it coasts through different sec-
tions—percolating synths, an ex-
plosive chorus-like surge, billow-
ing guitar riffs—on a steady-state
mechanized rhythm that brings to
mind sleek German rock bands
from the ’70s like Neu!.
Washes of ambient
sound meet a finely
honed pop style on the
new album from M83
The record gets slightly more
experimental as it goes, with lon-
ger tracks and more varied instru-
mentation, but its greatest
strength is that it holds together
as a front-to-back listen. Though
Mr. Gonzalez is a master of
wringing an impressive range of
sounds from his guitars and
synths, the sonic palette is rela-
tively uniform. Track six, “Radar,
Far, Gone,” is a delicate ballad
built around an acoustic guitar
and piano, and it coasts by like a
warm breeze during a night of
stargazing. And while the instru-
mentation is more organic than
that found on much of the rest of
the album, it still has an evoca-
tive electronic twinkle.
“Deceiver” goes on for over
four minutes before the vocals be-
gin, but Mr. Gonzalez’s music is
so carefully constructed the
lengthy passage doesn’t register
as an intro—the ear follows the
twists and turns even with no
voice as a guide. Late in the re-
cord, “Kool Nuit” adds strings and
then the closing “Dismemberment
Bureau” adds robotic processing
to the vocals and a more sinister
cast to the electronics. But these
are all differences in shading on
an album that sometimes feels
like one long and beautifully en-
veloping song. “Fantasy” seems
unlikely to hit with the impact of
M83’s most popular work, but it’s
just as accomplished in its own
way, and affirms Mr. Gonzalez’s
status as a master world-builder.
Mr. Richardson is the Journal’s
rock and pop music critic. Follow
him on Twitter @MarkRichardson.
PARAMOUNT+ (2)
customized afterlife, aren’t true to
themselves, where are matters
likely to go? Living-dead mixers?
Outright resurrections? You’d like to
know the filmmakers’ philosophy
about immortality, because there
seems a very fine line between the
physical world and that of the de-
ceased, who are actually a lot more
fun. (Mr. Manheim and Ms. Yarkin
are comic standouts.) At the same
time, they have less to worry about.
A viewer might be curious, early
on, about something else: A lot of
kids have died at Split River High. If
there had been this kind of mortal-
ity rate at a school in a town this
size, people would grow up hearing
the stories. Yet when Maddie meets
Rhonda she doesn’t say, “Oh, wow,
you’re that girl who in ’62 was mur-
dered by her guidance counselor
who died in prison.” She has no idea
who Rhonda is. Or was. Granted,
part of Maddie’s anguish lies in a
fear of being forgotten. But for all
its virtues, “School Spirits” has no
idea how small-town folklore works.
School Spirits
Begins Thursday, Paramount+
 A14 | Wednesday, March 8, 2023 THE WALL STREET JOURNAL.

SPORTS
BY ANDREW BEATON
AND JOSHUA ROBINSON
Chess Bodies Failed to Act its knowledge of the allegations. Af-
ter the Journal’s inquiries, the club

W
said in a statement that it accepted
hen former U.S. women’s Ramirez’s resignation on Monday
chess champion Jennifer
Shahade alleged on social
media last month that she had been
After Misconduct Allegations and that it has no further comment
on this employment matter.
Ramirez was the club’s highest-paid
sexually assaulted by a grandmaster Numerous women have accused U.S. grandmaster Alejandro Ramirez employee in 2018 and 2019, accord-
named Alejandro Ramirez, she had ing to its tax returns.
no idea it would set off a broad of sexual assault. His behavior was allegedly an open secret. The U.S. Chess Federation re-
wave of additional allegations. ferred to a statement dated Feb. 15
Shahade says she in which it said it was “aware that
was sexually assaulted one of its employees has made seri-
twice by Ramirez, one ous allegations about a member of
of the most recogniz- the chess community” and had
able faces in U.S. chess opened an investigation, without
over the past two de- naming Ramirez.
cades. Her allegations Shahade, a 42-year-old women’s
and others in recent grandmaster, said she was sexually
years were reported to assaulted by Ramirez twice. In the
top chess bodies, in- more recent of the two incidents, in
cluding the U.S. Chess 2014, she said they were at a small
Federation and the St. gathering in St. Louis when, at a
Louis Chess Club, moment when no one else was
which failed to act or around, he “slammed” her against
effectively investigate the wall and forcibly kissed her.
when learning of them, Shahade said she confronted
according to interviews Ramirez in October 2020 when he
and documents re- was set to serve as a commentator
viewed by The Wall with her on the U.S. junior girls
Street Journal. championship. After telling the
Then after her club, she said they told her to call
tweet, messages him and deal with the matter. A
poured in. Ten other message reviewed by the Journal
women from the chess shows she contacted him the day of
community reached the opening ceremony, when he was
out to Shahade to say among the planned commentators.
they had also been as- Shahade said that, during a
saulted or harassed by him, accord- Former U.S. women’s chess champion phone call, Ramirez immediately
ing to texts and direct messages the Jennifer Shahade alleged that she agreed to step down from the com-
Journal reviewed. was sexually assaulted by mentary role that October. She also
The allegations represent a stun- grandmaster Alejandro Ramirez. said he later called back and apolo-
ning turn for Ramirez, 34, who was gized for his behavior with her. Vid-
once the second-youngest grand- allegations against him by the Jour- eos show he didn’t serve as a com-
master in the world and the first nal, Ramirez issued a press release mentator at the tournament.
from Central America to earn the ti- through his attorney saying that he In 2020, Shahade said she also
HANNAH YOON FOR THE WALL STREET JOURNAL; BILL GREENBLATT/UPI/SHUTTERSTOCK

tle. Ramirez, born in Costa Rica,
switched to representing the U.S. in
2011. He has also coached, men-
tored younger players and built a
profile as a commentator.
In interviews with the Journal,
eight women accused Ramirez of
wrongdoing, saying that he used his
status in chess to put himself in po-
sitions of influence and make re-
peated unwanted sexual advances
toward them since 2011. Ramirez,
they said, became physically ag-
gressive as he forcibly kissed and
groped them without their consent.
Three were under the age of 18 at
the time of the alleged incidents, in-
cluding one who said Ramirez sup-
plied her with vodka before he co-
erced her into performing oral sex.
On Monday, two days after being
presented with a detailed list of the
had resigned from his roles at the
St. Louis Chess Club and as coach
of the St. Louis University chess
team because the investigations
now being run by U.S. Chess and
the club had become a “negative
distraction.”
Albert Watkins, Ramirez’s attor-
ney, didn’t comment on specific al-
legations, saying he had been di-
rected to respect the confidentiality
of the investigative undertakings.
“In this era of introspection and
sensitivity to all matters ‘Me Too’
related, Ramirez remains very sup-
portive of those who seek to raise
issues of concern about anyone,”
Watkins wrote in an email.
Allegations about Ramirez’s con-
duct have been known to top chess
bodies— including the U.S. Chess
Federation and the St. Louis Chess
Club, the global hub for the game
backed by billionaire Rex Sinque-
field—for several years.
A lawyer for the St. Louis Chess
Club wrote in a 2021 letter that it
was aware of Shahade’s allegation
in 2020. In 2021, the club and U.S.
Chess were informed of allegations
against Ramirez, according to inter-
views and documents reviewed by
the Journal. Ramirez was nonethe-
less tapped to coach the U.S.
women’s team at the World Chess
Olympiad in 2022.
Ramirez is now being investi-
gated by the U.S. Chess Federation
and the St. Louis Chess Club, where
he was a resident grandmaster. He
was removed from coaching St.
Louis University’s chess team on
Feb. 16, the school said, the day af-
ter Shahade’s tweet. Ramirez was
also taken off the Athletes’ Commis-
sion of FIDE, chess’s world govern-
ing body, pending the U.S. Chess
probe. “The University takes mat-
ters of sexual harassment and mis-
conduct very seriously and has ro-
bust policies and procedures in
place to respond to any report it re-
ceives,” St. Louis University said in
a statement.
The organizations that oversee
the game continued to place
Ramirez in roles that often involved
working closely with women, even
after first learning about allegations
about him. “I was concerned that
there was a clear and present dan-
ger that he could have interactions
with girls and women,” Shahade
said of her decision to go public.
St. Louis Chess Club didn’t re-
spond to specific questions about
spoke with U.S. Chess officials
about Ramirez’s alleged behavior.
Shahade has served as the woman’s
program director for U.S. Chess
since 2018.
In 2021, Greg Shahade, Sha-
hade’s brother and a high-level
player, contacted St. Louis Chess
Club and U.S. Chess to inform them
of Ramirez’s alleged behavior, ac-
cording to emails reviewed by the
Journal.
Two months later, a letter came
back from a lawyer representing the
club, acknowledging that it had
heard about the allegations in Octo-
ber 2020. The letter said they
weren’t aware of any inappropriate
conduct by Ramirez. It further said
that the club was not the proper
party to review and investigate the
matters he raised.

The WSJ Daily Crossword | Edited by Mike Shenk

1 2 3 4 5 6 7 8 9 10 11 12 23 Goldman’s
partner
PGA Tour’s Commissioner Avoids
13 14
24 “Likely story” Saying the Words ‘Saudi’ or ‘LIV’
15 16 25 Less
fainthearted BY ANDREW BEATON events reflecting LIV’s for- tions about whether the Tour
17 18 19 20 AND LOUISE RADNOFSKY mat—which features limited would ever consider allowing
27 Practically fields of 48 players and no LIV players to return, saying
21 22 23 24 25 irrelevant A YEAR AGO, Cameron cut—Monahan noted the PGA “players that are playing on
31 Made pay Smith walked off the 18th Tour has long had events that tour are contractually
26 27 28 29 green at TPC Sawgrass as with that structure and made obligated to play on that
32 Epoch the winner of the PGA Tour’s a not-so-subtle contrast tour” and that “our proposi-
30 31 32 33 33 Drinking premier event, the Players when he emphasized that the tion…has not changed.”
toast Championship. But this time Tour remains a meritocracy. The closest he came to a
34 35 36 37 around, Smith is absent from Unlike LIV, which has a barb aimed at Saudi Arabia
35 “Hard pass” the tournament—in a stark largely set group of golfers, was when he questioned
38 39 40 sign of the game’s radical up- Tour players will qualify into LIV’s stated goal in standing
36 “Bad idea,
buddy” heaval since the launch of the elevated events based on up a golf circuit, “to grow the
41 42 43 44 45 LIV Golf, the Saudi-backed their performance. game.”
37 “Alas...” circuit where Smith now Monahan repeatedly made “Grow the game, I don’t
46 47 48 49 50 plays. remarks emphasizing what fully understand that expres-
40 Negative
“Yes, it’s awkward,” PGA the PGA Tour believes makes sion,” he said.
51 52 53 from Nikita
Tour commissioner Jay
41 Pizzeria Monahan said Tues-
54 55 56 57 58 owner in “Do day. “But ultimately,
the Right that’s a decision he
59 60 made.”
Thing”
Speaking ahead of
61 62 42 Wave peaks this year’s Players
43 “Dragnet” Championship, Mona-
declaration han managed to en-
MIX TAPE | By Ella Dershowitz tirely avoid using the
Across 28 Aladdin’s 53 Mountains 6 Parsley unit 45 Bordeaux words “Saudi Arabia”
simian wine or “LIV”—referring to
1 2022 54 College 7 Retro hip the latter only as “that
sidekick musicians 47 Her first
Super Bowl beer, initially tour”—but there’s no
champs 29 Canine-care making book club
8 Sea urchin tournament that so
deg. shapes on choice was
7 “In Search of eggs clearly reflects the
the field, or “The Deep
Lost Time” 30 Composer seismic changes Mo-
do what this 9 Symbol of End of the nahan has made in re-
writer Webern Ocean”
puzzle does wisdom sponse to its upstart
13 Down beats? 31 Diamond to the once- 48 NBC fixture rival. This year’s Play-
10 Bolt on a
sides recognizable since 1975 ers features a $25 mil-
14 Shows track
34 •Fond starred lion purse, the PGA PGA Tour commissioner Jay Monahan held a news conference Tuesday.
reverence for, phrases 11 Did salon 49 Pursuit of a Tour’s highest ever, as
in a way pre-sleep mate?
work part of its efforts to increase it distinct from its rival. He Monahan’s tone repre-
words to one’s 59 Exactly
15 •Blood bunny slope 12 Searched 53 Have ___(be prize money in the wake of spoke of “the dynamic, conse- sented a marked shift from
sports? 60 Julia Louis- connected) LIV, which happens to have quential competition that will comments last June, shortly
companions? messily
Dreyfus’s $25 million purses at its always be our calling card” after LIV’s launch, when he
17 Response 38 Broadsides “Veep” role 16 Antipollution 55 Downed events. (“Imitation is the and said that “it’s clear that remarked: “This is an arms
to some org. greatest form of flattery,” LIV the PGA Tour stars have race, and if the only weapons
39 Grant Wood, 61 Nice round 56 La ___des
name-calling tweeted about the PGA Tour been inspired by the opportu- here are dollar bills, the PGA
for one figure 17 “You’re a riot!” Caraïbes
changes last week.) nity to compete head-to-head Tour can’t compete.”
18 Ballroom 41 Chem. or bio. 57 Sacramento
62 Meager 20 Pompous Beyond the increased prize more regularly on some of Instead, ahead of the
dance move newspaper money that has been injected golf’s biggest stages.” Tour’s signature event teeing
44 Fossey sort
Down into certain tournaments, At one point he referred to off, Monahan hyped the pop-
19 “Play it once, subject 22 Place to walk 58 In imitation
Sam, for old 1 Tearing down eight elevated events next continued membership of the ularity of the behind-the-
45 Air on water of year will feature fields of 70 PGA Tour as “the ultimate scenes Netflix golf docuseries
times’ sake” 2 Almond-
speaker to 80 golfers—versus the 144 prize.” That idea is at the “Full Swing,” the changes that
46 •Simba’s flavored Previous Puzzle’s Solution
competing this week—and no heart of intensely fought liti- will bring together the top
uncle, liqueur S P A T S I L S A S O P H
21 Growler filler E L B OW M E I R T H E O cut after 36 holes. Monahan gation in a federal court in golfers more often in the ele-
prepared for E Y E P O P P I N G A G E S touted those changes and California, where LIV players vated events and the com-
22 •New 3 1960 Summer
battle? O R E S O R I O L E struck a bullish tone about and the golf circuit itself are petitiveness of the Tour, with
Olympics
RICHARD HEATHCOTE/GETTY IMAGES

employees P R O P P E D U P U N D E R
50 Versatile host L O V E S E R O D E
the Tour’s standing. suing over the players’ ejec- the No. 1 spot in the Official
at a gaming “We are coming into the tion from PGA Tour events World Golf Rankings flip-flop-
company? truck, for 4 Dadaist who A T A R I S E L I U S M C
short C O L O N E L I N E R T I A players with a tremendous and allegedly monopolist be- ping among three players in
26 He may make went by both E R S T MA E E M B E D S amount of momentum, both havior. The Tour has filed a recent weeks.
51 Spring Hans and P I MM S P A I G E on and off the course,” Mona- countersuit against LIV for Monahan didn’t say so, but
a killing M I N A J E S T R A N G E D
making a 52 Wild group, Jean han said. “It’s a great time to trying to poach its stars and in golf these days, even those
A R O U S E P A I N
killing initially 5 Initial J U S T C R A C K A J O K E be a PGA Tour fan and a interfering in its business rankings are contentious—LIV
O L E O H A C K D E P O T PGA Tour player.” deals. hasn’t been accredited by the
▶ Solve this puzzle online and discuss it at WSJ.com/Puzzles. R E D S OWE S A T T I C Despite those elevated Monahan deflected ques- OWGR.
THE WALL STREET JOURNAL.
OPINION
The Public Taste for Lies Revisited
Two years
ago, on the
subject of the
public’s dis-
turbing pref-
erence for
fictionalized
BUSINESS
“news,” I a widely criticized, highly
WORLD
doubted the
By Holman W.
legal merits
Jenkins, Jr.
of voting-ma-
chine claims
against Fox News but suggested
the lawsuits nevertheless “rep-
resented a healthy impulse to
get the evidence before a forum
where evidence still matters.”
Voila. Fox opinion hosts, at
least in the one-sided evi-
dence presented so far, are
shown to have been privately
scathing about Donald
Trump’s election claims even
as they gave air-time to
Trump allies Fox viewers
plainly wanted to hear.
The moment isn’t an exact
analog to a prominent pod-
caster admitting the lie about
Hunter Biden’s laptop being a
Russian plant because he also
approved the lie, but it’s close.
It’s pleasant at least to
know that Fox opinion hosts,
such as Tucker Carlson and
Laura Ingraham, had their
wits about them on the evi-
dence and the requirements of
evidence. If as much attention
were paid to revelations about
other news outlets’ faulty han-
dling of the Russia-collusion
farce, Hunter Biden’s laptop or
the FBI’s actions in the 2016
election, we might be getting
somewhere now.
Fox can comfort itself that
its on-air sources took respon-
sibility for their own allega-
tions, unlike so many collusion
‘Defund the Police’ Is Over. Now What?
Lori Light-
foot, the in-
cumbent Chi-
cago mayor,
received only
17% of the
POLITICS vote last
week in the
& IDEAS
first round of
By William
balloting and
A. Galston
failed to ad-
vance to the
runoff. First-place finisher
Paul Vallas, who ran on a law-
and-order platform, got
nearly twice as many votes.
Two days later, President Bi-
den informed Senate Demo-
crats that he would not veto a
Republican-sponsored effort
to overturn the District of Co-
lumbia’s newly enacted bill
that would have reduced
criminal sentences.
On Sunday New York
Mayor Eric Adams, a Demo-
crat and police veteran, called
Ms. Lightfoot’s defeat a
“warning for the country”
and defended his tough-on-
crime stance. “New Yorkers
felt unsafe, and the numbers
showed that they were un-
safe,” he said. If other Demo-
crats “want to ignore what
the everyday public is stating,
then that’s up to them. I’m on
the subways. I walk the
streets. I speak to every day
working-class people. And
they were concerned about
safety.”
These events prove that
dealing with the crime surge
is back on the national
agenda. Democrats must find
a way to demonstrate their
How FBI Took an Innocent Woman’s Savings
By Robert Frommer
T
he Federal Bureau of In-
vestigation regularly
seizes cash, cars and
other valuables that belong to
people who aren’t accused of
any crimes. Months later,
many of those people receive
a dense, boilerplate notice
stating that the FBI plans to
keep their property forever,
without any explanation of
why—a blatantly unconstitu-
tional practice.
That’s what happened to
Linda Martin. When the FBI
took her life savings from a
safe-deposit box during a 2021
raid of US Private Vaults in
Beverly Hills, Calif., she as-
sumed her money would be
returned. The company’s al-
leged wrongdoing had nothing
to do with her. But several
months later, she—and hun-
dreds of other innocent peo-
ple who had their safe-deposit
boxes taken—received a notice
stating that the government
wanted to forfeit her money.
The notice’s dense legalese
pointed to the bureau’s statu-
stories where anonymous
sources were allowed to ad-
vance their false claims under
the imprimatur of major news
organizations.
Fox viewers were also left
in no doubt they were hearing
questionable, minority view-
point about the election out-
come. Fox’s own news anchors
told them so. So did almost
every other news outlet.
A question this column has
wrestled with more than once:
When are the lies of a disrep-
utable and widely discredited
figure like Mr. Trump a bigger
danger to the republic than
lies that receive the near-uni-
versal endorsement of the es-
tablishment and its institu-
tions?
The moment is bigger than
it seems. Harvard’s Martin
Kulldorff and Stanford’s Jay
Bhattacharya have lent their
names to a growing call for a
Covid commission, also en-
dorsed by this column, albeit
for the limited purpose of ex-
amining the government’s
pandemic messaging, though
it may be a distinction with-
out a difference.
All the questions Profs.
Kulldorff and Bhattacharya
ask could also be asked of the
media, starting with the one
at the bottom of it all: Why
ignore or downplay the real-
ity of mild and asymptomatic
spread and its visible corol-
laries? From this mistake
flowed so many misguided,
inefficient pandemic actions
aimed at protecting the least-
at-risk, which almost cer-
tainly did more harm than
good. From this also flowed
commitment to public safety
while pursuing reasonable re-
forms of the criminal-justice
system.
President Biden has some
work to do. In a recent You-
Gov survey, 62% of respon-
dents said the issue of crime
is “very important” to them.
But despite Mr. Biden’s stead-
fast rejection of calls to de-
fund the police, only 32% ap-
proved of his handling of the
issue.
As veteran Democratic po-
litical analyst Stanley B.
Greenberg pointed out last
fall in a stinging article,
Americans—including sub-
stantial portions of the Demo-
cratic base—trust Republi-
cans more to deal with crime.
Unless Mr. Biden can separate
himself from the negative
perceptions of his party on
crime, he will pay a price in
2024. His decision not to veto
the sentencing reform bill
was a necessary step in this
direction.
Some left-leaning Demo-
crats insist that crime is a
phony issue that Republicans
and centrist Democrats have
ginned up for political advan-
tage. My own experience sug-
gests that crime is increasing,
as is concern among citizens
who have no motive to hype
the issue.
About a year ago, my wife,
who follows the neighbor-
hood listserv carefully, no-
ticed an alarming uptick of
reported crimes in our area.
We live in Maryland’s Mont-
gomery County, a prosperous
tory authority for forfeiting
her property—including such
wide ranging laws as the Tar-
iff Act of 1930, espionage laws
and rules against business
dealings with North Korea.
But it didn’t accuse Ms. Mar-
tin of any crime or even lay
out why the FBI was trying to
take her property.
Linda Martin stands
accused of no crime.
The bureau seized her
money anyway.
Confused, Ms. Martin took
the first option the notice laid
out: filing a petition with the
FBI. She later discovered,
however, that doing so con-
ceded her property’s forfeit-
ability, leaving it to the bu-
reau to decide if it would give
her life savings back as a mat-
ter of administrative grace.
Almost two years later, her
money still sits in a govern-
ment account with no indica-
so much of the false and ma-
nipulative messaging now
rightly being criticized, about
masks, natural immunity, vac-
cine risk and benefit, and
even the likelihood of dying
from Covid.
In one way, I dissent from
the critique of our health-care
absolutists: The demand for
their ministrations bubbled
up from below. On Dec. 28,
2020, the New Yorker maga-
zine devoted almost a whole
issue to investigating the
pandemic—not the pandemic
A Fox News lawsuit
exposes the dilemmas
of ‘post-objectivity’
journalism.
in front of its face, the pan-
demic of media myth, in
which competent government
officials somehow can stop a
new, easily transmissible,
world-wide respiratory virus
from spreading.
In an in-house publication
of the Fred Hutchison Cancer
Center, virologist Jesse Bloom
was speaking of the lab-leak
hypothesis but his words
strike me as having a wider
applicability. He noted the
strange spectacle of scientists
and others caring less about
finding the truth than about
rooting for “one or the other
possibility to be true.”
Yes, and this collapse of re-
spect for evidence is making
society stupid. Social media is
blamed at least by those who
don’t blame Mr. Trump for
area with good public schools
and a wealth of social ser-
vices. Homicides in the
county surged by 88% from
2020 to 2021 while carjack-
ings rose by 72% and identity
theft by 62%. (My wife and I
have recently been victims of
identity theft several times.)
In 2022 violent crime rose
13%. At midyear, the county’s
police chief reported that
while homicide was leveling
off, nonfatal shootings had
soared by 75% and public
shootouts were increasingly
common.
The Chicago mayor’s
race and Biden’s veto
show Democrats are
trying a new strategy.
Montgomery County isn’t
defunding the police, but offi-
cials report increasing diffi-
culty finding new recruits to
compensate for the accelerat-
ing pace of retirements and
departures. During 2021, the
number of officers fell by
more than 4%. In 2022 resig-
nations and retirements
surged by 64% while the num-
ber of new recruitments con-
tinued to fall, leaving 129 po-
sitions vacant. The county’s
legislative analyst projected
that the county could have
more than 200 authorized
and funded positions—about
18% of the total—unfilled by
2025. Last month the county
tion of whether it will be re-
turned.
Sadly, this isn’t unusual.
The FBI sends out similarly
inscrutable notices whenever
it wants to forfeit property, in
a clear violation of the Fifth
Amendment, which says the
government has to provide
due process before depriving
you of your property. That
means saying what it thinks
you did wrong, not stringing
together legal gibberish.
The FBI has apt incentive
to stretch the law to breaking,
given that federal agencies
keep the proceeds from for-
feited property. In the US Pri-
vate Vaults case, the FBI ad-
mitted under oath that even
before the raid occurred it
had decided to pursue prop-
erty forfeiture against every-
thing worth over $5,000 in
the renters’ boxes. Using fed-
eral forfeiture records, the In-
stitute for Justice calculated
that from 2017 to 2021 Jus-
tice Department agencies
gained more than $8 billion
through forfeiture, with the
FBI taking in more than $1.19
the lies of his enemies as well
as his own. But the mecha-
nism is unspecified. The
mechanism, it seems to me, is
“operant conditioning,” or the
simplest form of learning, the
kind that paramecia do, in un-
conscious response to re-
wards and punishments in the
environment.
Thanks to the very implau-
sibility of the Trump claims,
in the crisis at Fox News the
unconscious became con-
scious. Participants aired their
cognitive dissonance in an-
guished internal exchanges
that are now part of the public
record. The Trump allegations
were newsworthy. The audi-
ence wanted to hear them. But
they were also false. The mo-
ment is strikingly reminiscent
of the secretly recorded la-
ment four years earlier of a
New York Times editor in
front of his entire staff about
the paper’s failure to deliver
the Trump collusion story its
readers wanted.
The algorithms guarantee
our future won’t be without
news sites that try to please
their audiences. But the op-
portunity is obviously present
also for news outlets to be a
resort and refuge for consum-
ers who want disciplined, ra-
tional, evidence-respecting
claims that self-respecting re-
porters and editors have vet-
ted and put their imprimatur
on.
The ChatGPT moment, as
almost everyone has realized
in the past few weeks, makes
even more important the sur-
vival of news businesses that
maintain respect for evidence
and standards of evidence.
unveiled a new strategy—a
$20,000 signing bonus for
new recruits—in an effort to
stanch the bleeding.
Montgomery County isn’t
exceptional. It’s typical, and
that’s the point. Long-overdue
efforts to hold men in uni-
form accountable for abuses
have caused the morale of de-
cent veteran officers to fall,
even in well-managed depart-
ments. Around the country,
retirements and resignations
are way up and recruiting ef-
forts have struggled. In Louis-
ville, Ky., where Breonna Tay-
lor was killed, 300 positions
are vacant, and a recent class
for new candidates was only
one-third filled. A survey of
current members of the Lou-
isville force found that 75%
would leave if they could.
A vicious circle impends.
As the departure of veteran
officers thins police ranks,
crime is likely to rise further,
especially in communities
that are already hard-hit. But
as recent events in Memphis,
Tenn., show, sending inexpe-
rienced and inadequately
trained police into hot spots
can prove disastrous.
This is a dilemma not only
for Mr. Biden and his party,
but the whole country. Toler-
ating police excesses in the
name of crime control is no
longer an option and never
should have been. We must
find a way of restoring both
public safety and public confi-
dence in law enforcement. It’s
time to tone down the rheto-
ric and get to work.
billion of that bounty.
The courts have already de-
nounced the bureau’s prac-
tices. In an earlier lawsuit we
brought regarding the US Pri-
vate Vaults raid, a federal
judge declared the FBI’s no-
tices “anemic” and immedi-
ately halted forfeiture pro-
ceedings for our clients.
Unfortunately, that ruling
applied only to the named
plaintiffs in that suit. Ms.
Martin and hundreds of oth-
ers didn’t receive the same re-
lief. So Tuesday, she filed a
new class-action lawsuit in
the District of Columbia, seek-
ing to help anyone nationwide
who received one of the FBI’s
deficient notices.
Courts must demand jus-
tice by preventing agencies
from forfeiting property with-
out informing owners of what
they did wrong. Only then will
the Constitution’s demand for
due process be satisfied.
Mr. Frommer is a senior at-
torney with the Institute for
Justice. He represents Ms.
Martin.
Wednesday, March 8, 2023 | A15
BOOKSHELF | By Benjamin Shull
Bearing
Witness
War Diary
By Yevgenia Belorusets
(New Directions, 137 pages, $16.95)
‘T
he war has begun. It is after midnight. I will
hardly be able to fall asleep, and there is no
point in trying to calculate what has changed
forever.” So wrote Yevgenia Belorusets from Kyiv in the
early hours of Friday, Feb. 25, 2022, at the outset of
Russia’s invasion of Ukraine. Her diary entry on the war’s
opening salvo was the first of around 40 that have now
been collected and published together in “War Diary,” an
essential document of the Ukrainian people’s experience
of the conflict.
Ms. Belorusets, a Ukrainian writer and photographer,
was living in Kyiv when Vladimir Putin launched his
“special military operation.” She remained for more than
a month. The world has already heard her testimonial:
These diary entries, written in German, were published
daily by Der Spiegel and
in English by Isolarii, an
experimental publisher
that syndicated the work to
outlets around the world.
Greg Nissan worked with
Isolarii to translate the text
and edit the book version,
a joint project with the
independent publishing
house New Directions.
The early entries of “War
Diary” find Ms. Belorusets,
along with everyone else in
Kyiv, adjusting to life under
bombardment. The local
government warns residents
of imminent attacks through
the Telegram messaging app. On the day of the invasion,
Ms. Belorusets goes to stay with her parents; her mother
believes that their house will be safe because of its prox-
imity to Saint Sophia Cathedral. “I think if a UNESCO
monument could actually stop the Russian army from
shelling,” Ms. Belorusets writes, “this war wouldn’t have
started in the first place.”
After nine days the author still can’t believe this is
happening at all: “It isn’t true. What neighboring country
bombs a city to rubble in the 21st century?” She signs off
a number of entries with bursts of righteous indignation.
On Day 11: “We cannot wait any longer! Stop this vio-
lence!” Day 31: “The world will never forgive itself for
these crimes.” There’s a palpable first-person sense of
the walls closing in: “My first night in a bomb shelter.”
“My thoughts become as dark as the windows of my
apartment.” Ms. Belorusets describes the constant wail of
air-raid sirens, the smoke from explosions, the streets
spewed with rubble, broken glass and twisted metal.
The author recently published a collection of stories,
“Lucky Breaks,” that explored the experiences of women
in the wake of Russia’s 2014 incursion in Ukraine’s east-
ern Donbas region. In those stories, translated into
English by Eugene Ostashevsky, conflict was implicitly
present but violence mostly offstage. In “War Diary,” no
veil of fiction stands between the reader and the night-
mare of life under military assault.
Ms. Belorusets reacts in real-time to the obliteration of
Mariupol’s Drama Theater, which had been converted into
a shelter. “Today the theater in Mariupol was bombed,”
reads her entry from March 16. “As I write this, because
of the constant shelling, relief workers cannot approach
the site to comb the rubble for survivors.” Around 600
people died in the attack. A couple of weeks later she
recounts the discovery of a mass grave in Bucha, just
northwest of Kyiv. (Authorities have since recovered
more than 450 bodies from the town.) Ms. Belorusets
notes the bitter irony that Bucha was a place where many
people fleeing Russia’s 2014 invasion had settled: “I ask all
those who keep us in their thoughts—commit to memory
the names of these unknown places in Ukraine. . . . Very
often these are the places where people go to start a new
life with the hope of a new home.”
Yevgenia Belorusets was in Kyiv when the
invasion started. She recorded a series
of real-time impressions of life under war.
As the book progresses, Ms. Belorusets takes in the
mounting death toll in the capital and beyond, in Kharkiv,
in Kherson, in Odessa. Alongside the text she presents
her photographs. Not all of them point to a state of war.
In addition to pictures of deserted streets, damaged
buildings and visibly frightened citizens, we see a shot
of a bearded man, bulky headphones around his neck,
staring at the sky with a big grin on his face. Another
image shows an adolescent in a jacket and flat cap
balancing a soccer ball on his hand. In a picture that
accompanies the entry for Day 11, an artist-friend dons
a mask made of plastic cable ties for an impromptu
fashion shoot.
“Photographs can be dangerous,” she writes. “They can
reveal things without intending to. They transform the
city into a target just by existing.” Some residents see
her with a camera and suspect her of spying for Russia.
Ukrainian soldiers ask her to delete pictures of them. “I’d
like to warn you,” says a passerby who sees her at work,
“that in these times you can get shot in the head for
that!”
Amid the destruction, Ms. Belorusets tries to hold
onto some semblance of civilization. She visits an art
exhibition and scours the city’s cafes for her cherished
cappuccinos. “The daily restlessness and the incessant air
raid sirens structure your time,” she writes a month into
the invasion, “merging powerfully with the flow of your
consciousness, which might otherwise choose to linger on
a painful thought as a passenger lingers at a bus stop.”
The book’s final proper entry, from Tuesday, April 5,
describes her departure from Kyiv. In a July postscript—
“this diary cannot be completed, it can only be inter-
rupted”—she recounts celebrating her mother’s birthday
in Berlin and going to visit her father, recovering from
surgery after a lung operation, back in Ukraine. Almost
half a year into the invasion, the sense of unreality per-
sists. “One does not want to accept the war,” she writes.
“Even I have to convince myself, persuade myself over
and over again, that the war exists, that it endures,
that I finished writing this entry in the midst of war.”
The conflict has entered its second year. More grim
testimonials await.
Mr. Shull is a books editor at the Journal.
A16 | Wednesday, March 8, 2023 THE WALL STREET JOURNAL.

OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR

Biden’s Tax and Health Rationing Plan ESG Gives Investors Fewer Choices, Not More

P
resident Biden on Tuesday rolled out a Americans earn by paying into it. Sen. Chuck Schumer has it back- Walsh, consider the putative “finan-
plan he says will shore up Medicare for As bad as the new taxes is the de facto ration- ward (“Republicans Ought to Be All cial benefits of investing in compa-
for ESG,” op-ed, March 1). The new nies committed to positive environ-
decades, and we’re all supposed to be- ing of therapies through drug-price controls.
Labor Department rule allowing re- mental, social and governance
lieve the spin: looming insol- The Inflation Reduction Act tirement fiduciaries to consider envi- actions.” The regulation also removes
vency averted. But this pro- The White House shows under the guise of “negotia- ronmental, social and governance fac- the need to document their decision-
posal is really a huge tax the cost of Medicare tion” allowed Medicare to cap tors eliminates the choice he says is making. Once the fiduciary concludes
increase paired with prescrip- the price of certain drugs, and needed to make markets work. In- that competing investments “equally
tion-drug rationing that does if it isn’t reformed. we warned that Democrats stead of being able to choose be- serve the financial interests of the
nothing to reform the health would never stop at only drugs tween plans based on easy-to-mea- plan over the appropriate time hori-
entitlement, and the tax that are especially expensive sure financial outcomes and zon,” they can consider “collateral
ratchet is only beginning. or lack competition. transparent decision-making, work- benefits other than investment re-
The White House in a fact sheet previewed Sure enough, the White House now wants ers’ retirement savings will be sub- turns.” They are free to select what-
a proposal for “extending Medicare solvency” Medicare to control “more drugs” and bring jected to the undisclosed value judg- ever time horizon fits their ESG goals.
ments of their plans’ fiduciaries. The McKinsey report cited by Mr.
in its budget outline for fiscal 2024, set for re- “drugs into negotiation sooner after they
The previous regulation provided Schumer notes that measuring ESG
lease Thursday. Mr. Biden says he’ll extend “the launch.” The end game is to control the prices that fiduciaries’ primary duty is to benefits is difficult, there is no gener-
life of the Medicare Trust Fund by at least 25 and access to all pharmaceutical treatments. maximize pecuniary returns. A fidu- ally accepted ESG rating, and the re-
years,” without “benefit cuts” while “lowering Note how the public-health left is already de- ciary could consider other benefits lationship between ESG scores and fi-
costs for Medicare beneficiaries.” The program’s manding Medicare not cover new treatments for only if investments were economi- nancial performance are a matter of
hospital insurance trust fund is set to start com- Alzheimer’s because of their cost. The Inflation cally indistinguishable, and had to much dispute. Pretending otherwise
ing up short in 2028. Reduction Act is already dampening investment, document that the decision-making and removing accountability under-
This Medicare miracle will come mainly from particularly in cancer drugs, but the Biden was consistent with the participants’ mines workers’ ability to select fidu-
raising taxes and diverting the money into what crowd is betting Americans won’t notice the and beneficiaries’ financial interests. ciaries who will maximize their re-
was supposed to be a self-financing trust fund. cures that never happen. The new Biden rule removes the tirement funds.
requirement to maximize pecuniary JOEL ZINBERG
The Administration would extend the Affordable Mr. Biden’s progressive whiz kids would also
interests. Fiduciaries may now, ac- Competitive Enterprise Institute
Care Act’s 3.8% surtax on investment income to extend to commercial markets a provision that cording to Labor Secretary Marty New York
business income. Pair that with jacking up the rate requires drug makers to pay Medicare rebates
to 5%, but putatively only for those earning north when they raise the price of a drug beyond infla-
of $400,000. The current net investment tax kicks tion. Drug makers will deal with this ceiling on
in at $250,000 for married couples, so call the new their investment returns by launching drugs at
bracket a surtax on the surtax. higher prices initially.
Want Less Regulation? Hire Fewer Regulators
This is a classic story of how destructive The price controls are supposed to raise Your editorial “Biden’s Regulatory to find something to write a memo
taxes inevitably expand. The ObamaCare invest- $200 billion for the illusory trust fund, but don’t Deluge” (Feb. 28) points out the bur- about to justify their paycheck? Does
ment tax was sold as a nibble paid only by the count on it. Ditto for taxes that always produce den and costs put on the American a roughneck working on an oil rig
richest—you’ll never even know it’s there—but less revenue than expected, as earners change people by unelected bureaucrats. need to be instructed to wear steel-
These employees of government agen- toe boots?
now government can dial it up to pay for this their behavior to avoid the wallop.
cies have to justify their continuing All this reminds me of the mayor
or that. The investment tax wasn’t indexed to i i i
jobs by creating new rules and regu- in “Blazing Saddles” who said we
inflation, which means over time it has en- The White House proposal doesn’t address lations where none previously existed. must do something “to protect our
snared more Americans, and all the faster with any of Medicare’s fundamental cost drivers, and One of the best examples of gov- phony-baloney jobs.” We have tens of
high inflation. The Biden plan would also in- even pretends it can rescue the program while ernment run amok is the Energy De- thousands of government workers
crease the top Medicare payroll tax on wages to charging seniors less. The fact sheet says the partment. When it was formed in who must do something to protect
5% for those earning $400,000. Administration will “lower out-of-pocket costs 1977, as a result of the energy crises, their phony-baloney jobs. Overregula-
In other words, Mr. Biden is proposing a top for drugs subject to negotiation,” limit some there were 15 employees. Today, it tion is the end product.
federal tax rate of roughly 42%, and higher if he prescription out-of-pocket costs to $2, and has more than 14,000 federal employ- KEN DROPEK
succeeds in his aim to raise the top rate on lower costs for mental-health visits. More subsi- ees. How many of those 14,000 have Houston
wages to 39.6% from 37%. Add state taxes in dies mean more costs, which mean more taxes
Democratic enclaves and earners could pay well and price controls.
above 50% of what they earn to Uncle Joe. The only good news is that this plan is a po- How Much Has Vanguard Really Changed?
The plan is also a tacit admission that Medi- litical document with no chance of passing this Terrence Keeley’s celebration of also is morally wrong and profession-
care for All is a fiscal fantasy, since even cur- Congress, and exists mainly to bludgeon Repub- Tim Buckley’s apparent conversion ally foolish when mutual-fund clients
rent Medicare needs a giant tax increase. Imag- licans as wanting to push seniors off their re- on the road to Damascus (“Van- who don’t want ESG have to suffer
ine the rates required if Medicare covers those tirement ice floes. But partial points to Team Bi- guard’s CEO Bucks the ESG Ortho- through it anyway.
under age 65. The White House also disposes den for the preview of the punitive taxes a doxy,” op-ed, Feb. 27) is telling for Vanguard has three explicitly ESG
with the fiction that Medicare is a benefit European entitlement state requires. what it omits. I’ll take at face value funds and votes its proxies as ESG-
Mr. Buckley’s statement that “ESG fund customers would expect. But
investing does not have any advan- Vanguard has 265 other mutual funds,
Full Steam Ahead for Jerome Powell tage over broad-based investing,”
but that admission understates the
and it votes proxies the same way it
does for ESG funds. We know this be-

F
problem. Any investment strategy cause its investment-stewardship pol-
ederal Reserve Chairman Jerome Powell price index, the Fed’s favorite inflation measure, that imposes nonfiduciary con- icy says so. And instead of communi-
didn’t sound much more hawkish than has revved up again. PCE inflation rose 0.6% in straints necessarily reduces return cating Mr. Buckley’s clear statement
usual Tuesday when he testified on Capi- January, the highest since June, compared with on investment. that ESG funds have no advantages,
tol Hill, but give him credit for 0.2% in each of November and The Brooklyn Dodgers succeeded Vanguard continues to muddy the wa-
continually pointing out the The markets tremble, December. when they put Jackie Robinson on the ters concerning their lower long-run
inflation reality. The markets but the Fed Chair knows Services especially were on field, busting the cabal that insisted returns on investment.
didn’t like what he had to say, the Fed Chair’s mind. “There is that no black players be allowed. The Vanguard should publicly revoke
with the Dow Jones Industrial he can’t let up now. little sign of disinflation thus baseball cabal was morally wrong but its investment-stewardship policy and
Average falling 575 points, or far in the category of core ser- also professionally foolish, which the return to the values of John Bogle, its
Dodgers ably exploited. ESG investing founder. Vanguard also should pub-
1.7%, but Mr. Powell knows he vices excluding housing,” Mr.
licly renounce its politicized proxy
can’t let up now. Powell said. He also pointed to rising wages, voting practices and coercive “direct
“The latest economic data have come in which “remain above what is consistent with 2% The Teens Who Are Abusing company engagement” activities. Mr.
stronger than expected, which suggests that the inflation and current trends in productivity.” Buckley can’t be taken seriously un-
ultimate level of interest rates is likely to be The process of getting back to that 2% target, he Marijuana Need Our Help less and until Vanguard stops forcing
higher than previously anticipated,” Mr. Powell added, “has a long way to go and is likely to be “Marijuana is not my problem. It’s non-ESG customers to participate in
said. “If the totality of the data were to indicate bumpy.” actually helping me.” Unfortunately, the ESG racket.
that faster tightening is warranted, we would be Monetary policy works with long and variable that is one of the most common re- RICHARD B. BELZER
prepared to increase the pace of rate hikes.” In lags, as the saying goes, and critics will no doubt frains I hear from teenage patients. Johnson City, Tenn.
other words, the Fed could go higher and faster blame Mr. Powell if the Fed fails to stick a soft Many have been so influenced by dis-
than it has already telegraphed. landing like Simone Biles. But team transitory torted public narratives that they Recognizing the aversion of Van-
don’t believe cannabis-use disorder is guard’s leader to ESG investing, we
Last month the Federal Open Market Com- was wrong that inflation wouldn’t persist, and
possible even when they’re suffering shouldn’t be investing in its products.
mittee slowed its pace of increases, raising rates it may be wrong now in declaring that it’s been from it (“Legal Weed Feeds the Teen I hope that others follow suit and
by 25 basis points, and in December the consen- vanquished. Mr. Powell’s job is to keep going un- Mental-Health Crisis” by Erica cease investing in Vanguard based on
sus for the terminal rate was between 5% and til the inflation beast is dead for sure, and right Komisar, March 2). its acknowledged absence of societal
5.5%. But the personal-consumption expenditure now it doesn’t even look mostly dead. In reality, cannabis-use and men- responsibility. What can one say—
tal-health conditions are both part of “Just say no”?
the picture for the vast majority of JAMES K. RILEY
Pink Slips for the Tort Bar the young people I care for, and dis-
continuing cannabis use is always
Pearl River, N.Y.

O
ne mystery of modern politics is why lions supporting Democratic ballot measures helpful—often incredibly so. As mari-
so many Republican-led states employ on the minimum wage and marijuana in Flor- juana access expands, we can’t con- How Inclusivity Can Backfire
tinue to play down the risks and
trial lawyers who file junk lawsuits and ida and has boasted of his camaraderie with should establish as many guardrails
Applause to John Sailer (“How the
donate to their political oppo- Democrats, including Presi- NIH pushes DEI on Scientists,” op-ed,
as possible to protect young people
nents. This week comes a Two Republican AGs dent Biden’s brother Frank. and our future.
March 2), whose reporting seems to
glimmer of hope that those “Great guy,” Politico reported have pushed Texas Tech University to
are ending contracts SARA POLLEY, M.D.
habits are changing. Mr. Morgan said of Frank Bi- announce that it will stop using di-
Plymouth, Minn.
with plaintiff firms. versity statements as part of its fac-
On Tuesday, new Attorneys den. “I had my jet take him to Dr. Polley is medical director of the
ulty hiring process. If more coura-
General Brenna Bird of Iowa the inauguration.” Yes, size Hazelden Betty Ford Foundation’s Na-
geous souls would call out similar
and Kris Kobach of Kansas matters. tional Youth Continuum.
practices around the country, perhaps
each fired Florida-based personal-injury law Republicans haven’t been immune to plain- the tide could turn against this grow-
firm Morgan & Morgan, which had been working tiff-bar pitches. Morgan & Morgan has handled ing practice of tribal indoctrination.
for their states on a contingency-fee basis. cases on tobacco in Iowa and natural-gas price A President in Need of Help In the progressive drive to be inclu-
Mr. Kobach tell us he fired Morgan & Morgan gouging in Kansas, and other law firms estab- I am disappointed with Meghan sive, more and more people get sys-
because its “performance was not up to what lished relationships with GOP AGs on opioid Cox Gurdon’s review of “Untold tematically excluded.
we expected,” including delays and the firm’s lawsuits. Republicans hired firms like Motley Power” by Rebecca Boggs Roberts PHILIP ROTH
use of subcontractors. Ms. Bird notes that her Rice and Cohen Milstein, and then found them- (Books, March 4). While Edith Wil- Evanston, Ill.
son’s actions, taking over duties of
job is to make sure contingency fee agreements selves tied into contracts.
the presidency from her ailing hus-
are right for the taxpayer. “Sometimes they Contingency-fee arrangements have no up- band, are a testament to the resil-
might be, but other times they might primarily front costs and hold promise of future wind- ience of women, they happen to have
Pepper ...
benefit out of state trial lawyers. That was the falls. But the contracts can trap states that been in direct violation of the Consti- And Salt
case here,” she says. want to terminate, which can require a state tution. Article II states that the vice
THE WALL STREET JOURNAL
Our readers know that when lawsuits run to pay a backlog of hourly fees out of pocket. president is to assume the executive-
on contingency fees, trial lawyers are the ma- States including Alaska, Indiana, Arkansas, branch duties, should the president
jor winners. Morgan & Morgan is one of the Mississippi and South Carolina still have trial be unable to perform. Nowhere in
country’s biggest personal injury firms and is lawyer contracts on their books, whether that document does it assign any au-
best known for its flamboyant cable TV com- they want them or not. The bigger problem thority to the president’s wife. While
mercials and a billboard campaign that “Size is that they are enriching firms that often Edith Wilson’s actions can be viewed
as loving and loyal, let’s not forget
Matters.” Yeah, those guys. pursue meritless suits against employers in
they were also grossly illegal. I would
If it seems curious that a personal injury their states. have expected Ms. Gordon to at least
shop got the nod to manage major lawsuits for Ms. Bird and Mr. Kobach are part of a new have mentioned that point.
state governments, a clue is in campaign-fi- generation of AGs who are reviewing the old JOANNE MICHAELS
nance filings. Trial lawyers get huge fees on contracts with the public interest in mind. Parker, Colo.
jackpot lawsuits, then feed their winnings back Montana’s Austin Knudsen started the inde-
to politicians as campaign cash. According to pendence movement in 2021 when he dis-
Letters intended for publication should
the Alliance for Consumers, 99% of donations missed Motley Rice and criticized the tort bar’s be emailed to wsj.ltrs@wsj.com. Please
from Morgan & Morgan and its lawyers go to outsize role in the politics of Montana. include your city, state and telephone
Democrats, including some $4 million between Kudos to these new Attorneys General for number. All letters are subject to “The customer is always right,
2017 and 2020. ending these trial-bar deals. May this be the editing, and unpublished letters cannot but a marketing blitz should bring
be acknowledged.
Firm founder John Morgan has spent mil- beginning of a trend. them to our point of view.”
THE WALL STREET JOURNAL.
A Modern IRS? Careful What You Wish For
By Jay Starkman
T
he Internal Revenue Service
is beginning to spend the
$80 billion and hire the
87,000 people last year’s In-
flation Reduction Act allo-
cated. One premise of the legislation is
that better technology will streamline
operations: “Americans rightfully ex-
pect a more modern and high-perform-
ing IRS,” as Daniel Werfel said at his
Feb. 15 confirmation hearing to be-
come the agency’s commissioner.
But the IRS has managed to use
digitization to make life more diffi-
cult for taxpayers. Given the influx
of money and agents over the next
decade, expect the worst. The IRS
will focus less on service than com-
pliance, enlisting AI-assisted com-
puting power to become ever more
intrusive.
Electronic filing has made
things more complex, not
less. And better computers
could mean worse abuses.
Expectations have been low for
decades. A February Government Ac-
countability Office report found that
some of the agency’s information-
technology systems are so old, it is
hard to find employees who know
how to use them. The IRS has long
told Congress that its obsolete sys-
tems need an upgrade. “You all have
made a very convincing case that the
information technology at the IRS is
from the Dark Ages,” Senate Finance
‘Tár,’ a Breath of Fresh Air, Deserves the Oscar for Best Picture
Few will be shocked
if “Tár,” a psycho-
logical drama about
a famous symphony
orchestra conduc-
tor, wins Best Pic-
ture at the Oscars
UPWARD
MOBILITY on Sunday, and
even fewer will be
By Jason L.
surprised if Cate
Riley
Blanchett picks up
the Best Actress
award for playing the title charac-
ter. She deserves it.
“Tár” is much too long (2 hours
and 38 minutes) and probably too
self-consciously highbrow for mass
appeal. This is a film that was
made to win critical praise and
prestigious prizes, not to draw the
large crowds that turned out for
other Best Picture nominees this
year, such as “Top Gun: Maverick”
and “Avatar: The Way of the Wa-
ter.” What recommends the film to
people who might otherwise care
little about the rarefied world of
orchestral music is its timely and
sober treatment of the #MeToo
era, cancel culture and identity
politics.
Ms. Blanchett plays—to perfec-
tion—the fictional Lydia Tár, a
As the Rule of Law Disappears, So Do Chinese Dissidents
By Chen Guangcheng
T
here is no rule of law under
the rule of the Chinese Com-
munist Party. This simple
truth contradicts the extensive fa-
cade of a legal system the party has
constructed, from a constitution to
an “independent” judiciary, which
for decades has painted a veneer of
legitimacy over the regime’s abuses.
But there is perhaps no clearer illus-
tration of life under the yoke of Chi-
nese authoritarianism than the case
of Gao Zhisheng.
Born into a poor family in 1964,
Mr. Gao trained as an attorney and
became an integral member of the
Rights Defense Movement—an effort
by human-rights activists in the
early 2000s to use the law and
courts to force the authorities to
abide by their own rules. Mr. Gao
was a bright light of this era and de-
voted a substantial portion of his
work to politically sensitive pro
bono cases. He was so skilled that
before his more high-profile human-
rights advocacy, the Ministry of Jus-
tice acknowledged him as “one of
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Rupert Murdoch
Executive Chairman, News Corp
Emma Tucker
Editor in Chief
Liz Harris, Managing Editor
Jason Anders, Deputy Editor in Chief
Neal Lipschutz, Deputy Editor in Chief
Thorold Barker, Europe; Elena Cherney, News;
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Training & Outreach; Alex Martin, Print &
Writing; Michael W. Miller, Features & Weekend;
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Paul A. Gigot
Editor of the Editorial Page
Gerard Baker, Editor at Large
Committee Chairman Ron Wyden
told Commissioner Charles Rettig in
March 2021.
While the agency has the latest
computer hardware, it has failed to
manage and modernize its software.
Every taxpayer is listed in the IRS’s
60-year-old database called the Indi-
vidual Master File. It is based on Co-
bol, a programming language that
had its heyday in the 1960s. More-re-
cent applications are in modern lan-
guages such as Java and Python. As
tax laws grew in complexity over the
years, the IRS created more than 500
systems, including 60 separate major
databases containing different pieces
of taxpayer information.
This patchwork quilt of data means
IRS employees lack easy access to a
taxpayer’s complete record. But ever
since Congress allocated significant
funds for an IT overhaul in 1988, the
agency has wasted billions of dollars
attempting to replace the Master File.
The Government Accountability Office
estimates doing so will take longer
than the 2030 target date.
The IRS says upgrading its sys-
tems will improve customer service
and compliance. GAO writes that the
agency’s artificial-intelligence and
machine-learning initiatives will
“create predictive models and algo-
rithms to analyze data more effi-
ciently”—in other words, to increase
the rates of compliance.
In July 2019, after minimal public
discussion, the IRS amended its mis-
sion statement to emphasize compli-
ance, adding: “In the United States,
the Congress passes tax laws and re-
quires taxpayers to comply. The tax-
payer’s role is to understand and
meet their tax obligations. The IRS’s
highly respected lead conductor of
the Berlin Orchestra who also
teaches a master class on music
composition at the prestigious Juil-
liard School of performing arts in
New York. For a protagonist, Lydia
can be difficult to like. Yes, she’s a
path-breaker in an overwhelmingly
male occupation and has graciously
used her prominent position to ele-
vate the work of other female com-
posers. But she can also be arro-
gant, manipulative and domineer-
ing. In one chilling scene, set
outside an elementary school, she
threatens a little girl who has been
bullying the adopted daughter she’s
raising with her female partner in
Germany.
Yet it’s also clear to see that
Lydia is knowledgeable and tal-
ented. She’s passionate about con-
ducting and more than willing to
defend a classical-music canon pop-
ulated by heterosexual dead white
males who almost all inevitably fail
21st-century morality litmus tests.
During a classroom scene at Juil-
liard that steals the film, Lydia asks
one of her students, Max, for his
opinion of a movement by Johann
Sebastian Bach. “I’m not really into
Bach,” Max replies. “As a Bipoc”—
the nation’s top 10 lawyers” for his
work on public-interest cases.
For a brief time, before the Com-
munist Party had the ability to con-
trol the internet widely, there
seemed to be room for such people
to maneuver in the country. In some
instances, lawyers were able to push
ground-breaking cases to successful
outcomes. I experienced this myself,
when a case I brought to court in
Beijing in 2003 led to the enforce-
ment of a law that provided free ac-
cess to public transportation for dis-
abled people. We advanced these
cases in court because the laws of
the People’s Republic of China sup-
ported us—at least on paper. Article
41 of the Constitution states that
citizens “have the right to file with
relevant state organs complaints,
charges or reports against any state
organ or state employee for viola-
tions of the law.”
Yet these legal victories were
short-lived. As a result of Mr. Gao’s
human-rights work, the state re-
voked his legal license and shut
down his law office in 2005. The fol-
lowing year he was sentenced to
Robert Thomson
Chief Executive Officer, News Corp
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Chief Executive Officer and Publisher
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OPINION
An IRS computer in 2022.
role is to help compliant taxpayers
understand the tax law, while ensur-
ing that the minority who are unwill-
ing to comply pay their fair share of
taxes.” The 1987 IRS mission state-
ment said taxpayers should pay “the
proper amount.”
There’s a reason the IRS’s comput-
ers are out of date. Following Water-
gate revelations of IRS abuse, Con-
gress became fearful of a tax agency
with advanced computers that could
be turned into an instrument of op-
pression. The Carter administration
killed a major IRS computer upgrade
in 1978, approving only a scaled-back
program.
Congress has forgotten the post-
Watergate fear of a too-computerized
tax agency. Despite its often-clunky IT,
the IRS is consolidating power, thanks
to ever more complex tax forms and
black, Indigenous or person of
color—“pangender person, I would
say Bach’s misogynistic life makes
it impossible for me to take his
music seriously.”
Lydia almost can’t believe what
she’s hearing. This is a course in
music composition, remember, and
Bach is perhaps the greatest com-
poser in the history of Western
music. The question isn’t whether
The film’s dramatization
of campus cancel culture
gives the subject the
treatment it deserves.
someone is “into” him but rather
how a person can become a
scholar of classical music without
studying Bach’s contribution, any
more than someone can fully un-
derstand the history of Western
philosophy while omitting any
study of Plato. Still, Max tells
Lydia that he can’t get past Bach’s
character flaws. “Didn’t he sire,
like, 20 kids?”
“Yes, that’s documented,” Lydia
three years in prison plus five years
probation on charges of subversion
of state power.
But Mr. Gao wasn’t intimidated.
Denied the right to practice law, he
availed himself of another constitu-
tional freedom: the right to free
speech. Mr. Gao launched a rolling
hunger strike to bring attention to
human-rights abuses (including my
persecution), wrote letters to the
highest levels of the Communist
Party leadership calling for an end
to the persecution of Falun Gong
practitioners, and openly con-
demned Beijing’s hosting of the
2008 Summer Olympics.
When it comes to Communist
China, however, those who don’t
bow to intimidation will be pun-
ished with an iron fist and a spiked
steel boot. After a period of deten-
tion in 2007, Mr. Gao was attacked,
hooded and abducted by authorities.
For more than a month he was held
in a secret detention facility, where
he was tortured. Reading his ac-
count of that experience is enough
to freeze anyone’s blood.
Since that episode, Mr. Gao has
Notable & Quotable: Oh, the Humanities
From “The End of the English Ma-
jor” by Nathan Heller for the New
Yorker, Feb. 27:
“Young people are very, very con-
cerned about the ethics of represen-
tation, of cultural interaction—all
these kinds of things that, actually,
we think about a lot!” Amanda Clay-
baugh, Harvard’s dean of undergrad-
uate education and an English pro-
fessor, told me last fall. She was one
of several teachers who described an
orientation toward the present, to
the extent that many students lost
their bearings in the past. “The last
time I taught ‘The Scarlet Letter,’ I
Wednesday, March 8, 2023 | A17
penalties with no statute of limita-
tions. The IRS receives about 30 mil-
lion partnership K-1s a year but makes
no systematic use of this data absent
an audit. Only 140 partnerships were
audited in 2018, the most recent year
of data available.
Demanding so much detail makes
tax preparation more expensive. Af-
ter a public outcry, the IRS shelved a
THE WASHINGTON POST VIA GETTY IMAGES
proposal that would require banks to
file a Form 1099 electronically for
transactions exceeding $600 but will
require reporting third-party pay-
ments over $600.
For every perceived discrepancy
in a tax return, the IRS’s computers
generate a notice and add penalties.
In 1954 the Internal Revenue Code
had only 12 civil penalties. This grew
to 25 in 1967 and 150 in 1987. Today,
there are hundreds of penalties—
only the IRS computers seem to
laws, mandated electronic filing, and know the precise figure.
extended or suspended statutes of In 2018 the IRS issued more than
limitation on pursuing violators. 175 million notices to taxpayers about
More than 95% of taxpayers now their returns. In 2022 it issued 17 mil-
file electronically, reducing the bliz- lion “math error” notices—most for re-
zard of paperwork. Yet the IRS still turns filed electronically. Many taxpay-
hasn’t been able to keep up. During ers opt to pay the assessments and not
the early ’90s, the agency smoothly challenge them, even when they are is-
processed 100 million paper 1040s an- sued in error. As a CPA, I reply to every
nually. Today, it manages fewer than notice my clients receive. In my experi-
nine million paper returns a year. ence, two-thirds are wrong.
Electronic filing has allowed the With billions of dollars more fund-
IRS to make things more complex, not ing and tens of thousands of more
less. The agency’s website lists more employees—not to mention daunting
than 2,700 different forms. With e-fil- computer power—things are likely to
ing, the two-page paper Form 1040 ex- get more intrusive.
panded to eight pages. Many busi-
nesses set up as partnerships or S Mr. Starkman is a certified pub-
corporations are required to attach lic accountant in Atlanta and au-
new 15- to 20-page schedules to each thor of “The Sex of a Hippopota-
K-1 detailing foreign taxes. Failure to mus: A Unique History of Taxes and
do so could mean running afoul of Accounting.”
responds, “along with a consider- than engage and respond with a
able amount of music. But I’m counterargument. Professors who
sorry. I’m unclear as to what his challenge the critical-thinking skills
prodigious skills in the marital bed of students risk disciplinary action
have to do with B minor.” She calls from administrators. These days,
Max’s reasoning “slippery” and there’s a lot of storming out of
then asks the class: “Can classical classrooms. The tendency in the
music, written by a bunch of media is to present this in left-
straight Austro-German churchgo- right terms, which is misleading.
ing white guys, exalt us, individu- The political left controls academia
ally as well as collectively, and who and much of the mainstream media.
may I ask gets to decide that?” Substack is chock full of liberal
Max is unpersuaded and losing journalists who became victims of
patience. “Just, nowadays, white left-wing intolerance.
male cis composers? Just not my Similarly, the world depicted in
thing,” he says. Lydia tells her stu- “Tár” is one of left-wing elites en-
dent not to be “so eager to be of- gaging largely with their peers.
fended,” then urges him to consider They all listen to National Public
the long-term ramifications of such Radio, read the New Yorker and
thinking. “If Bach’s talent can be seek validation in the pages of the
reduced to his gender, birth coun- New York Times. The film amounts
try, religion, sexuality and so on, to a fascinating dramatization of
then so can yours.” Finally, Max liberals eating their own. The vil-
stands up, gathers his belongings, lains aren’t political conservatives
calls Lydia an obscenity, and storms so much as fellow liberals who are
out of the classroom. further left and find the Lydias
Welcome to academia in the 21st among them insufficiently progres-
century, where civil debate on con- sive. To its credit, however, the
troversial topics is increasingly movie never devolves into a
rare, and ideological polarization is preachy polemic. It gives this com-
commonplace. Students who dis- plicated subject matter the nuanced
agree with professors or fellow stu- treatment it deserves.
dents want to silence them rather And what a treat.
been subjected to a constant cycle They might as well have been
of prison, house arrest, fake trials screaming into outer space. For
and detentions—all at the whim of cases like his, the only relevant
party thugs. At one point while un- clause in all of the so-called legal
der house arrest, Mr. Gao secretly codes drafted by the Chinese Com-
managed to produce a memoir, ru- munist Party is the one that states
mored to be smuggled out one page “it is necessary to maintain the
leadership of the CCP.”
The regime is like a wild animal
The Justice Ministry once caught in a trap, driven by despera-
tion to gnaw off its own foot. Imag-
praised Gao Zhisheng’s ine if people like Gao Zhisheng—the
work as a lawyer. He hasn’t shining stars of a nation with un-
wavering devotion to ethics and jus-
been heard from since 2017. tice—were allowed to flourish.
China could be a country to which
others look for inspiration rather
at a time. The manuscript, highly than with suspicion.
critical of the communist regime Mr. Gao deserves his freedom and
and explicit in its descriptions of his his life. But as long as the free
inhumane treatment, was published world allows this brutal regime to
abroad. A year later, on Aug. 13, act with impunity, the list of the
2017, he was removed from his home disappeared will grow.
without warning or legal basis. No
one has heard from him since. Mr. Chen is a distinguished fellow
Mr. Gao’s family has called the at the Catholic University of Amer-
police and public security, demand- ica’s Center for Human Rights and
ing information and an investiga- author of “The Barefoot Lawyer: A
tion. They’ve hired a lawyer who Blind Man’s Fight for Justice and
has demanded to see his client. Freedom in China.”
discovered that my students were focus of student concerns about too
really struggling to understand the few Black artists in syllabi, or Euro-
sentences as sentences—like, having centric biases.
trouble identifying the subject and “There’s a real misunderstanding
the verb,” she said. “Their capacities that you can come in and say, ‘I
are different, and the nineteenth want to read post-colonial texts—
century is a long time ago.” that’s the thing I want to study—and
Tara K. Menon, a junior professor I have no interest in studying the
who joined the English faculty in work of dead white men,’ ” Menon
2021, linked the shift to students said. “My answer, in the big first
arriving at college with a sense that lecture that I give, is, If you want to
the unenlightened past had nothing understand Arundhati Roy, or Sal-
left to teach. At Harvard, as else- man Rushdie, or Zadie Smith, you
where, courses that can be seen to have to read Dickens. Because one of
approach an idea of canon, such as the tragedies of the British Em-
Humanities 10, an intensive, appli- pire”—she smiled—“is that all those
cation-only survey, have been the writers read all those books.”
A18 | Wednesday, March 8, 2023
Six Palestinians Killed in Raid
A firefight broke out in
the Jenin refugee camp
as troops fired missiles
on a Hamas operative
BY AARON BOXERMAN
Six Palestinian men were
killed Tuesday in the West
Bank city of Jenin during an Is-
raeli military raid pursuing a
Hamas operative suspected of
fatally shooting two Israeli
brothers last week, Israeli and
Palestinian authorities said.
The Israeli military said
troops encircled a house in
Jenin’s refugee camp where Ab-
delfattah Kharoushe, a member
of the U.S.-designated terrorist
group Hamas, had barricaded
himself. Soldiers fired shoulder-
mounted missiles at Mr.
Kharoushe’s hideout in an at-
tempt to force him out and
killed him in an ensuing gun-
battle along with five other Pal-
AMMAR AWAD/REUTERS
estinian men.
Hamas said another of those
killed was a member of its
armed wing and identified the
rest as militants who had
joined the shootout with Israeli
troops. Three Israeli police offi-
cers—members of a counterter-
ror unit—were wounded, Israeli
officials said.
At least 65 Palestinians and 14
Israelis have been killed in the
West Bank and Jerusalem since
the beginning of 2023, marking
one of the deadliest periods for
both sides in years, according to
a tally by The Wall Street Jour-
nal. The Israeli military said
most of the Palestinians killed
had attacked Israeli troops or ci-
vilians, but some, including a 61-
year-old Palestinian woman in
Jenin, were civilians.
French Pension Revamp Sparks New Strikes
BY NOEMIE BISSERBE
AND STACY MEICHTRY
PARIS—More than a million
workers across France walked
off the job and took to the
streets Tuesday, kicking off
what unions are touting as an
open-ended standoff with
President Emmanuel Macron
over his plans to raise the re-
tirement age.
The mobilization marked an
escalation in the campaign to
stop Mr. Macron’s overhaul.
The French leader has with-
stood several daylong strikes
since the start of the year.
Some of France’s biggest
unions, including the far-left
CGT, organized Tuesday’s pro-
test as the start of a pro-
tracted rolling strike. That
threatens to paralyze the
country for days or even
weeks as unions seek to force
Mr. Macron to reverse course
IRAQ
Austin Discusses
Troops During Visit
Defense Secretary Lloyd Aus-
tin made an unannounced visit
to Baghdad for talks with Iraqi
officials on continuing the U.S.
troop presence.
Iraqi Prime Minister Moham-
med al-Sudani has endorsed al-
lowing the roughly 2,500 U.S.
troops in Iraq to stay. Mr. Austin
stressed that they were there
primarily to train and advise
Iraqi troops, not to join them on
combat missions to root out re-
maining Islamic State fighters.
“We focus on the mission,
which is the defeat of ISIS, and
we are here not for any other
purpose,” Mr. Austin said Tues-
day at a Baghdad news confer-
ence after meeting Mr. Sudani
and other Iraqi security officials.
His visit came weeks before
the 20th anniversary of the U.S.-
led invasion that overthrew Sad-
dam Hussein. He began his Mid-
dle East trip in Jordan on
Sunday and is scheduled to stop
in Israel and Egypt.
Mr. Austin said that “any at-
tacks against our forces could
undermine that mission,” a
warning to Iraq’s Iran-aligned mi-
litias against conducting drone
and rocket attacks on the U.S.
Embassy complex in Baghdad,
and on bases in western and
northern Iraq, where most U.S.
troops are located.
Mr. Austin, a retired Army
general who once commanded
U.S. forces in Iraq, is the most
senior U.S. official to visit the
country since President Biden
took office in 2021.
—David S. Cloud
Mourners carry the bodies of Palestinian men who were killed Tuesday by Israeli troops during a raid in the West Bank city of Jenin.
Israeli and Palestinian offi-
cials have warned the violence
could escalate during the com-
ing Muslim holy month of Ram-
adan that begins later in March
and coincides with the Jewish
Passover holiday.
Tuesday’s raid comes more
than a week after Israeli and Pal-
estinian officials pledged to calm
tensions ahead of Ramadan, al-
though Israeli officials said then
they didn’t agree to any limita-
tion on their military activities.
Israeli officials said Mr.
on his pension overhaul.
“This is the first day of a
new phase with new marching
orders: Halt the country,” said
CGT leader Philippe Martinez
on Tuesday.
Teachers, train drivers,
nurses, oil-refinery staff and
other workers marched in
demonstrations from Paris to
Marseille. Some clashes
erupted between demonstra-
tors and police in Paris. Pro-
testers threw Molotov cock-
tails at police, who responded
with tear gas. Public transpor-
tation was severely curtailed
Tuesday, and many schools
across the country were forced
to shut down. Trains to Ger-
many and Spain came to a
halt, and those to and from
the U.K. were reduced by a
third, according to national
railway company SNCF. Hun-
dreds of domestic and interna-
tional flights were canceled.
Fire officials searched for survivors Tuesday after an explosion in a building in Dhaka, Bangladesh.
GREECE
Vatican Will Return
Pieces of Parthenon
The Vatican signed an agree-
ment to return to Greece three
sculpture fragments from the
Parthenon that have been part
of the Vatican Museums’ perma-
nent collection for 200 years—a
move that could put pressure on
the U.K. and other countries to
return works of art to Athens.
The official signing on Tues-
day for the three 2,500-year-old
fragments—which represent the
heads of a boy, a man and a
horse—took place at the Vatican
and came after a first announce-
ment of the accord in December.
The fragments will be officially
handed over to Greek officials in
WORLD NEWS
Kharoushe shot and killed two
Israeli brothers as they drove
through the Palestinian town of
Huwara on Feb. 26. Following
the shooting, hundreds of Jew-
ish rioters stormed through
Huwara and several neighbor-
ing villages while Israeli troops
looked on, according to Pales-
tinian witnesses. The riots left
a Palestinian man dead and
scores wounded.
A top Israeli general con-
demned the revenge attack as a
“pogrom,” a term largely used
Mr. Macron’s push to raise
the retirement age to 64 from
62 by 2030 is the centerpiece
of his plan to revamp the
country’s pension system. The
overhaul was one of the main
planks of Mr. Macron’s re-elec-
tion campaign last year. He
President Macron is
pushing to raise the
retirement age to 64
from 62 by 2030.
has argued that it is the only
way to preserve France’s pen-
sion system without raising
taxes or increasing the coun-
try’s debt.
The last time Mr. Macron
attempted to change the pen-
sion system, he triggered the
WORLD WATCH
a ceremony in the capital Athens
on March 24, the Vatican said.
Greece has had some success
in recent years in getting back
pieces of the Parthenon that
through the centuries ended up in
museums across Europe. Last year,
an archaeological museum in Pa-
lermo, Italy, made a long-term loan
to Greece of a piece of the Parthe-
non from its permanent collection.
The collection at the British
Museum, which has been on dis-
play since the 19th century and is
one of the institution’s most fa-
mous, is most often cited for
housing parts of the Parthenon,
but there are also pieces of the
ancient Greek temple at the Lou-
vre in Paris and in other museums.
The Greek government has
been campaigning for years to
have the marbles from the Par-
THE WALL STREET JOURNAL.
for attacks on Jewish communi- Palestinian officials say Is-
ties in Eastern Europe in the raeli raids make it harder for
19th and 20th centuries. The them to combat the militants
State Department condemned themselves, especially in the
the riots and said it expected absence of any timeline for an
Israel to hold the perpetrators end to Israeli rule.
accountable. “If the Israelis think they can
Israeli Prime Minister Benja- continue with these aggres-
min Netanyahu praised Israeli sions without a response from
troops for “eliminating the de- the Palestinian people, they are
spicable terrorist who mur- living in an illusion,” said
dered the two brothers in cold Akram Rajoub, the governor of
blood” during the Jenin raid. Jenin. “This violence will only
“Whoever strikes us will bear lead to more violence, this
the cost,” Mr. Netanyahu said. blood to more blood.”
longest transportation strike ers who started working at a
in French history. In 2019, Mr. young age. About 1.28 million
Macron didn’t opt for a man- people took to the streets on
datory increase of the retire- Tuesday, according to the In-
ment age. Instead, he wanted terior Ministry, in one of the
to streamline France’s 42 dif- largest protests in the country
ferent state-pension plans, in decades.
which vary in retirement age “It’s a decisive battle,” said
and income, into one universal Johan Chupin, a 61-year-old
system, and introduce bonuses post office employee, who
and penalties to encourage took part in protests in Paris
people to work until age 64. on Tuesday. It is hard to say
Workers responded back how it will end, he added.
then with a rolling strike that “How long can you stay on
brought France to a near stand- strike if you run out of
still for seven weeks. Mr. Ma- money?”
cron faced down the protesters In France, the government
as cash-strapped employees taxes workers and employers
eventually returned to work. to fund pension checks for re-
But he was forced to shelve his tirees. As people live longer
plans when the country went and the population grows
into lockdown because of the older, the ratio of workers to
Covid-19 pandemic. retirees has decreased, putting
This time, unions have the system under stress.
pledged to dig in for a pro- Polls show the French pub-
longed fight, saying the new lic remains opposed to Mr.
measures will penalize work- Macron’s pension overhaul.
BANGLADESH
At Least 17 Killed
In Building Explosion
An explosion in a seven-story
commercial building in Bangla-
desh’s capital on Tuesday killed
at least 17 people and injured
dozens, officials said.
The explosion occurred in Gu-
listan area, a busy commercial
section of Dhaka, said Rashed bin
Khaled, a fire department official.
The building contained several
stores selling plumbing products
and household items, and its
ABDUL GONI/ASSOCIATED PRESS
first two floors were badly dam-
aged, fire officials said.
It wasn’t clear what caused
the explosion, but some reports
blamed accumulated gas.
Bacchu Mia, a police official
at the state-run Dhaka Medical
College Hospital, said more than
50 people were treated there,
and at least 14 of them were
thenon’s frieze returned. George dead. The others later died from
Osborne, the chairman of the their injuries, he said. Local me-
British Museum and a former U.K. dia reported at least 100 people
treasury chief, and Greek officials were injured in the blast.
have held periodic discussions for The United News of Bangla-
more than a year. The British Mu- desh agency reported that peo-
seum has so far balked at the ple on the upper floors were
idea that the marbles should be trapped for hours after the ex-
returned to Greece forever. plosion.
In December and again on Brig. Gen. Main Uddin, direc-
Tuesday, the Vatican referred to tor general of the Fire Service
its move as a religiously inspired and Civil Defense, said they
donation. The Holy See said the couldn’t enter the ground floor
move grew out of the pope’s because the building became un-
2021 meeting in Athens with stable after the columns that
the archbishop of the Greek Or- held it up collapsed.
thodox Church. The pope wants Bangladesh has a history of
the donation to be seen “as a fires and industrial disasters, in-
concrete sign of the sincere de- cluding factories catching fire
sire to continue on the ecumeni- with workers trapped inside.
cal journey of witness to the Monitoring groups have blamed
truth,” the Vatican said Tuesday. corruption and lax enforcement.
—Eric Sylvers —Associated Press
Australia
Increases
Rates for
10th Time
BY JAMES GLYNN
SYDNEY—Australia’s cen-
tral bank raised interest rates
for the 10th consecutive time,
but indicated there had been
progress made in taming infla-
tion and that increases could
be nearing an end.
On Tuesday, the Reserve
Bank of Australia raised its of-
ficial cash rate by a quarter
point to 3.60%, the highest
level in more than a decade.
But it said the monthly con-
sumer-price index suggested
that inflation had peaked and
the bank tempered language
surrounding its plans for fur-
ther monetary tightening.
The shift, though subtle,
shows that global central
banks could be headed down
different paths as they battle
with inflation. In the U.S., the
Federal Reserve had slowed
the pace of its rate increases,
but recently a Fed official said
the central bank would need
to raise rates to higher levels
than previously anticipated if
strength in hiring and con-
sumer spending continues.
Other central banks, includ-
ing in Canada and the U.K., have
either said they would pause
rate increases or signaled they
could soon take a break.
In a statement explaining
its rate decision, RBA Gov.
Philip Lowe said the bank “ex-
pects that further tightening
of monetary policy will be
needed.” Analysts said that
appeared more benign than
last month, when the bank
said it expected further rate
increases would be needed.
“RBA’s statement suggests
they are nearing the end of the
tightening cycle, and perhaps
one step closer to publicly dis-
cussing a pause,” said Matt
Simpson, a senior market ana-
lyst at City Index, in an emailed
note. “It means they’re no lon-
ger certain that two or more
hikes will be coming. And that
means there may be one final
hike to come.”
Australia shut its border
during the Covid-19 pandemic,
which kept deaths relatively
low but aggravated labor
shortages that have fed into
high inflation. The border clo-
sures prevented international
students, backpackers and job
seekers who typically bolster
the labor pool from traveling
to the country.
Recent data, however, has
shown that higher interest
rates are starting to cool the
economy. Gross domestic
product growth in the fourth
quarter was weaker than ex-
pected, and wage increases
remain subdued, easing wor-
ries of a spiral in which wages
and prices rise together. Un-
employment has nudged
higher, though it is still near
50-year lows.
“Wages growth is still con-
sistent with the inflation tar-
get and recent data suggest a
lower risk of a cycle in which
prices and wages chase one
another,” Mr. Lowe said.
The consumer-price index
rose 7.8% over the 12 months
to the December quarter, but
the rate of increase slowed in
January to 7.4% annually.
Mr. Lowe indicated that
global factors will still weigh
heavily on its decision making
in the coming months, espe-
cially since Fed officials indi-
cated that more rate rises
could be necessary to tame in-
flation in the U.S.
Exactly when the RBA
pauses its rate increases is
still uncertain. Many mort-
gages in Australia effectively
have floating rates, so people
have to pay more interest on
their loans as rates go up,
which could further subdue
consumer spending.
Australia’s cash-rate target
4.0% 3.60%
+0.25 pct. pt.
3.5
3.0
2.5
2.0
1.5
1.0
0.5
0
2022 '23
Source: Reserve Bank of Australia
 TECHNOLOGY: GERMANY TO REVIEW 5G SECURITY, WITH EYE ON CHINESE COMPANIES B4
BUSINESS & FINANCE
© 2023 Dow Jones & Company. All Rights Reserved.
S&P 3986.37 g 1.53% S&P FIN g 2.54%
Short-Term Yields Hit Milestone
Two-year Treasury
note tops 5% for the
first time since 2007
on Powell rate talk
BY SAM GOLDFARB
AND MATT GROSSMAN
Yields on shorter-term U.S.
Treasurys climbed to new mile-
stones Tuesday after Federal
Reserve Chair Jerome Powell
said that the central bank
would likely raise interest rates
higher than previously ex-
pected and was ready to accel-
erate the pace of rate increases
if necessary.
Lego Widens Lead on Rivals Mattel, Hasbro
BY TREFOR MOSS
Lego AS inched ahead of
Barbie maker Mattel Inc. as
the world’s biggest toy com-
pany less than a decade ago.
Today, the maker of those
brightly colored bricks is gen-
erating almost twice the reve-
nue of Mattel, outpacing both
it and Hasbro Inc., maker of
the Monopoly board game and
Nerf guns, through the pan-
demic, recent supply-chain tu-
mult and soaring inflation.
On Tuesday, Lego said sales
in 2022 rose 17% compared
with the previous year to 64.6
billion Danish kroner, equiva-
lent to $9.27 billion. Net profit
was up 4% to 13.8 billion kroner.
Lego Chief Executive Niels
Christiansen credits invest-
ments it made in recent years
in new stores and products, as
well as in e-commerce and digi-
tal engagement. Despite the
economic turbulence stemming
partly from Russia’s invasion of
Ukraine, last year’s perfor-
mance exceeded Lego’s expec-
tations, Mr. Christiansen added.
“Overall, we are very satis-
fied,” said Mr. Christiansen.
“In a year with a lot of chal-
lenges [we achieved] a bottom
line growing compared to the
year before.” And, he said, “we
reached more kids than ever
before with the Lego brand.”
The widening gap between
Lego and its rivals has been
driven by success in tapping
new markets such as China,
engaging new generations of
fans with the help of movie
and videogame tie-ups and
piggybacking on the appeal of
other popular brands, notably
Sustainable
Funds Gained
Inflows in ’22
BY SHANE SHIFFLETT
Sustainable funds that in-
vest based on factors such as
companies’ carbon footprints
and workforce diversity at-
tracted new investment in
2022, despite a broad market
selloff that punished many
sectors.
Investments into U.S. sus-
tainable funds including
stocks, bonds and other cate-
gories fell to $3.1 billion in
2022 from $69.2 billion a year
earlier, according to Morning-
star. Conventional funds that
don’t consider environmental,
social or governance factors,
also known as ESG, suffered
more than $370 billion in
withdrawals last year.
Fixed-income funds ac-
counted for $2.4 billion of all
sustainable investment in-
flows, or about 75%, a surpris-
ing performance given how
rising interest rates have pun-
ished many bondholders.
Morningstar identified 129
sustainable bond funds last
year, up from 47 in 2018.
Sustainable products bene-
fit from a flood of capital
chasing greener investments
in response to a warming
planet, while governments and
regulators increasingly are
setting ambitious climate tar-
gets pushing companies to
shrink their carbon footprints.
“Investors are experiencing
Please turn to page B6
S&P IT g 1.26%
Especially sensitive to
changes in the near-term inter-
est-rate outlook, short-term
Treasury yields jumped imme-
diately after the text of Mr.
Powell’s congressional testi-
mony was released in the
morning. They then added to
those gains even as yields on
longer-term Treasurys gave up
some of theirs.
By the end of the session,
the yield on the two-year Trea-
sury note had settled at 5.011%.
That was up from 4.892% Mon-
day and marked its first close
above 5% since June 2007.
Yields rise when bond prices
fall.
As longer-term yields held
“Star Wars,” with themed sets.
The company has also bene-
fited from rolling out more of
its own stores and having its
own dedicated factories, close
to end markets, which have al-
lowed it to largely avoid sup-
ply-chain snags.
The Lego City and Icons se-
ries—sets that include police
and fire stations and vehicles,
and a newer range of more
challenging builds that include
sets based on famous land-
marks—were among the
brand’s bestsellers last year,
alongside its “Star Wars” and
“Harry Potter” franchise tie-
ins, the company said.
Lego has also pushed into
digital play. Last year, it said it
had success with products
such as the Lego Builder app
and the “Lego Star Wars: The
Skywalker Saga” videogame.
The company’s digital activi-
ties are still primarily about
Please turn to page B2
Annual revenue
$10 billion
8
Mattel
6
4
2
0 –1.0
2013 ’14 ’15
Note: Data for Lego are converted from Danish kroner at the current rate
BUSINESS NEWS
Recreational-vehicle
maker Thor Industries
cut its sales and
earnings outlook. B3
Salesforce Profit Goals
Focus on Efficiencies
BY TOM DOTAN
Salesforce Inc., after years
of rapid revenue pursuit and
spending, is shifting its focus to
increasing profit by doing more
with less.
The company’s chief operat-
ing officer and president, Brian
Millham, one of the people
tasked with boosting margins,
said efficiency is now the key.
Salesforce is slimming teams,
integrating companies it has ac-
quired and relying more on on-
line portals and self-serve tools
to bring on new customers.
The pivot to greater profit-
ability comes as the business-
software company faces slow-
ing growth and more
******
DJ TRANS g 1.25%
THE WALL STREET JOURNAL.
WSJ $ IDX À 1.20%
relatively stable, the two-year
yield also closed 1.037 percent-
age points above the yield on
the 10-year Treasury note, the
first time it settled at least 1
percentage point higher than
the longer-term bond since
September 1981.
Under normal economic
conditions, longer-term Trea-
surys yield more than short-
term Treasurys to compensate
investors for the risk that infla-
tion and interest rates could
rise in the future.
Inverted yield curves, in
which short-term notes yield
more than longer-term notes,
suggest investors are confident
that the Fed will need to cut in-
DICKSON LEE/SOUTH CHINA MORNING POST/ZUMA PRESS
Lego says demand for its brick sets remains strong. A Lego tiger at one of its Hong Kong stores.
Hasbro Lego
’16 ’17 ’18 ’19 ’20 ’21 ’22
INSIDE
PROPERTY REPORT
An affordable senior
housing project is
aimed at the middle
class. B6
demanding investors. Its shares
surged 15% last week as it de-
clared that its efforts were
working, offering ambitious
projections for revenue and
profit margins.
Mr. Millham was the 13th
employee at Salesforce and has
watched it grow to a company
valued at $190 billion on the
back of the cloud-computing
business it helped pioneer. The
rapid growth has allowed a cor-
porate culture of big marketing
spending and a flood-the-zone
approach to interacting with
customers. Now, he said in an
interview, he has to reimagine
the way the company does busi-
ness and try new things.
Please turn to page B4
2–YR. TREAS. yield 5.011% NIKKEI (Midday) 28370.92 À 0.22% See more at WSJ.com/Markets
terest rates in the future. They
therefore are typically seen as
a warning sign that a recession
could be looming—though the
central bank could also cut
rates if inflation eases without
an economic downturn.
Earlier this year, inflation
seemed to be slowing, which
many on Wall Street believed
would allow the central bank to
bring rates only slightly
higher—to about 5%—and then
hold them there, or even cut
rates again later this year.
In the last six weeks, how-
ever, new economic data have
suggested that growth is stron-
ger and inflation is hotter than
investors thought, changing
Annual net profit/loss
$2.0 billion
Mattel
1.5
1.0
0.5
0 Voyager filed for chapter 11
–0.5
2013 ’22 ’13
Ukraine’s Sunflower Exports
Calm Cooking-Oil Market
BY YUSUF KHAN
Much of Ukraine’s sun-
flower-seed oil exports remain
curtailed by the war, but
farmers are sending out the
raw seeds instead, stabilizing
the global market for cooking
oil.
In January, Ukraine ex-
ported 347,000 tons of sun-
flower-seed oil, down sharply
from the 612,000 tons ex-
ported in January 2022 before
the war, according to data
from Black Sea agricultural
Sunflower-seed oil, which peaked at over $2,414 a ton in March, has now fallen to about $1,049 a ton.
Wednesday, March 8, 2023 | B1
the outlook.
“The ability to digest further
tightening in monetary condi-
tions is much different than a
couple quarters ago,” said Lotfi
Karoui, chief credit strategist
at Goldman Sachs. “The growth
backdrop is dramatically
healthier today.”
Tuesday’s moves in the
bond market indicated that in-
vestors believe Mr. Powell that
interest rates will rise higher
than previously expected over
the coming months. The un-
changed longer-term yields,
however, suggested that inves-
tors think that the marginally
higher rates in the near term
Please turn to page B11
Hasbro Lego
’22 ’13 ’22
Sources: S&P Capital IQ (Mattel, Hasbro); Lego
consulting firm SovEcon.
A drop in exports from
Ukraine, the world’s second-
largest producer after Russia,
sent prices for sunflower-seed
oil and other cooking oils
soaring in the early days of
the Russian invasion as buyers
scrambled for alternatives.
In recent months, Ukrainian
farmers have eschewed crush-
ing seeds at home to make the
oil. Instead, they are sending
huge volumes of uncrushed
seeds to foreign buyers, who
do the processing themselves.
Binance
Is Cleared
To Buy
Crypto
Accounts
BY SOMA BISWAS
Binance’s American affili-
ate won court approval to
take over thousands of cus-
tomer accounts from bank-
rupt crypto platform Voy-
ager Digital Ltd. despite
warnings that the Binance.US
exchange faces possible regu-
latory action.
Judge Michael Wiles of the
U.S. Bankruptcy Court in New
York approved the companies’
deal, undeterred by the revela-
tion last Friday that Securities
and Exchange Commission
staff have determined that Bi-
nance.US, the American affili-
ate of the world’s largest
crypto exchange, is operating
an unregistered securities ex-
change.
The SEC staff’s view that
Binance operates an unregis-
tered exchange in the U.S.
hasn’t been affirmed by the
agency’s commissioners but
indicates the SEC could take
enforcement action. Judge
Wiles on Tuesday said he
couldn’t delay the deal be-
tween Voyager and Bi-
nance.US simply because the
SEC is warning about possi-
ble future enforcement, espe-
cially since the agency didn’t
present any evidence the
companies could rebut.
“The SEC didn’t say why
they say Binance.US is oper-
ating as a securities broker.
If we were to try to address
the issue we’d have to guess,”
Judge Wiles said in his rul-
ing.
The judge’s ruling clears
the way for Voyager to trans-
fer roughly $1 billion in cryp-
tocurrency it holds to Bi-
nance.US, where customers
would receive new accounts
to access some of the assets
that have been frozen since
last year.
In court hearings that be-
gan last week, Judge Wiles
considered Voyager’s plan to
sell its customer accounts to
Binance.US, wind up the
bankruptcy case and distrib-
Please turn to page B2
Seed-crushing and power
infrastructure in Ukraine have
been damaged by the war, and
ports dedicated to sunflower-
seed oil exports are still es-
sentially closed.
Ukraine exported 190,000
tons of seeds in January, ac-
cording to SovEcon. That
compares with 4,000 tons in
January 2022, the month be-
fore the invasion, and 12,000
tons in January 2021.
The U.S. Agriculture De-
partment expects global sun-
Please turn to page B2
OLEG PETRASYUK/EPA/SHUTTERSTOCK
B2 | Wednesday, March 8, 2023
INDEX TO BUSINESSES
These indexes cite notable references to most parent companies and businesspeople
in today’s edition. Articles on regional page inserts aren’t cited in these indexes.
A
Alphabet.........A10,B4
Altria......................B2
Amazon.com ........ B12
American Airlines
............................. A10
Apple....................B12
Atria Senior Living B6
B SK Hynix................B4
Binance...................B1
Blue Apron...........B12
ByteDance..............A4
C Spirit Airlines
Camping World......B3
Covis Pharma.........A6
D Thor Industries......B3
Delta Air Lines
...................... A10,B11
Dominion Voting
Systems ............... B2
E Merrill Gardens......B6
Epic Games............B2
F
FirstEnergy............A6
Fox .................... A4,B2
H News Corp........A4,B2
H&R Block............A11
INDEX TO PEOPLE
A G
Aggarwal, Shaurya...B10
Augustine, John........B11
B Grimes, Michael..........B3
Benioff, Marc..............B4
C Hayes, Robin...............A1
Chari, Raghav ............. A6
Christiansen, Niels.....B1
Coon, Jonathan...........B6
Cronin, Jon..................B6
D-E
Duesterhoeft, Sebastian
...................................B10
Ettelson, Adelina Wong
.....................................B6
Binance
Purchase
Is Cleared
Continued from page B1
ute what remains of the busi-
ness to its customers. U.S.
state and federal regulators
have voiced doubts about the
viability of the proposed
deal, citing risks from pend-
ing regulatory investigations
of Binance.US.
On Tuesday, Judge Wiles
said the SEC didn’t go so far
as to assert that the sale or
any activities of Binance.US
would violate securities law
or even to provide a reason
why they might.
The SEC “was not affirma-
tively contending that [Voy-
ager] was doing anything
wrong nor that Binance.US
was doing anything wrong,”
Judge Wiles said.
Voyager customers, who
voted 97% in favor of the
deal, have the option of get-
ting their funds back in cash
if they choose not to transfer
assets to Binance.US. Voyager
has projected that customers
could recover as much as
roughly 70 cents on the dol-
lar under its chapter 11 plan,
Sunflower
Seeds Calm
Oil Market
Continued from page B1
flower-seed exports to hit 2.65
million tons in the 2022-23
agricultural season, which
runs through August, up from
1.62 million tons last year.
Ukraine shipped 191,000 tons
in 2020-21, before the war.
“The Russian invasion of
Ukraine has fundamentally re-
written the trade flows
around the country’s iconic
sunflower market,” said Anna
Platonova, oilseed-price ana-
lyst at U.K. price-reporting
agency Fastmarkets.
Once cleaned, sunflower
seeds are ground and pressed
through a set of rollers or
mills to extract oil. The oil is
refined with heating and
chemical additives to remove
impurities before being
packed and sold.
Before the war, much of
that process was done inside
Ukraine. Now, the task is be-
ing outsourced to such an ex-
tent that it has stabilized a
global cooking-oil market that
went haywire in the wake of
Russia’s invasion of Ukraine.
Key exporting ports were
bombed or threatened by Rus-
sian forces, while Moscow
blockaded most agricultural
shipments.
Prices of other cooking oils,
such as palm oil and canola
oil, all rose sharply amid a
Hasbro....................B1
HelloFresh............B12
Huawei Technologies
Ocado ................... B12
R
Rivian Automotive
................................B4 ..............................B11
I S
Intuit....................A11 Salesforce .............. B1
J Samsung Electronics
JetBlue Airways ................................B4
........................ A1,B11
Just Eat Sonos ................... B12
Takeaway.com....B12 Southwest Airlines
............................. A10
K
Kroger...................B12 ........................ A1,B11
L T
Lego........................B1
M-N Twitter..............A1,B3
Mandarin Oriental U machine company Dominion
International........B6 United Airlines
Mattel .................... B1 ...................... A10,B11
V Erin Mulvaney
Meta Platforms.....B4
Voyager Digital......B1
Microsoft ............. A10
W
Montage
International........B6 Wells Fargo..........B11
M&T Bank ............ B11 Wholly Veggie ....... B2
Z Trump’s failed bid for re-elec-
O ZTE.........................B4
Moore, John................B6
Gall, Tana....................B6 Murdoch, Rupert...A4,B2
Gaucher, Dave.............B2 Musk, Elon.....A1,A10,B3
Necrason, Tina............B6
H P
Pawlowski, John.........B6
Hornby, Lisa................B6 Pichai, Sundar...........A10
K Platonova, Anna ......... B2
Karoui, Lotfi................B1 S
Kuchtyak, Matt...........B6 Spence, Patrick.........B12
L X
Lemonis, Marcus ........ B3 Xing, Robin ................. A9
M-N Z son wrote, according to one
Millham, Brian............B1 Zuckerberg, Mark ....... B4
its investment banker testi-
fied.
A representative of Bi-
nance.US said Tuesday it is
pleased the bankruptcy court
“agrees with 97% of Voyager
customers who voted that
our plan provides the best
path forward for Voyager us-
ers to retake control of their
assets.”
The global Binance ex-
change faces U.S. regulatory
and law-enforcement investi-
gations into its business and
expects to pay penalties. The
Wall Street Journal has re-
ported that the SEC has in-
vestigated trading practices
at Binance.US, including
whether it adequately dis-
closed conflicts of interest to
its customers.
The Journal separately re-
ported this week that Bi-
nance and Binance.US have
been more intertwined than
the companies have dis-
closed.
Voyager’s investment
banker faced questioning in
court over how it ensured
that customer assets would
be safe with Binance.US and
not used for the types of
risky investments that have
brought down other crypto
platforms.
Judge Wiles, however, said
he didn’t have any evidence
that Binance.US is at risk of
failing.
VALERIA MONGELLI/BLOOMBERG NEWS
Seed-crushing infrastructure is damaged and ports for sunflower seed oil are essentially closed.
shortage of Ukrainian-sup-
plied sunflower-seed oil.
The Seed Crushers and Oil
Processors Association, a U.K.
trade body, says the greater
supply of seeds now making it
out of Ukraine by both sea
and land routes has allowed
European seed crushers to
help make up for the lost sup-
ply of oil coming out of
Ukraine, pushing prices lower.
Soaring cooking-oil prices
contributed to wider food in-
flation around the world by
boosting the cost of preparing
many foods, both dishes
served at restaurants and
ready-made staples such as
potato chips. In late March,
sunflower-seed oil peaked at
over $2,414 a ton. Recently,
that has fallen by more than
half, to about $1,049 a ton, ac-
cording to price-reporting
agency Mintec.
“We’ve noticed shorter
supply-chain timelines on
sunflower oil, and the pricing
Documents From Fox Defamation
Suit Spotlight Internal Tensions
Newly released court docu-
ments from a defamation case
against Fox News over its 2020
election coverage show a deep
fissure in the network between
high-profile prime time opinion
hosts and other personnel who
were deeply skeptical of elec-
tion fraud claims.
The documents, made public
in litigation between voting
By Keach Hagey,
and Joe Flint
Voting Systems and Fox News,
depict an organization scram-
bling on how to cover Donald
tion, as well as claims by the
then-president and his support-
ers that the election was stolen.
In a private text-message ex-
change about two weeks after
Election Day, Tucker Carlson
and fellow prime time hosts
Laura Ingraham and Sean Han-
nity were still upset that the
network was the first to call
the key state of Arizona for Joe
Biden on the night of the elec-
tion, a decision that angered
some core Fox News viewers.
“We devote our lives to
building an audience and they
let Chris Wallace and Leland f-
ing Vittert wreck it,” Mr. Carl-
document, referring to former
Fox News anchor Chris Wallace
and reporter Leland Vittert.
Ms. Ingraham later in the ex-
change tells her two colleagues,
“I think the three of us have
Lego
Widens
Its Lead
Continued from page B1
drawing children into the Lego
experience and encouraging
them to buy physical toys, Mr.
Christiansen said.
Those digital efforts will ex-
pand this year, with Lego and
its partner Epic Games Inc.
planning to launch a child-
friendly version of the meta-
verse following a $1 billion in-
vestment made by the toy
maker in the U.S. videogames
developer last year.
The 90-year-old Danish
company’s performance stands
in contrast to the downbeat
results of other leading toy
makers, which blamed the eco-
nomic volatility and soaring
inflation of last year for slug-
gish sales.
Last month, Barbie maker
Mattel said its 2022 sales
were flat at $5.4 billion com-
pared with the year before,
while annual revenue at Has-
Sunflower-seed oil exports
from Ukraine
700 thousand tons January
347,000
600
500
400
300
200
100
0
2021 ’22
Source: Sovecon, Ministry of Agrarian Policy
and Food of Ukraine, Customs of Ukraine
has right sized compared with
the beginning of the Ukraine
war,” said Dave Gaucher,
founder of Wholly Veggie, a
Canadian based producer of
BUSINESS & FINANCE
enormous power,” adding, “We
should all think about how to-
gether we can force a change.”
Another court document
shows a far different discussion
happening in other parts of the
organization in early December,
with former Washington Bu-
reau Managing Editor Bill Sam-
mon lamenting the network’s
flagship evening news broad-
cast was “still focused solely on
supposed election fraud” a
month after the election.
Dominion sued Fox News for
defamation in March 2021, al-
leging the network spread and
promoted outlandish claims
that the company’s voting ma-
chines helped rig the 2020
presidential elections in favor
of Mr. Biden. It is seeking $1.6
billion in damages.
Fox News denies the allega-
tions, saying it was reporting
on newsworthy allegations
made by associates of Mr.
Trump. The network has said
that Dominion cherry-picked
quotes from its internal com-
munications and depositions,
out of context, to attract media
attention.
Fox News parent Fox Corp.,
which is also a named defen-
dant, and News Corp, the par-
ent of The Wall Street Journal,
share common ownership.
Tuesday’s document release
came as part of a final flurry of
pretrial battles between the
two sides. Dominion included
internal Fox communications
and depositions as exhibits in
support of its position that Fox
News and parent Fox Corp.
Profit at Lego grew modestly relative to the rise in sales last
year. Outside a Lego store in Shanghai’s Disneytown.
bro declined 9% to $5.9 billion.
Both U.S. toy makers endured
a tough holiday period in
which sales were down signifi-
cantly compared with the
same period in 2021.
Hasbro, which makes toys
including Transformers and
Play-Doh, said it would lay off
15% of its global workforce af-
ter its disappointing holiday
performance and as it forecast
a tough market for toys this
year.
Lego, meanwhile, said de-
mand for its brick sets re-
mained strong over Christmas.
Investment across all product
categories and price points en-
plant-based snack foods.
Prices started to fall after
the successful startup of a
grain corridor out of Ukraine
last year. A United Nations-
backed deal allowed for ships
laden with agricultural prod-
ucts to depart certain Ukrai-
nian ports unharassed by Rus-
sian warships.
While grain made up the
majority of those shipments,
sunflower growers started
loading their seeds onto ships
as well.
So far, the grain deal has
included three ports: Odessa,
Chornomorsk and Pivdennyi.
Ukrainian officials are pushing
to include other ports, such as
’23 Mykolaiv, once a hub of
Ukraine’s sunflower-seed oil
trade, in the agreement, said a
spokeswoman for Ukraine’s
Infrastructure Ministry. The
deal needs to be renewed this
month.
—Matthew Luxmoore
contributed to this article.
******
should be declared liable for
defamation. Snippets of the
material already had been
made public in court briefs that
were unsealed last month, but
the full exhibits hadn’t been
released.
Dominion and Fox News are
each asking the judge to rule in
their favor before the case goes
in front of a jury. A trial is
scheduled to begin April 17.
The document release
is part of the pretrial
battles between the
two sides.
Fox News Media said Tues-
day’s document dump provided
further support for its position
in the case. “Thanks to today’s
filings, Dominion has been
caught red-handed using more
distortions and misinformation
in their PR campaign to smear
Fox News and trample on free
speech and freedom of the
press,” the company said.
Fox pointed to the deposi-
tion of anchor and chief politi-
cal correspondent Bret Baier,
who testified that the network
aimed to keep false fraud alle-
gations off the air. “We tried to
follow through and see what
was real and what was not and
then report that on the air to
the best of our ability,” Mr.
Baier said in the deposition.
The network also said new
abled the company to appeal
to consumers irrespective of
their spending power, Mr.
Christiansen said.
Moreover, parents continue
to buy Lego for their children
even in tough economic times
because they perceive it as an
educational toy that will re-
main in use for many years, he
said.
Still, profit at Lego grew
modestly relative to the rise in
sales last year. Mr. Chris-
tiansen attributed this to ex-
ceptional growth in the prior
year.
He also said the company
wasn’t entirely immune to
every
one
deserves a decent
place to live.
THE WALL STREET JOURNAL.
material showed that Fox Busi-
ness host Maria Bartiromo,
who aired false election fraud
claims on her show, invited Do-
minion to appear.
A Dominion spokeswoman
said the case documents speak
for themselves. “We welcome
all scrutiny of our evidence be-
cause it all leads to the same
place—Fox knowingly spread
lies causing enormous damage
to an American company,” the
spokeswoman said.
The documents released
Tuesday also contained ex-
cerpts of Fox Corp. Chair Ru-
pert Murdoch’s deposition—
much of it heavily redacted—
which paints a complicated
portrait of Mr. Murdoch’s role
atop Fox News. It also shows
the ways in which Mr. Murdoch
had soured on Mr. Trump in
the wake of the election.
Mr. Murdoch said in his tes-
timony that he would never
meddle in Fox News’s “sacro-
sanct” procedures for calling
elections, saying, “I do not in-
terfere in that sort of thing.”
At another point, he read out
correspondence between him-
self and Fox News Chief Execu-
tive Suzanne Scott discussing
what the vote threshold should
be to call Pennsylvania for Joe
Biden.
Mr. Murdoch testified that
he believed Mr. Biden was le-
gitimately elected president
from the moment Fox News
called the election, and that he
seriously doubted claims of
election fraud from the begin-
ning.
economic challenges last year,
with higher costs for raw ma-
terials and transportation
denting profit growth.
Lego responded with single-
digit-percentage price in-
creases in around one-third of
its product range in Septem-
HU CHENGWEI/GETTY IMAGES
ber, while holding prices down
on the rest, Mr. Christiansen
said.
The company opened 155
new stores, many of them in
China, over the course of the
year, offsetting the decision to
close its 81 stores in Russia in
the wake of the country’s inva-
sion of Ukraine. Overall, the
company said it reached a to-
tal store count of 904.
Mr. Christiansen said Lego
expects revenue to increase by
a single-digit percentage this
year. To help meet growing
demand, the company is set to
open a new factory in Vietnam
this year and another manu-
facturing plant in the U.S. in
2025.
Watch a Video
Scan this code
for a video on
how Lego built
a media empire
beyond bricks.
Learn more at
habitat.org.
THE WALL STREET JOURNAL. Wednesday, March 8, 2023 | B3

BUSINESS NEWS

RV Maker Thor Industries Cuts Outlook

Rising rates, higher
prices spur consumers
to reassess budgets,
big-ticket purchases
BY WILL FEUER
Thor Industries Inc. cut its
sales and earnings outlook as
Americans hold off on buying
new recreational vehicles amid
persistent inflation and rising
Demand for RVs surged
from 2020 through much of
2022 as many Americans
bought their first RVs and oth-
ers upgraded as they hit the
road in place of international
travel during the pandemic.
Sales of RVs surged during
that period and manufacturers
struggled to keep dealership
lots stocked.
In recent months, though,
rampant inflation has spurred
many Americans to reassess
cally the busy selling season in
the RV industry. The fiscal
second quarter is typically a
replenishment period, when
Thor ships more of its vehicles
out to dealers.
The company also cut its
earnings estimates to a range
of $5.50 to $6.50 a share,
down from $7.40 to $8.70 a
share.
Thor said it has so far seen
strong trends at the spring RV
trade shows, but that atten-

ZOU ZHENG/XINHUA/ZUMA PRESS

interest rates.
The RV maker, based in Elk-
hart, Ind., posted steeper-
than-expected declines in sales
and profit for the recently
ended quarter, as customers
shied away from big purchases
at dealerships. Thor, which
owns brands such as Air-
stream and Jayco, throttled
production of its RVs in an ef-
fort to match sagging demand
and keep costs in check.
The company said that the
recent sharp slowdown in
sales “is proof that our con-
sumer is being impacted by el-
evated prices, higher interest
rates and inflation that hits
their pocketbooks every day.”
The news weighed on
shares of companies across
the RV sector, including rival
manufacturers, retailers and
parts suppliers. Thor stock
slipped 3.8% in trading Tues-
day while Winnebago Indus-
tries Inc. shares dropped 4.4%.
Shares of parts supplier Pat-
rick Industries Inc. declined by
1.7%.
their budgets and pull back on
big-ticket items. Rising inter-
est rates have also increased
the cost of financing large
purchases.
RV sales have long been
seen as a leading indicator of
the health of the American
consumer. Multiyear drops in
shipments have preceded sev-
eral recent recessions.
For the fiscal second quar-
ter, which ended Jan. 31, Thor
reported profit of $27.1 mil-
lion, or 50 cents a share, com-
pared with $266.6 million, or
$4.79 a share, in the year-ear-
lier period. Analysts surveyed
by FactSet were expecting
earnings of 99 cents a share.
Sales tumbled 39% in the
quarter to $2.35 billion, below
the $2.43 billion that analysts
were expecting.
For the rest of its fiscal
year, Thor cut its sales guid-
ance by $1 billion on the top
and bottom ends of the range
to a forecast of $10.5 billion to
$11.5 billion. The second half
of Thor’s fiscal year is histori-
dance hasn’t translated into
sales at dealerships. The com-
pany still believes that the re-
cent pullback will be tempo-
rary, and that over the long
term, the industry will hold on
to customers who bought their
first RVs during the pandemic.
The readout from Thor Thor, which owns Airstream, throttled production of its RVs in an effort to match sagging demand.
echoes downbeat sentiments
offered by other RV companies Wholesale RV shipments Thor Industries’ revenue,
in recent weeks. Last month, change from a year earlier*
Camping World Holdings Inc.,
60,000 100%
which owns a chain of RV
dealerships, posted a double-
digit decline in same-store 50,000 75
new vehicle sales for the
fourth quarter. The company
40,000 50
also cut nearly 1,000 jobs.
“The first quarter has, quite
frankly, not taken off as the in- 30,000 25
dustry had hoped,” Camping
World Chief Executive Marcus 20,000 0
Lemonis said at the time. He
said customers are shopping
around more when consider- 10,000 –25
ing buying an RV and are ex-
pecting larger discounts. 0 –50
Winnebago is scheduled to
2020 ’21 ’22 ’23 FY2020 ’21 ’22 ’23
report its fiscal second-quar-
ter results on March 22. *Latest fiscal quarter ended Jan. 31. Sources: RV Industry Association (shipments); FactSet, the company (revenue)

Musk Says Twitter Could Have Positive Cash Flow in Months

BY ALEXA CORSE
AND ALEXANDER SAEEDY
Elon Musk said Twitter Inc.
has a shot at being cash-flow-
positive next quarter and he is
optimistic about the com-
pany’s future after what he
called a difficult past few
months.
“I definitely don’t want to
count chickens before they
hatch,” he added Tuesday
about his latest expectations
for the company’s finances.
Mr. Musk, who acquired
Twitter and took over as its
chief executive in October, said
the company would have gone
bankrupt in four months if he
hadn’t taken steps to rein in
expenditures. Many advertis-
ers pulled back from the plat-
form after Mr. Musk’s take-
over, and he said on Tuesday
that Twitter had faced a “mas-
sive decline in advertising.” He
also said Twitter faces around
$1.5 billion in yearly interest
payments on debt borrowed
when he took the company
private.
Mr. Musk made his com-
ments during the Morgan
Stanley Technology, Media and
Telecom Conference in San
Francisco, speaking mostly
about Twitter but also men-
tioning other topics across his
business ventures, including
electric-vehicle maker Tesla
Inc. and rocket-and-satellite
company Space Exploration
Technologies Corp., known as
SpaceX.
He was interviewed by Mi-
chael Grimes, head of global
technology investment bank-
ing at Morgan Stanley. Mr.
Grimes advised Mr. Musk on
his acquisition of Twitter, ac-
cording to court filings.
“It’s been a very difficult
four months, but I’m optimis-
tic about the future,” Mr.
Musk said.
Twitter’s revenue and ad-
justed earnings dropped by
approximately 40% year-over-
year in December, The Wall
Street Journal has reported.
As Mr. Musk took over at
Twitter, the company was on
track to be $3 billion in the
red given the decline in adver-
tising and debt service costs,
Mr. Musk said. “In the absence
of action, Twitter would have
had 6 billion in cost and 3 bil-
lion in revenue,” he said. He
said Twitter has since signifi-
cantly reduced costs.

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TECHNOLOGY WSJ.com/Tech

Germany Reviews 5G Suppliers’ Security

BY WILLIAM BOSTON try, said Tuesday, adding that from the so-called core net-
AND BERTRAND BENOIT the probe could lead to opera- work, which is considered
tors having to remove unsafe more security-sensitive.
BERLIN—The German gov- equipment from their net- The German bill was written
ernment launched a review of works. under Chancellor Angela
the country’s 5G high-speed The government can already Merkel, who favored close links
mobile telecom networks as ban new contracts with foreign to China during her 16 years in
part of a broader revamp of its suppliers it considers a threat power. While her successor
relationship with China, sug- to national security, but Mr. Olaf Scholz has pushed back
gesting Berlin is moving closer Kall said the current review against U.S. pressure to decou-
to banning Chinese suppliers would investigate potential se- ple from China, Germany’s
from German networks. curity risks posed by existing largest trade partner, members
The move marks a shift for components in telecommunica- of his coalition have called for
Berlin, which for years re- tions networks. Berlin to reduce its reliance on

REN PENGFEI/XINHUA/ZUMA PRESS

sisted U.S. calls for its Euro- Under legislation passed Chinese technology.
pean partners to ban the use two years ago, the German The calls have become more
of equipment made by Huawei government has broad author- vocal since Russia’s invasion
Technologies Co. and state- ity to review the country’s of Ukraine exposed Germany’s
controlled ZTE Corp. in their telecommunication infrastruc- heavy reliance on Russian en-
critical infrastructure. Wash- ture for security flaws. But un- ergy and forced the country to
ington has warned that the ex- like other countries in Europe, rebuild its energy market al-
istence of Chinese components Germany has stopped short of most from scratch.
in its allies’ 5G networks made explicitly banning the use of Critics have warned that
them vulnerable and could Huawei or ZTE equipment by Chinese companies such as Huawei account for much of the hardware in Germany’s 5G networks. Chinese equipment in the tele-
compromise intelligence shar- German operators. com networks could contain
ing between Washington and In the absence of an explicit that offered by non-Chinese Germany’s 5G radio access Strand Consult, a telecommu- so-called back doors that
Berlin. ban, German telecom opera- competitors—as they roll out network, or RAN, compared nications consulting firm. The would allow the Chinese gov-
“This review is under way,” tors have become increasingly their 5G infrastructure. with 41% in the U.K., 17% in RAN connects devices to other ernment access to critical in-
Maximilian Kall, spokesman reliant on such equipment— Chinese vendors account France and 0% in Sweden, ac- parts of a mobile network us- frastructure, posing a serious
for the German interior minis- which is often cheaper than for 59% of the hardware in cording to a 2022 report by ing a radio link and is separate security risk.

The Marketplace
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South Korea Frets About
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IN THE UNITED STATES BANKRUPTCY COURT
FOR THE DISTRICT OF DELAWARE
In re: NOVA WILDCAT SHUR-LINE Chapter 11
HOLDINGS, INC., et al.,1 Case No.23-10114 (CTG)
Debtors. (Jointly Administered)
NOTICE OF SALE, BIDDING PROCEDURES,
AUCTION, AND SALE HEARING
On January 29, 2023, the debtors and the debtors-in-posses-
sion (the “Debtors”) in the above-captioned chapter 11 cases
(the “Chapter 11 Cases”) filed with the United States Bankruptcy
Court for the District of Delaware (the “Court”) a motion [D.I.
28] (the “Motion”) for the entry of: (a) an order (the “Bidding
ProceduresOrder”)(i)approvingbiddingprocedures (the“Bidding
Procedures”)2 to be used in connection with one or more sales
(each,a“SaleTransaction”) of substantially all or any portion of the
Debtors’assets (the“Assets”);(ii) authorizing the Debtors to enter
into one or more asset purchase agreements with one or more
“stalking horse” bidders (each such agreement, a “Stalking Horse
Agreement” and, each such bidder, a“Stalking Horse Bidder,” and
the bid of any such Stalking Horse Bidder, a“Stalking Horse Bid”);
(iii) scheduling an auction of the Assets (the“Auction”) and a final
hearing to consider approval of any proposed Sale Transactions
(the “Sale Hearing”); (iv) approving the form and notice of the
Bidding Procedures,the Auction,and the Sale Hearing;(v) approv-
ing procedures for the assumption and assignment of executory
contracts and unexpired leases (collectively, the “Contracts”) in
connection with any Sale Transaction; (vi) approving the form
and manner of notice to each relevant non-debtor counterparty to
a Contract of the Debtors’ calculation of the amount necessary to
cure any defaults under an applicable Contract and certain other
information regarding the potential assumption and assignment
of Contracts in connection with a SaleTransaction;and (b) an order
(i)authorizingoneormoreSaleTransactionsforasaleoftheAssets
free and clear of all liens, claims, interests, and encumbrances,
except certain permitted encumbrances as determined by the
DebtorsandanySuccessfulBidder(asdefinedbelow)fortheappli-
cable Assets,with liens to attach to the proceeds of the applicable
SaleTransaction;(ii) authorizing the assumption an assignment of
certain Contracts in connection with approved Sale Transactions;
and(iii)grantingrelatedrelief.
On March 3, 2023, the Court entered the Bidding Procedures
Order[D.I.142].
ASSETS FOR SALE.The Debtors are seeking to sell substantially
all of their Assets, including the following brands, together
with all other Assets related to each brand: Comfort Zone, Shur-
Line, WordLock, Guard Security, Ultra Hardware, Ultra Security,
The Bulldog Hardware, Aqua Plumb, Bright-Way, Road& Home,
PestGuard and MouseGuard, KC Professional, H.B. Smith Tools, My
Helper, HelpingHand.
Interested parties may bid on the Assets (i) in individual lots (by
brand and/or division or any other combination),(ii) as a collective
whole,or(iii)inanycombination.
Any party interested in submitted a bid for any of the Debtors’
Assets should contact the Debtors’ investment banker, SSG
Advisors, LLC (Attn: J. Scott Victor and Teresa C. Kohl), by email at
jsvictor@ssgca.comandtkohl@ssgca.com.
STALKING HORSE PROCEDURES. The Debtors shall be
authorized, but not obligated, in an exercise of their business
judgment and in consultation with the Consultation Parties,
to select one or more Qualified Bidders to act as stalking horse
bidders in connection with one or more Sale Transactions (each,
a “Stalking Horse Bidder”), and enter into a purchase agreement,
in form and substance acceptable to the Stalking Horse Bidder,
subject to higher or otherwise better offers at the Auction, with
respect to a SaleTransaction with such Stalking Horse Bidder (each
such agreement, a “Stalking Horse Agreement”). If the Debtors
selectoneormoreStalkingHorseBidders,theDebtorswillfilewith
the Court and cause to be published on the case website a notice
that contains information about the Stalking Horse Bidder(s),
including the identity of the Stalking Horse Bidder(s), key terms
of the Stalking Horse Bidders’ bid(s), and the proposed Stalking
Horse Agreement(s) (the“Stalking Horse Notice”). After selecting
a Stalking Horse Bidder(s), that is not an insider (as defined in
BUSINESS OPPORTUNITIES
NOTICE OF SALE
Terms for Chip Subsidies
BY JIYOUNG SOHN
Section 101(31) of the Bankruptcy Code),and provided that no bid EasternTime) on the later of (i) March 22,2023,and (ii) two
protections are offered as part of any Stalking Horse Agreement, (2) business days after the Notice of Auction Results are SEOUL—The U.S. Chips Act
the Debtors may submit an order under certification of counsel filedwiththeCourt. is dangling billions of dollars
approving the designation of the Stalking Horse Bidder(s) and D. Sale Hearing.The Sale Hearing shall take place on March
Stalking Horse Agreement(s) as stalking horse(s) without the 24, 2023, at 10:00 a.m. (prevailing Eastern Time) before the in subsidies in front of the
need for further hearing.To the extent the Stalking Horse Bidder or
Stalking Horse Agreement does not satisfy the foregoing criteria,
Honorable Craig T. Goldblatt, United States Bankruptcy Judge, in
the United States Bankruptcy Court for the District of Delaware,
world’s biggest semiconductor
the Debtors shall seek court approval of the designation of the located at 824 N. Market Street, Wilmington, Delaware 19801. manufacturers, but South Ko-
Stalking Horse Bidder and Stalking Horse Agreement upon motion The Sale Hearing may be adjourned by the Debtors, in consulta-
andanopportunitytobeheard. tion with the Consultation Parties, from time to time without rea says there are too many
KEYDATESANDDEADLINES further notice to creditors or other parties in interest other than strings attached.
A. Bid Deadline. Any Prospective Bidder that intends to by announcement of the adjournment in open court on the date
participate in the Auction must submit in writing to the Bid Notice scheduled for the Sale Hearing or by filing a notice,which may be The conditions for receiving
Parties a bid (a“Bid”) on or before March 15,2023,at 5:00 p.m. a hearing agenda, stating the adjournment, on the docket of the the subsidies unveiled last
(prevailingEasternTime)(the“BidDeadline”). Debtors’chapter11cases.
The Qualified Bid requirements are set forth in Section VII.A of RESERVATION OF RIGHTS TO MODIFY BIDDING week are putting two of South
theBiddingProcedures. PROCEDURES. Without prejudice to the rights of any Stalking
B. Auction. If the Debtors receive more than one Qualified Horse Bidding under any Stalking Horse Agreement, the Debtors Korea’s biggest chip makers—
Bid (including any Stalking Horse Bid) for an Asset or combination
of Assets, the Debtors will conduct an Auction for such Asset(s).
reserve the right to,in their business judgment and in consultation
with the Consultation Parties, in a manner consistent with
Samsung Electronics Co. and
With respect to any particular Asset for which the Debtors receive their fiduciary duties and applicable law, modify the Bidding SK Hynix Inc.—in a difficult
onlyoneQualifiedBidbytheBidDeadline,theDebtorsmay,intheir Procedures,including to,among other things,(a) extend or waive
business judgment and after consultation with the Consultation deadlines or other terms and conditions set forth herein,(b) adopt position as they decide whether
Parties, determine to consummate a Sale Transaction with the new rules and procedures for conducting the bidding and Auction to apply for the federal fund-
applicableQualifiedBidderwithoutconductinganAuction. process, (c) if applicable, provide reasonable accommodations
In the event the Debtors determine,after consultation with the to a Stalking Horse Bidder, or (d) otherwise modify these ing, government officials and
Consultation Parties, not to hold an Action for some or all of the
Assets,the Debtors will file with the Court,serve on the Sale Notice
Bidding Procedures to further promote competitive bidding
for and maximizing the value of the Assets; provided, that such
industry analysts said.
Parties, and cause to be published on the Epiq Website, a notice extensions, waivers, new rules and procedures, accommodations, South Korea’s minister of
containing the following information, as applicable: (i) a state- and modifications (i) do not conflict with and are not inconsistent
ment that the Auction for the relevant Assets has been canceled, with the Bidding Procedures Order, the Bidding Procedures, the trade, industry and energy de-
(ii) the identity of the Successful Bidder,(iii) a copy of the Successful
Bid or a summary of the material terms of such Bid, including any
Bankruptcy Code or any order of the Bankruptcy Court,and (ii) are scribed the requirements under
promptlycommunicatedtoeachQualifiedBidder.
the $53 billion chip subsidy
YONHAP/EPA/SHUTTERSTOCK
assumption and assignment of Contracts contemplated thereby, ADDITIONAL INFORMATION. Copies of the Motion, the
and(iv)thedate,time,andlocationoftheapplicableSaleHearing. Bidding Procedures Order, and the Bidding Procedures may
The Auction,if required,will be conducted on March 20,2023, be obtained free of charge by visiting the Epiq Website at program as vast and unconven-
at 10:00 a.m. ET (prevailing Eastern Time), at the offices of https://dm.epiq11.com/h2b. tional. Asking firms to submit
Reed Smith LLP, 599 Lexington Avenue, 22nd Floor New York, New FAILURE TO ABIDE BY THE BIDDING PROCEDURES, THE
York 10022, or at such other time and location as designated by BIDDING PROCEDURES ORDER OR ANY OTHER APPLICABLE information about their man-
the Debtors,after providing notice to the Sale Notice Parties; pro- ORDER OF THE COURT ENTERED IN THESE CHAPTER 11 CASES agement and technology could
vided,however,theDebtors shallhave theright to hold theAuction MAY RESULT IN THE REJECTION OF YOUR BID AND YOUR
remotely, including telephonically or by other electronic means DISQUALIFICATION FROM PARTICIPATING IN THE BIDDING FOR expose them to business risks,
(including,without limitation,video conferencing) as the Debtors ANDAUCTIONOFANYOFTHEDEBTORS’ASSETS.
may choose in their sole discretion so as to comply with all applica- THE FAILURE OF ANY PERSON OR ENTITY TO FILE AND Lee Chang-yang, said Monday.
ble federal,state,and local laws,orders,ordinances,guidelines,and SERVE AN OBJECTION IN ACCORDANCE WITH THE BIDDING The demand that companies of-
guidance, including any shelter-in-place, social distancing, and PROCEDURES ORDER, INCLUDING THE FAILURE TO FILE ANY
non-essential business orders and guidelines. If held,the Auction SUCH OBJECTION BY THE APPLICABLE OBJECTION DEADLINE, fer child care for employees, to- An employee holds a chip wafer at a Samsung Electronics plant.
proceedingswillbetranscribedand/orvideorecorded. SHALL FOREVER BAR SUCH PERSON OR ENTITY FROM gether with rising interest rates
On the first business day after the conclusion of the Auction, ASSERTING, AT THE SALE HEARING OR THEREAFTER, ANY SUCH
the Debtors will file with the Court,serve on the Sale Notice Parties OBJECTION TO THE RELIEF REQUESTED IN THE MOTION, THE and inflation, would drive up South Korea’s trade minis- gram are intended to safeguard
and cause to be published on the Epiq Website, a notice setting CONSUMMATION OF ANY APPLICABLE SALE TRANSACTION,
forth the results of the Auction (the “Notice of Auction Results”), INCLUDING THE SALE OF ANY ASSETS TO A SUCCESSFUL the already high cost of invest- ter, Ahn Duk-geun, will be in taxpayer investments and give
which will (a) identify each Successful Bidder and each Backup BIDDER FREE AND CLEAR OF LIENS, CLAIMS, INTERESTS ing in the U.S., he said. Washington this week to meet awards based on rigorous finan-
Bidder, (b) include a copy of each Successful Bid and each Backup AND ENCUMBRANCES PURSUANT TO SECTION 363(f) OF
Bid or a summary or the material terms of such bids,including any THE BANKRUPTCY CODE OR THE TERMS OF ANY STALKING “There are many unusual with high-level U.S. govern- cial analysis and due diligence.
proposed assumption and assignment of Contracts contemplated HORSE AGREEMENT OR OTHER ASSET PURCHASE AGREEMENT
thereby,and (c) set forth the Post-Auction Objection Deadline,the EXECUTEDBYTHEDEBTORS. conditions that are completely ment officials, the Ministry of “We are not writing blank
date,time,and location of the Sale Hearing and any other relevant 1
The Debtors in these chapter 11 cases, along with the last different from the subsidies Trade, Industry and Energy checks to any company that
dates or other information necessary to reasonably apprise the four digits of each Debtor’s federal tax identification number,
SaleNoticePartiesoftheoutcomeoftheAuction. are: Nova Wildcat Shur-Line Holdings, Inc. (1805); Nova Wildcat we generally provide for for- said Tuesday. The ministry asks,” Commerce Secretary
C. ObjectionDeadlines
1. Sale Objection Deadline. Objections to a sale of the Assets,
Shur-Line,LLC (8851);World and Main (Air),LLC (0035);World and
Main (Cranbury), LLC (3903); HBC Holdings LLC (6461); and HBC
eign investment,” said Mr. Lee. said it would make the same Gina Raimondo said last week.
including (i) any objection to a sale of the Assets free and clear of Chemical LLC (6379). The Debtors’ corporate headquarters and He said South Korean officials points in Washington that Mr. The U.S. is seeking to at-
all liens, claims, interests, and encumbrances pursuant to section serviceaddressis324AHalfAcreRoad,Cranbury,NJ08512.
363(f)oftheBankruptcyCodeand(ii)entryofanySaleOrder(each 2
Capitalized terms used but not defined herein shall have were discussing those terms Lee outlined and stress that if tract more chip production fa-
such objection, a “Sale Objection”) shall, by no later than March
13,2023,at5:00p.m.(prevailingEasternTime).
the meanings given in the Motion or the Bidding Procedures, with their U.S. counterparts. the U.S. wants to stabilize and cilities, with the goal of creat-
as applicable. Any summary of the Bidding Procedures or the
2. Post-Auction Objection Deadline. Following service of Bidding Procedures Order (or any provisions thereof) contained Samsung and SK Hynix advance its semiconductor ing at least two manufacturing
the Notice of Auction Results, Sale Notice Parties may object to
the conduct of the Auction and/or the particular terms of any
herein is qualified in its entirety by the actual terms and conditions
thereof. To the extent that there is any inconsistency between any
would also face new restric- supply chain, it will need the clusters for cutting-edge semi-
proposed Sale Transaction in a Successful Bid, other than with summary in this Sale Notice and the terms and conditions of either tions on expanding their chip cooperation of South Korean conductors by 2030, according
respect to a Stalking Horse Bid (each such objection, a “Post- of the Bidding Procedures or the Bidding Procedures Order, the
Auction Objection”), by no later than 5:00 p.m. (prevailing actualtermsandconditionsofthosedocumentsshallcontrol. production facilities based in companies. to the Commerce Department.
China if they were to apply for The U.S. has said many of Samsung and SK Hynix said
the U.S. chip subsidies. the requirements in the pro- they are reviewing the terms.
BUSINESS OPPORTUNITIES NOTICE OF SALE

HOT AIR
alliance mortgage fund SUPREME COURT - COUNTY OF NEW YORK Salesforce Salesforce’s annual adjusted
operating margin
Share and index performance
this year

BALLOON CO. 7%-8% Return MICHAELANGELO GIIK FLATIRON LLC, NEW TRIPLE
CROWN LLC, FLATIRON NEWMARK PARTNERS LLC and 25% 40%

IN NAPA VALLEY REAL ESTATE SECURED

FIXED INCOME FUND
FLAT IRON ACQUISITION LLC, Plaintiffs -against- NRS
FLATIRON LLC, Defendant. Pursuant to an Interlocutory
Judgment dated January 6, 2023 and entered on January
19, 2023, I, the undersigned Referee, will sell at a public
auction, to be held outside at the portico at the front
Looks for 20
Salesforce

INCLUDES PRIME
REAL ESTATE
SEEKING RIA’S &
ACCREDITED INVESTORS
entrance of the New York County Courthouse, located
at 60 Centre Street, New York, New York, or such other
space in said Courthouse as the Court may designate, on
March 22, 2023 at 2:00 p.m., the real property located
at 175 Fifth Avenue, New York, New York, being the
Efficiencies 30

CALL: building commonly known as “The Flatiron Building,” 15

866-700-0600
and described as follows: Block 851, Lot 1 on the tax
Completely Turnkey map of the Borough of Manhattan, and more particularly Continued from page B1
Huge Upside described as follows: 20
ALL that certain plot, piece, or parcel of land, lying and “We think we can get
Scalable ALLIANCE PORTFOLIO being in the Borough of Manhattan, County, City, and smarter about the way we’re
120 Vantis Dr., Ste. 515 • Aliso Viejo, CA 92656 State of New York, and being more particularly bounded 10
putting head count into the Nasdaq
707-294-2944 www.AlliancePortfolio.com
RE Broker • CA DRE • 02066955 Broker License ID
and described as follows:
BEGINNING at the corner formed by the intersection of
business,” he said.
the northerly side of East 22nd Street and easterly side
of Fifth Avenue. 10
THENCE easterly along the northerly side of East Companies across the tech 5
COMMERCIAL REAL ESTATE
22nd Street, 85 feet 8 inches to the westerly side of
Broadway.
sector have been looking for
THENCE northerly along the westerly side of Broadway, ways to reduce costs as growth
214 feet 6 inches to the southerly side of Madison
Square South; has slowed and more investors S&P 500
THENCE westerly along the southerly side of Madison 0 0
 FOR SALE SO. TEXAS  Square South, 2 feet to the easterly side of Fifth
expect profits. Salesforce, Meta
Avenue; Platforms Inc. and Google’s Al- FY2010 ’15 ’20 ’23 Jan. 2023 Feb. March
A 98% LEASED SHOP. THENCE southerly along the easterly side of Fifth
phabet Inc. have all had layoffs.
Avenue, 197 feet 6 inches to the point or place of Note: Fiscal year ends in January
CTR UNDER $100 PSF BEGINNING.
Meta Chief Executive Mark Sources: the company (margins); FactSet (performance)
The Premises will be sold subject to the provisions
HIGH COMMISSION GROCERY ANCHORED AT $6.3M
OPPORTUNITY!
of the said Interlocutory Judgment and Terms of
Sale, which may be reviewed on the New York County
Zuckerberg dubbed 2023 “the
Integrated Refunds wants CALL/EMAIL, B. BROOKS, BROKER, Supreme Court’s electronic docket under Index Number year of efficiency.” over the previous four quarters. markets, rather than hiring
(512) 328-7800, bb3105@Hotmail.com 654176/2021. The purchaser shall pay the charge for
Referral Partners for the recording the deed to be given by the Referee, any Salesforce has extra pressure That was lower than competi- more people.
Employee Retention Credit (ERC) program. charge or tax (excluding any applicable real property
Earn 5% commissions. Average refund is $200k. transfer taxes) upon the delivery or recording of said from a group of activist inves- tors such as ServiceNow Inc., Previously the company had
Go to www.integratedrefunds.com to sign -up. deed, and the reasonable charge of the Referee for tors, at least five of them. It has which had a 26% margin and multiple account executives as-
PRODUCTS drawing the deed. The reasonable costs of the Referee’s
info@integratedrefunds.com actions are expenses of the sale and shall be paid by the been an abrupt turn for a com- Adobe Inc., which had a 46% signed to specific customers.
Referee from the proceeds of the sale. At the conclusion
of the auction sale, the successful bidder will be required pany that historically has been margin. Now, the company is reducing
to agree to be bound by the terms of the Interlocutory less concerned about spending Salesforce Chief Executive the number of managers who
Diabetes Reversal Company SAVE 50% OR MORE ON Judgment and Terms of Sale, including but not limited
With Only Patent In The World to the terms specifying the successful bidder’s liability and espoused a unique corpo- Marc Benioff said after Wednes- deal directly with a customer
Make a difference in the world with a Limited YOUR TONER CARTRIDGES for damages in the event of a default; and to pay a down
Investment opportunity in our Company. * Quality, every time you print * payment of ten percent (10%) of the amount of the rate culture that tried to focus day’s earnings report that the and putting more employees
successful bid as detailed in the Interlocutory Judgment
14-yr track record, proven results, life-
* Free shipping * 100% Guaranteed * and Terms of Sale. Please consult the Interlocutory on employee wellness and company had entered a new era behind the manager in support
changing testimonials, independent study,
celebrity spokesmen & the only Patented
$15 Off your first order.
Judgment and Terms of Sale for other conditions
applicable to this auction. PETER A. AXELROD, ESQ.,
treating teams as family. The of efficiency and careful spend- roles. The company is also fold-
Type 2 Diabetes Reversal system in the world.
3 investment options: 1-Proven 50/50 Call: Advantage Laser Cartridge
Referee 260 Madison Avenue, 15th Floor New York, New company’s profit margins have ing. He said Salesforce, which ing some of the companies that
partnership 2-Equity with projected 18-24 month York 10016
exit; 3-Convertible Note Call (800) 937-2401 (800) 553-1339 historically been lower than has long used mergers and ac- it acquired more closely into its
those of other enterprise tech quisitions to grow, is disband- operations. Under its old way of
companies. It has had higher ing its M&A committee. doing things, Salesforce let ac-
costs than many as it has de- Salesforce is now reducing quired companies run fairly in-
pended on large sales teams for the number of sales teams per dependently, leaving many of
direct outreach to new custom- account, trimming support staff the executives at those compa-
THEMARKETPLACE ers, rather than the use of soft-
ware tools to sign them up.
and trying to expand a self-ser-
vice model where new custom-
nies in place. Now it is looking
for areas where it can trim.
ADVERTISE TODAY Before last quarter, Sales- ers can sign up for software on “Do we need as many people
force had adjusted operating their own. leading these businesses? Can
(800) 366-3975 | wsj.com/classifieds
margins—which take out ex- Salesforce is also considering we get synergies in a way that
penses such as stock-based using outside companies to sell we bring these organizations
© 2023 Dow Jones & Company, Inc. All Rights Reserved.
compensation—of about 19% software, especially in emerging together?” Mr. Millham said.
THE WALL STREET JOURNAL. Wednesday, March 8, 2023 | B5

BUSINESS NEWS

Eye Drops
Recalled
Customer Problems Hit a Record
More people are
By Two seeking ‘revenge’ over
issues, which have
Producers surged since the ’70s
BY TALAL ANSARI BY KATIE DEIGHTON

Two companies recalled eye Americans are encountering

drops because of safety risks
that could cause infections
and other problems.
The Food and Drug Adminis-
tration posted the companies’
voluntary recalls, announced
this month, on its website.
Apotex Corp. said it re-
called its Brimonidine Tartrate
Ophthalmic Solution, with a
more problems with compa-
nies’ products and services
than ever before, and a higher
proportion of them are ac-
tively seeking “revenge” for
their troubles, a new study has
found.
Some 74% of the 1,000 con-
sumers surveyed said they had
experienced a product or ser-

ANA RAMIREZ/SAN DIEGO U-T/ZUMA PRESS

strength of 0.15%, due to
cracks that developed in some
bottle caps. The cracks may
affect the product’s sterility,
the company said, which could
cause harm to users. The re-
called drops are meant for
people with glaucoma or ocu-
lar hypertension, the company
said, and were distributed in
the U.S. from April 2022
through Feb. 22, 2023.
Pharmedica recalled Purely
Soothing 15% MSM Drops due
to contamination, which it
said could cause eye infections
that result in blindness. The
drops are sold on Amazon and
at other online retailers. The
company said it hasn’t re-
ceived any reports of issues
related to the product.
The companies said cus-
tomers should return the
products, contact a doctor if
problems arose and report is-
sues to the FDA.
Last month, the Centers for
Disease Control and Preven-
tion urged people to stop us-
ing a brand of nonprescription
eye drops that they said could
be responsible for infections
and at least one death. At
least 55 patients in 12 states
have been diagnosed with
multidrug-resistant bacterial
infections possibly linked to
EzriCare Artificial Tears, the
CDC said. The infections have
also caused permanent vision
loss and hospitalization, the
CDC said. The two latest re-
calls aren’t connected to last
month’s recall.
vice problem in the past year.
That is up from 66% in 2020,
when the study last was con-
ducted, and 56% in 2017. Only
32% told researchers they had
experienced a problem in 1976,
when a similar version of the
study was first conducted.
The percentage of consum-
ers who have taken action to
settle a score against a com-
pany through measures such
as pestering or public shaming
in person or online has tripled
to 9%, from 3% in 2020, ac-
cording to the study. That re-
versed a downward trend with
regard to revenge-seeking be-
havior: The average percent-
age of customers seeking re-
venge between 2003 and 2017
was 17%.
“It’s the idea of, if you as a
company don’t really seem to
care, well then I’m going to
take to the streets,” said Scott
Broetzmann, president and
chief executive of Customer
Care Measurement & Consult-
ing, which conducts the so-
called National Customer Rage
Survey with the W.P. Carey
School of Business at Arizona
State University. The research,
which builds on a study first
conducted by the White House
in 1976, albeit under a differ-
ent name, found that 32% of
complainants posted about
their most serious problem on
social media—more than dou-
ble the proportion who did so
in the 2020 study.
“Most people now are using
a computer, they’re using
A Southwest Airlines representative fielded complaints at San Diego International Airport on Dec. 26 after many flights were canceled.
some form of social media at
this point, there’s a democrati-
zation of complaining,” Mr.
Broetzmann said.
The results echo findings
from consulting firm Forrester
last year suggesting that the
quality of customer experience
offered by consumer-facing
brands and government agen-
cies declined in the year
through April 2022. Forrester
said its research studies 96,211
U.S. consumers’ perceptions of
221 organizations.
Meanwhile, the American
Customer Satisfaction Index,
which analyzes customer sat-
isfaction with more than 400
companies in 47 industries on
a scale of 0 to 100, fell to 73.1
in 2022 from 77 in 2018, the
largest decline in the index’s
28-year history. Customer sat-
isfaction is improving in
some industries, including
consumer shipping, athletic
shoes, soft drinks, hospitals,
and online and specialty re-
tailing, but is declining across
fast food, hotels and gas sta-
tions, according to the index’s
latest report.
The rising dissatisfaction is
accompanied by more-fre-
quent and aggressive com-
plaints, according to the Na-
tional Customer Rage study.
The latest wave of research
found 79% of customers com-
plained about their most seri-
ous problem to the company
at fault, an increase from 72%
in 2020. And 43% said they
raised their voice to a cus-
tomer-service representative
to show displeasure about
their most serious problem, up
from 35% in 2017, the most re-
cent previous time the ques-
tion was asked on the survey.
Consumers said some kinds
of companies handled com-
plaints better than others,
with sectors including food
delivery, package delivery and
banking outperforming cate-
gories such as pay television,
air travel and automotive.
Customer dissatisfaction
hurts companies in more ways
than one, Mr. Broetzmann
said. “It’s costing companies a
lot of money in future busi-
ness, but there’s also the cost
of servicing really angry cus-
tomers,” Mr. Broetzmann said.
“If you think about the aver-
age number of contacts that
really angry customers are
making, each time they con-
tact a business, that costs the
business money.”
Some companies
have begun offering
expedited customer
care as a perk.
Some companies have be-
gun offering expedited cus-
tomer care as a perk for their
paid members, biggest spend-
ers and most loyal fans, bor-
rowing a strategy of airlines
and credit-card companies.
At the same time, more
companies have been turning
to automation to cut costs and
cover staffing shortages in
their standard customer ser-
vice. Firms push customers to-
ward phone lines and web
chats that are handled by arti-
ficial intelligence or other
technologies that can respond
to basic requests, leaving hu-
man staff to handle the more
complicated service inquiries.
But that strategy is prone
to angering customers further,
the rage research found. Re-
spondents named their top
customer-care frustrations as
“being forced to listen to long
messages before you’re per-
mitted to speak to a represen-
tative” and “figuring out how
or where to contact the com-
pany,” which covers the expe-
rience of feeling like a com-
pany is hiding its phone
number.
At the same time, 25% of
respondents said they ex-
pected an explanation of why
their problem occurred, 24%
said they wanted an apology,
and 23% said they wanted an
assurance that the problem
wouldn’t happen again, ac-
cording to the customer rage
research.

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
B6 | Wednesday, March 8, 2023
Senior Housing Targets the Middle Class
Development offers
the industry insights
on whether cost-saving
efforts are exportable
BY PETER GRANT
Construction workers in the
Boston area broke ground
Monday on one of the rare se-
nior housing projects that is
intended to be affordable for
middle-class residents.
The developer 2Life Com-
munities plans to charge
monthly rents as low as
$1,800 at the $100 million de-
velopment in Newton, Mass.
Comparable independent liv-
ing communities in the Boston
region charge $4,200 a month,
according to the National In-
vestment Center for Seniors
Housing & Care, or NIC, an in-
dustry organization.
2Life said it can achieve a
lower price point by breaking
from the traditional senior fa-
cility model, with policies such
as serving group dinners only
three nights a week and re-
quiring residents to volunteer
10 hours a month.
The entrance fee starts at
$395,000, which is about one-
third the entrance cost at
other senior housing facilities,
2Life said. When a resident
leaves or dies, 80% of the fee
will be refunded to them or
family members.
Nearly all of the project’s
174 units have been reserved
with deposits, said Amy
Schectman, 2Life’s chief exec-
utive. Many seniors who didn’t
commit, she added, “are very
disappointed right now.”
2Life is a nonprofit organi-
zation whose current portfolio
consists of subsidized housing.
The Newton project will take
Hotel-Branded
Residences Thrive
Amid Downturn
BY KATE KING
Higher mortgage rates and
recession fears have upended
the high-end housing market,
but buyers are still paying up
for residences affiliated with
luxury hotel brands. Even when
there is no hotel attached.
Construction of branded
residences worldwide has
boomed over the past dozen
years. The U.S. had 38,900
branded residences across
more than 200 developments
at the end of last year, a 40%
increase from 2010, according
to real-estate firm Savills PLC.
Buyers pay an average 30%
premium to purchase hotel-
branded residences, said Rico
Picenoni, a director in the
Savills global residential de-
velopment consultancy team.
In exchange, they receive lux-
ury hotel services in their
homes, such as in-room din-
ing, butler services, house-
keeping and babysitting.
About 80% of branded resi-
dences are affiliated, and usu-
ally co-located with, a hotel,
Mr. Picenoni said. But fashion
and other types of companies
have ventured into branded
residences, too. Italian fashion
Sustainable
Funds Saw
Inflows
Continued from page B1
more and more the first or
secondhand effects of climate
change and societal inequality,
and that’s driving their desire
to want to have a positive im-
pact,” said Morningstar’s asso-
ciate director of sustainability
research, Alyssa Stankiewicz.
Some of the sustainable
fixed-income funds with the
largest inflows invest directly
in renewable energy, low-car-
bon transit alternatives and
other sustainable projects.
The Calvert Bond Fund
drew in $413 million in invest-
ment in 2022, the third-high-
est inflow of any sustainable
bond fund last year, according
to Morningstar. The fund, with
$2.6 billion in assets, outper-
THE PROPERTY REPORT
Atria Senior Living, a large senior-housing operator, launched a business that aims to offer less expensive rents than its other brands.
more than a decade to give
2Life a return on the more
than $20 million in equity it is
contributing, which means this
approach may not work for
for-profit developers.
Still, the senior-housing in-
dustry is closely watching the
project to see whether some of
its money-saving efforts are
exportable. For example, some
senior-housing operators are
exploring the use of volunteer
work from residents to keep
costs down.
The average cost of private
senior housing in the U.S. for
people who don’t need special-
ized care increased 5.2% in
2022 to a record $3,811 a
month, according to NIC, the
largest single-year increase
house Diesel is building a 159-
unit branded residences tower
in Miami’s Wynwood neigh-
borhood with interiors de-
signed to evoke “haute cou-
ture meets well-worn denim,”
according to the brochure.
Luxury-car brand Bentley
has announced plans to build a
more than 60-story luxury
condominium in Florida; each
residence has a three- or four-
car “sky garage” serviced by
high-speed car lifts.
The history of branded resi-
dences dates back to 1927,
when the luxury Sherry-Neth-
erland hotel and apartment
building opened on Fifth Ave-
nue in New York City. In re-
cent years, developers have
started building hotel-branded
residences without the hotel
attached.
On the Boston Harbor wa-
terfront, a stand-alone St. Re-
gis Residences in the seaport
neighborhood sold just over
half its 114 units, including one
that sold last month for more
than $4,000 a foot, according
to developer Jon Cronin. The
average luxury condominium
in Boston’s seaport sold for
$1,654 a square foot last year,
according to a Douglas Elliman
Sustainable funds' net assets
$400 billion
300
200
100
0 0
2013 ’15 ’17 ’19
Source: Morningstar Direct
formed its benchmark because
of a shorter duration, or in-
vesting in securities less sen-
sitive to interest rate changes,
and overweighting asset-
backed securities including
those for renewable energy
projects, according to its an-
nual report.
“Almost a third of the fund
since the organization started
tracking the statistic in 2005.
A 2019 study by NIC and
the University of Chicago pro-
jected that by 2029 there will
be 14.4 million middle-income
seniors ages 75 and older in
the U.S., and about half will be
unable to afford private-pay
senior housing, according to
the study that was named
“The Forgotten Middle.”
In the years leading up to
the pandemic, developers were
cranking up supply in antici-
pation of soaring demand
from baby boomers but most
of these projects targeted af-
fluent populations.
The high costs of develop-
ment, labor, meal services,
transportation and program-
A rendering of a branded residence at Montage Cay in the Bahamas. Montage posted $1.1 billion in branded-residences sales last year.
market report written by
Miller Samuel.
Mr. Cronin said he decided
five years ago to build a
branded residence, his first, to
guard against any slump in the
housing market.
“We always believed if
there was a downturn there’d
be a flight to quality,” he said.
The project offers residents
all the same amenities of a
five-star St. Regis hotel with-
out the comings and goings of
hotel guests, he said.
Luxury-hotel group Manda-
rin Oriental opened two
stand-alone residences last
year in Beverly Hills, Calif.,
and Barcelona. In Barcelona,
about half of the project’s 34
Sustainable fund inflows by
asset class
$80 billion
Other
Fixed income
60 Equity
40
20
’21 2018 ’19 ’20 ’21 ’22
has a very clear use of pro-
ceeds on bonds where you
can literally point to a project
where investors are helping
to support direct positive im-
pact from an environmental
or social perspective,” said
Calvert Research & Manage-
ment’s Anthony Eames, man-
aging director, responsible in-
ming also have made it very
difficult to cut rents at the 1.8
million senior-housing units in
the U.S. that provide a range
of care from just meals and
programming to skilled nurs-
ing and memory care.
“I don’t think anyone has
figured out the secret code,”
said Beth Mace, NIC’s chief
economist.
More developers are now
giving it a try. In 2021, Atria
Senior Living, one of the
country’s largest senior-hous-
ing operators, launched a busi-
ness offering less expensive
rents than its other brands.
The rollout followed its acqui-
sition of the Holiday Retire-
ment management services
business, with more than 220
units have sold, including the
penthouse, said Adelina Wong
Ettelson, global head of resi-
dences marketing for Manda-
rin Oriental.
A third stand-alone resi-
dence, on Fifth Avenue in
Manhattan, will be Mandarin’s
first fully furnished offering
and is scheduled to open later
this year.
The company considers
stand-alone properties in mar-
kets where hotels aren’t possi-
ble or feasible, whether that is
due to high costs or zoning re-
strictions, Ms. Wong Ettelson
said.
Luxury-hotel brand Four
Seasons has started sales for a
lakefront private residence re-
vestment strategy.
The Hartford Schroders
Sustainable Core Bond Fund
netted $109 million last year
despite underperforming its
benchmark. The fund has $175
million in assets and held
more corporate bonds than
the benchmark including those
from financial firms, according
to its annual report.
Inflows were likely driven
by investors reallocating capi-
tal into sustainable products
with similar performance to
conventional funds, said Lisa
Hornby, portfolio manager for
the Hartford Schroders Sus-
tainable Core Bond Fund.
Most sustainable funds un-
derperformed their non-ESG
counterparts in 2022, accord-
ing to Morningstar. A variety
of factors detracted from the
performance of fixed-income
funds including greater expo-
sure to long duration, over-
weighting securities from
corporations hard hit by the
downturn and underweight-
ing energy firms that per-
formed well last year, accord-
****** THE WALL STREET JOURNAL.
can to keep rent as low as we
can,” at Truewood, said Tana
Gall, president of Merrill Gar-
dens.
More seniors have been
hoping to age at home, taking
advantage of companies such
as Amazon.com and Uber and
technology that enables them
to stay in touch with health-
care providers. Still, with the
population aging, more se-
niors are experiencing mobil-
ity limitations, loneliness or
other problems that are ad-
dressed by senior housing.
Efforts to offer affordable
housing have been especially
tricky since the pandemic be-
cause senior housing initially
was crushed by soaring costs
and a nosedive in occupancy.
“It’s very difficult to execute on
a future vision when you’re still
recovering from everything in
ATRIA SENIOR LIVING
the pandemic,” said John
Moore, Atria’s chief executive.
However, conditions for op-
erators and landlords have im-
proved over the past year. The
pace of new construction has
slowed while occupancy has
communities. rebounded to just about 4 per-
That same year, Seattle- centage points below where it
based Merrill Gardens was during the pandemic, ac-
launched an affordable brand cording to John Pawlowski, an
named Truewood at 28 prop- analyst at real-estate analytics
erties, many of which were firm Green Street.
part of a 28-property portfolio “The next five years look
it acquired for $385 million. very good in terms of the de-
The company’s Seattle-area mand versus supply balance,”
Truewood community, which he said.
serves three meals, seven days Some developers, such as
a week, rents studios for an Merrill Gardens, are expanding
average of $2,240 a month their affordable brands by pur-
and one-bedroom units for chasing and repurposing older
$3,280 a month. senior housing complexes that
Executives at Atria and lack amenities affluent seniors
Merrill Gardens say they are expect, such as a washer and
keeping food costs down by dryer in every unit.
offering fewer meal selections, At Truewood communities,
rather than extensive menus “We’re making the laundry
three times a day. room a cool place to hang
“We’re doing everything we out,” Ms. Gall said.
THE RESIDENCES AT MONTAGE CAY
sort with 179 homes and nine luxury hotels in the U.S., Ca-
villas near downtown Austin, ribbean and Mexico, posted
Texas, its sixth residence with- $1.1 billion in branded-resi-
out an accompanying hotel. dences sales last year, the
Jonathan Coon of Austin Capi- company said, its biggest year
tal Partners, which is develop- ever for these sales.
ing the project with Hines, That was up from just over
said it includes 53 private $800 million in 2021 and $100
pools, a lake club with more million in 2018, a sign that
than three dozen boat slips turmoil in the financial mar-
and 100,000 square feet of in- kets and economic uncertainty
door amenities, and is sched- haven’t deterred the ultrarich
uled to finish construction in from investing in amenity-rich
2026. real estate.
Hotel operators that offer “We’re still seeing a really
residences connected to hotels good segment of our market
have also had recent success, that’s insulated from the vola-
despite the broader housing tility that’s going on around
downturn. Montage Interna- us,” said Tina Necrason, exec-
tional, which sells homes at- utive vice president of Resi-
tached to Montage or Pendry dential for Montage.
ing to a Wall Street Journal
review of annual reports.
The bond market hemor-
dent of sustainable finance at
Moody’s Investors Service.
Sustainable fixed-income
rhaged cash last year, leading
to a historic rout as the Fed-
eral Reserve raised interest
funds sometimes buy green
bonds and use climate and so-
cial scores from ESG raters to
rates to their highest levels in
years in its fight to tame per-
sistent inflation. Conven-
screen corporate issuers for
risks, similar to equity-based
funds. ESG scores vary widely
tional-bond fund outflows hit among raters and many funds
$335 billion last year, accord- have discretion to invest in
companies with significant
carbon footprints.
ESG investing is under
The effects of pressure from all sides. Re-
climate change are publicans are working to pre-
vent investors from consider-
seen as influencing ing climate and social risks in
investor behavior. their decisions. Investors and
observers are increasingly
scrutinizing the market as
some offerings overstate their
ing to Morningstar. Yields climate bona fides, also known
climbed, pushing borrowing as greenwashing.
costs higher, which also tem- Last year, the Securities
pered issuance, yet sustain- and Exchange Commission
able-bond offerings beat con- proposed tightening rules
ventional peers’ issuance. around ESG-related offerings
“Last year in particular, that could lead to additional
sustainable bonds held up bet- disclosures and product names
ter than the broader market,” that better reflect their man-
said Matt Kuchtyak, vice presi- dates.
THE WALL STREET JOURNAL. Wednesday, March 8, 2023 | B7

BIGGEST 1,000 STOCKS

Net Net Net Net Net Net
How to Read the Stock Tables Footnotes: Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg
The following explanations apply to NYSE, NYSE s-New 52-week high. CiscoSystems CSCO 48.91 -0.51 EdwardsLife EW 78.92 0.12 GoldmanSachs GS 346.08 -10.97 KarunaTherap KRTX 193.48 -4.34 Leidos LDOS 96.52 -0.43 LockheedMartin LMT 478.66 -1.51
Arca, NYSE American and Nasdaq Stock Market t-New 52-week low. Citigroup C 51.08 -1.10 ElbitSystems ESLT 174.12 -1.66 Grab GRAB 3.11 -0.03 Kellogg K 64.54 -0.56 Lennar B LEN.B 81.74 ... Loews L 59.73 -1.60
listed securities. Prices are composite quotations dd-Indicates loss in the most recent four CitizensFin CFG 38.69 -2.08 ElectronicArts EA 112.14 -1.05 Graco GGG 69.66 -0.73 KeurigDrPepper KDP 34.83 0.01 Lennar A LEN 96.83 -0.35 LogitechIntl LOGI 51.68 -1.70
that include primary market trades as well as quarters. Clarivate CLVT 10.85 -0.23 ElevanceHealth ELV 466.79 -6.05 Grainger GWW 694.67 -4.98 KeyCorp KEY 17.55 -0.60 LennoxIntl LII 257.07 -2.81 Lowe's LOW 197.41 -4.16
trades reported by Nasdaq BX (formerly Boston), FD-First day of trading. CleanHarbors CLH 136.03 1.01 EmersonElec EMR 85.84 -1.31 s GraphicPkg GPK 25.02 0.83 KeysightTech KEYS 158.01 -1.35 LeviStrauss LEVI 17.12 -0.09 Lucid LCID 8.31 -0.51
Chicago Stock Exchange, Cboe, NYSE National and h-Does not meet continued listing Cleveland-Cliffs CLF 20.90 -0.93 Enbridge ENB 38.33 -0.49 Grifols GRFS 7.98 -0.28 KimberlyClark KMB 123.60 -2.58 LiAuto LI 23.59 -1.41 lululemon LULU 301.81 -2.79
Nasdaq ISE. standards Clorox CLX 151.87 -0.16 Endeavor EDR 23.83 0.19 GpoAeroportuar PAC 186.41 -2.55 KimcoRealty KIM 19.71 -0.77 LibertyBroadbandA LBRDA 83.33 LyondellBasell LYB 93.08 -2.38
-3.62
The list comprises the 1,000 largest companies lf-Late filing Cloudflare NET 59.60 -0.50 EnergyTransfer ET 13.13 -0.07 GpoAeroportSur ASR 298.99 -2.75 KinderMorgan KMI 17.35 -0.27 LibertyBroadbandC LBRDK 83.41 -3.37
based on market capitalization.
Underlined quotations are those stocks with
q-Temporary exemption from Nasdaq
requirements.
Coca-Cola KO 60.01 -0.35 EnphaseEnergy ENPH 224.21 -1.14 HCA Healthcare HCA 245.33 -6.40 KinsaleCapital KNSL 312.46 -7.64 LibertyGlobal C LBTYK 20.10 -0.79 M N
Coca-ColaEuro CCEP 55.02 -0.88 Entegris ENTG 82.34 -2.36 HDFC Bank HDB 67.93 -0.39 Knight-Swift KNX 58.29 -0.08 LibertyGlobal A LBTYA 19.25 -0.77
large changes in volume compared with the t-NYSE bankruptcy M&T Bank MTB 144.20 -7.92
Cognex CGNX 48.50 -0.27 Entergy ETR 103.10 -2.71 HF Sinclair DINO 51.91 -0.19 Philips PHG 16.41 -0.25 LibertyFormOne C FWONK 71.69 -1.99
issue’s average trading volume. v-Trading halted on primary market. MGM Resorts MGM 44.82 -0.47
Boldfaced quotations highlight those issues vj-In bankruptcy or receivership or being CognizantTech CTSH 61.42 -1.19 EnterpriseProd EPD 26.12 -0.11 HP HPQ 27.66 -0.65 KoreaElecPwr KEP 6.73 -0.20 LibertyFormOne A FWONA 64.30 -1.70 MPLX MPLX 34.86 -0.08
whose price changed by 5% or more if their reorganized under the Bankruptcy Code, CoinbaseGlbl COIN 61.89 -0.88 Equifax EFX 199.97 -5.44 HSBC HSBC 37.01 -0.19 KraftHeinz KHC 38.64 -0.35 LibertyBraves A BATRA 34.00 -0.82 MSCI MSCI 533.98 -8.93
previous closing price was $2 or higher. or securities assumed by such companies. ColgatePalm CL 71.50 -1.79 Equinix EQIX 685.56 -13.87 H World HTHT 50.63 -1.22 Kroger KR 46.91 0.43 LibertyBraves C BATRK 33.52 -0.87 MagellanMid MMP 53.70 -0.62
Comcast A CMCSA 36.19 -0.89 Equinor EQNR 30.10 -0.89 Haleon HLN 7.78 -0.07 LKQ LKQ 57.58 0.04 t LibertySirius B LSXMB 32.00 -1.38 MagnaIntl MGA 55.40 -1.03
Comerica CMA 66.60 -2.55 Equitable EQH 31.06 -0.54 Halliburton HAL 37.85 -1.01 LPL Financial LPLA 254.03 0.60 t LibertySirius C LSXMK 29.68 -1.61
Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and ManhattanAssoc MANH 143.00 -2.99
CommerceBcshrs CBSH 63.76 -1.51 EquityLife ELS 66.76 -1.26 HarleyDavidson HOG 45.63 -0.31 L3HarrisTech LHX 211.84 -2.07 t LibertySirius A LSXMA 29.70 -1.74
changes in the closing prices from 4 p.m. the previous day. ManulifeFinl MFC 19.70 -0.35
SABESP SBS 9.99 -0.01 EquityResdntl EQR 61.16 -1.54 HartfordFinl HIG 75.19 -2.54 LabCorp.ofAmerica LH 231.51 -5.60 LifeStorage LSI 127.80 -0.77 MarathonOil MRO 25.66 -0.58
ConagraBrands CAG 35.83 -0.08 ErieIndemnity A ERIE 237.84 -1.95 t Hasbro HAS 51.99 -2.19 LamResearch LRCX 479.66 -5.56 EliLilly LLY 310.63 -8.33 MarathonPetrol MPC 130.21 -1.71
Tuesday, March 7, 2023 Net Net Concentrix CNXC 136.30 -1.52 EssentialUtil WTRG 41.50 -0.80 HealthcareRealty HR 18.58 -0.64 LamarAdv LAMR 103.95 -1.13 LincolnElectric LECO 170.34 -0.40 Markel MKL 1323.27 -11.42
Stock Sym Close Chg Stock Sym Close Chg Confluent CFLT 25.38 -0.43 EssexProp ESS 228.00 -6.66 HealthpeakProp PEAK 23.33 -0.86 LambWeston LW 100.97 -1.02 Linde LIN 354.14 -3.91
Net MarketAxess MKTX 359.31 -7.61
ConocoPhillips COP 107.65 -1.91 EsteeLauder EL 245.46 -6.23 Heico A HEI.A 135.75 -1.86 LasVegasSands LVS 59.00 -0.94 LithiaMotors LAD 258.85 2.47
Stock Sym Close Chg Marriott MAR 173.57 -1.55
Apple AAPL 151.60 -2.23 BostonSci BSX 47.02 -0.72 ConEd ED 90.66 -0.97 Etsy ETSY 115.89 -2.89 Heico HEI 172.46 -2.16 LatticeSemi LSCC 88.01 -0.47 Littelfuse LFUS 262.89 -6.18 Marsh&McLen MMC 162.26 -3.00
ApplMaterials AMAT 116.37 -2.17 BristolMyers BMY 68.00 -0.90 ConstBrands A STZ 219.22 -1.32 EverestRe RE 383.22 1.89 HenrySchein HSIC 77.65 -0.91
A B C Aptargroup ATR 116.67 -0.16 BritishAmTob BTI 37.39 -0.72 ConstellationEner CEG 77.90 -0.90 Evergy EVRG 58.38 -0.84 Hershey HSY 238.35 -1.53
Lear LEA 140.40 -0.71 LiveNationEnt LYV 70.25 -2.35 MartinMarietta MLM 356.92 -3.08
LegendBiotech LEGN 46.34 -0.42 LloydsBanking LYG 2.41 -0.09 Continued on Page B10
ABB ABB 33.59 -0.64 Aptiv APTV 116.58 -1.87 BrixmorProp BRX 22.24 -0.61 Cooper COO 336.34 -9.65 EversourceEner ES 74.06 -1.63 Hess HES 136.88 -4.67
ADT ADT 7.62 -0.10 Aramark ARMK 37.53 -1.49 Broadcom AVGO 625.15 -7.77 Copart CPRT 70.42 -0.15 ExactSciences EXAS 66.08 -0.95 HessMidstream HESM 28.29 -0.44
AECOM ACM 90.78 1.50 ArcelorMittal MT 30.84 -1.10 BroadridgeFinl BR 141.68 -1.43 CorebridgeFin CRBG 20.04 -0.54 Exelon EXC 41.00 -0.49 HewlettPackard HPE 15.01 -0.14
AES
Aflac
AES 24.51 -0.49 ArchCapital ACGL 70.99 -0.71
AFL 67.06 -1.16 ArcherDaniels ADM 79.73 -1.67
BrookfieldAsset BAM 33.66
Brookfield BN 32.29
-0.79 Corning
-1.24 Corteva
GLW 34.44
CTVA 62.97
-1.03 Expedia EXPE 107.51
-0.28 ExpeditorsIntl EXPD 109.61 -0.19
-1.04 Hilton
Hologic
HLT 146.99 -1.65
HOLX 79.13 -1.12
Borrowing Benchmarks
AGCO AGCO 140.18 -2.31 AresMgmt ARES 82.31 -1.42 BrookfieldInfr BIP 33.02 -1.21 CoStar CSGP 70.64 -1.23 ExtraSpaceSt EXR 163.78 -3.49 HomeDepot HD 290.70 -7.51 wsj.com/market-data/bonds/benchmarks
Ansys ANSS 301.31 -7.39 arGEN-X ARGX 339.23 -2.57 BrookfieldRenew BEPC 29.68 0.19 Costco COST 485.15 2.07 ExxonMobil XOM 111.61 -2.20 HondaMotor HMC 26.40 -0.20
APA APA 39.13 -1.02 AristaNetworks ANET 142.87 0.29 Brown&Brown BRO 56.02 -0.98 CoterraEnergy CTRA 25.87 0.21 F5 FFIV 144.65 -0.52 Honeywell HON 195.62 -1.42
... ArrowElec ARW 117.26 -1.18 Brown-Forman B BF.B 66.26 -0.81 Coty COTY 11.35 -0.18 FMC FMC 126.13 0.15 HorizonTherap HZNP 109.96 0.16
ASE Tech
ASML
ASX 7.38
ASML 609.11 -11.86 AspenTech AZPN 213.67 -3.93 Brown-Forman A BF.A 66.42
Bruker BRKR 73.70
-0.68 Coupang
-1.33 Crane
CPNG 13.95
CR 119.13
-0.39 FactSet
-2.55 FairIsaac
FDS 409.65 -8.67
FICO 701.73 5.15
t HormelFoods HRL 39.98 -0.55
DR Horton DHI 91.17 -0.29
Money Rates March 7, 2023
AT&T T 18.71 -0.06 AstraZeneca AZN 64.29 -0.27
BuildersFirst BLDR 86.20 -1.09 Credicorp BAP 131.65 -0.85 Fastenal FAST 52.61 -0.75 HostHotels HST 16.92 -0.03
AbbottLabs ABT 99.98 -2.77 Atlassian TEAM 176.48 0.33
Key annual interest rates paid to borrow or lend money in U.S. and
Bunge BG 97.18 -0.88 CreditSuisse CS 2.89 -0.11 FederalRealty FRT 103.82 -3.34 HowmetAerospace HWM 43.35 -0.41
AbbVie ABBV 152.93 -2.35 AtmosEnergy ATO 111.20 -2.20
AcadiaHealthcare ACHC 71.96 -1.38 Autodesk ADSK 205.48 -2.85 BurlingtonStrs BURL 214.49 -4.25 Crocs CROX 124.47 -0.59 FedEx FDX 206.32 -3.81 Hubbell HUBB 249.84 -2.90 international markets. Rates below are a guide to general levels but
Autoliv ALV 94.11 -1.37 CACI Intl CACI 299.19 6.85 CrowdStrike CRWD 124.93 -2.66 Ferguson FERG 138.33 -5.25 HubSpot HUBS 402.74 1.88
Accenture ACN 264.20 -5.43
ActivisionBliz ATVI 79.26 -0.37 ADP ADP 221.28 -4.24 CBRE Group CBRE 83.02 -2.12 CrownCastle CCI 126.52 -3.62 s Ferrari RACE 268.67 -1.69 Humana HUM 496.04 -3.03 don’t always represent actual transactions.
CDW CDW 199.33 -3.66 CrownHoldings CCK 85.44 -1.62 FidNatlFin FNF 36.95 -0.65 JBHunt JBHT 181.03 -4.45
Adobe ADBE 344.80 -2.22 AutoZone AZO 2474.83 -45.17 Week —52-WEEK—
t AdvanceAuto AAP 133.69 -1.44 Avalonbay AVB 170.75 -3.95 CF Industries CF 83.19 -2.82 CubeSmart CUBE 47.43 -0.54 FidNatlInfo FIS 62.63 -1.25 HuntingtonBcshs HBAN 14.45 -0.73 Inflation Latest ago High Low
CGI GIB 89.57 -1.39 Cullen/Frost CFR 127.72 -2.65 FifthThirdBncp FITB 34.29 -1.87 HuntingIngalls HII 214.00 -2.83
AdvDrainageSys WMS 90.21 -4.23 Avangrid AGR 38.75 -0.69 Jan. Index Chg From (%)
CH Robinson CHRW 101.05 0.57 s Cummins CMI 256.29 -1.57 FirstCitizBcshA FCNCA 681.22 -21.49 s HyattHotels H 121.37 -1.97
AdvMicroDevices AMD 82.11 0.95 Avantor AVTR 23.79 -0.75 level Dec. '22 Jan. '22 Federal funds
CME Group CME 182.22 -2.68 Curtiss-Wright CW 176.03 -0.83 FirstHorizon FHN 21.29 0.06 ICICI Bank IBN 21.13 -0.13
Aegon AEG 5.08 -0.13 AveryDennison AVY 177.77 -2.60
AvisBudget CAR 222.60 -3.97 CMS Energy CMS 58.93 -0.95 FirstIndRlty FR 52.85 -1.11 ICL Group ICL 7.14 -0.13 Effective rate 4.5800 4.5900 4.6000 0.0800
AerCap AER 62.00 0.40
AgilentTechs A 140.33 -2.90 AxaltaCoating AXTA 30.80 -0.29
CNA Fin CNA 42.59 -0.75 D E F FirstRepBank FRC 115.60 -6.47 IdexxLab IDXX 473.99 -12.17 U.S. consumer price index High 4.9000 4.9000 4.9090 0.1000
CNH Indl CNHI 16.44 -0.29 s FirstSolar ING Groep ING 13.88 -0.45
agilon health AGL 24.80 0.45 s AxonEnterprise AXON 222.24 0.86 s CRH CRH 51.40 -0.28 DCP Midstream DCP 41.78 0.05
FSLR 214.29 1.99 All items 299.170 0.80 6.4 Low 4.5600 4.5500 4.5900 0.0500
AgnicoEagleMines AEM 45.48 -1.84 BCE BCE 44.01 -0.55 FirstEnergy FE 39.16 -0.82 Invesco IVZ 17.17 -0.40
CSX CSX 29.69 -0.85 DTE Energy DTE 106.30 -2.62
Fiserv FISV 117.25 -0.81 IQVIA IQV 212.59 -6.98 Core 301.962 0.62 5.6 Bid 4.5800 4.5800 4.5800 0.0700
AirProducts APD 291.39 -1.73 BHP Group BHP 62.21 -1.83 t CVS Health CVS 80.45 -2.52 Danaher DHR 245.25 -4.60
Airbnb ABNB 126.94 0.61 BILL BILL 84.33 -4.44 FiveBelow FIVE 200.82 -2.48 ITT ITT 91.86 -0.58 Offer 4.6200 4.6000 4.6200 0.0900
AkamaiTech AKAM 74.72 -0.22 BJ'sWholesale BJ 73.61 0.33
CadenceDesign CDNS 195.35 -2.05 Darden DRI 146.53 -1.74
FleetCorTech FLT 209.17 -2.61 IcahnEnterprises IEP 54.07 -0.10 International rates
CAE CAE 22.42 -0.39 DarlingIngred DAR 62.08 -1.46
Flex FLEX 22.84 -0.18 Icon ICLR 229.45 -6.21 Treasury bill auction
Albemarle ALB 248.90 -7.99 BOK Fin BOKF 99.12 -3.83
CaesarsEnt CZR 52.68 -0.31 Datadog DDOG 74.82 -1.76
Floor&Decor FND 87.83 -1.85 IDEX IEX 224.06 -3.21 Week 52-Week
Albertsons ACI 20.00 -0.09 BP BP 39.80 -0.62
CamdenProperty CPT 112.02 -5.17 DaVita DVA 78.85 -1.35 4 weeks 4.590 4.515 4.590 0.135
FomentoEconMex FMX 89.84 -1.78 IllinoisToolWks ITW 236.49 -2.22 Latest ago High Low
Alcoa AA 50.17 -3.52 BRP DOOO 86.07 -0.12
Cameco CCJ 26.35 -0.92 s DeckersOutdoor DECK 431.42 -2.10 13 weeks 4.765 4.750 4.765 0.380
FordMotor F 12.83 -0.15 Illumina ILMN 208.46 -7.17
Alcon ALC 65.92 -2.67 Baidu BIDU 142.64 -6.87
CampbellSoup CPB 52.13 -0.45 Deere DE 418.15 -7.56
AlexandriaRlEst ARE 141.28 -4.34 BakerHughes BKR 31.75 -0.52
Fortinet FTNT 60.37 -0.94 ImperialOil IMO 50.88 -1.04
Prime rates 26 weeks 4.970 4.940 4.970 0.710
CIBC CM 44.91 -1.39 DellTechC DELL 38.00 -1.07
Fortis FTS 39.28 -0.65 Incyte INCY 74.38 -1.47
Alibaba BABA 88.73 -0.89 Ball BALL 54.83 -1.25
CanNtlRlwy CNI 116.30 -1.73 DeltaAir DAL 39.07 0.61
AlignTech ALGN 334.78 -1.02 BancoBilbaoViz BBVA 7.69 -0.23
Fortive FTV 67.17 -0.72 Infosys INFY 18.22 -0.04 U.S. 7.75 7.75 7.75 3.25 Secondary market
CanNaturalRes CNQ 57.72 -1.87 DentsplySirona XRAY 38.59 -0.68 FortuneBrands FBIN
60.24 -0.56 s IngersollRand IR 59.37 -0.50 Canada
Allegion ALLE 113.38 -1.05 BancoBradesco BBDO 2.33 0.01 6.70 6.70 6.70 2.45
CanPacRlwy CP 75.46 -2.17 DeutscheBank DB 12.13 -0.39 FoxB FOX 31.97 -0.10 InspireMedical INSP 257.75 -8.32
AllegroMicro ALGM 45.25 -0.10 BancodeChile BCH 21.52 -0.26 CapitalOne COF 105.51 -2.99 DevonEnergy DVN 55.03 -1.46 FoxA FOXA 34.69 -0.11 Insulet PODD 286.52 -4.05
Japan 1.475 1.475 1.475 1.475 Fannie Mae
AlliantEnergy LNT 50.99 -0.97 BancSanBrasil BSBR 5.30 ...
CardinalHealth CAH 72.97 -1.69 DexCom DXCM 113.81 0.56 Franco-Nevada FNV 30-year mortgage yields
130.20 -5.58 Intel INTC 25.53 -0.46
Allstate ALL 124.58 -3.02 BcoSantChile BSAC 17.40 -0.14 Carlisle CSL 260.49 -3.79 Diageo DEO 170.13 -3.91 FranklinRscs BEN Policy Rates
28.25 -0.97 InteractiveBrkrs IBKR 88.56 0.39
AllyFinancial ALLY 29.42 -0.64 BancoSantander SAN 3.92 -0.14
Carlyle CG 34.08 -1.13 DiamondbkEner FANG 142.74 -0.81 30 days 6.232 6.183 6.812 3.462
AlnylamPharm ALNY 194.34 -5.36 BanColombia CIB 26.47 -0.31 FreeportMcM FCX 40.14 -2.59 ICE ICE 102.96 -0.28 Euro zone 3.00 3.00 3.00 0.00
CarMax KMX 68.80 0.03 s Dick's DKS 146.79 14.65
FreseniusMed FMS 19.03 -0.79 InterContinentl IHG 68.56 -0.68 60 days 6.257 6.208 6.988 3.505
Alphabet C GOOG 94.17 -1.41 BankofAmerica BAC 33.00 -1.09 Carnival CCL 10.87 -0.20 DigitalRealty DLR 102.95 -2.37 Switzerland 1.50 1.50 1.50 0.00
FrontierComms FYBR 26.71 -0.55 IBM IBM 128.25 -1.94
Alphabet A GOOGL 93.86 -1.27 BankofMontreal BMO 93.03 -2.91 9.89 -0.17 DiscoverFinSvcs DFS 111.39 -2.56 Britain 4.00 4.00 4.00 0.50
Altria MO 46.55 -0.64 BankNY Mellon BK 49.50 -1.64 s
Carnival CUK
Disney DIS 99.06 -1.60
FullTruck YMM 8.16 -0.04 IntlFlavors IFF 89.07 -2.73 Other short-term rates
CarrierGlobal CARR 47.55 -0.83 Futu FUTU 49.10 -0.29 IntlPaper IP 36.29 -0.33 Australia 3.35 3.35 3.35 0.10
Amazon.com AMZN 93.55 -0.20 BankNovaScotia BNS 50.21 -1.44 CaseysGenStores CASY 209.70 -2.02 DocuSign DOCU 64.92 0.77
Interpublic IPG 34.96 -0.68 Week 52-Week
Ambev ABEV 2.57 -0.04 Barclays BCS 8.07 -0.31 Catalent CTLT 67.81 -3.53 DolbyLab DLB 82.51 0.17 G H I Overnight repurchase
Intuit INTU 409.29 -3.42 Latest high low
Amcor AMCR 10.92 -0.13 BarrickGold GOLD 15.77 -0.53 Caterpillar CAT 246.14 -7.84 DollarGeneral DG 219.29 -0.03 ago
IntuitiveSurgical ISRG 230.71 -4.14 U.S. 4.56 4.58 4.59 0.01
Amdocs DOX 90.14 -0.65 Bath&BodyWks BBWI 39.47 0.12 Celanese CE 117.67 -2.43 DollarTree DLTR 142.02 -2.04 GE HealthCare GEHC 76.25 -0.43
InvitatHomes INVH 31.09 -0.78
Ameren AEE 82.44 -1.41 BaxterIntl BAX 38.99 -0.72 CelsiusHldg CELH 89.19 0.80 DominionEner D 54.66 -1.31 GFLEnvironmental GFL 32.70 0.55 Call money
iQIYI IQ 7.55 -0.04
AmericaMovil AMX 20.76 -0.31 BectonDicknsn BDX 236.13 -0.09 Cemex CX 5.32 -0.23 Domino's DPZ 310.85 -5.47 GSK GSK 34.03 -0.42 U.S. government rates
IridiumComm IRDM 60.81 -0.24 6.50 6.50 6.50 2.00
AmericaMovil A AMOV 20.63 -0.58 BeiGene BGNE 231.51 -7.13 CenovusEnergy CVE 18.54 -0.64 Donaldson DCI 66.16 0.08 Gallagher AJG 189.03 -1.85 IronMountain IRM 53.65 -1.23
AmerAirlines AAL 16.36 0.24 BentleySystems BSY 40.01 -0.97 t Centene CNC 67.95 -1.01 DoorDash DASH 58.16 2.21 Gaming&Leisure GLPI 54.06 -0.50 Discount
ItauUnibanco ITUB 4.75 -0.02 Commercial paper (AA financial)
AEP AEP 88.63 -0.74 Berkley WRB 66.03 -0.91 CenterPointEner CNP 27.81 -0.71 Dover DOV 152.81 -1.51 Garmin GRMN 98.28 -0.12
AmerExpress AXP 175.32 -3.74 BerkHathwy B BRK.B 311.12 -5.85 t 4.75 4.75 4.75 0.25
AmericanFin AFG 128.31 -3.59 BerkHathwy A BRK.A 471500-8715.00
CentraisElBras EBR 6.27 -0.19 Dow DOW 55.80 -1.31 Gartner
-0.14 t GenDigital
IT 334.60 -6.82 J K L 90 days n.a. 4.82 4.84 0.49
CeridianHCM CDAY 72.86 -1.61 DrReddy'sLab RDY 54.28 GEN 18.69 -0.58
AmHomes4Rent AMH 30.64 -0.68 BerryGlobal BERY 61.32 -0.53 CharlesRiverLabs CRL 221.12 -4.40 DraftKings DKNG 19.36 0.17 Generac GNRC 121.43 -4.27 JD.com JD 46.57 -1.35 Notes on data:
AIG AIG 58.49 -1.85 BestBuy BBY 82.26 -0.04 JPMorganChase JPM 138.62
Libor
CharterComms CHTR 357.85 -11.26 Dropbox DBX 20.11 -0.27 GeneralDynamics GD 229.99 -2.61 -4.20 U.S. prime rate is the base rate on corporate
AmerTowerREIT AMT 192.37 -6.20 Bilibili BILI 20.55 -1.08 CheckPoint CHKP 126.76 0.17 DukeEnergy DUK 93.52 -2.46 GeneralElec GE 86.39 -0.67 Jabil JBL 84.04 -0.47 loans posted by at least 70% of the 10 largest One month 4.71900 4.66943 4.71900 0.32114
AmerWaterWorks AWK 137.13 -2.79 Bio-Techne TECH 74.82 -2.09 Chemed CHE 511.38 -4.69 DuPont DD 71.13 -1.67 GeneralMills GIS 79.04 -0.07 JackHenry JKHY 163.65 -0.54 U.S. banks, and is effective February 2, 2023. Three month 5.02571 4.97100 5.02571 0.70300
AmericoldRealty COLD 29.60 -0.13 Bio-RadLab A BIO 489.59 -4.57 CheniereEnergy LNG 155.71 -0.84 Dynatrace DT 42.13 -0.52 GeneralMotors GM 39.74 -0.71 JacobsSolns J 121.11 -1.02 Other prime rates aren’t directly comparable; Six month 5.34614 5.26343 5.34614 1.02371
Ameriprise AMP 337.23 -6.50 Biogen BIIB 264.88 -5.37 CheniereEnerPtrs CQP 49.66 -0.21 EMCOR EME 165.81 -0.68 Genmab GMAB 35.78 -0.68 JamesHardie JHX 20.58 -0.57 lending practices vary widely by location; One year 5.71671 5.68157 5.71671 1.44686
AmerisourceBrgn ABC 153.21 -3.25 BioMarinPharm BMRN 93.42 -0.88 ChesapeakeEner CHK 79.17 -0.31 ENI E 28.33 -0.61 Genpact G 46.90 -0.43 JazzPharm JAZZ 139.03 -3.75 Discount rate is effective February 2, 2023.
Ametek AME 140.08 -3.32 BioNTech BNTX 129.02 -2.52 Chevron CVX 164.03 -2.14 EOG Rscs EOG 118.26 -2.65 Gentex GNTX 28.15 -0.35 JefferiesFin JEF 35.92 -0.87
Secured Overnight Financing Rate is as of Secured Overnight Financing Rate
Amgen AMGN 228.72 -6.39 BlackKnight BKI 60.69 2.24 ChewyA CHWY 41.08 0.65 EPAM Systems EPAM 305.33 -5.01 GenuineParts GPC 170.23 -3.38 J&J JNJ 154.09 -1.47
March 6, 2023. DTCC GCF Repo Index is
Amphenol APH 78.15 -0.98 BlackRock BLK 674.66 -13.73 Chipotle CMG 1509.68 4.55 EQT EQT 32.95 ... Gerdau GGB 5.41 -0.09 JohnsonControls JCI 65.11 -0.44 4.55 4.55 4.56 0.05
Depository Trust & Clearing Corp.'s weighted
AnalogDevices ADI 184.94 -0.58 Blackstone BX 89.47 -2.05 Chubb CB 206.80 -1.26 EastWestBncp EWBC 72.81 -1.74 GileadSciences GILD 80.28 -0.83 JonesLang JLL 166.58 -3.49
average for overnight trades in applicable
AngloGoldAsh AU 16.89 -0.40 Block SQ 78.04 -2.77 ChunghwaTel CHT 38.44 0.05 EastGroup EGP 164.50 -2.68 GitLab GTLB 49.84 -1.35 JuniperNetworks JNPR 31.20 -0.13 Value 52-Week
AB InBev BUD 59.78 -1.31 BlueOwlCapital OWL 12.19 -0.31 KB Financial KB
CUSIPs. Value traded is in billions of U.S. dollars.
Church&Dwight CHD 83.67 0.07 EastmanChem EMN 82.42 -1.61 GlobalPayments GPN 108.82 -3.79 38.06 -0.74 Latest Traded High Low
AnnalyCap NLY 20.11 -0.23 Boeing BA 207.92 -4.00 ChurchillDowns CHDN 244.33 -1.22 Eaton ETN 175.50 -1.65 GlobalFoundries GFS 65.06 -1.13 KBR KBR 54.62 -0.11
Federal-funds rates are Tullett Prebon rates as
25.96 -0.21 s BookingHldgs BKNG 2578.90 -34.53
of 5:30 p.m. ET.
AnteroResources AR Ciena CIEN 49.49 -1.40 eBay EBAY 43.98 -0.77 Globant GLOB 168.57 -4.38 KE Holdings BEKE 18.45 -0.59 DTCC GCF Repo Index
Aon AON 301.57 -3.76 BoozAllen BAH 95.53 -0.75 Cigna CI 281.72 -5.52 Ecolab ECL 157.82 -3.18 GlobeLife GL 120.02 -0.71 KKR KKR 55.85 -1.23 Sources: Federal Reserve; Bureau of Labor
ApellisPharm APLS 64.01 -0.30 BorgWarner BWA 49.98 -0.29 CincinnatiFin CINF 117.84 -3.09 Ecopetrol EC 11.26 -0.39 GoDaddy GDDY 75.76 -0.14 KLA KLAC 375.40 -4.27 Statistics; DTCC; FactSet; Treasury 4.568 20.550 4.597 0.030
ApolloGlbMgmt APO 71.20 -1.34 t BostonProps BXP 63.29 -2.86 Cintas CTAS 436.05 -8.54 EdisonIntl EIX 67.39 -1.03 GoldFields GFI 9.05 -0.28 Kanzhun BZ 20.00 -0.91 Tullett Prebon Information, Ltd. MBS 4.578 45.270 4.644 0.042

Cash Prices | wsj.com/market-data/commodities Tuesday, March 7, 2023

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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
months.
Tuesday Tuesday Tuesday
Business Real Estate & Services
To advertise: email sales.realestate@wsj.com or WSJ.com/classifieds
Iron Ore, 62% Fe CFR China-s 128.0 Wheat,Spring14%-pro Mnpls-u 10.0775
Energy Shredded Scrap, US Midwest-s,m n.a. Wheat,No.2 soft red,St.Louis-u 6.8800
Coal,C.Aplc.,12500Btu,1.2SO2-r,w 128.600 Steel, HRC USA, FOB Midwest Mill-s 1100 Wheat - Hard - KC (USDA) $ per bu-u 8.5325
Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 15.300 Battery/EV metals Wheat,No.1soft white,Portld,OR-u 8.1750
Metals BMI Lithium Carbonate, EXW China, =99.2%-v,w 59850 Food
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
Engelhard industrial 1834.00 BMI Nickel Sulphate, EXW China, >22%-v,m 5616 choice 1-3,600-900 lbs.-u 261.65
Handy & Harman base 1826.55 BMIFlakeGraphite,FOBChina,-100Mesh,94-95%-v,m 768 select 1-3,600-900 lbs.-u 248.63
Handy & Harman fabricated 2027.47 Broilers, National comp wtd. avg.-u,w 1.2485
LBMA Gold Price AM *1851.70
Fibers and Textiles Butter,AA Chicago-d 2.3450
LBMA Gold Price PM *1849.05 Cheddar cheese,bbl,Chicago-d 166.75
Burlap,10-oz,40-inch NY yd-n,w 0.7125
Krugerrand,wholesale-e 1896.83
Cheddar cheese,blk,Chicago-d 184.50
Cotton,1 1/16 std lw-mdMphs-u 0.8177
Maple Leaf-e 1942.21
Milk,Nonfat dry,Chicago lb.-d 116.50
Cotlook 'A' Index-t *98.90 Coffee,Brazilian,Comp-y 1.9063
American Eagle-e 1942.21 Hides,hvy native steers piece fob-u n.a. Coffee,Colombian, NY-y 2.2840
Mexican peso-e 2341.72 Wool,64s,staple,Terr del-u,w n.a. Eggs,large white,Chicago-u 2.6350
Austria crown-e 1782.21
Grains and Feeds Flour,hard winter KC-p 20.85
Austria phil-e 1905.91
Hams,17-20 lbs,Mid-US fob-u 0.85
Silver, troy oz. Barley,top-quality Mnpls-u n.a. Hogs,Iowa-So. Minnesota-u 79.48
Engelhard industrial 20.7500 Bran,wheat middlings, KC-u,w 168 Pork bellies,12-14 lb MidUS-u 1.1470
Handy & Harman base 20.2700 Corn,No. 2 yellow,Cent IL-bp,u 6.2900 Pork loins,13-19 lb MidUS-u 1.0736
Handy & Harman fabricated 25.3380 Corn gluten feed,Midwest-u,w 206.7 Steers,Tex.-Okla. Choice-u n.a.
LBMA spot price *£17.5700 Corn gluten meal,Midwest-u,w 662.8 Steers,feeder,Okla. City-u,w 218.06
(U.S.$ equivalent) *21.0850 Cottonseed meal-u,w 393
Coins,wholesale $1,000 face-a 18108 Hominy feed,Cent IL-u,w 215 Fats and Oils
Other metals Meat-bonemeal,50% pro Mnpls-u,w 418 Degummed corn oil, crude wtd. avg.-u,w n.a.
LBMA Platinum Price PM *965.0 Oats,No.2 milling,Mnpls-u 4.0650 Grease,choice white,Chicago-h 0.5500
Platinum,Engelhard industrial 965.0 Rice, Long Grain Milled, No. 2 AR-u,w n.a. Lard,Chicago-u n.a.
Palladium,Engelhard industrial 1435.0 Sorghum,(Milo) No.2 Gulf-u n.a. Soybean oil,crude;Centl IL-u,w 0.6265
Aluminum, LME, $ per metric ton *2321.5 SoybeanMeal,Cent IL,rail,ton48%-u,w 504.10 Tallow,bleach;Chicago-h 0.5725
Copper,Comex spot 3.9865 Soybeans,No.1 yllw IL-bp,u 15.0200 Tallow,edible,Chicago-u n.a.

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
Mineral Intelligence; W=weekly; Y=International Coffee Organization; Z=not quoted. *Data as of 3/6
Source: Dow Jones Market Data

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Business Real Estate & Auctions

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MASSACHUSETTS UTAH

MAY 2 • REAL ESTATE

Mortgagee’s Foreclosure
AUCTIONS
W. Roxbury (Boston), MA
530-540 VFW Parkway
23,994± sf. Mixed-Use Building with
       
70 Brucewood St.
999± sf., 2BR, 1.5BA Ranch
To be Offered Individually & in the Entirety
Fri., March 24 at 11am On-site
Terms: $100K (VFW), $20K (Brucewood),
$120K (Entirety); 10% within 5 business
days; 30 days to close.
Info, Full Terms, & More at:
JJManning.com
800.521.0111 Lic# 111
THEMARKETPLACE
(800) 366-3975 | wsj.com/classifieds
© 2023 Dow Jones & Company, Inc.
All Rights Reserved.

MULTIFAMILY DEVELOPMENT SITE
13.5 ACRES WITH A PRIVATE LAKE
9505 GOLF ROAD (EAST OF I-294), DES PLAINES, IL
TO BE SOLD SUBJECT TO A MINIMUM BID OF $2.4 MILLION
PRIME SUBURBAN DEVELOPMENT OPPORTUNITY
6.16 Buildable Acres Overlooking an Exclusive, Sparkling Lake
• Previously approved for a 240 unit
residential complex
• Prime location & identity
• Formerly the Fisherman’s Dude Ranch
• Tremendous accessibility just north
of O’Hare International Airport,
east of I-294 & public transportation
INVESTMENT PROPERTIES INVESTMENT PROPERTIES • Near Oakton Community College,
Lutheran General Hospital, Big Bend Lake,
Lions Woods Park & shopping
COLORADO OPPORTUNITY
RENO NEVADA LAND FOR SALE         
215-acre property, both sides
Gunnison River. QOZ multi-use 26 +/- Acres Approved & Entitled • Zoning: R-2 & R-1 (City of Des Plaines)
zoning, city wants river walk. Casino Resort Hotel
JV or sale, financing available. Qualifies for non-restricted license • Ideal for long-term stay or assisted living
214-651-1656 FERRARI-LUND REAL ESTATE
nationsgaspartners.org Larry Barnes Bs.21554 775-846-5080 FineAndCompany.com 312.278.0600
nationsgaspartners@gmail.com Lester Conklin s.32291 775-762-0338 Fine & Company, LLC – IL Broker #481.011386
B8 | Wednesday, March 8, 2023 THE WALL STREET JOURNAL.

COMMODITIES wsj.com/market-data/commodities

Futures Contracts Open

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

Metal & Petroleum Futures Coffee (ICE-US)-37,500 lbs.; cents per lb. Currency Futures
Agriculture Futures March 184.55 2.10 151
Contract Open May 181.15 183.45 177.50 182.55 2.25 81,573 Japanese Yen (CME)-¥12,500,000; $ per 100¥
Open High hi lo Low Settle Chg interest Corn (CBT)-5,000 bu.; cents per bu. March .7363 .7384 t .7295 .7299 –.0057 162,686
Sugar-World (ICE-US)-112,000 lbs.; cents per lb.
Copper-High (CMX)-25,000 lbs.; $ per lb. March 644.25 646.75 639.75 642.00 –2.50 2,347 May 20.87 21.25 s 20.81 21.02 .15 401,257 June .7468 .7491 t .7403 .7408 –.0055 32,642
March 4.0870 4.0880 3.9755 3.9865 –0.1140 3,746 May 637.50 638.75 633.25 634.25 –2.75 518,003 July 20.25 20.57 s 20.20 20.44 .21 218,108 Canadian Dollar (CME)-CAD 100,000; $ per CAD
May 4.0750 4.0950 3.9630 3.9750 –0.1135 128,149 Oats (CBT)-5,000 bu.; cents per bu. Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. March .7346 .7353 t .7266 .7268 –.0075 149,732
Gold (CMX)-100 troy oz.; $ per troy oz. March 337.75 16.50 5
May 37.61 38.11 s 37.61 38.01 .66 2,533
June .7357 .7364 t .7278 .7280 –.0074 25,193
March 1840.90 1840.90 1824.40 1813.90 –34.00 70 May 325.50 t 319.00
345.50 341.50 16.50 3,411
July 37.51 38.11 s 37.51 38.10 .65 2,310
British Pound (CME)-£62,500; $ per £
April 1852.60 1856.90 1817.10 1820.00 –34.60 318,347 Soybeans (CBT)-5,000 bu.; cents per bu. Cotton (ICE-US)-50,000 lbs.; cents per lb. March 1.2027 1.2067 t 1.1822 1.1830 –.0187 173,503
March 1538.00 1538.00 1523.75 1525.25 –15.75 1,146 June 1.2049 1.2092 t 1.1851 1.1858 –.0185 36,250
May 1862.80 1862.80 t 1829.70 1827.80 –34.70 97 March 82.89 –1.97 6
1834.20 1836.80 –34.60
May 1528.00 1531.00 1513.25 1515.50 –13.50 327,659 Swiss Franc (CME)-CHF 125,000; $ per CHF
June 1868.60 1873.40 82,586 May 84.65 84.90 82.53 82.77 –1.94 90,594
Aug 1890.00 1891.10 1852.90 1854.90 –34.50 16,771
Soybean Meal (CBT)-100 tons; $ per ton. Orange Juice (ICE-US)-15,000 lbs.; cents per lb.
March 1.0748 1.0776 1.0616 1.0625 –.0110 38,190
March 507.90 510.80 s 500.20 501.50 –6.40 1,689 June 1.0855 1.0885 1.0730 1.0737 –.0106 5,659
Oct 1902.50 1907.40 1872.00 1873.00 –34.20 5,887 March 264.00 268.00 264.00 269.80 8.10 437 Australian Dollar (CME)-AUD 100,000; $ per AUD
May 493.30 498.00 s 487.10 487.80 –5.60 239,170
Palladium (NYM) - 50 troy oz.; $ per troy oz. May 235.65 246.20 235.65 239.80 2.95 9,051 t .6587 –.0136 120,126
Soybean Oil (CBT)-60,000 lbs.; cents per lb. March .6730 .6749 .6581
March 1353.70 –53.70 36 March 59.54 59.55 t 58.20 58.16 –1.72 183 June .6755 .6774 t .6607 .6613 –.0134 14,835
June 1425.00 1439.00 1362.00 1370.60 –53.90 11,901 May 60.45 60.59 t 58.31 58.66 –1.79 179,105 Interest Rate Futures Mexican Peso (CME)-MXN 500,000; $ per MXN
Platinum (NYM)-50 troy oz.; $ per troy oz. Rough Rice (CBT)-2,000 cwt.; $ per cwt. Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100% March .05547 .05560 .05496 .05507 –.00036 267,683
March … 933.40 –42.70 March 16.33 –.27 2 June .05449 .05460 .05398 .05410 –.00034 62,267
March 135-180 136-130 134-200 135-150 15.0 10,078
April 978.60 983.70 930.90 936.30 –42.30 47,656 May 16.94 16.98 t 16.52 16.67 –.28 5,703 June 135-200 136-220 134-260 135-220 14.0 1,462,448
Euro (CME)-€125,000; $ per €
Silver (CMX)-5,000 troy oz.; $ per troy oz. Wheat (CBT)-5,000 bu.; cents per bu. March 1.0686 1.0699 1.0550 1.0555 –.0125 724,119
Treasury Bonds (CBT)-$100,000; pts 32nds of 100%
March 20.985 20.985 t 19.990 20.054 –0.930 151 March 684.75 2.25 33 June 1.0745 1.0758 1.0612 1.0617 –.0123 106,139
March 123-260 124-190 123-170 124-000 13.0 24,052
May 21.140 21.215 t 20.105 20.199 –0.936 104,962 May 696.50 703.50 t 689.50 698.00 2.75 196,206 June 124-270 125-230 124-160 125-020 14.0 1,196,222
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. Wheat (KC)-5,000 bu.; cents per bu. Treasury Notes (CBT)-$100,000; pts 32nds of 100% Index Futures
April 80.50 80.94 77.06 77.58 –2.88 257,905 March 811.75 811.75 811.00 805.50 1.50 13 March 110-165
110-195 110-305 110-100 –1.5 12,847 Mini DJ Industrial Average (CBT)-$5 x index
May 80.59 81.04 77.18 77.72 –2.84 217,698 May 800.00 805.50 t 794.00 799.25 1.50 86,411 June 111-030 111-130 110-235 110-305 –1.0 4,253,357 March 33455 33512 32840 32864 –587 87,012
June 80.51 80.97 77.21 77.71 –2.80 220,746 Cattle-Feeder (CME)-50,000 lbs.; cents per lb. 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% June 33711 33779 33115 33137 –582 2,524
July 80.29 80.72 77.05 77.53 –2.75 132,800 March 192.175 192.825 s 191.775 192.125 .050 8,029 March 106-077 106-150 105-317 106-007 –7.0 11,534 Mini S&P 500 (CME)-$50 x index
April 198.625 199.400 s 198.075 198.675 .075 16,445 June 106-207 106-265 106-100 106-120 –6.7 4,205,639 3989.75 –62.75 2,062,550
Sept 79.49 79.86 76.36 76.83 –2.63 115,860 March 4053.75 4064.50 3982.50
Dec 77.91 78.27 75.00 75.47 –2.45 209,826
Cattle-Live (CME)-40,000 lbs.; cents per lb. 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% June 4090.00 4101.50 4019.75 4027.00 –62.75 65,187
April 166.100 166.550 165.475 165.975 –.125 134,934 March 101-161 101-187 101-095 101-097 –6.9 4,840 Mini S&P Midcap 400 (CME)-$100 x index
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. June 161.000 161.200 160.175 160.550 –.450 109,054
April 2.8894 2.9065 2.7742 2.7975 –.0891 71,730 June 101-211 101-236 101-132 101-138 –7.0 2,553,360 March 2616.90 2626.70 2581.70 2585.90 –32.00 45,096
Hogs-Lean (CME)-40,000 lbs.; cents per lb. 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. June 2628.00 2645.50 2606.00 2607.90 –30.90 1
May 2.8463 2.8578 2.7343 2.7518 –.0872 51,641 April 83.825 84.875 83.200 84.800 1.325 86,953
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. March 95.3325 95.3375 95.3050 95.3075 –.0250 179,597 Mini Nasdaq 100 (CME)-$20 x index
June 100.750 101.050 99.250 100.075 –.550 49,322 April 95.1100 95.1200 t 95.0100 95.0200 –.0900 499,417 March 12320.25 12381.25 12142.25 12169.00 –154.50 257,133
April 2.7962 2.8122 2.6780 2.7007 –.0958 92,433 Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft.
May 2.7824 2.7995 2.6675 2.6899 –.0942 65,844
10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100% June 12451.00 12519.75 12281.25 12308.00 –152.50 6,874
March 365.20 367.00 361.00 364.50 –5.50 282 March 100-100 100-155 99-255 100-025 3.0 16,436 Mini Russell 2000 (CME)-$50 x index
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. May 413.00 417.90 410.00 411.70 –1.30 1,774 Three-Month SOFR (CME)-$1,000,000; 100 - daily avg. March 1903.40 1909.60 1876.30 1879.80 –22.40 436,197
April 2.603 2.698 2.506 2.687 .115 177,439 Milk (CME)-200,000 lbs., cents per lb. Dec 95.5550 95.5550 95.5525 95.5525 ... 704,876 Mini Russell 1000 (CME)-$50 x index
May 2.769 2.850 2.673 2.840 .110 265,892 March 17.79 17.82 17.67 17.70 –.08 5,411 March'23 94.9725 94.9800 t 94.8500 94.8650 –.1100 1,390,971 March 2225.20 2232.10 2194.00 2198.20 –32.70 12,728
July 3.142 3.259 3.058 3.251 .144 88,393 April 17.69 17.81 17.52 17.61 –.01 5,391 Eurodollar (CME)-$1,000,000; pts of 100% U.S. Dollar Index (ICE-US)-$1,000 x index
Sept 3.153 3.263 3.067 3.256 .134 95,316 Cocoa (ICE-US)-10 metric tons; $ per ton. March 94.9150 94.9200 94.7850 94.8000 –.1175 758,025 March 104.28 105.64 s 104.10 105.59 1.27 29,632
Oct 3.230 3.340 3.140 3.332 .132 93,035 March 2,726 –35 30 June 94.4300 94.4500 t 94.2400 94.2500 –.1800 663,463 June 103.97 105.25 s 103.74 105.21 1.22 6,438
Jan'24 4.217 4.287 4.113 4.261 .096 74,093 May 2,789 2,795 2,739 2,756 –35 138,148 Sept 94.2650 94.2950 t 94.0800 94.0950 –.1800 637,196
Dec 94.4200 94.4500 t 94.2350 94.2500 –.1700 598,970 Source: FactSet

Exchange-Traded Portfolios | WSJ.com/ETFresearch

Closing Chg YTD
Bonds | wsj.com/market-data/bonds/benchmarks
Largest 100 exchange-traded funds, latest session ETF Symbol Price (%) (%)

Tuesday, March 7, 2023 Closing Chg YTD SPDR S&PMdCpTr

SPDR S&P Div
MDY
SDY
471.91
124.61
–1.19 6.6
–1.53 –0.4
Tracking Bond Benchmarks
ETF Symbol Price (%) (%)
Closing Chg YTD TechSelectSector XLK 139.06 –1.24 11.7 Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week
ETF Symbol Price (%) (%) iSh1-5YIGCorpBd IGSB 49.61 –0.32 –0.4 UtilitiesSelSector XLU 65.48 –1.64 –7.1
iSh1-3YTreaBd SHY 80.55 –0.21 –0.8 VangdInfoTech VGT 357.82 –1.23 12.0
highs and lows for different types of bonds
CnsmrDiscSelSector XLY 143.26 –1.36 10.9
CnsStapleSelSector XLP 72.01 –0.99 –3.4 iShPfd&Incm PFF 32.27 –0.81 5.7 VangdSC Val VBR 167.76 –1.30 5.6 Total Total
DimenUSCoreEq2 DFAC 25.44 –1.43 4.8 iShRussMC IWR 71.20 –1.48 5.6 VangdExtMkt VXF 144.26 –1.15 8.6 return YTD total Yield (%) return YTD total Yield (%)
EnSelSectorSPDR XLE 85.78 –1.74 –1.9 iShRuss1000 IWB 220.02 –1.50 4.5 VangdDivApp VIG 151.87 –1.49 0.01 close return (%) Index Latest Low High close return (%) Index Latest Low High
FinSelSectorSPDR XLF 35.09 –2.58 2.6
iShRuss1000Grw IWF 231.36 –1.30 8.0 VangdFTSEAWxUS VEU 52.40 –1.76 4.5
HealthCareSelSect XLV 127.03 –1.61 –6.5
iShRuss1000Val IWD 153.73 –1.71 1.4 VangdFTSEDevMk VEA 44.24 –1.82 5.4 Broad Market Bloomberg Fixed Income Indices Mortgage-Backed Bloomberg Fixed Income Indices
iShRussell2000 IWM 186.51 –1.16 7.0 VangdFTSE EM VWO 39.95 –1.48 2.5
IndSelSectorSPDR XLI 102.15 –1.29 4.0
InvscQQQI QQQ 296.34 –1.23 11.3
iShS&P500Grw IVW 61.13 –1.42 4.5 VangdFTSE Europe VGK 59.51 –2.09 7.3 1948.54 -0.01 U.S. Aggregate 4.920 2.480 5.210 1929.08 -0.3 Mortgage-Backed 4.860 2.580 5.380
iShS&P500Value IVE 150.56 –1.62 3.8 VangdGrowth VUG 234.26 –1.34 9.9
InvscS&P500EW RSP 146.43 –1.61 3.7 Ginnie Mae (GNMA) 4.890 2.560 5.370
iShSelectDiv DVY 119.82 –1.71 –0.6 VangdHlthCr VHT 234.63 –1.52 –5.4 U.S. Corporate Indexes Bloomberg Fixed Income Indices 1902.62 -0.1
iShCoreDivGrowth DGRO 49.88 –1.62 –0.2
iSh7-10YTreaBd IEF 95.01 0.01 –0.8 VangdHiDiv VYM 106.64 –1.71 –1.5
iShCoreMSCIEAFE IEFA 65.19 –1.70 5.8 1133.81 -0.3 Fannie mae (FNMA) 4.850 2.580 5.390
iShCoreMSCIEM IEMG 48.01 –1.64 2.8
iShShortTreaBd SHV 110.01 –0.02 0.1 VangdIntermBd BIV 73.90 –0.18 –0.6 2887.43 0.6 U.S. Corporate 5.590 3.360 6.130
iShTIPSBondETF TIP 106.75 –0.63 0.3 VangdIntrCorpBd VCIT 77.49 –0.27 –0.03
iShCoreMSCITotInt IXUS 60.63 –1.69 4.8
iSh20+YTreaBd TLT 101.72 0.61 2.2 VangdLC VV 181.82 –1.55 4.4 2788.65 0.2 Intermediate 5.590 2.970 6.050 1738.54 -0.3 Freddie Mac (FHLMC) 4.960 2.580 5.370
iShCoreS&P500 IVV 400.13 –1.58 4.1 iShUSTreasuryBd GOVT 22.62 –0.04 –0.4 VangdMC VO 214.17 –1.48 5.1
iShCoreS&P MC IJH 257.99 –1.21 6.7 JPMEquityPrem JEPI 53.46 –1.20 –1.9 VangdMC Val VOE 138.70 –1.72 2.6 3850.99 1.5 Long term 5.580 4.010 6.370 558.51 0.4 Muni Master 3.392 1.773 3.936
iShCoreS&P SC IJR 100.77 –0.99 6.5 JPM UltShIncm JPST 50.15 –0.02 0.04 VangdMBS VMBS 45.27 –0.33 –0.5
iShCoreS&PTotUS ITOT 88.84 –1.52 4.8 SPDRBbg1-3MTB BIL 91.52 ... 0.1 VangdRealEst VNQ 84.57 –2.33 2.5 557.64 0.4 Double-A-rated 5.010 2.900 5.320 399.86 0.4 7-12 year 3.034 1.794 3.794
iShCoreTotalUSDBd IUSB 44.83 –0.22 –0.2 SPDR DJIA Tr DIA 328.87 –1.74 –0.7 VangdS&P500ETF VOO 365.98 –1.55 4.2
iShCoreUSAggBd AGG 96.71 –0.13 –0.3 SPDR Gold GLD 168.62 –1.75 –0.6 VangdST Bond BSV 74.73 –0.23 –0.7 765.27 0.8 Triple-B-rated 5.840 3.610 6.440 446.13 0.8 12-22 year 3.832 2.076 4.428
iShESGAwareUSA ESGU 88.25 –1.53 4.1 SPDRPtfDevxUS SPDW 31.36 –1.79 5.6 VangdSTCpBd VCSH 74.84 –0.33 –0.5
iShEdgeMSCIMinUSA USMV 70.68 –1.22 –2.0 SPDRS&P500Value SPYV 40.36 –1.68 3.8 VangdShtTmInfltn VTIP 46.81 –0.49 0.2
High Yield Bonds ICE BofA 416.75 1.1 22-plus year 4.502 2.578 5.131
iShEdgeMSCIUSAQual QUAL 119.83 –1.40 5.2 SPDRPtfS&P500 SPLG 46.83 –1.49 4.1 VangdShortTrea VGSH 57.36 –0.24 –0.8
iShGoldTr IAU 34.38 –1.83 –0.6 476.98 2.9 High Yield Constrained 8.607 5.940 9.623 Global Government J.P. Morgan†
SPDRS&P500Growth SPYG 52.97 –1.41 4.5 VangdSC VB 196.72 –1.21 7.2
iShiBoxx$InvGrCpBd LQD 105.58 –0.28 0.1 SPDR S&P 500 SPY 398.27 –1.53 4.1 VangdTaxExemptBd VTEB 49.41 0.02 –0.2 0.1 Global Government 3.180 1.330 3.250
450.62 7.2 Triple-C-rated 14.375 9.837 16.916 521.92
iShJPMUSDEmBd EMB 84.59 –0.41 ... SchwabIntEquity SCHF 33.97 –1.79 5.5 VangdTotalBd BND 71.63 –0.11 –0.3
iShMBS MBB 92.07 –0.25 –0.7 SchwabUS BrdMkt SCHB 46.93 –1.53 4.7 VangdTotIntlBd BNDX 47.70 0.6 767.56 0.5 Canada 3.400 1.900 3.780
iShMSCIACWI ACWI 88.75 –1.57 4.6
0.10 3204.43 2.9 High Yield 100 7.818 5.329 8.753
SchwabUS Div SCHD 74.34 –1.59 –1.6 VangdTotIntlStk VXUS 54.11 –1.71 4.6
iShMSCI EAFE EFA 69.52 –1.67 5.9 SchwabUS LC SCHX 47.21 –1.48 4.6 VangdTotalStk VTI 200.27 –1.49 4.7 417.58 2.9 Global High Yield Constrained 8.621 6.201 9.945 331.86 -0.4 EMU§ 3.450 0.764 3.490
iSh MSCI EM EEM 38.74 –1.68 2.2 SchwabUS LC Grw SCHG 61.10 –1.36 10.0 VangdTotWrldStk VT 90.24 –1.53 4.7
iShMSCIEAFEValue EFV 48.63 –1.78 6.0 SchwabUS SC SCHA 43.55 –1.20 7.5 VangdValue VTV 139.51 –1.66 –0.6 319.40 3.4 Europe High Yield Constrained 7.204 4.313 8.508 615.77 -0.6 France 3.280 0.610 3.310
iShNatlMuniBd MUB 105.37 0.08 –0.1 Schwab US TIPs SCHP 51.92 –0.63 0.3 WisdTrFRTrea USFR 50.33 0.04 0.1
U.S Agency Bloomberg Fixed Income Indices 439.63 -0.9 Germany 2.730 0.040 2.760
1685.47 -0.2 U.S Agency 5.040 1.900 5.040 279.60 0.7 Japan 0.940 0.470 1.060
ADVERTISEMENT
1490.23 -0.3 10-20 years 5.060 1.830 5.060 475.49 -0.9 Netherlands 2.960 0.270 3.000

Showroom
To advertise: 800-366-3975 or WSJ.com/classifieds
3241.60
2543.75
1.7
0.5
20-plus years
Yankee
4.760 2.650 5.240
5.440 2.960 5.840
776.33
774.84
-0.8
0.9
U.K. 3.980 1.510 4.690
Emerging Markets ** 7.821 5.919 9.159
*Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds
** EMBI Global Index Sources: ICE Data Services; Bloomberg Fixed Income Indices; J.P.Morgan

BMW
Global Government Bonds: Mapping Yields
Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in
selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session
Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points
Coupon (%) Maturity, in years Latest(l)-1 0 1 2 3 4 5 Previous Month ago Year ago Latest Prev Year ago

HERB CHAMBERS
4.625 U.S. 2 5.011 s l 4.892 4.469 1.546
3.500 10 3.974 t l 3.981 3.673 1.748
3.250 Australia 2 3.391 t l 3.587 3.287 1.136 -162.4 -131.3 -41.3

WE DON’T SELL CARS.

1.750 10 3.696 t l 3.778 3.608 2.135 -27.9 -18.7 36.3
0.000 France 2 3.379 t l 3.392 2.764 -0.569 -163.6 -150.8 -211.7
2.000 10 3.189 t l 3.217 2.761 0.478 -78.5 -74.7 -129.5

WE HELP PEOPLE BUY THEM 2.500

2.300
Germany 2
10
3.312 s
2.689 t l
l 3.308
2.746
2.697
2.343
-0.690 -170.3
-0.016 -128.6
-159.3
-121.8
-223.8
-178.8
2.500 Italy 2 3.745 s l 3.741 3.051 -0.036 -127.0 -116.0 -158.5
4.400 10 4.529 t l 4.548 4.186 1.604 55.4 58.3 -16.9

2017 MINI COOPER 0.005

0.500
Japan 2 -0.044 t
10 0.505 s
l
l
-0.043
0.504
-0.030
0.495
-0.051 -505.8
0.147 -346.9
-494.4
-346.1
-159.9
-162.6
CONVERTIBLE 0.000 Spain 2 3.472 s l 3.460 2.861 -0.183 -154.3 -144.1 -173.1
MOONWALK GREY SEMIMETALLIC 2.550 10 3.652 t l 3.665 3.246 1.009 -32.3 -30.0 -76.4
STK# BP1496, 38,727 MILES 0.625 U.K. 2 3.800 s l 3.772 3.483 1.223 -121.4 -112.9 -32.5
4.250 10 3.828 t l 3.872 3.317 1.306 -14.7 -9.3 -46.6
Source: Tullett Prebon, Tradeweb ICE U.S. Treasury Close
SMART PRICE
Corporate Debt
$
20,498* Prices of firms' bonds reflect factors including investors' economic, sectoral and company-specific
expectations
Investment-grade spreads that tightened the most…
Spread*, in basis points
Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week

2016 PORSCHE Credit Suisse CS 7.500 7.20 Feb. 15, ’28 293 –8 308
Manulife Financial MFCCN 4.150 5.21 March 4, ’26 62 –8 n.a.
MACAN S Ryder System R 2.850 5.39 March 1, ’27 116 –8 n.a.
BLACK Banco Santander SANTAN 2.746 5.83 May 28, ’25 87 –8 96
STK# BP1355, 35,759 MILES United Airlines Holdings UAL 4.875 5.78 Jan. 15, ’26 118 –8 n.a.
Delta Air Lines DAL 7.000 5.89 May 1, ’25 89 –7 122
Mizuho Financial MIZUHO 4.018 5.43 March 5, ’28 121 –6 120
American Honda Finance HNDA 2.000 5.16 March 24, ’28 88 –5 90
SMART PRICE
…And spreads that widened the most
$
39,998* Credit Suisse
ING Groep
CS
INTNED
3.750
4.625
8.21
5.46
March 26, ’25
Jan. 6, ’26
324
80
51
14
n.a.
66
Bank of America BAC 4.450 5.59 March 3, ’26 98 13 92
Wells Fargo WFC 5.950 5.73 Aug. 26, ’36 177 11 n.a.
Sumitomo Mitsui Financial SUMIBK 2.750 5.57 Jan. 15, ’30 160 10 158

2018 LAND ROVER Caterpillar Financial Services

Morgan Stanley
…
MS
3.600
4.350
4.92
5.58
Aug. 12, ’27
Sept. 8, ’26
61
86
9
9
55
105
RANGE ROVER Mitsubishi UFJ Financial MUFG 1.412 5.71 July 17, ’25 70 8 70

3.0L V6 HSE High-yield issues with the biggest price increases…

Bond Price as % of face value
Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week
SANTORINI BLACK
STK# BP1467XX, 65,985 MILES Dish DBS … 5.125 15.71 June 1, ’29 58.875 0.13 59.250
Navient NAVI 6.125 6.75 March 25, ’24 99.375 0.13 99.467
SMART PRICE Telecom Italia TITIM 5.303 7.25 May 30, ’24 97.750 0.13 97.340
Ball 4.000 5.58 Nov. 15, ’23 98.950 0.10 98.733
* BALL
$
31,898 United Airlines Holdings
CSC Holdings
UAL
CSCHLD
5.000
5.250
5.23
6.45
Feb. 1, ’24
June 1, ’24
99.800
98.597
0.10
0.10
98.997
96.886
Venture Global Calcasieu Pass VENTGL 4.125 6.25 Aug. 15, ’31 86.250 0.07 86.000

BMW Certified Pre-Owned Medford …And with the biggest price decreases
Bausch Health BHCCN 11.000 17.48 Sept. 30, ’28 77.500 –1.25 78.864
60 Mystic Avenue Medford Dish DBS
Liberty Interactive
…
LINTA
7.750
8.250
17.36
32.40
July 1, ’26
Feb. 1, ’30
76.500
34.813
–1.00
–0.94
77.770
40.938
617-765-1385 Ford Motor F 4.750 7.24 Jan. 15, ’43 74.000 –0.88 73.500
Teva Pharmaceutical Finance Netherlands … 3.150 7.01 Oct. 1, ’26 88.030 –0.85 87.375
herbchambersbmwmedford.com Cleveland–Cliffs CLF 6.250 7.46 Oct. 1, ’40 88.250 –0.72 n.a.
Seagate HDD Cayman … 4.750 6.84 Jan. 1, ’25 96.481 –0.64 96.750
Qwest Capital Funding QWECOM 6.875 13.42 July 15, ’28 75.550 –0.54 n.a.
*Pricing excludes tax, title, registration and doc fee. Offer valid through 4/3/23.
All offers subject to vehicle availability. *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.
Note: Data are for the most active issue of bonds with maturities of two years or more
Source: MarketAxess
THE WALL STREET JOURNAL. Wednesday, March 8, 2023 | B9

MARKETS DIGEST
EQUITIES

Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index
Last Year ago Last Year ago Last Year ago
32856.46 t 574.98, or 1.72% Trailing P/E ratio 21.81 18.12 3986.37 t 62.05, or 1.53% Trailing P/E ratio * 17.80 24.21 11530.33 t 145.40, or 1.25% Trailing P/E ratio *† 24.51 31.53
High, low, open and close for each P/E estimate * 17.32 17.63 High, low, open and close for each P/E estimate * 18.01 19.25 High, low, open and close for each P/E estimate *† 23.96 24.52
trading day of the past three months. Dividend yield 2.12 2.15 trading day of the past three months. Dividend yield * 1.73 1.42 trading day of the past three months. Dividend yield *† 0.93 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
Dec. Jan. Feb. Mar. Dec. Jan. Feb. Mar. Dec. Jan. Feb. Mar.
*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* 877,438,532 10,090,479
Industrial Average 33453.25 32838.21 32856.46 -574.98 -1.72 35294.19 28725.51 0.7 -0.9 8.3 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 111,638,477 2,406,790
Transportation Avg 14961.26 14756.82 14786.56 -187.59 -1.25 16718.54 11999.40 0.3 10.4 18.2 Most-active issues in late trading Decl. volume* 752,308,857 7,612,443
Utility Average 923.51 900.20 903.97 -16.10 -1.75 1071.75 838.99 -7.7 -6.6 0.1 Volume After Hours Issues traded 3,161 306
Company Symbol (000) Last Net chg % chg High Low
Total Stock Market 40885.86 40196.02 40254.83 -601.43 -1.47 46941.20 36056.21 -4.7 4.5 10.0 Advances 630 84
SPDR S&P 500 ETF Trust SPY 7,268.8 398.30 0.03 0.01 398.58 398.11
Barron's 400 991.05 974.83 976.68 -14.37 -1.45 1051.05 825.73 1.5 6.1 15.5 Declines 2,430 203
Intel INTC 6,181.6 25.53 … unch. 25.56 25.51
Unchanged 101 19
Nasdaq Stock Market Vale ADR VALE 5,830.4 16.41 0.09 0.55 16.41 16.31 New highs 58 6
Nasdaq Composite 11705.96 11512.03 11530.33 -145.40 -1.25 14619.64 10213.29 -9.9 10.2 10.4 Snap SNAP 3,096.7 11.75 0.03 0.26 11.79 11.71 New lows 49 12
Nasdaq-100 12344.04 12130.01 12152.17 -150.31 -1.22 15239.32 10679.34 -8.4 11.1 12.5 Las Vegas Sands LVS 2,875.1 59.00 … unch. 59.50 58.51 Closing Arms† 1.37 0.94
Rivian Automotive RIVN 2,663.2 14.62 -0.02 -0.14 14.66 14.50 Block trades* 4,182 99
S&P
-1.53
iShares MSCI Australia EWA 2,656.6 22.98 0.24 1.06 22.98 22.74 Nasdaq NYSE Arca
500 Index 4050.00 3980.31 3986.37 -62.05 4631.60 3577.03 -4.4 3.8 10.3
WW International WW 2,651.4 6.64 -0.29 -4.18 7.20 6.33
MidCap 400 2622.85 2580.97 2584.80 -30.85 -1.18 2773.72 2200.75 2.3 6.4 12.9 Total volume*5,422,826,701 307,283,399
SmallCap 600 1242.75 1225.28 1228.70 -12.41 -1.00 1357.33 1064.45 -3.6 6.1 12.3 Percentage gainers… Adv. volume*1,424,716,055 52,161,036
Silvergate Capital SI 243.1 5.96 0.75 14.40 6.10 5.09 Decl. volume*3,967,339,075 249,530,991
Other Indexes
Energy Vault Holdings NRGV 111.3 3.51 0.41 13.23 3.51 3.01 Issues traded 4,710 1,745
Russell 2000 1902.11 1875.79 1878.72 -21.03 -1.11 2133.10 1649.84 -4.3 6.7 9.0
CrowdStrike Holdings CRWD 2,598.1 131.60 Advances 1,406 193
NYSE Composite 15694.34 15413.54 15439.02 -255.32 -1.63 17014.76 13472.18 -1.2 1.7 7.7 6.67 5.34 136.30 124.87
Declines 3,100 1,542
Value Line 578.14 569.23 570.02 -7.11 -1.23 653.15 491.56 -5.0 6.3 7.5 JPM Active Growth JGRO 75.0 49.58 2.35 4.98 49.58 47.22
Unchanged 204 10
NYSE Arca Biotech 5347.44 5248.26 5248.50 -98.94 -1.85 5644.50 4208.43 9.0 -0.6 2.3
Insmed INSM 71.1 20.77 0.98 4.95 20.77 19.79
New highs 62 6
NYSE Arca Pharma 818.58 804.69 806.25 -10.07 -1.23 887.27 737.84 4.0 -7.1 8.9 ...And losers New lows 154 24
KBW Bank 108.30 104.51 104.78 -4.22 -3.87 132.22 94.66 -13.0 3.9 7.7 Shoals Technologies SHLS 103.4 24.45 -2.10 -7.91 27.30 23.50 Closing Arms† 1.26 0.40
PHLX§ Gold/Silver 115.52 111.13 111.69 -5.10 -4.36 167.76 91.40 -29.8 -7.6 2.7 Yext YEXT 95.7 7.99 -0.50 -5.89 8.70 7.30 Block trades* 40,937 1,189
PHLX§ Oil Service 91.38 89.16 89.31 -2.27 -2.48 93.94 56.08 8.7 6.5 28.6 Hallmark Fincl Services HALL 62.7 10.11 -0.53 -5.00 10.53 10.11 * Primary market NYSE, NYSE American NYSE Arca only.
PHLX§ Semiconductor 3011.07 2950.81 2962.42 -32.17 -1.07 3625.58 2162.32 -6.2 17.0 20.3 Portillo's PTLO 64.3 20.81 -1.09 -4.98 21.90 20.80 †(TRIN) A comparison of the number of advancing and declining
issues with the volume of shares rising and falling. An
Cboe Volatility 19.74 18.51 19.59 0.98 5.27 35.13 17.87 -44.2 -9.6 -22.4 Savara SVRA 152.4 2.35 -0.12 -4.67 2.35 2.29 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 632.88 –8.60 –1.34 4.5 WW International WW 6.93 3.06 79.07 11.03 3.28 -32.0 Toro Wi TOROV 8.16 -4.98 -37.90 26.00 8.14 ...
MSCI ACWI ex-USA 295.67 –3.23 –1.08 5.1 Protagonist Therapeutics PTGX 23.09 7.89 51.91 27.41 6.91 -3.8 Cara Therapeutics CARA 6.69 -3.33 -33.23 13.97 6.58 -42.9
MSCI World 2724.80 –39.84 –1.44 4.7 Bellerophon Therapeutics BLPH 5.00 1.49 42.45 5.15 0.67 170.3 Intrusion INTZ 1.53 -0.72 -31.92 5.77 1.45 -59.8
MSCI Emerging Markets 988.38 –5.36 –0.54 3.3 Etao International ETAO 3.19 0.75 30.74 12.00 1.49 -67.8 Ambrx Biopharma ADR AMAM 9.28 -3.26 -26.00 13.07 0.38 97.9
Americas MSCI AC Americas 1517.22 –23.64 –1.53 4.1 Gaia Cl A GAIA 3.26 0.63 23.95 6.18 2.05 -44.9 Altamira Therapeutics CYTO 1.60 -0.52 -24.53 43.00 1.58 -88.8
Canada S&P/TSX Comp 20275.54 –239.26 –1.17 4.6 Sea ADR SE 80.06 14.35 21.84 136.43 40.67 -12.5 Calavo Growers CVGW 23.85 -7.47 -23.85 45.50 22.64 -45.3
Latin Amer. MSCI EM Latin America 2193.50 –33.80 –1.52 3.1 Allakos ALLK 6.55 1.15 21.30 8.73 2.54 27.2 Ambipar Emergency Resp AMBI 13.44 -3.81 -22.09 50.50 9.59 35.8
Brazil BOVESPA 104227.93 –472.39 –0.45 –5.0 Bionomics ADR BNOX 4.33 0.73 20.28 10.90 2.49 -54.6 Lionheart III Cl A LION 6.44 -1.79 -21.75 18.89 6.11 -35.0
Chile S&P IPSA 3255.82 –14.51 –0.44 2.6 Cytosorbents CTSO 3.80 0.64 20.25 4.59 1.03 1.3 Zynex ZYXI 9.76 -2.65 -21.35 17.25 4.97 66.8
Mexico S&P/BMV IPC 53068.73 –855.46 –1.59 9.5 Azul ADR AZUL 6.96 1.11 18.97 16.89 3.82 -38.1 Zevra Therapeutics ZVRA 4.31 -1.04 -19.44 6.92 4.00 -19.6
EMEA STOXX Europe 600 460.60 –3.58 –0.77 8.4 Vivid Seats SEAT 7.89 1.21 18.04 12.31 6.29 -28.4 Domo Cl B DOMO 13.26 -3.19 -19.39 57.41 11.35 -67.6
Eurozone Euro STOXX 459.34 –3.43 –0.74 12.0 Crawford Co A CRD.A 6.49 0.98 17.79 8.29 5.13 -9.1 Neuronetics STIM 4.21 -1.00 -19.19 6.95 1.98 46.7
Belgium Bel-20 3852.26 –29.68 –0.76 4.1 Yield10 Bioscience YTEN 2.88 0.43 17.55 6.30 1.63 -33.5 Perfect PERF 6.25 -1.35 -17.76 21.03 4.90 -36.4
Denmark OMX Copenhagen 20 1950.67 –1.81 –0.09 6.3 F-star Therapeutics FSTX 7.12 1.02 16.72 7.12 2.07 145.9 KINS Tech Cl A KINZ 9.50 -1.98 -17.28 13.47 8.78 -5.3
France 7339.27 13.4 Latham Group SWIM 3.88 0.52 15.48 17.50 2.75 -72.2 Kintara Therapeutics KTRA 3.85 -0.79 -16.94 42.00 3.50 -77.9
CAC 40 –33.94 –0.46
Germany DAX 15559.53 –94.05 –0.60 11.7
Israel Tel Aviv 1783.55 … Closed –0.7
Most Active Stocks Volume Movers Ranked by change from 65-day average*
Italy FTSE MIB 27761.57 –187.72 –0.67 17.1 Volume % chg from Latest Session 52-Week Volume % chg from Latest Session 52-Week
Company Symbol (000) 65-day avg Close % chg High Low Company Symbol (000) 65-day avg Close % chg High Low
Netherlands AEX 751.52 –8.31 –1.09 9.1
Norway Oslo Bors All-Share 1418.41 –8.59 –0.60 4.1 Troika Media Group TRKA 598,542 1292.2 0.56 -26.85 1.42 0.10 First Reserve Sust Grw A FRSG 1,578 3888 10.15 -0.10 10.17 9.71
Mullen Automotive MULN 246,461 17.9 0.21 -9.43 4.18 0.18 IX Acquisition Cl A IXAQ 2,562 3562 10.27 ... 10.30 9.75
South Africa FTSE/JSE All-Share 78556.54 –141.29 –0.18 7.5
Novo Integrated Sciences NVOS 183,847 933.1 0.20 16.78 3.32 0.10 Franklin FTSE Taiwan ETF FLTW 1,263 3419 36.55 0.27 44.01 28.98
Spain IBEX 35 9411.10 –99.90 –1.05 14.4
ProShares UltraPro QQQ TQQQ 175,409 -6.0 22.68 -3.74 62.96 16.10 Skydeck Acquisition Cl A SKYA 1,886 3017 10.19 ... 10.65 9.69
Sweden OMX Stockholm 857.47 –7.99 –0.92 9.7
ProSh UltraPro Shrt QQQ SQQQ 157,117 25.4 37.96 3.72 69.55 31.17 Inception Growth Acqn IGTA 2,051 2593 10.32 0.15 10.35 9.76
Switzerland Swiss Market 11064.08 –83.17 –0.75 3.1
Turkey BIST 100 5381.90 –10.41 –0.19 –2.3 Tesla TSLA 147,105 -14.6 187.71 -3.15 384.29 101.81 Coliseum Acquisition MITA 458 2307 10.20 0.15 10.60 9.63
U.K. FTSE 100 7919.48 –10.31 –0.13 6.3 Rivian Automotive RIVN 127,974 404.5 14.64 -14.54 56.76 14.61 Protagonist Therapeutics PTGX 22,794 2048 23.09 51.91 27.41 6.91
U.K. 19956.61 5.9 Exela Technologies XELA 126,405 -7.0 0.06 -3.76 18.90 0.04 Churchill Cap V Cl A CCV 5,671 1933 10.08 0.50 10.09 9.75
FTSE 250 –107.50 –0.54
SPDR S&P 500 ETF Trust SPY 107,528 29.3 398.27 -1.53 462.07 348.11 RF Acquisition Cl A RFAC 836 1808 10.27 -0.10 10.28 9.80
Asia-Pacific MSCI AC Asia Pacific 161.68 –0.66 –0.41 3.8
Unicycive Therapeutics UNCY 89,236 4554.9 1.50 20.97 2.16 0.40 Veeco Instruments VECO 6,205 1732 20.62 -2.32 29.54 16.11
Australia S&P/ASX 200 7364.70 36.10 0.49 4.6
* Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least
China Shanghai Composite 3285.10 –36.93 –1.11 6.3 5,000 shares =Has traded fewer than 65 days
Hong Kong Hang Seng 20534.48 –68.71 –0.33 3.8
India S&P BSE Sensex 60224.46 Closed –1.0
Scan this code
…
Japan NIKKEI 225 28309.16 71.38 0.25 8.5 Get real-time U.S. stock quotes CURRENCIES & COMMODITIES
Singapore Straits Times 3245.27 5.96 0.18 –0.2 and track most-active stocks,
South Korea KOSPI 2463.35 0.73 0.03 10.1 new highs/lows, mutual funds Currencies
Taiwan TAIEX 15857.89 94.38 0.60 12.2 and ETFs. U.S.-dollar foreign-exchange rates in late New York trading
Thailand SET 1618.51 11.63 0.72 –3.0
All are available free at WSJMarkets.com US$vs, US$vs,
Sources: FactSet; Dow Jones Market Data Tues YTDchg Tues YTDchg
Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%)
Americas Vietnam dong .00004228 23650 0.1
CREDIT MARKETS Argentina peso .0050199.6748 13.0 Europe
Brazil real .1926 5.1914 –1.8 Czech Rep. koruna .04482 22.313 –1.1
Canada dollar .7270 1.3755 1.5 Denmark krone .1417 7.0549 1.6
Consumer Rates and Returns to Investor Benchmark
Treasury Yields
yield curve Forex Race Chile peso .001244 803.72 –5.2 Euro area euro 1.0549 .9480 1.5
U.S. consumer rates Selected rates andtoRates
Yield maturity of current bills, Yen, euro vs. dollar; dollar vs. Colombiapeso .000210 4761.00 –1.81 Hungary forint .002785 359.11 –3.8
notes and bonds major U.S. trading partners Ecuador US dollar 1 1 unch Iceland krona .007038 142.09 0.4
A consumer rate against its New car loan Mexico peso .0552 18.1062 –7.1 Norway krone .0936 10.6863 8.9
benchmark over the past year 5.00% Uruguay peso .02549 39.2350 –1.9 Poland zloty .2249 4.4459 1.5
Bankrate.com avg†: 6.75% 28% Asia-Pacific Russia ruble .01319 75.819 2.8
t
First Savings Bank of Hegewisch 4.00% 4.00 WSJ Dollar Index Australiadollar .6585 1.5186 3.5
Sweden krona .0932 10.7319 2.8
7.00% Chicago, IL 773-646-4200 Tradeweb ICE 14
s Switzerland franc 1.0612 .9423 1.9
China yuan .1436 6.9622 0.9
Prime rate Tuesday Close 3.00 Turkey lira .0528 18.9221 1.2
t

Colonial Savings, FA 5.49% Hong Kong dollar .1274 7.8500 0.6

t
6.00 Ukraine hryvnia .0271 36.9500 0.3
0 Euro India rupee .01218 82.075 –0.8
New car loan Garland, TX 972-495-4032 2.00 s UK pound 1.1825 .8457 2.3
Indonesia rupiah .0000648 15426 –0.9
5.49% One year ago
t

5.00 First Command Bank –14 Japan yen .007291 137.15 4.6 Middle East/Africa
1.00
Fort Worth, TX 888-763-7600 s Kazakhstan tenge .002272 440.08 –4.9 Bahrain dinar 2.6522 .3771 unch
4.00 0.00 Yen Macau pataca .1237 8.0825 0.4 Egypt pound .0325 30.7295 24.1
Frost Bank 5.49% –28
Malaysia ringgit .2233 4.4780 1.7 Israel shekel .2760 3.6228 2.8
Houston, TX 800-513-7678 1 3 6 1 2 3 5 7 10 20 30 2022 2023
3.00 New Zealand dollar .6108 1.6372 4.0 Kuwait dinar 3.2547 .3072 0.4
Third Coast Bank, SSB 5.50% month(s) years
MAM J J A S O N D J F M Pakistan rupee .00362 276.588 22.0 Oman sul rial 2.5974 .3850 ...
Humble, TX 281-446-7000 maturity Philippines peso .0180 55.520 –0.3 Qatar rial .2747 3.641 –0.7
2022 2023
Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Singapore dollar .7385 1.3541 1.0 Saudi Arabia riyal .2664 3.7537 –0.1
Yield/Rate (%) 52-Week Range (%) 3-yr chg South Korea won .0007586 1318.29 4.5 South Africa rand .0538 18.5946 9.2
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts)
Corporate Borrowing Rates and Yields Sri Lanka rupee .0030777 324.92 –11.6
Close Net Chg % Chg YTD%Chg
Federal-funds rate target 4.50-4.75 4.50-4.75 0.00 l 4.75 3.50 Taiwan dollar .03248 30.788 0.5
Yield (%) 52-Week Total Return (%) Thailand baht .02850 35.090 1.4 WSJ Dollar Index 98.64 1.17 1.20 2.16
Prime rate* 7.75 7.75 3.25 l 7.75 3.50 Bond total return index Close Last Week ago High Low 52-wk 3-yr
Libor, 3-month 5.03 4.97 0.70 l 5.03 4.13 Sources: Tullett Prebon, Dow Jones Market Data
U.S. Treasury, Bloomberg 2082.540 4.510 4.380 4.560 1.860 –10.441 –5.205
Money market, annual yield 0.48 0.47 0.07 l 0.48 -0.01
Five-year CD, annual yield 2.77 2.75 0.46 l 2.79 1.50 U.S. Treasury Long, Bloomberg 3201.530 4.040 4.040 4.570 2.300 –23.856–13.268 Commodities
30-year mortgage, fixed† 7.14 7.07 4.12 l 7.41 3.43 Aggregate, Bloomberg 1948.540 4.920 4.810 5.210 2.480 –9.848 –4.500 Tuesday 52-Week YTD
Pricing trends on someClose
raw materials, or commodities
Net chg % Chg High Low % Chg % chg
15-year mortgage, fixed† 6.24 6.32 3.38 l 6.53 3.28 Fixed-Rate MBS, Bloomberg 1929.080 4.860 4.760 5.380 2.580 –9.764 –4.019
Jumbo mortgages, $726,200-plus† 7.24 7.10 4.12 l 7.44 3.44 DJ Commodity 1004.14 -14.77 -1.45 1264.48 990.27 -20.59 -4.25
High Yield 100, ICE BofA 3204.429 7.818 7.910 8.753 5.329 –3.118 0.919 Refinitiv/CC CRB Index 269.58 -4.01 -1.47 329.59 263.69 -12.79 -2.94
Five-year adj mortgage (ARM)† 5.80 5.67 2.93 l 5.80 2.14
Muni Master, ICE BofA 558.513 3.392 3.417 3.936 1.773 –3.850 –1.465 Crude oil, $ per barrel 77.58 -2.88 -3.58 123.70 71.02 -37.28 -3.34
New-car loan, 48-month 6.75 6.77 3.58 l 6.77 2.25
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 774.840 7.821 7.800 9.159 5.919 –5.389 –4.958 Natural gas, $/MMBtu 2.687 0.115 4.47 9.680 2.073 -40.65 -39.96
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. 1813.90 -34.00 -1.84 2040.10 1623.30 -11.09 -0.32
B10 | Wednesday, March 8, 2023 * THE WALL STREET JOURNAL.

BANKING & FINANCE

Lightspeed Targets Growth Investing

Venture-capital firm Tuesday said it has hired Se- to more established companies during the past two years. puting data company Snow- McKinsey & Co.
bastian Duesterhoeft as a that are focused on scaling Lightspeed will aim to add flake Inc. Last year, venture inves-
bolsters team that partner on the growth team, a their products to the mass more talent to its growth Before joining Coatue, Mr. tors committed $55 billion to
looks for stakes in more sign that it is committed to market, but aren’t ready to go team, according to partner Duesterhoeft spent nearly five venture growth deals involv-
building out investing at that public. Lightspeed said it de- Will Kohler. years at private-equity firm ing startups based in the U.S.,
mature companies financing stage despite last fines growth investing as Lightspeed got its start in Silver Lake, overseeing later- a 40% drop from 2021, ac-
year’s difficulties in the sector. backing companies that target 2000 as an early-stage special- stage investments. He started cording to analytics provider
BY MARC VARTABEDIAN Lightspeed said it isn’t large and growing market op- ist, helping startups such as his career as an investment PitchBook Data Inc. Median
shifting away from its early- portunities. Snapchat and Grubhub get off banking analyst at Morgan deal value fell 39% to $19 mil-
Lightspeed Venture Part- stage focus but is aiming to Last summer, the Menlo the ground. Stanley. lion last year. By comparison,
ners continues to bolster its capitalize on emerging invest- Park, Calif.-based firm raised Mr. Duesterhoeft was pre- The addition of Mr. the value of early-stage ven-
growth-investing team to tar- ment opportunities more roughly $4.5 billion dedicated viously a general partner for Duesterhoeft follows the hir- ture deal making fell 23% last
get companies that are more broadly. Growth investing typ- to investing in growth-stage five years at Coatue Manage- ing in August of Shaurya Ag- year from the prior year.
mature than the startups the ically targets companies as companies. In August, the firm ment, where he helped over- garwal to Lightspeed’s growth PitchBook doesn’t include
firm traditionally backed as an they mature from being young said it had invested more than see growth-stage investments team. Mr. Aggarwal previously private-equity deals in its
early-stage specialist. startups that are trying to find $3 billion in growth-stage in enterprise software com- worked at Bain Capital and count of venture growth
The venture-capital firm on a market fit for their products companies over multiple funds panies, including cloud-com- management consulting firm deals.

Biggest 1,000 Stocks | WSJ.com/stocks Stock

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Continued From Page B7 Net Net RioTinto RIO 70.62 -2.09 Sony SONY 87.26 0.73 3M MMM 107.09 -2.84 VulcanMatls VMC 177.23 -2.56 Welltower WELL 73.97 -1.22 WyndhamHtls WH 76.85 -1.56
Net Stock Sym Close Chg Stock Sym Close Chg RitchieBros RBA 60.16 -0.73 Southern SO 64.33 -0.90 Toast TOST 18.41 ... WescoIntl WCC 170.52 -0.76 WynnResorts WYNN 113.16 -2.24
Stock Sym Close Chg Nike NKE 119.59 -0.58 Pentair PNR 55.48 -0.66 t Rivian RIVN 14.64 -2.49 SoCopper SCCO 72.57 -4.20 Toro TTC 113.21 0.49 W X Y Z WestPharmSvcs WST 321.69 -1.71 XP XP 11.94 0.02
MarvellTech MRVL 41.11 -1.17 NiSource NI 27.31 -0.25 Penumbra PEN 254.61 -0.09 RobertHalf RHI 80.68 -0.57 SouthwestAir LUV 33.37 -0.21 TorontoDomBk TD 63.46 -1.74 WestAllianceBcp WAL 71.89 -3.50 XcelEnergy XEL 63.61 -1.44
Robinhood HOOD 9.42 -0.30 Splunk SPLK 101.11 -2.18 TotalEnergies TTE 62.40 -1.07
WEC Energy WEC 88.87 -0.97 WesternDigital WDC 37.31 -0.47 XPeng XPEV 8.63 -0.74
Masco MAS 51.13 -0.81 Nokia NOK 4.74 -0.05 PepsiCo PEP 172.64 -0.86 WEX WEX 191.15 -2.43
Masimo MASI 177.04 -3.97 Nomura NMR 4.05 -0.06 PerformanceFood PFGC 57.48 -0.42 Roblox RBLX 41.57 1.00 Spotify SPOT 126.33 -0.05 ToyotaMotor TM 139.08 -1.05 WesternMidstrm WES 26.67 -0.29 Xylem XYL 102.17 -1.40
RocketCos. RKT 8.23 -0.46 StanleyBlackDck SWK 84.06 -1.01 TractorSupply TSCO 228.53 -0.16 W.P.Carey WPC 80.39 -1.30 Westlake WLK 117.58 -3.07 YPF YPF 11.80 -0.91
MasTec MTZ 99.23 -2.35 Nordson NDSN 219.61 -1.41 PerkinElmer PKI 124.80 -3.69 WPP WPP 60.58 -1.35
Mastercard MA 359.94 -6.99 NorfolkSouthern NSC 215.18 -7.24 PetroleoBrasil PBR 10.98 -0.45 Rockwell ROK 299.33 -6.23 Starbucks SBUX 103.34 -1.65 TradeDesk TTD 57.64 0.81 WestRock WRK 31.25 -0.69 Yum!Brands YUM 126.92 -2.38
RogersComm B RCI 46.16 -1.04 StateStreet STT 86.66 -3.52 Tradeweb TW 71.85 -0.58 Wabtec WAB 105.76 -1.22 Weyerhaeuser WY 29.99 -1.04 YumChina YUMC 60.70 -0.63
MatadorRscs MTDR 55.66 -1.48 NorthernTrust NTRS 92.62 -2.69 PetroleoBrasilA PBR.A 9.74 -0.35
Roku ROKU 62.40 -1.24 SteelDynamics STLD 130.99 -0.99 TraneTech TT 190.87 -1.19 WalgreensBoots WBA 34.14 -1.31 WheatonPrecMet WPM 38.87 -2.38 ZTO Express ZTO 25.42 -0.05
MatchGroup MTCH 38.83 -0.74 NorthropGrum NOC 472.20 1.98 Pfizer PFE 40.34 -0.77
McCormickVtg MKC.V 72.65 -0.17 NorwegCruise NCLH 15.96 -0.36 PhilipMorris PM 99.25 -0.85 Rollins ROL 35.11 -0.21 Stellantis STLA 18.43 -0.22 s TransDigm TDG 762.80 -7.35 Walmart WMT 139.25 -1.40 Whirlpool WHR 134.70 -2.54 ZebraTech ZBRA 302.16 -3.65
Phillips66 RoperTech ROP 422.18 -6.76 Steris STE 181.69 -4.47 TransUnion TRU 63.40 -1.75 WarnerBrosA WBD 14.82 -0.31 Williams WMB 30.37 -0.33 Zillow A ZG 41.01 -0.76
McCormick MKC 72.13 -1.10 Novartis NVS 83.98 -0.94 PSX 101.79 -2.19
WarnerMusic WMG 31.51 -0.60
PinnacleWest PNW 75.70 RossStores ROST 109.86 -2.54 StifelFinancial SF 65.82 -0.59 Travelers TRV 180.37 -2.98 Williams-Sonoma WSM 124.66 3.80 Zillow C Z 41.75 -0.68
McDonald's MCD 267.13 -3.51 NovoNordisk NVO 143.92 -0.84 -0.38
Trimble
Pinterest RoyalBkCanada RY 99.30 -1.46 STMicroelec STM 47.57 -0.94 TRMB 51.16 -1.89 WasteConnections WCN 133.26 -2.14 WillisTowers WTW 237.79 -1.22 ZimmerBiomet ZBH 123.15 -1.47
McKesson MCK 337.33 -10.56 Novocure NVCR 74.88 -0.75 PINS 26.64 -0.04
PioneerNatRscs PXD 206.33 RoyalCaribbean RCL 73.26 -0.90 Stryker SYK 264.69 -2.71 Trip.com TCOM 37.53 -1.08 WasteMgt WM 149.40 -1.37 WillScotMobile WSC 53.05 0.03 ZionsBancorp ZION 46.44 -2.32
Medtronic MDT 79.74 -2.19 NuHoldings NU 4.83 -0.12 -3.26
PlainsAllAmPipe PAA 13.17 RoyalGold RGLD 112.90 -4.56 SumitomoMits SMFG 8.86 -0.08 TruistFinl TFC 44.08 -2.06 Waters WAT 309.13 -12.46 Wipro WIT 4.78 -0.08 Zoetis ZTS 167.03 -2.64
MercadoLibre MELI 1264.91 8.65 Nucor NUE 171.21 -4.33 -0.17
PlainsGP PAGP 13.72 t RoyaltyPharma RPRX 34.39 -0.76 SunComms SUI 140.50 -5.25 Twilio TWLO 73.70 -0.18 Watsco WSO 304.90 -4.61 Wolfspeed WOLF 70.11 -1.16 ZoomVideo ZM 69.65 -1.68
Merck MRK 111.27 0.17 Nutanix NTNX 26.50 -2.27 -0.22
TylerTech TYL 318.26 -1.98
MetaPlatforms META 184.51 -0.39 Nutrien NTR 79.59 -1.58 PlanetFitness PLNT 81.06 -0.82 RyanSpecialty RYAN 38.85 -1.88 SunLifeFinancial SLF 48.87 -0.54 WebsterFin WBS 50.04 -1.56 WoodsideEnergy WDS 24.70 -0.67 ZoomInfoTech ZI 25.01 -0.56
SuncorEnergy SU 34.21 -0.90 t TysonFoods TSN 58.37 -0.38 WellsFargo WFC 44.45 -2.18
MetLife MET 69.23 -0.46 s nVentElectric NVT 46.07 0.03 PlugPower PLUG 13.40 -0.27 Ryanair RYAAY 96.30 -0.96 Workday WDAY 186.64 -2.18 Zscaler ZS 117.88 -1.93
SAP SAP 116.89 -2.84 Suzano SUZ 9.22 -0.06 UBS Group UBS 21.56 -0.60
Mettler-Toledo MTD 1473.18 -32.74 NVIDIA NVDA 232.88 -2.62 PolestarAuto PSNY 4.75 -0.33
Pool POOL 354.90 -2.32 S&P Global SPGI 336.65 -14.67 SynchronyFin SYF 34.65 -0.96 UDR UDR 41.82 -1.06
MicrochipTech MCHP 82.11 0.14
MicronTech MU 55.56 -1.27 O P Q Primerica PRI 180.73 -1.88 SBA Comm SBAC 246.07 -10.10 Synopsys SNPS 361.28 -7.49 UGI UGI 36.87 -0.24
Microsoft MSFT 254.15 -2.72 OGE Energy OGE 35.30 -0.54
MidAmApt MAA 151.91 -7.90 ONEOK
PrincipalFinl PFG 84.33
ProcoreTech PCOR 64.85
-1.37
-1.22
SEI Investments SEIC 59.20 -1.07
SK Telecom SKM 20.06 0.17
Sysco SYY 75.62 -0.73 U-Haul
U-Haul N
UHAL 63.61 -0.51
UHAL/B 56.19 -0.78 BANKRATE.COM® MMA, Savings and CDs
Middleby
OKE 67.52 -1.13
MIDD 154.18 -1.94 OReillyAuto ORLY 828.72 -10.72 Procter&Gamble PG 137.56 -2.79 SS&C Tech SSNC 58.14 -1.12 T U V US Foods USFD 39.89 -0.21
UWM UWMC 4.63 -0.13
MitsubishiUFJ MUFG 7.11 -0.10 OakStreetHealth OSH 35.56 0.03 Progressive PGR 144.83
Prologis PLD 123.82
-0.81
-3.34
SVB Fin
Saia
SIVB 267.39 -15.65
SAIA 288.42 -4.39
TC Energy TRP 40.66 -0.55 Uber UBER 34.14 0.26 Average Yields of Major Banks Tuesday, March 7, 2023
MizuhoFin MFG 3.21 -0.01 OccidentalPetrol OXY 60.85 -0.83 TD Synnex SNX 95.31 -0.88 Ubiquiti UI 268.58 -3.25
Mobileye MBLY 41.52 0.07 Okta PrudentialFin PRU 95.96 -2.60 Salesforce CRM 183.32 -0.48 TE Connectivity TEL 128.86 -1.76 UiPath Type MMA 1-MO 2-MO 3-MO 6-MO 1-YR 2-YR 2.5YR 5YR
OKTA 85.42 1.27 s PATH 15.27 ...
Moderna MRNA 141.05 -2.98 OldDomFreight ODFL 349.80 -3.15 Prudential PUK 29.96 -0.37 Samsara IOT 20.91 1.05 Telus TU 19.83 -0.34 UltaBeauty ULTA 526.04 2.64
MolinaHealthcare MOH 276.40 -4.59 OldRepublic ORI 25.47 -0.28 PublicServiceEnt PEG 58.55 -1.55 Sanofi SNY 47.56 -0.17 Ternium TX 43.79 -1.41 Unilever
National average
PublicStorage PSA 302.35 -3.37
UL 48.68 -0.82
MolsonCoorsB TAP 52.84 -0.25 Olin SareptaTherap SRPT 155.61 -0.38 TFI Intl TFII 125.47 -0.11 UnionPacific UNP 205.40 -3.43 Savings 0.31 0.21 0.25 0.65 0.85 1.32 1.17 1.06 1.05
OLN 56.80 -0.98
monday.com MNDY 145.52 -1.87 Omnicom PulteGroup PHM 54.04 -0.75 t Sasol SSL 14.34 -0.45 TJX TJX 76.98 -1.27 s UnitedAirlines UAL 54.01 1.57
OMC 90.80 -1.00 Jumbos 0.73 0.21 0.25 0.75 0.94 1.42 1.30 1.16 1.15
Mondelez MDLZ 64.81 -0.87 OnHolding PureStorage PSTG 24.40 -0.06 Schlumberger SLB 54.04 -1.31 T-MobileUS TMUS 142.87 -0.85 UnitedMicro UMC 8.18 -0.13
ONON 22.31 -0.16
MongoDB MDB 223.65 3.76 ON Semi ON 78.70 1.29
Qiagen QGEN 46.00 -0.36 SchwabC SCHW 74.95 -1.65 TPG TPG 32.46 -1.24 UPS B UPS 183.27 -3.24 Weekly change
MonolithicPower MPWR 492.80 -4.41 OpenText Qorvo QRVO 100.05 -0.70 Sea SE 80.06 14.35 T.RowePrice TROW 111.27 -3.32 UnitedRentals URI 475.76 0.74
OTEX 34.74 -0.52 Savings 0.00 0.01 0.00 0.02 -0.01 -0.01 -0.03 -0.01 0.00
MonsterBev MNST 103.22 -0.76 Oracle Qualcomm QCOM 119.19 -3.22 Seagate STX 62.14 -1.18 TaiwanSemi TSM 88.85 -0.73 US Bancorp USB 45.60 -1.52
ORCL 88.36 -1.38 QualtricsIntl XM 17.38
Moody's MCO 293.49 -9.99 Orange 0.12 Seagen SGEN 177.50 0.15 TakeTwoSoftware TTWO 116.88 1.17 US Steel Jumbos -0.01 0.01 0.00 0.02 -0.01 -0.02 -0.03 -0.02 0.00
ORAN 11.40 -0.26 X 28.97 -1.02
MorganStanley MS 96.06 -2.32 Orix QuantaServices PWR 162.97 -0.40 SealedAir SEE 47.29 -0.88 TakedaPharm TAK 15.58 -0.06 UnitedTherap UTHR 236.77 -11.25
IX 89.13 -1.56
Morningstar MORN 207.90 -2.24 OtisWorldwide OTIS 85.14 -1.51 QuestDiag DGX 137.72 -2.61 Sempra SRE 148.30 -2.76 Tapestry TPR 43.04 -0.50 UnitedHealth UNH 473.88 -6.90
Mosaic MOS 54.15 -2.07 Ovintiv
MotorolaSol MSI 265.96 -2.04 OwensCorning OC
OVV 42.82 -1.19
98.80 -0.83
R S SensataTechs ST
ServiceCorp SCI
50.52 -0.55
66.26 -0.92
TargaResources TRGP 77.03 -1.44 UnitySoftware U
Target
29.33 -0.92
TGT 162.82 -2.38 UnivDisplay OLED 138.65 -1.97
Consumer Savings Rates
NICE NICE 210.00 -2.30 PDD PDD 93.67 -0.11 RBC Bearings RBC 238.11 -6.56 ServiceNow NOW 444.81 -1.21 TechnipFMC FTI 15.17 -0.02 UniversalHealthB UHS 122.42 -3.52
ShawComm B SJR 28.52 -0.28
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RalphLauren RL 116.33
RaymondJames RJF 105.53
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Nasdaq NDAQ 55.01 -1.06 PTC PTC 121.96 -2.73 RaytheonTech RTX 98.18 -1.33 Shopify SHOP 42.46 -1.02 Telefonica TEF 4.11 -0.09 ValeroEnergy VLO 136.96 -2.73 Bank Yield Bank Yield
NationalGrid NGG 61.03 -1.25 s Paccar PCAR 75.79 -0.49 RealtyIncome O 63.90 -0.40 SignatureBank SBNY 104.89 -6.00 TelekmIndonesia TLK 25.35 -0.33 ValmontInds VMI 317.54 -7.19
NatlInstruments NATI 50.84 0.01 PackagingCpAm PKG 137.27 -0.49 SignifyHealth SGFY 28.37 -0.10 TempurSealy TPX 41.58 -0.50 VeevaSystems VEEV 175.07 -1.30
Phone number Minimum (%) Phone number Minimum (%)
RegalRexnord RRX 157.79 -1.24
NatlRetailProp NNN 44.98 -0.66 PalantirTech PLTR 8.28 ... RegencyCtrs REG 61.35 -2.30 SimonProperty SPG 120.61 -3.24 Tenaris TS 34.57 -0.32 Ventas VTR 47.50 -1.38
NatWest NWG 6.90 -0.21 PaloAltoNtwks PANW 187.20 -0.71 RegenPharm REGN 773.85 -6.53 t SiriusXM SIRI 4.06 -0.24 TencentMusic TME 7.71 -0.24 VeriSign VRSN 197.95 -1.88
Money market and savings account Six-month CD
NetApp NTAP 63.92 -1.44 ParamountA PARAA 24.80 -0.55 RegionsFin RF 22.40 -0.91 SkechersUSA SKX 44.51 -0.53 Teradyne TER 100.58 -1.07 VeriskAnalytics VRSK 184.15 -3.55 UFB Direct $0 4.55 Merrick Bank $25,000 4.60
NetEase NTES 83.80 -2.66 ParamountB PARA 21.48 -0.56 ReinsGrp RGA 143.36 0.04 Skyworks SWKS 112.04 -0.73 Tesla TSLA 187.71 -6.10 Verizon VZ 37.91 -0.24 (877) 472-9200 (866) 638-6851
Netflix NFLX 308.47 -3.56 ParkerHannifin PH 359.54 -0.96 RelianceSteel RS 259.10 1.27 SmithAO AOS 66.39 -0.51 TetraTech TTEK 138.52 -1.56 VertexPharm VRTX 286.58 -5.04
Neurocrine NBIX 98.33 -2.40 Paychex PAYX 112.09 -1.04 RenaissanceRe RNR 212.93 1.11 Smith&Nephew SNN 28.77 -0.15 TevaPharm TEVA 9.44 -0.47 Viatris VTRS 10.73 -0.13 CFG Community Bank $1,000 4.55 Vio Bank $500 4.50
NewFortressEner NFE 34.36 -0.43 PaycomSoftware PAYC 287.40 -5.33 RentokilInit RTO 30.62 -0.16 Smucker SJM 149.87 -0.59 TexasInstruments TXN 172.06 -0.99 Vipshop VIPS 14.53 0.01 (888) 205-8388 (888) 999-9170
NewOrientalEduc EDU 39.92 -3.62 Paylocity PCTY 186.98 -4.16 Repligen RGEN 185.01 -0.76 Snap SNAP 11.72 0.06 TexasPacLand TPL 1778.41 -40.37 Visa V 223.17 -3.58
Newmont NEM 42.50 -1.72 PayPal PYPL 74.91 -1.87 RepublicSvcs RSG 127.60 -1.83 Snap-On SNA 247.00 -1.29 TexasRoadhouse TXRH 104.52 0.21 Vistra VST 26.51 2.13
BankPurely, a division of Flushing Bank $25,000 4.45 Popular Direct $10,000 4.50
NewsCorp B NWS 17.02 -0.17 Pearson PSO 10.15 -0.18 ResMed RMD 215.03 -4.13 Snowflake SNOW 142.45 0.38 Textron TXT 73.23 -0.32 VMware VMW 120.05 0.66 (800) 581-2889 (800) 274-5696
NewsCorp A NWSA 16.86 -0.17 PembinaPipeline PBA 33.66 -0.50 RestaurantBrands QSR 62.95 -1.54 SOQUIMICH SQM 84.18 -2.46 ThermoFisher TMO 548.83 -9.69 Vodafone VOD 11.55 -0.33
NextEraEnergy NEE 73.75 -0.65 PenskeAuto PAG 144.18 2.34 RexfordIndlRealty REXR 60.25 -1.19 SolarEdgeTech SEDG 328.37 -4.11 ThomsonReuters TRI 122.03 0.27 VoyaFinancial VOYA 73.91 -1.05 One-month CD One-year CD
VirtualBank $10,000 2.48 CFG Community Bank $500 5.00
(877) 998-2265 (888) 205-8388
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
Colorado Federal Savings Bank $5,000 1.00 Barclays Bank $0 5.00
(877) 484-2372 (888) 720-8756
FirstReserveWt FRSGW 0.00 -85.6 LakeShoreBancorp LSBK 11.11 -1.3 Rivian RIVN 14.61 -14.5 State Bank of India California $1,000 0.50 First Internet Bank of Indiana $1,000 4.96
The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE American FiscalNoteWt NOTE.WS 0.26 -6.6 LanzaTechGlobal LNZA 3.27 0.9 RoyaltyPharma RPRX 34.32 -2.2
and Nasdaq Stock Market stocks that hit a new 52-week intraday high or low in the latest FiscalNote NOTE 1.92 2.0 Lavoro LVRO 6.77 -12.2 SES AI Wt SES.WS 0.36 -2.9 (877) 707-1995 (888) 873-3424
session. % CHG-Daily percentage change from the previous trading session. FoghornTherap FHTX 5.27 -0.2 LeeEnterprises LEE 15.35 -1.6 SIGA Tech SIGA 6.01 0.8
FranklinStProp FSP 2.12 -5.2 LevereWt LVRAW 0.00 -51.9 SNDL SNDL 1.73 -3.9 Two-month CD Two-year CD
Tuesday, March 7, 2023 FusionFuelGreenWt HTOOW 0.52 ... LibertySirius B LSXMB 32.00 -4.1 Safe&Green SGBX 0.99 -1.0 VirtualBank $10,000 2.74 First Internet Bank of Indiana $1,000 4.70
GSquaredIIWt GSQB.WS 0.01 -6.5 LibertySirius A LSXMA 29.68 -5.5 SafeguardSci SFE 2.77 -8.1
52-Wk % 52-Wk % 52-Wk % GenDigital GEN 18.55 -3.0 LibertySirius C LSXMK 29.63 -5.1 SandySpringBncp SASR 31.16 -1.5 (877) 998-2265 (888) 873-3424
Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg GenesisGrowthWt GGAAW 0.02 -66.7 LifetimeBrands LCUT 6.00 -3.1 SangamoTherap SGMO 2.46 -2.4 Colorado Federal Savings Bank $5,000 0.75 Merrick Bank $25,000 4.70
GlacierBancorp GBCI 44.27 -2.8 LocalBounti LOCL 0.52 -14.5 Sasol SSL 14.25 -3.0
InfiniteAcqnA NFNT 10.39 0.1 AlerusFinancial ALRS 19.06 -1.9 (877) 484-2372 (866) 638-6851
Highs IngersollRand
InsightEnt
IR
NSIT
60.39
137.89
-0.8
...
Alexander's ALX
AlignmentHlthcr ALHC
199.99 -0.9
6.80 -4.3
GoldRoyalty GROY
GreenLightBioWt GRNAW
2.03
0.06
-2.8
-0.8
LumenTech
LyraTherap
LUMN
LYRA
3.10
2.18
-5.8
-2.1
Satellogic
ScullyRoyalty
SATL
SRL
2.51
6.96
-6.5
-7.6 State Bank of India California $1,000 0.50 Sallie Mae Bank $2,500 4.60
AIBAcqnA AIB 10.98 -0.4 GromSocialEnts GROM 0.77 -7.0 Mytheresa MYTE 7.14 -4.2 SeacoastBkgFL SBCF 28.40 -3.6
InspiredEnt INSE 16.44 0.4 AlmadenMinerals AAU 0.19 -2.1 (877) 707-1995 (877) 346-2756
AxiosSustGrwRt AXACr 0.21 0.1 Intapp INTA 41.99 1.6 Alpha&Omega 25.53 -0.3
Groupon GRPN 6.12 -2.1 MetaMaterials MMAT 0.56 -4.7 Shapeways SHPW 0.45 -4.7
AOSL
AfterNextA HCW Biologics HCWB 1.65 -3.3 MidatechPharma MTP 0.49 -5.6 ShoreBancshares SHBI 16.77 -0.9
Agilysys
AFTR
AGYS
10.19
88.16
...
3.8
InvestcorpIndiaA IVCA 10.60 0.6 Alset AEI 1.64 -3.4
HammerheadEnergy HHRS 8.09 -6.9 Movella MVLA 2.21 -5.2 Sibanye-Stillwater SBSW 7.82 -2.7
Three-month CD Five-year CD
KensingtonCapV A KCGI 10.40 0.1 AltamiraTherap CYTO 1.58 -24.5
AllianzIMUSLCBuffer20Mar MARW 25.51 -0.7 Kernel KRNLU 10.68 ... AmbacFinWt AMBC.WS 0.35 -10.2
Hasbro HAS 51.84 -4.0 NFTGaming NFTG 1.82 -2.1 SierraBancorp BSRR 19.61 -1.3 Popular Direct $10,000 4.10 GTE Financial Credit Union (U) $500 4.54
AlphaPtrsTech APTMU 10.82 0.1 Hesai HSAI 17.20 -2.7 NanoVibronix NAOV 3.61 -5.8 SiriusXM SIRI 4.04 -5.6
AltaEquipment ALTG 20.02 1.4
LFCapAcqnIIA LFAC 10.42 0.2 AmericanAssets AAT 23.23 -3.5
HighTide HITI 1.28 -5.8 NatlHealthcare NHC 53.61 -1.2 SolidBiosci SLDB 5.10 5.0
(800) 274-5696 (888) 871-2690
LogisticsInnovTech LITTU 11.18 1.3 AmerStratInvt NYC 11.01 ...
AltairEngg ALTR 67.29 0.2 MagnumOpusA OPA 10.22 0.1 AmnealPharm AMRX 1.74 -3.3
HormelFoods HRL 39.97 -1.4 NektarTherap NKTR 1.33 -7.6 SouthernFirstBcsh SFST 38.93 -0.5 Goldwater Bank $5,000 4.00 CFG Community Bank $500 4.50
AmbiparEmergencyWt AMBI.WS 0.72 0.5 MetalphaTechnology MATH 1.20 12.4 HubCyberSecurityWt HUBCW 0.10 ... Netgear NTGR 17.34 0.3 Supernova III Wt STRE.WS 0.00 -99.0 (480) 281-8200 (888) 205-8388
Amyris AMRS 1.10 -2.6
ApolloStratII A APGB 10.20 ... MetalsAcqn MTAL.U 10.99 -0.1 HudsonPacProp HPP 8.70 -4.4 NetScout NTCT 27.30 -0.7 Surmodics SRDX 19.28 -4.5
AngioDynamics ANGO 11.36 -1.0 Luana Savings Bank $2,000 3.55 Popular Direct $10,000 4.45
AquaronAcqnRt AQUNR 2.34 ... Morphic MORF 46.10 4.0 HycroftMining HYMC 0.34 -5.8 NexalinTechWt NXLIW 0.07 -20.2 Swvl SWVL 1.79 -4.7
AnywhereRealEst HOUS 5.16 -3.9
AriszAcqnRt ARIZR 0.20 -15.9 NGL Energy NGL 4.03 -1.0 HycroftMiningWt HYMCL 0.04 8.5 NextPlayTech NXTP 1.42 ... TenaxTherap TENX 0.58 -3.8 (800) 666-2012 (800) 274-5696
ArcadiaBiosci RKDA 7.30 12.0
ArtemisStratInvt ARTE 10.69 ... NGL EnergyPfdB NGLpB 25.76 2.7 IM Cannabis IMCC 0.71 -1.0 Nikola NKLA 1.95 -5.3 ThermoGenesis THMO 2.65 -5.4
ArenaGroup AREN 6.88 -1.3
AthenaTechII A ATEK 10.23 ... IMV IMV 0.49 -18.8 Oblong OBLG 1.61 -5.7 ToroWi TOROV 8.14 -37.9
AxonEnterprise AXON 224.49 0.4
NGL EnergyPfdC NGLpC
Neovasc NVCN
23.98
29.76
1.1
0.7
ArisWater
AteaPharm
ARIS
AVIR
10.04 -15.4
3.21 0.3
Ideanomics IDEX 0.12 -3.3 Oculis OCS 8.66 3.1 TowerSemi TSEM 39.72 -0.2 High yield jumbos - Minimum is $100,000
BanyanAcqnA BYN 10.38 ... NEXTracker NXT 34.85 4.6 ImmunityBio IBRX 1.67 -2.0 OpGen OPGN 0.97 -3.9 TysonFoods TSN 58.13 -0.6
Audacy AUD 0.16 -3.4
BellerophonTherap BLPH 5.15 42.5 nVentElectric NVT 46.58 0.1 AudioCodes AUDC 15.82 -2.4
ImpelPharm IMPL 1.27 -5.1 Oragenics OGEN 4.00 -2.9 Uniti UNIT 4.65 -7.4 Money market and savings account Six-month CD
bleuacaciaA BLEU 10.22 0.1 OrchestraBioMed OBIO 19.18 -6.8 ImperialPetrol IMPP 0.18 -1.3 OrionOffice ONL 7.50 -6.2 UnivElectro UEIC 10.50 -5.2
BCB Bancorp BCBP 16.36 -1.1
BookingHldgs BKNG 2630.00 -1.3 PG&E PCG 16.83 -2.4 BanyanAcqnWt BYN.WS 0.01 -7.1
IndependentBank IBTX 55.26 -2.0 PCB Bancorp PCB 17.23 -3.8 VPC Impact II Wt VPCBW 0.00 -41.2 CFG Community Bank 4.55 Merrick Bank 4.60
BridgeBioPharma BBIO 19.95 12.3 InovioPharm INO 1.14 -4.1 PanbelaTherap PBLA 0.77 -8.2 VarexImaging VREX 17.49 -1.9
C5AcqnA CXAC 10.40 0.1
PG&EUn PCGU 146.63 -1.5 BerkeleyLights BLI 1.54 -3.8
Inpixon INPX 0.74 -10.2 ParamountGroup PGRE 5.10 -2.3 Veritex VBTX 25.51 -2.7
(888) 205-8388 (866) 638-6851
Paccar PCAR 76.72 -0.6 BitBrother BTB 1.12 -2.5
CRH CRH 52.20 -0.5 PerionNetwork PERI 37.18 1.6 Intercure INCR 2.27 -3.8 PerformShipping PSHG 0.86 -7.3 Viad VVI 22.41 -0.5 UFB Direct 4.55 Vio Bank 4.50
CannaGlblAcqn CNGLU 11.02 BostonProps BXP 63.24 -4.3
0.1 Perma-Fix PESI 7.86 14.8 Intrusion INTZ 1.45 -31.9 PonceFinl PDLB 8.88 -2.6 VintageWineEstates VWE 1.43 -2.0
(877) 472-9200 (888) 999-9170
CarrierGlobal CARR 49.17 -1.7
BrandywineRealty BDN 5.58 -2.9
JaguarHealth 1.40 -2.1 PrimisFinl 11.38 -1.0 VirginOrbit 1.10 -8.2
PerspectiveTherap CATX 0.47 8.5 JAGX FRST VORB
ChartIndsPfdConvB GTLSpB 61.52 -0.1 BusFirstBcshs BFST 19.82 -3.2
JupiterWellness JUPW 0.37 -6.9 Proterra PTRA 3.15 -5.8 VividSeats SEAT 6.29 18.0 BankPurely, a division of Flushing Bank 4.45 Popular Direct 4.50
PetVivo PETV 3.60 0.4 ButterflyNtwk BFLY 2.14 -2.7
ChurchillCapV A CCV 10.09 0.5 PhoenixBiotech PBAX 10.68 0.2 Kalera KAL 4.05 -6.8 PureCycleTech PCT 5.06 -8.3 VornadoRealty VNO 18.63 -5.7 (800) 581-2889 (800) 274-5696
ChurchillCapV CCV.U 10.14 0.2 CN Energy CNEY 0.27 -4.8
KaleyraWt KLR.WS 0.03 -23.8 PureCycleTechWt PCTTW 2.22 -5.2 WashTrBcp WASH 40.61 -2.3
PonoCapitalThreeUn PTHRU 10.23 0.2 CNS Pharm CNSP 1.54 -4.1
ChurchillCapVII CVII.U
ClimateRockA CLRC
10.09
10.35
...
0.2
Potbelly PBPB 8.53 3.0 CVS Health CVS 80.24 -3.0
KilroyRealty
Knightscope
KRC
KSCP
35.31
1.02
-3.2
-7.1
QurateRetailA
RBB Bancorp
QRTEA
RBB
1.33
18.57
-2.9
-3.5
WestBancorp
WesternUnion
WTBA
WU
20.11
11.99
-1.8
-3.3
One-month CD One-year CD
PreformedLine PLPC 124.70 3.0 CalavoGrowers CVGW 22.64 -23.9
ClimbGlbl CLMB 49.92 1.0 PrometheusBio RXDX 129.60 3.1 LamfGlbI Wt LGVCW 0.05 -20.5 RaMedicalSys RMED 1.85 -14.1 WholeEarthBrds FREE 2.93 -3.0 VirtualBank 2.48 CFG Community Bank 5.00
Coca-Cola Femsa KOF 77.55 0.1 CambridgeBncp CATC 73.88 -3.0 LL Flooring LL 4.22 1.4 ReShapeLife RSLS 3.77 -4.7 ZW DataAction CNET 1.25 -5.8
ProtalixBio PLX 2.21 2.9 Canoo GOEV 0.65 -7.0 (877) 998-2265 (888) 205-8388
ConcordAcqnIII CNDB.U 10.37 0.4 PyrophyteAcqn PHYT 10.51 -0.1
ConcordAcqnIII A CNDB 10.36 0.3 QuiptHomeMed QIPT 6.63 2.5
CapitalBancorp CBNK 19.38 -1.4 Colorado Federal Savings Bank 1.00 Barclays Bank 5.00
Copa 97.24 0.8 CaraTherap CARA 6.58 -33.2
CPA RemitlyGlobal RELY 15.92 2.3 CarecloudPfdB CCLDO 24.77 -0.5
(877) 484-2372 (888) 720-8756
CorazonV838 A CRZN 10.22 0.2
Cummins
CyclacelPharmPfd CYCCP
CMI 261.91
22.58
-0.6
3.7
RenovoRx RNXT
RocketInternetA RKTA
5.75
10.47
-6.7
-0.3
Centene
CentraisElBras
CNC
EBR
67.39 -1.5
6.19 -2.9
Dividend Changes State Bank of India California
(877) 707-1995
0.50 First Internet Bank of Indiana
(888) 873-3424
4.96
ST Ener I STET.U 10.50 ... Cepton CPTN 0.81 -2.7
CymaBayTherap CBAY 9.27 3.8 ST Ener I A STET 10.37 0.2
DA32LifeSci DALS 10.70 0.1 Samsara IOT 21.26 5.3
ChickenSoupA CSSE
ColonyBankcorp CBAN
3.87 -0.2
11.98 -0.6
Amount Payable / Two-month CD Two-year CD
DeckersOutdoor DECK 443.80 -0.5 SchultzeSpacII SAMAU 10.35 ... Company Symbol Yld % New/Old Frq Record
Dick's DKS 146.89 11.1 SilverSpikeII SPKBU 10.88 -2.8
ConsensusCloud CCSI 36.96 1.6 VirtualBank 2.74 First Internet Bank of Indiana 4.70
ContraFect CFRX 2.67 -1.8
DirectSellingA DSAQ 10.53 ... SouthlandWt SLND.WS 0.88 1.2
CorEnergyInfrPf CORRpA 4.50 -11.3
Increased (877) 998-2265 (888) 873-3424
Duolingo DUOL 130.50 -2.8 SpokHoldings
ESAB ESAB 63.32 3.6
SPOK 10.84 0.9
CumulusMedia CMLS 4.60 -6.3 Carlyle Secured Lending CGBD 9.5 .37 /.36 Q Apr14 /Mar31 Colorado Federal Savings Bank 0.75 Merrick Bank 4.70
SterlingInfr STRL 41.99 3.3
ElliottOppII EOCW.U 10.23 0.3 DakotaGold DC 2.63 -6.7 Dentsply Sirona XRAY 1.3 .14 /.125 Q Apr14 /Mar31 (877) 484-2372 (866) 638-6851
Tidewater TDW 51.88 5.8
Embraer ERJ 14.07 0.9 DakotaGoldWt DC.WS 1.06 -15.0 Horace Mann Educators HMN 3.5 .33 /.32 Q Mar31 /Mar16
EverestConsolA MNTN 10.42 0.1
TidewaterWtA TDW.WS.A 3.30 30.9
Dave DAVE 7.24 -3.8 State Bank of India California 0.50 Sallie Mae Bank 4.60
TidewaterWtB TDW.WS.B 1.85 24.8 Valley Natl Bncp Pfd B VLYPO 7.2 .5192 /.45829 Q Mar30 /Mar15
EvergreenA EVGR 10.50 0.2 TidewaterWt TDW.WS 4.20 10.7
DigitalMediaWt DMS.WS 0.05 -20.0 (877) 707-1995 (877) 346-2756
DigitalTurbine APPS 10.40 -2.9
ExcelFinAcqn XFINU 10.41 0.1 TransDigm TDG 772.01 -1.0 Initial
FastAcqnII A FZT 10.19 ... Transocean RIG 7.74 -4.0
DouglasEmmett DEI 13.57 -3.6
Wesco International WCC ... .375 Mar31 /Mar15
Three-month CD Five-year CD
FstarTherap FSTX 7.12 16.7 E-HomeHousehold EJH 0.16 -7.4
TrineIIAcqn TRAQ.U 10.61 0.2 Popular Direct 4.10 GTE Financial Credit Union (U) 4.80
FarPeakAcqnA FPAC 10.21 0.1 ESSTechWt GWH.WS 0.15 12.5
Ferrari RACE 274.08 -0.6
TyraBiosciences TYRA 15.25 10.3
ESSTech GWH 1.36 -11.5 Foreign (800) 274-5696 (888) 871-2690
UnicyciveTherap UNCY 2.16 21.0
FirstReserveA FRSG 10.16 -0.1 UnitedAirlines UAL 55.04 3.0
EagleBancorp EGBN 41.70 -2.4 Brookfield BRP 4.625% Nt BEPH 7.4 .28906 Q Apr30 /Apr15 Goldwater Bank 4.00 CFG Community Bank 4.50
FirstSolar FSLR 217.76 0.9 Eargo EAR 5.35 -4.1 Brookfield BRP 4.875% Nt BEPI 7.5 .30469 Q Apr30 /Apr15
VerraMobility VRRM 17.87 0.3
FriedmanInds FRD 13.38 -0.6 1847Holdings EFSH 1.17 -4.9 (480) 281-8200 (888) 205-8388
GSquaredIIA GSQB 10.30 0.1
WNS WNS 91.42 0.7
ElancoAnimal ELAN 10.54 -2.0
Esports Ent 10% Pfd. A GMBLP 16.2 .08 M Mar31 /Mar15
WeatherfordIntl WFRD 70.18 -2.7
EmergentBiosol EBS 10.54 -2.4 Sibanye-Stillwater ADR SBSW 8.3 .26753 SA Apr06 /Mar24 Luana Savings Bank 3.70 Popular Direct 4.45
GaotuTechedu GOTU 5.49 5.4
STMicroelectronics 0.4 .06 Mar28 /Mar21 (800) 666-2012 (800) 274-5696
Genelux
GlobalinkInvtRt GLLIR
GNLX 39.27
0.26
-8.0
74.0
Lows enCoreEnergy EU
EquityCommnwlth EQC
2.06 -5.9
20.16 -0.9
STM Q

GoGreenInvtsWt GOGN.WS 0.68 9.7 AerwinsTech AWIN 0.99 -5.9 EsportsEnt GMBL 2.15 -6.7 Special Notes: Accounts are federally insured up to $250,000 per person. Yields are based on method of
Graham GHM 14.66 0.2 AXT AXTI 3.96 -2.9 EvaxionBiotech EVAX 1.17 -3.3 Carlyle Secured Lending CGBD 9.5 .07 Apr14 /Mar31 compounding and rate stated for the lowest required opening deposit to earn interest. CD
GraphicPkg GPK 25.10 3.4 AadiBioscience AADI 8.48 2.2 FarmerBros FARM 4.04 -4.9 figures are for fixed rates only. MMA: Allows six (6) third-party transfers per month, three (3) of
GrAeroportuario OMAB 81.62 -0.7 AccelerateDiag AXDX 0.46 -1.2 FarmersBancp FMAO 24.09 -2.4 Sources: FactSet; Dow Jones Market Data
HBT Finl 23.49 -2.7 AcelRxPharm 1.15 -6.9 FarmlandPtrs FPI 10.24 -4.6
which may be checks. Rates are subject to change.
HBT ACRX
HyattHotels H 125.07 -1.6 AdvanceAuto AAP 133.50 -1.1 FirstGuarBcshs FGBI 19.00 2.5
KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and ratio; SO: Source: Bankrate.com, a publication of Bankrate, Inc., Palm Beach Gardens, FL 33410
IndustrsBachoco IBA 54.99 -0.3 AkariTherap AKTX 0.30 -11.4 FirstMidBcshs FMBH 30.38 -1.4 spin-off. Internet: www.bankrate.com

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 12.31 -0.01 1.0 Idx2040InsPre 19.77 -0.27 4.3 CapApInst 69.13 -0.86 10.1 LrgCpStr NA ... NA IntlEqIdxInst 20.17 -0.34 5.6 TotIntBdIdxAdm 19.07 +0.04 0.9 IdxIntl 17.41 -0.28 4.5
Top 250 mutual-funds listings for Nasdaq-published share classes by net assets. Intl Stk 45.56 -0.84 5.7 Fidelity Invest Harding Loevner Parnassus Fds VANGUARD ADMIRAL TotIntlAdmIdx r 29.12 -0.47 4.5 MdCpGrAdml 83.54 -1.07 8.0
Stock 221.69 -3.68 2.8 Balanc 23.91 -0.23 4.3 IntlEq 24.52 -0.52 4.7 ParnEqFd 48.61 -0.73 3.6 500Adml 368.78 -5.73 4.1 TotStAdml 97.49 -1.46 4.7 MdCpVlAdml 71.84 -1.28 2.5
e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes e DoubleLine Funds BluCh 126.64 -1.24 12.6 Invesco Funds A PGIM Funds Cl Z BalAdml 40.80 -0.39 2.9 TxMCapAdml207.04 -3.17 4.7 SmValAdml 72.08 -0.94 5.6
and s apply. k-Recalculated by Lipper, using updated data. p-Distribution costs apply, EqIncA
TotRetBdI 8.80 -0.01 NA Contra 12.71 -0.15 6.6 9.96 -0.13 1.4 TotalReturnBond 11.76 -0.01 1.0 CAITAdml 11.13 +0.01 0.5 TxMIn r 14.22 -0.25 5.2 TotBd2 9.33 -0.02 0.1
12b-1. r-Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and r Edgewood Growth Instituti CpInc 9.22 -0.03 3.1 Invesco Funds Y CapOpAdml r151.63 -2.35 3.8 USGroAdml 111.31 -1.43 TotIntlInstIdx r116.47 -1.88 4.5
PIMCO Fds Instl 9.9
apply. v-Footnotes x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not EdgewoodGrInst 33.60 -0.50 7.3 GroCo DevMktY
available due to incomplete price, performance or cost data. NE-Not released by Lipper;
24.72 -0.32 9.8 38.23 -0.50 9.4 AllAsset 10.77 -0.09 NA DivAppIdxAdm 41.20 -0.63 ... ValAdml 54.41 -0.92 -0.6 TotItlInstPlId r116.50 -1.88 4.5
Fidelity InvGrBd 9.87 -0.01 0.9 JHF III DispVal TotRt 8.44 -0.02 0.4 EMAdmr 33.31 -0.40 2.8 WdsrllAdml 68.48 -1.13 3.5 TotSt 97.46 -1.46 4.7
data under review. NN-Fund not tracked. NS-Fund didn’t exist at start of period. 500IdxInstPrem138.64 -2.16 4.1 LowP 47.40 -0.65 2.6 DispValMCI 25.71 -0.39 5.3 PIMCO Funds A EqIncAdml 83.51 -1.38 -1.3 WellsIAdml 59.10 -0.42 VANGUARD INSTL FDS
-0.2
Contrafund K6 17.90 -0.23 6.4 Magin 11.27 -0.15 5.4 John Hancock IncomeFd 10.31 -0.06 0.7 ExplrAdml 94.31 -0.96 8.6 WelltnAdml 66.82 -0.66 0.7 BalInst 40.81 -0.38 2.9
Tuesday, March 7, 2023 ExtMktIdxInstPre 68.40 -0.79 8.5 NASDAQ 145.54 -1.83 10.3 BondR6 13.39 -0.01 1.2 PIMCO Funds I2 ExtndAdml 109.43 -1.26 8.5 WndsrAdml 71.11 -1.12 4.1 DevMktsIndInst 14.24 -0.25 5.2
Net YTD Net YTD Net YTD FidSerToMarket 13.24 -0.20 4.8 OTC 13.86 -0.19 8.0 JPMorgan I Class Income 10.31 -0.06 0.7 GNMAAdml 9.10 -0.02 -0.4 VANGUARD FDS DevMktsInxInst 22.25 -0.40 5.2
Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret GrowthCompanyK6 16.81 -0.21 9.2 Puritn 21.17 -0.19 3.3 CoreBond NA ... NA PIMCO Funds Instl GrwthAdml 120.53 -1.66 9.9 DivdGro 34.50 -0.46 -2.1 ExtndInst 109.42 -1.26 8.5
InflPrBdIndInsPr 9.05 -0.06 0.3 SAIUSQtyIdx 15.85 -0.22 3.5 EqInc NA ... NA IncomeFd 10.31 -0.06 0.8 HlthCareAdml r 86.06 -1.22 -4.2 IntlVal 38.03 -0.58 6.4 GrwthInst 120.54 -1.66 9.9
American Century Inv Artisan Funds Calamos Funds IntlIdxInstPrem 43.52 -0.73 5.7 SrsEmrgMkt 16.23 -0.24 3.9 LgCpGwth NA ... NA Price Funds HYCorAdml r 5.20 -0.02 2.0 InPrSeIn 9.46 -0.06 0.3
Ultra 59.99 -0.78 8.8 IntlVal Inst 41.37 -0.56 7.2 MktNeutI 14.06 -0.03 2.2 LifeCon 19.48 -0.13 2.1
LgCpGwId InstPre 22.49 -0.29 8.0 SrsGlobal 12.92 -0.22 4.6 JPMorgan R Class
BlChip 112.42 -1.33 8.6 InfProAd 23.23 -0.14 0.3 InstIdx 334.96 -5.20 4.1
American Funds Cl A Baird Funds Columbia Class I LifeGro 37.39 -0.47 3.8
MidCpInxInstPrem 27.36 -0.41 5.6 SrsGroCoRetail 15.00 CoreBond NA ... NA
0.5 IntlGrAdml InstPlus
-0.19 8.9 97.23 -1.74 7.6 334.96 -5.20 4.1
AmcpA 32.19 -0.38 7.0 AggBdInst 9.59 -0.01 0.4 DivIncom I 28.61 -0.44 -1.1 DivGro 64.44 -0.95 LifeMod 28.24 -0.27 2.9
SAIUSLgCpIndxFd 17.50 -0.27 4.1 SrsIntlGrw 15.11 -0.30 6.0 CorePlusBd NA ... NA ITBondAdml 10.02 -0.01 -0.1 InstTStPlus 70.20 -1.05 4.7
AMutlA 48.06 -0.71 -0.8 CorBdInst 9.87 -0.01 0.5 Dimensional Fds Growth 67.05 -0.86 8.8 PrmcpCor 27.66 -0.41 1.8
SeriesBondFd 8.83 -0.02 0.1 SrsIntlVal 10.63 -0.19 6.0 Lord Abbett I ITIGradeAdml 8.31 -0.01 0.5 MidCpInst 58.59 -0.90 5.1
BalA 28.97 -0.33 0.7 BlackRock Funds 5GlbFxdInc 9.87 -0.01 0.4 HelSci 86.22 -1.05 -4.0 STAR 25.11 -0.26 3.9
SeriesOverseas 11.57 -0.21 6.5 TotalBond 9.38 -0.01 1.3 ShtDurInc p NA ... NA LarCapAd 91.83 -1.41 4.4 MidCpIstPl 288.96 -4.44 5.1
LgCapGow I 49.18 -0.62 7.1
BondA 11.30 -0.03 -0.2 HiYldBd Inst 6.76 -0.02 3.0 EmgMktVa 27.45 -0.27 3.8 SerLTTreBdIdx 5.95 +0.03 2.1 Fidelity SAI Metropolitan West LTGradeAdml 7.89 +0.01 2.0 TgtRe2020 25.91 -0.19 2.2 RealEstaInstl 18.55 -0.44 2.5
CapIBA 63.26 -0.84 0.4 BlackRock Funds A EmMktCorEq 21.04 -0.24 4.5 SmCpIdxInstPrem 23.21 -0.26 7.0 TotalBd 8.87 ... 1.2 TotRetBdI 8.99 -0.02 0.1 MidCap 94.05 -1.17 6.0
MidCpAdml 265.22 -4.08 5.1 TgtRe2025 17.13 -0.16 2.7 SmCapInst 94.21 -1.19 7.1
CapWGrA 53.47 -0.81 3.7 GlblAlloc 16.90 ... 2.7 IntlCoreEq 14.30 -0.25 5.8 TMktIdxInstPrem111.09 -1.66 4.8 U.S.TreBdIdx 8.62 -0.01 ... TRBdPlan 8.43 -0.02 0.1 NHoriz 50.29 -0.68 8.5
MuHYAdml 10.30 +0.02 1.1 TgtRe2030 32.34 -0.33 3.1 SmCapIstPl 271.93 -3.43 7.1
EupacA 52.08 -0.59 6.2 BlackRock Funds III IntSmCo 18.33 -0.31 5.2 TotalMarketIndex 13.99 -0.21 4.8 First Eagle Funds MFS Funds R2020 17.20 -0.14 2.7 MuIntAdml 13.37 +0.01 0.6 TgtRe2035 20.01 -0.23 3.4 STIGradeInst 9.90 -0.03 ...
FdInvA 62.82 -0.98 4.3 iShS&P500IdxK468.62 -7.28 4.1 IntSmVa 20.03 -0.35 6.5 TtlIntIdxInstPr 12.24 -0.21 4.5 GlbA 59.83 -0.93 3.2 IIE 29.92 -0.45 6.3 R2025 15.06 -0.14 3.0 MuLTAdml 10.57 +0.01 0.7 TgtRe2040 35.26 -0.44 3.7 STIPSIxins 23.49 -0.11 0.2
GwthA 53.66 -0.72 8.4 BlackRock Funds Inst LgCo 27.23 -0.43 4.1 USBdIdxInstPrem 10.14 -0.01 0.1 Franklin A1 MFS Funds Class I R2030 22.60 -0.24 3.4 MuLtdAdml 10.66 ... 0.3 TgtRe2045 23.74 -0.32 4.0 TotBdInst 9.44 -0.02 0.1
HI TrA 9.16 -0.02 2.3 EqtyDivd 18.61 -0.31 1.8 US CoreEq1 31.20 -0.44 4.7 Fidelity Freedom IncomeA1 2.29 -0.01 2.3 GrowthI 139.27 -1.95 5.0 R2040 25.42 -0.34 4.1 MuShtAdml 15.56 ... 0.3 TgtRe2050 39.40 -0.54 4.2 TotBdInst2 9.33 -0.02 0.1
ICAA 42.85 -0.63 3.9 StratIncOpptyIns 9.22 -0.01 1.0 US CoreEq2 28.46 -0.39 4.8 FF2020 13.12 -0.11 2.8 FrankTemp/Frank Adv ValueI 47.10 -0.79 -1.4 Putnam Funds Class A PrmcpAdml r134.18 -2.25 2.5 TgtRe2060 40.48 -0.56 4.2 TotBdInstPl 9.44 -0.02 0.1
IncoA 22.60 -0.28 -0.1 Bridge Builder Trust US Small 41.41 -0.43 7.0 FF2025 12.09 -0.11 3.2 IncomeAdv 2.26 -0.02 1.9 Neuberger Berman Fds PutLargCap p 28.96 -0.45 2.7 RealEstatAdml119.84 -2.85 2.5 TgtRet2055 43.95 -0.61 4.2 TotIntBdIdxInst 28.62 +0.07 1.0
N PerA 50.37 -0.78 6.5 CoreBond 8.82 -0.01 0.6 US SmCpVal 41.73 -0.51 6.2 FF2030 15.14 -0.16 3.5 FrankTemp/Franklin A LCVal Inst 42.45 -0.76 -1.4 Schwab Funds SmCapAdml 94.21 -1.19 7.1 TgtRetInc 12.44 -0.07 1.6 TotStInst 97.51 -1.46 4.7
NEcoA 46.54 -0.58 7.0 CorePlusBond 8.69 -0.02 0.5 US TgdVal 29.32 -0.33 7.0 FF2035 13.10 -0.15 4.1 Growth A 107.01 -1.50 4.7 Northern Funds 1000 Inv r NA ... NA SmGthAdml 77.09 -0.93 9.3 WellsI 24.40 -0.17 -0.2 ValueInst 54.40 -0.93 -0.7
NwWrldA 69.44 -0.81 4.5 Intl Eq 11.46 -0.20 6.9 USLgVa 42.37 -0.76 2.1 FF2040 9.32 -0.13 4.8 RisDv A 83.21 -1.11 0.8 StkIdx 42.51 -0.66 NA S&P Sel NA ... NA STBondAdml 9.80 -0.02 -0.4 Welltn 38.69 -0.39 0.7 WCM Focus Funds
SmCpA 60.23 -0.81 7.4 LargeCapGrowth 17.98 -0.25 5.2 Dodge & Cox Freedom2030 K 15.14 -0.15 3.6 Guggenheim Funds Tru Nuveen Cl I TSM Sel r NA ... NA STIGradeAdml 9.90 -0.03 ... WndsrII 38.61 -0.63 3.5 WCMFocIntlGrwIns 20.86 -0.44 6.1
TxExA 12.07 +0.01 0.7 LargeCapValue 15.32 -0.23 2.1 Balanced 95.60 -1.04 2.4 Idx2030InsPre 17.31 -0.18 3.0 TotRtnBdFdClInst 23.47 -0.02 1.9 HYMunBd 14.93 -0.01 1.2 TIAA/CREF Funds STIPSIxAdm 23.47 -0.11 0.2 VANGUARD INDEX FDS Western Asset
WshA 51.78 -0.82 -0.4 MunicipalBond 9.72 +0.01 0.8 GblStock 13.29 -0.24 5.4 Idx2035InsPre 19.41 -0.23 3.7 Harbor Funds Old Westbury Fds EqIdxInst 28.42 -0.43 4.7 TotBdAdml 9.44 -0.02 0.1 ExtndIstPl 270.03 -3.12 8.5 CorePlusBdI NA ... NA
THE WALL STREET JOURNAL. **** Wednesday, March 8, 2023 | B11

MARKETS

Yields Index performance Tuesday

0.25%

Reach 0

Milestone –0.25 Nasdaq

Composite

NICHOLAS ALBRECHT FOR THE WALL STREET JOURNAL

–0.50 S&P 500
Dow Jones
Continued from page B1 –0.75 Industrial
could hurt economic growth Average
and might need to be balanced
–1.00
by lower rates down the road.
The yield on the benchmark
10-year U.S. Treasury note –1.25
closed at 3.974%, up from
3.954% before Mr. Powell’s re- –1.50
marks were released but down
slightly from 3.981% Monday. –1.75
As traders parse the Fed’s 10 a.m. 11 noon 1 p.m. 2 3 4
likely path ahead, their imme-
diate focus is the central bank’s Source: FactSet Bank stocks were among the biggest losers. Wells Fargo shares dropped $2.18, or 4.7%, to $44.45 each.
next rate-setting meeting,

Stocks Sink on Powell’s Rate Warning

which wraps up two weeks
from Wednesday. Mr. Powell’s
testimony boosted traders’
conviction that the Fed could
choose to raise rates by half a
percentage point, a reaccelera- DJIA drops 1.7%, S&P
tion for rate increases after of-
ficials chose a quarter-point 500 sheds 1.5% and
move in February. Nasdaq falls 1.2% on
Bets in futures markets now
reflect roughly two-thirds odds tightening worries
of a half-point move at the
coming meeting, up from about BY JOE WALLACE
one-thirds odds a day earlier, AND DAVID UBERTI
according to CME Group data.
Last year, the Fed raised rates The Dow Jones Industrial Av-
in even larger increments at erage dropped nearly 600
four straight meetings, before points on Tuesday after Federal
slowing down to a half-point Reserve Chair Jerome Powell
move in December as inflation said the central bank would
showed signs of cooling. likely lift interest rates more
The central bank’s target than previously expected to
rate stands at 4.5% to 4.75%. fight inflation and cool down
the economy.
U.S. Treasury yields The blue-chip
2-year TUESDAY’S index fell 574.98
5%
5.011% MARKETS points, or 1.7%, to
32856.46. The
5-year
4 4.314% S&P 500 dropped 62.05 points,
or 1.5%, to 3986.37. The technol-
10-year
3.974% ogy-focused Nasdaq Composite
3 retreated 145.40 points, or 1.2%,
to 11530.33.
The declines were broad: 29
2 of the 30 stocks in the Dow de-
clined, as did all 11 sectors in
the S&P 500.
1
Bank stocks, which are par-
ticularly sensitive to rising
0 rates, were among the day’s big-
gest losers. Shares of Wells
2022 ’23
Fargo dropped $2.18, or 4.7%,
Source: Ryan ALM to $44.45 each, while M&T
Bank slipped $7.92, or 5.2%, to
$144.20. The S&P 500’s finan-
cials sector dropped 2.5%, its
worst day since September, ac-
cording to Dow Jones Market
Data.
The yield on two-year Trea-
sury notes climbed to 5.011%, its
highest close since 2007, from
4.892% on Monday. It finished
more than a percentage point
above the 10-year yield, the big-
gest such gap since September
1981.
That pattern, called an in-
verted yield curve and often
taken as a warning sign of eco-
nomic trouble ahead, suggests
that investors believe coming
Fed rate increases will have to
be followed by future cuts as
the economy eventually slows
down.
In the first of two hearings
on Capitol Hill this week, Mr.
Powell told the Senate Banking
Committee that continued
strength in hiring, spending and
factory production has partly
reversed softening inflation
trends from late last year.
“The latest economic data
have come in stronger than ex-
pected, which suggests that the
ultimate level of interest rates is
likely to be higher than previ-
ously anticipated,” Mr. Powell
said. “If the totality of the data
were to indicate that faster
tightening is warranted, we
would be prepared to increase
the pace of rate hikes.”
Federal unemployment num-
bers due on Friday, as well as
updated data on the consumer-
price index slated for next Tues-
day, could add clarity before
Fed officials’ next meeting on
March 21-22.
Stock and government-bond
markets stumbled in February
as money managers began to
doubt that the central bank
could engineer what is known
as a soft landing, when inflation
recedes without a recession. “So
far, nothing is working for them
this year,” said John Augustine,
chief investment officer for
Huntington National Bank.
“They haven’t slowed down em-
ployment, they haven’t slowed
down the economy and they ha-
ven’t slowed down inflation to
levels they want.”
Stocks have stabilized in
March, but investors remain
cautious given the prospect for
a further rise in borrowing
costs that could deter invest-
ment. The S&P 500 has edged
up 0.4% this month, extending
its gains for the year to 3.8%.
In February, the Fed raised
its benchmark federal-funds
rate by a quarter-percentage
point to a range between 4.5%
and 4.75%. It slowed the pace of
rate rises following increases of
a half-point in December and
0.75 point in November. But
some investors now expect the
central bank to again accelerate
rate increases in the hope of
cooling the labor market and
overall inflation.
Traders in interest-rate fu-
tures expect the federal-funds
rate to reach as high as 5.6% in
October and sit around 5.5% at
year-end, according to FactSet.
In early February, before a
string of economic data sparked
a change in wagers, traders
forecast the benchmark rate
topping out around 4.9% in July
before falling near 4.5% through
December.
“Now, the market is expect-
ing inflation to come down
more slowly,” said Sunitha
Thomas, national portfolio ad-
viser at Northern Trust Wealth
Management. “More of that is
priced in than it was before.”
Among individual stocks,
Rivian Automotive fell $2.49,
or 15%, to $14.64 after the elec-
tric-vehicle maker said it plans
to sell $1.3 billion in convertible
notes in a private offering.
JetBlue slipped 24 cents, or
2.9%, $8.16 after the Justice De-
partment sued to block its
planned takeover of Spirit,
which rose 77 cents, or 4.7%, to
$17.13. Delta, United and other
airlines also gained.
A mixed outlook on the coun-
try’s recovery, coupled with Mr.
Powell’s warning of higher in-
terest rates, pushed front-
month futures for West Texas
Intermediate crude down $2.88,
or 3.6%, to $77.58 a barrel.
Overseas, the Stoxx Europe
600 fell 0.8%. Asian markets
were mostly lower early
Wednesday. While Japan’s Nik-
kei 225 was up 0.2%, Hong
Kong’s Hang Seng Index was
down 2.5% and South Korea’s
Kospi was down 1.5%.
Chinese trade data showed
imports and exports shrank in
the first two months of the year,
complicating Beijing’s efforts to
juice the economy.
AUCTION RESULTS
Here are the results of Tuesday's Treasury auction.
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.
THREE-YEAR NOTES
Applications $109,064,539,600
Accepted bids $40,000,003,600
" noncompetitively $225,292,600
" foreign noncompetitively $0
Auction price (rate) 99.972290
(4.635%)
Interest rate 4.625%
Bids at clearing yield accepted 67.04%
Cusip number 91282CGR6
The notes, dated March 15, 2023, mature on March 15,
2026.

A DV E RT I S E ME NT

Member Voices
The Wall Street Journal CMO Network connects the decision-makers behind the world’s most influential
brands to discuss what — and who — is driving today’s trends and chart the path forward.

When faced with a new challenge,
what’s your decision-making
process, and where do you turn
for trusted information or advice?
When facing a new challenge, I like
to take a holistic view. On one hand,
I am very data driven — I will look at
the customer, sales and competitive
data. But on the other hand, I turn
to my colleagues and peers; not only
do they bring their ininite wisdom,
Carol Schuster but they also help me look at a
problem from all sides. Problems are
Chief Marketing Oficer, never solved in isolation; some of
the greatest insights come from the
Lafayette 148
most unexpected places.
. to retain, engage and acquire new
What does authentic marketing
look like for you? And what’s one
mistake you think brands make
during times of instability?
Authenticity starts with
understanding your brand DNA.
Being true to who you are as a
brand is not something you decide
Membership is by invitation: to do; it’s something you practice
every day. In times of instability,
CMONetwork@wsj.com
brands often look for things on the
outside to help grow their brand,
when, in fact, the answer lies within.
Read the extended version: Consumers can sense intuitively
CMONetwork.wsj.com/ whether a brand is being inauthentic
membervoicesLafayette148 and will let you know at the very
least with their wallet if not
their voice.
What shifts do you see happening
in marketing and advertising in
the next ive years?
The next ive years will bring a
continuous convergence of the
digital and the physical. This will
require marketers to become adept
at building brands online, ofline and
the spaces in between, including
Web 3.0 and the metaverse.
Personalization and the importance
of customer data will become table
stakes as brands igure out how
customers in a world where the
power lies with the consumer.
What’s in your toolbox for investing
in your team — to help them
stay focused, feel supported
and be productive?
As much as I learned about the power
of ideas from my years in marketing,
my years in technology taught me
that the best organizations are built
on several key components: strategy,
people, process, systems and data.
As a result, I try to provide my team
with these foundational tools so true
creativity can lourish.
Tell us about a milestone that
shaped your career path.
I’ve had an incredible career in
global business and marketing,
and countless people have helped
me along the way. But my passion
for retail and desire to be close
to the customer set me on a new
trajectory. The day current CEO and
co-founder of Lafayette 148, Deirdre
Quinn, asked me to help launch
our irst luxury stores in China, my
career was reinvented. Intention
sets the tone, but it’s people who
make the dream possible.
Happy International Women’s Day —
what are you most proud of in your
career as a woman in a leading role?
What makes me most proud is
that I have made my avocation my
vocation and, in turn, helped many
women (and men) pursue their
dreams over the years. This year I
get to celebrate women through the
ages by partnering Lafayette 148
with Save Venice to conserve the
work of artist Giulia Lama. She is a
remarkable talent and her career as
an artist is still unfolding.

The Wall Street Journal news

organization was not involved
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B12 | Wednesday, March 8, 2023 THE WALL STREET JOURNAL.

HEARD STREET FINANCIAL ANALYSIS & COMMENTARY

ON
THE

Time to Get Used to Higher Rates Sonos

Brings
Interest rates could stay elevated in a way not seen since before the financial crisis
With inflation high, the job mar- they could be wrapped up with rate Fed policy makers' median years before the 2008 financial cri-
New Era to
ket tight and the economy chug-
ging along, investors are coming to
terms with the idea that the Fed-
increases by their early May meet-
ing. That was a far cry from the
projections they made in December
longer-run rate projection
4.50%
sis, however. Fed policy makers’
view of neutral used to be higher,
too—when they first offered up
A New Era
eral Reserve will be setting rates 2021, when they thought rates 4.25 rate projections in early 2012, the
higher for longer. But “longer” would reach just 1.75% in 2023, but median longer-term rate forecast
might mean even longer than the now it is starting to seem too low. 4.00 was 4.25%. Redesign comes as
Fed expects. Interest-rate futures currently im- 3.75 The economy is in a very differ- market seeks footing
“The latest economic data have ply that investors expect Fed policy ent place than it was prior to the
come in stronger than expected, makers to raise their target on 3.50 pandemic, and maybe the neutral
which suggests that the ultimate rates to a range of 5.5% to 5.75% 3.25 rate is, too. Inflation has reached Sonos finally decided to mess
level of interest rates is likely to be this year. levels not seen in decades, the job with its best. It picked an interest-
higher than previously antici- What doesn’t appear to have 3.00 market is extraordinarily tight, and ing time to do it.
pated,” Fed Chairman Jerome changed all that much is the Fed’s 2.75 wages, particularly among lower- The maker of premium wireless
Powell told the Senate Banking assessment of where rates will income workers, have been on the speakers unveiled two new offer-
Committee on Tuesday. That sug- eventually end up. In the central 2.50 rise. Moreover, a lot of the linger- ings on Tuesday. One is a new
gests not only that when it meets bank’s December projections, the 2.25 ing scarring effects of the financial midtier device called the Era 300
later this month, the Fed’s rate-set- midpoint of Fed policy makers’ as- crisis that contributed to the long- designed for the spatial audio for-
2012 ’15 ’20 ’22
ting committee will raise its target sessment of where rates would be term decline in rates might have fi- mat and is aimed just below the
range on overnight interest rates over the longer run—in this case in Source: Federal Reserve Bank of St. Louis nally faded. $550 Sonos Five speaker. The other,
once again—and perhaps by a half the years beyond 2025—stayed put So it might be that the Fed will the Era 100, replaces the Sonos One,
a percentage point if economic data at 2.5%. That is about where the yield five years from now—is now find that the economy can keep the company’s flagship, entry-level
over the next couple of weeks runs longer-run projection has been around 3.6%. A year ago it was growing with rates higher than Wi-Fi speaker that carried the same
hot—but also that it may raise its since 2019. The longer-run rate cor- hovering near 2%. Since a Trea- they were before. If that is true, basic design for nearly a decade.
assessment of how high it will lift responds with policy makers’ view sury’s yield should more or less re- not only will it mean rates need to Priced at $249, the Era 100
rates over the course of the year. of the neutral rate, or the just-right flect investors’ assessment of what rise higher to rein in inflation, but sports a 14% price premium over
When Fed policy makers last re- rate that keeps the economy from overnight rates will be over the also that any expectation that the the Sonos One. That follows a 10%
leased economic projections in De- running too hot or too cold. course of its maturity, this suggests U.S. will eventually return to the increase on the One that Sonos un-
cember, most of them reckoned Investors appear less sanguine. that investors’ view of neutral has low-rate regime that prevailed veiled in late 2021, when the com-
that the midpoint of their target The five-year, five-year forward moved up. prior to the pandemic could be for pany was experiencing a burst of
range on rates would finish out this Treasury rate—what Treasurys The five-year, five-year forward naught. pandemic-fueled sales with which it
year at 5.25%—which suggested suggest a five-year Treasury would averaged a bit less than 5% in the —Justin Lahart could scarcely keep up. That time is
gone; Sonos’s revenue declined
over the past three quarters, and
the company ended 2022 with rev-

Food Delivery Offers Questionable Value

enue up 1.4% from the prior year—
its weakest calendar year growth
since at least 2016 and down
sharply from the 23% surge in 2021.
Sonos is hardly alone. Premium
Serving food with a side of consumer-electronics products rang-
technology was the perfect pan- ing from the iPhone to Roomba vac-
demic business model. Now old uums to GoPro cameras had a rough
doubts are back with a vengeance: year as consumers juggled rising in-
Just how many people will pay flation, a slowing economy and less
what it costs to have grub deliv- need for new gadgets after a major
ered to their door? splurge. IDC reports the personal
HelloFresh shares fell 9% Tues- computer and smartphone indus-
day after the meal-kit company tries logged double-digit declines in
said it was targeting revenue unit sales in 2022 following strong
growth of between 2% and 10% gains in the prior year. And the NPD
this year, stripping out currency Group estimates total consumer-
movements—a wide bracket but electronic sales in the U.S. slipped
below most analyst forecasts at 8% in 2022 after rising 9% to a re-
the midpoint. Its profit guidance cord of nearly $127 billion in 2021.
also came in below expectations. That situation isn’t expected to
KLAUS-DIETMAR GABBERT/DPA/ZUMA PRESS

Based in Berlin, HelloFresh turn around soon. NPD projects do-

dominates the market for cook-at- mestic consumer-electronics sales
home ingredient packages. In the will slip a further 5% this year and
U.S., it accounted for 78% of meal- remain flat in 2024. But Sonos has
kit sales last year, helped by acqui- been here before. While the com-
sitions, according to an analysis of pany has been public since 2018, it
consumer-purchase data by has been shipping premium wireless
Bloomberg Second Measure. Home audio products since 2005. That has
Chef, owned by supermarket chain accustomed it to global downturns
Kroger, came next with 12%, fol- and major competitive threats, such
lowed by Blue Apron at 6%. Blue as the onset of cheaper, voice-en-
Apron’s stock performed so badly, HelloFresh dominates the market for cook-at-home ingredient packages, accounting for 78% of U.S. meal-kit sales. abled smart speakers from Ama-
the New York Stock Exchange in zon.com, Google and Apple.
December threatened to delist it. billion, equivalent to about $1.4 merce warehouses stacked with Oc- is a huge market, but it isn’t well The company has managed just
HelloFresh is clearly big in the billion, or 17% of its revenue. Yet it ado technology as fast as expected. suited to e-commerce. Unprepared, fine; unit sales have averaged more
meal-kit business. The question for lost customers, with 7.1 million ac- On an earnings call, Kroger told an- it is bulky, heavy and of relatively than 11% annual growth since 2016,
investors is whether meal kits are tive globally in the fourth quarter, alysts it was taking stock of the low value, with complex refrigera- which was the first full year of sales
big in the food business outside a down from 7.2 million for the same two warehouses it built with the tion requirements. Prepared, it is of of Amazon’s first Echo speaker and
pandemic. They tend to be less ex- period of 2021. Growth mainly British company to understand higher value but requires rapid de- the year Google launched its smart
pensive than eating out, but much came from price increases. Mar- “how you optimize that model.” livery. Consumers are happy to take speakers.
more expensive than cooking from keting costs will rise again this Then there is Just Eat Take- deliveries when the cost is subsi- Sonos shares have jumped 20%
scratch: HelloFresh charges $60.95 year, the company said—a big fac- away.com, the Anglo-Dutch take- dized by investors, but when it year-to-date ahead of Tuesday’s
to deliver a box of two meals for tor in the weak profit guidance. out-delivery company that bought isn’t, the market shrinks fast. announcement, with most of those
two people each. Bears argue they HelloFresh is one of a trio of em- U.S. peer Grubhub in 2021. The At least the stocks aren’t expen- gains spurred by strong fiscal
are little more than a niche solu- battled European companies that business has long struggled to sive. After huge falls over the past first-quarter results reported last
tion for urban couples with busy use technology to deliver food to control costs, though its stock two years, all three trade below month. But the company doesn’t
jobs in boom times. homes in various states of prepara- found some stability in recent prepandemic levels and on low mul- expect its new speakers to rock
The extraordinary sums Hello- tion. London-listed Ocado disap- months as it signaled an improv- tiples of sales. With so much uncer- the world right out of the gate. So-
Fresh spends on keeping custom- pointed investors last week by sig- ing cash burn. tainty about the future of food-tech nos anticipates revenue in the
ers supports this thinking. Its mar- naling that its U.S. partner, Kroger, All three wrestle with various business models, investors need a range of $1.7 billion to $1.8 billion
keting budget last year was €1.3 wouldn’t roll out dedicated e-com- forms of the same conundrum: Food stomach for risk. —Stephen Wilmot for the current fiscal year ending
in September, which implies zero
growth at the midpoint. That fore-
cast includes the new devices an-
nounced Tuesday and an “entry
China’s Trip.com Is Ready to Soar into a new category” planned for
later this year, Chief Executive Pat-
rick Spence said on the company’s
earnings call last month.
After years of being grounded and air bookings have surpassed That projection leaves room for
with the rest of China’s travel sec- prepandemic levels. upside if the new products catch
tor, China’s top online travel agent, What is holding back a com- on early, but the premium audio
Trip.com, finally has taken off. plete revenue recovery is out- market more typically experiences
Globe-trotting Chinese tourists bound tourism from China. Inter- a slow build, as evidenced by the
will help it keep cruising at a high national flight capacity is only long lifespan of the One.
altitude. around 15% to 20% of prepandemic “This product will be around for
The company, formerly known levels, according to the company, the next decade,” Mr. Spence said
as Ctrip.com, on Monday reported though it said it has managed to in a recent interview about the
7% year-over-year growth in net outpace the broader industry: Its new Era 100.
revenue last quarter. Operating outbound travel bookings have re- Even great songs sometimes
losses narrowed to $34 million. bounded to more than 40% of pre- take a while to catch on.
Both were better than average an- pandemic levels. —Dan Gallagher
LAM YIK/BLOOMBERG NEWS

alyst estimates compiled by S&P It will take time for air carriers
Global Market Intelligence. to increase their capacity. And Sonos revenue
Lockdowns and other pandemic- some prospective Chinese travel-
$1.75 billion
related restrictions in China hurt ers, who were largely sealed off
Trip.com’s domestic business last from the outside world for the
1.50
quarter but its global business past three years, may also be hesi-
footprint helped soften the blow. tant to immediately venture 1.25
The company acquired British rival China’s reopening following ‘zero Covid’ will drive Trip.com’s recovery this year. abroad again.
Skyscanner in 2016. Still, it seems very likely that 1.00
Revenue last quarter from sales company says hotel bookings on ary, the number of passengers tak- eventually Chinese tourists, who
of transportation tickets, which ac- its international platform were ing domestic flights had already used to be the largest source of 0.75
counted for more than 40% of above prepandemic levels last recovered to more than 80% of global tourism revenue, will start
Trip.com’s total sales in 2022, quarter. 2019 levels. globe-trotting again. 0.50
grew 45% from a year earlier The reopening of China, which Common business metrics for Trip.com has weathered some
thanks to the robust recovery in ditched its strict “zero Covid” pol- the hotel sector are picking up serious turbulence over the past 0.25
travel outside China. icy in December, will be the main smartly: Industrywide hotel reve- three years. Some of the scars of
Air-ticket bookings on its inter- force driving the company’s recov- nue per available room for the “zero Covid” will still take a while 0
national platform increased 80% ery this year. Trip.com’s revenue in week ended Feb. 25 was 5% above to heal. But the view from the FY2013 ’15 ’20 ’23*
year over year—with an assist 2022 was 44% below 2019 levels. pre-Covid levels, according to Mor- cockpit, for the first time in a long *Midpoint of company forecast
from the reopening of other coun- But domestic travel in China is gan Stanley. time, looks sunny and clear. Note: Fiscal year ends September
tries in Asia such as Japan. The bouncing back strongly: In Janu- Trip.com says its domestic hotel —Jacky Wong* Source: the company