* * * * * FRIDAY, APRIL 12, 2024 ~ VOL. CCLXXXIII NO. 86
00
DJIA 38459.08 g 2.43 0.01%
What’s
News
Business & Finance
 A Boeing review found
that CEO David Calhoun and
other executives took per-
sonal trips worth more than
$500,000 on the company’s
private jets and other planes
that were improperly re-
corded as business travel. A1
 Tech stocks rallied, help-
ing to boost the S&P 500 by
0.7%, while the Nasdaq gained
1.7% to close at a record. The
Dow was little changed. B9
 Regulators are investigating
Morgan Stanley in connection
with how it vets clients who
are at risk of laundering money
through the bank’s wealth-
management division. B1
 Big U.S. banks are set to
reveal quarterly earnings,
with JPMorgan Chase, Wells
Fargo and Citigroup first out
of the gate on Friday. B1
 Spotify is developing tools
that would allow subscribers
to manipulate songs from
their favorite artists, hoping to
deepen user engagement. B1
 Shares of Globe Life lost
more than half their value af-
ter a short seller alleged a
range of financial misconduct
at the insurance company. B3
 Advertising group Publicis
said first-quarter revenue con-
tinued to grow and beat expec-
tations, helped by new busi-
ness and what it called a clear
rebound in the tech sector. B3
 Constellation Brands
posted better-than-expected
quarterly sales, boosted by
strength in its beer brands. B2
 The ECB gave the clearest
indication yet that it could
cut interest rates in June,
signaling a possible diver-
gence from the Fed. A16
World-Wide
 Israel is preparing for a direct
attack from Iran on southern or
northern Israel as soon as the
next 24 to 48 hours, a person
familiar with the matter said,
but a person briefed by the Ira-
nian leadership said Tehran had
yet to decide on any strike. A6
 Shohei Ohtani’s interpreter
Ippei Mizuhara was charged
with unlawfully transferring $16
million from the baseball super-
star’s bank account to pay gam-
bling debts Mizuhara ran up
with an illegal bookmaker. A12
 The U.S. and Russia are
using a confidential channel
to discuss a potential prisoner
exchange that could include
jailed Wall Street Journal re-
porter Evan Gershkovich, a se-
nior Russian diplomat said. A7
 Russia launched a major
missile-and-drone assault on
Ukrainian power stations,
part of a new campaign to
exploit delays in Western aid
for Kyiv to press Moscow’s
advantage in the war. A7
 Biden was losing support
among Black men, accord-
ing to a recent Wall Street
Journal poll, presenting him
with another challenge. A4
 Baltimore’s port boss said
he is planning for the re-
sumption of operations
ahead of the expected May
reopening of the channel
blocked by the collapse of the
Francis Scott Key Bridge. A3
 A panel that reviews for-
eign investment will get new
powers to obtain informa-
tion and levy higher fines
under a proposal from the
Treasury Department, A5
JOURNAL REPORT
Golf: It’s in a Boom.
Can It Last? R1-12
CONTENTS
Arts in Review. A10-11
Business& Finance B2,3,5
Capital Account..... A2
Crossword................. A11
From Page One..... A9
Heard on Street.. B10
s 2024 Dow Jones & Company, Inc.
All Rights Reserved
WSJ.com HHHH $5.
NASDAQ 16442.20 À 1.7% STOXX 600 504.55 g 0.4%
Centuries Later, Pompeii Yields New Discoveries
CLOCKWISE FROM LEFT: PARCO ARCHEOLOGICO DI POMPEI PRESS OFFICE/AGENCE FRANCE-PRESSE/GETTY IMAGES, SP/ROPI/ZUMA PRESS (2)
STUFF OF MYTHS: Archaeologists excavating new sites as part of a project to shore up the ancient city, destroyed when Mount
Vesuvius erupted in A.D. 79, have uncovered a banquet hall decorated with frescoed characters inspired by the Trojan War. A16
Cost of Owning a Home Soars
Rising insurance
premiums, property
taxes show little
sign of abating
BY NICOLE FRIEDMAN
Darren Gondry has owned
his four-bedroom home near a
golf course in Louisville, Ky.,
since 2004. He and his wife,
Lori Gondry, paid off their pri-
mary mortgage in 2021.
That hasn’t stopped other
bills associated with home-
ownership from piling up.
Their home insurance costs
have risen 63% in two years.
Their property taxes, utility
costs and homeowners’ asso-
ciation fees have risen in re-
cent years, too.
“I was so sticker-shocked,”
Gondry said of the mounting
home-cost increases. “I fear
they’re here to stay.”
Homeownership affordabil-
O.J. Simpson
Dies at 76
PRESS POOL
FALLEN IDOL: Acquitted of
a double murder, he never
regained his status. A3
Generations
Split Over
Temu Deals
i i i BY ANDREW TANGEL
Chinese e-retailer
hooks mom and
dad; kids mock
BY CHAVIE LIEBER
LaTonya Mullins-Mobley
was surfing the web for Ari-
zona Cardinals gear when she
stumbled across an ad for
Temu, the Chinese online-
marketplace app known for ul-
tra-discounts. She couldn’t be-
Mansion............... M1-14 lieve the low prices.
Markets........................ B9
Opinion................ A13-15
These days, Mullins-Mob-
Sports.......................... A12 ley, who is 53 and works for a
Technology................ B4 cellphone carrier, jokes that
U.S. News.............. A2-5 she’s “having an affair” with
World News.. A6-8,16
the app. She buys clothing, in-
cluding T-shirts with Bible
> quotes for her daughter. She
started a sunglasses company,
picking up pairs from Temu
for $3 and selling them for
around $15.
Please turn to page A9
10-YR. TREAS. (Reopening) yield 4.575%
ity fell to its lowest level since
the 1980s last year as mort-
gage rates reached a 23-year
high and home prices set new
records.
Borrowing costs have eased
somewhat this year, with the
average rate for a 30-year
home loan down about a per-
centage point since October.
But other prices related to
homeownership keep rising
and show little sign of abat-
ing.
Property taxes and home-
maintenance costs are climb-
ing in much of the country.
Non-mortgage costs including
property taxes, maintenance,
utilities and insurance make
up more than half of home-
owners’ overall costs, accord-
ing to a 2022 analysis by Fan-
nie Mae economists.
Worst of all, home insur-
ance premiums are soaring.
Rates rose by more than 10%
on average in 19 states in 2023
after a series of big payouts
Biden Has Few Tools to Fix Inflation
BY ANDREW RESTUCCIA
AND SAM GOLDFARB
Inflation has emerged as
the most intractable domestic
policy issue facing President
Biden less than seven months
before the election—but there
isn’t a whole lot the White
House can do to fix it.
The issue roared back to
life this week, undercutting a
string of positive economic
and political developments
that have helped improve Bi-
den’s standing in recent polls.
Boeing Didn’t Disclose
All Executive Jet Perks
AND MARK MAREMONT
An internal Boeing review
found that Chief Executive Da-
vid Calhoun and other top ex-
ecutives took personal trips
worth more than $500,000 on
the company’s private jets and
other planes that were im-
properly recorded as business
travel.
The review and correction,
which Boeing disclosed in a
securities filing, was prompted
by a Wall Street Journal inves-
tigation last year into the ex-
ecutives’ use of the company’s
fleet of private jets, people fa-
miliar with the matter said.
Boeing’s review found that
some flights by the executives
in 2021 and 2022 “were not
previously classified as perqui-
sites by the company but
should have been classified as
such in accordance with SEC
rules and guidance,” the com-
pany said in its proxy filing on
April 5.
OIL $85.02 g $1.19
related to floods, storms, wild-
fires and other natural disas-
ters across the U.S., according
to an Insurance Information
Institute analysis of data from
S&P Global Market Intelli-
gence. More Americans also
moved to disaster-prone areas
in recent years, increasing the
exposure to these events.
Escalating costs on multi-
ple fronts mean that many
first-time buyers will continue
to find homeownership a fi-
nancial stretch.
Consumer prices rose 3.5%
in March from a year earlier,
the Labor Department said
Wednesday. The stronger-
than-expected inflation data
could prompt Federal Reserve
officials to hold rates at their
current level for longer, which
could also keep mortgage
rates from declining.
The tens of millions of
American homeowners who
have locked in mortgage rates
Please turn to page A9
The consumer-price index, a
measure of goods and services
prices across the economy,
rose 3.5% in March from a
year earlier, a stronger-than-
anticipated inflation reading
that was met with exaspera-
tion by many of the presi-
dent’s advisers.
The White House moved
quickly to respond, issuing a
statement from the president
that acknowledged the federal
government has “more to do
to lower costs for hardworking
families.” Behind the scenes,
Executives may dart be-
tween their residences, work
sites and personal destinations
such as vacation spots with
portions of the trips being of-
ficially counted as personal or
business trips. In general, a
private jet flight taken for
commuting purposes may be
considered a perquisite, and
thus a taxable event, while
flights between two company
offices may not be. The pan-
demic and more time spent
working from home have com-
plicated the matter.
When executives use a com-
pany jet for personal travel, it
typically counts as taxable in-
come. The Internal Revenue
Service said earlier this year
it will begin auditing dozens of
companies over the personal
use of corporate jets by execu-
tives. The Securities and Ex-
change Commission and IRS
have different reporting re-
quirements for personal jet
flights.
Please turn to page A5
GOLD $2,354.80 À $25.20 EURO $1.0728 YEN 153.28
Israel
Wins
Battles
But Risks
War Loss
Strategic Gaza goals
still unmet despite
tactical ground gains;
Netanyahu criticized
BY MARCUS WALKER
AND SHAYNDI RAICE
TEL AVIV—For six months,
Israel’s military has won bat-
tle after battle against Hamas.
But as the fight loses momen-
tum and postconflict plans fail
to gel, Israel is facing the
prospect of losing the war.
The invasion of the Gaza
Strip is stalling. Most Israeli
troops have gone home.
Hamas is returning to areas
that previously had been
cleared of militants.
International pressure and
the challenges of taking on
fighters burrowed into a civil-
ian population have combined
to impede efforts to root
Hamas out of the enclave’s
refugee-packed south.
That has frustrated Is-
Mortgages rael’s central publicly stated
war aim: to kill Hamas’s lead-
Approach 7% ers and destroy the radical Is-
Shifts in expectations for lamist militant group as a mil-
action by the Fed have pushed itary and political force.
rates back toward 7%. A3 Some military and political
leaders blame Israeli Prime
Average rate on a 30-year Minister Benjamin Netan-
fixed mortgage yahu’s failure to promulgate a
plan for postwar Gaza, saying
8% it left a political vacuum that
the radical Islamist group is
7
exploiting to rebuild its influ-
6 ence in the strip.
Israel’s military is growing
5 increasingly frustrated about
the government’s indecision.
4
Without a political plan for
3 Gaza, tactical wins won’t add
up to any lasting strategic
2 gain, said current and former
senior officers and soldiers
1 who spent months in hard ur-
0 ban combat.
Please turn to page A6
2022 ’23 ’24
Source: Freddie Mac  Fears grow over fate of
Gaza hostages.................... A6
administration officials said tickets to banking services.
there was no magic bullet to “Our agenda to lower costs
slow rising prices immedi- on behalf of working families
ately, an issue that has dogged is as urgent today as it was
the president for years. yesterday,” said Jared Bern-
For now, officials said, Bi- stein, chair of the White
den and his senior aides aren’t House Council of Economic
planning any major policy or Advisers. “We’re just going to
rhetorical shifts. They plan to keep our heads down and
continue talking about the continue fighting to lower
president’s proposals to lower costs.” While a White House
the cost of housing and pre- official said that inflation
scription drugs, while slashing Please turn to page A4
student-loan debt and elimi-
nating surcharges tacked on  Rate cuts now a matter of
to everything from concert if, not when.......................... A2
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 A2 | Friday, April 12, 2024 THE WALL STREET JOURNAL.

U.S. NEWS
CAPITAL ACCOUNT | By Greg Ip

U.S. Chip Renaissance Needs Workers

L
West Lafayette, Ind. key manufacturing sector. Be- communications and Apple in Semiconductor- neering Ph.D. candidate at U.S. will be an expensive
ast week South Ko- tween 1990 and 2020, the smartphones. Over time they manufacturing employment Purdue, was raised in Taiwan, place to make chips for the
rea’s SK Hynix an- U.S. share of world chip mak- mostly contracted out fabri- where engineering students foreseeable future. Kwak
300 thousand
nounced it would ing shrank to 12% from 37%, cation of their chips to found- “start out with a mindset, cited construction and mate-
partner with Purdue while the combined share of ries such as TSMC which ‘Oh, I’m going to end up in a rials in particular.
250
University on a $3.9 Taiwan, South Korea and benefited from generous do- factory,’ and that’s set for

O
billion semiconductor com- China grew to 58%. mestic subsidies. them.” U.S. students will ther countries are
plex here, the largest single The federal CHIPS program 200 work in a fab because they ramping up their subsi-
The theory behind CHIPS
corporate investment in state has showered billions of dol- is that, by matching Asia’s want to, he said. dies, while the U.S.
history. lars on Intel for fabs in sev- subsidies, the U.S. can again 150 “One of the biggest chal- budget is finite. In 2022 Sky-
Now comes the hard part. eral states, Taiwan Semicon- be competitive in chip mak- lenges is getting students to Water Technology, which
SK Hynix must not only build ductor Manufacturing in ing. Nonetheless, there is a 100 fall in love with semiconduc- makes older-generation chips,
the fabrication plant, or fab, Arizona and GlobalFoundries chicken-egg problem. Fabs tors,” said Nikhilesh Chawla, said it would build a fab and
which will package high- in New York and Vermont. SK need a ready supply of skilled 50 a professor of materials engi- R&D facility at Purdue, con-
bandwidth memory chips Hynix hopes for support as workers. But without fabs, neering who co-directs Pur- tingent on CHIPS funding.
used in artificial intelligence, well. America’s best and brightest 0 due’s semiconductor pro- The funding didn’t come, and
and a connected research- Subsidies alone won’t have little incentive to pursue 1990 ’95 2000 ’05 ’10 ’15 ’20 grams. Students have a last week it terminated those
and-development center. It guarantee a sustainable in- careers in the sector. Note: 2023 data is through third quarter.
wealth of alternatives: “You plans.
also has to staff them. dustry. Fabs need customers, have AI, you have computer Purdue’s current president,

T
Not seasonally adjusted
“We need several hundred a supply chain and, above hat may be changing. Source: Labor Department science, additive manufactur- Mung Chiang, an electrical
engineers to operate our ad- all, a skilled, specialized Mark Cramer, a junior ing.” engineer by training, thinks
vanced-packaging manufac- workforce. in chemical engineering to be part of the innovators.” For some students, CHIPS labor costs may be a dimin-
turing fab—in physics, chem- From 2000 to 2017, U.S. at Purdue, knew almost noth- This summer, he will intern at publicity, the spectacular rise ishing obstacle for the U.S.
istry, material science, employment in semiconduc- ing about the industry, even an Intel fab in Hillsboro, Ore. of AI and Nvidia, and evange- Packaging—equipping
electronics engineering,” tor manufacturing shrank to though his father worked in a Purdue under past presi- lizing industry visitors have chips to connect to other de-
Kwak Noh-Jung, chief execu- 181,000 from 287,000. It has fab for Texas Instruments dent Mitch Daniels (a former made chips seem exciting. vices—has traditionally been
tive of SK Hynix, said in an since recovered to about many decades ago. Then last Indiana governor) promoted So far, 100 Purdue stu- labor intensive and thus a
interview following last 200,000. year he participated in a Pur- itself as a partner to industry, dents have graduated with weak link for the U.S. Ad-
week’s announcement. Why did the U.S. share of due summer program provid- offering land and research semiconductor concentrations vanced packaging, as SK
Staffing a fab is harder in semiconductor production ing hands-on exposure. collaboration to companies in majors such as materials, Hynix plans at Purdue, “is
the U.S. than in South Korea, shrink? As in other indus- He wore a white “bunny such as Saab and Rolls-Royce. mechanical or electrical engi- where innovation will sustain
where SK Hynix has contracts tries, the U.S. became an ex- suit” in a fab clean room Around the time SK Hynix neering. Another 135, mostly Moore’s Law…and rewrite the
with local universities and its pensive place to manufacture. where sophisticated tools came calling a few years ago, sophomores and juniors, are cost equation,” Chiang said.
own in-house university. Susan Houseman of the etch countless transistors on Purdue was launching several enrolled in certificate pro- “People think of universi-
Nonetheless, Kwak said, “the Upjohn Institute, who has silicon wafers. “Every week specialized semiconductor grams. ties as absolutely essential to
final goal is very clear. We studied outsourcing, said this my interest grew. Every com- graduate, undergraduate and While their prospects look the workforce and talent de-
need to have very good engi- wasn’t “primarily a story pany talked about how…we certificate programs. good right now, that’s not velopment, the most impor-
neers for our success in U.S.” about offshoring.” U.S. com- have to create more semicon- In South Korea and Tai- guaranteed. Other attempts tant supply chain of all in the
The U.S. is trying to do panies still lead in chip de- ductor engineers to keep up wan, manufacturers have an at reshoring electronics man- end,” said Chiang. “But it is
something unprecedented: re- sign: Nvidia in artificial intel- with the growing advance- almost captive labor supply. ufacturing have foundered on also essential to transforma-
verse a shrinking share in a ligence, Qualcomm in ments in technology. I wanted John Wu, a materials engi- unforgiving economics. The tional innovation.”

Contributions to core inflation

7% Transport goods Core consumer-price index

Inflation
6
(excluding motor fuel)

Core goods
(excluding transportation)
Fight Isn’t
5 Over, Says
4
New York
3
Housing rents Fed Chief
2

BY NICK TIMIRAOS
1 Travel-related services
New York Fed President
JUSTIN SULLIVAN/GETTY IMAGES

John Williams said the central

0 Other services bank had made “tremendous
progress” toward balancing its
goals of reducing inflation
–1 while promoting a strong la-
2019 ’20 ’21 ’22 ’23 ’24 bor market but said the Fed-
eral Reserve’s job wasn’t done.
The consumer-price index in March was up 3.5% from a year Note: Chart shows 12-month percentage change in the core consumer-price index and percentage-point contributions. Williams, who is part of the
earlier, the Labor Department says.. Sources: UBS; Labor Department leadership team that shapes
the agenda for the Fed’s rate-

Fed Rate Cuts Are Now a Matter of If, Not When

setting committee, said the
central bank’s “overarching ob-
jective…now is to properly bal-
ance restoring price stability
BY NICK TIMIRAOS Boston Fed President Susan without the “pain” in the la- or two more benign price other miss began to surface and maintaining maximum em-
Collins said Thursday she saw bor market that Powell had readings might have been more perplexing questions, ployment.” That marks a shift
Firmer-than-anticipated in- less urgency to cut rates than once warned would be likely. enough for officials to con- including whether the con- from one year ago, when Fed
flation has delivered a mean- she did just a few months ago (The 7% figure is based on the clude interest rates could be ventional wisdom is wrong— officials were speaking as if the
ingful setback to the Federal because the job market has Fed’s preferred inflation recalibrated lower. again—about inflation. Among central bank had just one man-
Reserve’s hope that it could been stronger than antici- gauge.) “We don’t want to have a them: What if the Fed isn’t date: to bring down inflation.
buoy prospects of a so-called pated and easier financial The latest data raises two situation where it turns out able to deliver any rate cuts Still, Williams suggested
soft landing by dialing back conditions suggest interest different possibilities. One is that the six months of good this year, and what if inves- the Fed was likely to maintain
some of the past year’s inter- rates might not be slowing that the Fed’s expectation inflation data we had last tors are putting too much its cautious approach toward
est-rate increases. the economy as much as that inflation continues to year, that that didn’t turn out confidence in the Fed to cutting interest rates when he
Solid hiring and the pros- thought. move lower but in an uneven to be an accurate signal of achieve a soft landing? noted, “we have not seen the
pect that inflation might settle “The risks of monetary pol- and “bumpy” fashion is still where underlying inflation is, total alignment of our dual
out closer to 3% than the Fed’s icy being too tight have re- intact—but with bigger so we’re just being careful,” mandate quite yet.”
2% goal could call into ques- ceded,” she said. Recent infla- bumps. In such a scenario, a Powell said. Threading a needle The March inflation report
tion whether the central bank tion setbacks “also implies delayed and slower pace of Fed officials often stress “For investors to assume Wednesday prompted inves-
will be able to cut rates until that less easing of policy this rate cuts is still possible this that their policy decisions de- that they thread this needle is tors to rethink how many cuts
much later in the year without year than previously thought year. pend on the totality of eco- a little bit presumptuous, and the central bank will deliver
evidence of a sharper slow- may be warranted.” A second possibility is that nomic data and not any single I think actually quite danger- this year if the economy
down in the economy. inflation, rather than on a data point. Still, the inflation ous,” said Peter Berezin, chief doesn’t weaken, and it is likely
The consumer-price index, “bumpy” path to 2%, is get- data has loomed larger than global strategist at BCA Re- to prompt a similar reassess-
a measure of goods and ser- Early optimism ting stuck at a level closer to ever as of late because with search. “The market has been ment by Fed officials.
vices prices across the econ- Fed officials including 3%. Without evidence that the signs that the economy re- priced for a soft landing, and Williams didn’t address his
omy, rose 3.5% in March from Chair Jerome Powell started economy is slowing more no- mains on solid footing, Powell if we get either a second wave outlook for rates but said he
a year earlier, the Labor De- the year with the wind seem- tably, that could scrap the and his colleagues had been of inflation or an increase in now expected inflation using
partment said Wednesday. ingly at their backs: Inflation case for cuts altogether. looking for a credible justifi- unemployment that feeds on the Fed’s preferred gauge to fall
The third straight month in cooled at the end of 2023 “Underlying inflation is cation to start cuts. itself and produces a reces- to between 2.25% and 2.5% at
which prices were hotter than faster than most economists down. We have made prog- The March inflation report sion, the market is going to the end of this year. That was
expected likely sends officials inside or outside the central ress. Frankly, we’ve made wasn’t notable on its own. sell off really, really signifi- up from his forecast of 2% to
back to an uneasy holding pat- bank had anticipated, particu- more progress than I would Prices excluding volatile food cantly.” 2.25%, given in late February.
tern where they wait several larly given unexpectedly brisk have expected a year ago,” and energy items posted Futures contracts tied to Williams highlighted one
more months for either better hiring and growth. said Jason Furman, a Harvard nearly the same increase of the federal-funds rate show source of optimism for offi-
inflation data or the type of Those broad-based infla- University economist. “But almost 0.4% in March as they traders see rates ending the cials who have taken a less
evident economic weakness tion declines offered reasons we’ve made less progress had in February. year around 5%, according to anxious view toward inflation:
they were hoping to avoid. to think maybe, contrary to than anyone was hoping for Separate data released FactSet, implying just one or wage growth has slowed and
“It definitely makes them the conventional wisdom, the three months ago.” Thursday suggest that, using two quarter-point cuts this the labor market is showing
less confident that inflation proverbial last mile of the in- Indeed, Powell told law- the Fed’s preferred gauge, year. Entering January, trad- fewer signs of imbalance.
is coming back to the 2% tar- flation battle wouldn’t be dif- makers in March that Fed of- those prices likely rose ers had expected the Fed to
get,” said Alan Detmeister, ficult—that after declining ficials were “not far” from be- around 0.3% in March. cut interest rates six or seven
an economist at UBS who from 7% in June 2022 to 3% in ing able to gain the But because January and times.
used to run the Fed’s infla- 2023, inflation might gently confidence needed to lower February figures had been Many Wall Street forecast-
tion-forecasting division. fall back to the Fed’s 2% goal interest rates by midyear. One stronger than expected, an- ers threw in the towel begin-
ning Wednesday on their pro-
jection that the Fed would cut
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THE WALL STREET JOURNAL.
Mortgage
Rate Rise
Clouds
Housing
Outlook
After easing a bit
early this year, rates
have moved back
toward key 7% level
BY GINA HEEB
AND KAILYN RHONE
Mortgage rates again rose
to nearly 7%, a key psychologi-
cal threshold that threatens
the housing revival that many
had hoped for this year.
Mortgage rates had eased
some at the start of the year,
helping to spur some activity
in the sharply slowed-down
market. But shifts in expecta-
tions for the Federal Reserve
have pushed rates back to-
ward 7%, a level they haven’t
reached since December.
“When you start to cross
whole numbers, psychologi-
cally, people get a little ner-
vous,” Alex Elezaj, chief strat-
egy officer at United
Wholesale Mortgage, the
largest mortgage lender in the
U.S., said in an interview last
month.
The average rate on the
standard 30-year fixed mort-
gage rose to 6.88%, according
to a survey of lenders released
Thursday by mortgage-finance
giant Freddie Mac. That is up
from 6.82% a week earlier. A
separate measure of average
mortgage rates, from the
Mortgage Bankers Associa-
tion, rose to 7% this week.
Hopes for relief are fading
this week.
Unexpectedly hot inflation
data released Wednesday cast
doubt on projections that the
Fed will soon cut interest
rates from the highest level in
decades.
Mortgage rates aren’t di-
rectly tied to those moves but
tend to loosely follow the 10-
year Treasury yield, which
posted its largest one-day gain
in more than 18 months
Wednesday.
Higher mortgage rates have
put homeownership out of
reach for many Americans. A
difference of a few percentage
points can add hundreds of
thousands of dollars in inter-
est over the life of a loan.
Home prices have hit re-
cord highs, and the cost of in-
surance premiums, property
taxes and maintenance have
also jumped. Workarounds
that borrowers use when rates
are high haven’t worked as
well as in the past.
“This is the worst market
I’ve seen,” said Bill Brewer,
principal broker at Re/Max
Equity Group, who has been in
the real-estate industry for
more than four decades. “We
don’t have the tools that got
us out of tight spots in the
past.”
Catherine Hicks purchased
a three-bedroom home in St.
Petersburg, Fla., in January,
with a 7.1% mortgage rate.
Hicks hoped she would be able
to refinance the mortgage
later this year, but recent
headlines have made her wor-
ried that rates won’t go down
anytime soon.
“When you’re going into
buying your first home, you
never anticipate not having
the option to refinance,” the
23-year-old Hicks said. “It’s
definitely discouraging at this
point.”
Still, the recent uptick in
mortgage rates hasn’t been as
sharp as it had been last year,
when rates rose to nearly 8%.
There are signs some buy-
ers and sellers have started to
get used to higher interest
rates and decided to move
anyway.
“Borrowers have been ad-
justing,” said Sam Khater,
chief economist at Freddie
Mac.
At UWM, originations
dropped 15% in 2023. Execu-
tives are hopeful that things
will pick up this year. The
company has hired more than
1,000 employees so far this
year, according to Elezaj,
which is “significantly above”
its normal levels for that pe-
riod.
“Over the past year or so,
things have settled in,” Elezaj
said. “This is an environment
we might be in for a while.”
* * * *
Football Star’s Trial Divided Nation
BY BEN FRITZ
AND JOSEPH PISANI
O.J. Simpson, the football
star and Hollywood celebrity
whose murder
OBITUARY trial became a
O.J. SIMPSON landmark mo-
ment in the
1947-2024
national de-
bate over race
and criminal justice, has died.
He was 76 years old.
He died Wednesday from
cancer, said a post on his X
account, which was attributed
to the Simpson family.
Simpson’s accomplishments
as one of the greatest running
backs in college and profes-
sional football history, along
with a career as an actor and
celebrity pitchman, were over-
shadowed by his 1994 arrest
following a nationally tele-
vised police chase for alleg-
edly killing his ex-wife Nicole
Brown Simpson and her friend
Ronald Goldman.
The subsequent trial, which
was televised in its entirety
and lasted nearly a year, was a
media sensation. Simpson’s
acquittal divided the nation
largely along racial lines. Polls
showed that most white peo-
ple believed Simpson was
guilty, while most Black Amer-
icans believed the defense’s
case that his prosecution was
evidence racism pervaded the
U.S. justice system, no matter
how famous the accused.
Despite his acquittal, Simp-
son never regained his status
as an advertising star, actor or
sports announcer. In the three
decades since the case, he lost
a wrongful-death suit over the
deaths of Brown Simpson and
Goldman, wrote a book he said
was a hypothetical tale of how
he would have carried out the
killings, and spent nine years
in prison on robbery and kid-
napping charges. Simpson
was granted parole in 2017.
Born Orenthal James Simp-
son in 1947, Simpson grew up
in public housing in San Fran-
cisco. After two years playing
football at City College of San
Francisco, he transferred to the
University of Southern Califor-
nia, where he led the nation in
rushing for two consecutive
years and won the Heisman
Trophy his senior year.
Simpson was picked No. 1
overall in the 1969 NFL/AFL
Port Chief Has the Hardest Job in U.S. Logistics
BY SCOTT CALVERT
BALTIMORE—Jonathan
Daniels took over this city’s
port two months ago with a
mandate to expand it. As he
looks out through a 20th-floor
window, it is clear how much
his job has changed.
In the distance is the man-
gled wreckage of the Francis
Scott Key Bridge and the 984-
foot containership that brought
down the span. He is managing
a crisis he never imagined that
threatens a major driver of the
area’s economy. In short, he
has the hardest job in U.S. lo-
gistics right now.
“You look out there, it’s
gone,” he said of the bridge,
part of the city’s beltway for
decades. “Not only is that
route gone, but also it’s block-
ing commerce for the region.”
The wreckage has walled
off oceangoing ships from
most of the port, including all
but one of the vehicle termi-
nals that made Baltimore the
nation’s top gateway for im-
ported cars. The Army Corps
of Engineers says it seeks to
remove enough debris to fully
reopen the 50-foot-deep chan-
nel by late May.
“We want our cargo back
when that time comes,” Dan-
iels, who is 55 and deep-
voiced, said in his first public
comments since the ship Dali
lost steering for unknown rea-
sons and slammed into a
bridge support column around
1:30 a.m. March 26. The col-
lapse of the bridge killed six
workers who were filling pot-
holes.
Daniels said he is already
planning for the resumption
of operations. He is acting as
a liaison between federal and
state officials and an array of
port interests. That means
staying in touch with ship-
pers, private port operators
and the longshoremen’s union,
as well as with the Army
Corps and Coast Guard, which
are leading the federal disas-
ter response. He sees a big
part of his job as sharing in-
U.S. NEWS
O.J. Simpson, center, played for the Buffalo Bills as No. 32 for nine seasons. In his murder
trial, below, Simpson was asked to put on a pair of gloves in front of the jury.
draft, where he was selected
by the Buffalo Bills. He played
nine seasons with the Bills
and two with the San Fran-
cisco 49ers. He was elected to
the NFL Hall of Fame in 1985,
his first year of eligibility.
With his good looks, win-
ning smile and a charming
personality, Simpson was a
beloved celebrity at the time.
His first breakthrough out-
side of sports came in a series
of commercials for Hertz
Rent-A-Car starting in the
1970s. He remained the com-
pany’s spokesman for more
than a decade.
Despite his status as one of
the most famous Black people
in the U.S., Simpson rarely
discussed race or racism pub-
licly in the 1970s and ’80s.
“I’m happy with being Black
and I don’t trip about it,” he
told Playboy magazine in 1976.
By 1994, Simpson’s celebrity
was fading and he spent much
of his time playing golf. But his
place in American culture in-
stantaneously changed on the
evening of June 17, 1994, when
he participated in perhaps the
most famous police chase in
U.S. history. Five days earlier,
Simpson’s ex-wife Nicole
Brown Simpson and her friend
Ronald Goldman had been
found stabbed to death at her
Los Angeles home. Investiga-
tors homed in on Simpson as a
suspect and arranged for him
Crews work to clear the cargo ship Dali in the Baltimore Harbor. Jonathan Daniels, below, has
the job of overseeing the cleanup as executive director of the Maryland Port Administration.
formation while managing ex-
pectations about when the
port might get back to normal.
“He’s definitely got the
most complex job to deal with
right now. He’s doing multiple
jobs at the same time,” said
Bethann Rooney, director of
the Port of New York and New
Jersey.
The National Transporta-
tion Safety Board, or the
NTSB, is investigating what
happened to the Singapore-
flagged containership, and
Chair Jennifer Homendy said
Wednesday the probe was fo-
cused on the vessel’s electri-
cal-power system and circuit
breakers. Daniels said port of-
ficials aren’t aware of any
problems with the ship before
it left its berth for a 27-day
journey to Sri Lanka.
Daniels so far has won
plaudits from labor and indus-
try players.
Just 400 or so of the 2,400
members of the International
Longshoremen’s Association
Local 333 are working on any
given day right now. That
to turn himself in at police
headquarters on two charges
of first-degree murder.
But Simpson never showed
up. After being declared a
wanted fugitive, he was spotted
in a white Ford Bronco driven
by his friend and former foot-
ball teammate Al Cowlings. The
pair led police on an achingly
slow two-hour car chase.
Simpson eventually turned
himself in at his home and be-
gan what would become one
of the most watched and de-
bated criminal trials in Ameri-
compares with up to 1,800 be-
fore the collapse, said Scott
Cowan, president of the local.
The state legislature passed a
bill to aid workers and port-
related businesses.
“I feel like he’s doing every-
thing in his power to get us
through this,” Cowan said.
Mike Derby, a senior vice
president at Norwegian roll-
on/roll-off shipper Wallenius
Wilhelmsen, which uses Balti-
more as a hub, said Daniels is
Friday, April 12, 2024 | A3
Simpson’s case was the
first nationally televised trial
with a celebrity defendant.
Millions of people watched the
proceedings on the cable net-
FROM TOP: UPI/BETTMANN ARCHIVE/GETTY IMAGES, VINCE BUCCI/AFP/GETTY IMAGES
work Court TV. Prosecutors
Marcia Clark and Christopher
Darden became celebrities.
Simpson’s lawyers, including
Cochran, F. Lee Bailey, Robert
Kardashian, and Alan Der-
showitz, some of the nation’s
best-known defense attorneys,
were dubbed the “dream
team.” Judge Lance Ito was
parodied on “The Tonight
Show” in a recurring sketch
called “The Dancing Itos.”
The pop culture circus that
enveloped the proceedings of-
ten overshadowed their seri-
ousness, particularly as the
trial dragged on for 11 months.
But the nation was again riv-
eted as the trial finally con-
cluded. After less than four
hours of deliberation, on Oct.
3, 1995, the jury found Simp-
son not guilty.
In 1997, Simpson was found
liable in a wrongful-death civil
case brought against him by
parents of the victims and or-
dered to pay $33.5 million.
The families received only a
fraction of the money, includ-
ing the proceeds from the sale
of his Heisman Trophy.
David Cook, an attorney for
Goldman’s father, Fred Gold-
man, said Thursday that
Simpson never paid the Gold-
man family.
“The hope for true account-
ability has ended,” Goldman’s
father and sister, Kim Gold-
man, said in a statement.
Simpson was back in court
in late 2007, this time related
to the armed robbery of sports
memorabilia from a Las Vegas
hotel room. Simpson said he
only went to the room to take
back memorabilia and photos
can history. The fact that that belonged to him.
Simpson was Black and his Simpson was convicted in
former wife Brown Simpson 2008 on charges including
and her friend Goldman were kidnapping and burglary. He
white only added to the drama served nine years of a 33-year
in a racially divided country. sentence in prison before be-
One of the more memorable ing released on parole in 2017.
parts of the Simpson trial Since then, he maintained a
came when he was asked to presence on social media, post-
try on a pair of gloves in front ing videos on golf courses and
of the jury. Simpson appeared sitting in front of his Las Vegas
to struggle putting them on, pool. In February, he posted on
and his lawyer Johnnie Co- X saying his health was good
chran said in his closing argu- but that he was dealing “with
ment: “If it doesn’t fit, you some issues.” He thanked peo-
must acquit.” ple for reaching out.
about potential modifications
to protocols, which he said
would hinge on recommenda-
tions from agencies such as
the NTSB and Coast Guard.
Daniels’s grandfather was a
longshoreman on Lake Erie,
and his father did similar
work for a time. His own ca-
reer started in Maine, and he
later directed ports in Oswego,
N.Y., and Gulfport, Miss. Be-
fore being hired as executive
director of the Maryland Port
Administration, he led Port
TRISTEN ROUSE FOR THE WALL STREET JOURNAL (2)
Everglades in South Florida.
Past challenges have helped
him prepare, he said. In Gulf-
port, he oversaw the rebuild-
ing and expansion of facilities
wrecked by Hurricane Katrina.
He took over at Port Ever-
glades, one of the world’s
largest cruise ports, in 2020,
after the pandemic froze the
industry.
Daniels came into the Balti-
more job thinking about how
to expand operations at the
port, which consists of public
“doing a great job in terms of and private terminals. He
not overpromising, but still wanted more of the containers
working hard to get us as that bring in all manner of re-
much information as he can.” tail goods, and a boost in Latin
Wallenius normally brings American produce imports.
in several ships a week. Its Daniels got a call minutes
750-foot ship Carmen, which after the catastrophe and re-
can carry thousands of cars, calls the first time he saw
was due to leave Baltimore video of the bridge falling into
March 26 but is stuck in port. the water. “You still almost
On Tuesday, trucker Danny felt like you were in a dream,”
Dodd stood in the ship’s he said. More than two weeks
shadow, preparing to haul a later, he said he worries about
shiny tractor to Norfolk, Va., the toll on his staff.
where it would be loaded onto A regular contact for Dan-
a ship for export—one exam- iels is Kerry Doyle, managing
ple of how East Coast ports director at Tradepoint Atlan-
have stepped in. tic, a 3,300-acre logistics cen-
“Some of those ports are ter on the Chesapeake Bay
competitors of ours,” Daniels side of the Key Bridge where
said, and he is grateful they some auto deliveries were di-
are working together. But verted after the collapse. Doyle
when shippers ask what they and Daniels recently talked
can do, he said his response is, about how to get car-carrying
“You can come back.” trucks from Tradepoint over
While two tugboats guided to the terminals where arriv-
the Dali into the Patapsco ing autos are processed.
River shipping channel, they “A lot of people would get
didn’t escort it all the way un- really emotional and get really
der the Key Bridge. Daniels strung out from this,” Doyle
said the port has begun dis- said. “He’s done really well in
cussions with tug operators kind of being unflappable.”
A4 | Friday, April 12, 2024 P W L C 10 11 12 H T G K R F A M 1 2 3 4 5 6 7 8 9 O I X X ***** THE WALL STREET JOURNAL.

U.S. NEWS
U.S.WATCH
Biden Has Lost Support Among Black Men CALIFORNIA
Renamed Airport
New WSJ poll also
Sparks Dispute
shows some Black Oakland is borrowing San
women weighing Francisco’s name for its airport.
But the city across the bay
other options isn’t taking it as a compliment.
The Oakland Board of Port
President Biden faces a Commissioners voted unani-
dual-natured challenge to mously Thursday to change
shore up his support with the name of Oakland Interna-
Black Americans, one of the tional Airport to San Francisco
Democratic Party’s most loyal Bay Oakland International Air-
constituencies. port. Backers said the name
change, which wouldn’t impact
By Cameron the airport’s OAK code, would
McWhirter in Atlanta, let more travelers know Oak-
Joe Barrett in land International is within the
Milwaukee and Bay Area and potentially lead
Joshua Jamerson in to more nonstop airline routes
Washington A final vote confirming the
decision is expected to take
Perhaps the most urgent: place next month.
More Black men said they plan San Francisco officials ac-
to back Donald Trump this cused their neighbor of inten-
fall, according to a recent Wall tionally trying to confuse fliers
Street Journal poll of seven and infringing on the trade-
swing states. mark of their own San Fran-
EVAN VUCCI/ASSOCIATED PRESS

While most Black men cisco International Airport,

polled said they intend to sup- known as SFO. San Francisco
port Biden, some 30% city attorney David Chiu said
said they were either defi- his office plans to pursue litiga-
nitely or probably going to tion to stop the name change.
vote for the former Republican —Talal Ansari
president. There isn’t compa- and Christine Mai-Duc
rable WSJ swing-state polling President Biden and potential supporters in a selfie session during a campaign stop at a Michigan restaurant earlier this year.
from 2020, but Trump re- WISCONSIN
ceived votes from 12% of Black such as the economy and im- Share of Black voters who favor Biden or Trump policies or the things that he
men nationwide that year, as migration. Losing Black sup- said he was going to do for
Liberal Justice
recorded by AP VoteCast, a port would be a blow to Biden, BIDEN TRUMP the American people coming Won’t Run Again
large poll of the electorate. given how vital Black Ameri- Swing-state poll to fruition,” she said. Wisconsin Supreme Court
In the WSJ poll, 11% of cans are to the Democratic 57% 30% She would like to see more Justice Ann Walsh Bradley
Black women said they were coalition. Black men
2020 VoteCast (national poll) spending on inner cities and said Thursday that she
either definitely or probably “In this particular election, 87 12 programs that help the Black, wouldn’t seek another term,
going to vote for Trump. In the persuasion isn’t just to brown and indigenous commu- setting up a high-stakes fight
2020, the AP poll found, 6% of vote or not to vote,” said Adri- 77 11 nities, but feels they have all for control of the battle-
Black
Black women nationwide anne Shropshire, head of women been let down by Democrats. ground state’s highest court.
backed Trump. BlackPAC, a Democratic super 93 6 Though the inflation rate Bradley, whose term ends
“I think winning back more PAC. “The persuasion is actu- has come down, she said she July 31, 2025, is part of the
Black men is going to be key ally to get people to come to 71 18 was still struggling to get by court’s 4-3 liberal majority.
Black
for him,” Michael Bocian, a Biden and away from third college on Wisconsin’s minimum The election for the open
Democratic pollster who con- parties and away from Trump.” 91 8 wage, which is also the na- seat will be held next April.
ducted the WSJ survey, said of Bocian said it isn’t unheard tional minimum. “A gallon of Brad Schimel, a Republican
Biden. Bocian completed the of to see Black voters poll soft 66 21 milk is $5 in some places, yet former attorney general, said
Black
poll along with the company of on Democrats before coming noncollege I make $7.25?” she said. in November that he would
Tony Fabrizio, a Republi- around to the party’s candi- 91 9 “Make it make sense.” run. Liberals hold a majority
can. Fabrizio, who worked for a dates closer to Election Day. Sources: Wall Street Journal poll of 218 to 354 registered voters, conducted March 17–24;
But that hasn’t made her a because of Janet Protasie-
pro-Trump super political-ac- “That said, Biden is further margins of error range from +/–5.2 to 6.6 pct. pts. (swing-state poll); fan of Trump. “He would be wicz’s victory in 2023 over
tion committee when the sur- off than where we have seen 2020 VoteCast national voter survey (Associated Press) horrible for us, in my opin- former Justice Dan Kelly, flip-
vey was conducted, has since Democrats in the past,” Bo- ion,” she said of the former ping the court after 15 years
joined the Trump campaign. cian said. in,” Jones said. “They are tak- people say it’s hurtful, demean- president. of conservative control.
While Black women are less An aide for the Biden cam- ing all of our jobs.” Jones ing to other ethnicities and Her plan on Election Day is The court has made sev-
likely than Black men to sup- paign said its $25 million ad- didn’t vote in 2020 but said he races and stuff like that. But I to write in Jasmine Sherman, eral key rulings since liberals
port Trump, some are explor- vertising campaign, an- probably would this year and think he speaks plain English.” who is running for president gained control, including a De-
ing other options, including nounced in August to reach likely would vote for Trump. Still, 57% of Black men say with a socialist-led party. cember decision overturning
third parties and potentially key voters in battleground “I think Trump did a better they back Biden over Trump. “People are tired of being lied Republican-drawn maps of
staying home. Some 42% of states, included the largest job,” he said. Tony Clay, 40, a barber in to and hearing empty prom- the state’s legislative districts.
Black women in the survey fell and earliest investment in As president, Biden “wasn’t Atlanta’s predominantly Black ises,” she said. Abortion was also a cen-
into a group that the Journal Black media for a re-election really helping the community,” West End neighborhood, said Tyra Griffin, 39, who lives tral topic during Protasie-
pollsters say are up for grabs campaign in history. Jones said. The he feels that in Atlanta and works for a wicz’s race and the court has
in the election, or still per- A representative for the stimulus checks Trump is trying medical office, voted for Biden since been asked to consider
suadable. These voters say Trump campaign said: “Our helped people to undermine in 2020. She falls in the cate- two challenges to a 174-year-
they have not yet decided on a coalition message to Black and during Covid-19 Milwaukee democracy. He gory of Black women who are old state law that conserva-
candidate, may vote for an in- Hispanic communities this lockdowns, but voter Brittney said he felt down on Biden but say they tives have interpreted as
dependent or third-party op- election is simple: If you want now those are Trump was too probably will vote for him banning abortion.
tion or are likely—but not cer- strong borders, safe neighbor- gone, he said. Brown said she cozy with Rus- again. —Associated Press
tain—to back one of the hoods, rising wages, quality “He has a lot of sian President Biden’s handling of Israel’s
major-party candidates. jobs, school choice and the re- people fooled,”
regrets backing Vladimir Putin. war against Hamas has been NEW YORK
While Latino women and turn of the strongest economy Jones said of Biden in 2020. “People talk good so far, she said, because Menendez, His Wife
Black men in the survey also in over 60 years, then vote for Biden. about the econ- he has kept American soldiers
signaled in large numbers that Donald J. Trump.” In Milwau- omy, but I feel out of the crisis, but she wor- Get Separate Trials
they remain persuadable in Percy Jones, a Black restau- kee, Paul our freedom is ried about how much the U.S. Sen. Bob Menendez and
their vote choice, the share of rant manager who lives in At- Whigham, 51 years old, a chef at stake,” Clay said. is spending there. his wife will be tried sepa-
Black women is noteworthy, lanta’s West End, said Biden who owns Mi Casa Su Cafe, Brittney Brown, 37, who “Biden is spending a lot of rately on allegations they
given that they are among the just hasn’t been an impressive said he probably will end up works at Noir’e Hair District, a money for overseas things, participated in a bribery
most loyal Democratic groups. president. He is remembering backing Biden, but he sees why salon in Milwaukee’s billions of dollars on other scheme, a federal judge ruled
Biden’s standing has taken Trump’s time in office more some Black men like Trump. Bronzeville neighborhood, places, and we are struggling Thursday after Nadine Me-
a hit with some Black voters fondly—most notably on im- “He doesn’t speak like the which has many Black-owned here,” she said. nendez’s lawyers argued that
as they—like many others— migration. average politician with a bunch businesses, said she voted for —Aaron Zitner she requires treatment for a
express discontent with his “He didn’t allow people of jargon,” he said. “His rheto- Biden in 2020, but regrets it. in Washington serious medical condition.
performance on broad issues who don’t live here to come ric is scathing at times, a lot of “I haven’t seen any of his contributed to this article. The New Jersey Demo-
cratic senator’s trial remains
scheduled for May 6 in Man-

Biden Has whose presidency is remem-

bered by many voters as a
time of stable prices. The
If the Federal Reserve does cut interest rates ahead of the
presidential election, which candidate would benefit more?
dicted that the Fed would cut
rates before the end of the year,
though he acknowledged the
hattan federal court, while Na-
dine Menendez’s trial was ten-
tatively pushed back to July 8.

Few Tools economy took a significant hit

during the Covid-19 pandemic
in 2020, but prices didn’t rise
Joe Biden
recent inflation numbers could
delay the effort. And he sought
to shift blame to Republicans.
“This trial is going forward
without Mrs. Menendez” in
order to “give some stability

For Inflation significantly until Biden’s first

year in office.
Economists said trillions of
dollars in spending approved
Continued from page A1 by Trump and Biden cush-
doesn’t decrease on a linear ioned the economy during the
path and that there will al- early months of the pandemic,
ways be bumps in the road, then sped its recovery. Still,
the administration thinks the when the economy began to
trajectory is moving in the reopen in 2021, that demand
right direction. collided with labor shortages
Some of Biden’s cost-cutting and supply-chain bottlenecks
plans will take months to come to fuel inflation.
to fruition and will do little in Most economists don’t be-
the short term to slow the rate lieve Biden can do much at
of price increases. Some stub- this point to bring down infla-
bornly high prices, such as the tion, absent major tax in-
cost of groceries, are mostly creases or spending cuts that
out of the Biden administra- could curtail consumer spend-
tion’s control. The president ing. Even those policies, which
has called on grocery retailers aren’t being seriously consid-
and other companies to lower ered in Washington, would
prices, citing their high profits. take time to work their way
But he can’t compel companies through the economy.
to take action. Biden’s advisers have re-
Recent national polls show viewed polling that shows
Biden, a Democrat, essentially criticism of Republicans for
tied with former President cutting taxes on wealthy peo-
Donald Trump, the presump- ple and corporations reso-
tive GOP nominee, though the nates with voters, and they in-
incumbent trails in many tend to step up such an attack
swing states. Most surveys in the coming days and weeks.
show Biden gets poor marks They will also make the
from voters on his handling of case that proposals by Trump,
immigration, the Israel- including his plan to impose
Hamas war and some other new tariffs if he wins a second
issues, while Trump is at a term, would increase costs for
disadvantage on abortion. U.S. consumers.
The economy—particularly The president and his advis-
inflation—has long been Bi- ers have, at times, struggled to
den’s biggest weakness com- balance two competing priori-
pared with his predecessor, ties: empathizing with voters’
Donald Trump
“We’re better-situated than
we were when we took office,
when inflation was skyrocket-
and certainty to all parties,”
Judge Sidney Stein said.
The Menendezes and two
ing, and we have a plan to deal businessmen have pleaded
Neither would benefit with it,” Biden said. “They not guilty to charges that
more than the other have no plan. Our plan is one they participated in a bribery
0 10 20 30 40% that I think is still sustainable.” scheme in which prosecutors
The Republican National say cash and gold bars were
Source: Wall Street Journal survey of economists, April 5-9 Committee, for its part, said given to the couple in return
Wednesday that this week’s for the senator carrying out
concerns about high prices and still higher than before the inflation numbers showed Bi- political favors.
explaining to the public how pandemic. Lower inflation den was trying to “gaslight —Associated Press
the economy is doing well by means that prices are still ris- the American people” by
several key measures. ing, just more slowly. claiming prices were under RHODE ISLAND
As frustrated as voters are Democrats have encouraged control, and that his economic
by inflation, the annual pace the White House to maintain a policies were “a disaster for
Transit Chief Quits
of consumer price increases laser-focus on inflation, argu- families across the country.” After Incident
has fallen significantly since ing that the administration’s In a survey of business and Rhode Island Public Transit
mid-2022, when it peaked at efforts to sell the public on academic economists by the Authority CEO Scott Avedi-
around 9%. To the surprise of the trillions of dollars it is in- Journal conducted April 5-9, sian submitted a letter of res-
many economists, that has vesting in infrastructure, 49% of respondents said Biden ignation to Gov. Dan McKee
come despite stronger-than- semiconductors and climate will benefit more than other on Thursday, two weeks after
expected economic growth and change in the coming decades candidates if the Fed cuts rates he was accused in a hit-and-
a resilient labor market. Just aren’t resonating with voters. before the election. Only 7% run at a McDonald’s drive-
last week, new data showed Ron Klain, Biden’s former said Trump, while 44% said through in Warwick.
that the economy added a sea- chief of staff, criticized the neither. Forty-six percent of re- In his letter of resignation,
sonally adjusted 303,000 jobs president for, in his view, fo- spondents said Biden’s policies Avedisian ticked off a series
in March, far more than econ- cusing too much on his efforts would be better for the econ- of what he portrayed as suc-
omists had anticipated. to fix the nation’s infrastruc- omy, compared with 27% who cesses adopted during his
Some in the White House ture and not enough on prices, said Trump’s policies would be tenure. “Regrettably, all of
complain that Biden isn’t get- according to Politico, which better. Slightly more than half these initiatives are now be-
ting enough credit for those obtained audio of his remarks said the Fed will start cutting ing overshadowed by recent
developments. Indeed, voters during a recent event. rates in June, though the sur- events,” he wrote.
remain largely pessimistic Continued higher-than-ex- vey was completed before Avedisian pleaded not
about the economy. In a Wall pected inflation could derail any Wednesday’s inflation report. guilty last week to a misde-
Street Journal poll of voters in plans by the Federal Reserve to Interest-rate futures sug- meanor offense of leaving
seven swing states last month, begin reducing interest rates in gested Wednesday afternoon the scene of an accident af-
74% of respondents said infla- June and raise questions over that investors see less than a ter police said he caused a
tion has moved in the wrong whether it can deliver cuts this 20% chance that the Fed cuts three-car crash in a Warwick
direction in the past year, de- year without signs of an eco- rates in June. McDonald’s drive-through
spite inflation falling in that nomic slowdown. —Anthony DeBarros and fled the scene.
time, though to a rate that is On Wednesday, Biden pre- contributed to this article. —Associated Press
THE WALL STREET JOURNAL.
Treasury Proposal
To Set New Powers
For Watchdog Cfius
BY RICHARD VANDERFORD
A panel that reviews for-
eign investment will get new
powers to obtain information
and levy higher fines under a
proposal from the Treasury
Department, a move that
comes amid intense official
scrutiny on U.S.-China invest-
ment flows.
The proposal announced on
Thursday would allow Cfius,
the Committee on Foreign In-
vestment in the U.S., to more
easily subpoena companies in-
volved in corporate acquisi-
tions and to expand the types
of information it can require
they turn over. Cfius would
also be allowed to levy up to
$5 million in fines for certain
violations, up from $250,000.
“We’ve identified important
enhancements to our regula-
tions to more effectively deter
violations, promote compli-
ance and swiftly address na-
tional security risks in con-
nection with Cfius reviews,”
said Paul Rosen, assistant
Treasury secretary for invest-
ment security.
Cfius can recommend the
president block or unwind a
deal or real-estate transaction
because of national-security
concerns. The committee’s
work has grown in promi-
nence in an era of ramped up
U.S.-China competition, as the
administration uses export
controls on sensitive technolo-
gies, reviews on outbound in-
vestments and other tactics to
rein in China’s ambitions.
President Biden in 2022 or-
dered Cfius to scrutinize trans-
actions that could give adver-
saries access to critical
technologies or endanger sup-
ply chains and personal data.
The committee received more
resources and an expanded pur-
view under a 2018 law signed
by then-President Trump.
Trump in 2018 blocked
then-Singapore-based Broad-
We believe in the transformative power of
science and use it every day to turn safety,
security and sustainability challenges into
opportunities for our customers.
Learn more
at ir.UL.com
© 2024 UL LLC. All rights reserved.
com’s $117 billion plan to buy
San Diego-based Qualcomm af-
ter Cfius expressed national
security-related concerns. In
2019, Cfius said a Chinese
company’s ownership of gay-
dating app Grindr posed black-
mail risks to U.S. officials.
The committee is currently
reviewing plans by Japan’s Nip-
pon Steel to buy U.S. Steel in a
$14.1 billion deal. Nippon Steel
in March said the transaction
would strengthen economic de-
fenses against China.
The Treasury proposal
made public on Thursday
would allow Cfius to issue sub-
poenas more easily, including
to third parties not involved in
a transaction. Cfius under the
proposal could also impose
rigid timelines for companies
to respond to its proposals to
modify transactions. That ne-
gotiation process up to now
has been relatively informal.
Cfius would raise to $5 mil-
lion its maximum penalty for
certain violations, such as fil-
ing misleading information.
Treasury said the previous
$250,000 penalty was too low
to deter wrongdoing, given
that the median value of deals
voluntarily reported from 2013
to 2022 was about $170 mil-
lion.
The rule won’t become final
until the administration con-
siders public comments.
Cfius conducts its work rel-
atively quietly, but compared
with past eras, it has increas-
ingly focused on taking en-
forcement actions, said John
Carlin, a partner at law firm
Paul, Weiss, Rifkind, Wharton
& Garrison who previously
served as the top national-se-
curity official for the U.S. Jus-
tice Department.
“Even though they have not
been particularly public about
the resolution of enforcement
actions, there’s a fair amount
of work going on behind the
scenes,” Carlin said.
U.S. NEWS
Boeing CEO David Calhoun is stepping aside in the wake of a blowout on one of the company’s airliners and production problems.
Boeing Erred
In Reporting
CEO Perks
Continued from Page One
Boeing’s executive flight op-
erations unit and its board of
directors scrutinize personal
use of company aircraft, the
Journal previously reported.
Boeing said in its proxy that
flights to attend outside board
meetings or speaking engage-
ments may count as perqui-
sites under SEC rules.
Boeing’s board requires Cal-
houn to use the company’s pri-
vate jets for personal travel,
not just business, for security
reasons. The company recently
said the CEO was stepping
aside, part of a shake-up after
a Jan. 5 midair blowout and
production problems.
Other executives in the re-
vised disclosure—finance chief
Brian West; recently departed
commercial chief Stan Deal
and defense chief Ted Col-
bert—may also use Boeing’s
fleet of private jets for per-
Reported value of personal flights on company aircraft in 2023
for CEOs of selected S&P 500 companies
$0 million 0.5
Nikesh Arora (Palo Alto Networks)
Tim Cook (Apple)
James Taiclet (Lockheed Martin)
Robert Goldstein (Las Vegas Sands)
Bob Iger (Disney)
Ramon Laguarta (PepsiCo)
James Farley (Ford Motor)
Julie Sweet (Accenture)
David Calhoun (Boeing)
Brian Cornell (Target)
Sources: Equilar; the companies
sonal trips. For these execu-
tives, the revisions include
some personal flights on char-
ter, leased or commercial air-
craft.
Last year, Boeing said the
company followed all laws and
regulations when it came to
classifying executives’ aircraft
use: “As it relates to the track-
ing and categorization of
flights, we have professionals
and subject matter experts
who help us strictly comply.”
1 1.5
In the September article,
the Journal reported that Cal-
houn and other executives
hadn’t relocated to the plane
maker’s headquarters in Ar-
lington, Va. Instead, flight re-
cords suggested the CEO flew
from his two homes to the
main office and other Boeing
locations via the company’s
fleet of private jets.
Some other company execu-
tives have worked out of of-
fices near their homes, the
Friday, April 12, 2024 | A5
DAVID RYDER/REUTERS
2
Journal reported. Boeing
opened a small new office near
the Connecticut homes of
West and treasurer David
Whitehouse.
Calhoun addressed the
Journal’s article at an internal
meeting with employees in
November, saying he wanted
executives to travel and spend
time visiting its operations.
“I don’t want anybody, by
the way, to misinterpret a silly
article that got published in
The Wall Street Journal about
me traveling a lot,” Calhoun
said, according to a recording
of the meeting the Journal re-
viewed. “That’s my objective.
That is what I want to do.
That is what I want everybody
at the enterprise level to do.”
In its proxy filing, Boeing
reported $514,000 in personal
flights on company aircraft for
Calhoun in 2023, part of his
total compensation of $33 mil-
lion that year. The revisions
concerned the prior two years.
The revised 2022 tally for Cal-
houn’s personal flights came
to about $332,000, an increase
of $93,000 from the com-
pany’s earlier calculation, ac-
cording to securities filings.
For 2021, the tally increased
by $49,000.
A6 | Friday, April 12, 2024 * *** THE WALL STREET JOURNAL.

WORLD NEWS
Fears Grow Over Gaza Hostages Israel
Prepares
Hamas says it is
unsure if it has 40 For Attack
living captives to
return to Israel By Iran
Fears are rising over the fate TEL AVIV—Israel is prepar-
of the remaining hostages held ing for a direct attack from
in Gaza after Hamas said it was Iran on southern or northern
unsure whether it could bring Israel as soon as the next 24
forth 40 Israeli civilian captives to 48 hours, according to a
as part of a U.S.-backed cease- person familiar with the mat-
fire proposal, officials familiar ter. A person briefed by the
with the negotiations said. Iranian leadership, however,
said that while plans to attack
By Summer Said, are being discussed, no final
Nancy A. Youssef decision has been made.
and Jared Malsin
By Dov Lieber, Benoit
The 40 hostages, including Faucon and Warren P.
women, children, elderly men, Strobel
and those in fragile health,
would be released under a Iran has publicly threat-
U.S.-supported plan for a six- ened to retaliate for an attack
week cease-fire in the war in last week in Damascus, Syria,
Gaza. In exchange, Israel that Tehran said was an Is-
HANNAH MCKAY/REUTERS

would release hundreds of raeli airstrike on a diplomatic

Palestinian prisoners. building. The strike killed top
Instead, the militant group Iranian military officials, in-
has been unable to confirm that cluding a senior member of
it has enough civilian hostages the Islamic Revolutionary
to fulfill its end of the deal in Guard Corps’ elite Quds Force.
the initial phase of the pro- Demonstrators in Tel Aviv on Thursday called for a cease-fire deal and the release of Israeli hostages Hamas holds in Gaza. Earlier this week, U.S. intel-
posed plan, complicating talks ligence reports showed that an
toward a possible cease-fire in outside Israeli Prime Minister tives. Ambiguity around the wounds they suffered during argument before it agreed to attack on Israeli assets by Iran
the six-month-old war that has Benjamin Netanyahu’s office number of living hostages and the Oct. 7 attack. Others were the November cease-fire deal. or its proxies could be immi-
left much of Gaza in ruins. on Tuesday. The children’s fa- their identities could impede dead when militants took That agreement also eventu- nent, but a source says it now
A Hamas official said the ther remains in captivity. progress. their bodies into Gaza and ally collapsed, in part because appears that the attack could
group wouldn’t commit to re- The Israeli government has About 130 remaining hos- some are believed to have Hamas failed to produce a list be within Israel’s borders.
leasing 40 living hostages but rejected the families’ accusa- tages taken in the attack are been killed by Hamas in cap- of 10 living civilian women A U.S. official with knowl-
could commit to 40 captives tion that it hasn’t made the still in Gaza. Of those, Israeli tivity. The Israeli military in and children held in Gaza. edge of the matter said Thurs-
total, which could mean dead hostages a priority, and says officials have publicly con- December also said it mistak- Hamas repeated the argu- day that American intelligence
or alive. freeing the captives is a prior- firmed that 34 are dead. More enly shot and killed three hos- ment on Thursday. “Part of reports indicate an Iranian re-
The admission by Hamas, ity. Both Israel and Hamas re- than 100 other hostages were tages. At least one died in a negotiations is to reach a taliatory strike within days,
which took more than 240 sponded critically to a new U.S. freed during a weeklong failed Israeli rescue mission. cease-fire agreement to have “possibly on Israeli soil” as
hostages during its lethal Oct. cease-fire proposal this week. cease-fire in a deal with Hamas officials for weeks enough time and safety to col- opposed to Israeli interests
7 attack on Israel, has height- The Israeli military declined Hamas in November. have told negotiators that the lect final and more precise elsewhere.
ened fears among families of to comment on estimates of U.S. and Israeli officials be- group was unable to confirm data about the captured Israe- On Thursday, the American
the hostages, who are increas- how many hostages are alive. lieve some of the remaining how many hostages are alive, lis, because they are in differ- embassy in Israel said U.S.
ing pressure on the Israeli The Israeli prime minister’s hostages are being used as hu- Arab mediators said. Egypt ent places by different groups, government employees and
government to make a deal office declined to comment. man shields around Hamas’s and Qatar are acting as inter- some of them are under the family members would be re-
that would pause the fighting The exact number of hos- leadership, which Israeli offi- mediaries in negotiations be- rubble killed with our own stricted from any personal
and free at least some of the tages still alive is a central is- cials believe is hiding in tun- tween Hamas and Israel. people,” Basem Naim, a mem- travel outside of central Israel,
captives. sue in the negotiations toward nels in southern Gaza. At times, Hamas has argued ber of the Hamas political bu- Jerusalem and Beersheba until
“Every day without a deal a cease-fire deal. The latest estimates mark a that providing information reau in Gaza, said on the further notice.
endangers them. For half a Proposals by the U.S. and notable increase from recent about the remaining hostages group’s Telegram channel. Gen. Michael Erik Kurilla,
year, they have been toying Arab states envision Israel re- U.S. assessments. As recently would mean giving up lever- Mediators believe that the commander of U.S. Central
with their lives, permitting leasing Palestinian prisoners, as February, Israeli and U.S. of- age in the negotiations, the majority of the remaining hos- Command, which is responsible
their blood to be spilled,” said in varying numbers, in return ficials believed at least 50 hos- mediators said. Hamas also tages who remain alive are for military operations in the
Hadas Kalderon, the mother of for different types of Israeli tages had been killed, suggest- repeatedly said it needs a younger male hostages, in- Middle East, was in Israel
two children who were kid- hostages including civilians, ing that roughly 80 were alive. pause in fighting to track and cluding soldiers. Thursday, defense officials said.
napped by Hamas and later female soldiers, male soldiers The majority of the de- collect the hostages. —Anat Peled Israeli Prime Minister Ben-
freed, speaking at a protest and the bodies of dead cap- ceased died as a result of The group made the same contributed to this article. jamin Netanyahu, speaking
from an air base in southern
Israel, also on Thursday,

Israel Faces Hamas is adapting to Is-

rael’s campaign, mostly avoid-
ing large firefights, hiding and
vowed to respond directly
against any attack on Israel.
“Whoever harms us, we

Potential waiting for Israeli forces to

move on. Then Hamas tries to
re-establish its presence and
will harm them. We are pre-
pared to meet all of the secu-
rity needs of the State of Is-

Loss in War power, intimidating the local

population and exploiting the
lack of any other authority.
The militants started reap-
Continued from Page One pearing in Gaza City in the
“As someone who has seen enclave’s north in January,
these battles, we won the bat- when Israeli forces pulled out
tle,” said Noam Ohana, a re- after conquering the city last
servist with Israel’s 98th Divi- year. The pattern is repeating
sion who fought in Khan itself in Khan Younis, the big-
Younis, the biggest city in gest city in southern Gaza,
southern Gaza. “You can where Israel’s 98th Division
choose to not reap the fruits fought a lengthy battle before
of your military victory and withdrawing.
ATEF SAFADI/EPA/SHUTTERSTOCK
rael, both defensively and
offensively,” he said.
Syria also accused Israel of
carrying out the attack, which
killed Gen. Mohammad Reza
Zahedi, who managed Iranian
paramilitary operations in
Syria and Lebanon, according
to Iranian state media and
U.S. officials. Zahedi was the
highest-ranking Iranian mili-
tary official to be killed since
the January 2020 U.S. assassi-
nation of Gen. Qassem Solei-

then you will have a political Israel’s defense ministry is mani in Baghdad.
problem.” strongly opposed to a full mil- At least six other Iranian
The lengthy war and its itary occupation of the strip, militants were killed in the
mounting humanitarian which would offer Hamas a strike, Iran’s Revolutionary
toll have strained Israel’s re- target for a grinding insur- Guard said.
lationship with the U.S. Many gency. Israeli troops occupied An Israeli military spokes-
people in Israel fear the U.S. Gaza from 1967 onward but man said that intelligence
relationship could be irre- pulled out in 2005. showed the building hit in Da-
versibly damaged by the war, Israeli soldiers perform maintenance on their equipment after withdrawing from Khan Younis. The U.S., major Arab coun- mascus wasn’t a diplomatic
a loss for Israel’s security tries and much of Israel’s se- facility, but a building that the
outweighing the benefits of Division, made a rare public main intact—and where about regional confrontation with Is- curity establishment see only Quds Force uses and is dis-
the fighting. criticism of Israel’s political 1.5 million Palestinian civilians rael, said Jonathan Conricus, a one realistic alternative: in- guised as a civilian site.
Publicly, Israel’s military has leaders in March when he are sheltering. former Israeli officer who was volving the Palestinian secular Earlier this week, Iran’s
said the campaign is a major called on them to unite and Netanyahu has for a military spokesman early in nationalist party Fatah, which Revolutionary Guard contacted
success, albeit a work in prog- “be worthy of the soldiers” weeks vowed to take Rafah, the war. runs the Palestinian Authority the country’s Supreme Leader
ress. Israeli forces have killed fighting and dying in Gaza. saying his goal of “total vic- Meanwhile, Hamas is filter- in the West Bank. Ayatollah Ali Khamenei with
thousands of Hamas militants “You must make sure we do tory” requires it. He recently ing back into more areas of But Netanyahu has ada- several options to strike Israeli
and destroyed many of their not return to Oct. 6, that all said a date has been set. Yet a Gaza that Israeli forces have mantly rejected any role for interests, said an adviser to
rockets, tunnels and other in- the effort and sacrifice won’t ground assault on Rafah can’t vacated after they earlier the group. the paramilitary force. The
frastructure, Israel says. be in vain,” Goldfus said. He happen soon, senior military cleared out the militants in Many in Israel argue that scenarios under consideration
Privately, however, many was given an official repri- figures said. heavy urban fighting. The Is- the war isn’t going well for include a direct attack on Is-
officers and ordinary soldiers mand for straying into poli- Israel is struggling to find a raelis have fought to suppress Hamas either. By any mea- rael with sophisticated me-
worry about the prospect of tics. way to move the swollen refu- Hamas in some neighbor- sure, the group’s fighters dium-range missiles, he said.
their tactical successes Many of his troops agreed gee population to somewhere hoods repeatedly, for example have been mauled, and have Social-media accounts close
against Hamas being squan- with him, however. else in the at the Al-Shifa proved no match for Israel’s to the Revolutionary Guard
dered by political indecision. Reservists who returned heavily de- hospital in military, even in dense urban posted videos showing simu-
“To eliminate Hamas, you from Gaza recently said frus- stroyed en- Gaza City. battlegrounds that favor lated missile attacks on Israel’s
need to create an alternative tration about the lack of a clave. The U.S., Many in the Israel has re- guerrilla tactics. Haifa airport and its nuclear fa-
as a governing body in Gaza. plan to consolidate their tacti- Israel’s indis- military worry duced its troop Israel has rendered Hamas cility in Dimona. An Iranian of-
There’s a general understand- cal gains into a lasting strate- pensable ally, is presence in the unable to mount another at- ficial has also previously said
ing across Israel’s military and gic victory was increasing. opposed to a about Israel’s strip to one bri- tack such as Oct. 7 and shown Iran would strike at Israel’s
security services that this is Israel’s central war aim— major ground gade, down its enemies around the Middle power and desalination plants
not a problem that can be regime change—is something assault on Ra-
political from over 20 East that they will pay a high if attacked.
solved militarily,” said Ofer that is never easy to accom- fah, saying it indecision. and more than price for attacking it, said But Khamenei has yet to
Fridman, a former Israeli offi- plish, said Tamir Hayman, would cause 6 0 , 0 0 0 Amos Yadlin, a former head of decide on the plans. He is
cer and war-studies scholar at head of the Institute for Na- unacceptable troops late last Israeli military intelligence. concerned a direct attack
King’s College London. tional Security Studies in Tel civilian deaths. year, to let sol- Had the government fo- could backfire with the pro-
Netanyahu said on Sunday Aviv and an adviser to Israel’s The standoff over Rafah diers recover and relieve the cused on those more manage- jectiles being intercepted and
that Israeli forces are racking defense minister. has added to the tensions be- burden on Israel’s economy. able goals, it could claim suc- Israel responding with a mas-
up achievements in the fight Israel has made it even tween Netanyahu and the Bi- Despite achieving near-to- cess, he said. sive retaliation on Iran’s stra-
against Hamas. “We are one harder by destroying Hamas’s den administration. Washing- tal tactical mastery over “I cannot say that Israel tegic infrastructure. “The
step away from victory.” power without knowing with ton’s patience with Israel has Hamas in firefights, Israel’s failed strategically, but I can strike plans are in front of the
An adviser to Netanyahu re- what to replace it, Hayman been further stretched by the military has been unable to say definitely it hasn’t Supreme Leader and he is still
peated the message on Thurs- said. killing of seven workers from stamp out an elusive enemy, achieved its ambitious goals of weighing the political risk,”
day, saying the war isn’t over Israel has been most suc- the U.S.-based nonprofit group find top Hamas leaders such dismantling and destroying the adviser said.
and “there were many unprec- cessful at suppressing and World Central Kitchen—an as Yahya Sinwar, or rescue Hamas or bringing back hos- The scenarios involve at-
edented achievements on the scattering Hamas’s military event Israel’s military said the hostages. tages,” said Yadlin. Given the tacks by Tehran’s proxies in
battlefield,” adding, “The formations in most of Gaza. was a mistake. Hamas is also able to re- damage inflicted on Hamas, Syria and Iraq, for which Iran
country is fully united behind But even that task has stalled A rift with the U.S. could cruit new members among “it’s some kind of a tie,” he delivered drones out of ware-
the objectives of the war.” at the gates of Rafah, the city have consequences reaching Gaza’s large population of said. houses in recent days, accord-
Israeli Brig. Gen. Dan Gold- on Gaza’s southern border, far beyond Gaza, potentially young males, experts on the —Anat Peled ing to advisers to the IRGC
fus, commander of the 98th where Hamas’s battalions re- encouraging Iran in the bigger radical Islamist group said. contributed to this article. and the Syrian government.
THE WALL STREET JOURNAL.
Russian Tells of Prisoner-Exchange Talks
Secret discussions
with U.S. could
include release of
jailed WSJ reporter
BY ANN M. SIMMONS
The U.S. and Russia are us-
ing a confidential channel to
discuss the issue of exchang-
ing prisoners that could in-
clude the release of jailed Wall
Street Journal reporter Evan
Gershkovich, a senior Russian
diplomat said Thursday.
Russia’s deputy foreign
minister, Sergei Ryabkov, told
reporters that “dialogue on
this topic is being conducted
through a specialized closed
channel,” but said he wasn’t
authorized to comment on the
exchange of information or
“the signals that pass through
this channel,” Russia’s state
news agency TASS reported.
Moscow Targets Ukrainian Power Stations
BY ISABEL COLES
AND IEVGENIIA SIVORKA
Russia launched a major
missile-and-drone assault on
Ukrainian power stations, part
of a new campaign to exploit
delays in Western aid for Kyiv
to press Moscow’s growing ad-
vantage in the third year of
war.
The overnight strikes hit
several regions, destroying a
power plant in the Kyiv region
and inflicting fresh damage on
others that had been hit in ear-
lier attacks. Tens of thousands
of homes were left without
power, Ukrainian officials said.
Ukrainian President Volodymyr
Zelensky called for urgent ad-
ditional aid from the West to
combat the strikes.
“We need air defense and
other defensive support—not
ignoring and lengthy discus-
sions,” he said.
Zelensky recently warned
that Ukraine would run out of
air-defense missiles if the cur-
rent pace and intensity of Rus-
sian strikes continues.
Dwindling stockpiles are
leading Kyiv to make tough
choices about which cities and
critical infrastructure to pro-
tect, he said, adding that
Ukraine would need 25 Patriot
air-defense systems to fully
shield its territory.
Recent attacks hit Ukraine’s
biggest hydroelectric power
plant and several thermal
power plants, underscoring the
vulnerability of the country’s
energy infrastructure. In strik-
ing civilian infrastructure, Rus-
sia is seeking to lay the
groundwork for future offen-
sives by depleting Ukrainian air
defenses and diverting Kyiv’s
resources away from the front
line, said Franz Stefan-Gady, a
Vienna-based defense analyst.
“Ukraine’s air-defense situation
could become quite critical by
the summer,” he said.
White House national-secu-
rity spokeswoman Adrienne
Watson described Russia’s
campaign as “a terrible re-
minder of Vladimir Putin’s ef-
forts to break the spirit of the
Ukrainian people and plunge
them into darkness,” urging
Congress to unblock an aid
package.
Russia said it was retaliat-
ing for a recent spate of Ukrai-
nian drone attacks targeting oil
refineries and airfields deep in-
side its territory.
Russia battered Ukraine’s
energy infrastructure in 2022,
during the war’s first winter,
but the latest attacks suggest a
new approach. “Compared to
last year, the enemy has
changed its tactics, and the
current attacks have much
more complicated conse-
Fixes Won’t Be Quick, Easy or Cheap
Even before the latest
attack, Russian strikes had
knocked out 80% of the
generation capacity of
Ukraine’s biggest private
energy company, DTEK,
which supplies about one-
fifth of the country’s power.
DTEK spent $110 million
repairing damage caused
by more than 100 attacks
on its facilities during the
war’s first year. It will cost
more than twice that much
to fix the most recent de-
struction, Timchenko said
* * * *
Ryabkov was responding to
a question on reports that the
U.S. is preparing a new pro-
posal to exchange Gersh-
kovich, who has been detained
in Russia for over a year on an
espionage allegation that he,
the Journal and the U.S. gov-
ernment vehemently deny, and
American Paul Whelan, a for-
mer Marine and corporate-se-
curity executive. Whelan is
serving a 16-year sentence on
espionage charges that he and
his family say are false.
The U.S. office of the Spe-
cial Presidential Envoy for
Hostage Affairs declined to
comment on Ryabkov’s re-
marks.
Ryabkov’s comments come a
week after Roger Carstens, the
chief U.S. hostage diplomat,
told a press event in Washing-
ton that the Biden administra-
tion is preparing a new pro-
posal to Moscow to secure the
release of Gershkovich and
Russian attacks hit Ukraine’s biggest hydroelectric power plant and several thermal power plants, underscoring the vulnerability of its energy infrastructure.
quences for us,” said Ukrainian
Energy Minister Herman Ha-
lushchenko.
Unlike the first winter, when
Russia targeted Ukraine’s elec-
tricity-distribution network,
the recent attacks sought to
destroy generation capacity
and were more concentrated
and precise.
“Now they went further: de-
stroying not only the grid but
generation itself,” said Maksym
Timchenko, the chief executive
of DTEK, Ukraine’s biggest pri-
vate energy company.
before the latest attacks.
Destroyed power units
and transformers will take
at least six months to re-
place. “We need to immedi-
ately place orders and they
have to go into production,”
Timchenko said. “We can’t
buy it off the shelf.”
The company is in talks
with Western partners to
source used equipment
from decommissioned
power stations in Europe,
which would be a quicker
and cheaper solution.
WORLD NEWS
Whelan, saying that the U.S.
was “in the process of trying
to put together what might
look like our next offer.”
Thursday’s remarks from
Moscow, though not new, are
the latest signal that both
sides are seri-
ously engaged
in negotiations
to free the two The dialogue is
men, the only ‘being conducted
Americans cat-
egorized by the through a
State Depart-
ment as wrong-
specialized
fully detained closed channel.’
in Russia.
G e r s h -
kovich, a 32-
year-old U.S. citizen, was de-
tained on March 29, 2023, by
Russia’s Federal Security Ser-
vice, or FSB, while he was on a
reporting trip in the city of
Yekaterinburg. Gershkovich
was accredited to work as a
journalist by Russia’s foreign
The bulk of Ukraine’s elec-
tricity is generated by three
nuclear plants, and thermal
and hydroelectric power are
crucial for balancing the sys-
tem during consumption peaks.
One power plant was near-
ing the end of the night shift
on March 22 when workers got
a call alerting them that Rus-
sian missiles were heading
their way. Minutes later, sev-
eral missiles slammed into the
turbine hall, unleashing a
shock wave that threw workers
to the ground. “Everything
Imports of electricity from
Europe are helping to cover
Ukraine’s power deficit be-
cause demand is low during
spring, said Volodymyr
Kudrytskyi, CEO of national
energy company Ukrenergo.
But the capacity is limited to
1,700 megawatts of im-
ported energy—and supply
isn’t guaranteed.
Big power plants make
easy targets, and Ukraine’s
energy infrastructure dates to
Soviet times, meaning Russia
knows exactly where it is.
Friday, April 12, 2024 | A7
ministry. Moscow hasn’t pub- The remarks raised the The White House is also
licly provided evidence of the possibility that the Russian calling for the release of Radio
allegation against the re- leader could be signaling to Free Europe/Radio Liberty
porter, but has said it is acting negotiators to move the pro- journalist Alsu Kurmasheva,
in accordance with its laws. cess forward, after months in who was taken into custody in
In February, Russian Presi- which U.S. officials and ob- October and later charged
dent Vladimir Putin indicated servers have seen painfully with failing to register as a
that he would slow progress in ensuring the foreign agent. She was subse-
be open to a release of the Americans in quently also charged with
prisoner swap Russian custody. In December, spreading false information
for Gershkovich the State Department said about Russia’s military. State
if Moscow and U.S. negotiators had made a Department officials have said
Washington fresh offer to Russia to free Russia has brought baseless
reached an Gershkovich and Whelan, but charges against Kurmasheva,
agreement. Pu- Moscow rejected the Ameri- a dual U.S.-Russian citizen.
tin declined to can proposal, which had in- The U.S. is closely monitoring
give a time volved trading prisoners, the her detention but hasn’t
frame for a deal Journal reported at the time. reached a decision on whether
and didn’t In March, Putin addressed she is being wrongfully de-
specify whom the prisoner swap issue again, tained, a State Department of-
Moscow was demanding for in saying in a speech delivered ficial said.
return for Gershkovich. But he following his re-election to a Last month, a Russian
made clear reference to Rus- fifth term that he had agreed court extended Gershkovich’s
sian operative Vadim Krasikov, to exchange Kremlin critic detention by three months,
now serving a life sentence in Alexei Navalny with prisoners granting the request from the
Germany for gunning down a in the West days before the FSB that the reporter remain
Chechen émigré in a Berlin Russian opposition politician behind bars awaiting trial un-
park in 2019. died in an Arctic penal colony. til June 30.
EMANUELE SATOLLI FOR THE WALL STREET JOURNAL (2)
went dark,” said the turbine At the sound of an air-raid si- is a sense of futility to restor-
department’s head of shift. ren, they all rushed for cover. ing a plant that could be hit
A senior engineer was in the It was a drill. again, he said. “If the sky isn’t
turbine hall at the moment of The wounded engineer closed, there is no reason to re-
impact. “When I came to my plans to return to work when build.”
senses, I realized I was alive,” his leg heals, though the risk of Less than a week later, Rus-
he said. It was only as he made Russian strikes persists. There sia struck the plant again.
his way back to the control
room that he felt a heaviness in
his leg. A sharp object had
pierced his calf.
Workers made their way out
through the smoke after man-
agement told them to evacuate.
An electrician at the plant
wasn’t on shift that night but
heard the blasts from his home
roughly 6 miles away. As soon
as the all-clear sounded, he
rushed to the place he had
worked for the past two de-
cades. It was hard to see what
had happened because every-
thing was shrouded in smoke.
When the flames subsided, the
scale of the destruction came
into view: Parts of the turbine
hall had caved in, burying
power units beneath mounds
of concrete. Transformers were
mangled and scorched.
“It’s not the first time,” he
said during a break from clear-
ing debris. “But this time was Read the Paper
much worse.”
Workers did their best to You Love
protect equipment from Rus-
sian attack with sandbags, con-
crete blocks and metal nets for
on Any Device
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 A8 | Friday, April 12, 2024 THE WALL STREET JOURNAL.

WORLD NEWS
MAXIM GRIGORYEV/TASS/ZUMA PRESS

EVGENIA KARA-MURZA
Activist Vladimir Kara-Murza, seen with his wife and children in Connecticut, right, is serving a 25-year prison sentence for criticizing the Kremlin and its war in Ukraine.

Another Russia Dissident Puts Life on Line

Like Navalny before lin and its war in Ukraine, he
is feeling the effects of two
him, Kara-Murza poisonings in 2015 and 2017
returned, knowing that have shredded his nervous
system, much like the attack
he would be arrested Navalny endured before he was
jailed. He has twice been in a
BY MATTHEW LUXMOORE coma and his doctors say he
could die within two years
Five days after Alexei Na- without proper treatment.
valny died in a Russian prison, The conditions in which he
another critic of President is being held are harsh even by
Vladimir Putin appeared in a Russian standards. Kara-Murza
grainy video link from his Si- says he has been placed repeat-
berian jail, dressed in a black edly in solitary confinement for
prison uniform against the minor infractions such as fail-
stark white walls of his cell. ing to fully button up his shirt
“If we submit to despon- or wake up at 5 a.m. without
dency and fall into despair, an alarm. Every hour on the
then this is exactly what hour, a speaker mounted on
they’re counting on,” the ema- the wall of his prison cell
ciated prisoner told a Moscow broadcasts Russian news bulle-
court hearing in February. tins. This is how he learned of
“Our main duty to our dead Navalny’s death in February.
comrades is that we continue By then, his polyneuropathy,
our work, with even greater the condition affecting his ner-
dedication than before.” vous system, was causing him
What made Vladimir Kara- to lose sensation in his limbs.
Murza’s remarks so striking In December, his feet tempo-
wasn’t so much the tone of de- rarily swelled up so much that
fiance, or the seemingly insur- he couldn’t put on his shoes.
mountable odds of standing up His wife, Evgenia Kara-Murza,
to Putin. It was that 42-year- said tests conducted by a
old Kara-Murza could be the prison neurologist showed that
next Russian dissident to die his nerves were slowly dying.
behind bars. Friends and family are urg-
Serving out a 25-year sen- ing the U.S. and U.K. to include
tence for criticizing the Krem- the dual British-Russian citi-
Opposition Runs in the Family
Vladimir Kara-Murza
was born into a long line
of dissidents, the son of a
muckraking journalist and
great-grandson of a Lat-
vian revolutionary. His
mother remarried to an
Englishman in the 1990s
and moved the family to
England, where Kara-
Murza attended Cambridge
University and received
British citizenship. He
launched a career in jour-
nalism and, back in Russia,
made a failed bid for politi-
cal office in 2003.
In 2015, Kara-Murza
was in a meeting in Mos-
zen and U.S. resident in any
prisoner swaps agreed with
Russia, including those that
may involve The Wall Street
Journal reporter Evan Gershk-
ovich, an accredited journalist
and U.S. citizen who has been
held for over a year on an es-
pionage allegation that he, the
Journal and the U.S. govern-
ment vehemently deny.
As avid students of Russia’s
cow when he suddenly lost
consciousness. Placed on
life support in hospital, he
experienced multiple organ
failure and was put in a
coma for weeks. His Rus-
sian doctors told him he
had been poisoned, and
tests in several Western
labs later confirmed this.
Kara-Murza spent a year
walking with a cane and
fighting to regain feeling in
his hands and feet, playing
guitar and walking on shells
along the beach near the
family’s Virginia home. In
2017, on another trip to Rus-
sia, he was poisoned again.
dissident movement through
the ages, both Navalny and
Kara-Murza knew they could
be killed or forced to endure
life-threatening conditions in
remote prison camps as pun-
ishment for challenging Putin’s
authority. Navalny returned to
Moscow in January 2021 after
recovering in Germany from
what doctors said was a poi-
soning with a Soviet-era nerve
agent. Russian authorities had
made clear their intention to
jail him, and he was arrested
after he got off the plane.
While Navalny made global
headlines with his grassroots
campaign against the Russian
leader, Kara-Murza posed a dif-
ferent kind of threat. A journal-
ist-turned-political operative, he
specialized in connecting oppo-
sition groups and forging inter-
national ties while living in the
U.K. and U.S., lobbying for sanc-
tions on the Kremlin to loosen
its stranglehold over Russia’s
political system. Supporters say
that if Navalny deserved to be-
come president in a freer Rus-
sia, Kara-Murza—with his flu-
ent English and deep contacts
in the West—would have made
the perfect foreign minister.
But like many others—rights
groups say there are now al-
most 700 political prisoners in
Russia—he concluded that sac-
rificing himself would be the
price he would have to pay to
galvanize opposition to Putin.
“If you’re calling on your
fellow citizens to stand up to
the system, you have to lead
by example and share the
risks,” Kara-Murza wrote in a
letter to the Journal from
prison in March.
When Russia invaded
Ukraine in February 2022,
friends pleaded with Kara-
Murza to leave Russia. Putin
had introduced sweeping new
laws to stamp out any opposi-
tion.
In April 2022, he was ar-
rested and charged for his
work with a banned opposi-
tion group. Investigators later
added a charge of treason and
another of disseminating al-
legedly false information
about the Russian military.
The court ruled that Kara-
Murza had undermined Rus-
sia’s sovereignty and security
“motivated by political hatred
and hostility.” He was sen-
tenced to 25 years in prison in
April 2023 and sent to Omsk
in Siberia, some 1,700 miles
from Moscow.
In his letter to the Journal,
Kara-Murza said three things
keep him going: his Christian
faith, a sense that he is on the
right side of history and a
strong conviction that Putin’s
government will collapse.
“Whatever this regime
does, it cannot stop the fu-
ture,” he wrote, citing the
thousands of young people
who came out for Navalny’s
funeral in Moscow. “And even
if they kill us all, others will
take our place.”

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THE WALL STREET JOURNAL. Friday, April 12, 2024 | A9

FROM PAGE ONE

Homeowner Americans purchased

homes or refinanced
existing mortgages at
“When you’re talk-
ing about a $500,000
property that has an

Costs Keep historically low rates.

The average rate for a
30-year fixed mort-
$8,000 homeowners
insurance premium
and a $2,000 flood in-

Rising gage fell below 3%

Continued from Page One
below 4% still have to contend
with these other costs. And
since insurance premiums, tax
bills and maintenance costs can
change each year, it’s hard for
homeowners to budget how
much more they will be paying
even a few years from now.
Plenty of homeowners are
having to stretch financially to
several times in 2020
and 2021.
surance premium, and
property taxes on top
of that, the carrying
But even many of costs have exponen-
those homeowners tially increased,” Bre-
who locked in record- ithaupt said.
low rates haven’t been These higher costs
able to dodge the have forced some
other costs that con- homeowners to sell,
tinue to make home- she said, but good
ownership less attain- luck finding a buyer.
able for the typical The typical home in
American. the New Orleans
Home maintenance metro area that went
fees have risen. It cost under contract in Feb-

MORGAN HORNSBY FOR THE WALL STREET JOURNAL

meet these home-related ex-
penses. Nearly one in five said
they couldn’t afford a $500
emergency repair without go-
ing into credit-card debt, ac-
cording to a February online
survey of 1,000 homeowners
by tech company Clever Real
Estate, while 42% said they’ve
skipped home repairs or main-
tenance because of the cost.
Almost 10% of homeowners
surveyed by Fannie Mae last
year were not confident they
could afford their home insur-
ance premiums at their next
renewal.
David Battany, executive
vice president of capital mar-
kets at Guild Mortgage, said
his late father’s homeowner-
ship expenses ballooned so
much that he had to help him
out financially.
His father’s Social Security
income was $1,043 a month
when he died in 2023. The
property tax on his father’s
Boulder, Colo., home was
an average of $6,663 a ruary had been on the
year to maintain a market for 97 days,
home in the fourth the slowest of any
quarter of 2023, up major metro area, ac-
8.3% from a year ear- cording to real-estate
lier, according to brokerage Redfin.
home-improvement
tech company Thumb-
tack. The index takes On the market
into account regular Steve Kissee listed
upkeep like gutter two Louisiana houses
cleaning and lawn for sale last year, an
care along with occa- inherited property
sional expenses like roof re- and a vacation home.
pair or maintenance. Two accepted offers for the
Maintenance costs soared inherited property fell through
during the pandemic due to before closing. It finally sold
supply-chain issues and in December but for about 17%
strong demand for renova- below its initial listing price.
tions, said Marco Zappacosta, Kissee said he had to offer the
Thumbtack’s chief executive. new owner a type of contract
The pace of price increases enabling the buyer to pay in
has slowed, he said, but de- installments, because the
mand for home maintenance buyer couldn’t qualify for a
services continues to outpace traditional mortgage due to
the supply. Almost half of the insurance costs.
owner-occupied U.S. homes The vacation home, on Lake
were built before 1980, and Catherine Island in New Or-
these buildings need mainte- leans, has been sitting on the

ANGELA OWENS/THE WALL STREET JOURNAL

about $5,400 a year and his
insurance costs had more than
doubled between 2020 and
2023, to almost $7,000, Bat-
tany said.
All these escalating costs,
Battany said, are going to be
an unpleasant shock for many
homeowners.
“This is not on their radar
as a worry,” he said. “It’s sort
of a hidden cost.”
Affordability factors
Home-buying affordability
fell last year to the lowest
level since 1985, according to a
National Association of Real-
tors index that factors in fam-
ily incomes, mortgage rates
and median single-family
home prices. But the factors
driving homeownership be-
yond the reach of many Amer-
icans have shifted dramati-
cally from four decades ago.
Mortgage rates today have
more than doubled from the
lows of three years ago, but
they are still modest com-
pared with the 1980s. The
Federal Reserve pushed up
short-term rates aggressively
starting in the late 1970s in an
effort to halt inflation. In 1981,
the average rate on a 30-year
fixed mortgage topped 18%—
nearly three times today’s
rate.
As inflation came under
control, mortgage rates came
down. They dipped below 10%
in 1986 and have remained in
single digits since 1990.
During the early years of
the pandemic, millions of
nance as they age.
“There aren’t enough profes-
sionals to serve all these home-
owners,” Zappacosta said. “It
doesn’t seem like that is going
to abate in the near term.”
In Manhattan, one of the
country’s priciest real-estate
markets, typical home values
fell 8.9% in February from a
year earlier, according to Zil-
low. But the monthly mainte-
nance fees for recently sold
co-ops rose 62% from the first
quarter of 2020 to the first
quarter of 2024, and condo
fees rose 45% in the same pe-
riod, according to appraisal
firm Miller Samuel.
Higher taxes
Property taxes, which are
rising due to the effect of in-
flation on local government
budgets, are also pushing
Housing affordability index*
250
200
AFFORDABLE
150
100
50
1981 ’90
*Assuming 20% down payment and 30-year fixed-rate mortgage for median-priced existing home with median family income.
Sources: National Association of Realtors (affordability index); Attom (tax)
Top, Lori and Darren Gondry have seen their home insurance costs in Louisville, Ky., rise 63%
in two years. Above, homes in Carpinteria, Calif.
homeowners to dig deeper
into their bank accounts. The
average property tax for U.S.
single-family homes was
$4,062 in 2023, up 4.1% from
2022, according to real-estate
data firm Attom.
Some major metro areas
are contending with much big-
ger increases. In Charlotte,
N.C., the average property tax
rose 31.5% from 2022 to 2023.
In Indianapolis it was up
MORE
2000 ’10
nearly 19%.
Surging home insurance
costs are hitting homeowners
hardest of all.
Some insurers have stopped
offering coverage in some
states, leaving homeowners
with fewer options. Home-
owners with mortgages—
which is about 60% of all own-
ers—are required to purchase
property insurance. In some
cases, homeowners without
Average property tax for U.S.
single-family homes
$4,000
3,000
2,000
1,000
0 where floods and hurricanes
’20 ’24 2016 ’20 ’23
market since August with no
offers. He said the price to in-
sure it is a big reason why.
Kissee is also struggling
with insurance costs for his
primary home in New Orleans.
He received a renewal quote
for wind and hail insurance
last year for about $31,000, up
from a $3,200 premium the
year before. He switched to
the state’s insurer of last re-
sort for about $7,900 after re-
mortgages are opting to go placing his roof. His monthly
without home insurance. They payment for taxes and insur-
plan to self-insure or move ance is higher than the princi-
away if a disaster strikes. pal and interest payment on
Catastrophic weather his mortgage, he said.
events, rising labor and mate- “It’s kind of like having two
rial costs and uncertainty mortgages in one,” he said.
about future losses are all Insurers are also passing on
pushing up home insurance more risk to consumers
prices—even in states less through higher deductibles,
prone to hurricanes and wild- insurance agents say.
fires. The average annual In Colorado, the 2021 Mar-
home insurance cost rose shall Fire that swept through
about 20% between 2021 and the suburbs between Denver
2023 to $2,377, according to and Boulder is still boosting
insurance-shopping site Insu- insurance costs in that state.
rify, which projects another Insurance broker Michael Mc-
6% increase in 2024. Carron said many of his cli-
It’s likely to be higher than ents’ home-insurance bills are
that in several states. Insurify rising 20% to 40% a year.
expects average home-insur- “Affordability was always a
ance costs to rise by more problem—an increasing prob-
than 10% in eight states this lem in the last three or four
year, including Louisiana, years—but now it’s truly an
Maine and Michigan. availability problem,” said Mc-
“The insurance really is, I Carron, owner of Lakeside In-
think, just as crippling, if not surance in Arvada, Colo.
more so, than interest rates,” Price increases could slow
said real-estate agent Kara in 2025, he said, but he
Breithaupt in New Orleans, doesn’t expect insurance costs
to return to where they stood
have caused insurance costs to before the fire.
rise faster than in most of the “This is the new normal,”
U.S. he said.

Kids Mock Gen Z’ers are roasting their cooking, reading and taking
moms, dads, grandmothers long walks—and typically
and uncles as “Temu victims,” doesn’t even surf shopping
wanted to buy everyone
matching rings too.
“This is someone who has,

Parents for saying they are buying cheap sites. So he could hardly be-
and sometimes useless stuff lieve it when his dad hurried
from the site. to the door a few weeks ago to
like, that one discontinued lo-
tion from Bath & Body Works,
and yet here she is, browsing

Temu Finds
Continued from Page One
Her 19-year-old-daughter,
Angeline Mobley, isn’t im-
pressed, to say the least.
Angeline recently made a
TikTok in which she begged
viewers to ta ke the Temu app
away from her mother, actu-
ally, any mother, “expedi-
tiously. ASAP. Stat.” She hit a
chord. “My mom bought 57 of
the same spatulas bc they
were .03,” one commenter
Temu’s rise has been mete- receive a Temu delivery.
oric since entering the U.S. in His haul included a T-shirt,
2022. It is the latest Chinese socks and a phone stand. “I
Temu,” says Al-Ansari, a 29-
year-old server and musician
in Tampa, Fla.
company to draw in shoppers was like, ‘Temu? Really?’” As in most bargain shop-
with rock-bottom prices, fol- Boyi says. “If they get to my ping, Temu regulars say part
lowing others including AliEx- dad, they can get to anyone.” of the appeal is stumbling
press, Wish and Shein. A spokesperson said Temu across items they—or any-
In March, Temu’s fastest- uses common marketing strat- one—could probably do just
growing demographic was the egies to appeal to new cus- fine without.
55 to 64 set. tomers: “We urge customers “You’ve lived your life with-
Sales attributed to that age to make informed decisions out that pasta spoon rest, but
group grew 271% since last before completing a purchase, then you see it and you’re like,
March, according to Earnest and we’re pleased to offer af- ‘Wow, that’s genius and it’s
Analytics. Temu is expected to fordable options that meet only 98 cents, and it’s cute,’ so
spend nearly $3 billion on ad- their diverse needs.” you need it,” says Chaunda
vertising this year, according Karen Sacavage, a 66-year- Thompson, a 44-year-old ma-
to JPMorgan. old crafter and Wegmans ca- rine shipyard painter in New-
MARIA AL-ANSARI

commiserated.
Mullins-Mobley, the mom,
just isn’t fazed.
“You can laugh all you
want, but I am shopping like a
billionaire,” she says, quoting
Temu’s company tag line.
Temu has made its parent,
PDD, China’s most valuable e-
commerce company, and it is
now one of the fastest-grow-
ing online retailers among
American consumers, thanks
to its dizzying array of dis-
count products, from hand-
bags to electronics to kitchen
gadgets, such as collapsible
funnels or a 3-tier electric
food steamer.
The app is a particular hit
with older shoppers—a devel-
opment that is spawning a
new genre of family friction.
Ashlyn Smith, a 31-year-old shier in Pennsylvania, is a fan. port News, Va.
radio traffic sales She sells custom Thompson says she finds
coordinator in St. decorative tassels good deals on Temu clothing,
Louis, says her fa- and found jaw- shoes and outerwear, as well
ther found the site dropping prices Maria Al-Ansari’s purchased Ramadan decorations on Temu-- as little beauty tools and
from a Facebook ad for beads, trim- surprising her 29-year-old son. kitchen gadgets.
and he now mes- ming and fringe. She says Temu grabs her
sages her daily with She nabbed a man in Pennsylvania, de- Temu makeover. attention with its rewards sys-
a link to download Had to have them! collapsible colan- scribes her mom as a “Temu “My mom likes expensive tem, where the app gives
Temu, so he can get der for $1.85, much warlock.” When Lewis came things, so I don’t really even credit to users who open
a kickback of credit (an app less than the $19 she saw home from college in Febru- know what the allure is,” she Temu often, leave reviews or
feature). Smith says he likes other home goods stores sell- ary, she discovered her mom says of Temu. refer friends.
to buy her jewelry, and toys ing it for. had redecorated her room us- “She went on a cruise and “I check Temu every day, if
for her children. “I’m a gadget freak for ing Temu, covering the space got all her clothing off Temu,” not every two days, and I have
“He’s really into fantasy kitchen stuff and you can go with matching pink linens Lewis adds. to be honest, it’s embarrass-
and got all these kitchen and crazy on there,” Sacavage and curtains that say “hello Muhammad Al-Ansari says ing,” Thompson says.
living room things with drag- says. “And if I didn’t like it, I gorgeous” and feature eye- he was surprised when his 56- Her son, she adds, has ac-
ons on them,” adds Smith. “He only spent 98 cents, so it lashes. Her bathroom’s year-old mother, Maria—who cused her of being “ad-
even got a tapestry.” wasn’t a tragedy.” shower curtain, toilet seat rarely shops—went all out on dicted”— but so be it. “It
Kelly Boyi, 29, a project Tales of Temu merch tak- cover and carpet have the Temu for Ramadan decora- doesn’t bother me that he
manager outside Toronto, says ing over homes now abound same design. tions, home decor, and was re- teases me,” she says.
his retired 61-year-old father across America. Aniya Lewis, Lewis says she screamed cently posting in the family “It bothers me more to pay
usually spends his downtime a 19-year-old college fresh- when she set eyes on the WhatsApp group that she more money.”
A10 | Friday, April 12, 2024
P
olitically hypercharged
Americans may have
been looking forward to
“Civil War” for what
promised to be vicarious
thrills punctuating a
story about our partisan divides,
dramatized with disaster-movie
spectacle. But at the start we
learn that the violent breakaway
force is an alliance between Texas
and California.
Texas and California? Give
credit to writer-director Alex Gar-
land (“Annihilation,” “Ex
Machina”) for resisting red-blue
clichés and cultural stereotypes.
Later Mr. Garland will clarify that
his imagined clash also isn’t struc-
tured around racial or ethnic lines.
Nor is the story about a battle for
democracy, since both sides seek
to rule by the iron fist. The presi-
dent, played by Nick Offerman, is
a combination of scoundrel, fool
and autocrat who dissolved the
FBI and is currently serving his
third term. As in some previous
Garland films, there’s no one to
root for here. Moreover, far from
being at least entertaining in the
manner of “Independence Day,”
“Civil War” is a deadening experi-
ence sprinkled with strange, un-
successful attempts at humor. Mr.
TELEVISION REVIEW | JOHN ANDERSON
A Revolutionary
Mission to France
‘THE AUTOBIOGRAPHY of Benja-
min Franklin” appeared posthu-
mously in 1791 and has “brought af-
fliction to millions of boys since,
whose fathers had read Franklin’s
pernicious biography.” Or so said
Mark Twain. Even today, the book
makes its case for industry and
self-improvement. And for Franklin
being among the more insufferable
gasbags of Colonial
America.
You get more than
a whiff of this in the The series
eight-part “Franklin,” in shows Benjamin
which Michael Douglas
portrays one of our Franklin in Paris,
most accomplished
Founding Fathers, a
trying to secure
printer, writer, moralist, funds for war.
political philosopher
and scientist. “They
think I invented elec-
tricity,” Franklin whispers mischie-
vously to his 16-year-old grandson,
Temple (Noah Jupe), as they are
welcomed by a rapturous crowd of
Parisians unaware that the wartime
U.S. ambassador has come seeking
their hard-earned francs for his Rev-
olution. He has no intention of dis-
ARTS IN REVIEW
Carnage Without Cause
‘Civil War’ is strangely indifferent to the actual fault lines in American life
Garland layers a funky hip-hop
track over one scene of carnage.
This supposed cautionary tale
isn’t really about American di-
vides at all. It’s about the psychol-
ogy of journalists, specifically the
transnational band of roving war
reporters and photographers who
chase human misery from one
gory corner of the globe to the
next. Kirsten Dunst as Lee, a re-
nowned photographer, and Wag-
ner Moura as her longtime part-
ner, Joel, represent two types.
Hollow, blank-eyed and so inured
to slaughter that she practically
has bark for skin, Lee thinks of
her job in terms of grim duty. She
witnesses humanity at its worst,
presents its harsh truths to the
Stephen McKinley Henderson,
below; Cailee Spaeny and Ms.
Dunst, right.
abusing anyone about his kite-flying
experiments. Or of sparing anyone
his beseechments and bromides.
A good thing for the Franklin
brand, aside from the hundred-dol-
lar bill, is the fact that at no time is
an audience unaware that Mr.
Douglas is playing a role. He does
impish; he does ruthless; few of us
have a firm idea of who or what
Franklin was, so the
actor can do what
he wants, and does.
Based not on the
autobiography but
rather on author
Stacy Schiff’s well-
regarded “A Great
Improvisation:
Franklin, France, and
the Birth of Amer-
ica,” the series pro-
vides a kind of in-
sider’s look at the messy diplomatic
origins of the U.S., while never con-
vincing anyone that what is being
staged isn’t an elaborate dress-up,
either in crinolines or, in Franklin’s
case, the famously ratty fur hat
that looks like it still needs to be
fed. Franklin was apparently some-
FILM REVIEW | KYLE SMITH
world, and lets others decide
what to do. Joel, though, is in it
for the thrill of carnage—“What a
rush!” he says after one gruesome
firefight.
The pair start out covering
strife in a war-torn New York with
a plan to make a backroads jour-
ney to Washington via West Vir-
ginia (main roads are blocked or
held by hostile forces) to interview
the president before he is deposed
and captured, which figures to be
any day now. Given that he seems
preoccupied with his own survival
and the journalists have no reason
to think he will cooperate, this
plotline is merely a half-thought-
out pretext to take the audience
on a nightmare road trip across
thing of a sexual frontiersman, even
at the age of 70 when he went off
to Paris, but it is no more pleasant
watching the 79-year-old Mr. Doug-
las leer after such relatively fresh
young Frenchwomen as the married
Madame Brillon (Ludivine Sagnier
of “Lupin”) than it would have been
watching the original Ben in action.
Dispatched at a time when the
Revolution was not going well—the
British have just taken New York—
Franklin has brought along the cal-
low Temple as an aide as well as a
student: As he schools the boy, he
the worst conceivable America.
For a long and dangerous drive
across a landscape choked with
burned-out cars and mangled
corpses, the two bring along a
wily old print reporter, Sammy
(Stephen McKinley Henderson),
plus a 23-year-old newbie, Jessie
(Cailee Spaeny of “Priscilla”), who
worships the flinty Lee and is ea-
ger to get some tips to launch her
own career. The journalists embed
themselves in firefights, observe
two men being casually tortured
in a car wash, engage in adrena-
line-junkie stunts, stop in a town
untouched by war to try on
clothes, pause to watch a sniper
attack, and meet a sinister com-
batant (Jesse Plemons) who is fill-
Michael Douglas and Noah Jupe in
‘Franklin,’ based on the book by
Stacy Schiff.
also schools us viewers, in diplo-
macy, artful lying and realpolitik.
There are those who come, almost
reflexively, to his cause: The play-
wright and revolutionary Beaumar-
chais, for instance (Assaad Bouab),
the author of “The Barber of
Seville” and “The Marriage of Fi-
garo,” which would inspire a couple
of fellows named Rossini and Mo-
zart; and the Marquis de Lafayette
THE WALL STREET JOURNAL.
Kirsten Dunst (center) plays a
cynical journalist in British director
Alex Garland’s dystopian saga.
ing a mass grave with scores of
bodies. In a sickening climax,
tanks and helicopters from the se-
cessionist movement calling itself
the Western Front tear up the Na-
tional Mall and assault the White
House. Mr. Garland appears to
have spent most of his $50 million
budget here, on an extended act of
political torture porn for those
who might be tickled to see the
Lincoln Memorial getting strafed
(though he cuts away just as the
structure seems about to collapse
into rubble).
Far from offering anything like
a commentary on America as it is,
the British filmmaker seems
barely to care about any actual so-
cio-political trends. His movie in-
termittently is a blundering satire:
“Wait!” begs one journalist as
thugs prepare to murder a help-
less victim, “I need a quote!” And
there’s a clunky “All About Eve”
aspect to the two women’s rela-
tionship. But mainly it comes
across as nihilistic wish fulfillment
seemingly aimed at poorly in-
formed overseas audiences under
the impression that things in the
U.S. are much, much worse than
they are. As Tom Wolfe once put
it, “The dark night of fascism is
always descending in America and
yet lands only in Europe.”
Mr. Garland’s America isn’t
merely polarized to the point of
armed conflict but an actual failed
state, like Libya or Afghanistan, in
which any number of armed fac-
tions play endlessly for advantage.
That is mindless fantasy, not mor-
dant commentary. “Civil War” is
superficially silly—Mr. Garland
writes himself into a trap in one
tense scene and gets out of it with
an absurd moment of action-hero
gusto that is, as presented, not
possible—but it’s also deeply silly.
It’s a statement movie that con-
A24 (3)
tains no insights at all.
(Théodore Pellerin),
whom his pal Temple
calls “Gilbert” and to
whom Ben provides a let-
ter of introduction that
allows the young French
nobleman and his money
to join the American
cause and nearly get
himself killed.
At the risk of picking
on Mr. Douglas, one of
the flaws in his perfor-
mance is vocal quality. He
was diagnosed with can-
cer in 2010, either of the
throat or the tongue; it
has never been quite
clear which. But whatever
the cause is now, injury
or age, he has lost the
ability to use his voice as
a dramatic instrument.
He is playing an old man
(Franklin lived to the un-
likely 18th-century age of
84), but Mr. Douglas delivers his di-
alogue in such a croaking, quavering
manner that it seems that what is
at work is more a lack of control
than a strategy and is, as a result, a
distraction. At the same time, dis-
tractions may be welcome, given
how glacially “Franklin” moves along
its less-than-revolutionary path.
Franklin
Begins Friday, Apple TV+
APPLETV+
Mr. Anderson is the Journal’s TV
critic.
 THE WALL STREET JOURNAL. Friday, April 12, 2024 | A11

ARTS IN REVIEW
THEATER REVIEW | CHARLES ISHERWOOD ter-jacket-wearing pals, an
encounter that ends in

The Greasers Go to Broadway death and sends Ponyboy

and Johnny on the run.
Mr. Rapp has put his of-
ten-macabre voice on mute,
allowing the focus to remain
S.E. Hinton’s ‘The Outsiders’ receives a faithful musical adaptation featuring a sensational young cast on Ms. Hinton’s rendering of
the story, including some of
the original narration and
dialogue. With music and
dance added, the show inev-
itably has echoes of that
most celebrated musical
about gang strife, “West
Side Story.” One passage
briefly echoes the “Dance at
the Gym,” and the nipped-
in-the-bud affection be-
tween Ponyboy and Cherry,
the latter portrayed with
imperiousness melting into
sympathy by Ms. Pittman,
resembles the star-crossed
love between Tony and Ma-
ria. (The highly physical
choreography, by Rick Ku-
perman and Jeff Kuperman,
skillfully mixes vernacular
movement with dance.)
The score departs from
Broadway tradition, with of-
ten-quiet, guitar-driven or-
chestrations for the many
reflective ballads as the
greasers reveal their life-
bruised hearts. The first act
is peppered with perhaps a
few too many songs of plan-
gent yearning and dreams
destined for frustration, but
the composer-lyricists also
provide effective duets for
Ponyboy and Johnny, and
Ponyboy and Cherry.
Sniffling starts when the
show moves to a climax,
with an act of heroism lead-
ing to not one but two
senseless deaths. It is admit-
tedly hard to resist the tug

A
of the penultimate song,
New York the “greasers” and the Emma Pittman and Brody Mr. Grant brings a softly Pitman) and Marcia (Sarah- “Stay Gold,” drawn from a
fierce competi- “socs” (pronounced SO-shez, Grant, the show’s star- brooding quality to Ponyboy, grace Mariani). Cherry re- Robert Frost poem that fig-
tion is heating referring to their higher so- crossed lovers, above. a sensitive bookworm, and buffs Dallas’s attempts to ures in the tale. For anyone
up on West 45th cial status), which spirals sings with a twangy, lyrical flirt, but when he stalks off, looking for a nostalgic wal-
Street. I am not into fatal tragedy. soulfulness. The plot turns Ponyboy and Johnny agree low in teen anguish, “The
referring to the Setting aside the cry-off, book, written before the on a fateful evening when to sit alongside the girls. Outsiders” will hit the bull’s-
friction between in terms of aesthetic merit young adult genre was Ponyboy and Johnny Cade Which brings trouble eye. If that’s not your bag, to
the have-a-lots and the “The Outsiders” takes the booming, is the kind you (Sky Lakota-Lynch, imbuing when Cherry’s boyfriend, borrow 1960s lingo, the mu-
have-nothings in “The Out- palm. With a book by the read with rapture as a teen- the character with vivid the homecoming-king hand- sical may be less rewarding.
siders,” the musical adapta- prolific playwright Adam ager but are unlikely to pick emotional fragility) join one some Bob (Kevin William
tion of the 1967 book by S.E. Rapp (“The Sound Inside”) up later. Ms. Hinton was in of the older and more or- Paul), flares into anger after The Outsiders
Hinton and the 1983 movie and Justin Levine, and a her late teens when it was nery gang members, Dallas Cherry accuses him of being Bernard B. Jacobs Theatre,
directed by Francis Ford plaintive folk-rock score by published, and while it is an (a charismatic Joshua drunk and sends him on his 242 W. 45th Street, New
Coppola, at the Bernard B. Jonathan Clay and Zach impressive achievement, Boone), at the drive-in. They way. The evening turns di- York, $69-$199, 212-239-6200
Jacobs Theatre. Chance (known as James- with its 14-year-old narra- daringly strike up a conver- sastrous when Ponyboy and
The more unusual con- town Revival) and Mr. tor, Ponyboy, relating the tu- sation with two comely Johnny are waylaid by a Mr. Isherwood is the
test: Which musical can Levine, the musical is nim- multuous events with cool “soc” girls, Cherry (Emma smoldering Bob and his let- Journal’s theater critic.
moisten more Kleenex, “The ble and well-crafted, with dispassion, it is also senti-
Outsiders” or “The Note- nary a nut or bolt unse- mental, with a plot hard-
book,” playing just steps cured in its allegiance—save wired to inflame the heated
away? I fancifully envision for a few judicious emenda- emotions of adolescents in The WSJ Daily Crossword | Edited by Mike Shenk
theatergoers emerging from
both, crossing paths with
tions— to the original story.
Under the fluent direction
the throes of me-against-
the-world angst.
1 2 3 4 5 6 7 8 9 10 11 12
PUZZLE
red-rimmed eyes, glaring at of Danya Taymor, the young Those fires are damped 13 14 15 CONTEST
one another and muttering cast is sensational, engulf- with age, and the musical,
darkly, “What are you cry- ing the theater with emo- for all its heart and accom- 16 17
ing about?” tional heat and an authen- plishment, may strike some
25 “The Starry
To recap, “The Note- tic-feeling sense of as dated and hackneyed 18 19 20 21
Night”
book,” originally a novel, passionate loyalty to one (looking in the mirror here),
setting,
also made into a popular another, primarily among unless they have a still- 22 23 24 25 26 27
familiarly
movie, tells of young love those playing the greasers moist affection for the book
lost, regained and sundered who are the focus of the or the movie, which starred 28 29 26 Reception
again by illness. “The Out- story. a barrelful of then-emerging choice
siders” depicts the rivalry Nevertheless there is a actors, from Matt Dillon and 30 31 32 33 34 35 27 Jai ___
between gangs in Oklahoma, reason that Ms. Hinton’s Patrick Swayze to Tom 29 Spam
Cruise and Rob Lowe. 36 37 38 39 container
The musical’s cast 31 Tracking
shouldn’t leave anyone pining 40 41 42 system
for starshine, so assured are 33 Tracking
its members in embodying 43 44 45 46 system
the characters not as familiar
47 48 49 50 34 Piano piece
pop-culture figures but as
the raw, wounded, volatile 35 Kicks
and sensitive people they are. 51 52 53 37 Contest
Teller of the tale, if not crossword
leader of the pack, is Brody 54 55 56 57 58 59 60 61 type
Grant’s Ponyboy, the youn- 38 Leaves
gest of three brothers whose 62 63 39 Out of fashion
parents died in a car acci- 41 Soundly
dent, with the oldest, Darrel, 64 65 66
defeated
played by a touchingly con-
44 Out of fashion
flicted Brent Comer, unhap-
pily taking charge, while the IN THE COUNTRY | By Mike Shenk 45 Sense of self
middle boy, Sodapop (a buoy- The answer to 29 Mask 54 Some 10 Common 46 Strummer of
ant, sometimes shirtless Ja- this week’s contest 30 Conclusion pilgrims coffee yore
son Schmidt, winning the crossword is for Descartes 57 Business break hr. 47 Hibachi waste
beefcake prize), tries to something found with 11 Turn out 48 Rash
31 ___Club
soothe the tension between in the country. specialized 49 Army
(Walmart 12 Work units
his siblings. clientele chaplain,
Across sibling) 14 Title of a
1 Channel layer 32 Reveals 62 Morgan trickster informally
36 Antonio Stanley rabbit 50 Lot buy
Sky Lakota-Lynch and Mr. 5 Tree with
cones Stradivari’s subsidiary 15 Hawkins of 53 Tarot suit
Grant, left; the cast of ‘The
Outsiders,’ below. 8 Largish home 63 Publicity Dogpatch 55 Printer
combo (and 38 Fearsome 64 Looks to be 20 Bus. abbr. annoyance
a hint to the Philistine 65 Base of el 22 “Everything’s 56 TSA requests
number of 40 German sistema curious today” 58 Kitchen gizmo
letters in each steel city binario speaker brand
country that 41 Westminster 66 Ring 23 More than 59 Status
you’ll need) welfare Down chuckles chaser?
13 Patella 42 Couple 1 Jamaican 24 Moscow’s 60 Address on a
15 “For Your 43 Came to genre Saint Basil’s business card
Eyes Only” a point, 2 Holders of Cathedral 61 Sapporo
singer Easton perhaps office has nine seafood
16 Guarantee’s 46 Fill with 3 Article in
purpose Previous Puzzle’s Solution
cargo Arles D E A L C A B S O B AMA
17 Compensation 47 Spears at the 4 Member of U P D O H O O K V A L O R
for harm diner an early H I H O E N G I N E R O OM
18 Hill, in Hebrew 50 Lew of 1948’s Germanic C O F F E E G R I N D E R
C A R T S T E M
19 Lend a hand “Johnny tribe H O O P C I S H E T
21 Diving seabird Belinda” 5 Fencing H O P S T R E E T T A C O
sword O L L A S S I D T R U C K
22 Fire 51 Facility with W I E N E R D O G S L E E
25 Short training facials 6 Roadhouse MO B I L E Y I P S
sessions for 52 Sound of 7 Wins back F U J I G O L F
M E A L S O NWH E E L S
athletes despair 8 Resistance S I X T E E N T H S I OWA
28 Diving water 53 Contemptible unit O R E O S A R I A G R A D
MATTHEW MURPHY (3)

bird fellow 9 Bee follower WA S P S S O R T H AM S

▶ Email your answer—in the subject line—to crosswordcontest@wsj.com by 11:59 p.m. Eastern Time Sunday,
April 14. A solver selected at random will win a WSJ mug. Last week’s winner: Jeannine Holway, Punta
Gorda, FL. Complete contest rules at WSJ.com/Puzzles. (No purchase necessary. Void where prohibited.
U.S. residents 18 and over only.)
 A12 | Friday, April 12, 2024 * * THE WALL STREET JOURNAL.

SPORTS
BY ANDREW BEATON
AND LOUISE RADNOFSKY

Augusta, Ga.
Everyone at the Masters Wants
T The Golf War to Be Over Already
hese days, the Masters isn’t
simply the first major of the
year and a celebration of ev-
erything green. It’s also the first
time players from both sides of Two years since the launch of LIV Golf rocked the PGA Tour and drew battle lines across the
golf’s civil war get to compete
against each other on the course. sport, what players on both sides of the divide want more than anything is to get back together
But as players from both the
PGA Tour and the Saudi-backed
LIV Golf league assembled at Au-
gusta National Golf Club this
week, there were signs that a
growing consensus is beginning to
bridge the sport’s great divide.
Everyone wants the war to be
over already.
Rory McIlroy, previously a
pointed critic of LIV Golf and the
PGA Tour’s biggest booster, now
points to a decline in television
ratings for Tour events as evi-
dence that the fighting is turning
fans away. LIV players, who took
hundreds of millions of dollars to
leave the PGA Tour, are also eager
to find a pathway back.
Even Fred Ridley, the chairman
of Augusta National Golf Club, ac-
knowledged that the existence of
dueling circuits may be hurting
the game.
“The best players in the world
are together once again,” Ridley
said before the start of this year’s
Masters. “It would be a lot better
if they were together more often.”
It’s now 10 months since the
PGA Tour and LIV’s Saudi backers
shockingly agreed to try to work
together—and four months since
their initial deadline to hammer
out the terms—and the two sides
still have nothing to show for it.
During that time, bewilderment
over the agreement that blind-
sided nearly everyone in golf has
morphed into angst over the lack
of an actual deal.
The two sides’
uneasy truce last Above, Defending Masters the BBC recently. “I understood
June was born of a champion Jon Rahm, left, chats the weight that decision could
realization that with Sergio Garcia. Left, Rory have.” (Rahm also called for LIV to
they couldn’t coex- McIlroy during a practice round. adopt the more traditional 72-hole
ist while battling format, as opposed to the 54 holes
each other into po- LIV players who bolted from the it currently plays.)
tential oblivion in Tour to the Saudis’ desire to see There are also growing indica-
the courts. Now more team golf at the highest tions of war weariness from an-
they may be on the level. Just last month, Tiger other important constituency: the
verge of a new dis- Woods was among a contingent fans. While LIV has struggled to
covery: that they that met with Yasir Al-Rumayyan, attract a sizable television audi-
can’t coexist indef- the governor of Saudi Arabia’s ence in the U.S., the PGA Tour has
initely without a Public Investment Fund, which seen its viewership tumble this
deal either. owns LIV. year.

FROM TOP: JOHN G MABANGLO/SHUTTERSTOCK; PETTER ARVIDSON/ZUMA PRESS

“It’s up to the At times, a deal has appeared The way McIlroy sees it, rat-
guys up top to fig- to be tantalizingly within reach, ings for the four majors may serve
ure it out and fig- and at others, on life support. as a damning indictment of the
ure it out quickly The Tour now has a robust new current situation whichever way
because we can’t line of investment, worth up to $3 they break. If they’re up, he said it
keep going this di- billion, from a consortium of U.S.- bolsters the argument to stitch the
rection. It’s not based investors, which seemed to sport back together. If they’re
sustainable for suggest there was less urgency in down it could show the effects of
sure,” said Bryson partnering with LIV’s backers. the conflict have started to spill
DeChambeau, who At the same time, LIV has a over into the sport’s biggest
joined the upstart hefty number of star players, and events.
circuit in June is content to keep poaching from “I just think with the fighting
2022 and was at the Tour, as it proved by signing and everything that’s went on
one time suing the Tour for access McIlroy was teeing it up on the the game reflects the extraordi- Rahm in December. over the past couple years, people
to its events. Tour last week, reigning Masters nary complexities of a partnership Rahm says he knew full well are just getting really fatigued of
In the meantime, golf is left champion Jon Rahm was one of 13 with billions of dollars potentially the message that his defection it and it’s turning people off men’s
with a fractured landscape and the players here who appeared in at stake and egos bruised after would send. professional golf,” McIlroy said.
Masters acts as the rare event LIV’s event. two years of brawling. The issues “I could be the start of a tip- He added: “That’s not a good
where it all comes together. While The absence of a deal to unify range from how to welcome back ping point in that sense,” he told thing for anyone.”

on, but federal prosecutors and

Shohei Ohtani’s Interpreter Charged With Bank Fraud
BY LINDSEY ADLER
AND LOUISE RADNOFSKY
SHOHEI OHTANI’S LONGTIME in-
terpreter Ippei Mizuhara has been
charged with unlawfully transfer-
ring $16 million from the baseball
superstar’s bank account in order
for Mizuhara to place bets with an
illegal bookmaker in California.
Federal prosecutors announced
bank fraud charges against Mizu-
hara at a press conference in Los
Angeles on Thursday. “Mr. Ohtani
is considered to be a victim in this
case,” said the U.S. Attorney for
the Central District of California,
Martin Estrada, adding that prose-
cutors had reviewed each man’s
phone and found no communica-
tions between them about betting,
wagers or authorizing the transfer
of funds to bookmakers, and that
Mizuhara’s winnings went to his
own bank account, not Ohtani’s.
The criminal complaint says
that Mizuhara controlled access to
the bank account where Ohtani’s
MLB paychecks were deposited.
Mizuhara is accused of imperson-
ating Ohtani in phone calls to the
bank where the account was held,
along with changing the contact
information on the account to di-
rect to his own phone number and
email address.
Ohtani was also interviewed
last week as part of the investiga-
tion, federal prosecutors say, and
said in that interview that “he did
not authorize” transfers from the
account in his name to the illegal
bookmaker.
The charges bring some clarity
to the scandal surrounding the
KYODONEWS/ZUMA PRESS
Ippei Mizuhara, left, and Shohei Ohtani, in the dugout during the Dodgers’ opening game on March 20.
center of it all—hours after the
team’s opening game, it came as a
stark contrast to his previously
spotless, monastic reputation, and
a nightmare start to the season
for his new team.
Mizuhara had initially told
said in a press conference: “Ippei
has been stealing money from my
account and has told lies.”
The amount taken from
Ohtani’s account had previously
been thought to be approximately
$4.5 million.
$12,800, according to the criminal
complaint.
Mizuhara is accused of making
payments to an associate of
Mathew Bowyer, an illegal book-
maker who is currently under fed-
eral investigation as part of a
other people familiar with the
case have said that he did not ap-
pear to have placed bets on base-
ball.
The gambling scandal boiled
over while the Dodgers were play-
ing showcase games in South Ko-
rea last month. Mizuhara, who
was born in Japan but grew up in
Southern California, returned to
the U.S. after the trip. He is repre-
sented by Michael Freedman, a
former federal prosecutor, who de-
clined to comment on the charges
against his client.
Mizuhara and Ohtani are both
under investigation by Major
League Baseball as well, though
‘Ohtani is considered
to be a victim,’ said
U.S. Attorney Martin
Estrada.
the league has largely been wait-
ing for results of a federal investi-
gation to proceed with its process.
A spokesperson for MLB declined
to comment Thursday.
A spokesperson for CAA,
Ohtani’s longtime agency, deferred
questions about the charges
against Mizuhara to Matthew
Hiltzik, a crisis communications
strategist. Hiltzik didn’t respond
to a request for comment.
Upon the publication of news
reports that revealed Mizuhara’s
gambling problem and the use of
Ohtani’s funds to pay off gambling
debts, Mizuhara discussed the sit-
uation with the illegal bookmaker

baseball player who signed the
richest contract in the sport’s his-
tory in December to become a Los
Angeles Dodger. When Ohtani
landed in a gambling scandal—
with his closest confidant at the
ESPN that Ohtani had covered his
debts. Ohtani and his lawyers then
said that was untrue, that “Shohei
has been the victim of a massive
theft and we are turning the mat-
ter over to the authorities.” Ohtani
Prosecutors say Mizuhara made
“approximately 19,000 wagers be-
tween December 2021 and January
2024, and nearly 25 bets per day
on average.” The average amount
of each bet Mizuhara placed was
larger investigation into illegal
gambling. An attorney for Bowyer,
Diane Bass, declined to comment
on the charges against Mizuhara.
It is unknown which sports in
specific Mizuhara placed his bets
using an encrypted messaging
app.
“Technically I did steal from
him,” the criminal complaint
quotes Mizuhara as writing. “It’s
all over for me.”
THE WALL STREET JOURNAL.
OPINION
Trump’s New Way on Abortion
If 235 years of
federal elec-
tions have
shown any-
thing, it’s that
outcomes
POTOMAC rarely hinge
WATCH on single is-
sues or
By Kimberley
events. Bear
A. Strassel
that in mind
amid this
week’s Beltway acclamation
that Donald Trump’s Monday
abortion message just sealed
Joe Biden’s re-election.
Mr. Trump kicked off the
week with a video laying out
his position that abortion
should be left to the states,
subject to “the will of the peo-
ple.” He restated that his party
is on the side of “the miracle
of life” and fertility treatment,
and that he is “strongly in fa-
vor of exceptions for rape, in-
cest and life of the mother.”
The press decreed that in four
minutes Mr. Trump had blown
his campaign, with a divisive
“earthquake” that had left his
party “reeling” and put Team
Biden on offense.
Don’t tell the media (or even
Mr. Trump), but what he did
on Monday was position him-
self similarly to a former rival,
Nikki Haley. Ms. Haley dis-
tanced herself from a 15-week
national abortion ban—on
grounds that it is unattainable
and divisive—which won her
plaudits for political honesty
and a recognition that a major-
ity of Americans describe
themselves as pro-choice and
that Republicans can’t alienate
them and win elections. The
Monday video was a Trumpian
version of the same.
Pope Francis Shuts Down the Cafeteria
HOUSES OF Is Pope Fran- tention to the document’s lan- cally acts to the contrary by
WORSHIP cis trying to guage on gender theory, which allowing or tolerating a vari- relationship with nature, that
By Raymond close the
J. de Souza cafeteria?
On an Eas-
ter Sunday
appearance on CBS’s “Face the
Nation,” Cardinal Wilton Greg-
ory, archbishop of Washington,
lamented that President Biden
is a “cafeteria Catholic” who
“picks and chooses dimensions
of the faith to highlight while
ignoring or even contradicting
other parts.”
This week the Vatican pub-
lished a “declaration” from its
doctrinal office titled “Dignitas
Infinita,” or “infinite dignity,”
in which Pope Francis strongly
affirmed the “inherent” dig-
nity of every human being and
identified a list of assaults
against it: abortion, surrogate
childbearing, euthanasia, capi-
tal punishment, poverty, war,
the travails of migrants, hu-
man trafficking, sexual abuse,
marginalization of the disabled
and digital violence.
Unusually for Pope Francis,
the text quotes extensively
from his predecessors—the ti-
tle is a phrase used by St.
John Paul II—demonstrating
that concerns for human dig-
nity inform all of Catholic
teaching and can’t be neatly
aligned with a conservative or
liberal political agenda. Mr.
Biden likes Pope Francis on
immigration but not abortion.
He thinks the pontiff is bring-
ing him a menu. Pope Francis,
for his part, thinks the presi-
dent mistakes table d’hôte for
à la carte.
Much of the media paid at-
Let Americans Bank Again
By Kevin Donovan
R
obert Earhart got a
nasty surprise in 2019:
His bank suddenly
closed his checking and sav-
ings accounts. An American
management professor living
in Paris, Mr. Earhart had
opened the accounts at a
BNP Paribas branch. The
bank had questions about
five €1,000 monthly pay-
ments wired to his account
from the U.S. Even though
Mr. Earhart provided justifi-
cation for the transfers
someone at BNP decided to
drop him as a customer.
This wasn’t his first prob-
lem with foreign banks. After
arriving in France, he tried to
open accounts at five differ-
ent banks without success. He
opened his BNP Paribas ac-
count only after a bank-execu-
tive friend interceded.
“It’s kind of funny,” Mr. Ear-
hart says. “I’m treated by the
U.S. government like I’m some
rich tax evader while the
French banks consider me a li-
As tough decisions go, it
was likely the right approach
in the longer term. Democrats
immediately capitalized on
rulings from the Florida and
Arizona supreme courts up-
holding abortion bans, seeking
to equate Mr. Trump’s support
for states’ rights with support
for draconian state restric-
tions. Mr. Trump also had to
contend with the inevitable
conservative blowback, as pro-
life groups and politicians who
support a national ban ac-
cused him of faithlessness.
But Democrats were always
going to berate and misstate
Mr. Trump’s views on abor-
tion; he could announce he’s
the new head of Planned Par-
enthood and they’d still claim
he wants women in chains.
Any Trump position was des-
tined to be treated to a liberal
and media hammering. Mean-
while, and notably, accompa-
nying every major pro-life
group’s statement of frustra-
tion was a recommitment to
beating the radically pro-abor-
tion Mr. Biden. Here’s betting
Sen. Lindsey Graham—leading
proponent of nationwide re-
strictions—is out campaigning
for Mr. Trump this fall.
The Trump message was
aimed at swing-state and
pro-choice voters, a reassur-
ance that it isn’t Republicans
who are the radicals on this
issue, that the party is open
to each state being “differ-
ent.” That isn’t important
only for the presidential elec-
tion but in races for the Sen-
ate—and thus to a would-be
President Trump’s ability to
win confirmation of execu-
tive and judicial nominees.
Pope Francis has previously
called “the ugliest danger” to-
day. The text was unambigu-
ous: “Therefore, all attempts
to obscure reference to the in-
eliminable sexual difference
between man and woman are
to be rejected.” That’s broad
and would seem to cover not
only medical interventions but
the use of language, including
forms of address and prayers.
Pope Francis is trying
something that Pope Benedict
XVI attempted in his own
treatment of Catholic social
teaching. The church is for
economic freedom and the
rights of workers. It is both
pro-life and pro-poor. It
teaches that both contracep-
tion and in vitro fertilization
are intrinsically immoral. It
defends human rights and the
obligation to act for the com-
mon good.
In 2009 Benedict stressed
the “strong links between life
ethics and social ethics,”
meaning that promoting social
justice begins with the right to
life. Francis would say that you
can’t be pro-life without being
passionately concerned about
the indignity of poverty.
“The Church forcefully
maintains this link between
life ethics and social ethics,”
wrote Benedict in his encycli-
cal “Caritas in Veritate,” or
“charity in truth.” “A society
lacks solid foundations when,
on the one hand, it asserts val-
ues such as the dignity of the
person, justice and peace, but
then, on the other hand, radi-
ability to get off the books.”
Many other Americans liv-
ing overseas have had trouble
opening accounts. Others have
been denied mortgages or (as
in my case) credit cards for
which they appeared to qual-
ify. Current U.S. rules place
substantial burdens on foreign
financial institutions that
A 2010 U.S. tax law
can make it almost
impossible for expats
to open accounts.
have U.S. citizens and perma-
nent residents as account
holders. The Foreign Account
Tax Compliance Act, or Fatca,
requires banks to file regular
reports on their U.S. custom-
ers’ holdings.
Many banks in Europe re-
fuse to take American custom-
ers or limit services to those
they accept. In Switzerland,
Raiffeisen Bank, the second-
His position gives cover to
Republican nominees in com-
petitive states like Pennsyl-
vania, Maryland and Nevada,
where the law allows abor-
tion after 15 weeks.
It’s true that in refusing to
articulate his own cutoff date,
Mr. Trump has left GOP down-
ballot candidates on their own
to navigate specifics. His
statement did, however, offer
He embraces states’
rights and aims to
show that Democrats
are the radical ones.
a few lead-by-example mes-
sages for his party. One was a
reminder that Republicans
must be brave enough to risk
some friction with single-issue
groups in the base if they
want to reassure a wider vot-
ing audience.
They might even spell out
political reality to those inter-
est groups. Ms. Haley was cor-
rect that the GOP has no hope
of obtaining the filibuster-
proof Senate majority neces-
sary to enact a national ban.
But if Republicans alienate
enough voters on abortion,
Democrats have every chance
at getting the 50-odd votes
they need to eliminate the fili-
buster altogether, pack the Su-
preme Court and either revive
Roe v. Wade or enact an
equivalent statute—eliminat-
ing any progress pro-life
groups have made at the state
level.
The other message was the
“Something is wrong in our
ety of ways in which human
life is devalued and violated,
especially where it is weak or
marginalized.”
This week’s declaration
takes the same approach. Pope
Francis appeals to the reality
of human nature, a claim that
the declaration notes is open
to “reason alone,” without any
reference to religious teach-
ing. “ ‘Nature’ refers to the
The pope affirms that
Catholics can’t pick
and choose between
life and social ethics.
conditions particular to us as
human beings, which enable
our various operations and the
experiences that characterize
them,” the document states.
“We do not create our nature;
we hold it as a gift and we can
nurture, develop, and enhance
our abilities.”
To act against nature is to
degrade it, and to act against
reason. Pope Francis quotes
Benedict’s famous address to
the British Parliament on the
slave trade—that “misuse of
reason” gave rise to that evil
and to the totalitarian ideolo-
gies of the 20th century. Bene-
dict established the link be-
tween nature and human
nature more explicitly at the
Bundestag in Berlin in 2011.
Reason demands that we re-
spect both. in Kemptville, Ontario.
largest in the country, doesn’t
open accounts for Americans;
nor does Bank Cler. Zurich
Kantonal Bank does accept
American customers, but re-
stricts their investment
choices.
Fatca was enacted in 2010
to stop tax evasion and other
financial crimes. It was analo-
gous to the Transportation
Security Administration’s
rules meant to prevent terror-
ism. Both sets of restrictions
were a response to real
crimes and were intended to
prevent future ones.
TSA PreCheck, however, re-
laxes the rules somewhat for
low-risk travelers. Customs
and Border Protection’s
Global Entry allows low-risk
passengers expedited clear-
ance when re-entering the
U.S. Citizens and residents
without a criminal record who
are willing to pay a fee and
share certain personal infor-
mation are eligible.
Why not a Global Banking
program? A U.S. citizen living
abroad would apply for a
need to go on offense, con-
tained in Mr. Trump’s reminder
that to the extent that there is
any area of national abortion
consensus, it’s a position artic-
ulated by Republicans. “Having
an abortion in the later
months, and even execution af-
ter birth,” Mr. Trump said, “is
unacceptable, and almost ev-
eryone agrees with that.” Re-
publicans should offer to pro-
vide specifics on their abortion
views only after a hounding
media have clarified Demo-
cratic tolerance of late-term
abortion on demand.
The manic energy with
which Democrats seized on
Mr. Trump’s abortion state-
ment this week was a re-
minder of their electoral weak-
ness—and ought to have
Republicans eager to get on
top of the issue. Even if abor-
tion favors Democrats, it’s all
they have. They are hoping it
will matter more to voters
than border chaos, inflation,
wages, crime, squatters, col-
lege tuition, car bans or a
president in visible cognitive
decline.
The Democrats have bene-
fited from the GOP’s fear of
being exposed on the issue.
Mr. Trump chose to rip off the
Band-Aid, and he did so early
enough to give candidates
down the ballot time to sort it
out. Republicans are perfectly
capable of blowing it, espe-
cially in swing states where
Democrats are teeing up ballot
measures that aim to keep
abortion front and center. But
they no longer have an excuse
to let Democrats define the is-
sue for them.
Write to kim@wsj.com.
matter is not just raw material
for us to shape at will, but that
the earth has a dignity of its
own and that we must follow
its directives,” he said to his
countrymen. “We must listen
to the language of nature and
we must answer accordingly.
. . . Man too has a nature that
he must respect and that he
cannot manipulate at will.”
Failure to do so leads to
obvious tension, such as op-
posing genetic modification of
crops but allowing puberty
blockers for minors. Or hail-
ing Pope Francis for his con-
cern about the climate while
ignoring his insistence that
marriage is a part of a healthy
human ecology. In each case,
the world has lost its sense of
nature.
This hints at the metaphys-
ics behind the disputes over
sex and “gender identity.” Is
my body, my identity, some-
thing over which I exercise au-
tonomous power, so that my
will can determine what and
who I am? Or do I have a na-
ture that I and others must re-
spect? While that needn’t be a
theological argument, it often
is. For if I can remake myself
into something contrary to my
given nature, I desire to be a
creature no longer but a cre-
ator, a god.
The debate over dignity is a
debate about who God is. The
Catholic answer: Only God is
God—we aren’t.
Father de Souza is a priest
Global Banking pass, provide
crucial information, and agree
to a background check and in-
terview. The pass would be
valid for, say, five years, as
Global Entry is. When opening
an account for a pass holder,
the foreign bank would notify
the U.S. Treasury but other-
wise be spared from reporting
requirements.
The program could be tai-
lored to limit potential mis-
conduct. The number of ac-
counts that could be opened
within a year might be re-
stricted. The program might
apply only to accounts of less
than $1 million or some other
amount. Any evidence of
criminal activity would cause
the pass to be revoked.
This would ensure that one
group of law-abiding Ameri-
cans would no longer suffer
from having a U.S. passport.
Isn’t American citizenship
supposed to be a blessing and
not a burden?
Mr. Donovan is an IT pro-
fessional based in Zurich.
Friday, April 12, 2024 | A13
BOOKSHELF | By Henry Hitchings
Subtle Shades
Of Meaning
Dictionary of Fine Distinctions
By Eli Burnstein
Union Square, 208 pages, $20
D
o you know the difference between a flat white and a
cappuccino? What about a gully and a ravine, or a
parable and a fable? Can you tell an emoji from an
emoticon? Are you confident about identifying a joint, a
blunt and a spliff? And if you’d sooner stay away from such
grubby matters, how about distinguishing between a
barouche, a hansom and a troika?
Questions of this kind fill the “Dictionary of Fine
Distinctions,” in which Eli Burnstein, a Canadian humorist,
copywriter and occasional organizer of spelling bees, muses
on a variety of frequently confused phenomena. This is a
book for two kinds of people: those who aren’t sure of the
difference between hue, tint, shade and tone, yet would like
to be; and those who, having mastered the difference, enjoy
being reminded of their linguistic prowess. Readers in both
camps will doubtless find themselves making lists of words
and concepts that this small volume omits (or overlooks):
maybe the oft-neglected
distinction between
“regularly” and “frequently”
is too gross to justify an
entry, but what of “power”
and “force,” “restive” and
“restless,” or tax avoidance
and tax evasion?
Mr. Burnstein concen-
trates on what he calls
“sneaky” differences—ones
that are traps for the unwary
or that steal into our minds
to rob us of confidence. If
your friend requests a PNG of
your artwork, is it OK to send
a JPEG? When you ask for
Scotch and soda, should you
make a fuss if the barkeep uses seltzer? If you’re invited for
supper rather than dinner, does that mean there will be
less food?
Shrewdly treading the line between informativeness and
pedantry, Mr. Burnstein elucidates these concerns as well
as what sets apart strategy and tactics, pastures and
meadows, flotsam and jetsam, validity and soundness. One
doesn’t have to read for long before experiencing a
“Eureka” moment, in which a previously murky subject
comes into focus: So lava lamps are kitsch, but B-movies
are camp! Equally, he pays close attention to some pretty
recondite issues. I confess to never before having
considered how, in the gym, a conventional deadlift differs
from a Romanian one. Nor have I given much thought to
maces and morning stars (the latter are maces with spikes)
or paid heed to the relationship between mandarins,
clementines and tangerines.
Mr. Burnstein’s definitions are crisp. Thus “envy is when
you want something that someone else has” whereas
“jealousy is when you don’t want others to have
something—or someone—that you do”; and “poison is when
you bite it” (alongside which is a picture of a deadly
mushroom, one of many quirky illustrations by the New
Yorker stalwart Liana Finck), whereas “venom is when it
bites you” (the picture is of an enraged snake).
Yet brisk and sharply defined distinctions can be
reductive. Mr. Burnstein differentiates firmly between a
hermit and an anchorite—“one lives apart” and “the other,
within”—but the historical record doesn’t support such
decisiveness. Anchorites, voluntarily enclosed in cells and
more often than not female, have tended to be treated as a
category of hermits. He asserts that a kink is “an
unconventional sexual preference” and a fetish “an
unconventional sexual requirement.” This captures one key
point—that a fetish is a fixation, which may cause a person
distress and impair his or her quality of life—and misses
another, namely that it involves stimulation by a specific
object or activity not generally regarded as sexual.
What is the difference between grammar and
syntax? Between restive and restless? Envy
and jealousy? Kitsch and camp?
While Mr. Burnstein doesn’t give this impression, those
who draw fine distinctions, in my experience, spend their
days torn between, on the one hand, thinking that it’s
tremendously important to do so and, on the other,
suspecting that their patterns of thought are, if not
obsolete, moribund. Sigmund Freud identified a
phenomenon he termed the “narcissism of minor
differences.” In essence, the smaller the difference between
two people (or peoples) the larger it will loom in their
consciousness. The same principle applies to vocabulary;
the narrower the gap in meaning between two words, the
more a stickler will insist on policing it. But a jaded
observer might remark that when a nuance continually
requires explanation, it’s on the brink of disappearing, if
indeed it ever really existed.
A more jaundiced reaction is to ask: Does it matter? “If I
confuse ‘grammar’ and ‘syntax,’ ” so the argument goes,
“you still know what I’m talking about.” This seems like
using the wrong size screwdriver: You might complete the
task at hand, but you will strip the head of the screw.
Precision, rather than merely being a source of intellectual
comfort, is both a form of responsibility and a measure of
repeatability. (“Hold on,” mutters my inner gremlin, “do
you mean ‘precision’ or ‘accuracy’?” And that gremlin may
in fact be a goblin.) What’s certain is that one of the
reasons people take pains over points of language is that
they suspect that linguistic battles are more winnable than
life’s bigger conflicts—or see them as proxies for those
battles.
Although the “Dictionary of Fine Distinctions” is
probably destined to sit on a convenient shelf in the
bathroom, it’s more serious than that—pithy and
provocative. Mr. Burnstein enjoys heightening one’s
appreciation of what the great 18th-century lexicographer
Samuel Johnson called “the nice and subtle ramifications of
meaning.” But subtlety is in the eye of the beholder.
Mr. Hitchings is the author of “The Secret Life of Words:
How English Became English.”
Coming in BOOKS this weekend
The third voyage of Capt. James Cook • The invention
of prehistory • Joseph Epstein’s literary life • Revolutions
in American music • The panic over posture •
Don Winslow’s final mob novel • & much more
A14 | Friday, April 12, 2024 * *** THE WALL STREET JOURNAL.

OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR

The IRS Is Here to Help. Oh No When the President Is a Follower, Not a Leader

B
eware a tax collector bearing gifts—in Big tax-prep outfits also provide free returns Barton Swaim offers a cogent en- Mr. Swaim explains Mr. Biden’s ca-
the latest case an offer to calculate and for millions of taxpayers. Industry sources esti- capsulation of “Joe Biden’s Long Ca- reer clearly, but he should have used
reer of Conformity” (op-ed, April 9). a different term instead of “confor-
file your taxes for you. That’s the story mate that last year more than 28 million Ameri-
This is a president whose most sa- mity.” He should have said what Mr.
of Direct File, which President cans filed their returns at zero lient quality is his willingness, and Biden has been ever since he nearly
Biden is touting as a new The tax man wants to cost via Free File and free in- eagerness, to go along to keep his ca- flunked out of law school: a follower.
“free, secure, simple way to
file your taxes.” Sure.
file your taxes for you. dustry offerings.
Those services are superior
reer moving along. It may be this Mr. Biden learned quickly that Del-
very pliability that catapulted him to aware voters didn’t care if you didn’t
This is another brainstorm What could go wrong? to Direct File in their features, the pinnacle of the political profes- have an original thought in your head
from Sen. Elizabeth Warren, support and technology. This sion. The factions of the Democratic as long as your politics didn’t affect
who stuck $15 million into the is why former chief informa- Party, eventually including its power- them personally or financially. That
Inflation Reduction Act to study if the IRS could tion officer for the Obama Administration, Tony ful left wing, saw an anodyne, nearly gave him an excuse to never work a
prepare tax returns for taxpayers. The IRS dove Scott, last year predicted Direct File was “virtu- empty vessel into which to pour all real job.
right in and built a prototype program before ally guaranteed to fail,” as it is “unnecessary” its aspirations. “I seen my opportuni- Fifty years later, Delaware still
ties and I took ’em,” as a notable doesn’t care. I hope the rest of the
it even released the required “independent” and “ill conceived.”
Democrat of yore once put it. nation, however, has learned the les-
study from a liberal think tank. A pilot program The IRS says it budgeted $114 million for its One can easily conjecture that Mr. son of what happens when you elect
for 19 million taxpayers in a dozen states went Direct File pilot in fiscal 2024. That’s $1,900 per Biden, deep inside himself, knows a follower in a time of Democratic
live in March. pilot return at last check. The IRS last spring that this flexible approach is what Party extremism.
So far it’s a bust. The IRS predicted “several estimated annual costs of a permanent program brought him to the White House. So ANDREW ROKITA
hundred thousand” would use direct file. But between $64 million and $249 million. But a why could we have reasonably ex- Wilmington, Del.
as Monday’s tax deadline approaches, sources Government Accountability Office report this pected his presidency to be anything
tell us the IRS has accepted fewer than 60,000 week scored the agency for lacking any “docu- other than an exercise in discerning Ronald Reagan was often called
returns via Direct File—about 0.003% of the eli- mentation to support the underlying data, anal- the direction of the wind to deter- the Teflon president. Given, as Mr.
gible pool. Until this week the agency had failed ysis or assumptions.” mine where and how to proceed? As Swaim writes, “Mr. Biden’s pliability
to enable users to import crucial details to vali- A Govini consulting analysis warned a “com- Mr. Swaim points out, how could we is his most notable quality,” should
possibly expect a second Biden term he be referred to as the Play-Doh
date their returns before filing. plete package of development, support and sus- to be any different, except in degree? president?
The U.S. tax code has long been an honor sys- tainment requirements” for Direct File “would MARK M. QUINN GREGORY MARSHALL
tem in which Americans prepare their own re- rival, if not surpass, those needed to develop Naperville, Ill. Marietta, Ga.
turns subject to IRS review and audit. But pro- and administer” Healthcare.gov. That’s the
gressives want to give the IRS power to present ObamaCare online health exchange that has
taxpayers with nonnegotiable tax bills. The Di- cost taxpayers more than $21 billion.
rect File pilot is aimed at simple returns, but The Direct File pilot may also be illegal. The
the eventual goal is to include complex returns legislation authorized only a report on the fea-
Church and State, Synagogue and Sabbath
too. The IRS would be able to veto deductions sibility of an IRS-run tax-prep service. The in- Rabbi Meir Soloveichik’s tribute to It wasn’t about respect for faith—
or credits up front. And good luck appealing, ternal revenue code doesn’t grant the agency former Sen. Joe Lieberman is accu- it was about government and faith.
rate and well-deserved (“The Setting ABRAHAM H. FOXMAN
since the IRS will judge that too. authority to prepare returns other than when
of the Sundown Kid,” Houses of Wor- Bergen County, N.J.
Sen. Warren is selling Direct File as an alter- taxpayers fail to file or file fraudulent returns. ship, April 5). Lieberman was a proud Mr. Foxman was national director
native to “greedy, reckless” tax preparation Thirteen GOP state attorneys general raised the practicing Jew, a patriotic American of the ADL, 1987-2015.
firms. It’s a scandal the tax code is so compli- legal issue in a January letter to Treasury Sec- and a great supporter of Israel.
cated it requires such help, but that’s the fault retary Janet Yellen demanding that Direct File In the article, however, Rabbi So- Many Christians observe the Sab-
of Congress. be shut down. loveichik mischaracterizes my dis- bath as well as Jews. Observance of a
Many Americans already have access to free The IRS is struggling with identity theft, agreement with Lieberman. It wasn’t day of rest was once central to Chris-
tax-prep and filing systems. These include the backlogs, poor customer service and delayed re- about his “focus on faith.” Both I and tianity, epitomized in America by the
IRS-run Volunteer Income Tax Assistance pro- funds. How about fixing all that first? When Re- the Anti-Defamation League, which I so-called blue laws. I remember my
gram, as well as Free File, a 20-year-old part- publicans get the chance, they can help the pub- then represented, value faith and es- mother asking me years ago what I
nership between tax-prep firms and the feds. lic by shutting down the Direct File boondoggle. pecially the Jewish faith, and have was going to do when I headed home
fought that it be respected and prac- one Sunday after dinner at her house.
ticed freely in our country. “Change my sheets,” I answered. She

A Terrorist Warning From the FBI The disagreement was about faith’s
role in the “public square,” in govern-
was in shock, though less than I when
she replied, “But that’s sacrilegious—

T
ment and in government-sponsored it’s Sunday!” There is something to
he U.S. hasn’t suffered a terrorist or ji- Navy pilot, made Republican skepticism clear and -funded activities. We saw faith be said for respecting the commit-
hadist-inspired attack on the U.S. when he told Mr. Wray that “I’ll be honest with protected by the separation of church ment to religious practice of one’s el-
homeland in years, but that blessed re- you, and this pains me to say this, but I don’t and state, and we were concerned ders. I change my sheets now on
spite may not last. That was trust you.” This shows how about protecting the full and free prac- Mondays. R.I.P. Joe Lieberman.
the message Thursday from Director Wray says much credibility the FBI has tice of our faith in a majority Christian LINDA K. GRAGG
country. Sen. Lieberman disagreed. Kennewick, Wash.
FBI director Christopher
Wray in testimony to a House
multiple security risks squandered since the Russia
collusion fiasco under the
subcommittee. are hitting at once. James Comey gang.
“As I look back over my ca- Yet there’s reason to pay at- The Story of Christianity’s Rejection of Slavery
reer in law enforcement, I tention to the warning as Harold Holzer’s review of “An gated in 1435. Another bull in 1535
would be hard-pressed to think of a time where global disorder spreads. Of increasing concern Emancipation of the Mind” by Mat- called defenders of slavery “allies of
so many threats to our public safety and na- “is the potential for a coordinated attack here in thew Stewart (Bookshelf, April 1) sug- the devil.” The Office of the Inquisi-
tional security were so elevated all at once,” the homeland, akin to the ISIS-K attack we saw gests that Christianity in 19th century tion, of all institutions, condemned
Mr. Wray told lawmakers. “But that is the case at the Russia concert hall just a couple weeks America was saved from its shameful slavery again in 1686 and ruled that
as I sit here today.” ago,” Mr. Wray testified. ISIS-K never went away attachment to slavery by the influ- all slaveholders were obligated to
We realize many readers no longer trust but it now has a sanctuary in Afghanistan from ence of Enlightenment atheism and emancipate their slaves. Papal con-
the FBI, and some will wonder if Mr. Wray which it planned the Moscow strike and one in some rather obscure German philoso- demnation of the slave trade and chat-
phers. No mention is made of the tel slavery itself continued through
is talking his book to maintain funding after January in Iran. European governments have
work of the Quakers or the split over the 18th and 19th centuries, and was
Donald Trump asked Republicans to cut been fortunate to stop others. slavery that occurred in the northern particularly forceful in Brazil, which
funding. The federal bureaucracy is hardly The world’s jihadists can also see that the and southern branches of Baptists, ended slavery without a civil war.
above such pleading, and that includes law U.S. southern border is essentially open if they Methodists and Presbyterians. Abolitionist, atheistic philosophers
enforcement. Warning about an attack is also want to make the trek. All the more reason for The history of Christianity’s rejec- have relied upon some version of the
a form of political inoculation if there is an House Republicans to get over their internal tion and condemnation of slavery goes argument from natural rights, but
attack—though in that case the FBI would disarray and reauthorize Section 702 authority further back still. Popes condemned this argument was borrowed from
still be asked, perhaps rudely, why it didn’t to eavesdrop on foreigners overseas. Even if Mr. slavery centuries earlier, the first pa- Christian philosophers and theolo-
prevent it. Wray is talking his book, it’s better to give him pal bull doing so having been promul- gians, who recognized that rights
GOP Rep. Mike Garcia of California, a former the authority to prevent an attack. that are not given by God may be
taken away by man. A more interest-
Common Ground With VP ing discussion might be about why
Biden’s Green-Energy Price Shock Pence on IVF in Alabama and how different sects of Christian-
ity saw slavery differently and why

D
Regarding Mike Pence and John some Christian churches split over
o White House officials pay electric growing as more renewables are added. In Cali- Mize’s op-ed “IVF in Alabama: The the matter while others did not.
bills? They strangely keep saying the fornia an average customer without solar pays Real Story” (April 5): We agree. Pa- TONY MULKERN, PH.D.
President’s climate agenda is reduc- 10% to 20% more to subsidize solar. tients deserve access to relief for the Glendale, Calif.
ing electric-power rates even The costs of hardening the series of unfortunate events underly-
as the cost of running your The cost of electricity grid to support the govern- ing the Alabama Supreme Court’s Le-
dishwasher is sky-rocketing, has climbed by 29.4% ment’s green energy transition Page ruling. That said, a single in- A Question for Janet Yellen
as illuminated by the Labor are also increasing, including stance of alleged negligence shouldn’t
Regarding Thomas Duesterberg’s
Department’s consumer- since January 2021. new high-voltage transmission be politicized to advance sweeping,
op-ed “China’s Flag Is Red, Not
dangerous policies counter to scientific
price index. lines, power transformers and reality and national public opinion.
Green” (April 8): The Biden adminis-
The nearby chart shows battery storage. The Biden Ad- tration is moving toward reimposing
The court’s decision regarding fer-
the average change in electricity prices over the ministration’s electric-truck mandate alone will Trump-era tariffs because Treasury
tilized eggs was a thinly veiled maneu-
last decade. Electric rates remained relatively cost utilities $370 billion to upgrade their net- Secretary Janet Yellen is concerned
ver in a national campaign to restrict
flat in the seven years before President Biden works. Utilities will pass on their increasing about Chinese clean-energy subsidies.
reproductive rights, and the authors’
A question for Ms. Yellen: If $5 billion
took office, rising 5%. Thank cheap natural gas. costs to customers over time. European comparisons are, at best, in-
worth of solar panels washed up on
Yet since January 2021 electricity prices have Higher interest rates are also increasing the complete. Many countries provide IVF
our shores, would she destroy them
soared 29.4%—about 50% more than overall in- cost of new green-energy projects. The Inflation as part of their national healthcare
to save U.S. jobs?
flation. Reduction Act (IRA) systems. Let’s emulate that example.
If a subsidy is bad, free stuff must
By our calculation, Average Electricity Prices for U.S. Cities, tax credits can offset PAULA AMATO, M.D.
be worse, according to her logic. But
electricity prices have All Urban Consumers, Jan. 2014-March 2024 up to 50% of a project’s President, American Society for
I thought climate change posed an
290 Reproductive Medicine
increased 13 times cost, but offshore wind Portland, Ore.
existential risk to humanity?
faster under Mr. Biden developers say this JEFF YASS
280
than across the previ- isn’t enough and are Managing director and co-founder,
Susquehanna International Group
ous seven years. His 270 demanding to be paid It’s a Matter of Perspective Bala Cynwyd, Pa.
policies aren’t entirely higher rates—often
260 Regarding “Who’s Going to Buy All
to blame. But most of four times more than This Matzo?” (Page One, April 4):
it is a result of the 250 natural gas plants. Passover isn’t late this year. Passover
left’s climate agenda, By driving more begins every year on the same calen-
Pepper ...
and the price increases 240 baseload power plants drical day, the 15th day of Nissan. And Salt
will get worse. 230 out of business, IRA ELI MAOR
THE WALL STREET JOURNAL
Federal regulations, subsidies will in- Morton Grove, Ill.
renewable subsidies 220 crease electric bills
and state green-en- 210
even more. Businesses CORRECTION
ergy mandates are pass on their higher
forcing fossil-fuel and 200 energy costs to cus- The Jordan-Nadler amendment to
nuclear plants to retire 2014 '15 '16 '17 '18 '19 '20 '21 '22 '23 '24 tomers. U.S. manufac- the FISA Section 702 renewal bill re-
prematurely. Solar and Units: Index 1982-1984=100, seasonally adjusted turers will become quires a warrant for every search of the
wind need backup Source: Bureau of Labor Statistics less competitive, 702 database for U.S. persons. An early
from so-called peaker which is why some edition of the editorial, “A Surveillance
gas plants, usually at a hefty premium. During Members of Congress of both parties are push- Compromise Worth Passing,” April 10,
power shortages, spot prices can hit $10,000 ing for a carbon tariff. Watch as the prices for didn’t make that limitation clear.
per megawatt hour compared to $30 to $60 on cars and appliances rise.
Letters intended for publication should
a normal basis. The Inflation Reduction Act may be the big- be emailed to wsj.ltrs@wsj.com. Please
State net-metering programs also subsidize gest legislative misnomer of all time. Our include your city, state and telephone
people with solar panels for excess power they friends on the left wonder why Americans are number. All letters are subject to “Sara, I need to ask you to tone down
remit to the grid. People without solar then pay in a sour mood about the economy. Perhaps editing, and unpublished letters cannot the eternal optimism. It’s making
be acknowledged.
more for the grid’s fixed costs, which are also they all have solar panels. some of your coworkers angry.”
THE WALL STREET JOURNAL.
Latino and Black Voters Could Elect Trump
By Patrick Ruffini
A
merican politics may be on
the verge of a racial re-
alignment. Polls show
Donald Trump within
striking distance of a ma-
jority among Hispanic voters and as
much as 20% of the black vote. That
would be an unprecedented showing
for a Republican in modern times.
Among white voters, polls show lit-
tle change since 2020, meaning that
shifts among nonwhite voters could
decide the election. If even a modest
realignment happens, Mr. Trump will
almost certainly win. If it doesn’t, he
is the underdog.
The GOP’s voting base is chang-
ing, but the Republican campaign
apparatus and donors haven’t fully
woken up to it. The time for aggres-
sive investments to register and mo-
bilize new voters was yesterday.
Even a modest racial
realignment would provide
the margin of victory for
Republicans in November.
As Republicans have gained work-
ing-class voters and lost college-edu-
cated ones, the party has ended up
on the back foot in special elections.
These contests tend to be decided by
affluent voters, who vote frequently.
But 2024 isn’t a special election, and
Republican victory hinges on turning
out the kinds of voters who come
out only in presidential elections—as
it did when these turnout patterns
helped Mr. Trump win in 2016 and
outperform pre-election polls in
2020.
Mr. Trump’s campaign against
Germany Proves It’s Serious About Defense Spending
A question for the
ages will be
whether German
Chancellor Olaf
Scholz truly un-
derstood what he
POLITICAL was doing in Feb-
ECONOMICS ruary 2022 when,
a few days after
By Joseph C.
Russia invaded
Sternberg
Ukraine, he an-
nounced that his
country would transform its attitude
toward defense. Yet here we are,
more than two years later, with Mr.
Scholz’s turning point gyrating in all
sorts of interesting—and, mirabile
dictu, positive—ways.
The latest example comes via yet
another debate on defense spend-
ing. When Mr. Scholz proclaimed
the turning point (the German word
is Zeitenwende), the most important
concrete action he proposed was
the creation of a €100 billion special
procurement fund for Germany’s
military. This was the mechanism
by which Germany finally would
satisfy the North Atlantic Treaty
Organization’s expectation that
each member state devote at least
2% of gross domestic product to de-
fense expenditure each year, and
Expiring 2017 Trump Tax Cuts Create a Chance for Reform
By Kevin Brady
And Douglas Holtz-Eakin
M
ost provisions of the 2017
Tax Cuts and Jobs Act ex-
pire at the end of 2025.
Congress must act before that sun-
set date, to ensure that our tax code
will remain the most competitive in
the world and that America won’t
fall behind again.
That 2017 tax act was a pivotal
moment in tax policy. Reform hadn’t
been accomplished since 1986, when
Ronald Reagan signed a law that
closed special-interest loopholes
and delivered real fairness. The
1986 law was simple, streamlined
and focused on American competi-
tiveness and economic growth.
Over the next three decades, the
reforms steadily eroded. By 2016
the tax code again became overly
complex and frustrating. It was rid-
dled with favors for special inter-
ests, and it had become the great-
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voting by mail in 2020 was self-
defeating, so it is encouraging to
see Lara Trump, his daughter-in-
law and the new Republican Na-
tional Committee co-chairman,
express support for legal ballot
harvesting. But the GOP needs
to go further and begin talking
to younger nonwhite voters,
men especially, driving home
their shift to the right. These
votes could also prove decisive
in an expanded Senate battle-
ground that includes Michigan
and Nevada.
Polling shows that the stron-
gest shifts to Mr. Trump are
happening among those on the
fringes of politics—people who
could easily stay home. Our poll-
ing in 2023 for the Texas Latino
Conservatives PAC showed Mr.
Trump doing 20 percentage
points better among nonvoting
Latinos than among those who
voted in the 2022 midterm elec-
tion. This is no longer the Re-
publican Party of the country
club or the older white voter. Rather
than pining for the voters of yester-
day, Republicans should be focused
on getting their new coalition to the
polls.
The wind is at Republicans’
back: Polls show their biggest gains
are coming among nonwhite mod-
erate or conservative voters who
already agree with them on most
issues. While black voters—and La-
tino voters to a lesser degree—
have historically voted as a bloc,
more are now voting ideologically,
boosting Republicans.
For the foreseeable future, Repub-
licans won’t be able to win the black
vote outright, but a realignment
along ideological lines would lift the
Republican vote to 25% or 30%. That
would mean a permanent 3- to 4-
upgrade its military equipment to
be an effective ally.
Money is how governments show
they’re serious, and this special
fund is demonstrating to German al-
lies that Berlin is committing to its
defense plans. Mr. Scholz secured a
multiparty agreement for a consti-
tutional amendment authorizing the
off-balance-sheet fund, exempting
this expenditure from Germany’s
rules on government fiscal balance
and thereby insulating it from guns-
vs.-butter horse trading. A kaleido-
scope of political alliances have seen
off attempts by one party or an-
other to fritter away the defense
fund by devoting the money to cli-
mate-related, diplomatic or other
ephemeral causes in the name of
“national security.”
Inevitably there are a few caveats.
Mr. Scholz’s administration has used
the special fund in part to support
military aid to Ukraine in that coun-
try’s struggle to fend off the Russian
invasion that prompted the Zeiten-
wende. It’s a fair criticism that this
cash was supposed to boost Ger-
many’s military rather than someone
else’s. But the Ukraine war consti-
tutes the most urgent threat to Euro-
pean security in decades, so better
est impediment to U.S. economic
growth and competitiveness. Bold
reform was needed, with the in-
creasing exodus of corporate head-
quarters and good-paying jobs
from the U.S. showing the cost of
inaction.
The 2017 act was a return to real
fairness. It focused on simplicity
and certainty, streamlining the code
to make filing taxes easier. Most of
all, it focused on American competi-
tiveness and economic growth to
drive new jobs and higher pay-
checks. It delivered a modern and
pro-growth tax system so busi-
nesses and workers could have the
greatest possible opportunity.
The 2017 reform allowed busi-
nesses to write off more of the cost
of new equipment, machinery, soft-
ware and buildings. It moved to-
ward a modern territorial tax sys-
tem that allows businesses to invest
foreign profits in the U.S. It fea-
tured a competitive international
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OPINION
percentage-point shift in the na-
tional popular vote, likely ending Re-
publicans’ 20-year failure to capture
a plurality of the nationwide presi-
dential popular vote.
Some will say we have heard this
all before. Republicans recruit mi-
nority candidates or talk about mi-
nority outreach, only to see black
voters continue to vote 90% or more
Democratic. But according to schol-
ars Ismail K. White and Chryl N.
Laird, the extent of the Democratic
advantage among black voters is a
historical anomaly. In their 2020
book, “Steadfast Democrats: How
Social Forces Shape Black Political
Behavior,” they write that black vot-
ers are held together less by shared
ideological preferences than by so-
cial norms that penalize the small
that Germany contribute by any
means necessary than not at all.
The bigger problem is that the
special fund is running out. It was
intended to last only a few years, a
down payment on a permanently
beefier German military. On its cur-
rent trajectory, the fund likely will be
exhausted in 2027, at which point the
military, and military procurement,
will require funding from the gov-
ernment’s on-balance-sheet budget.
No mainstream politician
seems to think cutting the
military budget is the way
out of a fiscal crunch.
A sign of Berlin’s newfound seri-
ousness about defense is that politi-
cians are fighting about this now
rather than waiting until the special
fund is actually gone. Germany’s po-
litical class has discovered, belatedly,
that military procurement takes
time. Berlin’s pre-2022 habit of try-
ing to boost defense spending on an
ad hoc basis with any cash left over
at the end of the annual budget cycle
tax rate and incentives to keep in-
tellectual property in the U.S. It had
a sensible minimum tax on global
earnings, without sacrificing sover-
eignty or the business models of
successful best companies.
The 2017 tax reform worked. The
U.S., which had witnessed the exo-
dus of 10 multinational corporate
headquarters a year for a decade,
hasn’t lost a single one since the
TCJA became law. Year-over-year
growth in real gross domestic prod-
uct accelerated from 2.2% at the end
of 2016 to as high as 3.3% before
running into the headwinds of trade
wars and the pandemic. Real non-
residential fixed investment (the
core metric of the nation’s capacity
to deliver a higher standard of liv-
ing) grew 3.3% a year before tax re-
form but accelerated to 7.5% after-
ward. Applications for new
businesses jumped from 7.4% to
10.8%. The labor market ran hot,
and real wages were on the rise
Notable & Quotable: O.J.
From “O.D.’ing on O.J.,” a June 21,
1994, editorial in the Journal. O.J.
Simpson died Wednesday at 76:
One group of Americans, however,
still doesn’t seem to have figured out
how to deal with stupendous and stu-
pefying media: That is the network
anchormen and anchorwomen.
Perhaps it is a mismatch. Perhaps
the unpredictable phenomena that
now burst in unannounced on our
TVs are beyond the extemporaneous
skills of a Dan Rather, Connie Chung
or Peter Jennings, who were better in
the simpler era of, say, arms-control
summits. Those were the days when
number of GOP defectors. As social
institutions like the black church
weaken, they write, pressure on con-
servative black voters to stay in the
Democratic fold will wane. If enough
people flip that the social norm be-
comes unenforceable, voting pat-
terns could change quickly.
This happened in Starr County,
Texas. The 98% Hispanic county
went from a reliably Democratic
stronghold to a narrow 52% to 47%
split for Mr. Biden in 2020. When I
visited in 2022, I heard often about
the dominance of the county’s Dem-
ocratic machine, controlling jobs and
keeping voters in line. In 2018 only a
dozen Starr County voters bucked
the machine to pull a Republican pri-
mary ballot. But a slight uptick in
Republican campaigning in 2020—
precluded predictable longer-term
investment. To avoid relapsing into
those bad habits, politicians must
think now about where the money
will come from for future long-term
investments.
Expect this process to be messy.
Recent estimates of the size of the
post-2027 budget gap range from a
low of €20 billion to a high of, well,
the sky’s the limit. It will depend
partly on the size of the German
economy, and also on whether Berlin
chooses to treat NATO’s 2% target as
a ceiling or a floor. Defense Minister
Boris Pistorius suggests defense
spending may need to rise to 3.5% of
GDP.
These debates are happening
while the government faces other
enormous fiscal demands, not least
from the net-zero energy transition
the Greens in Mr. Scholz’s coalition
insist on foisting on the country. The
country’s highest constitutional
court ruled last year that the astro-
nomical subsidies necessary to fund
this project must be paid for on-bal-
ance-sheet, a decision that already
triggered one political crisis and is
likely to trigger more.
Most military funding proposals
so far are wholly inadequate to the
while inflation was low.
In 2024 America must again un-
dertake pro-growth tax reform. GDP
growth posted some good top-line
numbers in the second half of 2023,
but close analysis reveals unbal-
anced and unsustainable growth
The law created a fairer
code and encouraged
growth. Congress should
now go even further.
driven solely by household spending
drawn from government payments.
Nonresidential fixed investment
reached a recent high of only 2.6%
at the start of 2022, and it has
fallen to just above zero in recent
quarters. Applications for new busi-
nesses have been flat for years and
declined in the most recent quarter.
large media events played according
to the orchestrations of producers at
three networks. . . . We now live in a
time when at any given moment of
any day a person with a name known
in every living room may suddenly
streak into our lives, a fugitive
chased by TV helicopters, proclaim-
ing himself a victim of spousal abuse.
We have become like silver surfers
on an electron sea, paddling about
calmly in prime time until the next
wave of history looms up, 32 inches
across and in stereo. With enough
practice, such as we had this week-
end, most of us may master our tur-
bulent media, before we drown in it.
Friday, April 12, 2024 | A15
for a president fighting to get
people back to work amid Covid
lockdowns—was enough to cata-
lyze a sudden 55-point shift.
Extending the Starr County
gains in 2024 requires a mix of
campaigning on the issues
where Democrats have left non-
white voters behind, and specific
campaigning to the black com-
munity touting recent Republi-
can gains. This will send a social
signal for more people to flip.
What exactly should Republi-
cans do? Canvassing, text mes-
sages, TV ads and mailers on a
scale we haven’t seen before.
And what should the party say?
The cost of living, the migrant
crisis on the southern border,
parental rights in schools, and
the so-called green transition
are all issues that divide today’s
Democratic Party from these
DAVID KLEIN
voters. Messages about opportu-
nity and hard work—and Demo-
crats as the party of handouts—
will resonate with Hispanics.
For the GOP, a nonwhite realign-
ment matters for elections well be-
yond 2024. It would break a Demo-
cratic coalition that relies on the
support of culturally conservative
nonwhites. With a large-scale shift in
minority communities, Republicans
would more often than not be the
majority party, even if they don’t re-
cover among well-educated whites.
With the data showing this core pil-
lar of the Democratic coalition tee-
tering, the time for a firm push is
now.
Mr. Ruffini is a founding partner
of Echelon Insights, a Republican
polling firm, and author of “Party of
the People: Inside the Multiracial
Populist Coalition Remaking the
GOP.”
scale of the challenge. Finance Minis-
ter Christian Lindner of the free-
market Free Democratic Party last
week suggested that some esoteric
maneuvers concerning debt left over
from pandemic spending programs
might free up around €9 billion a
year for defense, as long as social
spending doesn’t increase. Mr.
Scholz’s Social Democrats and the
Greens—stuck in an unwieldy coali-
tion with each other and Mr. Lind-
ner’s party—predictably objected.
Mr. Pistorius, a Social Democrat,
this week warned that rearranging
fiscal deck chairs won’t be enough
and Berlin should suspend or modify
its constitutional debt limit for de-
fense expenditures, an idea Mr. Lind-
ner has criticized. Waiting in the
wings are the center-right Christian
Democrats, who may be running the
government after next year’s elec-
tion, and it’s hard to say what their
plan would be.
Berlin has work to do. But German
allies can take heart. Startlingly, no
mainstream politician or party in
Germany now seems to think that
spending less on defense is the way
to resolve this looming fiscal debate.
That really is a turning point for
Germany, and for Europe.
Real wages ravaged by inflation at
40-year highs have begun to re-
cover, but the recovery is too slow
and taking too long.
The choice for Congress isn’t be-
tween going back to 2017 and stag-
nating in 2024. Lawmakers should
take a clear look at the state of the
tax code and make reforms aiming
at enhanced fairness, greater sim-
plicity and rapid economic growth.
Congress could begin extending
individual and small-business tax
cuts, including full expensing of in-
vestments and R&D. This would give
workers and small businesses cer-
tainty. It should also extend the tre-
mendous advantages in interna-
tional competitiveness that were
produced by the reforms to the tax-
ation of multinationals in 2017.
There is more to be done. Con-
gress should simplify the taxation
of pass-through businesses and ex-
tract America from damaging in-
ternational tax agreements. Prog-
ress could be made on eliminating
the unnecessary complexity associ-
ated with child tax credits, the
earned-income tax credit and sav-
ings incentives.
Serious pro-growth tax reform
seems to occur in America only once
a generation. The sunset provisions
coming in 2025 create a timely op-
portunity to continue to encourage
innovation, productivity and
growth. Thoughtful planning and a
concerted effort by Congress and
the president will provide the great-
est opportunity to help American
workers, families and businesses.
Mr. Brady served as chairman of
the House Ways and Means Com-
mittee, 2015-19. Mr. Holtz-Eakin was
director of the Congressional Budget
Office, 2003-05.
A16 | Friday, April 12, 2024
ECB Keeps Rates
Steady, Signals
It’s Nearing a Cut
Lagarde asserts
independence from
the Fed, setting up
possible divergence
BY TOM FAIRLESS
FRANKFURT—The Euro-
pean Central Bank gave the
clearest indication yet that it
could cut interest rates in
June, opening a new phase for
financial markets and signal-
ing a possible divergence from
the Federal Reserve, whose
path to monetary easing
is becoming more rocky.
The ECB held its key inter-
est rate at a record 4% on
Thursday for a fifth straight
policy meeting. But ECB Presi-
dent Christine Lagarde sig-
naled growing confidence that
cooling inflation in the 20-na-
tion eurozone would enable
the central bank to cut rates
at its next policy meeting on
June 6.
That could provide a boost
to the struggling eurozone
economy and potentially put
the ECB ahead of the Fed,
which hasn’t signaled a date
to start cutting rates. Like the
ECB, the Fed has said it would
base future rate decisions on
incoming economic data.
After an unexpectedly high
inflation reading in the U.S. on
Wednesday, markets pushed
back expectations of an immi-
nent rate cut there. That shift
reverberated in Europe, where
investors are betting that the
ECB and other major central
banks won’t diverge much
from the Federal Reserve.
Lagarde stressed that the
ECB could cut rates before its
U.S. counterpart if needed.
“We are data-dependent, we
are not Fed-dependent,”
Lagarde said. She said a few
ECB policymakers had been
willing to countenance a rate
al Estate. Style. Finance. Video. Ev
conomy. Politics.
oney. Sports. Travel. Student Loan
vel. Stock Market. Breaking News
ms. Enjoy free access to Work Cultu
s Prices. New Tech. Privacy. Mark
a. Recipes. WSJ.com tomorrow. Pod
reers. Puzzles. Life and Work. Infl
eaking News. Gas Prices. Finance.
Work Culture. Voting Rights. Busin
nflation. Books and Arts.
tyle. Video.
nomy. Real Estate. Style.
cut this month.
“If we do not see any major
negative inflation surprises in
the next two months, a rate
cut in June looks like a done
deal,” said Holger Schmieding,
chief economist at Berenberg
Bank.
An early ECB rate cut
would be historically unusual
for a central bank that has
previously been slow to
change direction. Any diver-
gence between the Fed and
ECB would ripple through fi-
nancial markets and the world
economy.
Fed policy moves have an
outsize influence on a world
economy that relies heavily on
the U.S. dollar. That means
that while the ECB might be
able to start cutting rates be-
fore the Fed, there might be
limits to how far it can di-
verge from the U.S. central
bank over time.
Carsten Brzeski, global
head of macro at ING Bank,
said headline inflation devel-
opments in the U.S. had
tended to lead eurozone devel-
opments with a lag of around
half a year, so the scope for
the ECB to cut rates signifi-
cantly was limited.
While the feebler European
economy would benefit from
lower rates, an early ECB cut
would encourage investors to
move capital out of Europe
and further weaken the euro.
That would support European
exports and thereby economic
growth, though it would po-
tentially drive the region’s in-
flation rate too high by mak-
ing imports more expensive.
The ECB’s primary goal is to
keep inflation stable, while the
Fed aims for both maximum
employment and stable prices.
European markets held
steady after the ECB’s decision,
with bond yields trading higher
on the day but remaining little
changed after the news.
WORLD NEWS
NEW YEAR CHEER: Performers participate in the Maha Songkran parade in Bangkok to mark the coming Thai new year. The
celebration is marked with splashing water as a sign of cleansing and washing away the sins and bad luck from the previous year.
VIETNAM
Fraud Trial Leads
To Death Sentence
Truong My Lan, a 67-year-
old real-estate tycoon, was
sentenced Thursday to death
in the country’s largest finan-
cial fraud case yet, amount-
ing to $12.5 billion, state me-
dia Vietnam Net said.
In 1992, after Vietnam
shed its state-run economy,
Lan founded a real-estate
company that would grow to
become one of the country’s
richest, making her a key fi-
nancial-industry player. While
illegally in control of the be-
leaguered Saigon Joint Stock
Commercial Bank—after or-
chestrating its 2011 merger,
along with the central bank—
she allowed 2,500 loans that
resulted in losses of $27 bil-
lion to the bank, reported
state media VnExpress. Ana-
lysts said the scale of the
scam has damped Vietnam’s
economic outlook and made
foreign investors jittery.
—Associated Press
S P O N SO R E D BY
WORLD WATCH
SOUTH KOREA
Election Rout Spurs Ruins of Pompeii
Resignation Offers Yield Fresh Trove
South Korean Prime Minis-
ter Han Duck-soo and senior
presidential officials offered
to resign Thursday after their
ruling party’s crushing defeat
in parliamentary elections.
Wednesday’s election out-
come prolongs the liberal op-
position’s control of parlia-
ment until after President
Yoon Suk Yeol’s single five-
year term ends in 2027—likely
setting back his domestic
agenda and weakening his
grip on the ruling conserva-
tive party, experts say.
The prime minister and all
senior advisers to Yoon, ex-
cept those in charge of secu-
rity issues, expressed their in-
tent to resign, according to
Yoon’s office. It didn’t imme-
diately say whether Yoon ac-
cepted. The prime minister is
South Korea’s No. 2 official
and leads the country if the
president is incapacitated.
—Associated Press
* * THE WALL STREET JOURNAL.
ANCIENT ROME
Archaeologists excavating
new sites in Pompeii have un-
covered a sumptuous ban-
quet hall decorated with fres-
coed mythological characters
inspired by the Trojan War,
including Helen of Troy and
Apollo, officials said Thursday.
The mosaic-floored room,
about 15 yards long and 6
yards wide, was uncovered as
part of a project to shore up
the ancient city near Naples,
destroyed in 79 A.D. when Mt.
Vesuvius erupted. Used for re-
fined entertaining, it features
black walls, which prevented
the smoke from oil lamps
from being seen, said Gabriel
Zuchtriegel, director of the
Pompeii archaeological park.
Excavations recently have
focused on areas where the
middle classes and servants
lived. Previous digs concen-
trated on the villas of Pom-
peii’s upper classes.
—Associated Press
Scan to Subscribe Now
RUNGROJ YONGRIT/EPA/SHUTTERSTOCK
ARGENTINA
President Milei,
Elon Musk to Meet
Tesla Chief Executive Elon
Musk and Argentine Presi-
dent Javier Milei, who have
repeatedly validated each
other on Musk’s X platform
while assailing left-wing ideas
and blasting state controls,
will meet at last. Milei is set
to arrive Friday in Austin,
Texas, for a tour of Tesla.
Both could benefit econom-
ically from closer ties, analysts
say. Musk’s SpaceX recently
won permission to offer Star-
link services in Argentina, and
Argentina has the world’s
third-biggest reserves of lith-
ium, a key ingredient in the
batteries that power Teslas.
Any investment commit-
ments from Musk would be a
significant victory for Milei,
who has yet to receive any
major new foreign invest-
ments despite praise on Wall
Street and at the International
Monetary Fund for his policies.
—Ryan Dube
 BUSINESS & FINANCE
© 2024 Dow Jones & Company. All Rights Reserved.
S&P 5199.06 À 0.74% S&P FIN g 0.58%
Real Estate
To Pressure
Bank Results
Investors will be on
lookout for signs of
stress in property,
bond portfolios
BY ALEXANDER SAEEDY
Investors are on the lookout
for more signs of trouble lurk-
ing in the U.S. financial sys-
tem.
Big banks raked in record
profits in 2023 but face grow-
ing pressures this year. Losses
from commercial real estate
and bond portfolios are
mounting, and bank stocks
have lagged behind the
broader market rally.
“Fear of rates, recession
and regulation have overtaken
the reality of performance for
bank stocks,” said Mike Mayo,
the influential Wells Fargo
analyst.
JPMorgan Chase, Wells
Fargo and Citigroup will re-
port first-quarter earnings
Friday. Goldman Sachs re-
STREETWISE | By James Mackintosh
Rates, Profits in Market Tug of War
C
ompanies are start-
ing to report their
first set of earnings
for 2024, and they
matter more than
usual for stocks because the
other main support for ele-
vated markets—hope for rate
cuts—is being chopped away.
The trouble is that Wall
Street expects a lot of profit
this year, next year and, in
early forecasts, 2026. The fu-
ture is bright, investors and
analysts think, even though it
is extremely rare for reality
to come in better than origi-
nally hoped.
On a quarterly basis, of
course, companies tend to
talk down earnings as the
season approaches, as they
have done again in recent
months, so they can report a
“beat.” Earnings “surprises”
should be no surprise, but
quarterly earnings still tend
to come in weaker than origi-
Amazon CEO Touts AI,
Commits to Cost Cuts
BY STEVEN RUSSOLILLO
AND SEBASTIAN HERRERA
Amazon.com CEO Andy
Jassy said generative artificial
intelligence could be one of the
largest technological transfor-
mations in decades.
In his annual letter to
shareholders, Jassy laid out a
vision for how generative AI
could be a critical building
block in establishing the com-
pany’s next pillar of growth
following its online retail Mar-
ketplace, Amazon Prime and
its cloud-computing unit Ama-
zon Web Services.
“Generative AI may be the
INSIDE
BUSINESS NEWS
More employers offer
mental-health therapy
assisted by psychedelic
and similar drugs. B5
* * * * * *
S&P IT À 2.36%
ports Monday, and Bank of
America and Morgan Stanley
are on tap for Tuesday.
As they detail their first-
quarter performance, the
banks will also give full-year
outlooks, which investors and
analysts will watch closely for
signs of whether the fears will
be borne out.
A particularly sensitive
subject for investors is com-
mercial real estate. Banks hold
around 50% of all the debt
backing office, retail and other
nonresidential properties in
the U.S.
Federal Reserve Chair Je-
rome Powell has said there
will be more bank failures, af-
ter a trio of lenders collapsed
last year, because of the cor-
rection in office and other
property values. New York
Community Bancorp received
an emergency injection of $1
billion in March after report-
ing a surge in real-estate loan
losses.
In late March, credit-rating
Please turn to page B2
nally predicted.
A lot rests on companies
predicting that earnings will
be even better in future
quarters, because the market
as a whole is priced for un-
usually fast growth. The S&P
500 trades at a multiple of 21
times predicted earnings 12
months ahead, a level ex-
ceeded only during the dot-
com bubble and the pan-
demic rebound.
The good news is that a
stronger-than-expected econ-
omy should be good for prof-
its. The bad news is that a
stronger-than-expected econ-
omy means fewer rate cuts
this year, and perhaps none,
which hurts the valuation of
future profits.
This showed up on
Wednesday when inflation
again came in ahead of pre-
dictions, bond yields jumped
and stocks fell sharply. Fu-
tures markets are now priced
largest technology transforma-
tion since the cloud (which it-
self, is still in the early stages),
and perhaps since the Inter-
net,” Jassy wrote in his letter
Thursday. “This GenAI revolu-
tion will be built from the start
on top of the cloud. The
amount of societal and busi-
ness benefit from the solutions
that will be possible will as-
tound us all.”
Jassy’s annual shareholder
letter, his third since he took
over as CEO, follows a long-
standing tradition set by Ama-
zon founder Jeff Bezos, who as
CEO of Amazon for 27 years
Please turn to page B4
HEARD ON THE
STREET
Netflix stock benefits
from crackdown on
password sharing. B10
DJ TRANS À 0.93%
THE WALL STREET JOURNAL.
WSJ $ IDX À 0.01%
Unrealized gains and losses on banks’ securities portfolios, quarterly
2019 ’20
Index performance since the start of 2023
40%
30
20
S&P 500
KBW Nasdaq Bank Index
10
0
–10
–20
–30
Feb. 2023
Loans held at FDIC-insured commercial
banks and savings institutions, quarterly
$12 trillion
10
8 lar probe The Wall Street
6 ber. The Fed has told the
4 The main issues regulators
2 whether Morgan Stanley has
0 –5
2019 ’20 ’21
Sources: FDIC (gains and losses, loans held); FactSet (performance); the banks (net interest income)
$325 a share
300 S&P 500 operating-earnings
forecasts for each year
275
250
225
200
2020
175
2019
150 2017
2018
125
2016 ’17 ’18
Source: LSEG
for a 12.5% chance of no rate
cut this year, by far the high-
est yet, according to the CME
Fedwatch Tool.
Wednesday aside, inves-
Spotify Has Plans to Let Users Play DJ
BY ANNE STEELE
Coming soon to Spotify:
do-it-yourself song remixing.
The audio streaming com-
pany is developing tools that
would allow subscribers to
speed up, mash up and other-
wise edit songs from their fa-
vorite artists, according to
people familiar with the dis-
cussions. It is a bet on the fu-
ture of music consumption
that Spotify hopes will deepen
user engagement and appeal
to young users, while generat-
ing new revenue for artists.
Fans—particularly people
in their teens and 20s—regu-
larly manipulate songs for so-
cial media, adding their own
flair and then splicing the
catchiest snippets into viral
dance challenges, tutorials
and memes. But artists and la-
bels don’t often get paid for
those altered versions of their
songs, which are hard to track
and are often distributed on a
range of platforms including
TikTok and Instagram Reels.
Spotify’s exploration of the
new tools spotlights a scram-
ble among music and tech ex-
ecutives to ensure artists and
labels continue to make
money even as the way fans
consume music evolves. Rights
holders—labels, publishers
and artists—would be com-
pensated when fans stream
modified versions of their mu-
sic on Spotify, the people
said.
Under the plans Spotify is
2–YR. TREAS. yield 4.959% NIKKEI (Midday) 39642.66 À 0.51% See more at WSJ.com/Markets
’21
Jan. ’24
’22 ’23
2024
2023
2022
2021
’19 ’20 ’21 ’22
tors overall are still betting
that higher profits will more
than offset the hit from rates
being above where they pre-
viously thought.
MEDIOS Y MEDIA/GETTY IMAGES
One unsanctioned, sped-up cover version of a Keane hit raked in more than 33 million streams.
discussing, the new tools
could function as a type of
playback feature, with users
deciding, for example, at
which speed they want to lis-
ten to a song. The users could
potentially then save their
preferred versions to virtual
collections for repeat listen-
ing.
The effort is an opportunity
for Spotify to seize listening
time that it has so far ceded
to social platforms such as
$100 billion
0
’22 ’23
–100
–200
–300
–400
–500
–600
–700
Net interest income, change
from the previous quarter
Bank of JPMorgan Citigroup Wells
20%
America Chase Fargo
15
10
5 is under consideration.
0
–0.03%
2022 ’23 2022 ’23 2022 ’23 2022 ’23
There is both reason for
doubt and reason for hope,
2026 again coming from profits
and the Federal Reserve.
The reason for doubt is
2025
that history hasn’t been kind
to Wall Street forecasters.
S&P earnings came in below
the first-figure forecast every
year since the 2008-09 finan-
cial crisis, bar one: 2018.
Even that year was better
only because the initial ex-
pectations were depressed;
the first forecasts were made
close to the lows of the China
and oil busts in early 2016.
Worse, expectations are
particularly elevated. This
year’s S&P operating earn-
’23 ’24 ings (the standard way inves-
tors look at forecasts) are
predicted to be 10% higher
than last year, with next year
Please turn to page B2
 Tech-stock rebound sends
Nasdaq to record............... B9
TikTok. On TikTok, 38% of
songs had their speeds or
pitches modified in 2023, up
from 25% in 2022, according
to the content identification
technology and data firm Pex.
Some of the more basic fea-
tures Spotify is working on—
such as speeding up and slow-
ing down—would likely be
made available to regular sub-
scribers, who typically pay
$10.99 a month. More-ad-
vanced song-modification fea-
Friday, April 12, 2024 | B1
Morgan
Stanley
Wealth
Division
Is Probed
BY ANNAMARIA ANDRIOTIS
Multiple federal regulators
are probing Morgan Stanley
over how it vets clients who
are at risk of laundering
money through the bank’s
sprawling wealth-manage-
ment division.
The Securities and Ex-
change Commission, the Of-
fice of the Comptroller of the
Currency and other Treasury
Department offices are in-
volved, according to people
familiar with the matter.
That is in addition to the
Federal Reserve, whose simi-
Journal reported in Novem-
bank that supervisory action
are looking at boil down to
been sufficiently investigat-
ing the identities of prospec-
tive clients and where their
wealth comes from, as well
as how it monitors its clients’
financial activity. Some of the
probes are focused on the
bank’s international clients.
The bank has been work-
ing on addressing the issues
regulators have raised. When
asked about some of the reg-
ulatory scrutiny in January,
Morgan Stanley’s former
chief executive and current
executive chairman, James
Gorman, told the Journal the
bank is investing in compli-
ance, technology and artifi-
cial intelligence to better un-
derstand the flow of money
tied to its wealth business.
Morgan Stanley shares fell
sharply after the Journal re-
ported on the wider probe
and closed down more than
5%.
The SEC last year sent
Morgan Stanley a list of cur-
rent and former clients with
questions about how they
were vetted. It also ques-
tioned why Morgan Stanley’s
financial-adviser unit, which
works directly with affluent
individuals, did business with
some clients who were cut
off by E*Trade, the Morgan
Stanley-owned digital-trading
platform, because of red
flags.
The SEC’s list includes a
Please turn to page B9
tures could be part of a new
higher-price Supremium tier
that Spotify is developing.
While discussions about the
tools are early and licensing
agreements have yet to be
worked out, the goal is to al-
low users to share their modi-
fied tracks across Spotify, but
not to outside platforms such
as social-media apps.
The singer-songwriter Isa-
bel LaRosa noticed the popu-
Please turn to page B2
 B2 | Friday, April 12, 2024 * **** THE WALL STREET JOURNAL.

INDEX TO BUSINESSES BUSINESS & FINANCE

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

A G PeakEquity Partners...........B4
Amazon.com........................B1,B9 General Atlantic......................B4 Plexis Healthcare Systems
Apple.........................................A2,B9 GlobalFoundries.......................A2 ............................................................... B5
B Globe Life......................................B3 Publicis............................................B3

Baidu.................................................B4
Goldman Sachs.........................B1 Q
Bank of America.....................B1
H Qualcomm....................................A2
Bling Capital...............................B9 HighLevel......................................B4 S
BNP Paribas...............................B5 I SK Hynix........................................A2
Boeing...............................................A1 Intel....................................................A2 SkyWater Technology........A2
BYD..................................................B10 Interpublic.....................................B3 Spotify..............................................B1
C J Starbucks....................................B10
CarMax.........................................B10 Johnson & Johnson.............B5 T
Citigroup.........................................B1 JPMorgan Chase.....................B1
Taiwan Semiconductor
Comcast..........................................B4 M Manufacturing......................A2
Constellation Brands...B2,B9 Mastercard...................................B5 Temasek.........................................B9
D Microsoft.......................................B4 U
Dragonfly Capital...................B9 Morgan Stanley........................B1
M&T Bank....................................B2 Uncork Capital..........................B9
E United Wholesale
N Mortgage...................................A3
Enthea..............................................B5
Netflix............................................B10
Exxon Mobil................................B5 W
Nvidia.......................................A2,B9
F Wallenius Wilhelmsen......A3
O
Fast Retailing............................B3 Walmart.........................................B5
Omnicom.......................................B3

JUSTIN SULLIVAN/GETTY IMAGES

Ford Motor..................................B5 Wells Fargo..................................B1
Freddie Mac................................A3 P WPP...................................................B3

INDEX TO PEOPLE
A Furman, Jason..........................A2
Alex, Robin..................................B4
Anmuth, Doug........................B10
B
Bankman-Fried, Sam..........B3
Barsoom, Peter........................B5
Bazinet, Jason........................B10
Berezin, Peter............................A2
Bezos, Jeff.....................................B1
Bhardwaj, Anshu....................B5
Brewer, Bill..................................A3
Brzeski, Carsten....................A16
C BY DENNY JACOB
Calhoun, David...........................A1
Clark, Shaun...............................B4
Colbert, Ted.................................A5
Crawfurd, Chris........................B4
D Timchenko, Maksym...........A7
Deal, Stan.....................................A5
Derby, Mike.................................A3
Detmeister, Alan.....................A2
E Mahaney, Mark.....................B10
Elezaj, Alex..................................A3
F Milicevic, Ana............................B4
Fincher, Doug.............................B9
Musk, Elon...................................B4
G N The company, which sells beer under brands including Corona, said its beer sales grew nearly 11% in its fiscal fourth quarter.
Goldman, Aaron......................B4 Noh-Jung, Kwak......................A2
Gorman, James.........................B1
Gupta, Shiv..................................B4
H
Hadick, Rob.................................B9
P
Peters, Greg.............................B10
Pugliese, Ashley......................B5
R
Beer Sales Help Constellation
Offset Drop in Wine and Spirits
Hamiyeh, Nagi..........................B9 Rais, Sherry.................................B5
Huang, Lucia...............................B5 S
J
Sadoun, Arthur.........................B3
Jassy, Andy...........................B1,B9 Schmieding, Holger............A16
Jones, Tripp.................................B9 Silberman, Lauren...............B10
$392.4 million, or $2.14 a Beer sales grew nearly 11% wholesale unfavorability, par-
K Slok, Torsten..............................B2
Kane, Chris...................................B4
Soulé, Matthieu.......................B5 share, for the fourth quarter in the quarter and over 9% in ticularly among its largest
Khater, Sam................................A3
Speranza, Luigi.........................B2 Constellation Brands ended Feb. 29, compared with fiscal 2024, which the com- mainstream and premium
Koppikar, Nate..........................B3
Stanford, Kyle............................B9 posted better-than-expected $223 million, or $1.21 a share, pany attributed in part to the brands and destocking across
T sales in its latest quarter as a year earlier. Adjusted earn- strength of its brands, which international markets. Con-
L
strength in its beer brands ings were $2.26 a share, above include Modelo Especial and stellation said it expects wine
Larkin, Greg.................................B5 helped offset challenges faced analysts’ estimates of $2.11 a Pacifico. sales to improve in fiscal 2025.
V
Ling, Ben........................................B9 among its wine and spirits share. Wine and spirit sales fell Constellation forecast ad-
Vairavan, Varun.......................B4
M portfolio. Sales rose to $2.14 billion 6% in the quarter as market- justed per-share earnings be-
Valentin, Benoit.......................B9
The Victor, N.Y.-based from roughly $2 billion. Ana- place dynamics pressured vol- tween $13.50 and $13.80 in fis-
W
Mayo, Mike...................................B1 maker of beer, wine and spir- lysts polled by FactSet had ex- umes, resulting in a 9% decline cal 2025. Analysts polled by
West, Brian.................................A5
McLaughlin, Ed........................B5 its logged net income of pected $2.09 billion. for the fiscal year due to U.S. FactSet expect $13.43 a share.
Y
Murphy, John..........................B10 Yant, Jorge...................................B5

Real Estate
To Pressure
Bank Profit
GABBY JONES/BLOOMBERG NEWS

Continued from page B1

firm S&P said the financial
outlook for five regional
banks, including Morristown,
TRAVIS DOVE FOR THE WALL STREET JOURNAL

N.J.-based Valley Bank and

Buffalo, N.Y.-based M&T Bank,
was worsening because of
The new Spotify tools could function as a playback feature. their outsize commercial real-
estate exposure.

Spotify Spotify’s paid subscribers,

quarterly
It isn’t just smaller banks
and commercial real estate.
Bank write-downs of credit-

Wants Users
250 million 4Q 2023
card and auto loans have been
236M
rising, and analysts expect
they ticked up further in the

To Play DJ
200 first quarter. Wells Fargo reports results Friday, along with big-bank peers JPMorgan Chase and Citigroup.
Losses on banks’ securities
portfolios are also piling up. from the Federal Deposit In- likely to ultimately recoup isn’t good for banks. Loan de-
150 Some banks, including Wells surance Corp. That amounts to most of the money they in- mand from companies has
Continued from page B1 Fargo and Bank of America, around 20% of all shareholder vested in these securities, in been slowing as debt becomes
larity of sped-up songs on Tik- invested billions of dollars of capital in the banking system, the meantime it is tied up at more expensive, while banks
Tok and decided to release 100 their customers’ deposits in according to Torsten Slok, lower rates. have to pay up for customer
faster versions of her songs mortgage bonds and other se- chief economist at investment Officials have signaled they deposits.
along with the original record- curities after a flood of cash firm Apollo Global Manage- expect three rate cuts before One bright spot in the first
50
ings. Fans have listened to the entered the banking system ment. the end of 2024, but some in- quarter: A strong stock market
sped-up version of her most- during the pandemic. Analysts expect that those vestors and economists think and hopes for rate cuts helped
streamed song on Spotify, “i’m After the Fed started rais- losses rose between January the Fed might not cut rates at grease capital markets and
0
yours,” almost as much as the ing interest rates to curb in- and March as yields increased all this year. That view gained merger activity in January and
original version. 2018 ’19 ’20 ’21 ’22 ’23 flation, the value of those and prices fell because of an steam Wednesday, when infla- February. Global investment-
Some listeners still like to Source: the company bonds fell, pushing up unreal- increasing belief that interest tion came in higher than econ- banking revenue totaled $19.8
make their own versions of ized losses on securities in the rates will remain higher for omists had expected for billion in the quarter, an 11%
her work. “It can help build a streaming services, where banking system to $478 billion longer. March. bump compared with the year
more dedicated fan base be- they can rack up millions of as of Dec. 31, according to data Even though banks are A plateau in interest rates before, according to Dealogic.
cause they feel they can en- streams—and royalties that
gage with the song and be a don’t flow to the original art-
part of your success,” she said.
Major artists also have be-
gun releasing many versions
ist.
One unsanctioned, sped-up
cover version of the Keane hit
Tug of War S&P 500 forward price/earnings ratio*
24 times
U.S. domestic corporate profit margin†
16%
of the same song to feed fan
appetite for a diverse range of
iterations, while ensuring they
“Somewhere Only We Know”
raked in more than 33 million
streams after it was uploaded
In Stock 22
14

Market
20
receive royalties from the to Spotify. The artist listed be-
tracks. At the end of February, hind the track, DJ Tec, whose 12
SZA put out a new single, most popular tracks include 18
“Saturn”—plus four additional modified versions of songs by
versions: live, sped-up, a cap- Ed Sheeran and Adele, has Continued from page B1 16 10
pella and instrumental. nearly 1.5 million monthly lis- up an additional 14% and the
Some users manipulate full teners on Spotify. DJ Tec following year 11%. 14
8
tracks and fraudulently upload didn’t respond to requests for Only twice since the 1980s
them to Spotify and other comment. have companies managed dou- 12
ble-digit earnings growth for 6
three years in a row when they 10
Watch a Video: How an American Farm aren’t recovering from a reces-
Grows $1,700-a-Pound White Truffles sion. Those occurred in the 8 4
Goldilocks years of the 1986 ’90 ’95 2000 ’05 ’10 ’15 ’20 ’24 1952 ’60 ’70 ’80 ’90 2000 ’10 ’20
mid-1990s and the mid-2000s.
*Monthly data, through April 5 †Corporate profits including inventory valuation and capital consumption
It is no surprise that investors adjustments as a share of corporate value added. Quarterly data, through the end of 2023
are again talking of a Gold- Sources: LSEG (P/E ratio); Federal Reserve Bank of St. Louis (corporate profit margin)
ilocks recovery, with the econ-
omy not too hot, not too cold value of inventory and use of cut rates if the economy starts tivity, the Fed will act more ag-
and without bears. capital, are at 14%. That is to go south. gressively.” It isn’t quite a Fed
about equal to post-World War put option protecting the

T I
he problem is that ex- II peaks, aside from the pan- t isn’t that inflation is back downside for stocks. Rather, it
pectations are lofty demic spike. to target—at 3.5% it is still is a put option on the economy,
when profit margins are Extracting even more profit much too high. But it is which is still pretty good for
already high, which makes it isn’t impossible; margins high for the right reason: a investors. In this environment,
MICHAEL TABB

hard to raise them still further.
Companies are already extract-
ing the highest share of the
value they add to the econ-
Scam this code for a video on how a omy—technically, profit per
scientific breakthrough, years of investment unit of real gross value
and some highly trained dogs have finally added—since World War II.
made it possible for farmers to consistently Profit margins, measured
harvest truffles in the U.S. using economywide profit after
adjusting for changes to the
aren’t set by a law of nature.
But at a time unions are rein-
vigorated, the government is
strapped for cash and politi-
cians are less friendly to big
companies, it isn’t a slam
dunk.
The reason for hope is that
better-behaved inflation means
the Fed is once again able to
strong economy. So if the
economy weakens, inflation
should come down, leaving the
Fed clear to cut.
“If there’s any problem with
the growth story, the Fed is
there,” says Luigi Speranza,
chief economist for BNP
Paribas’s investment bank. “If
you get a deterioration in ac-
stocks can do fine unless and
until the economy gets so hot
that it is obvious the Fed will
have to raise rates again to
cool things down. Until then,
the most obvious risk is that
markets are priced for the
economy to deliver outsize
profits. If it doesn’t, it would
be a big disappointment.
THE WALL STREET JOURNAL. * *
Publicis quarterly organic net
revenue, change from a
year earlier
18%
LUDOVIC MARIN/AGENCE FRANCE-PRESSE/GETTY IMAGES
15
12
9
1Q 2024
+5.3%
6
3
0 The Japanese owner of
2021 ’22 ’23 ’24
CEO Arthur Sadoun heralded Source: the company
momentum for his company.
Publicis Posts Ad Gains,
Sees Rebound for Tech
BY ADRIÀ CALATAYUD nies toward the end of last
year, with those more exposed
Publicis Groupe said first- to the sector taking a hit and
quarter revenue continued to other less reliant on it, like
grow and beat expectations, Publicis, feeling little pain.
helped by new business wins However, Publicis said it
and what it called a clear re- saw a recovery in the tech
bound in the technology sector. sector in the first quarter,
The Paris-based advertising with growth in the double-
group said Thursday that or- digit percentage range.
ganic net revenue grew 5.3% “Publicis had a very strong
in the first three months of start to 2024, sustaining
the year compared with the growth momentum despite
same period of 2023. Analysts ongoing macroeconomic ten-
expected Publicis to report or- sions,” Chairman and Chief
ganic net revenue growth of Executive Arthur Sadoun said.
4.55% for the quarter, accord- Sadoun said the company’s
ing to consensus estimates performance was driven by
provided by Visible Alpha. tailwinds from new business
Publicis’ update kicks off the wins, growing demand for
first-quarter reporting season data-led marketing services
for the advertising industry. boosted by artificial intelli-
The world’s largest ad group by gence and a rebound in the
market capitalization has been tech sector.
growing faster than its peers in The owner of agencies such
recent quarters, a trend ana- as Saatchi & Saatchi, Leo Bur-
lysts attribute to investments nett and Zenith reiterated its
in tech and data capabilities guidance for 2024, with or-
that are translating into strong ganic net revenue growth ex-
customer retention and mo- pected to range between 4%
mentum in new business. and 5% and an operating mar-
U.S. rival Omnicom Group gin of 18%.
is due to give a first-quarter For the second quarter, the
update next week, with Inter- company expects solid organic
public Group of Cos. and Lon- growth within the full-year
don-based WPP due to report range, it said.
later this month. Net revenue for the first
A slowdown in marketing quarter amounted to €3.23 bil-
spending by tech companies lion euros, the equivalent of
led to a divide in the fortunes $3.47 billion, up 4.9% on a re-
of ad-agency holding compa- ported basis, Publicis said.
2024 WSJ
Tax Guide
Filing your taxes doesn’t have to feel like a mazz e.
WSJ — your tax season companion.
The Wall Street Journal’s annual tax guide is here. In this six-
part series, we break down what’s new and what you need to
know to ile a lawless return. Whether you’re curious about
your EV credit or your new tax bracket, our experts have the
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READ MORE
WSJ.com/TaxGuide2024
         
BUSINESS & FINANCE
Uniqlo Owner Fast Retailing Short
Posts Profit Gain, Raises View Seller
BY KOSAKU NARIOKA
Fast Retailing raised its
earnings outlook as it reported
profit growth for the fiscal
first half, driven by higher
sales in the U.S. and Europe, a
sign of success in its strategy
of global expansion.
Uniqlo and other clothing
brands said Thursday that net
profit increased 28% from a
year earlier to 195.91 billion
yen, or $1.28 billion, for the six
months ended Feb. 29, beating
Bankman-Fried to Appeal Conviction
Sam Bankman-Fried, who
was sentenced to 25 years in
prison for stealing funds
from customers of his crypto
exchange FTX, filed notice
Thursday that he will appeal
his conviction and sentence.
Prosecutors have called
the case one of the largest fi-
   
analyst estimates.
Fast Retailing raised its net
profit projection for the fiscal
year ending August and now ex-
pects an 8% increase to 320 bil-
lion yen, up from its previous
expectation for a 4.6% increase.
First-half revenue rose 9%
from a year earlier to 1.599 tril-
lion yen. Revenue from Uniqlo
grew in overseas markets,
though revenue for Japan de-
clined. Uniqlo’s revenue from
North America climbed 25% to
108.54 billion yen as it benefited
from a shift toward casual
nancial frauds in U.S. history.
A jury found Bankman-Fried
guilty on all seven counts he
faced at a trial last year.
A federal judge sentenced
him to 25 years in prison and
$11 billion in financial penal-
ties last month.
Bankman-Fried’s attorneys
Friday, April 12, 2024 | B3
dressing and as inflation-weary
Targets
U.S. shoppers became more
price sensitive. Revenue for Eu-
rope rose 25% to 142.17 billion
Insurer
yen, thanks partly to an expan-
sion of its customer base and
new store openings. Uniqlo’s
Globe Life
first-half revenue from China,
Hong Kong and Taiwan rose 12% BY BEN FOLDY
to 360.45 billion yen.
The retailer plans to in- Shares of insurance com-
crease the total number of pany Globe Life lost more
stores to 3,609 globally at the than half their value Thursday
end of August from 3,578 a after a short seller alleged a
year earlier by opening more
Uniqlo stores abroad.
range of financial misconduct
at the company.
The Texas-based company’s
shares closed around $49,
down 53%. The crash wiped
out more than $5 billion from
the company’s valuation in a
matter of hours, far eclipsing
a 14% single-day decline at the
peak of the 2008 financial cri-
sis as the company’s worst
day on record. Representa-
tives at Globe Life didn’t im-
mediately comment on the al-
legations or the shares’
performance.
The rout appears to have
been sparked by a report pub-
lished Thursday morning by
an anonymous self-described
short-selling outfit called
Fuzzy Panda Research.
The report included allega-
tions that brokers at Globe
Life subsidiary American In-
come Life had engaged in
widespread insurance fraud,
citing a former vice president
of sales at the subsidiary. It
also included allegations that
AMANDA PEROBELLI/REUTERS
some Globe Life and American
Income Life executives made
millions of dollars through the
company referring new hires
to a training program they co-
vertly owned. The allegations
haven’t been confirmed by
The Wall Street Journal.
have previously signaled his Globe Life was highlighted
intent to appeal. Earlier this as a target by Nate Koppikar
week, his lawyers requested of Orso Partners at the Sohn
that he remain held in a Investment Conference last
Brooklyn, N.Y., jail rather than week. Warren Buffett’s Berk-
moved to a facility closer to shire Hathaway had been a
his family in California to al- longtime investor in Globe Life
low easier access to his law- before dumping more than 6
yers for the appeal. million shares over the past
year.
 B4 | Friday, April 12, 2024
X Queried on Brazil Actions General Atlantic Backs
Software Provider
Musk says that U.S.
lawmakers asked
about legal standoff
with the nation
BY KIMBERLEY KAO
Social-media platform X
has received an inquiry from
U.S. lawmakers related to the
company’s continuing legal
standoff with Brazilian au-
thorities, Elon Musk said.
Musk, the billionaire owner
of X, said in a post on the
platform Wednesday that it
Junk Websites Trip Up Marketers
KRISTON JAE BETHEL FOR THE WALL STREET JOURNAL
On one ‘made for advertising’ site, Comcast paid an ad rate far higher than Super Bowl rates.
BY MEGAN GRAHAM
The ad industry is railing
against online publishers that
get visitors largely by advertis-
ing clickbait headlines around
the web, then turn a profit by
serving a barrage of ads to
anyone who bites.
These “made for advertis-
ing” sites stand accused of giv-
ing visitors a poor experience,
delivering dubious results for
advertisers and elevating car-
bon emissions because they
run many more energy-con-
suming instant auctions for
their ad inventory than web-
sites with typical ad loads.
MFA sites also often aggres-
sively refresh the ads they dis-
play, potentially showing visi-
tors the same ad thousands of
times in a single session, ac-
cording to a report by research
firm Adalytics. That means un-
witting brands could be paying
astronomical prices to reach
one consumer. For example,
Comcast paid an ad rate to
reach one consumer on an MFA
site that was far higher than
the rates advertisers pay in the
Super Bowl, the Adalytics re-
port said.
But the sites attract signifi-
cant spending, and not just be-
cause of rapidly reloading ads:
MFA publishers win roughly
15% of automated online adver-
tising spending, or $10 billion
in annual ad revenue, accord-
ing to an estimate late last year
from the Association of Na-
Amazon
Touts AI,
Cost Cuts
Continued from page B1
released annual letters that
were studied across the tech
industry and beyond. Bezos,
who stepped down as Amazon
CEO in 2021, typically used the
letters to speak about Ama-
zon’s accomplishments and
ambitions.
Amazon has been in search
of its next pillar of success, but
that search has been elusive as
the company has struggled to
build out businesses such as
its physical stores and health-
care. Jassy said the company
thinks of its successes as busi-
nesses that can spur other
successful projects. He listed
AWS and the company’s logis-
tics operations as two previous
initiatives that accomplished
that and said that beyond AI,
it sees promise in units such
as grocery and Prime Video.
Jassy also said Amazon re-
mains committed to cost-cut-
ting.
“We’ve challenged every
closely held belief in our ful-
fillment network, and reevalu-
received an inquiry from the
U.S. House of Representatives
“regarding actions taken in
Brazil that were in violation
of Brazilian law.”
Musk last weekend vowed
to fight an order by Brazil’s
Supreme Court to remove a
number of X accounts and
called for the removal of Jus-
tice Alexandre de Moraes, one
of the country’s most power-
ful judges.
Musk said then that his
company, which initially com-
plied with the order, was lift-
ing all restrictions, adding
that it would likely have to
tional Advertisers, or ANA, a
marketers’ trade group.
Warnings against MFA sites
are being undermined by in-
consistent definitions and
cases of sites being erroneously
included on “block lists” de-
signed to help advertisers
avoid them, experts say. Some
publishers of sites labeled MFA
also say their businesses are
being unfairly targeted. If mar-
keters want to appear on their
sites, the publishers and others
say, that is their prerogative.
And the way the online ad-
vertising ecosystem works
might actually encourage
brands to use the demonized
sites.
“If I’m a marketer, and I
want to buy lots of cheap
reach, and I just need to in-
crease brand awareness, I’m
actually OK if some of my ads
show up on some of these sites,
because people saw my damn
logo,” said Shiv Gupta, founder
of ad tech education company
U of Digital.
Major advertising trade
groups and ad-tech companies
have been urging advertisers
against that strategy.
The sites’ “user-hostile ex-
perience entirely eliminates the
effectiveness of advertising,”
the digital marketing consult-
ing firm Jounce Media said in a
report.
MFA sites typically show
some combination of undesir-
able traits, a coalition of indus-
try groups said in their own re-
Share-price and index
performance, year to date
25%
Amazon
20
15
10
5 others for AI talent.
S&P 500
0 has continued to lay off teams
–5
Jan. 2024 Feb. March April
Source: FactSet
ated every part of it, and
found several areas where we
believe we can lower costs
even further while also deliv-
ering faster for customers,”
Jassy said in his letter. The
company overhauled its deliv-
ery systems in the past year to
place items it sells in ware-
houses closer to customers,
which it says saves costs. Am-
azon has hundreds of ware-
houses throughout the U.S.
Amazon shares are up 24%
this year through Thursday’s
close, with a market cap ap-
proaching $2 trillion. The
stock has outperformed the
S&P 500 by more than double
TECHNOLOGY
shut down its office in the
country but that “principles
matter more than profit.”
“There were hundreds, if
not thousands” of accounts,
Musk said in a post. He added
in another that “we were
asked to suspend sitting
members of the Brazilian par-
liament and many journal-
ists,” referring to personal ac-
counts on X.
The Supreme Court of
Latin America’s largest coun-
try on Monday said de Mo-
raes had opened an investiga-
tion into Musk late Sunday
over possible obstruction of
port. They include high loads of
advertising, generic content,
autoplay video ads and a high
percentage of traffic that is at-
tracted through paid advertis-
ing elsewhere.
The 4A’s, a trade organiza-
tion for ad agencies, describes
MFAs as “made for arbitrage,”
meaning they “buy” online
traffic by advertising their
headlines elsewhere, sell ad
space for more than they paid
to acquire that traffic and
profit on the difference in cost.
“I say ‘garbage’ because
there’s an easier term to un-
derstand,” said Ashwini Kara-
ndikar, the group’s executive
vice president of media, tech-
nology and data.
MFA sites are only the latest
villains for ad-industry leaders,
who have previously fought
against bot networks that
fraudulently simulate ad im-
pressions and ads that are
served out of view of website
visitors.
Though MFA sites have ex-
isted for years, the share of ad
auctions coming from them
grew to 30% last June from
about 5% at the beginning of
2020, according to Chris Kane,
founder of Jounce Media.
But the share now appears
to be declining, perhaps re-
flecting the influence of a June
report by the ANA arguing that
MFA sites are wasteful or un-
productive places to advertise,
Kane said.
Brands that want to keep
The tech giant has struggled to build out its physical stores.
amid investor excitement over
AI.
Amazon fell behind its tech
rivals in the AI race, though it
has been trying to boost its
standing with new offerings at
AWS and its retail operations.
Jassy, who has spoken about
AI as a long-term bet, again
used Thursday’s letter to lay
out that Amazon believes it
will take time to build out the
technology.
The company has invested
$4 billion in AI startup An-
thropic, which is among a
group of notable tech compa-
nies building large language
models and other cutting-edge
THE WALL STREET JOURNAL.
justice, as well as including
him in an existing inquiry
into online disinformation
campaigns.
De Moraes, who is also
heading an investigation into
former President Jair Bolson-
aro over allegations he had
been planning a military take-
over of Brazil before losing
the 2022 presidential elec-
tions, has led many efforts to
clamp down on disinforma-
tion, arguing that it is neces-
sary to safeguard the coun-
try’s democracy. Bolsonaro
has denied the existence of a
coup attempt.
their ads off MFA sites should
select 75 to 100 trusted pro-
grammatic media sellers to Varun Vairavan, left, Shaun Clark, center, and Robin Alex.
work with, the ANA says. And
they should question inventory BY LAURA KREUTZER
that is unusually cheap—often
a sign of MFA publishers, it Global growth-investment
said. firm General Atlantic is tak-
Companies such as Jounce ing a minority stake in mar-
also compile block lists of sites keting software provider
they deem MFA. HighLevel, as the firm contin-
Jounce’s list comprises ues to back companies that
roughly 1,000 sites that Jounce help smaller businesses use
says top certain thresholds for digital technology to trans-
buying traffic, aggressive mon- form how they operate.
etization and emphasizing ex- “If you compare small busi-
posures over results in tracking nesses to large businesses,
ad performance. they tend to use more paper
Even sites on block lists still and more manual processes,”
manage to run ads from major said Aaron Goldman, a manag-
brands because such lists vary, ing director at New York-
not every company that places based General Atlantic and
ads uses a list and different leader of the firm’s enterprise
companies treat MFA sites dif- technology investments. “So
ferently in any case. there’s an acute need to do
It is challenging to define better digitally both for [their]
MFA, said Ana Milicevic, a operations and for how they
principal and co-founder at find new customers.”
Sparrow Advisers, a manage- Dallas-based HighLevel pro-
ment consulting firm specializ- vides technology largely to
ing in ad tech. “Because we marketing and advertising
could say things like, ‘Well, it’s agencies that cater to small
automatically generated con- and medium-size businesses.
tent.’ But if somebody finds Founded in
value in that—for example, I 2018, the com-
would read a piece that tells pany develops
me something about my air software that HighLevel
conditioner, like how to install helps custom- provides
it, or how to clean it—I don’t ers automate
care whether that was written tasks such as technology to
by a person or a machine, as customer rela-
long as it solves my problem. tionship man-
marketing and
So does that constitute MFA?” agement, build- ad agencies.
One publisher of sites ing websites or
branded “MFA” in a report mobile applica-
from ad fraud and compliance tions, develop-
software company Pixalate ar- ing marketing campaigns and
gues that its properties make using social media for mar-
sense for certain advertisers. keting.
Shinez.io owns and operates The marketing agencies
24 websites on subjects includ- that use HighLevel’s software
ing sports, food and travel, said typically incorporate it into
Chris Crawfurd, the company’s their own operations under
senior vice president of pro- their own brands, much like a
grammatic. “Most advertisers grocery store would brand pri-
are targeting on return-on-ad vate-label food products. Do-
spend goals. The fact is we give ing so lets marketing agencies
advertisers scale at lower that use HighLevel generate
prices than they would pay” at revenue of their own through
more established, high-profile the services they offer their
sites, he said. small business customers, ac-
Shinez.io writes articles for cording to Shaun Clark, who
a broad audience, then pro- co-founded the company
motes them to draw readers— alongside Robin Alex and
typically using social media Varun Vairavan. Collectively
and ads on other sites, he said. the three co-founders remain
The company is careful not the largest shareholders of
to run intrusive ads on its sites, HighLevel.
which would only drive visitors “If they lose, we lose, so
away or upset its audience, ac- [we] both have these big in-
cording to Crawfurd. centives now to make sure
bile app named Rufus that ex-
ecutives said is designed to
improve the shopping experi-
ence and enhance its product
search bar.
Late last year, it also intro-
duced a chatbot for work-
places. It also started a pro-
gram to train millions of
workers in artificial-intelli-
gence skills as it competes
CHRISTOPHER DILTS/BLOOMBERG NEWS
with Google, Microsoft and
Despite Amazon’s recent in-
vestments on AI, the company
of employees throughout its
businesses, continuing a cost-
cutting effort that began in
2022. Amazon this month
slashed hundreds of jobs from
across AWS, a move that came
technologies. As part of its after it said it would remove
deal with Amazon, Anthropic its “just walk out” cashierless
is using Amazon’s custom technology from its Amazon
chips to build and deploy its AI Fresh grocery stores in the
software. U.S. The company in recent
Amazon disclosed Thursday months has eliminated hun-
that it added Dr. Andrew Ng, a dreds of positions across divi-
computer scientist, entrepre- sions such as entertainment
neur and AI expert, to its and its Alexa division.
board. A former Google and Jassy has spoken about a
Baidu executive, Ng has spe- three-pronged approach to AI
cialized in developing machine innovation. He said Amazon is
learning and deep learning al- focusing on the AI models, fol-
gorithms. He is an adjunct pro- lowed by the applications built
fessor at Stanford University. on top of the models, like
On its e-commerce side, ChatGPT. The third prong is
Amazon in February an- chips that power the technol-
nounced a new AI-powered ogy.
shopping assistant for its mo- “We’re optimistic that much
WSJ.com/Tech
LISA MEANS PHOTOGRAPHY
that each other is successful,”
Clark said. “We almost be-
come a partnership with our
customer.”
Alex said that HighLevel
has helped marketing agencies
and downstream customers
generate more than $500 mil-
lion in revenue in the past
year.
General Atlantic joins an
investor base in HighLevel
that includes technology-fo-
cused firm PeakEquity Part-
ners, which led an investment
of more than $60 million in
the business in 2021.
Since PeakEquity’s initial
investment, HighLevel has
more than tripled its customer
base to over 60,000 clients
and has expanded its own
staff to more than 900 people,
Alex said.
With General Atlantic on
board, HighLevel’s co-found-
ers said they see opportunities
for international expansion.
“We started international-
izing the app,
but that’s just
the first step,”
Vairavan said.
“There are pay-
ment relation-
ships you need
to have. There
[are] different
connections
you need to
have in [these]
markets. We’ve
seen the interest come in, but
now we need to make sure we
capitalize on that interest and
that’s really where I think GA
will be able to help us.”
HighLevel joins a growing
stable of software providers
catering to small and medium-
size businesses that General
Atlantic has backed in recent
years.
Last year, General Atlantic
led $100 million investment
rounds for cybersecurity soft-
ware provider ThreatLocker
and Jobber, an operations-
management software pro-
vider for home-services com-
panies. In Europe, the firm
made a €150 million, or
roughly $162.9 million, strate-
gic investment in Odoo, a Bel-
gium-based developer of open-
source software for small and
medium-size businesses.
of this world-changing AI will
be built on top of AWS,” Jassy
said in his letter.
Jassy has said he expects AI
to drive tens of billions of dol-
lars of revenue for the com-
pany over the next several
years, yet Amazon has also
tamped down expectations by
repeatedly saying that it is the
“early days” of AI.
Jassy also expressed opti-
mism about the company’s
Prime Video streaming service,
citing its library of exclusive
content including Thursday
Night Football and “The Lord
of the Rings: The Rings of
Power,” as well as advertising.
Amazon has added ads to its
streaming offering as it looks
to further build its ad business
and generate more revenue
from entertainment.
He also touted Amazon’s
space endeavors. Jassy said its
satellite internet business,
dubbed Project Kuiper, hit “a
major milestone” in October
when it launched two proto-
type satellites into space. The
goal is to provide broadband in
remote areas, a business cur-
rently dominated by Elon
Musk’s Starlink.
Jassy said he expects Ama-
zon to launch its first produc-
tion satellites this year.
“We’ve still got a long way
to go, but are encouraged by
our progress,” Jassy said.
THE WALL STREET JOURNAL. * * Friday, April 12, 2024 | B5

BUSINESS & FINANCE

Employers Warm to Psychedelic Therapy

Some include it was previously in the military are actually paying for these
approached her about consid- ketamine-ish treatments,” he
among their benefits ering offering psychedelic says. Feifel says the economics

JANSSEN GLOBAL SERVICES/ASSOCIATED PRESS (MEDICATION)

PIARAS O MIDHEACH/SPORTSFILE FOR WEB SUMMIT/GETTY

as they aim to help therapy as a benefit. She is are starting to move in favor
hopeful it can help workers of larger insurance companies
staff and lower costs who are struggling with grief, making an exception and
trauma and especially sub- agreeing to cover ketamine for
BY KATHERINE BINDLEY stance-abuse issues. off-label use.
“I think it’s going to be Johnson & Johnson says it
The suite of benefits your big,” says Pugliese, adding is continuing to work with
company offers may one day that in her experience, youn- payers to ensure patients have
look like this: vision, dental, ger generations are more the opportunity to benefit
401(k) match and psychedelic- open-minded about alternative from Spravato, according to a
assisted therapy for mental treatments. spokeswoman.
health. A small but growing Some companies could have Lucia Huang, CEO of Os-
number of companies are al- hesitations about risks to cov- mind, a technology platform
ready offering that last one. ering certain types of ket- for mental-health treatment
“I’ve experimented with Sherry Rais, CEO of benefits startup Enthea, says more than amine treatment for employ- and research, says in order for
psychedelics myself, and I a dozen companies have signed up for coverage this year. ees because there can be risks psychedelic benefits to catch
could see how it could be help- when not used in a clinical on with employers, the indus-
ful to people,” says Jorge Yant, delic therapy, resulting in will be added to Enthea’s of- ees’ mental health, according setting and prescribed for try needs to show that they
founder of Plexis Healthcare lower costs over time and a ferings, the company says. to a survey of more than 500 home-use instead, says David work.
Systems, which recently happier, more productive Offering psychedelic bene- respondents by NFP, a benefits Feifel, a psychiatrist and medi- “The best way to do that is
started covering psychedelic- workforce. He started consid- fits to employees is still in its consulting firm. cal director of Kadima Neurop- for the benefits providers to
assisted therapy for its em- ering covering alternative infancy, but it is increasingly Sherry Rais, chief executive sychiatry Institute in La Jolla, be tracking outcomes and be
ployees through Enthea, a therapies after reviewing ano- seen as a potential way to im- of Enthea, says she has had Calif. Feifel says that now offering the treatments with
benefits startup that contracts nymized summary reports of prove workers’ mental health more than a dozen employers some doctors who aren’t clinicians that are using evi-
with providers to get dis- prescription drug use within and stem costs over time. Psy- sign up this year; an addi- trained as psychiatrists are dence-based practices,” she
counted rates. the company. chedelics also are going more tional 50 have signed letters of adding ketamine infusions to says.
Some research has shown “The use of antidepressants mainstream. Some Silicon Val- intent. Among those in talks their offerings. Peter Barsoom, CEO of
that psychedelics such as among my employees and ley executives have embraced with Enthea about covering Currently ketamine isn’t 1906, a cannabis company, had
MDMA and psilocybin, and their families was off the their use, seeking mental or ketamine treatment are sev- FDA-approved to treat depres- already covered the cost of
similar substances like ket- charts,” he says. business breakthroughs; for eral management consulting sion, so doctors prescribe it ketamine-infusion treatments
amine, can be effective in Currently, clients of Enthea some people, psilocybin has firms, says Rais. off-label. The nasal spray for two employees out of his
treating depression, anxiety, can get ketamine-assisted become the answer to a One of Enthea’s newer cli- Spravato, a close chemical re- own pocket. Once he learned
substance abuse, PTSD and therapy covered. In the com- packed social and professional ents is Lower Hudson Valley lation to ketamine made by about Enthea, Barsoom signed
other mental-health condi- ing months, they will be able calendar. E.A.P., an employee assistance Johnson & Johnson, is FDA- up so all 40 people who work
tions. to get psilocybin if they are The tide is starting to shift program that works with 30 approved for adults with treat- for him could partake in the
Yant says he thinks that the based in or willing to fly to Or- for companies, too. In 2023, unions, many of them in the ment-resistant depression and treatment if they choose. He is
U.S. healthcare system is too egon, which legalized the drug 17% of employers said they building and construction is covered by some insurance comfortable with his employ-
focused on prescribing drugs for supervised medical use. If were investing in psychedelic- trade. Ashley Pugliese, the companies. But Feifel says it is ees using it at home, as long
and that some of his employ- MDMA receives Food and Drug assisted clinical therapy solu- program’s executive director, far more expensive. as it is under the guidance of a
ees could benefit from psyche- Administration approval, it tions to support their employ- says one of her employees who “The insurance companies doctor.

Climate Pledge Sought

From M.B.A. Candidates
BY YUSUF KHAN September, launched the Cli- sity of Oxford’s Saïd and HEC
mate Legacy Commitment, or Paris.
At one of the world’s oldest CLC, last month. It was The pledge itself isn’t bind-
universities, two M.B.A. candi- founded on the idea that ing, and the current cohort
dates are trying to do some- M.B.A. students hold a level of won’t be graduating until the
thing that has never been power when it comes to ef- fall of this year, so it is un-
done before: get future busi- fecting change in future busi- clear how companies will take
ness leaders to make a career- ness practices, and that after the declaration into consider-
long commitment to combat graduating they will have ation when hiring. But Janich
climate change. more control when it comes to and Golding both hope that by
Collin Janich and Peter Gol- enacting day-to-day business signing up, it would be a life-
ding, students at the Univer- decisions. So, if climate time commitment for those
sity of Cambridge’s Judge awareness is integrated, then candidates to try to drive cli-
B u s i n e s s operations as a mate action. “It’s giving peo-
GETTY IMAGES

School, are cre- whole can be- ple an opportunity to signal to

ating a pledge come more sus- future employers [their inten-
for M.B.A. can- At the top seven tainable, they tions],” Golding said. Signees
didates at the U.S. business say. also gain a badge on LinkedIn The pledge was created by two students at the University of Cambridge’s Judge Business School.
world’s top “A core tenet showing they have signed up
b u s i n e s s schools, nearly for us is that in for the pledge. Gishan Dissanaike, interim also want to make a positive mingham, Ala., had worked for
schools to com- every decision For example, if a candidate dean of Cambridge Judge social impact too.” He added the energy giant Exxon Mobil
mit to champi-
300 candidates we want sus- goes on to work for a com- Business School, which is a that employers will still likely as a senior adviser on climate
oning sustain- have signed. tainability prin- pany in the artificial-intelli- sponsor of the project, said be hiring candidates based on policy and ESG.
able initiatives ciples to be in- gence space, then trying to re- there is demand for more their subject matter expertise, He said that during his
and fighting for tegrated. duce water and energy usage teaching and support on cli- not climate credentials, but time there, colleagues did
a net-zero fu- Something to could be one way they enact mate change from students at the pledge could act as a bo- want to take ESG and climate
ture for the rest of their ca- carry forward as a philosophy change, given the huge the school and from the nus. change seriously but were un-
reers. for every decision no matter amounts of power and cooling boards of directors at compa- Schools in the U.S. have sure about how to engage on
“Nothing exists challenging how big or small,” Golding needed to fulfill the demands nies that the school works seen similar demand. At the the issue in a meaningful way,
future business leaders,” Jan- said. of AI data servers. Pushing for with, noting its growing im- Wharton School, 10% of its which was part of the reason
ich said. “We’re in a position So far, the pair have signed a switch to renewable energy portance from a corporate M.B.A. candidates are now he looked to found the pledge.
to impact change so this is a on close to 300 candidates could be another. “It’s not a perspective. majoring in ESG, with it rank- Creating networking opportu-
call to action to transform from the top seven business purity test,” Janich said. “It’s “We are seeing a change, ing among the top five majors nities through the CLC should
business leadership and put schools in the U.S., including not a stick approach, it’s more not only in relation to sustain- alongside core subjects such allow people from different
climate change into business Columbia Business School, of a carrot approach trying to ability but in doing work as finance, accounting and sectors to learn how to ap-
leadership.” Harvard Business School and meet M.B.A. candidates where which is not socially harmful,” management. proach the subject and create
The duo, who met on the MIT, as well as eight schools they are. People who want to Dissanaike said. “People do Before life at Cambridge, change within their respective
first day of their program in in Europe, such as the Univer- make a difference.” like earning money but they Janich who hails from Bir- fields, Janich said.

Some Companies Reintegrate Their In-House Incubators

BY ISABELLE BOUSQUETTE Box” method, which brings to- novate with customers on real that aims to bring cutting-
gether employees with busi- business problems. edge startup technology into
Some companies are mov- ness, product, technology and “There’s a mistake some- the bank and its customers.
ing away from the idea that user experience roles to iden- times where organizations say Colleagues in other parts of
stand-alone, startup-style labs tify and solve challenges innovation is something off the business aren’t always ex-
are the best way to drive in- through tech. The approach the side rather than some- cited about solutions he brings
novation. has allowed Walmart to more thing that you do every day in, Soulé said. He said he has
The re-evaluation comes as quickly deploy new solutions, and needs to be part of every been working to position new
big businesses feel pressure to such as adding early-morning team,” said Mastercard Chief technology as something they
harness cutting-edge genera- and late-night options to its Technology Officer Ed need to survive in a changing
tive artificial intelligence for in-home delivery service. McLaughlin. “Innovation is world, rather than just a cool
new discoveries. The best Assigning innovation ef- like ethics. And it has to per- addition. “People are some-
ideas come from within the forts across business units vade the whole organization.” times more reactive to a stick
business, these companies say, makes sense for Walmart, said Mastercard recently worked than a carrot,” Soulé said.
rather than from colleagues in Bhardwaj. “It’s very difficult with Mercedes to enable digi- There is value in companies
detached groups who then for any one single team to be tal payments via fingerprint setting aside resources to con-
have to get buy-in from the the subject matter expert and biometric authentication di- sider moonshot technologies 10
company. the tech expert at the same rectly from the vehicle’s dash- years into the future, albeit
EY

Walmart in January an- Ernst & Young’s Wong at its lab in Shenzhen, China. time,” she said. board at more than 3,600 ser- typically only in industries with
nounced plans to close Store Ford Motor’s innovation vice stations in Germany. long product development cy-
No. 8, an idea-incubation arm pursuing technology for tech- tions, including a service that lab in Silicon Valley is now Some companies remain cles such as aerospace, said
that had some associates nology’s sake. Companies risk can deliver groceries directly more about tapping into the committed to their labs. Jeff Greg Larkin, who founded
based in California’s Silicon falling into that pattern with to a customer’s refrigerator, if region’s talent pool than its Wong, Ernst & Young’s global Punks & Pinstripes, a global
Valley. The stand-alone lab AI, by focusing on where they the customer arranges to be launch mission of working chief innovation officer, over- community of entrepreneurs
was no longer needed, the Ar- can apply the technology home or provides access with startups on new technol- sees a number of labs at the and executives, and has advised
kansas-based retailer said, be- rather than the problems it through a smart lock. ogies, the automaker said. professional-services firm that on innovation at Google, Uber
cause it had developed a new could solve, they said. But efforts developed in Responsibilities for innova- develop technology both for and PricewaterhouseCoopers.
method that embedded inno- A wave of innovation labs stand-alone labs don’t always tion have evolved to be more its own use and that of its cli- But labs tend to gravitate
vation deeper across the com- started when companies, align with problems the busi- integrated across many func- ents. The company gains a toward technologies that don’t
pany, giving more employees caught flat-footed by the sud- ness is trying to solve. And tions and departments within fivefold return on technologies have a clear path to driving
the opportunity to contribute. den success of digital-first business counterparts with Ford, a spokesman said. developed in the labs—enough real business value, now or in
“We’re taking a different companies like Amazon and existing ways of working Payment-technology com- to keep them open, he said. the future, he said.
approach,” said Anshu Bhard- Google, set up outposts in tech aren’t always excited about pany Mastercard operates a Wong said he strives to “When you have an innova-
waj, chief operating officer of hubs like Silicon Valley. using them, executives said. unit called Mastercard keep the stand-alone model in tion lab, you’re only answer-
Walmart’s technology unit. Some of those efforts paid Some companies are re- Foundry where dedicated tune with real business prob- ing the FOMO [fear of missing
Some tech leaders say it is off with increased e-commerce thinking labs as they prepare teams do more direct applied lems. “It’s a very hard thing to out] question, meaning: ‘Is
a mistake to position innova- sales, entries into new mar- for the new wave of AI devel- research on new technologies, do,” he said. this a sexy thing that we
tion as separate from the kets and faster product devel- opment. such as quantum computing, At financial giant BNP might be caught flat-footed if
business itself, and that doing opment. Walmart said Store Walmart closed Store No. 8 but that is in addition to en- Paribas, Matthieu Soulé over- it moves forward without
so can often lead to simply No. 8 delivered several innova- and shifted to a “Four in a couraging all employees to in- sees a Silicon Valley-based lab us?’ ” Larkin said.
B6 | Friday, April 12, 2024 * ** THE WALL STREET JOURNAL.

COMMODITIES wsj.com/market-data/commodities

Futures Contracts Open

Contract
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Metal & Petroleum Futures Cattle-Feeder (CME)-50,000 lbs.; cents per lb. Sept 1.1130 1.1214 t 1.1130 1.1187 .0041 415 Sept 5257.00 5316.00 5233.00 5302.00 35.25 16,121
Contract Open
April 238.225 239.475 235.900 239.175 .900 3,810 Australian Dollar (CME)-AUD 100,000; $ per AUD Mini S&P Midcap 400 (CME)-$100 x index
Aug 247.325 249.200 t 245.400 248.950 1.350 17,485 April .6510 .6553 .6503 .6540 .0038 544 June 2968.50 2988.20 2943.00 2971.10 .70 36,022
Open High hi lo Low Settle Chg interest
Cattle-Live (CME)-40,000 lbs.; cents per lb. June .6525 .6565 .6515 .6552 .0038 207,690 Sept 3013.60 3003.60 2982.40 2989.40 .90 2
Copper-High (CMX)-25,000 lbs.; $ per lb. Mexican Peso (CME)-MXN 500,000; $ per MXN
April 4.2725 4.2725 4.2305 4.2520 –0.0300 1,090
April 178.825 180.575 178.200 180.250 1.175 14,589 Mini Nasdaq 100 (CME)-$20 x index
June 172.600 174.450 171.925 173.900 1.050 119,342 April .06086 .06099 .06066 .06079 .00006 122 June 18184.00 18518.75 18088.00 18485.00 288.25 254,449
May 4.2775 4.2995 4.2285 4.2530 –0.0290 132,169
Hogs-Lean (CME)-40,000 lbs.; cents per lb. June .06014 .06042 .06000 .06019 .00006 306,311 Sept 18400.00 18747.25 18342.00 18715.75 290.50 1,661
Gold (CMX)-100 troy oz.; $ per troy oz.
April 2341.50 s 2329.60 2354.80 25.20
2376.30 508
April 91.225 91.625 91.200 91.450 –.300 17,195 Euro (CME)-€125,000; $ per € Mini Russell 2000 (CME)-$50 x index
June 105.600 106.675 105.075 105.800 .250 109,296 April 1.0742 1.0757 t 1.0701 1.0727 –.0011 1,101 June 2043.70 2063.70 2017.00 2057.90 14.70 485,735
May 2340.50 s 2331.60 2360.80 24.20
2382.90 1,817
Lumber (CME)-27,500 bd. ft., $ per 1,000 bd. ft. June 1.0771 1.0785 t 1.0728 1.0755 –.0011 645,154 Sept 2066.00 2084.80 2045.30 2079.70 14.90 574
June 2351.70 s 2343.10 2372.70 24.30
2395.60 422,231
May 553.00 553.00 t 544.00 544.50 –8.00 5,805 Mini Russell 1000 (CME)-$50 x index
Aug 2371.80 s 2365.00 2394.60 24.50
2417.10 42,882
July 578.00 578.00 t 569.00 570.50 –8.00 2,124 Index Futures June 2856.70 2880.50 2841.20 2874.10 17.50 5,981
Oct 2396.40 s 2388.60 2416.80 24.70
2439.00 10,952
Milk (CME)-200,000 lbs., cents per lb. U.S. Dollar Index (ICE-US)-$1,000 x index
Dec 2420.00 s 2409.90 2439.50 24.90
2462.30 20,823 Mini DJ Industrial Average (CBT)-$5 x index
April 15.45 15.49 t 15.37 15.40 –.16 4,956 June 105.01 105.31 s 104.82 105.06 .03 42,454
Palladium (NYM) - 50 troy oz.; $ per troy oz. May 16.65 16.66 16.01 16.02 –.64 7,053 June 38716 38880 38472 38732 –25 92,252
April 995.00 999.00 990.00 1038.90 –12.80 3 Sept 104.58 104.94 s 104.51 104.68 .03 461
Cocoa (ICE-US)-10 metric tons; $ per ton. Sept 39085 39261 38870 39122 –30 264
June 1054.00 1082.00 1034.00 1040.70 –17.70 19,863
May 10,445 10,771 s 10,319 10,373 –38 21,703 Mini S&P 500 (CME)-$50 x index
Platinum (NYM)-50 troy oz.; $ per troy oz. 10,156 s 9,891
July 9,900 9,871 20 53,482 June 5202.00 5257.50 5173.50 5243.25 35.50 2,067,307 Source: FactSet
April 966.00 966.00 958.70 976.10 11.50 8
Coffee (ICE-US)-37,500 lbs.; cents per lb.
July 977.60 996.10 974.20 988.00 11.60 71,443
May 215.30 221.80 s 214.10 220.35 5.70 41,718
Silver (CMX)-5,000 troy oz.; $ per troy oz.
April 28.130 28.515 s 27.985 28.176 0.215 171
July 212.95 218.90 s 212.00
Sugar-World (ICE-US)-112,000 lbs.; cents per lb.
217.35 4.70 112,113
Bonds | wsj.com/market-data/bonds/benchmarks
May 28.045 28.600 27.840 28.250 0.198 95,935
May 21.45 21.56 20.81 20.85 –.61 189,233
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl.
May 86.32 86.63 84.84 85.02 –1.19 210,937
July 21.12 21.20 20.50
Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb.
20.53 –.56 256,674 Tracking Bond Benchmarks
June 85.60 85.89 84.25 84.45 –0.99 303,892 Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week
July 40.00 40.00 40.00 40.00 –.50 1,869
July 84.78 85.07 83.57 83.77 –0.86 180,938
Sept 83.05 83.26 82.00 82.20 –0.67 119,643
Sept 39.75 39.75 39.75 39.75 –.01 2,071 highs and lows for different types of bonds
Cotton (ICE-US)-50,000 lbs.; cents per lb. Total Total
Dec 80.44 80.68 79.61 79.81 –0.47 186,847
May 85.34 85.48 83.15 83.37 –1.94 45,833 return YTD total Yield (%) return YTD total Yield (%)
June'25 76.34 76.61 75.84 76.05 –0.22 97,675
July 87.09 87.30 85.12 85.25 –1.82 92,647 close return (%) Index Latest Low High close return (%) Index Latest Low High
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. Orange Juice (ICE-US)-15,000 lbs.; cents per lb.
May 2.7149 2.7245 2.6528 2.6598 –.0478 60,468 Mortgage-Backed Bloomberg Fixed Income Indices
May 372.00 376.00 364.70 364.70 –10.00 4,669 Broad Market Bloomberg Fixed Income Indices
June 2.7100 2.7202 2.6532 2.6624 –.0414 75,280
July 371.00 373.15 361.15 362.25 –8.75 2,672 -3.3
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. 2001.84 -2.8 U.S. Aggregate 5.190 4.240 5.740 1966.49 Mortgage-Backed 5.410 4.350 6.050
May 2.7855 2.8067 2.7503 2.7741 –.0075 111,827
Interest Rate Futures U.S. Corporate Indexes Bloomberg Fixed Income Indices 1945.19 -3.2 Ginnie Mae (GNMA) 5.410 4.390 6.020
June 2.7593 2.7800 2.7280 2.7485 –.0084 97,058
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100% 3043.80 -2.4 U.S. Corporate 5.620 5.020 6.430 1155.18 -3.4 Fannie mae (FNMA) 5.410 4.340 6.050
May 1.874 1.892 1.754 1.764 –.121 219,336 June 122-270 123-030 121-200 122-040 –16.0 1,609,912
June 2.061 2.074 1.992 2.000 –.074 185,004 Sept 122-170 123-040 121-200 122-130 –18.0 42 2962.61 -1.0 Intermediate 5.550 4.920 6.350 1790.98 -2.7 Freddie Mac (FHLMC) 5.370 4.320 6.190
July 2.368 2.380 2.312 2.319 –.057 223,495 Treasury Bonds (CBT)-$100,000; pts 32nds of 100% -1.4 Muni Master 3.540 2.802 4.311
3994.74 -5.2 Long term 5.760 5.160 6.600 579.82
Sept 2.460 2.478 2.421 2.424 –.051 141,520 June 115-250 116-010 114-290 115-080 –10.0 1,543,757
Oct 2.554 2.569 2.515 2.520 –.046 104,690 Sept 115-230 116-010 115-000 115-090 –10.0 851 577.93 -3.3 Double-A-rated 5.200 4.380 5.760 412.32 -1.5 7-12 year 3.206 2.407 4.097
March'25 3.232 3.246 3.207 3.236 .009 80,107 Treasury Notes (CBT)-$100,000; pts 32nds of 100%
June 108-090 108-165 107-275 108-035 –3.0 4,447,072 820.72 -2.1 Triple-B-rated 5.820 5.250 6.700 468.26 -1.6 12-22 year 3.835 3.294 4.742
Agriculture Futures Sept 108-200 108-260 108-090 108-135 –3.0 1,231 High Yield Bonds ICE BofA 441.35 -1.7 22-plus year 4.397 4.024 5.274
5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100%
Corn (CBT)-5,000 bu.; cents per bu. June 105-080 105-142 104-307 105-065 –.7 6,095,367 528.27 0.5 High Yield Constrained 8.094 7.620 9.560 Global Government J.P. Morgan†
May 434.00 437.50 427.50 428.75 –5.50 420,453
Sept 105-200 105-252 105-172 105-180 –1.2 14 -2.3 Global Government 3.500 2.790 3.810
July 445.50 449.50 440.00 441.00 –4.75 490,306 516.68 1.9 Triple-C-rated 13.260 12.616 15.455 531.11
2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100%
Oats (CBT)-5,000 bu.; cents per bu. -2.5 Canada 3.740 2.940 4.260
June 101-169 101-201 101-130 101-173 .4 3,928,836 3551.11 0.3 High Yield 100 7.580 7.030 9.101 782.27
May 339.00 348.00 339.00 347.75 10.00 3,178 Sept 101-260 101-315 101-260 101-278 .4 23
July 337.75 343.50 334.00 337.00 1.50 1,804 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. 461.91 1.2 Global High Yield Constrained 7.904 7.552 9.440 350.62 -1.6 EMU§ 3.162 2.669 3.790
Soybeans (CBT)-5,000 bu.; cents per bu. April 94.6725 94.6725 t 94.6700 94.6700 518,955
May 1163.75 1166.25 1151.00 1159.25 –5.50 263,607 351.97 1.7 Europe High Yield Constrained 6.522 6.207 8.022 645.35 -2.3 France 3.100 2.540 3.630
May 94.6750 94.6850 94.6750 94.6750 521,232
July 1177.00 1179.75 1163.75 1172.50 –5.50 286,733 Three-Month SOFR (CME)-$1,000,000; 100 - daily avg. U.S Agency Bloomberg Fixed Income Indices 456.52 -2.4 Germany 2.560 2.020 3.030
Soybean Meal (CBT)-100 tons; $ per ton. Jan 94.6525 94.6500 94.6500 94.6525 .0025 10,443
May 330.90 336.30 330.20 335.60 4.70 142,165 1764.10 -0.9 U.S Agency 5.100 4.150 5.390 274.37 -1.7 Japan 1.250 0.710 1.300
Dec 95.0650 95.1300 t 94.9950 95.0750 .0050 1,246,508
July 334.30 338.60 333.80 337.80 3.30 173,801
1564.14 -0.6 10-20 years 5.100 4.130 5.370 496.44 -2.5 Netherlands 2.770 2.260 3.320
Soybean Oil (CBT)-60,000 lbs.; cents per lb. Currency Futures
May 47.60 47.60 45.96 46.02 –1.58 144,478 3276.59 -4.9 20-plus years 5.160 4.390 5.740 780.00 -3.9 U.K. 4.460 3.740 4.880
July 48.12 48.12 46.52 46.57 –1.55 193,059 Japanese Yen (CME)-¥12,500,000; $ per 100¥
Rough Rice (CBT)-2,000 cwt.; $ per cwt. April .6540 t .6548
.6525 .6528 –.0014 1,931 2677.81 -1.7 Yankee 5.460 4.720 6.110 849.52 0.1 Emerging Markets ** 7.449 7.205 8.842
June .6599 t .6612
.6588 .6592 –.0014 329,681
May 17.08 17.25 16.75 16.87 –.28 4,609 *Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds
Canadian Dollar (CME)-CAD 100,000; $ per CAD
Sept 14.81 14.84 14.69 14.70 –.11 2,397 ** EMBI Global Index Sources: ICE Data Services; Bloomberg Fixed Income Indices; J.P.Morgan
April .7308 .7320 t .7287 .7308 .0004 174
Wheat (CBT)-5,000 bu.; cents per bu. June .7316 .7327 t .7293 .7315 .0004 205,291
May 558.00 559.75 548.25 551.75 –6.75 114,484 British Pound (CME)-£62,500; $ per £
July 572.75 575.00
Wheat (KC)-5,000 bu.; cents per bu.
563.00 566.25 –7.25 163,718 April
June
1.2533
1.2545
1.2578
1.2583
t 1.2511
t 1.2515
1.2553 .0026 1,257
1.2557 .0026 224,017
Global Government Bonds: Mapping Yields
May 592.75 597.25 581.50 583.25 –11.25 64,257 Swiss Franc (CME)-CHF 125,000; $ per CHF Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in
July 586.50 591.50 576.75 578.50 –9.25 117,691 June 1.1034 1.1101 t 1.1013 1.1071 .0041 92,801
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
Cash Prices | wsj.com/market-data/commodities Thursday, April 11, 2024 4.500 U.S. 2 4.959 t l 4.969 4.532 4.056
These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace—separate 4.000 10 4.575 s l 4.559 4.103 3.433
from the futures price on an exchange, which reflects what the commodity might be worth in future months. 4.250 Australia 2 3.899 s l 3.770 3.716 2.898 -106.4 -120.9 -112.7
Thursday Thursday Thursday
3.750 10 4.265 s l 4.128 3.962 3.233 -31.2 -42.3 -19.5
Iron Ore, 62% Fe CFR China-s *n.a. Wheat - Hard - KC (USDA) $ per bu-u 6.2225
Energy Steel, HRC USA, FOB Midwest Mill-s *835.0 Wheat,No.1soft white,Portld,OR-u 5.7500 2.500 France 2 2.959 s l 2.944 2.775 2.834 -200.4 -203.5 -119.1
Coal,C.Aplc.,12500Btu,1.2SO2-r,w 77.350 Battery/EV metals 3.500 10 2.978 s l 2.929 2.755 2.815 -162.2 -61.3
Food -159.9
Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 13.650 BMI Lithium Carbonate, EXW China, =99.2%-v,w 15175
BMI Lithium Hydroxide, EXW China, =56.5% -v,w 13800 2.500 Germany 2 2.963 t l 2.975 2.801 2.708 -200.0 -200.4 -131.7
Metals BMI Cobalt sulphate, EXW China, >20.5% -v,m 4485
Beef,carcass equiv. index
choice 1-3,600-900 lbs.-u 283.85 2.200 10 2.468 s l 2.435 2.306 2.313 -210.9 -211.6 -111.5
Gold, per troy oz BMI Nickel Sulphate, EXW China, >22%-v,m 4192 select 1-3,600-900 lbs.-u 277.24
Engelhard industrial 2347.00 BMIFlakeGraphite,FOBChina,-100Mesh,94-95%-v,m 485 Broilers, National comp wtd. avg.-u,w 1.3301 3.600 Italy 2 3.527 s l 3.487 3.351 3.251 -143.6 -149.2 -77.4
Handy & Harman base 2345.65 Butter,AA Chicago-d 2.8925 4.200 10 3.864 s l 3.770 3.620 4.157 -78.1 72.9
Fibers and Textiles -71.3
Handy & Harman fabricated 2603.67 Cheddar cheese,bbl,Chicago-d 154.75
LBMA Gold Price AM *2346.85 Burlap,10-oz,40-inch NY yd-n,w 0.8000 Cheddar cheese,blk,Chicago-d 151.00 0.200 Japan 2 0.271 s l 0.233 0.205 -0.047 -469.2 -474.6 -407.1
LBMA Gold Price PM *2333.00 Cotton,1 1/16 std lw-mdMphs-u 0.7987 115.00
Milk,Nonfat dry,Chicago lb.-d 0.800 10 0.857 s l 0.799 0.767 0.454 -372.0 -375.3 -297.4
Krugerrand,wholesale-e 2435.42 Cotlook 'A' Index-t *92.15 Coffee,Brazilian,Comp-y 2.1621
Maple Leaf-e 2493.69 Hides,hvy native steers piece fob-u n.a. Coffee,Colombian, NY-y 2.3055 2.800 Spain 2 3.171 s l 3.138 2.981 2.970 -179.3 -184.1 -105.4
American Eagle-e 2493.69 Wool,64s,staple,Terr del-u,w n.a. 2.4150
Mexican peso-e 3006.64
Eggs,large white,Chicago-u 3.250 10 3.299 s l 3.242 3.133 3.361 -127.9 -130.9 -6.7
Grains and Feeds Flour,hard winter KC-p 17.10
Austria crown-e 2287.41 0.125 U.K. 2 4.406 s l 4.354 4.252 3.483 -55.7 -62.5 -54.1
Hams,17-20 lbs,Mid-US fob-u 1.00
Austria phil-e 2447.08 Bran,wheat middlings, KC-u,w 80 Hogs,Iowa-So. Minnesota-u 89.07 4.250 10 4.203 s l 4.154 4.065 3.542 -37.4 -39.8 11.4
Silver, troy oz. Corn,No. 2 yellow,Cent IL-bp,u 4.0300 Pork bellies,12-14 lb MidUS-u n.a.
Engelhard industrial 28.2500 Corn gluten feed,Midwest-u,w 93.8 Pork loins,13-19 lb MidUS-u 1.2128 Source: Tullett Prebon, Tradeweb ICE U.S. Treasury Close
Handy & Harman base 27.9930 Corn gluten meal,Midwest-u,w 401.7 Steers,Tex.-Okla. Choice-u n.a.
Handy & Harman fabricated 34.9910 Cottonseed meal-u,w 338 303.75
LBMA spot price *£22.1100 Hominy feed,Cent IL-u,w 112
Steers,feeder,Okla. City-u,w
Corporate Debt
(U.S.$ equivalent) *28.0750 Meat-bonemeal,50% pro Mnpls-u,w 330
Coins,wholesale $1,000 face-a 22041
Fats and Oils Prices of firms' bonds reflect factors including investors' economic, sectoral and company-specific
Oats,No.2 milling,Mnpls-u 4.2975
Other metals Rice, Long Grain Milled, No. 2 AR-u,w 36.25 Degummed corn oil, crude wtd. avg.-u,w n.a. expectations
LBMA Platinum Price PM *969.0 Sorghum,(Milo) No.2 Gulf-u n.a. Grease,choice white,Chicago-h 0.4100 Investment-grade spreads that tightened the most…
Platinum,Engelhard industrial 981.0 SoybeanMeal,Cent IL,rail,ton48%-u,w 358.10 Lard,Chicago-u n.a.
Palladium,Engelhard industrial 1068.0 Soybeans,No.1 yllw IL-bp,u 11.3700 Soybean oil,crude;Centl IL-u,w 0.4814 Spread*, in basis points
Aluminum, LME, $ per metric ton *2429.0 Wheat,Spring14%-pro Mnpls-u 7.6700 Tallow,bleach;Chicago-h 0.4350 Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week
Copper,Comex spot 4.2520 Wheat,No.2 soft red,St.Louis-u 5.4425 Tallow,edible,Chicago-u n.a.
Coca–Cola KO 2.500 5.30 June 1, ’40 51 –49 51
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; –45
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
UBS … 4.500 5.47 June 26, ’48 81 84
Mineral Intelligence; W=weekly; Y=International Coffee Organization; Z=not quoted. *Data as of 4/10 Sumitomo Mitsui Financial … 1.402 5.06 Sept. 17, ’26 10 –37 40
Source: Dow Jones Market Data
Westpac Banking … 3.350 5.17 March 8, ’27 38 –35 n.a.
Bank of Montreal BMO 5.266 5.36 Dec. 11, ’26 41 –28 45
Borrowing Benchmarks | wsj.com/market-data/bonds/benchmarks HSBC Holdings … 6.500 5.90 May 2, ’36 134 –12 n.a.
MassMutual Global Funding II … 5.100 5.33 April 9, ’27 55 –11 n.a.
Money Rates April 11, 2024
–9
Apple AAPL 3.850 5.12 May 4, ’43 36 45
Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a
guide to general levels but don’t always represent actual transactions. …And spreads that widened the most
Netflix NFLX 5.875 5.21 Nov. 15, ’28 64 34 68
Week —52-WEEK— Week —52-WEEK—
Inflation Latest ago High Low Latest ago High Low Bank of Montreal* BMO 5.300 5.43 June 5, ’26 50 28 49
March index Chg From (%)
Policy Rates High 5.6500 5.6500 5.6500 5.1500 American Honda Finance 5.650 5.27 Nov. 15, ’28 66 19
level Feb. '24March '23 … 65
Low 5.3100 5.3100 5.3300 4.8000
Euro zone 4.50 4.50 4.50 3.50 16
U.S. consumer price index Bid 5.3100 5.3300 5.3300 4.8200 Skandinaviska Enskilda Banken … 5.375 5.66 March 5, ’29 104 103
Switzerland 2.00 2.00 2.25 2.00
Offer 5.3300 5.3400 5.3700 4.8400
All items 312.332 0.65 3.5 Britain 5.25 5.25 5.25 4.25 Nomura Holdings … 2.679 5.76 July 16, ’30 115 15 n.a.
Core 317.088 0.53 3.8 Australia 4.35 4.35 4.35 3.60 Treasury bill auction
Coca–Cola KO 2.750 5.11 June 1, ’60 45 13 n.a.
4 weeks 5.270 5.265 5.840 3.190
Overnight repurchase 13 weeks 5.225 5.230 5.345 4.980 10
International rates Goldman Sachs GS 6.750 6.02 Oct. 1, ’37 144 150
U.S. 5.35 5.38 5.48 4.82 26 weeks 5.120 5.125 5.350 4.795
Credit Suisse … 5.000 5.72 July 9, ’27 92 8 85
Week 52-Week
Latest High Low
U.S. government rates Secondary market
ago
Discount Fannie Mae High-yield issues with the biggest price increases…
Prime rates 5.50 5.50 5.50 5.00 Bond Price as % of face value
30-year mortgage yields
U.S. 8.50 8.50 8.50 8.00 Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week
Canada 7.20 7.20 7.20 6.70 Federal funds 30 days 6.685 6.363 7.495 5.702
60 days 6.694 6.371 7.554 5.702 Paramount Global* PARA 7.875 7.41 July 30, ’30 102.288 0.52 103.435
Japan 1.475 1.475 1.475 1.475 Effective rate 5.3300 5.3300 5.3500 4.8400
Other short-term rates Transocean RIG 6.800 8.78 March 15, ’38 84.250 0.38 85.000
Rakuten … 11.250 8.99 Feb. 15, ’27 105.503 0.25 106.125
ADVERTISEMENT Week 52-Week
Latest ago high low Teva Pharmaceutical Finance Netherlands III ... 4.100 6.90 Oct. 1, ’46 68.304 0.05 69.125

The Marketplace
To advertise: 800-366-3975 or WSJ.com/classifieds
Call money
7.25 7.25 7.25 6.75
…And with the biggest price decreases
–0.84
Commercial paper (AA financial) Occidental Petroleum OXY 6.200 6.15 March 15, ’40 100.459 n.a.
90 days n.a. 5.30 5.54 5.00 Sealed Air SEE 6.875 6.69 July 15, ’33 101.250 –0.65 103.125
COMMERCIAL REAL ESTATE PUBLIC NOTICES Secured Overnight Financing Rate Bath & Body Works BBWI 5.250 6.44 Feb. 1, ’28 96.055 –0.51 97.875
5.31 5.32 5.40 4.80 Telecom Italia Capital … 6.000 7.39 Sept. 30, ’34 89.998 –0.50 90.780
Value 52-Week
FOR SALE The 2024 Ameritas Mutual Holding Company (the
“Company”) Annual Member Meeting will be held on
Tuesday, May 7, 2024 at 9:00 a.m. CDT in the Ameritas
Latest Traded High Low Bausch Health
Advance Auto Parts
…
AAP
11.000
5.900
18.65
6.13
Sept. 30, ’28
March 9, ’26
77.500
99.592
–0.50
–0.41
70.500
99.907
Texas Oil & Gas Property home office, 5900 O Street, Lincoln, Nebraska. The
purpose of the meeting is to elect four nominees to
DTCC GCF Repo Index
Treasury 5.341 21.240 5.504 4.806 *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.
• 21 Producing Wells the Company’s Board of Directors to serve a three-year
term. Beginning in 2024, notification of the meeting and MBS 5.360 39.520 5.689 4.829 Note: Data are for the most active issue of bonds with maturities of two years or more
opportunity to vote was delivered by electronic mail to Source: MarketAxess
• Perming Basin those eligible policyholders of Ameritas Life Insurance Weekly survey
Corp. and Ameritas Life Insurance Corp. of New York who
Contact Owner: 817-929-5129 had previously provided an electronic mail address to the Latest Week ago Year ago
Company. All members are encouraged to vote. If you
are a member who did not receive email notification and
want to participate, please promptly contact us toll-free Freddie Mac Dividend Changes
PUBLIC NOTICES at 1-877-478-5046 and materials will be delivered to you 30-year fixed 6.88 6.82 6.27
upon verification of member status. Your proxy must be Amount Amount
received on or before May 2, 2024 to be voted at the 15-year fixed 6.16 6.06 5.54 Payable / Payable /
Member Meeting. Company Symbol Yld % New/Old Frq Record Company Symbol Yld % New/Old Frq Record
Bank Hapoalim B.M. (Bank Hapoalim) operates three Notes on data:
branches in the city of New York, NY, these are: (i) the U.S. prime rate is the base rate on corporate Increased Foreign
New York Branch; (ii) the Americas Tower Branch and loans posted by at least 70% of the 10 largest Costco Wholesale COST 0.6 1.16 /1.02 Q May10 /Apr26 Himalaya Shipping HSHP ... .03 May03 /Apr19
(iii) the Plaza Branch. On or about June 1, 2024, Bank U.S. banks, and is effective July 27, 2023. Other
Hapoalim will commence the voluntary liquidation of its Tanger SKT 3.9 .275 /.26 Q May15 /Apr30 Inter INTR ... .03 Apr23 /Apr16
prime rates aren’t directly comparable; lending
Plaza Branch, located at 1120 Avenue of the Americas,
New York, NY 10036, under the provisions of Section THEMARKETPLACE practices vary widely by location; Discount rate
is effective July 27, 2023. Secured Overnight
Stocks
Kaspi.kz ADR
Luxfer Holdings
KSPI
LXFR
5.5
5.0
1.90218 Q
.13 Q
Apr19 /Apr15
May08 /Apr19
605.11(c) of the New York State Banking Law. Upon C3is 1:100 /Apr12
completion thereof, all business related thereto shall ADVERTISE TODAY Financing Rate is as of April 10, 2024. DTCC CISS
SAP ADR SAP 0.9 2.38515 A May28 /May17
be conducted from Bank Hapoalim’s Americas Tower GCF Repo Index is Depository Trust & Clearing EZGO Technologies EZGO 1:40 /Apr12
Branch, which is also located at 1120 Avenue of the (800) 366-3975 Corp.'s weighted average for overnight trades in Fluent FLNT 1:6 /Apr12 Special
Americas New York, NY 10036. Customers of the Plaza applicable CUSIPs. Value traded is in billions of
Branch will receive a separate communication from Bank For more information visit: U.S. dollars. Federal-funds rates are Tullett
Gorilla Technology Group GRRR 1:10 /Apr15 PriceSmart PSMT 1.5 1.00 Apr30 /Apr19
Hapoalim with more details regarding the Plaza Branch Marin Software MRIN 1:6 /Apr15
closure. All other inquiries with respect to the winding- wsj.com/classifieds Prebon rates as of 5:30 p.m. ET. Note: Dividend yields as of 3:40 p.m. ET
up of Bank Hapoalim’s Plaza Branch should be directed Sources: Federal Reserve; Bureau of Labor WiSA Technologies WISA 1:150 /Apr15 Sources: FactSet; Dow Jones Market Data
to: Tova Simis, (212) 782-2293 or marketing@bhiusa. © 2024 Dow Jones & Company, Inc. Statistics; DTCC; FactSet;
com on or before May 1, 2024. All Rights Reserved. Tullett Prebon Information, Ltd. KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and ratio; SO: spin-off.
THE WALL STREET JOURNAL. * * * Friday, April 12, 2024 | B7

MARKETS DIGEST
EQUITIES

Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index
Last Year ago Last Year ago Last Year ago
38459.08 t 2.43, or 0.01% Trailing P/E ratio 26.69 22.62 5199.06 s 38.42, or 0.74% Trailing P/E ratio * 24.36 18.12 16442.20 s 271.84, or 1.68% Trailing P/E ratio *† 30.15 26.34
High, low, open and close for each P/E estimate * 18.73 17.81 High, low, open and close for each P/E estimate * 21.10 18.54 High, low, open and close for each P/E estimate *† 26.81 25.72
trading day of the past three months. Dividend yield 2.18 2.06 trading day of the past three months. Dividend yield * 1.40 1.69 trading day of the past three months. Dividend yield *† 0.85 0.85
All-time high 39807.37, 03/28/24 All-time high 5254.35, 03/28/24 All-time high: 16442.20, 04/11/24

Current divisor 0.15221633137872

39800 5500 16500

38800 5300 16000

37800 5100 15500

Session high 36800 4900 15000

DOWN UP 65-day moving average
t

Session open Close 65-day moving average

35800 4700 14500
Close Open
t

65-day moving average Session low 34800 4500 14000

Bars measure the point change from session's open

33800 4300 13500
Jan. Feb. Mar. Apr. Jan. Feb. Mar. Apr. Jan. Feb. Mar. Apr.
*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* 852,548,331 13,486,486
Industrial Average 38598.98 38197.28 38459.08 -2.43 -0.01 39807.37 32417.59 13.0 2.0 4.4 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 394,618,782 9,142,177
Transportation Avg 15805.67 15609.61 15748.90 145.04 0.93 16695.32 13444.01 11.0 -0.9 1.8 Most-active issues in late trading Decl. volume* 444,693,248 4,288,384
Utility Average 869.72 856.28 861.38 -3.04 -0.35 975.39 783.08 -11.1 -2.3 -1.1 Volume After Hours Issues traded 2,901 302
Company Symbol (000) Last Net chg % chg High Low
Total Stock Market 51845.16 51143.37 51725.02 364.46 0.71 52402.86 40414.80 24.9 8.2 6.2 Advances 1,415 148
Brookfield BN 7,627.1 40.35 0.63 1.59 40.35 39.31
Barron's 400 1134.04 1124.81 1131.93 1.97 0.17 1166.53 881.58 21.7 5.6 4.5 Declines 1,379 142
SPDR S&P 500 ETF Trust SPY 6,694.9 518.09 0.09 0.02 518.31 483.62
Unchanged 107 12
Nasdaq Stock Market Manulife Financial MFC 6,278.4 23.80 0.09 0.38 23.81 23.71 New highs 47 3
Nasdaq Composite 16464.60 16154.65 16442.20 271.84 1.68 16442.20 11799.16 35.1 9.5 5.8 Vale ADR VALE 6,273.5 12.15 -0.02 -0.16 12.18 12.12 New lows 28 8
Nasdaq-100 18337.15 17998.25 18307.98 296.33 1.65 18339.44 12725.11 39.7 8.8 9.8 Canadian Natural Rscs CNQ 5,818.5 81.19 -0.43 -0.53 81.62 80.52 Closing Arms† 1.15 0.62
Comcast Cl A CMCSA 5,738.9 40.14 … unch. 40.21 40.02 Block trades* 3,969 169
S&P
General Motors GM 4,185.0 43.81 -0.03 -0.07 43.88 43.55
500 Index 5211.78 5138.77 5199.06 38.42 0.74 5254.35 4055.99 25.4 9.0 8.0 Nasdaq NYSE Arca
Fidelity Low Duration Bd FLDB 3,649.4 50.12 0.01 0.02 50.12 50.12
MidCap 400 2954.89 2927.23 2946.58 1.43 0.05 3046.36 2326.82 17.7 5.9 3.3 Total volume*4,714,751,771 339,034,433
SmallCap 600 1293.14 1278.27 1290.71 5.92 0.46 1344.66 1068.80 10.0 -2.1 -1.1 Percentage gainers… Adv. volume*2,712,345,272 188,245,581
AMTD Digital ADR HKD 2,007.1 3.90 0.73 23.03 4.35 3.15 Decl. volume*1,942,237,361 147,636,163
Other Indexes
Globe Life GL 855.7 54.39 5.22 10.62 57.10 48.80 Issues traded 4,360 1,928
Russell 2000 2045.04 2021.50 2042.60 14.21 0.70 2124.55 1636.94 13.7 0.8 -3.1
Advances 2,320 1,267
NYSE Composite 17979.58 17800.97 17915.20 -32.10 -0.18 18312.67 14675.78 14.6 6.3 3.9 Graphic Packaging GPK 74.8 29.88 1.45 5.10 29.88 28.43
Declines 1,886 634
Value Line 597.74 591.93 596.15 0.33 0.06 615.81 498.09 6.8 0.4 -3.0 Cushman & Wakefield CWK 64.9 10.39 0.49 4.95 10.39 9.80
Unchanged 154 27
NYSE Arca Biotech 5209.24 5139.18 5172.43 -11.13 -0.21 5511.46 4544.40 -4.8 -4.5 -1.6
Fate Therapeutics FATE 57.9 6.24 0.29 4.87 6.24 5.80
New highs 68 52
NYSE Arca Pharma 993.70 982.09 987.52 -2.54 -0.26 1029.37 837.32 11.2 8.5 12.5 ...And losers New lows 145 28
KBW Bank 100.41 98.58 99.54 -0.76 -0.76 104.85 71.71 21.3 3.7 -6.9 Applied Digital APLD 840.8 2.81 -0.26 -8.47 3.09 2.35 Closing Arms† 0.88 1.67
PHLX§ Gold/Silver 138.88 135.58 138.69 1.90 1.39 144.37 102.94 -3.9 10.3 -1.2 Eliem Therapeutics ELYM 219.8 4.26 -0.32 -6.97 4.70 4.23 Block trades* 34,296 1,449
PHLX§ Oil Service 94.03 91.87 93.14 -0.66 -0.70 98.76 69.29 12.4 11.0 21.6 Old Dominion Freight Line ODFL 58.2 208.81 -10.98 -5.00 226.04 208.81 * Primary market NYSE, NYSE American NYSE Arca only.
PHLX§ Semiconductor 4911.54 4784.39 4906.37 116.02 2.42 5165.83 2906.29 59.6 17.5 14.2 G-III Apparel Group GIII 58.4 26.52 -1.39 -4.98 27.91 26.52 †(TRIN) A comparison of the number of advancing and declining
issues with the volume of shares rising and falling. An
Cboe Volatility 17.61 14.91 14.91 -0.89 -5.63 21.71 12.07 -16.2 19.8 -3.7 Rallybio Holdings RLYB 629.2 2.84 -0.14 -4.70 3.09 2.81 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 774.88 2.10 0.27 6.6 Rent the Runway RENT 19.38 11.98 161.89 69.20 4.46 -67.8 Aptevo Therapeutics APVO 0.96 -1.44 -60.08 91.96 0.93 -98.8
MSCI ACWI ex-USA 325.31 –1.83 –0.56 2.7 Monogram Orthopaedics MGRM 4.07 1.80 79.30 48.99 1.53 ... Enlivex Therapeutics ENLV 1.83 -2.15 -54.02 4.59 1.20 -38.4
MSCI World 3391.01 11.29 0.33 7.0 Eliem Therapeutics ELYM 4.58 1.91 71.54 4.75 2.34 42.2 Globe Life GL 49.17 -55.76 -53.14 132.00 38.95 -54.1
MSCI Emerging Markets 1055.09 –2.80 –0.26 3.1 Mobile-health Ntwk Solns MNDR 10.20 3.50 52.24 12.29 4.79 ... Allarity Therapeutics ALLR 2.30 -0.93 -28.89 3088.00 2.26 -99.7
Americas MSCI AC Americas 1965.22 13.12 0.67 8.4 Candel Therapeutics CADL 7.28 2.18 42.75 11.40 0.66 435.3 Avita Medical RCEL 10.35 -4.09 -28.32 21.70 9.16 -34.2
Canada S&P/TSX Comp 22110.11 –89.02 –0.40 5.5 Alpine Immune Sciences ALPN 64.40 17.36 36.90 64.45 6.71 737.5 Tritium DCFC DCFC 5.08 -1.87 -26.91 304.00 5.01 -97.8
Latin Amer. MSCI EM Latin America 2518.57 –7.74 –0.31 –5.4 Edgio EGIO 17.28 4.01 30.22 44.00 6.67 -40.4 Biosig Technologies BSGM 1.49 -0.52 -25.87 16.50 0.26 -86.5
Brazil Bovespa 127396.35 –657.39 –0.51 –5.1 Adial Pharmaceuticals ADIL 2.98 0.65 27.90 14.00 0.77 -60.3 Battalion Oil BATL 5.53 -1.55 -21.89 9.69 4.51 -34.2
Chile S&P IPSA 3714.61 21.26 0.58 7.1 Conn's CONN 4.03 0.84 26.33 5.39 2.55 -23.2 Garden Stage GSIW 7.10 -1.86 -20.76 15.99 4.20 ...
Mexico S&P/BMV IPC 56830.32 193.78 0.34 –1.0 Hycroft Mining Holding HYMC 4.24 0.85 24.89 5.78 1.63 -22.5 Caesarstone CSTE 5.12 -1.03 -16.75 6.36 3.50 36.5
EMEA STOXX Europe 600 504.55 –2.04 –0.40 5.3 a.k.a. Brands Holding AKA 12.10 2.23 22.59 14.28 3.60 145.9 Soluna Holdings SLNH 2.21 -0.44 -16.64 9.75 2.09 -65.5
Eurozone Euro STOXX 509.99 –3.16 –0.62 7.6 CorMedix CRMD 6.39 1.11 21.02 6.40 2.57 21.7 Biofrontera BFRI 2.00 -0.38 -15.97 13.42 0.61 -83.2
Belgium Bel-20 3836.85 5.08 0.13 3.5 Enliven Therapeutics ELVN 23.82 4.00 20.18 26.00 9.80 23.7 VivoPower International VVPR 3.98 -0.68 -14.59 9.90 1.02 0.7
Denmark OMX Copenhagen 20 2631.02 8.57 0.33 15.2 Alterity Therap ADR ATHE 2.63 0.44 20.09 5.41 1.55 -10.5 Root Cl A ROOT 65.70 -11.17 -14.53 85.99 3.63 1487.0
6.4 Alarum Technologies ADR ALAR 26.38 4.29 19.42 29.95 1.85 934.5 TRACON Pharmaceuticals TCON 2.59 -0.42 -13.95 42.40 2.51 -93.6
France CAC 40 8023.74 –21.64 –0.27
Germany DAX 17954.48 –142.82 –0.79 7.2
Israel Tel Aviv 1933.05 –32.32 –1.64 3.6
Most Active Stocks Volume Movers Ranked by change from 65-day average*
Italy FTSE MIB 33713.94 –325.69 –0.96 11.1 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 883.79 –2.88 –0.33 12.3
Norway Oslo Bors All-Share 1580.18 2.58 0.16 4.0 Nikola NKLA 290,416 208.7 0.72 -26.73 3.71 0.52 Rent the Runway RENT 45,515 39914 19.38 161.89 69.20 4.46
ProSh UltraPro Shrt QQQ SQQQ 158,321 18.8 10.40 -4.59 32.73 10.05 Avantis U.S. Large Cap Eq AVLC 798 8436 61.10 0.71 62.03 47.70
South Africa FTSE/JSE All-Share 75303.25 –217.12 –0.29 –2.1
Direxion Dly Semi 3 Bear SOXS 109,973 -22.2 3.21 -6.41 23.22 2.76 Lipocine LPCN 2,195 6934 6.41 -1.54 7.15 2.31
Spain IBEX 35 10649.80 –125.20 –1.16 5.4
5.0 Tesla TSLA 94,021 -8.6 174.60 1.65 299.29 152.37 Globe Life GL 35,281 4334 49.17 -53.14 132.00 38.95
Sweden OMX Stockholm 947.71 –7.44 –0.78
2.9
Apple AAPL 90,678 52.1 175.04 4.33 199.62 161.42 Amer Cent Divrs Corp Bd KORP 497 2963 45.24 -0.24 46.69 43.53
Switzerland Swiss Market 11465.74 –29.47 –0.26
Turkey BIST 100 9814.19 … Closed 31.4 Verb Technology VERB 83,980 351.4 0.20 7.97 5.09 0.11 Comstock Holding Cl A CHCI 172 2798 6.29 14.99 6.63 3.47
U.K. FTSE 100 7923.80 –37.41 –0.47 2.5 Rivian Automotive RIVN 79,593 86.6 9.57 -6.82 28.06 9.38 WisdomTree Eur Qlty Div EUDG 158 2505 31.63 0.01 32.97 27.36
U.K. FTSE 250 19786.87 –14.88 –0.08 0.5 Rallybio Holdings RLYB 79,591 33301.3 2.98 82.82 9.14 1.23 Alpine Immune Sciences ALPN 34,558 2397 64.40 36.90 64.45 6.71
ProShares UltraPro QQQ TQQQ 72,869 1.4 61.70 4.70 64.13 25.17 Enliven Therapeutics ELVN 3,346 2023 23.82 20.18 26.00 9.80
Asia-Pacific MSCI AC Asia Pacific 176.46 –0.53 –0.30 4.2
SPDR S&P 500 ETF Trust SPY 69,841 -4.2 518.00 0.75 524.61 403.74 iShares U.S. Insurance IAK 1,034 1802 110.72 -2.35 117.60 82.29
Australia S&P/ASX 200 7813.60 –34.85 –0.44 2.9
* Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least
China Shanghai Composite 3034.25 6.91 0.23 2.0 5,000 shares =Has traded fewer than 65 days
Hong Kong Hang Seng 17095.03 –44.14 –0.26 0.3
Closed 3.9
Scan this code
India S&P BSE Sensex 75038.15 …
Japan NIKKEI 225 39442.63 –139.18 –0.35 17.9 Get real-time U.S. stock quotes and CURRENCIES & COMMODITIES
Singapore Straits Times 3227.61 –9.91 –0.31 –0.4 track most-active stocks,
South Korea KOSPI 2706.96 1.80 0.07 1.9 new highs/lows, mutual funds and Currencies
Taiwan TAIEX 20753.22 –10.31 –0.05 15.7 ETFs. U.S.-dollar foreign-exchange rates in late New York trading
Thailand SET 1396.38 –11.79 –0.84 –1.4
All are available free at WSJMarkets.com US$vs, US$vs,
Sources: FactSet; Dow Jones Market Data Thurs YTDchg Thurs YTDchg
Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%)
Americas Vietnam dong .00004002 24990 3.0
CREDIT MARKETS Argentina peso .0012865.8066 7.1 Europe
Brazil real .1964 5.0919 4.9 Czech Rep. koruna .04228 23.654 5.7
Canada dollar .7305 1.3690 3.3 Denmark krone .1438 6.9544 2.6
Consumer Rates and Returns to Investor Benchmark
Treasury yield Yields
curve Forex Race Chile peso .001047 955.37 9.2 Euro area euro 1.0728 .9322 2.9
U.S. consumer rates Selected rates andtoRates
Yield maturity of current bills, Yen, euro vs. dollar; dollar vs. Colombiapeso .000262 3824.00 –1.3 Hungary forint .002753 363.30 4.7
notes and bonds major U.S. trading partners Ecuador US dollar 1 1 unch Iceland krona .007127 140.32 3.2
A consumer rate against its New car loan Mexico peso .0608 16.4404 –3.1 Norway krone .0923 10.8330 6.5
benchmark over the past year Uruguay peso .02594 38.5550 –1.3 Poland zloty .2516 3.9739 1.0
Bankrate.com avg†: 7.83% Tradeweb ICE 6.00% 16% Sweden krona .0932 10.7257 6.2
Asia-Pacific
Thursday Close 1.0990 .9099
First Command Bank 5.74% 5.00 Australiadollar .6537 1.5298 4.3
Switzerland franc 8.1
Prime rate t Turkey lira .0310 32.3097 9.6
9.00% Fort Worth, TX 888-763-7600 t 8 WSJ Dollar Index China yuan .1382 7.2372 1.7
t 4.00
s
Ukraine hryvnia .0255 39.2500 2.9
Firstrust Bank 5.99% Hong Kong dollar .1276 7.8381 0.4
8.00 One year ago 0 UK pound 1.2552 .7967 1.4
3.00 India rupee .01200 83.351 0.2
Philadelphia, PA 800-220-2265 Middle East/Africa
t s
Indonesia rupiah .0000625 16010 4.0
7.00 PNC Bank 6.94% 2.00 –8 s Euro Japan yen .006524 153.28 8.7 Bahrain dinar 2.6532 .3769 –0.01
New car loan Washington, DC 888-PNC-BANK Yen Kazakhstan tenge .002233 447.76 –1.7 Egypt pound .0210 47.5388 53.7
6.00 Eastern Bank 6.99% 1.00 –16 Macau pataca .1238 8.0770 0.3 Israel shekel .2665 3.7523 4.1
Malaysia ringgit .2106 4.7480 3.3 Kuwait dinar 3.2458 .3081 0.3
Boston, MA 781-599-2100 1 3 6 1 2 3 5 7 10 20 30 2023 2024
5.00 New Zealand dollar .5997 1.6675 5.4 Oman sul rial 2.5974 .3850 ...
WilmingtonSavingsFundSociety,FSB 6.99% month(s) years
M J J A S O N D J FMA Pakistan rupee .00360 277.988 –1.1 Qatar rial .2742 3.646 0.1
Wilmington, DE 888-973-7226 maturity Philippines peso .0177 56.439 1.9 Saudi Arabia riyal .2666 3.7511 0.03
2023 2024
Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Singapore dollar .7390 1.3531 2.5 South Africa rand .0534 18.7337 2.4
Yield/Rate (%) 52-Week Range (%) 3-yr chg South Korea won .0007307 1368.51 5.7
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts)
Corporate Borrowing Rates and Yields Sri Lanka rupee .0033501 298.50 –7.8
WSJ Dollar Index 99.66
Close Net Chg % Chg YTD%Chg
0.01 0.01
Federal-funds rate target 5.25-5.50 5.25-5.50 4.75 l 5.50 5.25 Taiwan dollar .03103 32.223 5.0 4.00
Yield (%) 52-Week Total Return (%) Thailand baht .02741 36.480 6.1 Sources: Tullett Prebon, Dow Jones Market Data
Prime rate* 8.50 8.50 8.00 l 8.50 5.25 Bond total return index Close Last Week ago High Low 52-wk 3-yr
SOFR 5.31 5.32 4.80 l 5.40 5.30
Money market, annual yield 0.48 0.48 0.46 l 0.64 0.40
U.S. Treasury, Bloomberg 2111.070 4.780 4.490 5.120 3.610 –2.319 –3.515 Commodities
Thursday 52-Week YTD
Five-year CD, annual yield 2.83 2.84 2.76 l 2.87 2.36 U.S. Treasury Long, Bloomberg 2991.250 4.750 4.540 5.280 3.720 –11.417 –9.947 Pricing trends on someClose
raw materials, or commodities
Net chg % Chg High Low % Chg % chg
30-year mortgage, fixed† 7.56 7.45 6.85 l 8.28 4.37 Aggregate, Bloomberg 2001.840 5.190 4.910 5.740 4.240 –0.810 –3.276
15-year mortgage, fixed† 6.90 6.75 6.16 l 7.42 4.44
DJ Commodity 1022.61 -4.64 -0.45 1035.63 930.59 -0.17 6.77
Fixed-Rate MBS, Bloomberg 1966.490 5.410 5.110 6.050 4.350 –1.398 –3.682
Jumbo mortgages, $766,550-plus† 7.66 7.53 6.89 l 8.33 4.47 Refinitiv/CC CRB Index 295.55 -2.31 -0.77 297.86 253.85 7.24 12.02
High Yield 100, ICE BofA 3551.108 7.580 7.350 9.101 7.030 8.473 1.863
Five-year adj mortgage (ARM)† 6.52 6.45 5.65 l 7.16 3.38 Crude oil, $ per barrel 85.02 -1.19 -1.38 93.68 67.12 3.48 18.66
Muni Master, ICE BofA 579.816 3.540 3.489 4.311 2.802 0.506 –0.863
New-car loan, 48-month 7.83 7.84 6.92 l 7.88 3.79 Natural gas, $/MMBtu 1.764 -0.121 -6.42 3.575 1.575 -12.11 -29.83
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 849.523 7.449 7.257 8.842 7.205 7.539 –1.823
banks.† Excludes closing costs. Gold, $ per troy oz. 2354.80 25.20 1.08 2354.80 1816.60 15.36 14.18
Sources: FactSet; Dow Jones Market Data; Bankrate.com Sources: J.P. Morgan; Bloomberg Fixed Income Indices; ICE Data Services
B8 | Friday, April 12, 2024 * ** THE WALL STREET JOURNAL.

BIGGEST 1,000 STOCKS

Net Net Net Net Net Net
How to Read the Stock Tables 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 Arca, NYSE American and Nasdaq FairIsaac FICO 1191.68 10.45 JamesHardie JHX 37.63 -0.64 Netflix RoyalGold
NFLX 628.78 RGLD 122.74 -0.25 TFI Intl
10.20 TFII 158.07 -1.00 UniversalHealthB UHS 168.40 -1.83
Stock Market listed securities. Prices are consolidated from trades reported by various Fastenal FAST 69.88 -4.86 JefferiesFinl JEF 42.78 -0.72 Neurocrine RoyaltyPharma RPRX 29.05 -0.40 TIM
NBIX 135.93 -2.16 TIMB 17.16 -0.39 UnumGroup UNM 50.25 -0.84
market centers, including securities exchanges, Finra, electronic communications FederalRealty FRT 99.75 0.10 J&J JNJ 148.79 -1.41 RyanSpecialty RYAN 50.38 -0.99 TJX
NewOrientalEduc EDU 89.16 2.54 TJX 95.86 -0.42 VICI Prop VICI 28.20 0.09
networks and other broker-dealers. The list comprises the 1,000 largest companies FedEx FDX 272.18 1.88 JohnsonControls JCI 65.17 -0.24 Newmont Ryanair
NEM 39.07 RYAAY 145.63 -0.23 TKO
0.01 TKO 97.66 0.11 VailResorts MTN 229.56 -2.36
based on market capitalization. Ferguson FERG 218.26 -2.19 JonesLang JLL 182.30 -1.40 NewsCorp B NWS 25.72
SAP SAP 185.67 1.45 T-MobileUS TMUS 160.69 0.31 Vale
0.09 VALE 12.17 0.02
Underlined quotations are those stocks with large changes in volume compared Ferrari RACE 420.38 0.56 JuniperNetworks JNPR 36.93 -0.04 S&P Global SPGI 422.92 -1.12 TPG
NewsCorp A NWSA 24.92 0.09 TPG 44.76 0.02 ValeroEnergy VLO 177.04 1.34
with the issue’s average trading volume. FidNatlFinl FNF 48.52 0.24 KB Financial KB 49.65 0.64 SBA Comm SBAC 205.04 0.66 T.RowePrice TROW 117.72 1.14 VeevaSystems VEEV 211.19
NextEraEnergy NEE 63.94 -0.07 0.27
FidNatlInfo FIS 72.16 -0.47 KBR KBR 63.68 -0.24 Nike SEI Investments SEIC 68.84 -0.25 TaiwanSemi TSM 147.20 0.98 Ventas
NKE 92.00 3.00 VTR 43.17 0.77
Boldfaced quotations highlight those issues whose price changed by 5% or more if FifthThirdBncp FITB 34.86 0.07 KE Holdings BEKE 14.18 -0.36 NiSource SK Telecom SKM 20.75 -0.13 TakeTwoSoftware TTWO 151.34 -0.78 Veralto
NI 27.25 -0.05 VLTO 87.41 -0.79
their previous closing price was $2 or higher. FirstCitizBcshA FCNCA 1601.00 -6.61 KKR KKR 100.45 1.44 Nokia SS&C Tech SSNC 61.54 -0.27 TakedaPharm TAK 13.58 0.01 VeriSign
NOK 3.42 ... VRSN 189.78 1.47
Footnotes: FirstHorizon FHN 14.46 -0.07 KLA KLAC 700.61 13.49 Nomura Saia
NMR 6.24 SAIA 587.91 6.91 Tapestry
0.09 TPR 41.82 0.38 VeriskAnalytics VRSK 223.36 -2.56
s-New 52-week high; t-New 52-week low; dd-Indicates loss in the most recent four FirstSolar FSLR 184.44 -0.85 Kanzhun BZ 19.24 -0.35 Nordson Salesforce
NDSN 268.89 CRM 299.15 -0.47 TargaResources TRGP 115.33 0.65 Verizon
-2.88 VZ 40.16 -0.36
quarters. FirstEnergy FE 37.62 -0.22 Kaspi.kz KSPI 116.10 -0.06 NorfolkSouthern NSC 249.73
Samsara IOT 32.40 0.04 Target
0.08 TGT 171.33 -0.29 VertexPharm VRTX 400.23 2.65
Fiserv FI 153.59 -0.19 Kellanova K 56.17 -0.84 NorthernTrust NTRS 84.93
Sanofi SNY 46.60 -0.53 TechnipFMC FTI
-0.48 26.36 -0.59 Vertiv VRT 86.34 1.57
Stock tables reflect composite regular trading as of 4 p.m. ET and FiveBelow FIVE 163.00 2.77 SareptaTherap SRPT 124.45 -1.86 TeckResourcesB TECK 48.57 -0.81 Viatris
NorthropGrum NOC 457.83 -0.08 VTRS 11.57 -0.14
Kenvue KVUE 19.45 -0.79
changes in the official closing prices from 4 p.m. ET the previous day. Flex FLEX 29.10 0.65 Schlumberger SLB 54.00 -0.20 TeledyneTech TDY 403.66 1.18 VikingTherap VKTX 70.87
NorwegCruise NCLH 18.63 0.23 -0.78
KeurigDrPepper KDP 30.82 0.17
Floor&Decor FND 114.69 0.61 KeyCorp KEY 14.72 -0.12 Novartis SchwabC
NVS 94.34 SCHW 70.62 -0.48 Teleflex
-0.04 TFX 217.42 -0.82 t VinFastAuto VFS 4.03 0.08
Thursday, April 11, 2024 Net Net FlutterEnt FLUT 191.77 -3.70 KeysightTech KEYS 160.14 3.09 NovoNordisk NVO 125.40
Sea SE 55.69 -1.38 Ericsson
0.47 ERIC 5.03 -0.06 Vipshop VIPS 17.10 0.06
Stock Sym Close Chg Stock Sym Close Chg FomentoEconMex FMX 125.33 -0.41 KimberlyClark KMB 126.08 -1.08 NuHoldings NUSeagate 11.55 STX 88.78 0.79 TelefonicaBras VIV
-0.02 9.69 -0.19 Visa V 275.68 1.20
Net FordMotor F 13.04 -0.02 KimcoRealty KIM 17.94 -0.03 Nucor NUE 197.34
Sempra SRE 69.25 -0.93 Telefonica
-0.84 TEF 4.20 -0.07 Vistra VST 72.00 1.24
Stock Sym Close Chg BaxterIntl BAX 42.12 0.12 ConocoPhillips COP 132.92 0.10 Fortinet FTNT 68.22 0.09 KinderMorgan KMI 18.35 0.08 Nutanix NTNX 64.25
ServiceIntl SCI 70.52 0.26 t TelekmIndonesia TLK 21.03 -0.06 Vodafone
-1.32 VOD 8.37 -0.04
BectonDicknsn BDX 240.61 -0.38 ConEd ED 88.55 -0.34 Fortis FTS 37.95 -0.25 KinrossGold KGC 6.48 0.10 Nutrien NTR 54.59
ServiceNow NOW -0.89
771.34 2.15 TempurSealy TPX 51.37 -0.65 VulcanMatls VMC 265.50 0.94
A B C BeiGene BGNE 146.13 -3.63 s ConstBrands A STZ 268.34 3.42 Fortive FTV 83.49 0.26 KinsaleCapital KNSL 452.83 4.99 nVentElectric NVT 74.90
SharkNinja SN 62.51 -0.44 Tenaris
0.47 TS 39.43 -0.55

AECOM ACM 95.50 0.53 BellRing BRBR 56.08 -0.14 ConstellationEner CEG 192.88 1.80 FortuneBrands FBIN 77.66 0.49 Knight-Swift KNX 52.00 0.46 NVIDIA NVDA 906.16
Shell SHEL 72.66 0.01 s TencentMusic TME 11.90 0.05
35.77 s W X Y Z
BentleySystems BSY 49.94 0.11 Cooper COO 96.12 -0.38 FoxA FOXA 30.74 -0.13 Philips PHG 20.60 0.17 SherwinWilliams SHW 319.92 -1.24 TenetHealthcare THC 101.82 0.72
AES
Aflac
AES 17.82 0.14
Berkley WRB 82.19 -1.74 Copart CPRT 56.00 -0.03 FoxB FOX 28.24 -0.13 KoreaElecPwr KEP 7.79 -0.26 O P Q
ShinhanFin SHG 31.80 ... Teradyne TER 109.46 3.06 WEC Energy WEC 79.39 -0.33
AFL 79.64 -3.28
BerkHathwy B BRK.B 407.61 -1.50 Core&Main CNM 57.18 -0.11 Franco-Nevada FNV 121.32 -0.26 KraftHeinz KHC 36.58 -0.24 ShockwaveMed SWAV 328.19 -1.45 Tesla TSLA 174.60 2.84 WEX WEX 240.10 -0.48
AGCO AGCO 121.88 -3.49 FranklinRscs BEN 26.28 -0.02
ONEOK OKE 79.34 0.28 Shopify SHOP 71.57 -0.41 TetraTech TTEK 194.00 1.89 W.P.Carey WPC 55.58 -0.08
BerkHathwy A BRK.A 616670-2280.00 CorebridgeFin CRBG 27.29 -0.07 Kroger KR
ON Semi56.15 -0.45
ON 70.60 1.37
Ansys ANSS 340.10 0.61 FreeportMcM FCX 50.74 -0.18 SimonProperty SPG 146.86 1.31 TevaPharm TEVA 13.87 0.02 WPP WPP 48.39 0.86
BestBuy BBY 80.01 0.12 Corning GLW 32.27 0.32 LKQ LKQ 49.99 -0.53
OReillyAuto ORLY 1083.00 -10.10
APA APA 34.40 -0.65 FreseniusMedCare FMS 18.93 -0.15 SimpsonMfg SSD 184.77 1.86 TexasInstruments TXN 171.20 2.28 Wabtec WAB 147.71 0.17
Bio-Techne TECH 68.81 -0.70 Corpay CPAY 305.72 1.93 LPL Financial LPLA 263.32 3.78
OccidentalPetrol OXY 69.26 0.32 t
ASE Tech ASX 11.21 0.26 FullTruck YMM 8.05 0.20 SiriusXM SIRI 3.34 ... TexasPacLand TPL 601.52 7.30 WalgreensBoots WBA 18.08 0.06
Bio-RadLab A BIO 311.87 -19.22 Corteva CTVA 56.46 -0.70 L3HarrisTech LHX 202.39
Okta -3.10
OKTA 100.80 1.35
ASML ASML 992.18 17.57 Futu FUTU 60.05 1.05 SiteOneLandscape SITE 173.78 1.92 TexasRoadhouse TXRH 148.97 -0.44 Walmart WMT 60.09 -0.53
Biogen BIIB 203.68 2.13 CoStar CSGP 92.79 2.14 LabCorp.ofAmerica LH 206.50 -0.67
OldDomFreight ODFL 219.79 4.75
AT&T T 16.42 -0.31
BioMarinPharm BMRN 91.46 1.25 Costco COST 732.35 9.77 LamResearch LRCX 983.48 21.84 SkechersUSA SKX 57.12 -0.08 Textron TXT 94.62 -1.02 WarnerBrosA WBD 8.54 0.22
AbbottLabs ABT 111.45 0.28
BioNTech BNTX 87.01 -1.64 CoterraEnergy CTRA 27.84 -0.34 G H I LamarAdv
OldRepublic ORI 29.58 -0.04
LAMR 113.45 1.17
OmegaHealthcare OHI 30.68 -0.12
Skyworks SWKS 104.33 1.56 ThermoFisher TMO 574.57 0.86 WarnerMusic WMG 34.49 -0.47
AbbVie ABBV 167.52 -1.51
LambWeston LW 81.36 1.50 SmithAO AOS 86.15 0.62 ThomsonReuters TRI 154.55 1.38 WasteConnections WCN 167.54 -0.87
Birkenstock BIRK 43.81 0.39 Coty COTY 11.06 -0.09 s GE Aerospace GE 157.68 1.07 Omnicom OMC 92.58 0.82
Accenture ACN 325.19 0.79
BlackRock BLK 785.96 2.31 Coupang LasVegasSands LVS 51.61 -0.25 Smith&Nephew SNN 24.52 0.17 3M MMM 93.18 0.55 WasteMgt WM 205.94 -2.26
CPNG 19.06 -0.06 GE HealthCare GEHC 88.21 2.82 OnHolding ONON 32.80 0.72
AcuityBrands AYI 265.00 -1.01
Blackstone BX 126.87 0.79 Crane LatticeSemi LSCC 77.65 1.91 Smucker SJM 112.04 -1.50 Toast TOST 24.56 1.58 Waters WAT 337.89 0.74
Adobe ADBE 484.28 -2.94 CR 136.81 1.55 GE Vernova GEV 136.57 -1.80 OntoInnovation ONTO 191.35 7.02 Watsco WSO 414.85 -8.49
Block SQ 80.06 1.55 Credicorp BAP 169.77 1.47 GFLEnvironmental GFL 34.11 -0.96 Lear LEA 136.86 0.01 Snap SNAP 11.36 0.48 TollBros TOL 120.32 1.74
AdvDrainageSys WMS 165.38 0.17 OpenText OTEX 35.91 -0.24 TopBuild BLD 421.45 1.85 Wayfair W 62.75 1.02
BlueOwlCapital OWL 18.87 -0.06 Crocs CROX 129.41 1.12 GSK LegendBiotech LEGN 55.01 -0.48 Snap-On SNA 291.54 -0.54
AdvMicroDevices AMD 170.50 3.36 GSK 40.80 0.11 Oracle ORCL 123.24 1.49 WeatherfordIntl WFRD 120.68 -1.15
t Boeing BA 173.36 -1.27 CrowdStrike CRWD 317.80 5.27 Gallagher Leidos LDOS 126.64 0.42 Snowflake SNOW 159.35 6.38 Toro TTC 87.05 1.19
Aegon AEG 5.95 -0.24 AJG 238.17 -1.85 Orange ORAN 11.13 -0.04 TorontoDomBk TD 57.78 0.20 WebsterFin WBS 46.68 -0.23
Booking BKNG 3637.87 51.74 CrownCastle CCI 97.08 -0.62 t Gaming&Leisure GLPI 43.21 -0.08 Lennar B LEN.B 144.44 2.13 SOQUIMICH SQM 51.16 0.01
Orix IX 105.27 -0.56
AerCap AER 84.06 -0.98
BoozAllen BAH 144.20 1.49 Crown Holdings CCK 79.51 0.01 Gap Lennar A LEN 159.46 3.03 SoFiTech SOFI 7.64 0.08 TotalEnergies TTE 72.95 -0.41 WellsFargo WFC 56.69 -0.25
GPS 23.39 0.26 Oshkosh OSK 123.64 -0.60 t
AffirmHldgs AFRM 33.80 0.23
BorgWarner BWA 34.50 -0.33 CubeSmart CUBE 44.14 0.20 Garmin LennoxIntl LII 464.96 -2.18 Solventum SOLV 63.17 -0.72 ToyotaMotor TM 246.99 2.20 Welltower WELL 90.37 0.17
GRMN 146.08 0.12 OtisWorldwide OTIS 97.97 0.67
AgilentTechs A 145.00 0.84
BostonProps BXP 62.03 0.70 s Cummins CMI 302.86 0.56 Gartner LeviStrauss LEVI 19.86 -0.23 Sony SONY 84.06 -0.07 TractorSupply TSCO 250.19 -3.11 WescoIntl WCC 165.51 -1.51
AgnicoEagleMines AEM 61.67 0.41 IT 474.72 10.94 Ovintiv OVV 54.86 -0.66 TradeDesk TTD 87.70 1.26 WestPharmSvcs WST 387.58 -2.19
s BostonSci BSX 68.84 0.19 Curtiss-Wright CW 252.44 -0.54 GenDigital GEN 20.99 -1.35 LiAuto LI 30.84 -0.76 Southern SO 69.58 -0.19
AirProducts APD 236.25 0.34 OwensCorning OC 166.52 0.62 WesternDigital WDC 73.90 1.65
BristolMyers BMY 49.12 -1.17 CyberArkSoftware CYBR 253.90 0.62 Generac LibertyLiveA LLYVA 41.50 0.25 SoCopper SCCO 116.95 0.74 Tradeweb TW 103.01 -0.17
Airbnb ABNB 165.42 5.14 GNRC 136.08 -0.79 PDD PDD 121.13 1.43 TT 297.24 -1.30 WesternMidstrm WES 35.37 -0.10
BritishAmTob BTI 29.10 -0.05 Cytokinetics CYTK 73.19 -1.17 GeneralDynamics GD 287.50 -1.12 LibertyLiveC LLYVK 42.92 0.28 SouthwestAir LUV 28.52 0.56 TraneTech
AkamaiTech AKAM 105.09 0.71 PG&E PCG 16.47 -0.25 Westlake WLK 155.51 -1.98
Broadcom AVGO 1382.46 60.09 LibertyFormOne C FWONK 68.73 1.80 SouthwesternEner SWN 7.39 -0.13 TransDigm TDG 1234.93 15.02
GeneralMills GIS PNC Finl PNC 154.08 -0.95
Albemarle ALB 130.31 2.66
BroadridgeFinl BR 200.75 -2.82 D E F 67.00 -1.85
LibertyFormOne A FWONA 61.23 1.54 Spotify SPOT 303.57 3.58 TransUnion TRU 75.91 -0.45 WestRock WRK 49.14 0.04
Albertsons ACI 20.67 -0.19 GeneralMotors GM 43.84 -0.10 POSCO PKX 73.68 0.78 TRV 220.40 -3.98 Weyerhaeuser WY 33.65 0.05
BrookfieldAsset BAM 40.12 -0.24 LibertySirius B LSXMB 26.40 0.01 StanleyBlackDck SWK 93.32 0.41 Travelers
Alcon ALC 82.31 0.12 DTE Energy DTE 106.13 -0.51 Genmab GMAB 29.74 -0.21 PPG Ind PPG 137.60 -0.13 Trex TREX 92.76 0.64 s WheatonPrecMtls WPM 52.62 1.31
Brookfield BN 39.72 0.54 LibertySirius A LSXMA 26.22 0.14 Stantec STN 80.43 -0.01
AlexandriaRlEst ARE 123.90 1.14 DHR 244.00 -1.87 Gentex GNTX 34.63 -0.55 PPL PPL 26.74 -0.18 t TRMB 62.03 0.51 Williams WMB 38.60 -0.28
BrookfieldInfr BIP 27.25 -0.43 Danaher LibertySirius C LSXMK 26.12 0.09 Starbucks SBUX 85.90 -0.05 Trimble
PTC PTC 182.27 0.35
Alibaba BABA 74.85 0.26
BrookfieldRenew BEPC 23.18 -0.18 Darden DRI 155.01 -0.89 GenuineParts GPC 146.11 -2.17 Light&Wonder LNW 95.79 -0.93 StateStreet STT 73.91 -0.46 s Trip.com TCOM 50.10 1.35 Williams-Sonoma WSM 294.47 1.23
AlignTech ALGN 324.90 -2.92 Gerdau GGB 4.48 -0.01 Paccar PCAR 118.88 0.19 TFC 37.30 -0.20 WillisTowers WTW 260.31 -3.52
Brown&Brown BRO 82.65 -0.95 DarlingIngred DAR 45.43 -2.16 GileadSciences GILD 68.65 0.53 EliLilly LLY 759.59 -2.39 SteelDynamics STLD 144.23 -0.42 TruistFinl
Allegion ALLE 129.75 0.62 PackagingCpAm PKG 186.28 -1.54 TWLO 61.33 -0.52 WillScotMobile WSC 41.59 -0.51
Brown-Forman A BF.A 51.74 0.31 Datadog DDOG 130.80 4.98 LincolnElectric LECO 242.56 0.98 Stellantis STLA 27.02 0.07 Twilio
AlliantEnergy LNT 48.48 -0.20 DaVita DVA 131.40 -0.66 GitLab GTLB 58.11 0.16 PalantirTech PLTR 22.84 0.42 TylerTech TYL 412.86 1.01 Wingstop WING 366.95 6.90
Brown-Forman B BF.B 50.41 0.41 Linde LIN 453.00 2.51 Steris STE 206.28 -2.93
DAY 62.77 0.53 GlobalPayments GPN 124.54 -0.47 PaloAltoNtwks PANW 283.86 2.86
Allstate ALL 165.61 -4.14
Bruker BRKR 90.28 1.75 Dayforce LithiaMotors LAD 266.43 -3.82 Stevanato STVN 29.00 ... TysonFoods TSN 59.34 1.17 Wipro WIT 5.58 0.01
AllyFinancial ALLY 38.00 0.11 DeckersOutdoor DECK 819.93 9.80 GlobalFoundries GFS 51.19 1.84 ParamountA PARAA 23.12 0.26 UBS Group UBS 29.12 -0.33 WoodsideEnergy WDS 19.84 0.36
BuildersFirst BLDR 189.33 2.19 LiveNationEnt LYV 102.74 1.32 StifelFinancial SF 75.19 -0.78
AlnylamPharm ALNY 152.09 -0.32 Globant GLOB 200.61 2.44 ParamountB PARA 11.27 0.77 UDR UDR 37.17 -0.05 Woodward WWD 149.07 -0.86
BungeGlobal BG 105.92 -1.72 Deere DE 412.84 0.87 LloydsBanking LYG 2.51 -0.03 STMicroelec STM 42.66 0.37
s Alphabet A GOOGL 159.41 3.27
BurlingtonStrs BURL 198.06 3.36 DellTechC DELL 124.04 0.67 t GlobeLife GL 49.17 -55.76 ParkerHannifin PH 555.79 0.42 Stryker
LockheedMartin LMT 452.32 0.61 SYK 346.29 -1.04 U-Haul UHAL 65.16 0.34 WooriFinl WF 30.36 0.04
s Alphabet C GOOG 160.79 3.13 DAL 47.63 1.39 GoDaddy GDDY 126.61 1.40 Parsons PSN 80.67 0.40 SumitomoMits SMFG 11.76 0.22 U-Haul N UHAL/B 63.15 0.46 Workday WDAY 268.47 1.61
CACI Intl CACI 367.78 0.47 DeltaAir s GoldFields GFI 18.19 0.91 Loews L
Paychex73.81 -1.01
PAYX 124.24 -0.28 SunComms SUI 122.62 -1.15 US Foods
Altria MO 41.43 -0.25 DescartesSystems DSGX 90.05 1.12 USFD 52.07 0.43 WynnResorts WYNN 104.86 0.62
CBRE Group CBRE 90.68 -0.65 LogitechIntl LOGI 87.41 1.47
s Amazon.com AMZN 189.05 3.10 15.73 -0.26 GoldmanSachs GS 397.48 -3.28 PaycomSoftware PAYC 204.52 1.21 SunLifeFinancial SLF 51.66 -0.80 UWM UWMC 6.38 0.12 XP XP 24.10 -0.09
CDW CDW 248.00 0.72 DeutscheBank DB Lowe's LOW 235.44
Paylocity -1.72
PCTY 169.27 -0.22
Ambev ABEV 2.40 0.02 Grab GRAB 3.39 0.06 38.36 -0.95 Uber UBER 76.18 1.83 XPO XPO 126.92 1.21
CF Industries CF 80.84 -0.05 DevonEnergy DVN 53.90 -0.61 lululemon LULU 349.92
PayPal -0.33
PYPL 65.80 -0.08
SuncorEnergy SU
XcelEnergy XEL 53.49 -0.26
Amcor AMCR 9.07 -0.04 Graco GGG 91.28 -0.33 UiPath PATH 21.31 -0.10
CGI A GIB 105.54 0.56 DexCom DXCM 139.62 -0.70 Lyft LYFT 19.52
Pearson 1.12
PSO 12.61 0.04
SuperMicroComp SMCI 937.28 28.74
Amdocs DOX 87.34 0.13
CH Robinson CHRW 72.15 0.14 Diageo DEO 140.87 -1.43 Grainger GWW 966.27 -34.58
LyondellBasell LYB 102.91 -0.62 Suzano SUZ 12.01 -0.13 UltaBeauty ULTA 447.91 -3.04 XPeng XPEV 8.27 0.12
Ameren AEE 72.05 -0.23 GraphicPkg GPK 28.43 -0.31 PembinaPipeline PBA 35.10 -0.08 Unilever UL 47.65 -0.09 Xylem XYL 128.79 0.60
CME Group CME 212.77 0.77 DiamondbkEner FANG 208.26 2.03 GpoAeroportuar PAC 164.78 0.44 PenskeAuto PAG 150.41 0.27
SynchronyFinl SYF 41.29 -0.15
AmericaMovil AMX 18.53 0.03 CMS Energy CMS 57.88 -0.26 Dick's DKS 207.44 1.03 M N Synopsys SNPS 561.97 0.74 UnionPacific UNP 236.16 -0.69 YPF YPF 21.61 0.15
Pentair PNR 81.78 -0.67
AmerAirlines AAL 13.62 0.21 CNA Fin CNA 43.30 -0.71 DigitalRealty DLR 143.23 1.83 Guidewire
GpoAeroportSur ASR 322.69 -0.49 Sysco SYY 76.57 -0.39 UnitedAirlines UAL 43.04 0.67 Yum!Brands YUM 138.33 0.38
AEP AEP 82.91 -0.38 DiscoverFinSvcs DFS 122.94 -0.35 GWRE 113.13 0.95 M&T Bank MTB 135.18 0.32 Penumbra PEN 222.46 1.36 UnitedMicro UMC 8.18 ... YumChina YUMC 38.60 -0.01
CNH Indl CNHI 12.96 -0.13
AmerExpress AXP 218.20 0.55 CRH CRH 83.46 0.01 Disney DIS 117.15 -0.04 HCA Healthcare HCA 327.25 -0.51 MGM Resorts MGM 44.72 0.04 PepsiCo PEP 168.36 -0.59 T U V
UPS B UPS 149.01 1.75 ZTO Express ZTO 20.17 -0.25
AmericanFin AFG 129.06 -0.21 CSX CSX 35.43 0.02 DocuSign DOCU 59.48 0.23 HDFC Bank HDB 57.98 -0.45 MKS Instrum MKSI 127.35 3.01 PerformanceFood PFGC 71.22 0.01 UnitedRentals URI 685.69 3.56 ZebraTech ZBRA 297.54 -2.37
AmHomes4Rent AMH 36.09 0.03 DLB 81.52 0.16 HF Sinclair DINO 60.95 0.14 MPLX MPLX 41.10 -0.29 PermianRscs PR 17.81 -0.23 TAL Education TAL 12.21 0.44 US Bancorp USB 41.92 -0.11 Zillow C Z 45.26 0.13
CVS Health CVS 69.74 -1.41 DolbyLab HP HPQ 29.23 0.28 PetroleoBrasil PBR 16.00 -0.16 TC Energy TRP 36.78 -0.38 US Steel X 42.23 -0.38 Zillow A ZG 44.41 0.01
AIG AIG 74.17 -1.15 CadenceDesign CDNS 310.10 5.51 DollarGeneral DG 154.37 -0.26 HSBC MSA Safety MSA 193.35 1.12
AmerTowerREIT AMT 178.64 -1.70 HSBC 40.95 -0.86 MSCI MSCI 534.49 1.44 PetroleoBrasilA PBR.A 15.42 -0.24 TD Synnex SNX 114.59 0.07 UnitedTherap UTHR 237.24 -0.55 ZimmerBiomet ZBH 127.52 -0.20
CaesarsEnt CZR 42.22 0.72 DollarTree DLTR 130.25 1.52
H World HTHT 39.39 -0.43 Pfizer PFE 26.34 0.02 TE Connectivity TEL 146.71 1.77 t UnitedHealth UNH 441.72 -8.33 Zoetis ZTS 162.73 -0.47
AmerWaterWorks AWK 117.82 -0.49 CamdenProperty CPT 99.94 -0.86 DominionEner D 49.02 0.22 MagnaIntl MGA 51.28 0.63
Ameriprise AMP 422.48 -3.50 DPZ 504.52 -2.31 Haleon HLN 8.17 ... MakeMyTrip MMYT 70.61 0.57 PhilipMorris PM 89.43 -0.29 Telus TU 16.18 -0.02 UnitySoftware U 26.05 0.13 ZoomVideo ZM 62.52 0.30
Cameco CCJ 50.47 1.31 Domino's HAL 40.94 -0.17 ManhattanAssoc MANH 239.66 1.36 Phillips66 PSX 165.41 0.25 Ternium TX 43.20 -0.98 UnivDisplay OLED 164.29 0.65 Zscaler ZS 184.78 0.83
Ametek AME 180.50 0.75 CampbellSoup CPB 43.21 -0.47 Donaldson DCI 74.30 0.13 Halliburton
Amgen AMGN 270.00 3.55 DoorDash DASH 140.95 3.77 HartfordFinl HIG 97.34 -1.97 ManulifeFinl MFC 23.71 -0.39 s Pilgrim'sPride PPC 36.00 0.81
CIBC CM 48.66 -0.41
AmkorTech AMKR 33.55 1.14 CanNtlRlwy CNI 129.43 -1.83 Dover DOV 173.28 -0.55 Hasbro HAS 56.23 -0.55 Maplebear CART 38.58 0.11 PinnacleWest PNW 72.21 0.01
Amphenol APH 115.88 1.12 DOW 58.46 -0.39 HealthpeakProp DOC 18.68 ... MarathonOil MRO 29.46 -0.22 Pinterest PINS 34.02 0.52
s CanadianNatRscs CNQ 81.62 -0.70 Dow
AnalogDevices ADI 198.64 2.31
AngloGoldAsh AU 24.26 1.22
CdnPacKC CP 86.65 -1.43 DrReddy'sLab RDY 72.68 0.08 Heico A
DraftKings DKNG 45.44 0.46
Heico HEI 193.79 3.06
HEI.A 157.73 3.08 Markel
MarathonPetrol MPC 212.27 1.05 PioneerNatRscs PXD 274.74 -0.58
MKL 1443.85 -46.24 PlainsAllAmPipe PAA 17.98 -0.15
Exchange-Traded Portfolios
CapitalOne COF 140.34 0.40
AB InBev BUD 59.73 0.16 CardinalHealth CAH 106.42 -1.52 Dropbox DBX 23.49 0.13 HenrySchein HSIC 71.81 -0.05 MarketAxess MKTX 217.78 -4.41 PlainsGP PAGP 18.96 -0.14
AnnalyCap NLY 18.58 -0.01 Carlisle CSL 377.64 -5.26 DukeEnergy DUK 95.29 -0.12 Hess
Hershey HSY 189.50 -2.53 s Marriott MAR 258.55 4.20 Pool POOL 379.14 -2.21
Largest 100 exchange-traded funds. Preliminary close data as of 4:30 p.m. ET
AnteroResources AR 30.18 -0.31 HES 157.64 -0.35 Marsh&McLen MMC 199.19 -1.99 Primerica PRI 223.39 -19.84
Carlyle CG 47.23 0.29 Duolingo DUOL 216.40 -1.48
HessMidstream HESM 35.77 0.03 MartinMarietta MLM 607.08 0.53 PrincipalFinl PFG 80.25 -1.02
Aon AON 311.00 -5.00 CarMax KMX 71.98 -7.32 DuPont DD 76.24 0.05 Closing Chg YTD
APi Group APG 39.38 0.49 HewlettPackard HPE 17.94 -0.06 ProcoreTech PCOR 74.97 -0.55 Thursday, April 11, 2024
Carnival CCL 14.97 0.02 Dynatrace DT 47.53 0.08 MarvellTech MRVL 71.53 0.16 ETF Symbol Price (%) (%)
ApolloGlblMgmt APO 113.02 -1.20 Carnival CUK 13.49 ... elfBeauty ELF 167.22 0.04 Hilton HLT 210.76 1.17 Masco MAS 73.48 -0.51 Procter&Gamble PG 155.84 -1.40 Closing Chg YTD
AppFolio APPF 224.09 -1.31 Hologic HOLX 77.78 0.17 Masimo Progressive PGR 202.26 -3.89 ETF Symbol Price (%) (%) PacerUSCashCows COWZ 56.96 –0.12 9.6
CarrierGlobal CARR 56.62 -0.27 EMCOR EME 352.40 2.34 MASI 142.75 -0.07
Prologis PLD 120.25 -0.37
Apple AAPL 175.04 7.26 Carvana CVNA 80.44 -0.08 ENI E 32.96 -0.25 HomeDepot HD 347.37 -3.19 Mastercard MA 468.31 -0.86 CommSvsSPDR XLC 82.69 0.88 13.8 ProShUltPrQQQ TQQQ 61.70 4.70 21.7
AppliedIndlTechs AIT 192.73 0.41 CaseysGenStores CASY 309.79 -2.54 EOG Rscs EOG 137.27 -0.68 HondaMotor HMC 36.65 0.07 s MatadorRscs MTDR 69.56 -0.59 PrudentialFinl PRU 111.33 -1.39 CnsmrDiscSel XLY 180.03 0.81 0.7 SPDRBbg1-3MTB BIL 91.57 0.03 0.2
ApplMaterials AMAT 212.98 3.73 Honeywell HON 196.87 1.22 Prudential PUK 18.06 0.10
Catalent CTLT 56.92 -0.10 EPAM Systems EPAM 266.51 -0.28 HormelFoods HRL 34.95 0.18 MatchGroup MTCH 33.81 0.34 PublicServiceEnt PEG 66.45 -0.12 DimenUSCoreEq2 DFAC 31.36 0.51 7.3 SPDR DJIA Tr DIA 384.54 0.01 2.0
AppLovin APP 78.24 1.90 Caterpillar CAT 371.98 -0.09 EQT EQT 37.49 -0.22 McCormickVtg MKC.V 74.94 -0.71 SPDR Gold GLD 219.80 1.94 15.0
DR Horton DHI 150.69 2.44 PublicStorage PSA 275.18 -0.67 EnSelSectorSPDR XLE 97.72 –0.07 16.6
Aptargroup ATR 139.13 -0.27 Celanese CE 160.38 0.31 EagleMaterials EXP 257.23 4.11 HostHotels HST 20.35 0.21 McCormick MKC 73.42 -1.36 PulteGroup PHM 110.58 1.18 FinSelSectorSPDR SPDRPtfDevxUS SPDW 35.29 0.31 3.8
XLF 40.60 –0.71 8.0
Aptiv APTV 75.77 0.82 CelsiusHldg CELH 80.87 -3.60 EastWestBncp EWBC 73.87 0.17 HoulihanLokey HLI 127.19 -2.02 McDonald's MCD 268.62 -0.05 PureStorage PSTG 54.99 1.85 GrayscaleBitcoin SPDRS&P500Value SPYV 48.61 –0.25 4.2
Aramark ARMK 31.95 0.05 GBTC 62.79 0.51 81.4
Cemex CX 8.74 0.16 EastGroup EGP 172.90 0.33 McKesson MCK 523.37 -6.62 SPDRPtfS&P500 SPLG 60.93 0.74 9.0
ArcelorMittal MT 27.53 -0.09 HowmetAerospace HWM 65.59 0.34 Medpace Qiagen QGEN 41.17 -0.01 HealthCrSelSect XLV 141.01 –0.41 3.4
Cencora COR 235.64 -2.16 EastmanChem EMN 100.02 -0.63 Hubbell MEDP 402.30 4.58
Qorvo QRVO 115.81 2.43 IndSelSectorSPDR SPDRS&P500Growth SPYG 73.66 1.57 13.2
ArchCapital ACGL 91.31 -0.88 HUBB 406.23 -0.68 Medtronic XLI 124.23 0.11 9.0
s CenovusEnergy CVE 21.09 -0.71 Eaton ETN 317.26 2.89 MDT 82.17 -0.16 SPDR S&P 500 SPY 518.00 0.75 9.0
ADM ADM 62.57 -1.32 EBAY 51.89 -0.57 HubSpot HUBS 682.02 24.31 MercadoLibre MELI 1507.56 29.56 Qualcomm QCOM 175.13 4.27 InvscNasd100 QQQM 183.29 1.61 8.8
Centene CNC 71.64 -0.61 eBay Humana HUM 316.29 -2.88 QuantaServices PWR 258.00 3.70 InvscQQQI SchwabIntEquity SCHF 38.40 0.34 3.9
AresMgmt ARES 134.07 0.03 CenterPointEner CNP 27.58 0.21 Ecolab ECL 220.75 -1.40 Merck MRK 126.15 -0.60 QQQ 445.37 1.60 8.8
JBHunt JBHT 189.13 0.94 MetaPlatforms META 523.16 3.33 QuestDiag DGX 130.02 -1.60 InvscS&P500EW SchwabUS BrdMkt SCHB 60.31 0.72 8.3
argenx ARGX 379.65 -3.13 CentraisElBras EBR 7.65 -0.38 Ecopetrol EC 12.07 0.23 RSP 164.59 –0.07 4.3
HuntingtonBcshs HBAN 13.49 -0.09 MetLife SchwabUS Div SCHD 77.93 –0.26 2.4
AristaNetworks ANET 296.58 8.36 CerevelTherap CERE 42.01 -0.10 EdisonIntl MET 70.98 -0.93 iShBitcoin IBIT 40.17 0.43 ...
Arm ARM 131.13 5.95
EIX 68.84 -0.08
ChampionX CHX 38.50 -0.16 EdwardsLife EW 91.41 -0.10 HyattHotels H
HuntingIngalls HII 276.31 1.16 Mettler-Toledo MTD 1311.49 6.05 R S
iShCoreDivGrowth DGRO 56.59 –0.04 5.1
SchwabUS LC SCHX 61.47 0.75 9.0
156.98 1.09 SchwabUS LC Grw SCHG 93.27 1.50 12.4
AscendisPharma ASND 151.04 -1.54 CharlesRiverLabs CRL 246.42 -1.07 Elastic ESTC 99.85 1.62 MicrochipTech MCHP 89.28 1.19 RBC Bearings RBC 259.27 -4.15 iShCoreMSCIEAFE IEFA 73.06 0.30 3.9
ICICI Bank IBN 26.44 0.01 MicronTech MU 127.51 5.31 SPDR S&PMdCpTr MDY 538.08 0.09 6.1
AspenTech AZPN 213.06 3.09 CharterComms CHTR 266.53 3.68 ElbitSystems ESLT 198.34 -1.38 RB Global RBA 73.32 -0.49 iShCoreMSCIEM IEMG 52.16 0.64 3.1
Assurant AIZ 173.62 -3.87 IdexxLab IDXX 503.10 -1.04 SPDR S&P Div SDY 127.42 –0.37 2.0
CheckPoint CHKP 163.14 -1.51 ElectronicArts EA 129.18 -0.12 ING Groep Microsoft MSFT 427.93 4.67 RELX RELX 41.86 0.32 iShCoreMSCITotInt IXUS 67.33 0.34 3.7
AsteraLabs ALAB 75.59 4.28 ING 16.65 -0.19
MicroStrategy TechSelectSector XLK 208.80 2.00 8.5
Chemed CHE 618.79 -1.78 ElevanceHealth ELV 501.96 -5.78 IQVIA MSTR 1551.81 -14.19 RPM RPM 109.82 -0.82 iShCoreS&P500 IVV 520.59 0.75 9.0
AstraZeneca AZN 69.45 1.34 IQV 238.02 -1.39 MidAmApt MAA 131.99 -0.96 VanEckSemicon SMH 227.31 2.32 30.0
CheniereEnergy LNG 158.85 0.79 EmersonElec EMR 113.52 -0.56 ITT ITT 130.88 1.15 Middleby
RTX RTX 100.78 -0.58 iShCoreS&P MC IJH 58.81 0.05 6.1
Atlassian TEAM 214.65 9.91 VangdSC Val VBR 184.39 –0.07 2.5
CheniereEnerPtrs CQP 47.01 -0.08 Enbridge ENB 34.55 0.01
IcahnEnterprises IEP 17.48 0.10
MIDD 147.66 0.27 RalphLauren RL 165.02 -1.45 iShCoreS&P SC IJR 106.11 0.43 –2.0
AtmosEnergy ATO 114.38 -0.70 MitsubishiUFJ MUFG 10.16 0.12 RangeResources RRC 36.03 -0.30 iShCoreS&PTotUS VangdExtMkt VXF 170.36 0.58 3.6
ChesapeakeEner CHK 87.98 -2.02 EncompassHealth EHC 81.66 0.09 Icon ICLR 312.39 -0.12 MizuhoFin ITOT 113.95 0.72 8.3
Autodesk ADSK 241.06 2.05 Chevron CVX 161.89 -0.78 Endeavor EDR 26.40 0.01 MFG 3.98 0.09 RaymondJames RJF 124.50 -2.63 iShCoreTotUSDBd VangdSC Grwth VBK 252.89 0.24 4.6
IDEX IEX 236.25 -0.14 IUSB 44.62 –0.02 –3.1 VangdDivApp VIG 177.85 0.15 4.4
Autoliv ALV 117.84 -0.09 Chewy CHWY 18.54 1.14 EnergyTransfer ET 15.68 -0.10 Mobileye MBLY 31.41 0.50 RealtyIncome O 52.24 0.10 iShCoreUSAggBd AGG 95.78 0.02 –3.5
IllinoisToolWks ITW 257.68 -1.61 VangdFTSEAWxUS VEU 58.12 0.35 3.5
ADP ADP 244.42 -1.37 Chipotle CMG 2990.69 25.00 EnphaseEnergy ENPH 121.70 2.10 Illumina Moderna MRNA 107.01 -0.13 RegalRexnord RRX 166.63 -0.36
ILMN 130.70 -0.47 iShEdgeMSCIMinUSA USMV 81.34 –0.21 4.2 VangdFTSEDevMk VEA 49.39 0.37 3.1
AutoZone AZO 3006.76 -18.99 s ChordEnergy CHRD 187.42 0.54 Entegris ENTG 139.09 3.04
s ImperialOil IMO 71.21 -2.67
MohawkInds MHK 117.68 -1.99 RegencyCtrs REG 58.19 -0.16
iShEdgeMSCIUSAQual QUAL 162.31 0.89 10.3
Avalonbay AVB 185.95 -0.15 Chubb CB 244.53 -3.47 Entergy ETR 103.83 -0.73 MolinaHealthcare MOH 376.78 -0.37 RegenPharm REGN 920.32 -15.88 VangdFTSE EM VWO 42.42 0.33 3.2
Incyte INCY 54.92 -0.08 iShGoldTr IAU 44.89 1.93 15.0 VangdFTSE Europe VGK 66.21 0.06 2.7
Avangrid AGR 35.76 -0.15 ChunghwaTel CHT 39.01 0.12 EnterpriseProd EPD 29.22 0.07 s Informatica INFA 38.81 1.11 MolsonCoorsB TAP 67.81 0.35 RegionsFinl RF 19.41 -0.27
Avantor monday.com MNDY 200.19 0.28 ReinsGrp RGA 184.90 -5.06 iShiBoxx$IGCpBd LQD 105.82 –0.21 –4.4 VangdGrowth VUG 346.14 1.55 11.3
AVTR 25.55 -0.01 Church&Dwight CHD 101.58 -1.00 Equifax EFX 249.22 0.73
Infosys INFY 17.94 -0.06
AveryDennison AVY 215.00 -0.52 Equinix EQIX 773.82 -2.15 Mondelez MDLZ 66.78 0.10 Reliance RS 330.75 -1.26 iShMBS MBB 90.16 0.07 –4.2 VangdHlthCr VHT 258.62 –0.43 3.2
ChurchillDowns CHDN 124.39 1.37 IngersollRand IR 93.17 0.18
s AxonEnterprise AXON 324.09 5.83 Cigna CI 353.08 -4.76 Equinor EQNR 28.22 0.14 MongoDB MDB 356.04 4.76 RenaissanceRe RNR 217.65 -4.72 iShMSCIACWI ACWI 109.01 0.59 7.1 VangdHiDiv VYM 117.90 –0.13 5.6
Ingredion INGR 111.89 -0.99 0.27
BCE BCE 32.79 0.02 CincinnatiFinl CINF 119.17 -1.67 Equitable EQH 37.06 0.01 MonolithicPower MPWR 684.34 17.85 RentokilInit RTO 28.79 0.13 iShMSCI EAFE EFA 78.51 4.2 VangdInfoTech VGT 524.00 1.93 8.3
Insulet PODD 179.65 2.24 0.61
BHP Group BHP 59.49 -0.19 Cintas CTAS 671.13 0.17 EquityLife ELS 61.56 -0.40 MonsterBev MNST 54.73 -0.08 Repligen RGEN 176.08 0.08 iSh MSCI EM EEM 41.48 3.2 VangdIntrCorpBd VCIT 78.67 –0.09 –3.2
s Intel INTC 37.63 0.43 iShNatlMuniBd MUB 106.22 0.06 –2.0
BJ'sWholesale BJ 78.44 -0.96 CiscoSystems CSCO 49.53 0.32 EquityResdntl EQR 62.79 -0.17 Moody's MCO 383.55 -0.91 RepublicSvcs RSG 189.18 -0.51 VangdIntermTrea VGIT 57.36 0.03 –3.3
InteractiveBrkrs IBKR 112.16 -1.34 0.08 –1.0
BP BP 39.65 0.23 Citigroup C 60.71 0.53 ErieIndemnity ERIE 384.28 -9.08 ICE MorganStanley MS 86.84 -4.81 ResMed RMD 189.51 -4.29 iSh1-5YIGCpBd IGSB 50.76 VangdLC VV 237.94 0.81 9.1
ICE 133.48 0.54
BWX Tech BWXT 95.97 -0.53 CitizensFin CFG 33.57 -0.24 EssentialUtil WTRG 34.89 -0.14 InterContinentl IHG 100.63 -0.25 Morningstar MORN 309.72 -3.17 RestaurantBrands QSR 72.21 -0.27 iSh1-3YTreaBd SHY 81.16 0.12 –1.1 VangdMegaGrwth MGK 288.19 1.60 11.1
Baidu BIDU 102.32 0.71 CivitasRscs CIVI 75.22 -1.25 EssexProp ESS 244.25 0.24 Mosaic MOS 32.08 -0.60 Revvity RVTY 108.50 0.60 iShRussMC IWR 81.91 ... 5.4 VangdMC VO 243.69 –0.01 4.7
IBM IBM 185.90 -0.14
BakerHughes BKR 33.99 -0.16 CleanHarbors CLH 200.38 0.03 EsteeLauder EL 145.43 0.56 IntlFlavors MotorolaSol MSI 348.74 1.29 RexfordIndlRealty REXR 47.59 -0.30 iShRuss1000 IWB 284.94 0.66 8.6 VangdRealEst VNQ 82.69 0.34 –6.4
IFF 86.57 0.37
Ball BALL 66.35 -0.42 Cleveland-Cliffs CLF 22.14 -0.16 Etsy ETSY 68.41 0.72 MurphyOil MUR 47.70 -0.41 RioTinto RIO 66.27 -0.24 iShRuss1000Grw IWF 337.38 1.42 11.3 VangdRuss1000Grw VONG 86.83 1.43 11.3
IntlPaper IP 37.81 -0.44
BBVA BBVA 10.81 -0.32 Clorox CLX 144.80 0.43 EvercoreA EVR 194.09 2.69 MurphyUSA MUSA 410.76 -2.17 t Rivian RIVN 9.57 -0.70 iShRuss1000Val IWD 174.52 –0.14 5.6 VangdS&P500ETF VOO 476.06 0.72 9.0
Interpublic IPG 30.92 0.24
BancoBradesco BBDO 2.52 -0.04 Cloudflare NET 96.08 1.25 Everest EG 366.15 -5.49
Intuit INTU 627.71 -0.65
NICE NICE 240.19 -2.49 RobertHalf RHI 73.16 0.19 iShRuss2000 IWM 202.29 0.68 0.8 VangdST Bond BSV 75.91 0.03 –1.4
BancodeChile BCH 22.80 ... Coca-Cola KO 59.05 0.13 Evergy EVRG 51.46 -0.22
IntuitiveSurgical ISRG 392.26 3.80
NIO NIO 4.46 -0.13 Robinhood HOOD 19.00 0.66 iShS&P500Grw IVW 85.01 1.58 13.2 VangdSTCpBd VCSH 76.55 0.05 –1.1
BancSanBrasil BSBR 5.39 -0.02 CocaColaCon COKE 820.59 10.19 EversourceEner ES 59.15 0.08 NNN REIT NNN 41.00 0.38 Roblox RBLX 39.26 -0.54 iShS&P500Value IVE 181.20 –0.28 4.2
InvitatHomes INVH 34.61 -0.26 VangdShortTrea VGSH 57.62 0.07 –1.2
BcoSantChile BSAC 19.74 0.06 Coca-ColaEuro CCEP 67.89 0.47 ExactSciences EXAS 72.95 -0.65 IronMountain IRM 76.61 0.92 NOV NOV 20.09 -0.19 RocketCos. RKT 12.39 0.09 iShSelectDiv DVY 119.04 –0.29 1.6
s NRG Energy NRG 74.59 1.41 Rockwell VangdSC VB 220.78 0.18 3.5
BancoSantander SAN 4.76 -0.11 CognizantTech CTSH 70.57 0.60 Exelon EXC 36.80 -0.11 ROK 288.52 6.46 iSh7-10YTreaBd
ItauUnibanco ITUB 6.45 -0.01 IEF 91.93 –0.14 –4.6 VangdTaxExemptBd VTEB 49.90 0.14 –2.3
BanColombia CIB 35.78 -0.03 Coherent COHR 56.03 0.18 Expedia EXPE 133.22 1.82 NVR NVR 7757.18 99.05 RogersComm B RCI 39.17 -0.16
iShShortTreaBd SHV 110.23 0.05 0.1 VangdTotalBd BND 71.04 ... –3.4
BankofAmerica BAC 36.35 -0.30
BankMontreal BMO 94.81 -0.76
CoinbaseGlbl COIN 263.01 12.02 ExpeditorsIntl EXPD 118.76 0.44
ColgatePalm CL 86.00 -0.56 ExtraSpaceSt EXR 143.20 0.70
J K L NXP Semicon NXPI 244.33 3.25 RoivantSciences ROIV 11.17 -0.03
Nasdaq NDAQ 63.06 0.05 Roku ROKU 61.95 0.81 iShTIPSBond TIP 105.75 –0.09 –1.6 VangdTotIntlBd BNDX 48.71 –0.04 –1.3
BankNY Mellon BK 55.37 -0.31 Comcast A CMCSA 40.14 0.42 s ExxonMobil XOM 121.79 -0.41 JD.com JD 26.99 0.32 Natera NTRA 96.71 0.21 Rollins ROL 44.64 -0.51 iSh20+YTreaBd TLT 89.81 –0.45 –9.2 VangdTotIntlStk VXUS 59.83 0.35 3.2
BankNovaScotia BNS 48.97 -0.05 ComfortSystems FIX 310.14 6.38 F5 FFIV 192.09 0.96 JPMorganChase JPM 195.43 -0.04 NationalGrid NGG 64.66 -0.21 RoperTech ROP 539.64 3.65 iShUSTreasuryBd GOVT 22.24 –0.04 –3.5 VangdTotalStk VTI 256.70 0.68 8.2
Barclays BCS 9.36 -0.23 SABESP SBS 16.14 -0.34 FMC FMC 61.54 -0.68 Jabil JBL 138.02 1.66 NatWest NWG 6.98 -0.11 RossStores ROST 139.94 1.65 iSh0-3MTreaBd SGOV 100.47 0.04 0.2 VangdTotWrldStk VT 109.38 0.57 6.3
BarrickGold GOLD 18.04 0.14 ConagraBrands CAG 30.00 -0.60 FTI Consulting FCN 205.29 -1.99 JackHenry JKHY 170.05 -0.41 NetApp NTAP 104.86 2.26 RoyalBkCanada RY 100.36 -0.58 JPM EqPrem JEPI 56.81 0.23 3.3 VangdValue VTV 158.59 –0.11 6.1
Bath&BodyWks BBWI 46.22 0.85 Confluent CFLT 29.82 0.22 FactSet FDS 427.27 -1.40 JacobsSolns J 145.89 1.55 NetEase NTES 97.15 -2.35 RoyalCaribbean RCL 133.75 2.85 JPM UltShIncm JPST 50.29 0.04 0.1 WT FRTrea USFR 50.42 0.06 0.4

New Highs and Lows Stock

52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg
Marriott MAR 260.57 1.7 ThirdHarmonic THRD 12.42 0.3 AmericanWell AMWL 0.62 -5.0 CarParts.com PRTS 1.46 0.7 Gaming&Leisure GLPI 43.16 -0.2 MicroAlgo MLGO 2.92 -2.3 Starbucks SBUX 85.26 -0.1
The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE MatadorRscs MTDR 70.55 -0.8 TrailblazerI A TBMC 10.69 0.1 AmerCarMart CRMT 56.62 -0.6 Cato CATO 5.05 2.8 GinkgoBioworks DNA 0.99 -6.3 MiddlesexWater MSEX 47.44 0.2 StrongholdDig SDIG 3.26 -3.4
American and Nasdaq Stock Market stocks that hit a new 52-week intraday high or low McEwenMining MUX 11.89 1.4 Trip.com TCOM 50.40 2.8 AmylyxPharm AMLX 2.25 -6.9 Children'sPlace PLCE 7.78 -10.6 GlobeLifeDeb2061 GLpD 14.01 -27.0 MoolecScience MLEC 1.18 -1.5 SunPower SPWR 2.46 -2.0
in the latest session. % CHG-Daily percentage change from the previous trading session. Mobile-health MNDR 12.29 52.2 TsakosEnergyPfdF TNPpF 27.29 0.1 AppliedUV AUVI 0.71 4.1 ChimeraInvt CIM 4.04 1.0 GlobeLife GL 38.95 -53.1 NanoLabs NA 0.85 -54.2 TFF Pharm TFFP 3.92 -2.7
NL Industries NL 8.60 0.4 Veru VERU 1.92 44.4 AptevoTherap APVO 0.93 -60.1 ChinaSXTPharm SXTC 1.39 -10.3 GoPro GPRO 1.87 -2.6 NatlResearch NRC 34.69 -1.9 TelekmIndonesia TLK 20.98 -0.3
Thursday, April 11, 2024 NRG Energy NRG 74.84 1.9 ViperEnergy VNOM 40.83 1.3 ArcadiaBiosci RKDA 1.93 -2.7 ChromocellTherap CHRO 1.81 -1.3 Gritstone GRTS 0.92 -2.6 NY Mortgage NYMT 6.82 1.7 TevogenBio TVGN 2.22 0.8
52-Wk % 52-Wk % 52-Wk % NektarTherap NKTR 1.75 22.5 WKKellogg KLG 21.60 2.7 Arcimoto FUV 0.43 -0.8 Cingulate CING 0.92 -3.9 GromSocialEnts GROM 0.69 -3.8 NutexHealth NUTX 0.73 -22.5 Tilly's TLYS 5.81 -3.0
Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg NurixTherap NRIX 18.12 9.7 WheatonPrecMtls WPM 53.02 2.6 ArenaGroup AREN 0.73 -2.3 CollectiveAudience CAUD 0.43 -10.1 HainCelestial HAIN 6.10 -0.6 Nxu NXU 0.56 -2.3 TompkinsFin TMP 43.09 -0.2
OCA Acqn Wt OCAXW 0.14 6.8 AscentSolar ASTI 0.13 2.8 COPEL ELPC 6.44 -2.0 HanoverBancorp HNVR 13.77 -2.3 OceanPwrTech OPTT 0.24 -1.2 TonixPharm TNXP 0.16 -2.7
ChordEnergy CHRD 188.26 0.3 Geron GERN 3.79 9.6
Highs ClimateRockA CLRC 12.35 -0.2 GolarLNG GLNG 25.90 -0.2
Openlane
OakWoodsAcqnA OAKU
KAR 17.70
10.77
1.7
...
Lows AtriCure ATRC
AuburnNatlBncp AUBN
25.20 -2.3
17.75 -2.5
CrackerBarrel CBRL 58.58 -3.9 HelloGroup
HowardHughes HHH
MOMO 5.49 -0.4
63.34 1.8
OcuphirePharma OCUP 1.77 -3.8 Transalta TAC
TrinityBiotech TRIB
6.00 0.5
1.81 -5.1
Comstock CHCI 6.63 15.0 GoldFields GFI 18.29 5.3 AcadiaPharm ACAD 17.34 -1.8 CueBiopharma CUE 1.66 -0.8 OneConnectFin OCFT 2.03 -5.6
Agric&NatSolnsA ANSC 10.21 0.1 PACS Group PACS 23.59 9.5 AultAlliance AULT 0.34 -3.3 InfoSvcs III 3.82 -1.0 TritiumDCFC DCFC 5.01 -26.9
ConstBrands A STZ 274.87 1.3 GoldenstoneAcqn GDST 12.45 ... ACELYRIN SLRN 5.53 1.1 CueHealth HLTH 0.16 -5.5 ParanovusEntTech PAVS 1.25 2.1
AlamosGold AGI 15.49 1.4 ProceptBio PRCT 54.50 2.1 ByndCannasoft BCAN 0.87 -3.8 InfuSystems INFU 7.87 -1.4 UnitedHealth UNH 441.48 -1.9
CorMedix CRMD 6.40 21.0 HelixEnergy HLX 11.94 -0.5 AerwinsTech AWIN 4.21 -10.0 DuckhornPtf NAPA 8.29 -0.5 PetMedExpress PETS 4.12 -3.3
Alphabet C GOOG 161.12 2.0 PegasusDigA PGSS 11.40 1.0 BeamGlobalWt BEEMW 0.03 37.1 Instructure INST 20.17 1.1 Vacasa VCSA 5.88 -4.7
CrescentPoint CPG 9.02 1.3 ICZOOMA IZM 43.96 10.7 AMC Ent AMC 2.73 -1.1 ECARX ECX 1.75 -4.3 PlanetGreen PLAG 0.21 0.7
Alphabet A GOOGL 159.68 2.1 Pilgrim'sPride PPC 36.05 2.3 BinahCapital BCG 8.02 -5.8 IntegraLifeSci IART 33.12 -2.7 Vaccinex VCNX 6.52 -0.1
Cummins CMI 304.25 0.2 IamGold IAG 3.84 3.9 AMTD Digital HKD 2.92 3.3 EzgoTech EZGO 0.04 -8.3 PrestigeWealth PWM 1.10 -5.4
AlpineImmune ALPN 64.45 36.9 PyrophyteAcqn PHYT 11.31 0.5 Bio-Path BPTH 3.02 -9.0 IspireTechnology ISPR 5.41 ... Vaxxinity VAXX 0.52 -13.4
CuriosityStream CURI 1.55 -18.6 ImperialOil IMO 74.58 -3.6 Arko ARKO 4.77 -0.6 Embecta EMBC 10.93 -3.4 QuoinPharm QNRX 0.75 -1.7
QifuTechnology QFIN 20.62 0.5 BioLineRX BLRX 0.65 -4.9 J-Long JL 0.75 -6.0 VertexEnergy VTNR 1.06 -0.9
Amazon.com AMZN 189.77 1.7 Despegar.com DESP 13.23 2.4 InceptionGrowthWt IGTAW 0.18 77.8 Endava DAVA 31.16 -1.9 Reading A RDI 1.68 -6.1
RevolutionMed RVMD 38.73 2.5 ATI PhysTherapy ATIP 4.00 -8.2 Biophytis BPTS 0.28 -1.6 JowellGlobal JWEL 1.16 -3.9 VinFastAuto VFS 3.85 2.0
AudioEye AEYE 15.31 12.9 EliemTherap ELYM 4.75 71.5 InFinTAcqnA IFIN 11.49 0.2 ATS ATS 31.06 -0.8 Energizer ENR 27.43 -1.2 RevanceTherap RVNC 4.21 0.7
RigelResourceWt RRAC.WS 0.35 9.4 Boeing BA 171.38 -0.7 Koss KOSS 2.34 -1.8 VivosTherap VVOS 2.40 2.2
AxonEnterprise AXON 329.87 1.8 Enerplus ERF 20.76 0.1 InflectionPtIIA IPXX 10.54 0.2 A2Z SmartTech AZ 0.43 -9.7 EnergyVault NRGV 1.22 -2.3 Rivian RIVN 9.38 -6.8
SeraPrognostics SERA 11.32 15.0 BogotaFinl BSBK 6.46 -1.9 LiqTechIntl LIQT 2.63 -3.3 Volcon VLCN 0.26 -6.8
BJ'sWholesale BJ 80.42 -1.2 EnlivenTherap ELVN 26.00 20.2 Informatica INFA 38.82 2.9 Accuray ARAY 2.32 -1.3 EnterpriseBncp EBTC 23.16 0.6 RoyaltyMgmt RMCO 1.02 -2.8
Shell SHEL 73.09 ... BoneBiologics BBLG 1.62 1.8 LivePerson LPSN 0.65 -10.6 WalgreensBoots WBA 17.76 0.3
B.RileyNts2025 RILYM 24.17 0.8 EnteraBio ENTX 2.70 19.3 InsightAcqnA INAQ 10.95 -0.3 AcordaTherap ACOR 0.61 -24.9 EvokePharma EVOK 0.51 -6.5 SacksParenteGolf SPGC 0.51 -5.2
SolarmaxTech SMXT 14.00 14.9 BorealisFoods BRLS 4.36 -9.9 LogicMark LGMK 0.81 -8.1 WiSA Tech WISA 0.02 -14.3
BayviewAcqnRt BAYAR 0.23 53.3 EvergreenA EVGR 11.36 0.1 IntlTowerHill THM 0.80 9.6 Sprott SII 42.33 2.2 ActelisNtwks ASNS 0.88 -2.2 BoundlessBio BOLD 11.50 -2.0 Expensify EXFY 1.45 -2.0 Lucid LCID 2.50 -5.7 Semantix STIX 0.34 -7.3 Workhorse WKHS 0.20 -1.1
BlueWorldA BWAQ 11.26 -0.1 ExxonMobil XOM 122.69 -0.3 JVSPAC Acqn A JVSA 10.08 ... Squarespace SQSP 37.89 1.2 AdaptiveBiotech ADPT 2.53 -1.9 Brightcove BCOV 1.76 -0.6 Expion360 XPON 1.97 3.5 LuminarTech LAZR 1.24 -18.2 ShiftPixy PIXY 2.31 -3.3 Workiva WK 78.50 1.5
BostonSci BSX 69.21 0.3 FirstCash FCFS 131.46 1.5 Karooooo KARO 27.00 -0.4 StepStone STEP 38.25 5.8 AgapeATP ATPC 0.24 -13.5 BroadwayFin BYFC 4.87 -1.3 FocusUniversal FCUV 0.25 -6.3 LuxUrban LUXH 1.13 -3.8 ShoalsTech SHLS 9.65 -4.3 Worksport WKSP 0.46 -6.0
BrookfldBRP7.25Nt BEPJ 25.25 ... Frontline FRO 24.68 5.9 KnifeRiver KNF 82.28 3.2 StrawberryFldREIT STRW 8.40 0.9 Agrify AGFY 0.34 ... BroogeEnergy BROG 1.07 -10.4 FoxFactory FOXF 41.80 -0.5 MGO Global MGOL 0.26 0.2 SmithMicro SMSI 2.14 -2.4 YorkWater YORW 34.30 -0.3
CanadianNatRscs CNQ 82.58 -0.9 GE Aerospace GE 158.44 0.7 KukeMusic KUKE 2.89 11.6 SwvlWt SWVLW 0.05 44.8 AkariTherap AKTX 1.10 -15.4 C&F Fin CFFI 42.05 -0.7 FreightTech FRGT 0.95 -3.2 MartenTransport MRTN 17.05 -0.3 Solventum SOLV 62.30 -1.1 YottaAcqn YOTAU 9.70 -14.2
CenovusEnergy CVE 21.90 -3.3 GalectinTherap GALT 4.21 9.9 Lands'End LE 12.95 5.8 SyntecOpticsWt OPTXW 0.25 26.2 AllarityTherap ALLR 2.26 -28.9 CableOne CABO 373.37 1.8 FulgentGenetics FLGT 20.66 -0.4 MatthewsIntl MATW 27.13 -0.3 SotherlyHtlsPfd SOHON 19.07 -0.2 ZaiLab ZLAB 14.98 -2.5
CenovusEnergyWt CVE.WS 17.10 -3.4 GasLogPtrsPfdC GLOPpC 25.40 0.3 Lipocine LPCN 7.15 -1.5 Tecnoglass TGLS 59.76 ... AlphaTech ATGL 2.26 -10.7 CanadianSolar CSIQ 16.26 -4.5 GD Culture GDC 0.70 -9.1 MaxeonSolar MAXN 2.30 -2.9 SotherlyHotels SOHO 1.29 -2.3 ZapataComputing ZPTA 2.23 5.5
CheetahMobile CMCM 4.76 10.1 GatosSilver GATO 9.82 0.8 MachNaturalRscs MNR 20.61 -1.2 TencentMusic TME 12.00 0.4 AltaGlobal MMA 2.92 -2.0 CareMax CMAX 2.75 -9.7 Galapagos GLPG 30.85 -0.9 Medigus MDGS 2.40 -7.7 SprucePower SPRU 3.23 -2.7 ZeoEnergy ZEO 5.09 -2.7

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
SeriesBondFd 8.74 -0.01 -2.7 SrsBlChGroRetail 18.12+0.30 16.0 LgCpGwth 70.41 +0.87 17.1 MidCap 106.28 +0.24 6.2 MuShtAdml 15.70 +0.01 0.4 Welltn 42.87 +0.14 4.2
Top 250 mutual-funds listings for Nasdaq-published share classes by net assets. SeriesOverseas 13.78 +0.04 6.2 SrsEmrgMkt 18.18+0.11 4.9 JPMorgan R Class NHoriz 57.95 +0.55 3.1 PrmcpAdml r 167.87 +1.26 7.4 WndsrII 46.03 +0.11 7.3
e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes e and s SerLTTreBdIdx 5.37 -0.03 -7.5 SrsGlobal 14.40+0.04 4.0 CoreBond 10.00 -0.01 -2.1 R2030 25.08 +0.07 4.8 RealEstatAdml 117.07 +0.25 -5.6 VANGUARD INDEX FDS
apply. k-Recalculated by Lipper, using updated data. p-Distribution costs apply, 12b-1. r- SmCpIdxInstPrem 25.34 +0.18 1.2 SrsGroCoRetail 22.47+0.37 15.4 CorePlusBd 7.04 -0.01 -1.9 Putnam Funds Class A SmCapAdml 105.79 +0.18 3.8 ExtndIstPl 318.99 +1.55 4.0
Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and r apply. v-Footnotes TMktIdxInstPrem 143.17 +1.01 8.7 SrsIntlGrw 18.18+0.04 6.1 Lord Abbett I PutLargCap p 34.04 ... 10.6 SmGthAdml 89.00 +0.36 4.9 IdxIntl 19.22 +0.03 3.6
x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not available due to incomplete TotalMarketIndex 18.07 +0.13 8.7 SrsIntlVal 12.52+0.05 7.3 ShtDurInc p 3.82 ... 0.6 Schwab Funds STBondAdml 9.95 ... -0.6 MdCpGrAdml 99.87 +0.50 5.8
price, performance or cost data. NE-Not released by Lipper; data under review. NN-Fund not TtlIntIdxInstPr 13.63 +0.03 3.7 TotalBond 9.28-0.01 -2.1 Metropolitan West 1000 Inv r NA ... NA STIGradeAdml 10.11 ... -0.1 MdCpVlAdml 78.30 -0.21 4.8
tracked. NS-Fund didn’t exist at start of period. USBdIdxInstPrem 10.06 -0.01 -2.7 Fidelity SAI TotRetBdI 8.79 -0.01 -3.3 S&P Sel NA ... NA STIPSIxAdm 23.94 +0.01 0.6 SmValAdml 79.27 -0.01 3.0
Fidelity Advisor I TotalBd 8.79 -0.01 -1.9 TRBdPlan 8.25 ... -3.2 TSM Sel r NA ... NA TotBdAdml 9.36 -0.01 -2.7 TotBd2 9.24 -0.01 -2.7
Total Bd 9.27 -0.01 -2.1 U.S.TreBdIdx 8.52 -0.01 -2.7 MFS Funds TIAA/CREF Funds TotIntBdIdxAdm 19.46 -0.04 -0.8 TotIntlInstIdx r 128.59 +0.25 3.7
Thursday, April 11, 2024 Fidelity Freedom Fidelity Selects IIE 33.81 +0.07 2.6 EqIdxInst 36.58 +0.26 NA TotIntlAdmIdx r 32.16 +0.07 3.7 TotItlInstPlId r 128.62 +0.25 3.7
Net YTD Net YTD Net YTD FF2030 17.17 +0.04 3.6 Semiconductors r 31.12 +0.82 28.3 MFS Funds Class I IntlEqIdxInst 22.78 +0.06 NA TotStAdml 125.01 +0.88 8.6 TotSt 124.99 +0.88 8.6
Fund NAV Chg % Ret Fund NAV Chg % Ret Fund NAV Chg % Ret FF2035 15.24 +0.04 4.9 Softwr 28.58 +0.28 3.3 GrowthI 201.46 +2.52 17.1 LrgCpGrIdxInst 57.82 +0.80 11.5 TxMCapAdml 268.71 +1.81 9.1 VANGUARD INSTL FDS
Tech 32.42 +0.67 13.7 ValueI 50.08 -0.19 5.7 VANGUARD ADMIRAL BalInst 45.99 +0.18 4.1
AB Funds Artisan Funds US CoreEq2 34.94 +0.18 7.9 FF2040 11.16 +0.04 6.4
First Eagle Funds 500Adml 479.92 +3.56
TxMIn r 15.87
9.4 USGroAdml 165.10
+0.03 3.6
DevMktsIndInst 15.89 +0.03 3.6
MuniIncmShares 10.93 ... -0.6 IntlVal Inst 47.25 ... 2.8 US Small 44.78 +0.18 1.2 Freedom2030 K 17.15 +0.04 3.6 Natixis Funds +2.22 12.6
GlbA 67.18 +0.25 6.5 LSGrowthY 25.96 +0.25 11.8 BalAdml 45.98 +0.18 4.1 DevMktsInxInst 24.84 +0.05 3.6
AB Funds - ADV Baird Funds US SmCpVal 45.23 +0.13 1.0 Freedom2035 K 15.22 +0.04 4.9
Franklin A1 CAITAdml 11.29 ... -0.8
ValAdml 61.87 -0.08 6.8
ExtndInst 129.26 +0.63 4.0
LgCpGrAdv 104.37 +0.98 12.5 AggBdInst 9.53 -0.01 -2.5 US TgdVal 31.94 +0.05 0.5 Freedom2040 K 11.17 +0.04 6.5 Northern Funds WdsrllAdml 81.66 +0.19 7.4
IncomeA1 2.30 ... 0.6 StkIdx NA ... NA CapOpAdml r 192.51 +1.07 7.4 GrwthInst 178.18 +2.67 11.5
American Century Inv CorBdInst 9.87 -0.01 -2.1 USLgVa 48.19 -0.10 8.7 Idx2030InsPre 19.42 +0.05 2.7
FrankTemp/Frank Adv DivAppIdxAdm 48.27 +0.08 4.9
WellsIAdml 59.84 -0.11 -0.1
InPrSeIn 9.22 -0.01 -1.6
Ultra 82.93 +1.22 11.3 BlackRock Funds Dodge & Cox Idx2035InsPre 22.31 +0.07 3.8 Old Westbury Fds WelltnAdml 74.03 +0.25 4.2
IncomeAdv 2.27 -0.01 0.2
LrgCpStr 19.00 +0.13 9.4
EMAdmr 35.44 +0.05 3.8 InstIdx 427.99 +3.18 9.4
American Funds Cl A HiYldBd Inst 6.98 -0.02 1.1 Balanced 102.40 -0.10 2.9 Idx2040InsPre 23.32 +0.09 5.0 FrankTemp/Franklin A EqIncAdml 88.24 -0.17 5.3
WndsrAdml 74.57 -0.41 3.0
InstPlus 427.98 +3.18 9.4
AmcpA 41.99 +0.33 10.2 BlackRock Funds III GblStock 15.57 -0.01 4.4 Idx2045InsPre 24.45 +0.11 5.6 Parnassus Fds VANGUARD FDS
DynaTech A 153.99 +2.22 15.1 ExplrAdml 107.84 +0.29 4.5 InstTStPlus 89.01 +0.62 8.6
12.21 -0.01 -2.2 Idx2050InsPre 24.49 ParnEqFd 59.55 +0.40 8.2
AMutlA 53.24 +0.04 4.8 iShS&P500IdxK 609.37 +4.52 9.4 Income +0.11 5.6 Growth A 134.38 +1.06 9.6 ExtndAdml 129.27 +0.63 4.0 DivdGro 37.71 -0.05 2.5 MidCpInst 66.73 +0.06 5.3
PGIM Funds Cl Z
BalA 33.48 +0.12 5.0 BlackRock Funds Inst Intl Stk 50.23 -0.13 2.2 Fidelity Invest RisDv A 92.78 ... 4.9 GroIncAdml 100.51 +0.75 11.4 IntlVal 41.72 +0.09 3.4 MidCpIstPl 329.10 +0.30 5.3
BondA 11.04 -0.01 -2.8 EqtyDivd 20.11 -0.05 5.4 Stock 253.00 -0.03 6.4 Balanc 28.41 +0.11 5.9 TotalReturnBond 11.67 -0.02 NA LifeCon 20.53 +0.03 1.3
Guggenheim Funds Tru GrwthAdml 178.17 +2.66 11.5 RealEstaInstl 18.12 +0.04 -5.6
BluCh PIMCO Fds Instl
CapIBA 66.94 +0.04 1.8 StratIncOpptyIns 9.30 -0.02 -0.2 DoubleLine Funds 202.08 +3.26 16.6 TotRtnBdFdClInst 23.05 -0.03 -2.0 HlthCareAdml r 86.90 -0.08 1.4 LifeGro 43.45 +0.16 4.9 SmCapInst 105.78 +0.17 3.8
CapWGrA 64.56 +0.22 7.7 TotRet 9.68 ... NA TotRetBdI NA ... NA BluChpGr K6 30.93 +0.46 15.2 AllAsset 10.97 -0.02 NA
HYCorAdml r 5.32 -0.01 -0.2 LifeMod 31.38 +0.08 3.1
Harbor Funds SmCapIstPl 305.33 +0.51 3.8
EupacA 58.28 -0.04 6.6 Calamos Funds Edgewood Growth Instituti Contra 19.14 +0.15 19.0 CapApInst 109.91 +1.70 13.9 TotRt 8.38 ... NA InfProAd 22.63 -0.03 -1.6 PrmcpCor 34.22 +0.20 7.8 STIGradeInst 10.11 ... -0.1
FdInvA 79.30 +0.54 11.2 MktNeutI 14.43 ... 1.9 EdgewoodGrInst 48.84 +0.43 11.7 ContraK 19.21 +0.16 19.1 Harding Loevner PIMCO Funds A InfTechIdx 8.6 STAR 27.69 +0.07 3.1
268.59 +5.57 STIPSIxins 23.95 ... 0.6
GwthA 71.12 +0.63 12.6 Columbia Class I Fidelity CpInc 9.84 ... 3.4 IntlEq 26.02 +0.05 NA IncomeFd 10.45 ... ... IntlGrAdml 107.40 +0.83 5.5 TgtRe2020 27.30 +0.04 1.6 TotBdInst 9.36 -0.01 -2.7
HI TrA 9.47 -0.02 1.4 DivIncom I 32.04 -0.01 5.8 500IdxInstPrem 180.55 +1.34 9.4 GroCo 36.73 +0.62 15.1 Invesco Funds Y PIMCO Funds I2 ITBondAdml 9.97 -0.01 -2.8 TgtRe2025 18.85 +0.04 2.6 TotBdInst2 9.24 -0.01 -2.7
ICAA 55.31 +0.40 10.1 Dimensional Fds Contrafund K6 27.32 +0.23 18.6 InvGrBd 9.74 -0.01 -2.4 DevMktY 39.75 +0.05 2.9 Income 10.45 ... 0.1 ITIGradeAdml 8.39 -0.01 -2.1 TgtRe2030 36.64 +0.10 3.3 TotBdInstPl 9.36 -0.01 -2.7
IncoA 23.83 ... 2.4 EmgMktVa 30.62 +0.03 4.2 ExtMktIdxInstPre 81.16 +0.39 4.0 LowP 46.59 -0.07 5.7 JHF III DispVal PIMCO Funds Instl LarCapAd 120.16 +0.92 9.3 TgtRe2035 23.00 +0.07 4.0 TotIntBdIdxInst 29.21 -0.06 -0.8
N PerA 60.33 +0.30 7.9 EmMktCorEq 23.29 +0.04 4.1 FidSerToMarket 17.05 +0.12 8.7 Magin 14.26 +0.13 15.8 DispValMCI 28.91 -0.09 5.6 IncomeFd 10.45 ... 0.1 LTGradeAdml 7.61 -0.02 -5.1 TgtRe2040 41.12 +0.15 4.6 TotStInst 125.03 +0.88 8.6
NEcoA 59.93 +0.59 11.0 IntlCoreEq 15.89 +0.02 3.9 GrowthCompanyK6 26.04 +0.40 16.0 NASDAQ 208.65 +3.45 9.7 John Hancock Price Funds MidCpAdml 302.08 +0.28 5.3 TgtRe2045 28.07 +0.12 5.3 ValueInst 61.87 -0.07 6.8
NwWrldA 79.26 +0.13 5.6 IntSmCo 19.81 +0.05 2.7 IntlIdxInstPrem 49.32 +0.11 4.2 OTC 21.07 +0.35 15.2 BondR6 13.17 -0.01 -2.1 BlChip 171.54 +2.28 14.9 MuHYAdml 10.56 +0.01 -0.4 TgtRe2050 46.98 +0.20 5.7 WCM Focus Funds
SmCpA 67.22 +0.17 1.5 IntSmVa 22.35 +0.02 5.4 LgCpGwId InstPre 32.90 +0.45 11.5 Puritn 25.13 +0.09 8.3 JPMorgan I Class DivGro 74.91 +0.10 6.0 MuIntAdml 13.53 +0.01 -0.8 TgtRe2060 48.30 +0.20 5.7 WCMFocIntlGrwIns 24.85 +0.08 9.2
TxExA 12.26 ... -0.9 LgCo 34.49 +0.25 9.4 MidCpInxInstPrem 31.67 +0.01 5.7 SAIUSMinVolIndFd 19.68 +0.02 5.4 CoreBond 9.98 -0.01 -2.2 Growth 97.67 +1.25 12.8 MuLTAdml 10.77 +0.01 -1.2 TgtRet2055 52.43 +0.23 5.7 Western Asset
WshA 61.09 +0.25 7.2 US CoreEq1 39.09 +0.22 8.7 SAIUSLgCpIndxFd 21.59 +0.16 9.4 SAIUSQtyIdx 21.23 +0.24 9.7 EqInc 23.86 -0.08 4.3 LgCapGow I 74.59 +0.85 13.4 MuLtdAdml 10.77 +0.01 -0.1 TgtRetInc 13.07 +0.01 0.9 CorePlusBdI NA ... NA
 THE WALL STREET JOURNAL. * * * * * * Friday, April 12, 2024 | B9

MARKETS

Venture Deals
Declined by 3%
In First Quarter
BY MARC VARTABEDIAN
Venture capitalists last
quarter were again apprehen-
sive about putting money to
work in startups, with the
number of deals a mere
shadow of the strong numbers
that defined 2021 and the
years leading up to it.
Venture investors signed an
estimated 3,925 deals in this
year’s first quarter, about 3%
less than in the same quarter
a year ago, according to ana-
SCOTT OLSON/GETTY IMAGES
out of its slump, he added.
In the fast money days of
2021 and the years leading up
to it, crypto-focused venture
firm Dragonfly Capital made
roughly 15 to 20 deals each
quarter, said General Partner
Rob Hadick. Since the venture
market soured in 2022, the
firm has cut its quarterly deal-
making back to a handful but
increased the size of each in-
vestment by up to four times.
“We’re asking, ‘What do we
have a lot of conviction about’

lytics firm PitchBook Data. and let’s go and get as much

The tepid showing came de-
spite steep gains in the stock
market and was a far cry from
the 5,466 investments venture
capitalists made in the first
quarter of 2022.
Shares of Apple rose 4.3% on Thursday in step with other technology stocks An Apple store in Chicago. The recent scarcity of exits
has no doubt made venture
ownership as possible,” Had-
ick said. In March, Dragonfly
led a $19 million seed round in
blockchain-related startup
Morph.
Deal activity is picking up,
Hadick said, and he expects it
to build throughout the year.

Tech-Stock Rebound Sends

firms more cautious in strik-
ing deals. Yet another reason
might be concern that the lim-
ited partners that invest in
their funds—and they have al-
“People are feeling more
confident that their LPs will
give them more capital, so
they’re OK accelerating the
pace of deployment,” Hadick

Nasdaq to a Record Level

Producer prices that
were softer than
expected offer relief
to inflation worriers
BY HANNAH MIAO
Tech stocks led the market
rebound, bouncing back after
the prior session’s inflation-in-
duced selloff.
The Nasdaq Composite rose
1.7% to close at a record level of
16442.20. The S&P 500 gained
0.7%. The Dow Jones Industrial
Average shed about 2 points, or
0.01%.
THURSDAY’S S t o c k s
MARKETS mostly shook
off Wednes-
day’s pullback, which was
driven by a hotter-than-ex-
pected consumer-price reading.
The report marked the latest in
a series of releases showing
persistent inflationary pres-
sures, forcing investors to re-
consider if the Federal Reserve
will be able to cut interest
rates soon.
The latest wholesale-price
report released Thursday
morning offered some relief to
investors on edge about infla-
tion. The producer-price index
rose 0.2% in March, lower than
economists’ expectations of
0.3%.
Shares of tech companies
rallied. The S&P 500’s informa-
tion-technology sector jumped
2.4%, the top-performing seg-
ment of the index, followed by
communication-services and
consumer-discretionary stocks.
Amazon shares rose 1.7% to
notch a record after Chief Ex-
Index performance on Thursday
2.0%
1.5
1.0
0.5
0 Nikkei 225 was up 0.5%, but
–0.5
Five-minute intervals
–1.0
10 a.m. 11 noon
Source: FactSet
ecutive Andy Jassy said gener-
ative artificial intelligence
could be one of the largest
technological transformations
in decades and committed to
cutting costs. Nvidia’s stock
climbed 4.1% and Apple ad-
vanced 4.3%.
Wall Street continued to re-
vise projections about the Fed’s
interest-rate policy. Bank of
America on Thursday said it
now sees one rate cut this year,
in December. It previously ex-
pected the Fed to begin lower-
ing rates in June. Traders en-
tered the year pricing in six or
seven rate cuts in 2024 but
now view one or two cuts as
more likely, according to fed-
eral-fund futures. Some see no
cuts at all this year.
Federal Reserve Bank of
Boston President Susan Collins
in a speech Thursday said that
Nasdaq Composite
S&P 500
Dow Jones Industrial Average
1 p.m. 2 3 4
the urgency for lowering inter-
est rates is lower now than it
was earlier this year.
“The risks of monetary pol-
icy being too tight have re-
ceded,” she said.
The yield on the 10-year U.S.
Treasury note rose to 4.575%,
after notching its biggest one-
day jump since September
2022 on Wednesday.
The conventional thinking is
higher interest rates tend to
hurt stock prices by curbing
economic growth and increas-
ing the relative investing ap-
peal of bonds. But some inves-
tors believe that the stock
market won’t be in dire straits
if rates remain at current lev-
els.
“The economy is strong,”
said Doug Fincher, portfolio
manager at Ionic Capital Man-
agement. “Perhaps some of
ready pulled back—might not said.
return with conviction soon, Uncork Capital, a seed-
leaving the firms themselves stage venture firm, made
strapped for cash. roughly a dozen new invest-
The absence of dealmaking ments each year for about a
between venture funds and decade, said General Partner
these small moves in rates startups has also made for Tripp Jones. Last year, the
don’t matter that much.” tough times at fledgling com- firm cut that to six.
Regeneron Pharmaceuti- panies: Startups have sought As head of LP relations for
cals stock dropped 1.7% after to extend their Uncork, Jones
the Justice Department ac- cash runways said he has had
cused it of fraudulent practices by trimming hundreds of
related to its vision drug, Eylea. money-losing The tepid conversations
Shares of Constellation business lines showing came with investors
Brands rose 1.3% after the and cutting over the past
Modelo maker posted better- head count. despite steep several years.
than-expected quarterly sales. Others have Many said they
The Stoxx Europe 600 fell folded alto-
gains in the were overallo-
0.4%. At midday Friday, Japan’s gether. stock market. cated to ven-
“We need to ture and were
Hong Kong’s Hang Seng Index see a few more pulling back
was down 1.5%. S&P 500 fu- companies go from the asset
tures were up slightly. public. Until that can happen, class, he said.
there will continue to be a big “There was concern LP dol-
disparity between the public lars weren’t there. That had to
AUCTION RESULTS market and private market,” have factored in,” Jones said
Here are the results of Thursday's Treasury auctions.
All bids are awarded at a single price at the market-
clearing yield. Rates are determined by the difference
said Kyle Stanford, the lead of the general slowdown in
between that price and the face value. U.S. venture-capital research dealmaking.
FOUR-WEEK BILLS
analyst at PitchBook. But the tide is turning, he
Applications $206,766,984,000 Limited partners, which in- said. This month, Uncork
Accepted bids $70,273,494,000 vest in venture funds, have di- signed a term sheet for its
" noncompetitively $5,833,941,400
" foreign noncompetitively $0 rected capital away from ven- fourth new investment this
Auction price (rate) 99.590111 ture, in part due to elevated year. Some of the uptick can
(5.270%)
Coupon equivalent 5.365% interest rates. Initial public of- be attributed to firms being
Bids at clearing yield accepted 62.22% ferings and acquisitions, eager to invest the large
Cusip number 912797JW8
which allow investors to cash amounts of capital they have
The bills, dated April 16, 2024, mature on May 14,
2024. out of their investments, are raised but not deployed. In
EIGHT-WEEK BILLS scant these days. A wide dif- December, venture firms glob-
Applications $236,067,293,800 ference between the per-share ally were sitting on $560 bil-
Accepted bids $75,293,779,800
" noncompetitively $1,734,040,500
price investors are willing to lion, a 78% increase from De-
" foreign noncompetitively $0 pay for startups and what cember 2020, according to
Auction price (rate) 99.180222 founders of those companies data provider Preqin.
(5.270%)
Coupon equivalent 5.387% want is causing dealmaking to “We have a big, relatively
Bids at clearing yield accepted 64.34% break down. new fund that we’re trying to
Cusip number 912797KE6
The bills, dated April 16, 2024, mature on June 11,
“Because valuations are deploy,” Jones said. Last year,
2024. generally so high, there’s still Uncork raised $400 million,
29-YEAR, 10-MONTH BONDS that wide gap,” Stanford said. the firm said.
Applications $52,434,584,500 The tempered performance Some venture firms have
Accepted bids $22,362,826,900
" noncompetitively $22,514,600 of the Russell 2000 index, maintained their investing
" foreign noncompetitively $0 which tracks small U.S. stocks, pace.
Auction price (rate) 93.249005
(4.671%) relative to the tech-heavy Nas- Seed-stage-focused Bling
Interest rate 4.250% daq is also weighing on a ven- Capital has stuck to its usual
Bids at clearing yield accepted 58.23%
Cusip number 912810TX6
ture rebound, he said. A sus- cadence of backing 15 to 20
The bonds, dated April 15, 2024, mature on Feb. 15, tained upswing in the Russell startups each year, General
2054. 2000 could help pull venture Partner Ben Ling said.

Morgan known as a matter requiring

attention over customer due
diligence. That followed an Singapore’s Temasek to Boost Investments
Stanley In Europe as It Opens an Office in Paris
annual exam of the bank’s
anti-money-laundering and
related programs, according

Is Probed to some of the people and a

Morgan Stanley document
that says the firm sent de- BY AMANDA LEE
tailed action plans to the
Continued from page B1 regulator. Singapore’s state invest-
billionaire with ties to Russia Morgan Stanley’s wealth ment company Temasek plans
who has been sanctioned by unit has been critical to the to invest more in European
the U.K. and an individual firm’s strategy since the companies focused on sustain-
who said she was based in 2008-09 financial crisis. The ability, pharmaceuticals and
the U.S. but whose activity on bank made several acquisi- biotechnology to build resil-
E*Trade indicated she was tions, including those of ience in its portfolio.
located on a Caribbean island Smith Barney and, more re- The company has also
and had more money in her cently, E*Trade, that turned opened a new office in Paris,
account than would be typi- it into a wealth-management Temasek said Thursday, add-
cal for someone with her juggernaut overseeing a total ing to its existing locations in
stated occupa- of about $5 London and Brussels.
tion. trillion. The di- As of the end of March

8%
The Trea- vision, which 2023, Temasek’s portfolio
sury’s Finan- accounts for stood at 382 billion Singapore
cial Crimes En- about half of dollars (US$282.17 billion),
forcement the company’s with S$47 billion invested in
Ne t w o r k , Decline in net new total revenue, Europe, the Middle East and
known as Fin- generates Africa. Its exposure to the re-
CEN, also sent
assets at Morgan steady revenue gion has grown nearly fivefold
the bank a list Stanley’s wealth streams Mor- from 2011 to the end of March
of client division gan Stanley re- last year.
names, at least lies on to help It is also exploring invest-
ANP/ZUMA PRESS

some overlap- smooth out ments in the region’s con-

ping with the downturns in sumer, financial services,
SEC’s. Morgan Stanley also investment banking and trad- technology, transportation and
received an administrative ing. logistics sectors.
subpoena from the Treasury’s The wealth division has “We expect to deploy sig- Neste, a renewable fuels provider, is one of the companies Temasek has invested in.
Office of Foreign Assets Con- been showing signs of slow- nificant capital into globally
trol requesting information ing down, with revenue flat leading companies as well as of a Paris office is part of its companies, including Visa, computing startup.
on the firm’s sanctions poli- in the fourth quarter from a promising emerging enter- 2030 strategy to build a port- BlackRock and Standard Char- “In the current complex en-
cies and procedures, accord- year earlier. Net new assets prises in these areas,” said folio focused on sustainability. tered. Its past investments in vironment, strategic partner-
ing to a bank document totaled $47.5 billion in the Nagi Hamiyeh, Temasek’s head The move expands Temasek’s Europe include pharma com- ships are more important than
viewed by the Journal. period, down 8% from a year of Europe, the Middle East presence to nine countries. pany Bayer, Finnish renewable ever,” said Benoit Valentin,
The OCC late last year sent earlier after a 45% decline in and Africa. Temasek has investments fuels provider Neste and Temasek’s deputy head of
Morgan Stanley what is the third quarter. Temasek said the opening in some of the world’s largest Pasqal, a Paris-based quantum EMEA.
B10 | Friday, April 12, 2024 THE WALL STREET JOURNAL.

HEARD STREET FINANCIAL ANALYSIS & COMMENTARY

ON
THE

‘China Shock 2.0’ Will Be Different

The latest flood of cheap goods is a lot more sophisticated and is important to Beijing’s long-term plans

Treasury Secretary Janet Yel- long-term bank lending to the in- China’s outstanding bank loans, legions of companies to enter the technologies. EVs, in particular, are
len’s trip to China sent a clear dustrial sector in 2023 jumped to by sector field. As the industry grew in a thorny issue given the historical
message: A flood of cut-priced ex- 4.82 trillion yuan, the equivalent of size—China is the world’s largest importance of the automobile in-
ports isn’t welcome. It will likely $670 billion, from 591 billion yuan 60 trillion yuan EV market—the government dustry in Europe and the U.S.
fall on deaf ears in Beijing. in 2019 even as new loans to the started to withdraw the subsidies And China won’t just give up
50
Cheap Chinese goods aren’t new real-estate sector have slowed to a and let intense competition pick without a fight. Beijing’s ultimate
to global markets, but a recent trickle. Real Estate the survivors. goal is to create global leaders in
40
surge has some in the West calling Unlike with previous China While that approach led to much advanced manufacturing that are
it “China Shock 2.0.” Overcapacity shocks, the country has moved up wasteful investment, it allowed the pivotal to growth. Green technol-
30
in China could undercut American the value chain. Instead of assem- best companies to build scale and ogy certainly looks promising, and
businesses and workers and lead to bling iPhones for an American 20
lower their costs. Currently China’s China dominates the supply chain
overconcentration of supply chains, firm, for example, Chinese compa- EV sector is engaged in a brutal of batteries and solar panels. That
Yellen said. nies are leaders in high-tech sec- Industrial price war and BYD, which briefly has the added benefit of reducing
10
The implosion of China’s real-es- tors. Exports of electric vehicles, overtook Tesla as the world’s top its reliance on foreign technology—
tate sector has been behind some lithium-ion batteries and solar 0 EV seller by volume in the last a lesson it learned recently
of the shift as domestic Chinese panels accounted for 4.2% of quarter of 2023, will likely emerge through U.S. sanctions on its semi-
2015 ’16 ’17 ’18 ’19 ’20 ’21 ’22 ’23
demand slowed and factories over- China’s exports last year, a rise as a national champion. Prices of conductor sector.
produced. That is particularly the from 1% in 2018, according to Note: 1 trillion yuan = $138 billion solar panels and batteries have The first China shock cost many
case for sectors directly affected by Natixis. Source: Wind similarly plunged over the years. jobs in America, but it also bene-
the housing slowdown like steel Yellen has urged China to boost The West will likely erect more fited many U.S. businesses as they
and cement. But another reason is its domestic consumption instead playbook all along. trade barriers for Chinese products invested in China to lower their
that China has hitched its wagon to of trying to export its way to rapid Take EVs: The government kick- in these new categories as govern- production costs. The second one
a different growth engine to re- growth. But supporting its manu- started the sector by providing ments try to increase domestic could feel very different.
place real estate. New medium-to- facturing sector has been Beijing’s generous subsidies, which spurred production of these new green —Jacky Wong

Netflix Needs to Put on Big Subscriber Show Consumers

Hope that password-sharing crackdown still has legs has pushed stock back to record range
Finally Test
Hopefully, Netflix missed some
Starbucks
freeloaders the first time around.
The streaming giant began
cracking down on password sharing
On Price
in the middle of last year. To call
the effort successful would be an You see an Iced Starbucks
understatement. Netflix added Blonde Vanilla Latte that costs
nearly 22 million net new paid sub- $7.25. An economist sees a “Veb-
scribers in the second half of len good.”
2023—a record for that period and Part of the secret to the coffee
more than double what it added in chain’s success and ubiquity has
the second half of 2022. been the fact that it sells coffee
The company cited paid-sharing not only at a huge markup to the
“interventions”—prompts for sub- cost of foamy brown water but
scribers sharing their passwords simply that it costs a lot. Like an
with others outside their house- expensive handbag, the small lux-
holds to pay extra or get them their ury of the beverage that could be
own account—as a big driver of bought more cheaply elsewhere
that growth, and suggested there for the same utility is part of the
was more to come. appeal.
“We’re going to continue to de- But with the chain’s share price
liver [interventions] to new cohorts hitting a one-year low on Thurs-
in 2024,” Netflix co-Chief Executive day and same-store sales slump-
Greg Peters said on the company’s ing, could it be hitting its limit
fourth-quarter earnings call in with some customers? That is one
RODRIGO REYES MARIN/ZUMA PRESS

January. of the interesting conclusions

Just how much more is a key from a proprietary survey by ana-
question heading into the com- lysts at Deutsche Bank.
pany’s first-quarter report, slated “Among the 45% of consumers
for next Thursday. Netflix itself buying less or no longer buying
gave a wide range, saying only that from Starbucks, the top reason
it expects first-quarter subscriber was related to price, with 47% say-
additions to come in above the 1.8 ing ‘it’s become too expensive,’ ”
million it reported in last year’s A display for Netflix’s ‘Squid Game’ in Tokyo in 2021. The company reports quarterly results next Thursday. wrote Lauren Silberman’s team.
first quarter but below the 13.1 mil- Cost was “well above every other
lion added in the fourth quarter. Expectations are certainly high. more than 100 million households paid sharing monetization opportu- reason indicated.”
Official consensus estimates are Netflix shares have been on a tear, were viewing its service using ac- nity as it tightens filters across A year ago, analysts polled by
seemingly modest, with analysts surging nearly 72% over the past counts paid for by others. The easi- specific use cases and borrower co- FactSet saw revenue for the cur-
expecting a little over 4 million net six months, which is more than tri- est targets may have already been horts,” he wrote. rent fiscal year through Septem-
new subscribers in both the first ple the performance of both the hit; Mark Mahaney of Evercore ISI Those who have bid the stock to ber at $40.37 billion. That is now
and second quarters, according to Nasdaq and S&P 500 in that time. estimates that about 80% of U.S. near-record levels lately better down to $38.78 billion. Excluding
Visible Alpha. That is mostly thanks to the strong users sharing an account have al- hope those forecasts are right. Net- the year the pandemic hit, the
But less-official expectations subscriber growth the company has ready received an intervention no- flix shares tend to react badly to chain is seen having its slowest
may be well above that. In a report delivered in its past two earnings tice. But Mahaney’s survey of Net- disappointing subscriber numbers; growth in same-store sales since
Monday, Citigroup analyst Jason reports. The run-up has also put flix users last month found the rate the stock has crashed by an average 2018.
Bazinet cited “conversations with the stock back above the $600 of paid-sharing interventions has of nearly 18% on the past four occa- Silberman thinks the slump is
investors” suggesting an expecta- mark for the first time since late been much lower in markets like sions that the company’s net paid temporary and the deflated stock
tion for 8 million subscriber addi- 2021, when the shares peaked fol- Japan, as well as “edge cases,” such additions fell short of Wall Street’s attractive. In addition to price
tions in the first quarter. On the lowing an 18-month, pandemic-in- as those who only view Netflix on targets, according to FactSet. Net- sensitivity, part of the problem
same day, JPMorgan analyst Doug duced rally. mobile devices. Anmuth of JPMor- flix has made a pointed effort over might be Starbucks’ greater de-
Anmuth boosted his own subscriber Netflix first sized up its paid- gan estimates the company can the past year to get investors to fo- pendence on cold beverages and
target from 4.5 million to 6 million, sharing opportunity two years ago, convert 36 million borrowers this cus on revenue growth over sub- the fact that those were less desir-
adding “though we recognize inves- when it shocked investors with its year. “While the lowest hanging scriber growth. But that is one able during a chilly winter. Spring
tor expectations are likely more to- first-ever drop in subscribers and fruit was captured in 2023, we be- show that hasn’t caught on just yet. is here—so it is about time to test
ward 7M-8M.” disclosed—for the first time—that lieve Netflix still has a meaningful —Dan Gallagher that hypothesis. —Spencer Jakab

CarMax Gets Slammed by High Rates, Tight Used-Car Supply

Used-car retailer CarMax is hit- is still low as a result of new-car This did mean CarMax Auto Fi-
ting roadblocks on both supply shortages in 2020 and 2021. Car- nance was one bright spot, with
and demand. Max said it bought 10.8% fewer ve- income growing 19% due to a
CarMax on Thursday reported hicles from consumers and dealers lower provision for loan losses.
that comparable-store used-car last quarter. The supply of zero- Gross profit per unit for its retail
unit sales rose 0.1% in the quarter to-six-year-old used vehicles isn’t business held relatively steady at
ended Feb. 29 compared with a expected to start growing again $2,251, down just 1.1%. The sharp
year earlier, slightly worse than until the end of 2025, according to decline in overall net profit was
the 0.36% growth that analysts estimates from John Murphy, eq- partly due to worse gross margins
polled by Visible Alpha were ex- uity analyst at BofA Research. in CarMax’s wholesale business,
pecting. This follows seven con- Franchised car dealers have an ad- and partly due to higher operating
secutive quarters of year-over- vantage in getting their hands on costs from higher stock-based
year declines. Net income fell 27%, used-car supply as consumers compensation and advertising
JUSTIN SULLIVAN/GETTY IMAGES

while analysts had predicted an trade in their vehicles or return spending.

8.4% increase. off-lease cars. But even those deal- Conditions look bad enough
CarMax shares dropped 9% af- ers have been seeing a crunch in that CarMax pushed back its tar-
ter the company’s earnings call used-car availability. get of selling two million or more
Thursday. During this rocky period, Car- retail and wholesale vehicles to
Even though used-car prices Max’s focus has been on preserv- sometime between fiscal 2026 and
have come down, high interest ing its profitability rather than fiscal 2030. Previously, it had ex-
rates are keeping consumers on Shares of the used-car retailer slid 9% Thursday after its sales figures. growing market share. The retailer pected to reach that milestone in
the sidelines or pushing them to didn’t lower its prices as much as fiscal 2026. CarMax said afford-
trade down to older, cheaper cars els. New cars also are looking July 2021, according to Cox Auto- competitors during times of deep ability is the key factor that could
that CarMax doesn’t carry. Based more enticing as manufacturers motive. depreciation last fiscal year and speed up a turnaround. But be-
on CarMax’s average selling price offer more incentives. As of Febru- And while supply has come continued tightening credit stan- tween tight used-vehicle supply
and Edmunds’s average used-car ary, new cars were at their most back for new cars, one issue for dards. The company said on and the prospects for lower inter-
loan rates, the monthly payments affordable—based on how many CarMax is that the supply of Thursday that its market share for est rates getting more distant, its
on used vehicles remain roughly weeks of income it takes to pur- newer used cars (those up to six vehicles aged up to 10 years fell road to recovery just seems to be
40% higher than prepandemic lev- chase a new light vehicle—since years old)—its bread and butter— last fiscal year. getting longer. —Jinjoo Lee
 MANSION
$165,000 Kyle
A couple spends MacLachlan
to make a great The actor on how
room ‘more us.’ he was tricked
M10 into acting. M14

HOMES | MARKETS | PEOPLE | REDOS | SALES THE WALL STREET JOURNAL. Friday, April 12, 2024 | M1

Zenda

12%
decrease in demand
year-over-year for
short-term rentals in the
Coachella Valley for the
festival’s first
weekend

Some of Coachella’s Glitziest Party

Palaces Are Sitting Empty This Year
Demand for festival event rentals is down amid a glut of inventory, a shifting party scene and potentially a lackluster lineup

Villa Rosa The Stallion Estate

BY NANCY KEATES Walter White House

K
ristina Morrison’s journey to a parallel
universe started on a bus that navigated
hot, dusty, desert roads, crossed
through a gated community with drab
cookie-cutter houses and stopped in
front of an enormous, white Mediterranean-style
mansion.
She walked through an archway dripping with sil-
ver beads that revealed a clear blue swimming pool
lined with palm trees and large rocks. Beautiful peo-
ple played putt-putt, danced to live DJs and drank
MICHAL CZERWONKA FOR THE WALL STREET JOURNAL (4)

lime-green margaritas on a vast green lawn deco-

rated with stacks of pink and silver balls.
“Everything was so chic and elegant,” says Morri-
son, a model, actress and influencer, about the Clin-
ique-hosted event that took place last April in Indio,
Calif., during the first weekend of the Coachella Val-
ley Music and Arts Festival.
The party was at an 8,900-square-foot custom-de-
signed estate called Zenda, which rents for around
$300,000 an event during the festival. Its owner,
Miles Warner, who lives 140 miles away in Santa
Please turn to page M5

The Billionaire Behind Trump’s Bond

California businessman Don Hankey has backed some of L.A.’s most high-profile builders,
like troubled real-estate developer Nile Niami

BY KATHERINE CLARKE fall into financial jeopardy.

Hankey provided more than $100
THE ONE BILLIONAIRE BUSINESSMAN Don million in financing for The One, a
Hankey made headlines in early scandal-plagued Bel-Air megaman-
MARC ANGELES; CHARLY TRIBALLEAU/AGENCE FRANCE-PRESSE/GETTY IMAGES (TRUMP)

April when his company, Knight Spe-
cialty Insurance, provided the $175
million bond that Donald Trump
posted in his New York civil fraud
case.
“I wouldn’t say I’m a big Trump
fan,” Hankey told The Wall Street
Journal this week. “I’ve voted for
him in the past. And I think he’s
business friendly. And that’s what
I’m looking for.”
It isn’t the first time Hankey has
financially backed a troubled real-es-
tate developer.
In Los Angeles, where he is based,
Hankey’s companies have bankrolled
some of the area’s most ambitious—
and sometimes eccentric—mansion
developers. Sometimes, they did so
Don Hankey’s company loaned more than $100 million to Nile Niami for his megamansion project in L.A. just as those developers began to
sion once slated to ask as much as
$500 million. The 105,000-square-
foot estate was eventually sold at
auction for a comparably paltry $126
million in 2022 after its developer,
the bombastic and volatile spec-
home builder Nile Niami, defaulted
on loan payments.
Priyesh R. Bhakta, president of
Hankey Capital, said Hankey isn’t
put off by strong personalities, so
long as the underlying business fun-
damentals are strong.
“There are eccentric personalities
in our business…we will tolerate
those eccentricities if they’re smart
and their business plan makes
sense,” he said.
In L.A. real-estate circles, Hankey
Please turn to page M4
 M2 | Friday, April 12, 2024 THE WALL STREET JOURNAL.

PRIVATE PROPERTIES

Late Designer Max Azria’s

Estate Heads to Auction

I
A Los Angeles Designed by the architect Paul
compound renovated Williams in the 1930s, the estate
UPDATE by the late fashion spans roughly 30,000 square feet
designer Max Azria across multiple structures with
is headed to auction nearly a de- more than a dozen bedrooms.
cade after it was first listed for Azria, the founder of fashion
$85 million. house BCBG Max Azria Group who
Set on nearly 3 acres, the Hol- died in 2019, purchased the house
mby Hills property came with his wife, Lubov Az-
on the market in 2015, FOR SALE ria, in 2005, records
and at one point was show.
listed for $88 million, ac-
cording to Zillow. Most
$55
Lubov said they were
drawn to the property’s
recently, it was priced at
MILLION pedigree and charm, and
30,000 sq. ft.,
$55 million. Bidding for over the course of several
home theater
the no-reserve auction is years they spent about
set to begin May 9 and $30 million gut-renovating
end May 23, according to Con- the property.
cierge Auctions, which is handling Although the property was on
the sale. The property is simulta- the market for several years,
neously being listed with Branden Lubov said they weren’t
and Rayni Williams of the Beverly always serious sellers.
Hills Estates with the same previ- “First we had differ-
ous asking price of $55 million. ent views of what
The estate first listed for $85 million almost 10 years ago.
MARC & TIFFANY ANGELES (3); MICHAEL NAGLE/BLOOMBERG NEWS (MAX & LUBOV AZRIA)

we wanted the car parties and charity events. homes dropped 8.5% year-over-
house to be—was it Lubov hasn’t lived in the prop- year, according to real-estate ap-
going to be a erty for several years, although it praisal firm Miller Samuel.
rental? We’d put it on has been rented out and used for In recent years, Lubov said she
the market, then things movie shoots. Part of her motiva- updated the interior with fresh
would change,” she said. tion for selling is that she lives in paint and contemporary furniture
She said she is pursuing an Venice Beach. “It’s literally just to appeal to a wider audience.
auction because “now we’re very me. My youngest is 27. I’m now “Our original interior design was
serious about selling.” into moving on with my life.” very personal. With time, we real-
Lubov said among her favorite Since the Azria estate was first ized it was too personal,” she said.
things about the property are the listed, the luxury market in L.A. She said she was unsure why the
gardens. In the main house, there experienced highs and lows—in- property has taken so long to sell.
is an office with city views and a cluding a slowdown precipitated “I have no idea, to tell you the
secret doorway that leads to a by a new mansion tax in 2023. truth,” she said, dismissing the
home theater, she said. Luxury single-family home sales idea that the asking price had any-
Lubov said the couple, who had were flat during the fourth quar- thing to do with it. “Money always
six children between them, enter- ter of 2023, compared with 2022’s counts but it’s about the right per-
tained often—hosting weekly fourth quarter, while the median son falling in love with the house.”
Shabbat dinners, 200-person Os- luxury sale price for single-family —E.B. Solomont

D I S C O V E R A N I N D O O R /O U T D O O R L I F E S T Y L E B E YO N D C O M PA R E .
S C H E D U L E YO U R P R I VAT E P R E S E N TAT I O N .

N OW U N D E R C O N S T R U C T I O N
1919 N Flagler Dr, West Palm Beach, FL 33407 · 561-295 -1369 · OlaraWestPalmBeach.com
ORALREPRESENTATIONSCANNOTBERELIEDUPONASCORRECTLYSTATINGTHEREPRESENTATIONSOFTHEDEVELOPER.FORCORRECTREPRESENTATIONS,MAKEREFERENCETOTHISBROCHUREANDTOTHEDOCUMENTSREQUIREDBYSECTION718.503,FLORIDASTATUTES,TOBEFURNISHEDBYADEVELOPER
TO A BUYER OR LESSEE. This is not intended to be an offer to sell, or solicitation to buy, condominium units to residents of any jurisdiction where prohibited by law, and your eligibility for purchase will depend upon your state of residency. All images and designs depicted herein are artists’ conceptual renderings, which are
based upon preliminary development plans, and are subject to change without notice in the manner provided in the offering documents. All such materials are not to scale and are shown solely for illustrative purposes. This project is being developed by N Flagler Drive Developer, LLC, a Delaware limited liability company, which
was formed solelyforsuch purpose.OlaraissponsoredbyaSavannaaffiliate. Savannais aproven owner,operator, developer, and institutional fund managerwitha30-yeartrackrecord. Ithasinvestedinanddevelopedover17millionsquarefeetof real estate. Other affiliated partiesincludetheMactaggartFamilyPartnership,
which has invested in and developed premier real estate projects in the United States and England for over 100 years, as well as Haymes Investment Company and Brandon Rinker. Haymes and Rinker assisted in the acquisition of six of the eight parcels within the assemblage that became the Olara development site and served
as development consultants as the site was assembled and the development vision was finalized. The principals of Haymes Investment Company have owned, operated, and developed millions of square feet of commercial, residential, and retail real estate in New York, Florida, and around the United States. Brandon Rinker has
assembled some of the premier sites in the Palm Beaches. The Condominium has been registered with the Massachusetts Board of Registration of Real Estate Brokers and Salespersons F-1277-01-01. THE COMPLETE OFFERING TERMS ARE IN A FLORIDA PROSPECTUS AVAILABLE FROM THE DEVELOPER. A CPS-12 APPLICATION
HAS BEEN ACCEPTED IN NEW YORK AS FILE NO. CP22-0089. WARNING: THE CALIFORNIA DEPARTMENT OF REAL ESTATE HAS NOT INSPECTED, EXAMINED, OR QUALIFIED THIS OFFERING. This advertisement is a solicitation for the sale of units in Olara Condominium; N.J. Registration #: 22-04-0012. Equal Housing Opportunity.
 THE WALL STREET JOURNAL.
A Neutra-
Designed Home
Lists for the First
Time in Decades
Carmen Radulescu-Devine knew
little of Modernist architecture
when she started dating her fu-
ture husband, Frank Devine, in the
early 2000s. She had been raised
in Romania, among medieval and
classic Gothic structures.
So when she saw Devine’s
home in Los Angeles—a trophy of
the Modernist movement de-
signed by the famed architect
Richard Neutra—it wasn’t exactly
her style.
“The first thing that
hit me was the air and FOR SALE
light,” she recalled. “But
it was pretty bare in
there. Cozy is not a word
$3.8
I would have used.”
MILLION his
1,500 sq. ft.,
She learned to love
2 bedrooms
the Hollywood Hills
property over the years.
But after her husband’s death, she
is putting it on the market for the
first time in nearly half a century,
in part because she still considers
it “his house.” The asking price is
for $3.8 million.
Perched on a hilltop, the
early-1930s home has vast swaths
of glass revealing views over Los
Angeles, and a spindly support
that seems to jut out like the leg
of a spider. Roughly 1,500 square
feet, the house has two bedrooms,
three bathrooms and a large base-
ment level. The main living space
is a long gallery with a 16-foot
sliding-glass door.
The house was originally de-
signed by Neutra for his friend
Galka Scheyer, a German painter
and art dealer. Neutra and
Scheyer are said to have warred
over the home’s aesthetic:
Scheyer wanted wall space to dis-
play her art collection, and Neutra
wanted glass, glass and more
glass.
“There were numerous confron-
tations. She would telephone at
all hours of the night,” according
to the book “Richard Neutra and
the Search for Modern Architec-
ture.” They eventually compro-
mised when Neutra suggested re-
movable panels that would allow
for expanded exhibition space
without closing off the views.
The cost of the house in the
1930s was just $3,000, thanks to
Scheyer’s limited budget, accord-
ing to the book. “The small
kitchen, bath and bedrooms al-
lowed Neutra to give the remain-
ing available space to the large
living-exhibition room with its
TIM STREET-PORTER (3)
glazed south wall and its long ad-
joining porch deck,” the book
said.
Thanks to the “frequently tense
and ultimately strained relation-
Tucson, Arizona
The Ritz-Carlton Residences, Dove Mountain is not owned, developed or sold by The Ritz-Carlton Hotel Company, L.L.C. Dove Mountain Investors, LLC uses The Ritz-Carlton marks under license from The Ritz-Carlton Hotel Company, L.L.C.
Access to and use of the recreational amenities of The Golf Club at Dove Mountain requires payment of monthly Club membership dues. This is not an offer of solicitation where prohibited by law. Prices, plans, amenities, availability and
improvements referenced herein are subject to change without notice. Sales are conditional upon buyer’s receipt and acceptance of the Arizona Subdivision Public Report.
Friday, April 12, 2024 | M3
PRIVATE PROPERTIES
ship” she developed with Neutra,
Scheyer turned to another archi-
tect, Gregory Ain, when she de-
cided a few years later to add an
additional bedroom.
The house sits above Sunset
Boulevard on Blue Heights Drive,
which was named for the “Blue
Four,” a group of artists whose
work Scheyer promoted in the
United States.
Devine, a homewares manufac-
turer, bought the house around
1977 for just $250,000,
his wife said. New to
L.A. at the time, he
would frequently jump in
car and drive around
a new neighborhood,
getting a feel for the
place. Driving up the hill
one afternoon, he spot-
ted the Neutra-designed spider leg
and got out to take a look. It so
happened that a real-estate agent
was on the property that day, in-
stalling a for-sale sign. She told
him to come back the following
week if he was interested. He was.
Devine did some work to the
property over the years, said Rad-
ulescu-Devine, 51. He added a
driveway to the house, which had
been accessible only by a dirt
road, and redid the floors by
hand. But he was careful not to
change too much, she said, be-
cause he wanted to stay true to
the original design. In fact, he
was so afraid to ruin the home’s
simplicity that he filled the base-
The house, overlooking L.A., cost $3,000 in the 1930s
ment with his possessions, includ-
ing beautiful glass-
ware and art. After
Radulescu-Devine
moved in, she en-
couraged him to
take his things out
of storage and dis-
play them.
“It was so hard
to convince him to
put a nail in the
wall,” she said.
“But I believed the
house could offer
more than just ar-
chitectural lines. It
could be a home.”
The debate re-
minded them of the
back and forth between Scheyer Scheyer. “We’d say, ‘You can’t say ulescu-Devine said. Still, she ulti- Homes designed by Neutra
and Neutra, she said; they felt that, Galka!’ ” mately decided to sell. trade at a premium, said Ilana
close to the history of the home When Devine was sick in his “There’s so much of him here Gafni of Crosby Doe Associates,
and considered Scheyer and Neu- later years, the couple would stay and it doesn’t make sense without who is listing the property with
tra their earlier counterparts. up all night and talk, often about him,” she said. her colleague Crosby Doe. In
“We’re also both perfectionists what she might do with the house Neutra, an Austrian-American 2022, a Neutra that appeared in
with a temper,” she added with a after his death. In the nine architect, primarily practiced in “Poolside Gossip,” a popular 1970
laugh. months since he died, spending Southern California and became photograph by Slim Aarons, sold
Sometimes when they heard a time there alone and maintaining known as one of the most promi- off-market for $13.06 million, set-
sound in the house, they would the house has made her appreci- nent voices in Modernism. He ting a record for Palm Springs.
joke that it was the spirit of ate the property even more, Rad- died in 1970. —Katherine Clarke
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M4 | Friday, April 12, 2024 NY THE WALL STREET JOURNAL.

MANSION

Trump’s Bond MAR-A-LAGO

nies includes eight companies,
two of which invest in real estate:
Hankey Investment Company,

Billionaire which owns and develops its own

real estate, and Hankey Capital, a
bridge-loan provider, Bhakta said.
Continued from page M1 Hankey Capital has about $1.4 bil-
is perhaps best known for backing lion in outstanding loans today,
Niami, whose decadelong odyssey Bhakta said. Its bread and butter
to build The One, complete with is “helping high net-worth fami-
its own nightclub and five swim- lies acquire real estate,” Bhakta
ming pools, captivated the real- said, noting that most of the com-
estate industry amid delays, cost pany’s borrowers have at least
overruns and defaults. When Han- about $50 million in net worth.
key issued the initial loan of $82.5 Those families are willing to pay
million, The One was about 80% slightly higher interest rates if it
complete. The financing was means being able to close quickly.
slated to help Niami pay back Bhakta said Hankey’s rates could
other creditors and apply the fin- be as much as 3% higher than a
ishing touches. traditional bank or other private
Bhakta said that Hankey made lender. Made up mostly of com-
the loan because the company mercial loans, Hankey Capital’s
was confident that the U.S. single- loan portfolio is about 15% com-
family home market would con- posed of single-family mansion
tinue to deliver $100 million-plus bridge loans, Bhakta said. It is an
deals, as the economy created area that most traditional lenders
more and more billionaires. At the shy away from, Bhakta said.
time, he said, Niami was consid- “It’s very risky,” Bhakta said.
ered a pioneer in the spec-home Hankey said he reached out to
market. He had three or four un- Trump’s representatives after hav-
sold mansions on his books. Han- Don Hankey and his team approached Donald Trump’s representatives about securing his original bond amount ing read about the former presi-
key figured that once Niami sold of nearly $500 million. The value of Mar-a-Lago and other real estate was evaluated as potential collateral. dent’s race to secure a nearly
those, the developer would have a $500 million bond in his civil
favorable cash position. fraud case. The courts later said
Ultimately, The One unraveled they would accept a far smaller
KRIS HALLIDAY’S MALIBU SPEC HOME
along with Niami’s personal life. bond of $175 million.
Following a 2017 divorce from his Bhakta said Hankey considered
longtime partner Yvonne Niami, providing Trump’s bond financing
the developer began to get a repu- even at the higher amount, though
tation in the real-estate industry he said the former president didn’t
as a party boy with erratic ideas. have the cash on hand to collateral-
“Sometimes, you look at some- ize it. As a result, Hankey’s team
one’s track record, but that doesn’t began evaluating Trump’s real es-
necessarily correlate directly to tate, including Mar-a-Lago, his pri-
what their future is going to look vate club in Palm Beach. One red
like,” Bhakta said. “In this case, his flag, he said, was that the property
[wife] turned out to be the more is zoned exclusively for use as a
rational person in that relationship private club and couldn’t automati-
and she kept him grounded. When cally be turned into a single-family
he didn’t have that grounding, he compound. That significantly im-
kind of went crazy and unfortu- pacts its value, he said.
nately things unraveled there.” much about the case because it is projected, Bhakta said Hankey usu- 1970s after his father died, leav- If that zoning restriction re-
In October 2021, after issuing pending. “We’re still defending our- ally gets its money out safely. He ing behind an interest in a Ford mains, “it wouldn’t have the same
Niami several extensions on his selves there,” he said. “But [litiga- said the company tries to keep its dealership. A self-described “fi- value that [Trump] thinks it has,”
loans, Hankey filed a foreclosure tion] comes with the territory.” basis on each project low, rarely nance guy,” he and his mother Bhakta said. “Thankfully, we didn’t
action on The One, with the bal- While Bhakta said it is rare, Han- lending more than around 60% of bought out the other partners in go down that road,” he said.
ance of the loan having ballooned key Capital has foreclosed on some the perceived value of a home. the dealership and slowly turned Ultimately, once the bond re-
to more than $100 million. Niami of its developer clients. Kris Halliday, a luxury home it into one of the most profitable quirement was reduced, the bond
responded by putting the prop- “We really try to avoid having builder from Australia, said Han- in the region, turning to car-loan could be fully collateralized by
erty into bankruptcy. The prop- to foreclose, but unfortunately, key provided a $25 million bridge financing for additional revenue. Trump’s liquid assets, meaning
erty was ultimately sold at auc- that’s the reality of the business,” loan so that Halliday could repay “Instead of losing deals, we de- cash, stocks and bonds, Bhakta
tion for a fraction of its onetime Bhakta said. a construction loan before he sold cided to carry our own paper,” he said. “It was a very good business
projected asking price, leaving a In the case of L.A. developer the 20,000-square-foot Malibu said. decision,” he said.
FROM TOP: STEVE HELBER/ASSOCIATED PRESS; CONCIERGE AUCTIONS; RINGO CHIU/ZUMA PRESS (HANKEY)
string of lenders vying for their Nicholas Keros, in 2019, Hankey’s spec home he completed in 2022. The Hankey empire has since ex- Hankey declined to comment on
money back from the proceeds. company foreclosed on and took After a series of price cuts, the panded to encompass real estate, the terms of the bond, but a person
While Hankey was first in line title to a five-bedroom spec man- house sold to an unidentified buyer insurance (through Knight Specialty close to the Trump Organization
to be repaid, his position was sion in the prestigious Bird at auction last year for just $26.5 Insurance), finance and technology said the auto billionaire’s firm is
challenged in court by another of Streets area of the Hollywood million. While Halliday said he was companies. It posted revenues of making a 1% commission on the
the creditors, an entity associated Hills. The roughly 14,000-square- “very disappointed” with that price, $4.6 billion in 2023, according to deal, netting it $1.75 million.
with Canadian investors Julien foot property had walls of glass, it was enough to make Hankey its website, and had $23.4 billion in The New York attorney gen-
and Lucien Remillard. In court pa- walnut millwork, a steam room, a whole again. He said he couldn’t assets. The Bloomberg Billionaires eral’s office has taken issue with
pers, that entity accused Hankey dry sauna and an infinity pool. fault the lender for the outcome. Index pegs Hankey’s net worth at Hankey’s bond, noting that his
of “unfair and unscrupulous pred- Hankey took a loss on the prop- “My experience with Hankey about $7.5 billion. company isn’t registered to issue
atory business practices,” alleging erty, selling it for $25 million. was everything they promised, White-haired with a deep tan, appeal bonds in New York. It has
it had engaged in a “scheme to se- That was less than the roughly and they delivered [the money] in Hankey and his wife, Debbie Han- questioned whether Knight is fi-
cure payment of exorbitant de- $23 million loan the company the timeframe that they said they key, own a mansion in Malibu, nancially capable of fulfilling its
fault interest payments and po- made to Keros plus the approxi- would do it,” he said. Hankey said. He said he is an avid obligation to pay the bond if
tentially misappropriate a mately $5 million to $10 million A Los Angeles native, Hankey, horseman and tennis player, and Trump defaults.
valuable asset while leaving other investment made by Hankey to 80, originally made his name as the gets chauffeured around in a Mer- Bhakta described the scrutiny
creditors ‘high and dry.’ ” finish construction on the house king of subprime car loans. His cedes Maybach. as “a proctology exam.” He has
So far, Hankey has recouped once the foreclosure was com- Westlake Financial Services works Bhakta said Hankey, despite his yet to decide, he said, if the lime-
some of his cash, but is fighting for pleted, Hankey said. Keros with tens of thousands of U.S. car advanced age, is in the office be- light has been “a net positive.”
the remaining balance in court. Nei- couldn’t be reached for comment. dealerships to provide car loans to fore sunrise almost every day, of- Hankey said he didn’t expect the
ther the Niamis nor the Remillards While other spec home proper- borrowers with bad credit. ten by 5:45 a.m. “He tries to be level of scrutiny that the company
could be reached for comment. ties Hankey has financed have sold In an interview, he said he the first one here,” he said. has been put under. “I thought this
Bhakta said he couldn’t say for significantly less than initially started in that business in the The Hankey Group of compa- might go down quietly,” he said.

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THE WALL STREET JOURNAL. NY / NE Friday, April 12, 2024 | M4A

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Dartholm – Southwest Harbor, ME The Grace Estate – Islesboro, ME

1.59± Acres | $4.37M 8.8± Acres | $8.5M
Story Litchfield | 207-276-3840 | slitchfield@landvest.com Joseph Sortwell | 207-706-6294 | jsortwell@landvest.com

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www.landvest.com | 617-723-1800 | info@landvest.com | HQ: 888 Boylston St. Ste 520 Boston, MA 02199
M4B | Friday, April 12, 2024 NY THE WALL STREET JOURNAL.
Laurie Stolowitz Licensed Real Estate Salesperson, Patricia Farman-Farmaian Licensed Real Estate Salesperson, Melissa Ryan Kaiser Licensed Associate Real Estate Broker, Cindy Miao Licensed Real Estate Salesperson, Elizabeth Goss Licensed Associate Real Estate Broker, James Hall Licensed Real Estate Salesperson, Alexa Lambert Licensed Real Estate Salesperson, Joshua Wesoky

Lenox Hill

Upper East Side

associates and are not employees of Compass. Equal Housing Opportunity. Compass is a licensed real estate broker located at 90 Fifth Avenue, 3rd Fl. NY, NY 10011. All information furnished regarding property for sale or rent or regarding financing is from sources deemed reliable, but Compass makes no warranty or representation as to the accuracy thereof. All property information is
Licensed Associate Real Estate Broker, Anhthu Le Broker Associate, Maria Manuche Licensed Associate Real Estate Broker, Stacey Froelich Licensed Associate Real Estate Broker, Brittany Cassin Sales Agent, Kristina Leonetti Licensed Associate Real Estate Broker, Brian Earley Licensed Real Estate Salesperson. Real estate agents affiliated with Compass are independent contractor sales

127 East 73rd Street, New York, NY 993 Fifth Avenue, 4th Floor, New York, NY
6 BD 6 BA 2 HB • 10,000 SF • $36,000,000 6 BD 6 BA 1 HB • $19,250,000
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Lenox Hill

West Village

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3 BD 3 BA 2 HB • 4,700 SF • $18,000,000 5 BD 5 BA 1 HB • 4,116 SF • $15,900,000
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Upper West Side

Orinda
presented subject to errors, omissions, price changes, changed property conditions, and withdrawal of the property from the market, without notice. To reach the Compass main office call 212.913.9058.

101 Central Park West, 17/18G, New York, NY 119 Melody Lane, Orinda, CA
4 BD 4 BA 1 HB • $13,995,000 6 BD 5 BA 1 HB • 7,851 SF • $12,900,000
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5 BD 5 BA 1 HB • 4,184 SF • $12,495,000 9 BD 6 BA 1 HB • 5,888 SF • $10,000,000
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Houston

Upper West Side

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THE WALL STREET JOURNAL.
Coachella
Festival
Continued from page M1
Monica, was initially going
to buy a smaller place to
Airbnb when he wasn’t
there golfing, but when he
saw the prices Coachella
events, which include par-
ties and overnight guests,
were commanding, he
bought the 9-acre property
in February 2022 for $5.8
million and invested around
$700,000 to add bedrooms
and convert a barn into a
party space.
One Coachella weekend
event can cover the estate’s
expenses for a year, he
says. “I’m just lucky it’s
working. If it stopped work-
ing, it would get expensive
quickly,” he says.
There has been a bloom
of such rental mansions in
Southern California’s
Coachella Valley over the
past few years. The annual
festival, which will take
place over the weekends of
April 12-14 and April 19-21,
brings roughly 120,000 peo-
ple, most of them to an
area that covers nine cities,
including Palm Springs,
Desert Hot Springs, Indio,
Indian Wells, La Quinta,
Coachella, Palm Desert,
Rancho Mirage and Cathe-
dral City, as well as unin-
corporated communities in
Riverside County like Ther-
Real Estate Inquiries: ThePreserveRI.com | (855) 752-8632 | sales@thepreserveri.com | 1 Preserve Boulevard, Richmond, Rhode Island 02898
All rights reserved. The Preserve Sporting Club & Residences reserves the right for price change, errors, and misprints. Rates and availability are subject to change.
NY Friday, April 12, 2024 | M5
MANSION
Price paid: $5.8 million
Renovation costs: $700,000
market, as more investors
are buying, building and
renovating massive proper-
ties to rent out. “There’s
going to be empty houses
this year,” says Zenda’s
owner Warner. He says the
FROM LEFT: KRISTINA MORRISON (MORRISON); MICHAL CZERWONKA FOR THE WALL STREET JOURNAL (2); REBECCA SAPP/GETTY IMAGES (LANA); FRAZER HARRISON/GETTY IMAGES (DOJA)
“secret” (that there’s a lot
of money to be made rent-
ing large estates for activa-
tions during Coachella) is
out—and now it’s just a
question of supply and de-
Miles Warner, right, bought Zenda in February 2022. Last year, Clinique threw a party on the 9-acre estate with beautiful mand. Zenda, where the
people, including influencer Kristina Morrison, above left who danced to live DJs and drank lime-green margaritas. Clinique party took place,
finally rented out this year,
months later than usual,
Los Angeles 6622 JOSHUA TREE and for a significantly
Desert Hot Springs
NATIONAL PARK lower rate since it’s just a
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Thermal festival is important. “It’s
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866 1111 fluencers, brought in by all short-term brands,” says Zev Norotsky,
5 miles
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some of whom rentals in the valley during whose L.A-based event
Mexico
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ico border Salton
Sea are paid to at- the Coachella festival has planning company Enter is
Camille Bressange/THE WALL STREET JOURNAL tend. The goal grown significantly—up managing several parties
is to create 30% in 2023 compared with this year.
mal and Bermuda Dunes. for the first concert week- memorable moments, or 2019, according to an exclu- Others attribute it to a
But this year, rentals of end, the most popular time “branded experiences” to sive data analysis by short- lackluster festival lineup,
these mansions are slowing span. Last year, 75% of de- ensure their products show term rental-analytics firm which features Lana Del
down, causing some to re- mand for both weeks of the up on TikTok and Insta- AirDNA. In the areas where Rey, the Creator, and Doja
duce prices, according Kay- Coachella festival were al- gram feeds. These swag- many of these rental man- Cat. “It’s not Beyoncé,”
lee Ricciardi, an LA-based ready booked at this point, laden events take months sions are located, the (who headlined the festival
luxury rental real-estate according to AirDNA. to plan and involve elabo- growth from 2022 to 2023 in 2018) says Sean Breuner,
agent with AKG | Christie’s This doesn’t bode well rate sets and celebrity ap- has been explosive: up 44% the founder and CEO of a
who represents a number of considering all that goes pearances. Mansions with in Coachella and up 38% in luxury-property manage-
mansions. Current demand into these weekends. On the amenities like lazy rivers, Thermal. ment company AvantStay,
for all short-term rentals in festival’s sidelines, compa- pickleball courts and infin- The slowdown in book- which manages several of
the Coachella Valley is nies hold invitation-only ity pools make for good ings, some say, is due to a the large estates in the
down 12% year over year parties called “activations” backdrops. glut that is coming on the Please turn to page M6
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 M6 | Friday, April 12, 2024
Continued from page M5
area, along with luxury
homes across the country.
Although rumors continue
to swirl that Taylor Swift
will be there to support Del
Rey, a good friend, and that
she could even perform.
Breuner bought his own
rental mansion, a 5,000-
square-foot estate called
Buena Vista on 38 acres,
with partners for $5.25 mil-
lion in 2021. He spent over
$1 million renovating it and
adding amenities like a ten-
nis court and a lake with
paddle boats and kayaks. As
it did last year during
Coachella, Buena Vista will
again this year host an
event for Kourtney Kar-
dashian’s lifestyle brand
Poosh—an adult sleep-away
camp and party. The prop-
erty rents for more than
$150,000 for an event at
this time, according to
rental agents.
Tony Schubert, owner of
Event Eleven, an LA-based
event-production company,
says prices for these rental
mansions have become so
high that he realized it
would be more cost effec-
tive to build his own com-
pound. For the past two
years his company rented
an 8,500-square-foot Medi-
terranean-style mansion on
19 acres with a man-made
lake and a 4-acre polo field
called Cavallo Ranch, which
rents out for around
$300,000, where he runs an
event called Nylon House,
hosted by Nylon Magazine.
A few months ago he
bought a 20-acre date farm
in Thermal, part of River-
side County close to the
festival, with two dilapi-
dated houses for $850,000.
He plans to build a 4,000-
square-foot house, a lazy
river and six A-frame sleep-
ing villas that should be
ready for next year’s festi-
val. “I was looking at es-
tates for clients and
couldn’t believe how much
money they were getting,”
he says.
The Madrid, which spans
10,000 square feet, has
eight bedrooms, an airplane
hangar and two pickleball
courts, is part of a whole
rental mansion gated subdi-
vision, complete with a
guard, in Bermuda Dunes,
created by Rick Kay, who
runs a San Clemente, Calif.-
MICHAL CZERWONKA FOR THE WALL STREET JOURNAL (5)
based ball-bearing manu-
facturing company. Kay ini-
tially bought a single
10,000-square-foot home
for $1.6 million in a subdi-
vision in 2006, but when he
ran into an issue renting
short term, he decided to
buy up the other 10 lots
and build individual 10,000-
square-foot houses, at a
cost of $5 million to $8 mil-
NY
MANSION
Rents for $10,000 to $30,000
David Corso, who runs a marketing firm, just finished building Villa Rosa.
Jen Balvidid and her husband, Chris Balvidid, own properties lion each. “Everyone has
across California, including the Walter White house, above. vacation rentals but no one
else has a vacation village,”
says Kay.
The Old Polo Estate
These side events held
Rents for $50,000-$400,000
during Coachella are crucial
to the local economy, par-
ticularly in the more re-
mote areas like Thermal,
which doesn’t have many
hotels and restaurants to
reap the benefits from the
festival, says Mark Tadros,
who rents out the pack-
house, traditionally where
the dates are packed, on
the property of his date
farm, Aziz Farms, for as
high as $150,000 per event
during Coachella.
Last year an event called
Oasis in partnership with
Liquid I.V. (an El Segundo,
Calif.-based hydration drink
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company) took place at the
packhouse, but this year,
the packhouse isn’t rented.
“We are taking a different
approach,” says Kyle Nolan,
the executive producer at
Sturdy, a L.A.-based design
studio and creative agency
that runs the Oasis event
and says he isn’t doing any
events off the festival
grounds this year.
“I certainly hope
this isn’t the new
normal. I just
think it’s an off 75%
of demand for both
year,” says
Tadros, who weeks of the
also sits on a Coachella festival
community were already booked
council in River- at this point
side County that
approves or denies
permits for special events
in parts of the unincorpo-
rated areas. He says the
permitting process has be-
come much stricter in re-
cent years.
This year Indio “clari-
fied” its definition of a
“large event,” requiring a
permit for any party with
over 40 attendees held at
an estate with overnight
guests because some prop-
erty owners weren’t com-
pliant, says Jessica Medi-
ano, Indio marketing and
public information officer.
Indio also doesn’t allow
properties within 1,000 feet
of the festival grounds dur-
ing a major music festival
event to hold events.
One of the more re-
nowned events, sponsored
by online fashion retailer
Revolve, is also cutting
back this year, holding its
party on just one day in-
stead of two and opting for
a Palm Springs hotel in-
stead of a private mansion
as in previous years. A Re-
volve spokesperson says it
will “still host the same
amount of guests, we have
just simply changed the for-
mat to keep things fresh,
exciting and elevated.”
Last year the Revolve af-
fair was held at the Emer-
son Estate, an over 8,000-
square-foot mansion on 20
acres in Indio that rents for
$30,000 for weddings and
goes up to the six-figure
range for events. Emerson
Estate owner Diana Lazza-
rini says she put a lot of
money into her property
getting ready for the Re-
volve party. She says she
had a few lowball offers,
but her estate isn’t booked
for the first weekend of
Coachella this year because
it wasn’t worth accepting
the lower prices people
were offering. “It’s a lot of
liability, headache and
risk,” she says.
The Madrid, advertised
by its owner Rick Kay as
“the house that never
sleeps,” is also changing
course. Instead of big par-
ties on Friday and Saturday
nights, there will be private
daytime events run by En-
ter with partners like Paper
Magazine, True Religion,
Saint James Iced Tea and
LaCroix. Kay says he thinks
he could charge as much as
$200,000 for big events,
but he prefers the smaller
parties, which pay
around $40,000
for the Madrid,
because they
are less of a
hassle. The
lower price
played a role
in why he chose
the Madrid, says
Enter’s Norotsky.
Instead of building one
big estate on multiple acres
for big events, some inves-
tors are now building mul-
tiple individual ultraluxury
homes where headliner mu-
sicians can stay and compa-
nies can host influencers at
smaller parties that don’t
require permits.
David Corso, whose
Corso Marketing Group
manages a Coachella event
estate called Zenyara, just
finished building his own
rental-mansion property he
named Villa Rosa. Designed
by the CEO of RH, Gary
Please turn to page M7
THE WALL STREET JOURNAL. NY Friday, April 12, 2024 | M6A

36

Spectacular 40 Foot Neo-Georgian Mansion

Approx. 16,000 Square Foot Interior + 2,700 Outdoors

10 Bedrooms

10.5 Bathrooms

Sami Hassoumi
Licensed Associate Real Estate Broker
shassoumi@bhsusa.com
212-906-9267

Co-Exclusive with Modlin Group

M6B | Friday, April 12, 2024 NY THE WALL STREET JOURNAL.

8 FOX RUN LN, GREENWICH, CT 340 CROTON LAKE RD, BEDFORD CORNERS, NY
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A majestic move in ready six bedrooms, seven Charm and style meet at this entertainer’s oasis
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34 GREENACRES AVE, SC ARSDALE NY 34 SUNNYBROOK RD, BRONX VILLE, NY 6 HELENA AVE, L ARCHMONT, NY 10 MEETING HOUSE RD, BEDFORD CORNERS, NY 3 HIDDEN OAK LN, ARMONK, NY
Majestic Colonial on 1.77 park like acres in a Yonkers. Exquisitely rebuilt and reconfigured this Renovated Victorian located across from Manor Park Stunning views, open plan and soaring ceilings Experience refined luxury and casual elegance
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8 STEPHANIE LN, DARIEN, C T 8 PARK RD, SC ARSDALE, NY 628 GUARD HILL RD, BEDFORD, NY 130 LINCOLN AVENUE, PURCHA SE, NY 45 MANITOU WOODS, GARRISON, NY
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55 STAG LN, GREENWICH, C T 4 ORCHARD PL , BRONX VILLE, NY 414 CL AFLIN AVE, MAMARONECK, NY 414 ORIENTA AVE, MAMARONECK, NY 16 MARSHALL LN, CHAPPAQUA , NY
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$3,250,000 | M 203.912.9233 $3,200,000 | M 914.659.5856 $3,149,000 | M 305.776.2014 $2,895,000 | M 914.649.2244 $2,850,000 | M 914.420.8155

241 NEL SON RD, SC ARSDALE, NY 720 WEED ST, NEW C ANA AN, C T 103 DANN FARM RD, POUND RIDGE, NY 93 PEACEABLE HILL RD, RIDGEFIELD, CT 106 COLONY RD, DARIEN, C T
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$2,795,000 | M 914.755.0130 $2,749,000 | M 203.801.8059 $2,475,000 | M 631.680.2974 $2,295,000 | M 484.639.7141 $2,250,000 | M 203.722.6848

950 PEACE ST, PELHAM, NY 20 ALLISON LN, MOUNT KISCO, NY 51 MAYFLOWER LN, K ATONAH, NY 24 STRAWBERRY RIDGE RD, RIDGEFIELD, CT 94 HILL AIR CIR , WHITE PL AINS, NY
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$1,825,000 | M 914.548.8350 $1,600,000 | M 914.610.6334 $1,569,000 | M 914.960.1319 | M 914.299.3068 $1,425,000 | M 516.359.8646 $1,350,000 | M 914.772.3184 | M 914.471.0992

19 PARK VIEW CIRCLE C ARMEL NY 10512 116 L ANE GATE RD, COLD SPRING, NY 7 MAPLE WAY, ARMONK, NY 15 BIRCHWOOD LN, HARTSDALE, NY 45 FERN WOOD WAY, MONTGOMERY, NY
Gracious five bedroom, six bath Colonial on a 1.2 Custom Contemporary offers expansive chef’s Large level lot situated directly across the Street The residence boasts an array of features Experience unparalleled convenience and
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$1,280,000 | M 914.879.5211 $1,250,000 | M 914.474.0111 $1,250,000 | M 914.772.3526 $1,200,000 | M 914.772.3184 | M 914.471.0992 $1,190,000 | M 845.590.8665

306 GARDNER HOLLOW RD, POUGHQUAG, NY 22 BRET T LN, BEDFORD, NY 585 MAIN ST, ARMONK, NY 238 W YNDCLIFFE RD, SC ARSDALE, NY 56 HILL SIDE TERR , MAHOPAC , NY
Situated on 37+ acres, this expansive property Embrace the charm of this four-bedroom Center The Byram offers one-level living for an upscale Expansive Scarsdale Split Level home perfectly Immaculate 3,400 square foot four-bedroom
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 THE WALL STREET JOURNAL.
Rents for as much as $200,000
Drew MacLurg paid $4 million for the 7,000-square-foot Stallion Estate in March 2022. He
spent $1.6 million on upgrades, including adding a 60-foot pool with a waterslide.
Friedman (a friend), the
very modern house will
host Coachella musicians
and guests in a quieter,
more intimate environment
for $10,000 to $30,000 a
night, depending on the
season, he says.
Jen and Chris Baldivid’s
Folsom, Calif.-based Walter
Land Company owns the
Old Polo Estate, a former
date farm on 5 acres they
bought in 2017 for
$925,000 and added a pool,
volleyball and pickleball
courts, and a two-hole golf
course. They rent it out for
$50,000-$400,000 for
events that attract as many
as 3,000 attendees during
Coachella’s first weekend.
It’s not rented for the first
weekend this year.
MICHAL CZERWONKA FOR THE WALL STREET JOURNAL (2)
Starting this year, the
Balvadids have a different
sort of mansion that is al-
most fully booked until
summer, including during
Coachella, with smaller
events, like dinners, and
guests staying over. It’s
well known in the architec-
tural community because it
was designed in 1959 by
Midcentury Modernist Wal-
LITTLE COMPTON, RI
WATER VIEWS
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Cherry Arnold
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38 John Street
Joshua Cullion
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380 Ocean Road
Janet Kermes
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OCEANFRONT
13 Dunes Road
The Soby Fox Team
mottandchace.com
MANSION
ter S. White. The structure
of the house, including the
metal parabolic roof that
floats over the angular
white structure, is un-
touched, but they knocked
down a wall to make it
more open, added three
sleeping casitas and put in
a pool.
There are still more
event mansions on the hori-
zon. Drew MacLurg owns
the Stallion Estate, a 7,00-
square-foot home on 5
acres he bought for $4 mil-
lion in March 2022. He
charges around $200,000
NORTH KINGSTOWN, RI
$4,465,000 44 Spring Street
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NY Friday, April 12, 2024 | M7
for an event for the first
weekend, but he didn’t get
any interest for that this
year so he is renting it to a
private group for three
nights for around $18,000,
he says. He is currently
building a 7,000-square-foot
house nearby that will have
a lazy river and a bowling
alley for event use.
Another is the Pond Es-
tate, a 12,700-square-foot
Hacienda-style mansion
over 12 acres in South Palm
Springs. Tom Ryan, the CEO
of streaming at Paramount,
bought the property, near a
house he owned, for $8.38
million in June 2021. He
says he was blown away by
the beauty and history and
is going to renovate. He
plans to rent it out for wed-
dings, private parties and
during Coachella for events.
Ryan says he didn’t buy
it as an investment to make
as much profit as possi-
ble—he sees the event busi-
ness more as helping offset
costs for a property his
family will own for genera-
tions. “It felt like a once in
a lifetime opportunity,”
says Ryan.
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AND SUBJECT TO CHANGE WITHOUT NOTICE. © COPYRIGHT 2024. ALL RIGHTS RESERVED. THE RONTO GROUP®
M8 | Friday, April 12, 2024 NY THE WALL STREET JOURNAL.

MANSION
INSIDE STORY

Far and Away in the Land Down Under

A couple has spent nearly a decade turning a rundown manor in Australia’s remote Snowy Monaro region into a family home

BY FRED A. BERNSTEIN

E
ight years ago, George
Power, a lawyer, and Sally
Power, a grade school
teacher, were living in
Sydney, Australia, with their two
young sons. Both parents believed
it was important to expose their
boys to rural life. So they went
looking for a country house and
quickly found one they liked, just
over an hour from the city. Then
they lost it to a higher bidder.
A few weeks later, an ad for
what seemed to be the same
house appeared in the paper. They
called to find out what was going three stages, for which they allot-
on and discovered that this house, ted about three years each. In
while an architectural twin of the Stage One, they would restore the
one they had lost, was six hours main part of the house, upgrading
from Sydney by car, and so far its systems and untangling its lay-
from the nearest airport that fly- out. In Stage Two, they would
ing barely shortened the trip. Cu- turn an abandoned servants’ wing,
rious, George drove down to the a rectangle jutting out from the
remote Snowy Monaro region of back of the house, into a double-
New South Wales, where he was height library and study. In Stage
shown an 1880s manor house re- Three, they would turn what had
plete with possibilities. It came been a row of children’s bed-
with 49 picturesque acres, once rooms—another jutting rectan-
grazing land for sheep and cattle. gle—into three guest quarters. In
Even before Sally got to see it, The home’s interiors are done terms of style, they weren’t look-
George offered about $520,000 for mostly in beiges and greys, to ing to restore the house precisely.
the property. When the bid was avoid pulling focus from the “We wanted to keep most of the
accepted, he called Luke Moloney, extraordinary scene outside. original detail but calm it down a
an architect Sally had known bit,” says Sally.
since college. “I was surprised by way of heating, despite the region’s The first stage got under way
what they’d bought,” Moloney very cold winters. Recent owners with the construction of a solar
says, “but I was excited, because I had huddled in a few rooms of the array to defray the cost of elec-
love old houses.” house and let the rest decay. tricity from the grid, and the
Within months he had quit his Beyond that, he says, “the lay- drilling of 24 geothermal wells,
job at a Sydney architecture firm out of the house was bizarre, with each about 100 feet deep, to sup-
to build his own practice, at first rooms and levels arranged to suit ply new radiators with heat.
focusing on George and Sally, and the comings and goings of domes- Floorboards were taken up, and
the enormous task ahead of them. tic staff who had long since van- reinstalled over newly insulated
The house, Moloney recalls, was ished, leaving odd stairs and cor- framing. Glazing was removed
inhabited by families of pigeons ridors leading to nowhere. Big from the original wood window
and possums; its plumbing in- rooms were linked by tiny doors, frames and replaced with low-e

TOM FERGUSON (3)

cluded garden hoses in lieu of to minimize draftiness in winter.” (insulated) glass. With the house
pipes; and much of its wooden A mess this big required long- suitably warm in winter, the crew
framing was in “advanced disre- term planning. The couple and could make necessary changes to
pair.” And there was little in the Moloney divided the project into Please turn to page M9

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opportunities because of your ethnicity. The Fair Housing Act prohibits
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 THE WALL STREET JOURNAL.
FROM LEFT: ALICE SHANNON; TOM FERGUSON (3)
the interior.
The contractors, who lived
about 60 miles away, sometimes
camped out on the property to
avoid the long commute.
As all this was happening, the
Powers realized the house would
never make sense as a weekend
getaway—it was simply too far
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moved south. But it would be an-
other eight months before enough
rooms had been renovated for the
family to reside in the house com-
fortably. They enrolled the boys,
then 6 and 7, in the local Catholic
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MANSION
teaching there. “Everyone in my
family is a teacher,” Sally says. “I
do feel this need to contribute to
society.”
The new job was far from her
only adjustment. There’s a small
grocery store a few miles away.
But the nearest real supermarkets
are an hour and 20 minutes in
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Sally says Ruby, her Hungarian
Vizsla, has been ‘a firm friend’ at
her side. The spiral staircase leads
up to George’s home office.
one direction and an hour and 40
in the other. It’s also, Sally says,
an hour and 40 minutes to the
dentist.
Eventually, the contractors got
the house into move-in condition.
George, who is 50, and Sally, 48,
figured they had spent about $1
million so far. That included furni-
ture they bought to fit the house’s
somewhat grand rooms.
After a break, to gather
strength and resources, they
turned to the library. To create a
large, double-height space, Molo-
ney replaced old load-bearing
walls with steel beams. Before the
roof was finished, he had a sculp-
tural one-piece steel stairway
trucked to the site and craned
into place. It leads to George’s of-
fice on the mezzanine level. The
library renovation cost another
$650,000.
Stage Three, creating new
guest rooms, is wrapping up. “It’s
something of a milestone,” says
Sally. The guest wing cost about
$520,000, but was necessary
given the distance from Sydney.
“People don’t come for short vis-
its,” she says. “They come to
stay.”
The guest wing brought con-
struction costs to over $2 million.
With the boys away at boarding
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Friday, April 12, 2024 | M9
school and George—a law-
yer for a global healthcare
company—often working
abroad, Sally has spent the
most time at the house.
“I’m probably much more
comfortable in the city but
I like being out here,” she
says. Among other things,
“I like being self-sufficient.
It’s hard to get repairmen
to come out this far, so you
learn how to do things for
yourself. I can practically
fix a water pump, and if I
can’t do it one of the
neighbors can.” She adds:
“I like country people.
They’re all very practical.”
She has learned to live
without air conditioning—
thick walls keep the house
cool even on the hottest summer
days, she says—and even discov-
ered joy in hanging the wash out
to dry.
Friends of her sons who came
for a visit complained that the
nearest McDonald’s is more than
an hour’s drive away. “That’s a
teenage view of the location,” she
says. “But I’m a bit of an intro-
vert. I like having my time alone.”
So it’s fine with her that the
nearest neighbor is more than
half a mile away. Besides, she’s
never really alone. There’s Ruby,
her Hungarian Vizsla, whom she
calls “a firm friend to me and to
the children.” There are the kan-
garoos—sometimes a dozen or
more on the lawn when she wakes
up. There are the birds—the mag-
pies and the Kookaburras, and the
very noisy sulfur-crested cocka-
toos. And there’s the platypus in
the river just downhill from the
house. “It’s really cool to be able
to see a platypus at the bottom of
your driveway. You could live in
Sydney your whole life and not
know any of this was here.”
To George, the distance from
Australia’s largest city is a fea-
ture, not a bug. “Property prices
in Sydney are out of control—a
similar property in the city would
run to the tens of millions. The
house,” he adds, “is becoming the
manor-style haven that we had
hoped for—somewhere everyone
wants to come back to and spend
time.”
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M10 | Friday, April 12, 2024 THE WALL STREET JOURNAL.

MANSION
ANNOTATED ROOM

Creating a Room of Their Own

A Virginia couple transformed a great room into a Goth-meets-Spanish Revival oasis

BY VAISHNAVI NAYEL TALAWADEKAR

A
s connoisseurs of fashion and
art, one Virginia couple wanted 1 Cost: $165,000
their home to showcase their
interests. When they bought
their bungalow in Great Falls for $4.2 mil-
lion in 2021, “it just didn’t feel like us,”
says the wife, a professional photogra-
pher, 42. She and her husband, a retired
engineer in his mid-40s, imagined some-
thing modern, with goth contrasts, rich
materials and a Spanish Revival slant.
They worked with interior designer Ann
Gottlieb, and tapped construction company 5
Luxor Improvements for the execution.
While the couple was keen on overhaul-
ing the entire home, the great room in par-
ticular needed special attention. As the de-
fault spot for large family gatherings, it
scored low on character. In a bid to revive
it, Gottlieb conjured a brown-sugar-inspired
palette of warm leather, rough wood and
burnt metals. She softened the walls with 2 2
plaster and added a custom window treat-
ment before finishing the room with decor
sourced on the couple’s travels and a Sam- 4
sung Frame TV that masquerades as art.
What she didn’t need to change, she
left alone. For example: the wooden ceil-
ing and original oak floor, which the de-
signer refinished. Likewise, she retained
the antique Asian pocket doors that came
with the home. Gottlieb says she considers
3

ANGELA NEWTON ROY

the fireplace the room’s crown jewel,
thanks to the Dekton surround, antique in-
sert and sweeping mantel of primed wood. 6
Here are some of the room’s design
features.

1. Gothic chandeliers by Corbett Lighting
overarch the space. ‘They had to be in-
stalled one rod at a time, and took hours
and hours to hang correctly,’ says Gott-
lieb. // Price: $4,100
2. The oversize RH sofas are the home-
owners’ favorite piece of furniture. ‘Each
one can seat seven or eight, so it’s per-
fect for family gatherings,’ says the hus-
band. // Price: $8,350 each
3. When it came to the armchairs, the
homeowners say it was love at first sight.
‘We were taken with the rich caramel
look,’ says the wife of the RH seats. //
Price: $3,800 each
4. Gottlieb chose a round center table to
keep things child-friendly. ‘There was so
much space, we added a second one,’ she
says. // Price: $3,775 each
5. Gottlieb flanked the Samsung Frame
TV with brushed gold lamps by Visual
Comfort. ‘We spent a great deal of time
selecting accent lighting that would lend
elegance and drama. In this room alone,
there are three different kinds of
sconces,’ says the designer. // Price:
$1,100 each
6. The Jaipur Living carpet checked all of
Gottlieb’s boxes. ‘It had the perfect colors
and was a good price for the size,’ she
says. // Price: $4,200

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THE WALL STREET JOURNAL. Friday, April 12, 2024 | M11

SPRING OPEN HOUSE WEEKEND

S AT U R D AY & S U N D AY, A P R I L 1 3 t h – 1 4 th
longandfoster.com/openhouses

LEONARDTOWN, MD | $30,000,000 WASHINGTON, DC | $8,000,000 GOOCHLAND, VA | $6,245,000

19700 Mulberry Fields Road 2211 Massachusetts Avenue NW OPEN SAT 1-4 3831 and 3833 River Road West
6 BR | 4 FBA, 1 HBA | 13,458 Sq Ft | 490+ Acres 5 BR | 6 FBA, 3 HBA | 8,685 Sq Ft OPEN SUN 1-4 4 BR | 5 FBA, 1 HBA | 4,800 Sq Ft | 672.69 Acres
Kornelia Stuphan 202.669.5555 Deborah & René Fonseca 202.669.8980 Pam Diemer 804.241.3347

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893 Georgetown Ridge Court 11807 Forum Hill Court 25932 Goose Neck Road OPEN SUN 1-3
6 BR | 7 FBA, 2 HBA | 10,568 Sq Ft | .83 Acres 7 BR | 7 FBA, 2 HBA | 11,871 Sq Ft | 2 Acres 5 BR | 5 BA | 6,000 Sq Ft | 2.35 Acres | Waterfront
Fouad Talout 703.459.4141 Ilene Gordon 301.440.1060 Leslie Stevenson 410.253.7293

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1329 Chewink Court 6505 Millwood Road 7502 Amkin Court
4 BR | 5 FBA, 1 HBA | 3,995 Sq Ft | Waterfront 7 BR | 7FBA, 1 HBA | 9,374 Sq Ft | .44 Acre 7 BR | 6 FBA, 1 HBA | 10,200 Sq Ft | 5.18 Acres
Katie Zarpas 757.685.4400 Joe Faraji 240.274.7000 Jason Fiallo 703.625.5891

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6 BR | 4 FBA, 1 HBA | 4,464 Sq Ft 4 BR | 3 FBA, 1 HBA | 3,537 Sq Ft | Waterfront 8 BR | 3 FBA | Built 1894
Betsy Rutkowski 703.229.3368 Mary Beth Paganelli 410.980.5812 Michelle Roberts-O’Donnell 610.842.4654

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M12 | Friday, April 12, 2024 THE WALL STREET JOURNAL.

PRIVATE PROPERTIES

An Oral Surgeon such as the lion

statues that over-
look his outdoor

Designed His Own pool, he put them

in a folder and
scouted artisans

Dream Mansion who could make

In 2008, Craig Schmidtke began
drawing his dream house on a
home-building software he bought
on a whim. Schmidtke, an oral
surgeon in Alabama, had never
drawn a house or used this type
of software before.
“But I’m always looking for
new hobbies,” he said.
He figured if the home LIST PRICE
didn’t turn out well, it
would just stay on his
computer forever.
Seven years later,
MILLION
nearly 10,000 sq. ft.
he and his family were
1.62 acres, theater
living in it.
The roughly 10,000-
square-foot, Neoclassical-style
house sits on 1.62 acres in the
small city of Dothan, Ala., located
on the southeastern edge of the
state, and around 100 miles from
the beaches in northern Florida.
Now, after using the home as a
them for him.
Silver chande-
liers hang through-
have listed it for $4.979 million. out the home and
Every detail of the home was a glass dome over-
imagined by Craig and signed off looks a marble
on by Anna. An avid golfer, Craig staircase next to
included a golf simulator and a the kitchen. The
movie theater, where he often two-story primary
watches golf tournaments. There bedroom has a
is also a 500-bottle wine cellar double-sided fire-
and a television hidden place and around
behind a mirror in the 40 coffers on its
$4.979
primary bathroom.
The Schmidtkes
The home took seven years from conception to completion.
ceiling.
The Schmidtkes’
moved to Dothan from
Colorado with their
home is the most
expensive listing
children in 2005 to be thought, ‘I could draw the house like ultra contemporary,” Craig in the city of Dothan, according to
closer to Anna’s par- myself.’ ” said. “The neoclassical style is Jonathan Spears of the Spears
ents, who lived in the With some training from the something that rang with us.” Group, who shares the listing with
city. They moved into a four-bed- software company, Craig’s draw- The gated property has a large his colleague, Clay Owens, and
room home and fell in love with ing came to life and around two stone motor court that leads to Mike McCann of Tom West Com-
the community, Craig said. In years later, he and Anna were the entry of the home, which has pany. If the home sells at or near
2007, after Craig opened his own ready to hire a builder. In 2011, a cast-stone exterior and a portico its asking price, it will break the
practice, he and Anna began they bought an empty plot of land lined with columns. city’s home-sale record of $2 mil-
thinking about building their own in the city for $275,000. The home Craig said he spent hours on the lion, Spears said.
home in the area. took four years to build and was computer sourcing ideas for mate- —Libertina Brandt

DAVE WARREN
primary residence for nearly a de- “I started to do some research completed in 2015. rials and items for the home in on-
cade, Craig and his wife, Anna and found some homes I liked on “We didn’t want something line catalogs and Google Images.  See more photos of notable
Schmidtke, are downsizing and the internet,” Craig said. “I that was going to fall out of favor, When he found things he wanted, homes at WSJ.com/RealEstate.

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AUCTIONS

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THE WALL STREET JOURNAL. Friday, April 12, 2024 | M13
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© 2023 Dow Jones & Company, Inc. All Rights Reserved.
M14 | Friday, April 12, 2024
HOUSE CALL | KYLE MACLACHLAN
He Was Tricked Into Acting
By Girls in Junior High
The ‘Fallout’ and ‘Twin Peaks’ star on his mom’s local theater group and
working with director David Lynch
I
know, it’s strange. Yakima,
Wash., where I grew up, is
only two hours from North
Bend, where director David
Lynch shot his TV series “Twin
Peaks” in the late 1980s and I
played Dale Cooper. In college, I
had even stopped there for gas
and, yes, coffee.
As far as Yakima goes, there
were no hidden or surreal “Twin
Peaks” moments when I was little.
I had highly protective parents
who kept my exposure to the
world’s turmoil at a minimum.
We first lived in a single-level,
two-toned green house. Out back,
we had several varieties of heri-
tage apple and Bartlett pear trees.
My mom, Catherine, was a
homemaker. Later, she worked in
public relations for the school dis-
trict. She had studied to become a
teacher and taught for a few
years. Once she had me and my
two younger brothers, Kent Jr.
and Craig, she became active in
the community.
My dad, Kent, worked in the
prosecutor’s office right out of
law school. But he didn’t find it
fulfilling and became a stockbro-
ker, which gave him more free
time to play golf. My brothers and
I loved golf as well.
When I was 16, we moved to a
larger, beige ranch house on a cul-
de-sac. In school, I was never a
jock, but I was athletic.
My mom co-founded and di-
rected a local youth theater pro-
gram. She nudged me to partici-
pate in the program, which
annoyed me initially. Gradually, I
saw that acting was fun and so-
cially engaging, especially with lo-
cal girls.
Kyle MacLachlan in L.A. in 2021; top, in blue shirt, with his brothers, Kent
Jr., left, and Craig, and their father, Kent Sr. in 1967.
In junior high school, an art
teacher encouraged me to act, but
performing in school plays had a
stigma, so I shied away. Then the
two lead girls in “Charley’s Aunt”
insisted I audition and tricked me
into coming along. I had a great
time.
MANSION
In my senior year, my parents
divorced. Dad had his golf and
mom had her community, so they
had grown apart. Mom found
someone she was happy with, so
we were happy for her. We felt
bad for Dad, of course, but he had
his work and golf.
I fully expected to major in
communications or public rela-
tions at college. At the University
of Washington in Seattle, the lib-
eral arts program required me to
take a range of non-acting classes.
I wanted out.
Midway through my freshman
year, I took a leave. I worked in a
factory cutting wood for mobile-
home door
frames.
An actress
and older sister
of my high
school girl-
friend urged me
to do what she
did—apprentice
at the Flat Rock
Playhouse in
North Carolina.
That summer, I
pursued the ap-
prenticeship
and landed the
lead role of Eugene Gant in “Look
Homeward, Angel.” I returned to
college that fall determined to
switch over to the university’s
BFA-MFA acting program. I at-
tended productions and audi-
tioned for any role available. I
was accepted.
After graduation in 1982, I won
a part in a play at Seattle’s Empty
Space Theatre. A casting agent
saw me in 1983 and had me audi-
tion for David Lynch, who cast me
in “Dune.”
The 1984 film didn’t do very
well, but David and I had hit it
off. He wanted me for “Blue Vel-
KYLE’S ROSES
“Fallout”?  It’s a post-apocalyptic
drama series that takes place more
than 200 years from now.
Favorite home space? Out back
gardening. We have fruit trees and
English rose bushes.
Roses? I can cut them and bring
them in for Desiree. They smell
good and make her happy.
Wine? I own a winery in Washing-
ton’s Columbia Valley and the Pur-
sued by Bear brand.
THE WALL STREET JOURNAL.
vet,” so I moved to Los Angeles to
audition. The 1986 film was a ma-
jor turning point for me.
Today I live in L.A. with my
wife—producer and entrepreneur
Desiree Gruber—and our son, Cal-
lum. We had been living in New
York, but Callum wanted a change
after sixth grade.
I bought our Craftsman-light
style house in
the Hollywood
Hills in the
1990s. We’re on
a quiet street,
and I love the
home’s English-
cottage vibe.
There are fire-
places in many
of the rooms.
This is Desiree’s
happy place.
My mom
died of ovarian
cancer in 1986.
She only got to see me in “Dune,”
but I feel she’s with me every day.
I keep a little faded picture of us
taken in the summer of 1984 on
my desk. I’m living out something
she loved to do and that she
hoped would rub off on me.
—As told to Marc Myers
Kyle MacLachlan, 65, is an actor
best known for his roles in the
films “Blue Velvet” and “The
Doors” and in TV’s “Twin Peaks,”
FROM LEFT: WEISS EUBANKS/NBCUNIVERSAL/GETTY IMAGES; KYLE MACLACHLAN (FAMILY PHOTO); PRIME VIDEO
“Desperate Housewives” and “Sex
and the City.” He currently co-
stars in the Prime Video series
“Fallout.”
David Lynch? I saw him recently.
We usually like to sit and remi-
nisce.
About? I think he sees me as
someone who has lived in the
worlds he created. It’s as if my
characters have come to visit.
 © 2024 Dow Jones & Company. All Rights Reserved.
Golf Is Booming.
But Can the Good Times Last?
JAMES YANG
More people are playing the game, thanks in part to more people flocking to off-course
facilities such as driving ranges and Topgolf
BY BRADLEY S. KLEIN
How to Hit a Golf Ball Farther:
What Research Says
These are the physical attributes that can make a
big difference—and those that won’t
BY CHRIS BISHOP
G
OLFERS ARE con-
stantly trying all sorts
of things to improve
their golf game. They
try new clubs, new grips, new
stance, new attitude. But they
often ignore the one thing that
is most effective: physical train-
ing, which can help them hit the
GOLF
JOURNAL REPORT
THE WALL STREET JOURNAL.
T
HE SAYING GOES that golf is a great game but a
lousy business. It makes sense if you consider
how the golf industry is like family farming:
weather-dependent, labor-intensive, taking up
vast real estate that could be used for other
things, and dependent upon the market choices of
consumers who often have more loyalty to price than to brand.
But there are indications it might be time to retire that ad-
age.
Golf is in the middle of a rare boom. The number of rounds
uncovered the ones that are
likely to make the biggest differ-
ence in terms of hitting a golf
ball farther—and the ones that
probably won’t help much at all.
Farther is better
First, though, it helps to under-
stand why hitting the ball far-
ther is the best way to lower a
golf score.
ball farther. Mark Broadie, a professor at
What’s more, even if they do Columbia Business School, found
concentrate on physical training, that, on average, a player on the
they may be missing the specific PGA Tour who can hit the ball
types of training that research 20 yards farther with no loss in
has shown to be most effective. accuracy will gain about 1.4
My colleagues and I have exam- strokes on their competitors.
ined which physical attributes Intuitively, this makes sense.
are most related to distance, and Please turn to page R4
Chris Bishop is an associate professor of strength and conditioning at
Middlesex University in London. He can be reached at reports@wsj.com.
Friday, April 12, 2024 | R1
played has been growing nationwide. There’s an uptick in new
golf-course development after more than a decade of shrinking
inventory. And private clubs have waiting lists for member-
ships—something many haven’t seen in two decades.
Nobody is dismissing the possibility that it could all turn
down again. But there are some reasons to think that the high
tide the game is riding might have more staying power than
previous boom times. That’s because the way people experi-
ence golf has changed in recent years, thanks to a combination
Please turn to page R2
Inside
THE PORTABLE GOLFER
Frustrated in being stuck at one golf
club and course? Some clubs take a
mobile approach, and let you play
from anywhere. R6
THE ‘YIPS’
It is what every golfer dreads. And it
can strike you out of nowhere. But one
golfer writes that after 17 years in the
malady’s grip, he has learned a lot. R7
A TALE OF TWO BROTHERS
When his brother died, he lovingly
started using his golf clubs—but
wasn’t sure he could handle it. R10
R2 | Friday, April 12, 2024
Golf Is on
An Upswing.
And the
Good Times
May Last.
Continued from page R1
of technology, the flexibility of
golf-course managers and les-
sons learned during the early
phases of the Covid pandemic in
2020 and 2021.
The numbers game
How flush is the industry? Ac-
cording to the National Golf
Foundation, an independent
data-gathering and consulting
firm in Jupiter, Fla., the number
of golf rounds played in the U.S.
reached a record 531 million last
year, a 10% increase from 2020
and surpassing the 518 million
rounds played during the heyday
of the Tiger Woods boom years
of 1999-2000.
Course participation (mea-
sured in terms of anyone who
plays a round of golf) has more
than bounced back after declin-
ing 9% in the seven years after
the 2007-09 recession. Since
2017, participation has grown
12%, reaching 26.6 million people
in 2023. The U.S. golf population
• Clockwise from top: Worthington
Manor in Urbana, Md.; a Topgolf
in El Segundo, Calif.; and Newport
Beach (Calif.) during Covid in
April 2020, when golf thrived as
a ‘safer’ outdoor activity.
is also more diverse than ever
demographically, thanks to gains
by women, people of color and
junior golfers in the overall
share of the golfing populace.
Demand for tee times has
surged, partly because the over-
all inventory of tee times nation-
ally has shrunk. Fifteen years
ago, there were too many courses
and uneven demand for golf
rounds; the industry has since
shed 12% of its supply of golf
courses. Shrinking supply and in-
creased demand have enhanced
competition for tee times, which
in some markets has translated
into higher green fees.
Public-sector course opera-
tors, eager to maximize revenue,
have faced little resistance to
congestion pricing during peri-
ods of peak demand (such as
JOURNAL REPORT | GOLF
midmorning)—even from price-
conscious golfers who in an ear-
lier era might have gone bargain
hunting for less-expensive golf.
Now those golfers are willing to
spend.
Topgolf era
More grounds for optimism can
be found in data showing how
many people are experiencing
the game in off-course facilities
such as driving ranges, golf sim-
ulators and places such as
Topgolf, PopStroke and Drive
Shack, which provide family- and
date-friendly entertainment-ori-
ented golf experiences with food,
Rounds played, change from the previous year
15.0%
12.5
Weather-impact window
10.0
Activity in three of the past four
years surpasses the +/-3% that
7.5 could be attributed to weather
5.0
2.5
0
–2.5
–5.0
2001 ’05
Source: Golf Datatech (National Golf Foundation data support and analysis)
drink and music. Last year, 32.9
million people engaged in such
off-course experiences, according
to the National Golf Foundation.
That is a 41% increase since 2019
and a total that in 2022 and
2023 exceeded the number of
on-course golfers.
More important, these off-
course golf experiences provide
an on-ramp to playing real golf
on real courses. Conventional
driving ranges have long been a
part of the golf world. What is
new to the industry are the more
high-tech venues for playing golf
that provide a considerable mo-
dicum of reality and involve real
golf balls, real golf clubs and full
swings. These could include such
venues that offer three-dimen-
sional indoor screen simulations
of playing full shots on some of
the world’s most recognizable
golf courses, as well as shot
competitions and other fun golf-
related games along with loud
music, lots of yukking it up and
full-service food and beverage,
often for people who are playing
golf for the first time.
Historically, the knock on golf
has been that it is too hard, too
time-consuming and too expen-
sive. The experience provided by
these on-ramp facilities can help
overcome some of that resis-
tance. By concentrating on fun
and social engagement within a
very limited time frame—any-
where from a half-hour to two
hours at most for most of these
forms of alternative engage-
ment—would-be golfers get a
taste of what makes the game so
appealing: the look and feel of
that airborne ball.
“The compression, the trajec-
tory, the sense of empowerment
in launching the ball skyward—
you cannot get hooked on golf
’10 ’15 ’20
without it,” says Greg Nathan,
National Golf Foundation presi-
dent and chief executive officer,
who refers to that feeling as
“shot euphoria.”
Pandemic boost
The initial stages of the pan-
demic in 2020 didn’t bode well
for golf, as courses were shut
down across the country. But
thanks to determined lobbying
efforts by state and national golf
associations, government offi-
cials were convinced that golf
could proceed safely, and within
a few months courses opened up,
and the public quickly discov-
ered something about the game
that even its most ardent propo-
nents hadn’t focused on: that
golf was among the safest out-
door recreation activities avail-
able in the Covid era, a welcome
contrast with the lockdown men-
tality then prevailing.
To keep the Covid-era boost
going, golf clubs adopted new
programming that was more
welcoming and offered more
value for the cost of a member-
ship. It is what Marcie Mills,
search executive and consultant
with the private-club advisory
firm of Kopplin Kuebler & Wal-
lace in Scottsdale, Ariz., calls
“the club within a club”—cover-
ing everything from card clubs
and gardening, automobile, hik-
ing and reading groups, to con-
verting boardrooms into family
dining areas, encouraging clubs
to provide daycare and turning
junior golf instruction into part
of in-house summer camp.
Mills calls it “a more holistic
approach to golf and club mem-
bership.”
On the golf side, meanwhile,
clubs have created additional
forward tees to accommodate
newcomers, seniors and those
who have slower swing speeds.
They are paying closer attention
to golf-instruction facilities,
short-game practice areas and
family-oriented putting courses.
They also are creating more fun
events based upon social interac-
tion rather than outright compe-
tition—like a “nine and wine”—
that combines casual golf with a
drink or two.
What’s more, short, nine-hole
par-3 courses are popping up as
supplemental components of
full-length, 18-hole courses, pro-
viding a safe place for juniors
and newcomers to golf without
impeding play on the main lay-
out.
Serious challenges
To be sure, plenty of hazards
face the sport before victory is
declared. Among them: the over-
all state of the economy, infla-
tion, the cost of borrowing, the
cost and availability of labor,
continued access to water (espe-
cially in the U.S. West and
THE WALL STREET JOURNAL.
2022
25.6M
2023
26.6M
Total U.S. on-course
(‘green grass’) golfers, in
millions, age 6 and up
(The growth of 1 million, or 4%,
is the largest single-year jump
since 2001, when Tiger Woods’s
succession of championships
spurred interest.)
Source: Physical Activity Council (PAC) activity
survey and National Golf Foundation Participation
and Engagement (PES)
Southwest), weather patterns
and climate change, and the rap-
idly escalating cost of mainte-
nance.
That isn’t a short list, and
much of it is outside the imme-
diate control of clubs. Still, club
managers and course superinten-
dents have been focusing on in-
vestments, infrastructure up-
grades and making their
facilities more sustainable—both
economically and environmen-
tally.
These investments include ir-
rigation systems that are more
efficient and use less water. It
means converting marginal areas
of the golf course from main-
tained turf to more-naturalized
areas. Sand-filled bunkers that
require handwork to get in shape
for everyday play are being re-
built with better drainage tech-
nology so that they don’t regu-
larly wash out. Some clubs are
even changing their daily mow-
ing practices, moving away from
labor-intensive, hand-operated
equipment toward more autono-
mous, unmanned mowers for
greens and fairways that depend
on GPS and computerized map-
ping for operation. And to be-
come more resilient in the face
of extreme weather events, some
courses are working to shed
stormwater faster, and store it
where needed for irrigation pur-
poses.
Across the country, golf clubs
that had deferred maintenance
on their infrastructure for years
or even decades are now invest-
ing in upgrades. Many golf-
course architects report being
busier than ever on such work.
CLOCKWISE FROM TOP: MICHAEL S. WILLIAMSON/THE WASHINGTON POST/GETTY IMAGES; MAGGIE SHANNON FOR THE WALL STREET JOURNAL; MARK RIGHTMIRE/ORANGE COUNTY REGISTER/ZUMA PRESS
One indication of the uptick in
renovation is that clubs find
themselves having to lock down
contracts two and sometimes
three years in advance.
The point of all that infra-
structure work is to adapt golf
courses to an increasingly tough
environment and to ensure the
long-term sustainability of the
property.
As more clubs invest and
adapt, the adage just might
change. Golf will always be a
great game; but it could also be-
come a good business.
Bradley S. Klein is a writer in
Bloomfield, Conn. He can be
reached at reports@wsj.com.
THE WALL STREET JOURNAL. Friday, April 12, 2024 | R3

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R4 | Friday, April 12, 2024
After 80 Years of Playing Golf, Many
Of My Memories Are About Weather
Rain, wind, lightning:
The game sometimes
still goes on—even when
perhaps it shouldn’t
BY ALFRED L . MALABRE JR .
F
EW SPORTS are as
exposed as golf to
the elements. There
is no magical way
to shield a sprawl-
ing bucolic links
from wind, rain or
whatever else nature may pro-
duce. The flight of that sensitive
little ball will depend mightily
on the state of the weather.
So, as I look back on 80 years
of playing the game (yes, 80),
some of my most memorable
moments involved weather chal-
lenges. There are lots of vari-
ables when playing golf—the
course, the companions, the
mood I’m in—but it’s the
weather that can most make it a
day to remember.
One of the key weather ques-
tions: When are things so awful
that play must be suspended? An
informal game with friends ter-
minates normally without dis-
sent (although there will be the
occasional die-hard who insists
the downpour is just a sprinkle).
But it gets more contentious
when the decisions to suspend
are made by those in charge.
And that is especially true when
you are the one making that de-
cision.
LOST MOMENTUM
I was painfully introduced to this
difference years ago when I not
only participated in but was re-
sponsible for managing the club
championship at a Long Island
course to which I belonged. On
the final day of the event, in
What
Research
Reveals About
The Key to
Hitting Golf
Balls Farther
Continued from page R1
Imagine two players competing on
a 450-yard, par-4 hole. One drives
the ball 250 yards and has 200
yards to the flag, while the other
player drives the ball 300 yards
and has only 150 yards to the flag.
For the next shot, the person
closer to the hole might choose,
say, a 9-iron, while the one farther
away will have to use a 5-iron.
The 9-iron offers a much greater
chance of improved accuracy than
the 5-iron—especially
for amateur golfers.
The upshot: The farther
you can hit, the more
quickly you can use a
club that allows you to
be more accurate. And
the more accurate you
are, the lower your
score will be.
Naturally then, this
raises the question:
How do we hit the ball
farther? While numer-
ous factors play a role,
the clearest one is club-
head speed. Put simply,
if we are stronger and
more powerful, we
should have the ability
to swing the club faster.
The findings
But there are different
types of strength, and
when it comes to hit-
ting a golf ball farther,
all of them aren’t equal.
So my colleagues and I
looked at various types
of physical attributes to
see which ones were
most highly correlated
JOURNAL REPORT | GOLF
which I held a two-stroke lead
approaching the 17th green, driv-
ing rain had reached a point
where I could no longer allow
play to go on, much as I would
have liked to continue. Competi-
tion resumed the next day, a
beauty. But, concerned about
whether I had been correct in my
decision to suspend, I somehow
lost momentum. Under a bright
sun, I missed a 3-foot putt on the
last of my remaining two holes,
to lose the tournament by one
stroke.
My loss, of course, was some-
body else’s gain. As it always is.
At a recent pro tournament at
California’s Pebble Beach course,
worsening weather after the
third round made play impossi-
ble. The tournament was sus-
pended for two more days, after
which the third-round leader
was declared the winner. Though
to clubhead speed.
Our main findings (which can
be seen in the accompanying
chart):
• Lower body and upper body ex-
plosive strength or power training
is the most important for golfers.
This is because the speed of the
golf swing is often close to or
even in excess of 100 mph, mean-
ing explosive, high-velocity train-
ing is more closely aligned to the
demands of the swing than other
physical attributes.
• The second most important at-
tribute is strength, in both the
lower body and upper body. The
speed of movement during tradi-
tional strength training is slower
than power training and may be
one reason why its relevance ap-
pears to be lower than explosive
strength. However, being strong is
also critical for being powerful,
and so can’t be ignored. In fact, if
he had played only 54 holes, he
received as much prize money as
he would have won had he been
required to play 18 more holes
and kept the lead. Lucky him.
There is no foolproof way to
determine just when weather
conditions deteriorate enough to
halt play. Mistakes occur. I recall
participating with other senior
golfers in a tournament in New
England that officials refused to
suspend despite our protests.
Trees began to fall. Branches lit-
tered fairways. One mighty gust
blew my ball, resting briefly on
the green, into a nearby sand
trap before I could arrive to
mark it.
As bad was my having to play
in a similar event in Georgia
where the temperature at tee-off
time was near 20 degrees and
the wind approached 30 miles an
hour. My partner and I were
you don’t have much physical
training experience, strength train-
ing is almost always the most ap-
propriate starting point.
• Third on our list is anthropo-
metrics—that is, measurement of
the body, such as height, body
mass and wingspan. While height
and wingspan cannot be changed,
increasing lean muscle mass is
possible and a likely byproduct
from strength and power training,
which will help you swing the club
faster.
• On the flip side, muscle capac-
ity (or endurance) is less relevant
for clubhead speed. This is because
swing speed is better determined
by your strength and power ability,
not your capacity to perform lots
of repetitions during exercise.
• Historically, many have be-
lieved that flexibility is one of (if
not the) most important physical
shivering in heavy jackets that
made a smooth swing difficult.
We lost to a team headed by a
retired judge, well into his 60s
and lightly dressed. Somehow, he
later told me, his many years sit-
ting on the bench had inured
him to the cold.
LIGHTNING STRIKES
As troubling as such rain and
wind may be for golfers, nothing
quite matches lightning on the
links. Sirens are often positioned
around courses to warn of ap-
proaching thunderstorms. How-
ever, as I discovered years ago,
sirens may snooze.
Such was the case when I was
playing with an experienced
golfer. Lightning approached
with no discernible warning. My
companion urged me to ditch my
clubs and hurry with him to a
How various types of physical attributes correlate to clubhead speed
PHYSICAL PERFORMANCE VARIABLE
Jump impulse
Upper-body explosive strength
Jump peak power
Jump displacement
Upper-body strength
Lower-body strength
Anthropometrics
Muscular endurance
Flexibility
Balance
–0.6
Source: Chris Bishop, Middlesex University in London
attributes for golf. However, our
research says otherwise. While
having excessively poor mobility
and flexibility can be a problem,
the ability to adjust your move-
ment can also be important. For
example, if golfers cannot reach
the top of their backswing due to
poor flexibility, they will
simply find an alterna-
tive solution to the
problem, by moving
their body in a different
way—making flexibility
less relevant than many
have thought over the
years.
Recommended
exercises
Now that we know
what physical attributes
are best, the next ques-
tion is: How can you get
them? I’d recommend
these exercises:
• Lower body power:
Any type of body
weight jumping exercise
will work well, such as a
vertical jump, standing
long jump or jumping up
to a box (but don’t
make it too high). Ini-
tially, perform 2-3 sets
of 3-5 repetitions.
• Lower body strength:
Exercises such as
squats and lunges are
THE WALL STREET JOURNAL.
cluster of bushy trees near our
treeless fairway, which was on
slightly higher ground. I did as
told and moments later, from our
hideout, we witnessed a blinding
bolt crash down a few yards from
our abandoned clubs. I no longer
depend just on a siren to
warn me to skedaddle.
It’s a relief to resume
play when a storm has
passed and those in charge
deem conditions again
playable. Balls may be re-
turned to places that mark
their prestorm locations.
But much may have
changed. Ground that had
been hard and dry can
turn soft from heavy rain.
This may not much con-
cern long hitters who
aren’t much worried about
how far a ball may roll af-
ter their towering drive.
But for a relatively short
hitter like me, the loss of
distance from the lack of
roll can be distressing. On
greens, newly arrived wa-
ter can complicate how
firmly to strike a putt.
Also, traps get can get
harder to blast out of if
the sand has become too
moist.
Efforts to cope with
such developments have
been made. Mower-like
machines are often used to
squeeze excess water from
greens. And players may be al-
lowed, when balls have become
caked with mud or rest in pud-
dles, to lift, clean and replace
them without penalty.
But the truth is, these can
only help on the margin. As long
as golf is played outside, there’s
little we players can do to coun-
ter weather’s whims. For me,
well into my retirement, the an-
swer when skies threaten is to
stay in my sheltering home and
putt on a smooth but somewhat
slow hall carpet. And if I need a
faster surface, I can always re-
pair to the kitchen, whose lino-
leum floor is as fast as any green
I putt on.
Alfred L. Malabre Jr. is a long-
MADISON KETCHAM
retired editor and columnist of
The Wall Street Journal and a
prizewinning author. He can be
reached at reports@wsj.com.
SUMMARY EFFECT ESTIMATE
–0.4 –0.2 0 0.2 0.4 0.6 0.8 1.0 1.2
small trivial small moderate large
EFFECT ON CLUBHEAD SPEED
excellent choices. If you have little
experience doing this sort of train-
ing, start with just your body
weight before progressing with
any additional load. Initially, per-
form 2-3 sets of 6-8 repetitions
(remembering to swap legs on the
lunges, too).
• Upper body power: Medicine-
ball throws (such as a seated
chest pass or standing rotational
toss) are great exercises to de-
velop this physical quality. As a
guideline, don’t use a medicine
ball that is more than 10% of your
body weight. Initially, perform 2-3
sets of 3-5 repetitions.
• Upper body strength: If in the
gym, exercises such as dumbbell
chest presses, single arm dumb-
bell rows and dumbbell shoulder
presses will cover this attribute
nicely. However, if you are looking
for body-weight exercises, push-
ups are a great starting point. Ini-
tially, perform 2-3 sets of 6-8 rep-
etitions for each exercise.
• Trunk strength: Although not
outlined as being a critical physi-
cal attribute in our research, the
lower back is an area that golfers
often suffer with. With this in
mind, exercises such as planks,
glute bridges and rollouts are a
good way of keeping the abdomi-
LUCAS VALERA
nals and gluteal muscles strong,
which will help to support your
lower back.
THE WALL STREET JOURNAL. Friday, April 12, 2024 | R5

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R6 | Friday, April 12, 2024
Hate Being Stuck Playing at One
Golf Course? Clubs Have a Solution
Many people can work from anywhere. So why not
join a club that lets you play golf from anywhere?
BY BRADLEY S. KLEIN
P
RIVATE golf-
club member-
ship has long
been the sign
of having ar-
rived at a cer-
tain enviable
level of com-
fort. To join a country club
where they know your name,
your favorite drink and your pre-
ferred tee time is the stuff of
many golfers’ dreams.
Yet for many golfers these
days, the whole idea of being
tied to one club and one course
feels limiting. In an era where
you can work from anywhere or
bounce from place to place with
Airbnb, why shouldn’t golf-club
memberships be just as mobile?
That is the selling point of a
number of businesses that let
golfers book tee times at se-
lected courses without being a
regular member. In many cases,
you pay the business a single
membership fee—about what
you would pay for a regular club
membership—and then you can
play at a number of courses that
the business has arrangements
with. That means you don’t
need to pay membership fees at
those individual courses—which
might run thousands of dollars
apiece to join, then more annu-
ally—just a fee for every round
you play.
A need for green
The pent-up demand for travel
after Covid-19 has proved a boon
to these mobile country clubs.
Golfers love to be on the road, to
experience new courses, to meet
different people and to connect
with like-minded enthusiasts—
with no need to be tied to one
facility, one routine, one destina-
tion for a monthly dues check.
Each of these clubs has a dif-
ferent twist to the model it of-
The Trick to Hitting a Golf Ball at High
Altitudes—and in Cooler Weather
Playing on mountain courses is very different than
playing at sea level. Golfers need to compensate.
BY JEN MURPHY
F
OR GOLFERS used to
playing at sea level,
there’s nothing quite
like playing on a moun-
tain course, like ones in
Colorado or Montana. They are of-
ten surprised at how different
their game can be—especially how
satisfyingly long their drives are.
But they also soon discover
that their game needs a lot of
fine-tuning.
“I tell people they’ll hit the lon-
gest ball of their life here,” says
Mike Dero, a PGA instructor at
Telluride Golf Club, which sits at
around 9,500 feet above sea level
in Colorado. As elevation in-
creases, air density decreases, al-
lowing the ball to travel farther.
How much farther depends on
how far above sea level the course
is. At Telluride, drives should travel
about 11% farther. So, if a golfer
normally drives the ball 200 yards
at sea level, they’ll likely drive it
about 222 yards in Telluride.
“But the ball will only go much
longer if you hit it in the sweet
spot,” Dero says. “If you mishit,
you lose the altitude effect.” And
players with slower swings will
notice less of an increase, he says.
Most players go one club lower
in Telluride, says Dero. But more
JOURNAL REPORT | GOLF
fers. For instance, NewClub of-
fers its members a chance to play
at a combined 170 public and pri-
vate courses in Atlanta and Chi-
cago, plus another 25 nationwide,
without paying membership fees
at those clubs. The club, which
costs $1,300 to $1,600 to join,
plus $315 annually, plans expan-
sions in places including Cleve-
land and Nashville.
Friars Golf Club (no relation
to the New York-based show-
business society) has arrange-
ments at 1,100 courses in 42
states and seven countries where
members can request—but aren’t
guaranteed—access to play, with-
out paying membership fees at
those courses. The club, which
carries a $1,500 initiation fee,
and then $500 annually, empha-
sizes setting up destination
events for its members at both
public and private courses.
Access is part of the appeal of
these clubs; so is camarade-
rie. “You meet so many different
of an adjustment may be needed
when hitting from a tee that’s
higher than the landing area. The
distance the ball will carry will in-
crease about 1% for every 10 feet
of difference in the elevation of the
tee and the landing area, he says.
people from different walks of
life,” says Lisa Guinn, a consult-
ing CPA out of Bend, Ore., who
was the Friars Club’s first female
member in 2016. Now she’s one
of about 50. “We all have a
shared passion for golf and
travel,” she says.
Dormie Network, meanwhile,
owns the courses it offers to
members: a network of seven
clubs in New Jersey, Virginia,
North Carolina, Indiana, Nebraska
and Texas, with temporary on-
site residences for members.
Some high-end operations of-
fer concierge services, such as
the Eden Club, founded in 1997,
which lets members use an un-
disclosed number of courses
without being a member. The
club makes arrangements for
guests including private jets and
five-star accommodations along
with golf, and even has its own
castle in St. Andrews, Scotland,
for members staying at the ven-
erable home of the game.
Building a culture
Epic Golf Club, of Scottsdale,
Ariz., offers members access to
Club confusion
Many players struggle to select
the right club at elevation be-
cause they’re uncertain how far
the ball will go, Dero says, and
the novelty of the playing condi-
tions can mess with a golfer’s
swing. “Most of us know, based
on our skill, how far we can hit a
ball in Connecticut,” he says. “But
altitude adds an element of doubt
into the golfer’s mind, and that
exclusive private clubs across
the country and—to a limited ex-
tent—around the world, for a
single initiation fee plus annual
dues. It also coordinates around
30 one-day and multiday events
for its 900 members, with gath-
erings at many private clubs
where the U.S. Open is held,
along with bucket-list destina-
tions like Bandon Dunes and
Pebble Beach.
“I have played around a dozen
courses I would otherwise have
not been able to play, and have
made countless new friends who
all share the addiction to golf,”
• Dormie Network’s courses
include Ballyhack in Roanoke, Va.
says Lew Bennett, a private
wealth manager based in Fort
Myers, Fla., and member of the
mobile country club Epic Golf
Club.
While Epic doesn’t publicly
disclose its fees, club general
manager Jaclyn Cummings says,
“Our initiation fee and annual
dues are similar to those for na-
tional memberships at a high-
can make it hard to execute a
committed golf swing.”
In selecting their clubs, golfers
should keep in mind that their
drives not only will travel farther
in the air but also will tend to be
flatter, meaning the ball will roll
farther when it lands, says Tate
Mills, director of golf at Sun Valley
Golf Resort, which sits at 5,945
feet above sea level.
And while it’s easier to hit the
ball straight in thinner air, it’s
tougher to intentionally curve it,
Mills says. At an elevation of
5,000 feet, a hook or slice will
curve about 14% less, he says.
The weather effect
To further complicate matters, the
air temperature also comes into
THE WALL STREET JOURNAL.
end club.”
Members may join by invita-
tion from Epic personnel only,
and they must already be a
member of one of 1,100 elite
clubs in 45 states and 11 coun-
tries. Once you join Epic, you
have access to other elite private
clubs through a web portal. Plug
in where you would like to play
and when, and the website chan-
nels your inquiry to existing
members, who handle all local
arrangements. You also have the
opportunity to host fellow Epic
members at your own club.
The result is what Epic
founder Noah DiPasquale refers
to as “a strong emotional bond
of fellow members, who form
friendships through their golf
hospitality.”
The Outpost Club, which
started as a concierge service to
golfers, has developed into a
portable course operation of its
own. The club now has 12 full-
time employees who handle the
one-on-one website requests as
well as group outings for the 850
members. Besides access to elite
clubs for one initiation fee, bene-
fits include the chance to par-
take in 70 to 75 annual events,
14 of them international in 2024.
As the club has grown, so has its
outreach through a foundation
that has granted almost $1 mil-
lion in college scholarships to
underprivileged children in the
golf community.
Quentin Lutz, one of three co-
founders of the Outpost Club,
says his group got an early boost
from private clubs to host out-
side play and organized events
in the immediate aftermath of
the 2008 recession. Golf, like ev-
erything else, was hurting eco-
nomically and clubs, even exclu-
sive private ones, were looking
for creative ways to enhance rev-
enue without looking like a pub-
lic facility.
“We provided an option for
them,” says Lutz, “while still up-
holding basic standards of tradi-
tion and decorum.”
DORMIE NETWORK
Bradley S. Klein is a writer in
Bloomfield, Conn. He can be
reached at reports@wsj.com.
play. The extra distance a golfer
can get on elevated courses can
be can be shortened slightly by
the cooler temperatures far above
sea level, says Russ Miller, director
of golf at the Broadmoor, a course
in Colorado Springs around 6,400
feet above sea level.
That’s because cold air is
denser than warm air at the same
elevation. For every 10 degrees
below 75 degrees, the ball will
travel about 2 yards shorter on a
drive, Miller says. And for every 10
degrees above 75 degrees, it will
go about 2 yards farther.Miller
says one of the biggest mistakes
he sees golfers make is that they
don’t adjust their club selection in
chillier weather. “In colder
weather, I always err on using a
little more club than you normally
would to avoid coming up short
on shots,” he says.
Taking extra time to warm up
before tee time in chilly weather
and wearing fewer layers while
taking shots also can help, says
Mills, of the Sun Valley resort.
“The colder it is, the tighter your
muscles may be, and wearing
more layers of clothing can be re-
stricting,” he says. “These two
things can limit body mobility and
clubhead speed, resulting in
shorter distances and impacting
accuracy.”
For many golfers, walking the
course may be the toughest part
of a high-altitude game. A golfer
might walk 18 holes effortlessly in
Palm Beach, Fla., but walking 18
holes at a high elevation can feel
like you’re summitting a mountain,
says Miller. It’s important to stay
hydrated and stop play if you
start to feel lightheaded or dizzy,
he says.
MICHAEL BYERS
Jen Murphy is a writer in Boulder,
Colo., and Maui. She can be
reached at reports@wsj.com.
 THE WALL STREET JOURNAL. Friday, April 12, 2024 | R7

JOURNAL REPORT | GOLF

How I Learned to Live With the Yips

It is what every golfer dreads. But after 17 years in its grip, I have learned a lot. called experts over the
years, and two stand out.
Joe Parent, the author
of ”Zen Golf,” is one of
golf’s leading voices in
performance psychology.
We spoke and he said
something that started to
connect dots that I hadn’t
considered before: “The
yips are the crescendo of
hope and fear.” This reso-
nated with me. I could feel
that millisecond just be-
fore impact when my
hopes of executing a good
shot are hijacked by a
seemingly uncontrollable
yip in my hands.
I also spoke with Jason
Kuhn, the founder of Yips
Free, a program that helps
athletes, mostly golfers
and baseball players, over-
come the condition. “I be-
lieve that [the yips] hap-
pens to very self-aware,
intelligent people,” he
says. “They are very aware
that there is a threat.”
Both Parent and Kuhn
have had the yips them-
selves—Kuhn, a former col-
lege baseball pitcher, in a
very public way, as he set
the collegiate record for
wild pitches. He uses that
experience and his training
as a Navy SEAL to help his
clients.
My yips journey contin-
ues, but the questions have
changed. Technique, effort
BY LAZ VERSALLES green. I had never felt any- Whatever the yips were, I there, like a straitjacket as and mental toughness
technical golf ability or
swing. It may very well be
that the yips are a primor-
dial defensive reflex you
have in response to a
threat. No amount of prac-
tice is going to change
that. Until a person can
come to terms with that, I
can almost assure you that
they’ll be adrift in a spin
cycle, searching for an-
swers, as I have been for
17 years.
They say love conquers
all, and my love for golf
and competition is about
all I have left in this battle.
Both Parent and Kuhn as-
sure me that there is a
way out. This affliction
won’t take golf away from
me. I’ll still be there, on
the first tee, wishing my
playing partners well and
hoping that the golf gods
will smile on me, as they
occasionally do.
It isn’t that I’m now re-
signed to defeat. It’s more
than I’m resigned to accep-
tance. My prayer of
“Please, God, not me.
Spare me this fate” has
been replaced by other
words from the book of
Genesis: “I am not letting
go until you bless me,” as I
figuratively hold on to this
game that I love.
If playing golf means
that sometimes when the
storm rages I have to bear
down and hold on, then so

S
OMEONE
WHO doesn’t
play golf asked
me what the
yips are. I
asked them to
imagine being
at a dinner party knowing
that each time you raised
their fork, there’s a good
chance your hand would
spasm in an uncontrollable
fashion and spill food ev-
erywhere. This is what it’s
like for a golfer who suf-
fers from the yips.
If you’re unfamiliar, the
yips are a condition that
affects an athlete’s ability
to do what would other-
wise be done with ease.
They strike suddenly and
without any real warning.
Simple tasks—such as
sinking a 1-foot putt in
golf—can become monu-
mental. It is as if your
brain is short-circuiting
and you’re incapable of
finding the fuse box.
Nobody knows exactly
what causes the yips, or
why they strike some peo-
ple and not others. What I
do know, and can tell you
from years of experience,
is that they are extremely
frustrating, isolating and
hard to talk about.
When the gymnast Si-
mone Biles withdrew from
the Olympic finals in 2021,
it was something of a wa-
tershed moment for men-
tal health and sports. Biles
was suffering from “the
twisties,” which is gym-
nast-speak for the yips. If
Biles, the most decorated
gymnast of all time, can
struggle, then anyone can.
Her bravery in coming for-
ward have made it easier
for people to talk about
their struggles.
When it started
I am certainly not a gold
medalist, but I can recall
vividly when I first encoun-
tered the yips. It was the
spring of 2006, I was work-
ing as a club professional
and playing some pretty
solid golf. I could occasion-
ally shoot under par and
almost always score some-
where in the 70s.
Then, one day, every-
thing changed.
I was hitting some short
pitch shots, just as I had
thousands of times before,
when suddenly my hands
BROWN BIRD DESIGN
thing like it in my life. I hit
another shot and it hap-
pened again. And then
again. I knew immediately
it was the yips. But I didn’t
understand why they were
happening to me.
I closed my eyes and
prayed silently, “Please,
God. Not me.” I hit about a
dozen more shots, refusing
to leave before I hit one
cleanly. When I finally did,
I couldn’t get away from
the practice green fast
enough. I felt confused.
What happened in that
practice session 17 years
ago I kept to myself. Until
now.
Golfers endure various
types of yips: Driver yips,
sand yips, chipping yips,
full-swing yips, and, most
famously, putting yips. I
have danced with all of
these demons. When you
have the mildest form,
most people won’t even
notice you have the yips.
On those days the yips feel
like a light fog, but at their
peak severity they are like
a hurricane with you
squarely in the eye of the
storm.
Misconceptions
People will tell you that
you’re choking under pres-
sure, suffering from per-
formance anxiety, or lack-
ing the mental toughness
to overcome the condition.
None of these things are
true. If they were true, you
wouldn’t keep coming back
for more. If they were true,
the yips wouldn’t manifest
when you’re by yourself,
chipping or putting in your
living room. And to make
matters worse, these com-
mon misconceptions lead
to further stigmatization
of the condition.
For years I lied to my-
self and others about why
these twitches were show-
ing up in my game. It
wasn’t denial, but it was
absolutely avoidance. I
used injuries to my shoul-
ders, wrists and bouts with
tendinitis as convenient
exit ramps to avoid talking
about my struggles. I could
never openly say, “I have
the yips.”
The American writer
and activist James Baldwin
once wrote, “Not every-
thing that is faced can be
changed, but nothing can
be changed until it is
faced.” Baldwin’s words
was going to face them strong as ever, and I aren’t concerns anymore. I be it. I may occasionally
and get over them come couldn’t break out of it. know I have those skills. lose control of my hands,
hell or high water—or so I I found myself reading But what is it that I fear? but I am not letting go.
thought. whatever I could find And why is that a threat to
My first mistake was to about the yips and, more me? Laz Versalles is a writer
start at the finish line: generally, sports psychol- This is what all the and golfer based in
looking for the cure. I ogy. There had to be some technical gurus and their Santa Monica, Calif. He
found “yip proof” tech- answers, somewhere. I promises of yip-free golf can be reached at
niques online and even consulted dozens of so- miss: It’s not about your reports@wsj.com.
equipment that promised
to cure the ailment, all of
them snake oil. I found
golf instructors who guar-
anteed they could cure me;
they could not. I heard a
lot of “if you just do this,
then your hands could
never do that” from
coaches and experts who,
clearly, didn’t understand
Bringing Communities
that this wasn’t about
technique. A simple grip
change couldn’t rescue me
of Support to Students
from a current that ran
much deeper and with
more force.
I dove into skill-specific
practice. I would beat the
yips with repetition, I told
myself. I spent hours prac-
ticing the shorter, delicate
shots where my yips typi-
cally manifest themselves.
But the yips didn’t go
away. In a way they got
worse. Continuing to fail
despite the hours of dedi-
cated work made the nega-
tive thoughts in my mind
grow darker. “How can you
be this bad? What is
wrong with you? How can
you be so mentally weak?”
I found myself in a horri-
ble head space because I
struggled to execute the ru-
dimentary basics that I had
spent so much time refin-
ing. The yips were not only
taking away my joy, but
now my time, as the prac-
tice sessions were all for
naught. I was lost at sea.
At Communities In Schools, we place knowledgeable and caring
It’s in my head
There was no quick fix. adults inside schools. These site coordinators surround students
There never is. This wasn’t with a community of support to ensure they have access to
about technique. It never
everything they need to engage in learning, graduate, and succeed
was. It was time to turn
inward. in life. We are there for them fostering life skills, providing mentor
What could I do to make support, academic enrichment and resources like school supplies,
my mind stronger,
tougher? I decided to bring meals, and access to technology.
some breathing and medi-
tation techniques into my
daily routine. I meditated See how we go all in for kids at CommunitiesInSchools.org
almost daily for over two
years. I would visualize
myself playing entire golf
rounds, chipping and put-
ting flawlessly. I would
practice rhythmic breath-
ing on the golf course. I
would chant mantras of
self-encouragement. These
techniques helped but cer-

made a repulsive and vio-
lent flip just before impact,
sending the ball screaming
into some bushes over the
served a much nobler
cause than my golf game,
but they inspire us to con-
front what challenges us.
tainly didn’t heal.
© 2023 Communities In Schools, Inc.
The tension that came
over me before the yips
would attack was still
R8 | Friday, April 12, 2024 THE WALL STREET JOURNAL.

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 THE WALL STREET JOURNAL.
Inside the USGA’s Agenda:
Sustainability and Rollbacks
CEO Mike Whan on what is behind the rising interest
in golf, and why he limited how far balls could travel
BY JOSEPH PASSOV
I
N MANY WAYS, this is a
great time to be head of
the U.S. Golf Association.
While professional golf
is embroiled in the contro-
versy surrounding the di-
vide between the PGA
Tour and Saudi-funded LIV Golf,
the U.S. Golf Association—the
governing body for the amateur
and recreational game—is enjoying
boom times.
But that doesn’t mean there
aren’t contentious issues facing
the association—most notably
pressure to make golf courses
more sustainable, and a battle
over limiting the distance that
golf balls can travel.
To discuss these and other is-
sues, we sat down with Mike
Whan, who has been the CEO of
the U.S. Golf Association since
July 1, 2021. Here are edited ex-
cerpts of that interview.
Behind the growth
• WSJ: Participation in golf
continues to surge. What’s
driving the growth?
• MIKE WHAN: Juniors and
ANDREW REDINGTON/GETTY IMAGES
women and people of color. The
juniors are up 36%, females are up
25%, nonwhites are up 27%.
• WSJ: So if participation is
soaring, what are the challenges
golf faces today?
JOURNAL REPORT | GOLF
• WHAN: Sustainability is cer-
tainly a challenge. Let’s face it:
These are big tracts of land. They
require water and nutrients, and
in the current world order, there
are parts of the U.S. and the
world where water and nutrients
are under challenge. We’ve got to
make sure that the sport is as
sustainable as it needs to be, not
just in Florida or New Jersey
where water is plentiful, but in
Las Vegas and Southern Califor-
nia as well, and in Portugal and in
Australia—everywhere golf is
played.
• WSJ: What steps has the U.S.
Golf Association taken to meet
that challenge?
• WHAN: Three years ago we es-
tablished something we call
15/30/45. Over the next 15 years,
we’re committing $30 million to
help any golf course reduce its
water and nutrient footprint by
45% if they want to.
A gateway to golf
• WSJ: The National Golf Founda-
tion reports that off-course golf
participation, such as driving
ranges and entertainment-
oriented facilities like Topgolf,
now exceeds on-course golfers.
Does the U.S. Golf Association
view the off-course participation
growth as a threat to traditional
golf, or as more of a gateway
toward upping the number of
on-course golfers?
• Mike Whan, CEO of the
U.S. Golf Association
• WHAN: That’s a question that
has evolved. If you went back 10
years ago, less than a third of the
people who played golf for the very
first time would tell you they had
any kind of off-course golf experi-
ence. So generally, when somebody
was coming to the golf course, that
was their first golfing experience.
Today that number is two-thirds.
So, 2 of every 3 golfers who walk
onto a golf course for the first time
have actually experienced it some-
where else.
• WSJ: Your predecessor, Mike
Davis, hated the term “rollback.”
However, in December 2023, the
U.S. Golf Association announced
just that—a rollback on the
distance golf balls can travel by
changing the testing require-
ments that golf balls must go
through to be considered
conforming within your rules.
Friday, April 12, 2024 | R9
Pushback was fierce from leading
equipment companies, PGA Tour
professionals and others. Why
did you take the action you did?
• WHAN: We could see the future.
With young kids being trained to
swing faster and faster, we real-
ized that many of our venues
would be obsolete, no longer suffi-
ciently challenging for the next
generation. To do nothing would
be irresponsible on the part of the
governing bodies, whose responsi-
bility it is to make sure the game
is at least as good in the future as
it is today.
We knew when we started that
if we made any changes to try to
protect the game long-term, we’d
have negative feedback. But that’s
governance.
• WSJ: What do you say to the
average golfer who wants to hit
the ball a little farther and who
believes that rollback is bad?
• WHAN: If you’re really the aver-
age person, if you’re a 20-handi-
cap player and you’re swinging the
club 80 mph, you’ll virtually be
able to go to 2030 with no
change. Again, if you’re playing
the right ball for your clubhead
speed and your ball-speed capac-
ity, I feel quite certain that if you
see any difference, it will be well
less than 5 yards.
• WSJ: Now that everybody’s had
a chance to exhale and evaluate
the ball rollback, are you going to
do something about the driver?
• WHAN: On the ball side, only the
guys who generate a lot of ball
speed will see a real difference.
On the club side, I was seeing just
the opposite: The most impact
was always the more recreational
golfer. We just didn’t want to go
there. We left the club market
pretty much untouched, but it
doesn’t mean we’re not going to
continue to look at it.
Joseph Passov is a writer in Cave
Creek, Ariz. He can be reached at
reports@wsj.com.
R10 | Friday, April 12, 2024
BY MICHAEL CROLEY
T
HE specifi-
cations of
my late
brother’s
golf clubs
were 2
inches lon-
ger than
standard to accommodate
his 6-foot-3 frame. They
were designed to his game,
which is to say for a player
better than I, for swing
speeds I cannot reach.
I had no business trying
to hit with them, but he
bought them in 2018, five
months before he would be
diagnosed with cancer and
three years before that
cancer, after having
stripped him of nearly ev-
erything else he loved,
stripped him of his life at
the age of 49. The day after
his passing, in his crowded
garage filled with the tools
our father gave him, sat
these clubs, dormant for
two years by then.
The last time he used
them he texted me on his
way home. He had been
“feeling better,” he said,
and so he went to play
golf, his passion since
graduate school. I know
now that the feeling was
more magical thinking
than medical fact.
On the course, on a hot
day that bore down on him
and his healthy playing
partners, his stomach
cramped, a byproduct of
his medicine. He sum-
moned his friends and told
them he had to leave, but
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Love, Death and Golf Clubs:
A Tale of Two Brothers
When my brother died, he left behind his golf clubs. I wasn’t sure if I could handle playing with them.
not before pointing out,
“I’ve got lung cancer, and I
outdrove both of you on
the eighth hole.”
Left to guess
I have often thought about
what went through Tim’s
mind in the years he was
sick. He didn’t speak of his
feelings. He didn’t com-
plain even in the deepest
moments of his pain and
depression. I am left only
to guess.
I see my tall, strong
brother made thin and
weak, pulling the clubs
down from his truck and
parking them in his garage
for the last time. The
weight of setting those
clubs down on the floor
must have felt like 14
heavy stones that day, be-
cause I am certain he knew
his playing days were over.
He was a scientist by
trade and training, and I
had seen him in the hospi-
tal, though foggy with pain
medication, explain with
perfect recall to residents
20 years younger the ser-
pentine tail of his diagno-
sis and medication history.
He understood better than
most what the cancer was
doing to his body. When
we played, he always kept
score, and he knew the
score that day when he left
the course.
JOURNAL REPORT | GOLF
His wife, Callie, asked if
I wanted his clubs, if I
wanted all of his old golf
equipment. I walked to the
clubs and thumbed them. I
didn’t want them, but I
didn’t want someone else
to have them, either.
I went through the
equipment. The used put-
© 2024 MacNeil IP LLC
ters. The Ziploc baggies of
pennies he collected from
his birth year and Callie’s
to use as ball marks. I took
his travel bag and the
pushcart he never got to
use. I took seven dozen golf
balls still in their boxes. I
took a pair of shoes too big
for me and that looked to
have been worn once. I
took all of it because I
didn’t want him to be
dead, and I didn’t want to
believe that this game I’d
come to love because of
him would always remind
me of what I have lost.
I also went through the
clubs, one by one. A towel,
bearing the crest of a
nearby college, a rival to
the one where I teach, was
slipped over his 3-wood,
which made me smile. He
had found it when he had
come to visit me while we
were playing at a nearby
course, and no one had
ever come back to retrieve
it. I slipped it back in its
place.
I packed up all the golf
gear and brought it home
to my garage, where my
own clubs sat against the
wall. As the weeks went
on, I kept pulling Tim’s 7-
iron from his bag and
tucking it into mine before
I went to the range. And
every time I pulled it out
and struck it well, I
watched the ball fly 10
yards farther than my own
7-iron could muster, just as
it had in life, when his life
was still incomplete and
full of mystery.
A journey together
Tim had been gone seven
months when the calendar
changed to 2022, and I
made a plan to use an up-
coming sabbatical to go on
a seven-month golf journey
from Oregon to Ireland and
many points between to
remember my brother. It
was by then, some three
years after he had last
used them, that I finally
slipped his bag over my
shoulders and took the en-
tire set with me.
I didn’t feel his presence
when I hit his clubs, but I
thought of him, deeply. I
remembered the phone
calls we had after playing
or practicing, the recount-
ing of shots as an effort to
build up the expectations
of our next round together.
Those calls were gone.
Those rounds were never
to be played.
I’m not particularly reli-
gious or spiritual, but I
carried his clubs across the
THE WALL STREET JOURNAL.
world with me, and on
those walks across 18
holes, I felt him with me
often enough I almost be-
lieved in some great be-
yond. We loved each other
very much, and the last
time I saw him conscious, I
remember I stood at his
front door while he sat in
his recliner, and I told him
I loved him, but I didn’t
move to hug him. I just
couldn’t do it.
“I’ll come see you
again,” I said, and he nod-
ded at me. We both knew
he didn’t have much longer
and, I think, we both knew
we couldn’t bear the emo-
tion of a hug.
For half the summer of
2022, I played his irons
with his specs, struggling
to hit them as he would
have, with clubs that
weren’t made for me.
Though they clearly out-
performed my own set, I
knew I needed to get them
refit and regripped for my
game and my body. Yet ev-
ery time I took those clubs
in my hands, I remem-
bered his hands had been
on them as well. I wanted
to carry them—him—as
long as I could.
My constant
companion
Just before the fall of that
year, I succumbed to my
limitations and put in bet-
ter-fitting shafts and new
grips. I took his putter and
had it cut down to my
length. But it is still his
putter, and every time I
pull it from the bag, I think
of him. Every single time.
Of the many clubs a
player will fiddle with over
a lifetime of golf, a putter
is the one that might be
the most fickle, the most
toyed with. When a new
playing partner mentioned
how much he liked my put-
• At top, Tim’s putter
(the blue paint fill is for
our beloved Kentucky
Wildcats) and a towel
from Pinehurst, his
favorite place. Above,
Tim and me about a year
into his illness.
ter, I told him it was my
brother’s and I would
never trade it out for
something else. When I
made a birdie later that
day, he said, “Isn’t it great
to know you’ll never have
another putter?” It is, I
told him.
Now, it’s 2024 and I’ve
had a full year with the
clubs fit to my specs, but I
still don’t call them my
clubs—I call them Tim’s.
The golf season is ap-
proaching and new equip-
ment is getting rolled out
and hyped up. I read all
the articles and reviews on
them. I even test these
clubs and write my own
reviews.
New equipment brings
the allure of new begin-
nings and better scores. I
feel the allure, the crack-
ling sense that a new iron
or driver might make a dif-
ference in how I play, but I
will not change. Tim would
say it’s foolish and senti-
mental of me to not get
better equipment if it will
improve my game, but he
never had to know what
it’s like to have lost his
brother, to know that
something made of cold
steel is the tether to the
warm days we imagined
we’d share.
Michael Croley is an
assistant professor of
English at Denison
MICHAEL CROLEY (2)
University, and the author
of “Any Other Place.” He
can be reached at
reports@wsj.com.
THE WALL STREET JOURNAL. Friday, April 12, 2024 | R11
R12 | Friday, April 12, 2024 THE WALL STREET JOURNAL.

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