* * * * * THURSDAY, APRIL 18, 2024 ~ VOL. CCLXXXIII NO. 91
00
DJIA 37753.31 g 45.66 0.12%
What’s
News
Business & Finance
 Tesla’s board asked
shareholders to vote again in
favor of Chief Executive
Musk’s multibillion-dollar pay
package after a court struck
down an earlier approval,
calling the endorsement pro-
cess “deeply flawed.” A1
 An April stock selloff
deepened as the S&P 500,
Nasdaq and Dow industrials
retreated 0.6%, 1.1% and
0.1%, respectively. B10
 The UAW’s historic effort
to unionize more than a
dozen factories outside De-
troit faces its first test this
week, as workers at VW’s
lone U.S. plant cast ballots. B1
 Companies that unlock
new bitcoins are revamping
their businesses to depend
less on the cryptocurrency
ahead of a supply contraction
that will cut profits in half. B1
 Economists are ratcheting
up their expectations for eco-
nomic growth, inflation and the
level of future interest rates,
The Wall Street Journal’s lat-
est quarterly survey shows. A2
 ASML posted orders be-
low analysts’ expectations
for the first quarter as chip
makers wait for demand to
recover before securing key
production equipment for
the coming years. B4
 Panelists and whistle-
blowers at congressional
hearings on Boeing described
a company culture that dis-
couraged employees from
coming forward with quality
and safety concerns. B1
 Prologis logged better-
than-expected revenue in
the latest quarter but
warned of a slowdown in
warehousing markets in the
coming quarters. B3
World-Wide
 Biden called for raising tar-
iffs on imports of steel and
aluminum from China, begin-
ning what is expected to be
a broadside of protectionist
steps against Beijing during a
presidential election in which
trade is a flashpoint. A1
 On the battlefronts of the
east, threadbare Ukrainian
forces are holding on against
mounting Russian assaults
that are expected to reach a
crescendo this summer. A1
 The Supreme Court made
it easier for workers to chal-
lenge job transfers as dis-
criminatory, ruling that allega-
tions of illegal treatment can
be valid even if an employee’s
pay or rank doesn’t change. A2
 Republicans in the Ari-
zona state House blocked
two attempts to repeal the
state’s 160-year-old near to-
tal ban on abortion. A3
 Maui’s 2023 Lahaina Fire
can be traced back to a brush
fire ignited by a broken power
line, a report by Hawaii’s at-
torney general said. A3
 House Speaker Johnson
said he would proceed with a
high-stakes vote to move long-
stalled funding for Ukraine, Is-
rael and other overseas allies,
elbowing aside criticism from
his conservative flank. A4
 Columbia’s president faced
pointed questions from
members of a congressional
panel critical of the univer-
sity’s response to instances of
antisemitism on campus. A5
 The Justice Department
agreed to pay about $100
million to victims of former
national women’s gymnastics
team doctor Larry Nassar, ac-
knowledging FBI failures. A5
CONTENTS
Arts in Review..... A11
Business & Finance B2
Business News.. B3,5
Crossword................ A12
Equities........................ B8
Heard on Street... B11
s 2024 Dow Jones & Company, Inc.
All Rights Reserved
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On Their Tippy Toes, Ballerinas Hit the Tip Top Biden
Pushes
To Boost
Chinese
Steel Tax
Key tariff rate on
metals would be
tripled as Beijing
unleashes exports
BY ANDREW DUEHREN
AND BOB TITA
President Biden called for
raising tariffs on imports of
steel and aluminum from
China, beginning what is ex-
pected to be a broadside of pro-
JOHN NACION/GETTY IMAGES
tectionist steps against Beijing
during a presidential election
in which trade is a flashpoint.
Biden, who discussed the
steps Wednesday during a visit
in Pennsylvania, is asking his
trade officials to more than tri-
EN POINTE: Students from the Youth America Grand Prix break the Guinness World Record for most ballerinas en pointe at ple a key tariff rate on Chinese
the same time at New York City’s Plaza Hotel. The 353 participants beat the previous record of 306 ballerinas. steel and aluminum products
to 25% from 7.5%. That higher
levy would be in addition to a
Tesla Tries to Revive Big Payday
separate 25% tariff on steel
and a 10% duty on aluminum
imposed under the Trump ad-
ministration. A senior adminis-
tration official said the higher
For Musk After Court Rejected It tariffs would only affect 0.6%
of U.S. demand for steel.
“These are strategic and
targeted actions that are going
to protect American workers
The fight over Elon Musk’s Wednesday, said it still stands cess, as stated by the Delaware rate law and corporate gover- and ensure fair competition,”
pay is back on. behind the pay package, valued court and the shareholders nance, said Tesla this time is said Biden, a Democrat, who is
Tesla’s board asked share- at a maximum of $55.8 billion. that supported the lawsuit. trying to be more transparent seeking re-election this year.
holders to again vote in favor The electric-vehicle maker also The new proposal also about how it would pay Musk. Biden’s move comes as the
of its CEO’s multibillion-dollar detailed the Delaware court raises questions of whether Rock said the Delaware court administration is studying
case and included the text of the company can propose pay took issue not with the raising tariffs on a range of
By Alyssa Lukpat, the more-than-50,000-word for work already done. amount of pay but with how Chinese exports to the U.S., in-
Theo Francis and opinion to give shareholders “If they’ve gone through the the pay package was awarded cluding electric vehicles, bat-
Denny Jacob more information about the redo process with good coun- without adequate disclosures teries and solar products. The
negotiations that led to the sel—it’s likely that they did— to shareholders. higher metal levies would go
pay package. The board and original pay package and the then I think there’s a very In addition to the Musk pay into effect as part of the Biden
shareholders approved the criticisms raised by the judge strong likelihood that if share- package, Tesla wants voters to administration’s decision on
pay proposal in 2018, but a in the ruling. holders in fact vote in favor of approve the company’s pro- how to adjust tariffs that date
Delaware court in January It isn’t clear, though, this that the court will not sec- posal to move its incorporation from former President Donald
struck it down because it said whether reproposing the same ond guess it,” said Edward from Delaware to Texas, where Trump’s time in the White
the approval process was pay package with additional Rock, a law professor at New the company is headquartered. House, senior Biden adminis-
“deeply flawed.” information will satisfy con- York University. Such a relocation wouldn’t af- tration officials said.
The board, in a proxy filing cerns about the approval pro- Rock, who teaches corpo- Please turn to page A4 Please turn to page A2
Tossed
China Punishes Bad Debtors:
Number of coins produced for circulation
Out 15 billion
Coins
Pay Up
No Fast Trains or Nice Hotels
10 BY BRIAN SPEGELE ple who don’t pay their bills. speed trains and air travel.
TREASURE HUNT: Other* On the aging slow trains she Many are forbidden from buy-
Americans throw FOSHAN, China—Qin is left to ride, Qin sometimes ing expensive insurance policies
Quarter
away as much as Huangsheng once imagined a looks at the other passengers and told they aren’t allowed to
$68 million worth Dime better life in the city when she and thinks: “I wonder if they’re go on vacation or stay in nice
of change each left her home village to become all bad debtors like me.” hotels. Authorities can detain
5 Nickel
year, according to a factory worker at age 16. People across China are be- them if they don’t comply.
one estimate. Penny Now, in her early 40s, she ing weighed down by their The number of people on a
Coins are often has $40,000 in personal debt debts and a system that penal- publicly available government
more trouble than and a base salary of $400 a izes them for not paying the delinquency blacklist has
they are worth to month. Debt collectors are money back. Beijing is cracking jumped by nearly 50% since
carry around. One 0 hounding her. She is blocked down on delinquent debtors by late 2019, to 8.3 million today.
waste company is 2011 ’15 ’20 from buying tickets on China’s seizing their salaries or re- Courts can put people on the
making a profit by high-speed rail, just one of the stricting them from getting blacklist when they don’t ful-
*Includes half-dollar and Native American $1 and Presidential
salvaging these $1 coins. Presidential $1 coins stopped being produced in 2017. penalties the government is government jobs, as well as fill judgments against them to
coins. A10 Source: U.S. Mint increasingly imposing on peo- curbing their access to high- Please turn to page A8
The Quest to Build America’s As U.S. Aid Is Delayed, INSIDE
Tallest Skyscraper in…Oklahoma
Ukraine’s Hopes Dim
i i i
BRENDAN MCDERMID/REUTERS
A developer’s plan to outdo New York has For Stopping Russia
its skeptics—‘I just burst out laughing.’
BY JAMES MARSON armored vehicles and soldiers
BY JOE BARRETT for Matteson’s planned Leg- AND DANIEL MICHAELS grinding forward against ex-
ends Tower: The Redneck Burj hausted Ukrainian units across
OKLAHOMA CITY—Scot Khalifa, The Burj Khaloma, KYIV, Ukraine—On the bat- a front line that arcs from the
Matteson’s team came before The Jetsons Meets Las Vegas tlefronts of the east, threadbare northeast to southeast. U.S. NEWS
this city’s planning commis- and Hot Pie in the Sky. Ukrainian forces are holding Russian President Vladimir Senate dismisses GOP
sion last week seeking to Oklahomans tend to admire on against mounting Russian Putin’s strategy of outlasting
tweak a development he plans Matteson’s bold vision. assaults that are expected to Ukraine’s Western support is
bid to remove
to build in a parking lot hard But many do question crescendo this summer. proving durable, and the com- Homeland Security
up against a railroad track and whether the supertall build- Thinned air defenses strug- ing months could turn the tide Secretary Mayorkas. A4
wrapped around two sides of ing, higher than New York’s gle to stop Russian 1.5-ton of the war decisively in Mos-
a U-Haul storage facility. 1,776-foot One World Trade guided bombs from pulverizing cow’s favor. Ukraine’s military
Instead of capping the Center, would ever be built in buildings. Front lines are held is short on ammunition and
buildings at the Boardwalk a stretch of America bet- by a patchwork of units that battle-ready troops, as Con-
at Bricktown at 345 feet, ter known as the place are short of their full comple- gress has stalled on a supple-
RICK OSENTOSKI/REUTERS
he’s now thinking one “where the wind comes ment of troops. Halting ar- mental-aid package and Kyiv
Markets..................... B10 should top out at 1,907— sweepin’ down the plain.” mored columns depends largely has dithered over calling up
Opinion................ A13-15
Personal Journal A9-10
more than twice the height Matteson insists the on small explosive drones, more men.
Sports.......................... A12 of the tallest building in mostly residential, 134-story given meager supplies of artil- Without infusions of fresh
Technology................ B4 town, and the biggest in tower can work given the lery shells. manpower and Western mili-
U.S. News.............. A2-5 the U.S. city’s strong growth and “We are short of every- tary equipment, Ukraine could
World News......... A6-7
“We figure it would be says the project is fully fi- thing,” said one company com- lose more land and its best
iconic,” said Matteson, a nanced, though he de- mander operating around the troops, dimming hope of taking SPORTS
> California-based developer clined to provide details embattled city of Chasiv Yar. back the nearly 20% of its terri- NBA bans Raptors’
who briefly made tabloid on his backers. The war in Ukraine is at a tory already occupied.
news by dating one of the And then there is the critical moment as it ap- Please turn to page A7
Jontay Porter for life
Real Housewives of Or- notable weather. proaches a third summer. Rus- for betting on
ange County. Talking “I’ll ask you the sia’s size is weighing on its  Johnson sets up aid games. A12
Many offer other names it up Please turn to page A8 smaller neighbor, with waves of showdown in House ...... A4
A2 | Thursday, April 18, 2024
Justices Back
Workers on
Discrimination How Economists’Views Have Shifted
Job transfers can
violate civil-rights
law even if pay or
rank stay the same
BY JAN WOLFE AND JESS BRAVIN
WASHINGTON—The Su-
preme Court made it easier
Wednesday for workers to
bring claims challenging job
transfers as discriminatory,
ruling that allegations of illegal
treatment can be valid even if
an employee’s pay or rank
don’t change.
The court revived a lawsuit
by a female police sergeant in
St. Louis, who said she was un-
lawfully transferred from the
intelligence division to a less
prestigious patrol position be-
cause she is a woman.
A federal appeals court in
St. Louis dismissed the suit,
concluding that Title VII of the
Civil Rights Act of 1964 re-
quires a plaintiff to show she
suffered significant harm from
a discriminatory act.
Writing for the court, Jus-
tice Elena Kagan said that
while an employee must show
more than trifling harm from
an employer’s discriminatory
action, the appeals court had
raised the bar
too high.
“ ‘Discrimi-
nate against’ A string of
means treat high-court
worse, here
based on sex. rulings has
But neither that
phrase nor any
bolstered worker
other says any- protections.
thing about how
much worse,”
Kagan wrote.
“There is nothing in the provi-
sion to distinguish, as the
courts below did, between
transfers causing significant
disadvantages and transfers
causing not-so-significant
ones.”
Kagan’s decision was joined
by Chief Justice John Roberts
and Justices Sonia Sotomayor,
Neil Gorsuch, Amy Coney Bar-
rett and Ketanji Brown Jack-
son.
Three other justices agreed
with the outcome in separate
opinions. One, Brett Ka-
vanaugh, said even the major-
ity’s test was too stringent for
employees. Justice Samuel Al-
ito, in contrast, wrote that Ka-
gan failed to give lower courts
sufficient guidance in applying
the law.
The decision is the latest in
Chinese
Steel Tariff
Boost Eyed
Continued from Page One
A recent surge in Chinese
exports has alarmed the Biden
administration, helping resolve
internal debates over the eco-
nomic wisdom of tariffs. Trea-
sury Secretary Janet Yellen,
who had previously sought to
lower tariffs on Chinese goods,
was in China last week casti-
gating officials for threatening
U.S. industry with a rush of in-
expensive exports.
“In manufacturing sectors
like steel, China’s already pro-
ducing more than China or the
world can easily absorb,” Lael
Brainard, the director of the
White House’s National Eco-
nomic Council, said. “China’s
subsidies and other forms of
support lead to exports flood-
ing global markets at artifi-
cially low prices, undercutting
American steel.”
China’s response to the
backlash has been to decry ris-
ing protectionism, arguing
their exports are the result of
market dynamics.
The trade moves come dur-
ing a complicated political and
diplomatic moment for the
White House. Biden is facing
off against a Republican oppo-
nent who first put into place
broad tariffs on Chinese goods
and is now campaigning on
raising them even more. Biden
and Trump are competing for
the support of unions who fa-
vor protectionist measures.
Biden advertised the steel
a string of high-court rulings
that have bolstered worker
protections under Title VII,
which prohibits employment
discrimination on the basis of
race, color, religion, sex or na-
tional origin.
The plaintiff in Wednesday’s
case, Jatonya Clayborn Mul-
drow, worked as a plainclothes
sergeant with the St. Louis Po-
lice Department, managing
cases about public corruption
and human trafficking. The
role came with several perks,
she said, including challenging
work and an FBI-issued vehicle.
Muldrow got a new supervi-
sor in 2017, who transferred
her and replaced her with a
man. According to Muldrow’s
suit, her new position involved
mundane administrative and
patrol tasks, without the perks
she enjoyed previously. She
was never formally demoted.
Her lawyer, Brian Wolfman,
said Wednesday’s decision reit-
erates that Title VII “means
what it says: you can’t discrim-
inate in the workplace.”
The city’s lawyers said Mul-
drow was reassigned, along
with many other male and fe-
male officers, as part of a rou-
tine staffing reallocation. Bob
Loeb, who argued for St. Louis
at the high court, said the city
looked forward
to showing that
Muldrow can’t
meet the new
standard.
The decision
likely means
more charges of
discrimination
will flow to the
Equal Employ-
ment Opportu-
nity Commis-
sion, said Janet Dhillon, who
served as EEOC chair during
the last two years of the
Trump administration.
Lawyers and workers have
long filed discrimination
charges regarding actions such
as job transfers, undesirable
shift assignments and reduc-
tions in duties or titles, but the
agency was limited by courts’
interpretation of what consti-
tuted potential Title VII viola-
tions. Now, the EEOC will in-
vestigate those with a more
expansive view, Dhillon said.
Workers still face hurdles
getting discrimination claims
before juries, said University of
Illinois law professor Suja
Thomas. “Unfortunately, there
are lots of other ways courts
are dismissing these cases,”
Thomas said.
President Biden spoke at the United Steelworkers headquarters in Pittsburgh.
Canada
Mexico
Brazil
South Korea
Japan
Germany
China
Taiwan
Vietnam
Netherlands
Italy
India
Turkey
Spain
Austria
All others
0 1
Sources: Census Bureau data, American Iron and Steel Institute
tariffs at the Pittsburgh head-
quarters of the United Steel-
workers, a union that recently
endorsed the president for re-
election. “We’re grateful that
President Biden is continuing
to take bold action to ensure a
level playing field for American
* * THE WALL STREET JOURNAL.
U.S. NEWS
Probability of a recession, next 12 months April survey
Source: Wall Street Journal surveys of economists 63% 29%
21%
FEDERAL RESERVE RATE INCREASES
2021 ’22 ’23 ’24
Growth, inflation and rate expectations are ratcheting up in Journal survey
BY SAM GOLDFARB AND PETER SANTILLI
The Wall Street Journal’s latest quarterly survey terest rates.
of business and academic economists shows fore- The following charts show how the economy, and
casters ratcheting up their expectations for eco- economic forecasts, have evolved over recent
nomic growth, inflation and the level of future in- months and years.
Growth Core PCE inflation
Most economists thought tion and resilient consumer
the Federal Reserve’s aggres- demand. Workers are feeling 6.0%
sive interest-rate raising cam- confident enough about their
Actual
paign would do far more to jobs to keep up their shop-
slow the economy than it has. ping habits. Now, economists April 2024 forecast
5.0 January 2024 forecast
Growth has outperformed generally don’t think the
expectations, based on a com- economy will get anywhere Previous forecasts
bination of government close to a recession over the
spending, increased immigra- next year. 4.0
GDP growth
5% 3.0
1st quarter 2024 GDP
4 to be released April 25
2.0
3
2022 ’25
2 Sources: Commerce Department (actual); Wall Street Journal survey of economists (forecasts)
1 Inflation
In recent years, neither
0 economists nor investors have inflation forecasts, even be-
seriously doubted that the Fed fore the latest round of hot-
–1 would succeed in bringing in- ter-than-expected price data.
4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q
flation down to its 2% target. (The Journal survey con-
2023 2024 2025 The question has been what it cluded April 9, just before the
would take to get there. March reading of the con-
Note: Chart shows annualized change in real GDP from a quarter earlier, seasonally adjusted,
Economists had, however, sumer-price index was re-
and average forecasts among survey respondents.
Sources: Commerce Department (actual); Wall Street Journal survey of economists (forecasts) modestly increased their 2024 leased.)
Labor market Federal-funds rate* Federal-funds rate†
Job gains have also far ex-
ceeded forecasts, possibly due 6% 6% Average forecast
in part to an immigration- Individual forecasts
fueled increase in population. 5 5
Economists still expect a
slowdown to come immi-
nently, if only because busi- 4 4
nesses have exhausted the
pool of available workers.
3 3
Quarterly average of monthly
payroll change 2 2
400 thousand
1 1
300
0 0
200 2022 ’23 ’24 ’25 ’26 2025 ’26
*Shows midpoint of target range †Starting point is midpoint of actual target range, as of April 8.
Sources: Federal Reserve (actual); Wall Street Journal surveys of economists (forecasts)
100
Interest rates
0 For more than two years, An exception came in Janu- ing a higher path for rates.
economists have steadily ary, when economists forecast Roughly one-third of re-
lifted their interest-rate fore- steeper rate cuts than they spondents in the most recent
–100 casts as growth showed little had three months earlier, con- survey predicted rates would
2023 ’24 ’25 signs of slowing and inflation fident that inflation was end the year at 4.75% or
Sources: Labor Dept. (Actual); Wall Street remained above the Fed’s 2% nearly conquered. This time, higher, implying just two
Journal surveys of economists (forecasts) target. they have gone back to expect- cuts—up from 11% in January.
CORRECTIONS 
Among the steps the president
called for Wednesday was for
Mexico to prevent the flow of AMPLIFICATIONS
Chinese steel into the U.S.
through its borders. Some law-
makers and companies are Reporter Summer Said’s
worried that China is selling
steel into Mexico, where it is
then re-exported into the U.S.
last name was misspelled as Sai
in some editions Wednesday in
the byline with a World News
without any tariffs. article about the risks of
NATE SMALLWOOD/BLOOMBERG NEWS
Biden is also opposing Japa- broader warfare in the Mideast.
nese company Nippon Steel’s
effort to buy U.S. Steel, repeat- Readers can alert The Wall Street
Journal to any errors in news articles
ing his argument that the in- by emailing wsjcontact@wsj.com or
dustrial icon should remain by calling 888-410-2667.
domestically owned. The presi-
dent has the ability to block THE WALL STREET JOURNAL
the transaction under national-
(USPS 664-880)
security powers, though Biden (Eastern Edition ISSN 0099-9660)
hasn’t committed to actually (Central Edition ISSN 1092-0935)
doing so. (Western Edition ISSN 0193-2241)
establish after months of care- Yellen leads the Committee Editorial and publication headquarters:
1211 Avenue of the Americas,
ful diplomacy. on Foreign Investment in the New York, N.Y. 10036
Steel imports from China U.S., the national-security Published daily except Sundays and general
have already fallen signifi- panel that can recommend the legal holidays. Periodicals postage paid at
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China, down 8.2% from 2022, the deal.
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THE WALL STREET JOURNAL. * * * * Thursday, April 18, 2024 | A3

U.S. NEWS

Republicans Uphold Arizona Abortion Ban

Two tries to repeal
160-year-old law in
state House fail as
GOP feels pressure
BY ELIZA COLLINS
PHOENIX—Republicans in
the Arizona state House
blocked two attempts Wednes-
day to repeal the state’s 160-
year-old near total ban on
abortion, despite pressure on
the GOP—including from for-
mer President Donald Trump—
to change course on the hot-
as antiabortion and abortion through a typical pregnancy.
access advocates filled the The coalition of groups has
House. said they already have more
Arizona has become ground than enough signatures to get
zero in the fight for abortion on the ballot. Democrats are
access after the state Supreme hopeful that in addition to
Court reinstated a 160-year-old passing, it will help voters turn
law this month banning nearly out for their candidates in No-
all abortions. The ruling has vember.
given some momentum to An effort last week to repeal
Democrats in a state that could the 1864 law by Rep. Matt
decide the White House and Gress, who represents a com-
both chambers of Congress. petitive seat, was quashed by
Abortion in Arizona has GOP lawmakers. Gress was the
been allowed through 15 weeks only Republican to cross party
of pregnancy under a law the lines Wednesday in the House.
GOP-controlled state Legisla- In the Senate, Republicans
ture passed in 2022. The state’s Shawnna Bolick—who is mar-

MATT YORK/ASSOCIATED PRESS

button issue.
But later in the day, two
Senate Republicans joined with
Democrats—enough to create a
majority—to move forward on
their version of a repeal. A fi-
nal vote on the bill could be
weeks away. If the Senate does
ultimately vote to repeal the
ban, the measure would go
back to the House, where it
would still face a difficult path.
Democrats had been hopeful
that a small number of Repub-
licans would join with them in
both chambers, forcing a vote
to overturn the law, which is
expected to go into effect in
early summer. However, in the
House, just one Republican
ended up joining with Demo-
crats in a failed effort to over-
come a GOP blockade of the
measure, even as the political
reality of having one of the
strictest abortion bans in the
country set in.
The earlier votes took place
high court said in its April 9
decision that the recent law
doesn’t override one dating to
1864—before Arizona was a
state—that banned abortion
throughout pregnancy except
in lifesaving situations.
“I would ask everyone in
this chamber to respect the
fact that some of us…believe
that abortion is in fact the
murder of children,” Speaker
Ben Toma, a Republican, said
on the House floor.
Rep. Alma Hernandez, a
Democrat, responded: “The fact
that we will not even entertain
a motion to allow those who
have been raped or pregnant
by incest to be able to have an
abortion is extremely, ex-
tremely disappointing.”
Polling shows the majority
of Americans and Arizonans
aren’t aligned with Republicans
on abortion. A Wall Street
Journal poll from March found
Arizona voters were most likely
The public reacted in the gallery to the legislative session at Arizona’s Capitol in Phoenix.
to say that they wouldn’t sup-
port a candidate they disagreed
with on abortion. In the poll,
which was conducted before
the Arizona ruling, the major-
ity of voters there said they
supported access to the proce-
dure—and more voters said
they backed President Biden’s
approach than that of Trump,
the presumptive GOP presiden-
tial candidate.
In a sign of the political
ramifications of the decision,
Trump and Kari Lake, the ex-
pected GOP Senate candidate,
both have said the outright ban
goes too far and called on the
Legislature to remove it. Both
previously said they oppose
abortion.
Trump has touted his nomi-
nation of three justices to the
U.S. Supreme Court who helped
overturn Roe v. Wade, and Lake
had praised the ban. In recent
days, Lake has called some GOP
lawmakers and urged them to
vote to roll back the measure
and offered them support for
doing so, a person familiar
with the matter said.
“President Trump has long
been consistent in supporting
the rights of states to make de-
cisions on abortion,” Trump
spokeswoman Karoline Leavitt
said in a statement after the
ried to one of the high-court
judges who voted to put in
place the ban—and T.J. Shope
joined with Democrats.
The GOP is fractured on this
issue because some members
of its base oppose abortion,
and members who represent
conservative districts face
votes Wednesday. A Lake pressure to hold strong in sup-
spokesman didn’t respond to a port of the ban.
request for comment. Alternative proposals, pre-
“Ask the women of Arizona if sented by the House GOP coun-
they are ‘happy’ or they think it sel during a virtual meeting
is ‘incredible’ that Trump over- with Republicans on Monday,
turned Roe and took their rights offered the party other options
back to 1864,” Biden spokesman to address the total ban.
James Singer said in a state- The strategy memo, re-
ment, noting past comments viewed by The Wall Street Jour-
Trump had made in reference to nal, offered several suggestions
the U.S. Supreme Court’s over- for how the Arizona Legislature
turning of Roe v. Wade. could deal with the issue, in-
Abortion-rights groups have cluding offering additional bal-
been gathering signatures to lot measures, aimed at under-
put a measure on the ballot in mining the viability ballot
November that would expand measure’s chance of passage.
access to abortion until fetal vi- —Laura Kusisto
ability, or about halfway contributed to this article.

Maui Fire Report Highlights Power Lines
BY DAN FROSCH
AND CHRISTINE MAI-DUC
A Maui County emergency
dispatcher called Hawaiian
Electric early on Aug. 8 last
year and said one of the util-
ity’s power lines had broken
and started a fire near La-
haina, according to a new re-
port issued by the Hawaii at-
torney general’s office.
The blaze, which ultimately
destroyed the historic Maui
town later that day and killed
at least 101 people, can be
traced back to that morning
incident, the report said.
The 376-page report, re-
leased by Hawaii Attorney Gen-
eral Anne Lopez on Wednes-
day, includes transcripts of
communication from Hawaiian
Electric and emergency re-
sponders about where the fire
ignited and whether the util-
ity’s power lines had been de-
energized in high winds.
While the report doesn’t
assign blame for the disaster,
it provides the most compre-
hensive account thus far of
the deadliest U.S. wildfire in a
century, including the roles
that downed power lines and
wind played.
“The origin of the Lahaina
Fire can be traced back to 6:35
a.m., when a fast-moving
brush fire, later dubbed the
‘Lahaina AM Fire’ ignited,”
said the report, which was pro-
duced by the Fire Safety Re-
search Institute in Columbia,
Md., at the request of Lopez.
Maui firefighters reported
that blaze was extinguished
and returned to their quarters
at around 2 p.m. A second fire
was reported at around 2:55
p.m., at the same location as
the earlier incident, according
to the report.
A representative for Hawai-
ian Electric said the report’s
description of the early-morn-
ing fire aligns with what it
has said publicly. The com-
pany has previously said that
its power lines likely caused
that fire, but that its lines had
been shut off for more than
six hours by the time the af-
ternoon blaze erupted. That
second blaze, the company
stated in response to a lawsuit
filed by Maui County, was the
one that destroyed Lahaina.
Wednesday’s report doesn’t
address the utility’s claims
about when its power lines
were de-energized.
Even before the Lahaina fire
sparked that day, Hawaiian
Electric was dealing with dam-
aged poles from high winds
and another blaze that had
sparked near downed lines on
the other side of the island.
“The rate of the fire’s
growth would ultimately im-
pede the crew’s work in many
areas of Lahaina,” the report
said.
Conditions deteriorated so
dramatically that water pipes
failed, and in some parts of
Lahaina, there was no water
coming from fire hydrants.
Fire crews had to rely on
scarce private water tankers
instead, the report said.
Some fire crews became
trapped. Heat from the fire
melted their boots and sealed
shut the compartment doors
on one engine.
One firefighter used a po-
lice SUV to rescue seven col-
leagues, including an uncon-
scious officer who received
CPR, according to the report.
Wednesday’s report took
months to complete and faced
delays. Lopez’s office previ-
Origins of the Lahaina Wildfire
Destroyed building
ously served subpoenas to var- Fire perimeter
ious Maui County departments, Pacific Ocean
saying local officials’ lack of
response had slowed the inves-
tigation. The county has said it MOUNTAIN
S
is fully cooperating with the WEST MAUI
attorney general’s probe.
Shares in Hawaiian Elec-
tric Industries have fallen
10.1% over the past five days,
amid investor anticipation of
the report. They rose 2.63% 6:35 a.m.
Wednesday, closing at $9.77. Fire breaks out around a Wi nd
Wind
The Lahaina blaze de- Hawaiian Electric utility pole at
stroyed more than 2,200 this intersection. Fire officials
structures and caused an esti- later reported the fire was out.
mated $5.5 billion in damages,
displacing more than 6,000 of 3:23 p.m. 1 2:55 p.m.
the town’s 13,000 residents. Carried by wind, the fire
2 A fire in the same
As of February, Hawaiian jumps a main road and area as before ignites.
Electric had been named in at burns seveal homes.
least 101 lawsuits by plaintiffs 3
claiming losses related to the
fire. Maui County has also been Lahaina
sued by people seeking dam- 4
ages resulting from the fire.
Two additional reports 5 p.m. HAWAII
about the Lahaina fire by the The fire reaches
Fire Safety Research Institute Lahaina’s downtown. Auau Area of
are expected to be released Channel detail
later this year by the Hawaii
attorney general’s office. Note: Building destruction based on analysis of satellite images taken Aug. 17
Sources: County of Maui (imagery); Associated Press (photo); OpenStreetMap (buildings);
—Katherine Blunt USGS (elevation); National Interagency Fire Center (fire perimeter);
and Jim Carlton Fire Safety Research Institute (timeline)
contributed to this article. Carl Churchill/THE WALL STREET JOURNAL
 A4 | Thursday, April 18, 2024
GRAEME SLOAN/BLOOMBERG NEWS
Speaker Mike Johnson on Wednesday said he would move ahead with a vote on funding for Ukraine, Israel and other allies.
Johnson Defies GOP Critics,
Setting Up Showdown on Aid
WA S H I N G T O N — H o u s e
Speaker Mike Johnson on
Wednesday said he would
plunge ahead with a high-
stakes vote to move long-
stalled funding for Ukraine, Is-
By Natalie Andrews,
Katy Stech Ferek
and Isabel Coles
rael and other overseas allies,
elbowing aside criticism from
his conservative flank.
The move sets up an unpre-
dictable weekend showdown
that could determine both the
fate of the foreign-aid pack-
age—which appears closer
than ever to actually becoming
law—and Johnson’s political
career after navigating months
of bitter infighting in the Re-
publican conference.
Democrats were expected to
line up firmly behind the aid
effort, with President Biden is-
suing a strong endorsement.
But many GOP lawmakers, an-
gered by the lack of border
provisions and critical of more
aid for Ukraine, planned to op-
pose the measure.
“We can’t play politics on
this, we have to do the right
thing,” Johnson said of the aid
package. Asked if he was risk-
ing his job, he said: “Let the
chips fall where they may—if I
operated out of fear over a mo-
tion to vacate, I would never be
able to do my job.”
Johnson indicated he ex-
pected to need Democratic
votes to pass the rule tied to the
legislation, a once-routine pro-
cedural step that has repeatedly
been blocked by GOP holdouts
in this Congress. He said he
wasn’t seeking Democratic pro-
tection to keep his job.
JOURNALISTS DON’T
‘JUST WRITE STORIES.’
THEY RECORD HISTORY.
Learn more about the impact your
journalism career can have on the world.
Wall Street Journal reporter Erin Ailworth
and others share career advice at
dowjonesnewsfund.org/careers.
P W L C 10 11 12
U.S. NEWS
“The time has come for the by Rep. Marjorie Taylor
House of Representatives to Greene (R., Ga.) to remove the
act, and act decisively, in Amer- Louisiana Republican from the
ica’s national security inter- speaker job. Some lawmakers
ests,” said Democratic Leader said they believed his career in
Hakeem Jeffries (D., N.Y.). leadership could be effectively
Johnson’s plan comprises over, whether now or at the
four bills—one each for Israel, end of the term.
Ukraine and Taiwan, along For the package to pass this
with one containing many Re- weekend, Johnson will likely
publican priorities, including a need Democratic votes, just as
ban or forced sale of TikTok in he did on a series of bills to
the U.S. Leaders posted the avoid government shutdowns
text of three of the four bills in recent months.
on Wednesday afternoon, lay- Republicans remained di-
ing out a $95 billion aid pack- vided on Wednesday. John-
age that largely matches the son’s approach didn’t include
price tag and contours of a any border-policy provisions,
measure that passed the Dem- angering many conservatives.
ocratic-controlled Senate ear- Johnson spent Tuesday and
lier this year. The text of the Wednesday meeting with Re-
fourth bill was publicans from
r e l e a s e d all corners of
Wednesday his conference.
night. The speaker is In announc-
One major facing more ing he was mov-
change regards ing ahead with
economic sup- outspoken the aid package,
port for Johnson said
Ukraine, with
threats to his the House
the House bill leadership. would vote on a
offering $9.5 bil- separate border
lion in the form measure that
of forgivable contained por-
loans, rather than grants. Turn- tions of Republicans’ signature
ing some of the aid into loans H.R. 2 bill, which passed the
was a demand of former Presi- House last year. The outcome
dent Donald Trump. of that vote won’t have any ef-
A final vote on the House fect on the foreign-aid plan,
package is expected Saturday and critics said it didn’t satisfy
evening. their concerns.
Johnson took the leap on Johnson “is surrendering
Wednesday as his political the last opportunity we have
powers—always limited be- to combat the border crisis,”
cause of his narrow majority the hard-line House Freedom
in the chamber and reliance on Caucus posted on social media.
Democrats to pass key legisla- Rep. Andy Ogles (R., Tenn.), a
tion—were at a new low. On member of the group, said
Tuesday, a second GOP law- “Ukraine can go panhandle for
maker, Rep. Thomas Massie money somewhere else.”
(R., Ky.), signed on to a motion Johnson has said for weeks
Tesla Asks
Stockholders
To OK Pay
Continued from Page One
fect the pay case because it re-
lates to actions taken while
Tesla was incorporated in Del-
aware, legal experts said.
Upping the ante
The proposals up the ante
over Musk’s pay at a time
when Tesla’s shares are sliding
and the company has lost bil-
lions of dollars in market cap.
The automaker’s growth is
slowing as the market for EVs
cools. And the company is in
the midst of cutting 10% of its
staff as it recalibrates to a
lower demand for its cars.
The vote is likely to reignite
questions over Musk’s close
ties to the Tesla board and
how it plans to compensate its
chief executive, a serial entre-
preneur with an array of other
business interests.
Separate from the 2018 pay
package, Musk has been seek-
ing more voting power in
Tesla. The billionaire owned
about 21% of Tesla including
unexercised options as of
March 31, according to the fil-
ing. He is the largest share-
holder in Tesla, the world’s
most valuable automaker.
Ahead of its annual share-
holder meeting in June, Tesla
has proposed that sharehold-
ers ratify Musk’s 2018 pay
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.
Senate Dismisses
Republican Bid to
Remove Mayorkas
BY KATY STECH FEREK said Sen. Joni Ernst (R., Iowa)
AND MICHELLE HACKMAN on social media.
Mayorkas has called the al-
WASHINGTON—The Demo- legations false and defended
cratic-controlled Senate his record, and critics of the ef-
wrapped up the impeachment fort say the accusations
trial of Homeland Security amount to policy disagree-
Secretary Alejandro Mayorkas ments or performance failings,
in a matter of hours Wednes- but not impeachable crimes for
day, quickly rejecting the which he should be removed.
charges brought by the Repub- The Senate action “proves
lican-led House related to his definitively that there was no
handling of border policy. evidence or constitutional
Senate Majority Leader grounds to justify impeach-
Chuck Schumer (D., N.Y.), who ment” of Mayorkas, a Homeland
choreographed the quick end to Security spokeswoman said.
the trial over Republican objec- House Republicans voted
tions, said the charges against earlier this year to impeach
Mayorkas failed to meet the Mayorkas, the first impeach-
high standards for removal. ment of a sitting cabinet mem-
Democrats, who have a nar- ber in the country’s history,
row 51-49 majority in the amid a record number of ille-
chamber and stayed united gal crossings at the southern
through the proceedings, felt as border. Republicans, with little
though they “had to set a prec- hope of a conviction in the
edent that impeachment should
never be used to settle policy
disagreements,” Schumer said
after the trial ended. “We’re
supposed to have debates on
Senate, have used the case to
highlight President Biden’s re-
cord headed into the election.
The impeachment passed
the House in a 214-213 vote in
he planned to lay out his long- the issues, not impeachments February, after an earlier ef-
stalled proposal on foreign aid, on the issues,” he said. fort failed. The House didn’t
months after the Senate Senators were sworn in as send the matter to the Senate
passed its measure that jurors on Wednesday after- until Tuesday.
wrapped together money for noon and signed an oath book Senators conducted two im-
Ukraine, Israel, Taiwan and as the proceedings got under peachment trials of former
humanitarian efforts. Congres- way. Schumer called a vote on President Donald Trump, after
sional leaders of both parties declaring that the first of two impeachments by the then-
and Biden had urged Johnson articles of impeachment— Democratic-controlled House.
to take up the Senate bill, but which alleged that Mayorkas Supreme Court Chief Justice
he opted for a different ap- has willfully refused to comply John Roberts presided over
proach to try to work around with federal immigration the first Trump proceedings
sharp disagreements in the laws—was unconstitutional. when he was still president. A
GOP over further aid to Kyiv. That vote was successful, pass- trial against a federal official
The House effort gained ing 51-48 with Republican Sen. proceeds under different rules,
new urgency after Iran Lisa Murkowski of Alaska vot- with Senate President Pro
launched a wave of more than ing present, effectively dis- Tempore Patty Murray (D.,
300 drones and cruise and bal- missing the article. Wash.) presiding over Wednes-
listic missiles toward Israel The second article alleged a day’s proceedings.
last weekend, while conditions breach of public trust, saying Since taking control of the
in Ukraine have continued to Mayorkas made false state- House in January 2023, Repub-
deteriorate in the country’s ments about the state of the lican lawmakers have also
third year of trying to repel a southern U.S. border. That ar- tried to build an impeachment
Russian invasion. ticle was defeated in a 51-49 case against Biden, an effort
Biden, who also praised the vote. The Senate then voted that has struggled to make
inclusion of humanitarian aid 51-49 to end the trial, wrap- headway.
for Gaza, said passing the ping up the proceedings with- Mayorkas was the first sit-
package would “send a mes- out any direct vote on acquit- ting cabinet official to be im-
sage to the world: We stand ting or convicting Mayorkas. peached. Secretary of War Wil-
with our friends, and we won’t “Senate Dems are shirking liam Belknap resigned just
let Iran or Russia succeed.” their Constitutional duty and ahead of his impeachment vote
Democrats were also work- denying the American people a in 1876, and he was acquitted
ing on a backup plan to tee up trial of Secretary Mayorkas,” in the Senate.
a discharge petition, which
would force the Senate bill
onto the House floor. Still, the
petition maneuver needs a
majority of the chamber,
rarely works and was last
used in 2015.
Ahead of Johnson’s an-
nouncement, Republicans who
support sending aid to Ukraine
BRENDAN MCDERMID/REUTERS
were threatening to sign the
Democrats’ petition, people fa-
miliar with the discussions
said, and Democratic leaders
were encouraging members to
reach out to GOP colleagues.
Nearly all Democrats have
signed the petition. Alejandro Mayorkas at an event in New York on Wednesday.
package, which consisted of a suit, didn’t return a request for
10-year grant of stock options comment Wednesday.
with 12 vesting tranches based Tesla said Wednesday that a
stockholders from whom we
already have heard—as funda-
mentally unfair, and inconsis-
on the company reaching a vote in favor of the pay pack-
market capitalization of at age “could avoid a prolonged
least $650 billion while also period of uncertainty regard-
tent with the will of the stock-
holders who voted for it.”
hitting various revenue and ing the company’s most impor-
profit targets. The company tant employee.”
cleared the last of those hur- Under the proposal, Musk
Special committee
In the proxy filing, Tesla in-
dles in 2022. has to hold on to the stock for cluded a report from a special
Musk’s past equity five years after the options committee of the board, which
awards—the most recent of are exercised, incentivizing laid out the details of the Dela-
which is the contested 2018 him to keep working hard on ware court ruling compared
option grant—have gained Tesla’s behalf. with the pay package, making
more than $49 billion in value The judge in the Delaware the case that shareholders can
since 2020, including $1.4 bil- case, Chancellor Kathaleen Mc- use the details to make an in-
lion during 2023, measuring Cormick, criticized the process formed decision.
through year-end or the date for securing approval of “We suggest simply subject-
of vesting, the Musk’s compen- ing the original 2018 package
company said in sation, citing to a new shareholder vote, ac-
$55.8B
its filing. Musk’s “exten- companied by expansive dis-
In urging sive ties” with closure as to the process un-
shareholders to board members dertaken and the potential
approve the and agreed to conflicts of interest that were
2018 equity Maximum value of rescind the considered at the time,” the
award, Tesla ar- package, which special board committee’s re-
gues it could
the pay package at the time was port said.
undercut the proposed for Tesla valued at a Tesla said there is only one
eventual legal CEO Elon Musk maximum of Tesla board member on the
fees for the at- $55.8 billion. special committee: Kathleen
torneys repre- A spokesman Wilson-Thompson. She has a
senting Richard for Delaware’s team of advisers. Rock, the
Tornetta, the shareholder chancery court, where the pay- NYU law professor, said it is
whose lawsuit put that pay in package case was heard, de- unusual for committees to
question. clined to comment Wednesday. have fewer than three board
Tornetta’s attorneys are Tesla said it plans to appeal members.
seeking payment at least in the Delaware ruling. Tesla said many of its stock-
part on the grounds that by Robyn Denholm, the chair of holders disagreed with the
fighting to reject the pay pack- the board, asked shareholders court’s decision and four of its
age, they helped Tesla save in a letter released Wednesday 10 largest shareholders asked
compensation it would have to vote to approve Musk’s pay for a meeting with the board
otherwise been obligated to package. “Because the Dela- chair to discuss the issue.
give Musk. If shareholders ap- ware Court second-guessed Courts typically give boards
prove that package, the benefit your decision, Elon has not deference on pay decisions,
vanishes, and with it the law- been paid for any of his work and it is rare for a judge to
yers’ argument for high fees, for Tesla for the past six years strike down a compensation
Tesla said. that has helped to generate deal. McCormick said Musk
A lawyer for Tornetta, who significant growth and stock- and Tesla couldn’t prove that
Tesla said owned nine shares holder value,” she wrote. “That shareholders were sufficiently
at the time he filed the law- strikes us—and the many informed about the deal.
 THE WALL STREET JOURNAL. * * * * Thursday, April 18, 2024 | A5

U.S. NEWS

Columbia Ill-Prepared for Unrest Nassar Victims Get

Payout Over Bungled
Over Hamas War, President Says FBI Investigation
BY DOUGLAS BELKIN
BY LOUISE RADNOFSKY and failing to protect students.
Columbia University Presi- AND SADIE GURMAN USA Gymnastics and the U.S.
dent Nemat “Minouche” Shafik Olympic & Paralympic Commit-
told a congressional committee WASHINGTON—The Justice tee, accused of fostering a toxic
Wednesday that the school Department has agreed to pay environment in which Nassar
wasn’t prepared for the about $100 million to 100 vic- was unsupervised and gym-
firestorm stemming from tims of the former national nasts were afraid to speak out,
Hamas’s attack on Israel last fall, women’s gymnastics team agreed to settle claims for $380
which has led to numerous pro- doctor Larry Nassar, over the million in 2021 with hundreds
tests, instances of antisemitism, FBI’s failures to take seriously of athletes assaulted over three
and claims by Jewish students the reports brought to it of his decades.
that they feel unsafe on campus. potential abuse of athletes. The Justice Department’s
“When I first started at Co- The deal will resolve the inspector general detailed
lumbia, our policies, our sys- last remaining legal claims multiple failings in the FBI’s
tems, and our enforcement against the institutions that handling of the gymnasts’
DREW ANGERER/AFP/GETTY IMAGES;

mechanisms were not up to the botched their responses to complaints, which were
scale of this challenge,” Shafik Nassar—and bring the total brought to the Indianapolis
said. “They were designed for a price tag of legal payouts over field office on July 28, 2015, by
very different world.” liability for his actions to al- USA Gymnastics, the sport’s
Shafik, who became Colum- most $1 billion. national governing body.
bia’s president last July, faced The Federal Bureau of In- Indianapolis agents were
pointed questions from com- vestigation’s settlement was unsure if the allegations
mittee members critical of the reached in the fall and has against Nassar represented a
school’s response to instances Nemat ‘Minouche’ Shafik, left, president of Columbia University, told a House panel that the been accepted in principle by possible federal crime, accord-
of antisemitism on campus school’s systems ‘clearly have not been equipped to manage the unfolding situation.’ the women and girls who filed ing to the report. They were
since the outbreak of war in administrative also unsure
the Mideast in October. and speaking invitations from President Elizabeth Magill. Shafik and the other Colum- tort claims how to handle
The questions were part of a student groups to members of At that hearing, lawyerly an- bia officials conceded the against the concerns that
31/2 -hour hearing by the House foreign terrorist groups. swers to questions asked by school has more work in front agency in 2022 Agents were had been
Committee on Education and At the outset of the hearing, Rep. Elise Stefanik (R., N.Y.) of it. “The last six months on but hasn’t yet unsure if the brought to
the Workforce. The same com- committee chairwoman Rep. sparked a backlash from politi- campus have served as an ex- been finalized, them in India-
mittee in December elicited re- Virginia Foxx (R., N.C.), called cians, alumni and donors. Of treme pressure test,” said Ship- say people fa- allegations napolis—the
sponses from two Ivy league Columbia a hotbed of antisemi- the three university presidents man. “Our systems clearly have miliar with the city where USA
presidents that led to their tism. “Columbia stands guilty at the hearing that day, only not been equipped to manage matter.
represented a Gymnastics is
eventual resignations. of gross negligence, at best, Massachusetts Institute of the unfolding situation.” The claim- federal crime. based—when
The fallout from the war in and at worst has become a Technology’s Sally Kornbluth In their questions, some ants include Si- there were no
Gaza has been particularly in- platform for those supporting has retained her position. committee members focused mone Biles, Mc- allegations of
tense on college campuses, with terrorism and violence against Shafik appeared Wednesday on statements by Columbia Kayla Maroney, Nassar treating
many students torn over the the Jewish people,” Foxx said. morning with the co-chairs of professors attacking Israel. Maggie Nichols and Aly Rais- gymnasts there.
Oct. 7 attacks and Israel’s re- Committee members repeat- the school’s board of trustees, Rep. Tim Walberg (R., Mich.) man, the elite gymnasts who According to the report, the
sponse. Universities have faced edly probed decades of faculty Claire Shipman and David singled out Prof. Joseph Mas- were first identified in the Indianapolis agents didn’t for-
the challenge of balancing attacks on Israel that they said Greenwald, and David Schizer, sad, who teaches Arab politics. summer of 2015 as having mally document their meeting
speech rights with the rights of had set the stage for the anti- a law professor and former According to Walberg, Massad been potentially abused by with the USA Gymnastics offi-
students to attend school with- semitism that burst forth on dean of Columbia’s law school. said foreigners who join the Is- Nassar as well as dozens of cials, which came after the
out feeling harassed. campus after Oct. 7. During testimony Wednesday, raeli military are “baby-killing patients sexually assaulted by gymnastics body had con-
Jewish students at Columbia Shafik responded that the Shafik and others emphasized Zionist Jewish volunteers for Is- him for more than a year after ducted its own five-week in-
have alleged incidents of as- school continues to ramp up the steps the school has taken raeli Jewish supremacy.” the FBI was alerted to the ternal inquiry into concerns
sault, antisemitic graffiti such processes to address antisemi- since Oct. 7 to clamp down on Prof. Massad called Wal- gymnasts’ concerns. about Nassar. And after the
as swastikas, calls for the de- tism on campus and that pro- antisemitism. Shafik said the berg’s description of his work Michigan State University, meeting, Indianapolis agents
struction of Israel at rallies, fessors who have expressed an- school has revised its policies on and words false and defama- where complaints about Nas- spoke with only one gymnast:
tisemitic viewpoints wouldn’t student behavior and had sus- tory and said Shafik’s insinua- sar had been dismissed and McKayla Maroney. The report
be hired under her watch. pended 15 students and put six tion that he had been repri- buried several times, agreed to says the interview wasn’t
Watch a Video The hearing comes four on disciplinary probation for vi- manded was false. settle claims with hundreds of properly documented until
Scan this code months after heated exchanges olating them. At the end of the —Melissa Korn victims for $500 million in February 2017, which is
for a video before the same committee hearing Rep. Foxx chastised contributed to this article. 2018 and paid a $4.5 million around the time The Wall
about Shafik’s prompted the resignations of Shafik for misleading the com- fine to the Education Depart- Street Journal first docu-
testimony to Harvard President Claudine Gay mittee and said only two stu-  NPR editor who criticized ment for violating federal mented the delays in the in-
the committee. and University of Pennsylvania dents had been suspended. coverage quits..................... B1 crime-reporting guidelines vestigation.

U.S.WATCH

WEATHER
THE RAIN
MATAYAH UTRAYLE-SHAYLENE SMITH/ASSOCIATED PRESS

Viola, an elephant with the Jordan World Circus, took a stroll through Butte, Mont., after being
spooked by a loud noise and breaking through a fence. She was recaptured in short order.

NEW YORK MONTANA NEW JERSEY

Cyberattack Hits Startled Elephant Order on Ballot
Bill-Drafting Office Briefly Breaks Free Design Affirmed
The New York state Leg- The sound of a vehicle A federal appeals court on
islature’s bill-drafting office backfiring spooked a circus el- Wednesday affirmed a lower
was hit with an apparent cy- ephant while she was getting court’s decision to order New
berattack, officials said on a pre-show bath in Butte, Jersey Democrats to scrap a
Wednesday. Mont., leading the pachyderm ballot design widely viewed as
Officials said the bill- to break through a fence and helping candidates with estab-
drafting system was down take a brief walk, stopping lishment backing.
since early Wednesday. noontime traffic on the city’s The Third Circuit Court of
The office is responsible busiest street before being Appeals considered a slimmed-
for printing legislation for loaded back into a trailer. down appeal brought by the
lawmakers at the state Capi- Viola, an Asian elephant Camden County Democrats af-
tol in Albany. with the Jordan World Circus, ter the county clerks—the offi-
The apparent cyberattack still participated in two per- cials charged with designing
came as the Legislature is
moving to finalize its state
formances on Tuesday after
her time on the lam in the
ballots in New Jersey—dropped
out of the appeal of a lower
SIDE WINDOW DEFLECTORS
budget bills, though Gov. southwestern Montana city court’s temporary injunction.
Kathy Hochul said the inci- of about 35,000 people. The appeals court’s deci-
dent isn’t expected to dra- Viola was getting a bath sion means that U.S. District
matically delay the process. behind the Butte Civic Center Judge Zahid Quraishi’s order Let fresh air in — whatever the weather. Side Window Deflectors
“We have to go back to just after noon on Tuesday requiring clerks to stop using
the more antiquated system when she was startled, Civic the so-called county line bal-
keep the rain out when you crack your windows open. Plus, they
we had in place from 1994. Center manager Bill Melvin lot, which lists candidates fit securely in your vehicle’s window channel for a sleek, OEM
You know this happened said. She went through a with political party support in
very, very early in the morn- “kind of rickety” fence and a single column and often rel- look. This spring, enjoy rainy days with WeatherTech.
ing and so we’ve been on went onto Harrison Avenue, a egates others to “ballot Sibe-
top of this,” Hochul, a Demo- four-lane street. Viola walked ria” will stand.
crat, said in a WNYC radio about half a block in the road The court’s order far from
interview. before turning into the park- resolves the issue in New Jer-
Mike Murphy, a spokes- ing lot of a convenience store sey, which had been unique in
man for the leader of the and casino, Melvin said. the country for using the
state Senate, said the bill
drafting office “can still pro-
People with the circus
drove a trailer over with an-
county-line-style ballots.
Quraishi’s order applies only to
Auto. Home. Pet. Find Your Fit. 1-800-441-6287
cess work for the houses other elephant inside, Melvin the Democratic primary on
© 2024 MacNeil IP LLC
and we don’t believe this said. They “put the ramp June 4 because Republicans
will delay the overall pro- down and she walked right sought to join the lawsuit af-
cess.” back in and that was it.” ter a deadline passed.
—Associated Press —Associated Press —Associated Press
A6 | Thursday, April 18, 2024
Tehran Braces for Retaliatory Israeli Attack
U.S. and Europe are
pressing Netanyahu
to temper response
to weekend assault
DUBAI—Iran is bracing for a
retaliatory Israeli attack on its
territory or proxies, as the U.S.
and European nations press Is-
rael for a response that avoids
By Rory Jones,
Summer Said
and Laurence Norman
an escalation in tensions
caused by Tehran’s weekend
missile and drone assault.
Iran on Wednesday said it
was readying its air force for
strikes and its navy would be-
gin escorting commercial Ira-
nian ships in the Red Sea. Teh-
ran also has begun evacuating
personnel from sites in Syria
where its Islamic Revolution-
ary Guard Corps has a large
presence, said Syrian and Ira-
nian officials and advisers.
The IRGC and Iran-backed
militant group Hezbollah have
reduced the presence of their
senior officers in Syria, while
midranking officers are shift-
ing from their original loca-
tions in the country, Syrian
security officials said.
Israel has said it intends to
respond, but officials say they
will do so when they choose
and in a responsible manner.
Iran Makes Dangerous Gamble on Open Conflict
BY JARED MALSIN
AND BENOIT FAUCON
ISTANBUL—For two de-
cades, Iran stayed in the shad-
ows and relied on militias that
it funded around the Middle
East in its deadly fight with Is-
rael. Its direct attack on Israel
last weekend marked a strate-
gic shift—and a major gamble.
Iran had long known it had
a weaker conventional military
than Israel and its top ally, the
U.S. For most of its existence
since the 1979 Islamic revolu-
tion, Tehran had few friends
in foreign capi-
tals to support
a straight-on
attack on a U.S. Iran decided to
ally. attack Israel
Iran’s mas-
sive drone and under pressure
missile strike
on Israel—for
from allied
which its mili- militias.
tary took full
credit and
vowed to do
again if Israel retaliated—
came after years of building
stronger diplomatic ties with
American rivals such as Rus-
sia and China, mending fences
with neighbors such as Saudi
Arabia and building up its
economy through illicit oil
sales. It marked a dramatic il-
lustration of Tehran’s shift
away from accommodation
with the West and toward
Drone, Missile Warfare Tests
Strapped Defense Systems
The near-complete defeat
of Iran’s drone-and-missile
barrage against Israel on Sat-
urday marked a success for
air-defense systems, but was
By Alistair
MacDonald,
Doug Cameron and
Heather Somerville
also a sobering reminder that
weapons capable of intercept-
ing these sorts of attacks are
in short supply.
Countries around the world
have moved to bolster their
air defenses in recent years,
spurred by Russia’s war on
Ukraine, concerns about ten-
sions in the Asia-Pacific re-
gion and renewed conflict in
the Middle East. Yet the com-
panies that produce air-de-
fense systems are struggling
to meet the surging demand,
and countries ordering the
technology are grappling with
long waits and high costs.
After years of underinvest-
ment, a global scramble for
missiles has meant it now
takes around two years or
more to deliver some air-de-
Iranian soldiers marched past President Ebrahim Raisi during a military parade marking the nation’s army day on Wednesday.
The Biden administration is
encouraging Israel not to re-
taliate and to be satisfied that
a U.S.-brokered alliance in-
cluding Israel and Arab na-
tions repelled Iran’s Saturday
assault, which included more
than 300 attack drones and
cruise and ballistic missiles.
U.K. Foreign Secretary David
open confrontation with the
U.S. and its allies.
Now, Iran and Israel stand
on the brink of an escalatory
cycle of violence that poses
extreme dangers for both
sides. Israeli war-cabinet
members have said the coun-
try will strike back, with U.S.
officials saying it is likely to
come soon.
A growing faction of Iranian
hard-liners has been calling for
tougher action against Israel, as
it inflicted heavy damage on
Tehran’s network of militias, in-
cluding a strike this month on a
diplomatic facil-
ity in Damascus
that killed se-
nior military of-
ficers. For many
Iranian hard-lin-
ers, that attack
demanded a Hossein Salami leads Iran’s Revolutionary Guard, which carried out Saturday’s attacks.
paradigm-shift-
ing response.
“We have de-
cided to create
a new equa-
tion,” said Maj. Gen. Hossein
Salami, the head of Iran’s Is-
lamic Revolutionary Guard
Corps, the powerful paramili-
tary organization that carried
out Saturday’s attacks. “From
now on, if the Zionist regime
attacks our interests, assets,
figures and citizens anywhere,
we will reciprocally attack it
from the origin of Iran,” he
told state television on Sunday.
fense interceptors. A lack of
some components, like rocket
motors, contributes to that
lag.
“I am concerned that we’ve
taken a bit of a holiday and
that we are playing some
catch-up here,” John Hill, dep-
uty assistant secretary for
space and missile defense, told
lawmakers last week.
Air-defense systems—and
the missiles they fire—typi-
cally take a long time to make
and often cost far more than
the targets they aim to shoot
down, particularly in the case
of drones. The potential for
swarms of small autonomous
drones pose further challenges
to today’s equipment, and new
technologies to address these
evolving threats are still un-
der development.
Iran’s attack on Israel over
the weekend stood out for its
sheer scale: more than 120
ballistic missiles, over 30
cruise missiles and approxi-
mately 170 drones. The Israe-
lis intercepted most of the
ballistic missiles using Arrow
air–defense systems, senior
U.S. officials said. Around four
WORLD NEWS
Cameron and German Foreign
Minister Annalena Baerbock
were in Israel on Wednesday
to meet Prime Minister Benja-
min Netanyahu and reinforce
that message of de-escalation.
Addressing his cabinet af-
terward, Netanyahu said he
told the diplomats that Israel
“will make our own decisions,
The shift bears enormous
risks for Tehran, handing Is-
rael an opportunity to change
the conversation away from
the internationally unpopular
war in Gaza and presenting a
test for Iran’s military capabili-
ties for which it may not be up.
“The Iranians aren’t looking
for popularity. They’re looking
for leverage,” said Jon Alter-
man, a former State Depart-
ment official who is now senior
vice president at the Center for
Strategic and International
Studies in Washington.
to six missiles were shot down
by U.S. destroyers, and one
was taken out by a U.S. Patriot
air-defense battery.
U.S. fighters shot down
most of the drones, though
some were destroyed by Brit-
ish, French and Israeli air-
craft.
The defeat of the Iranian
barrage was possible because
of Israel’s sophisticated, mul-
tilayered air-defense system
and assistance provided by
the U.S. and other Western
and Arab partners. But Israel
would likely struggle if it was
faced with many waves of at-
tacks, such as Ukraine has ex-
perienced in more than two
years of its war with Russia,
defense analysts say.
“Israel seemed to do pretty
well, but the downside is that
a large number of interceptors
were expended in the pro-
cess,” said Tom Karako, the
director of the Missile Defense
Project at the Center for Stra-
tegic and International Stud-
ies, a U.S. think tank. “It’s cer-
tainly the case that strains on
magazine inventory is going to
be a problem, for everybody.”
and…do everything necessary
in order to defend herself.”
The shape of its response
has the potential to expand Is-
rael’s conflict in Gaza with
Tehran-backed Palestinian
group Hamas into a wider re-
gional war, an outcome most
sides appear eager to avoid,
though fears are growing that
“The Iranians feel they are
in an existential battle with
the United States and its allies
and partners, regardless of
what they do. So they don’t see
a choice except taking a risk.
And they see their continued
survival as a victory,” he said.
The attack comes after Iran
began supplying Russia with
drones that have been used to
attack Ukraine and helping
build a drone factory on Rus-
sian soil—moves that alarmed
U.S. officials and helped give
Moscow an edge in the war in
An Israeli soldier walked near an antimissile-battery site near the Gaza border on Wednesday.
Over the past couple of
years Ukraine has largely re-
lied on Western-provided
equipment to intercept more
than 2,000 ballistic, cruise
and other types of missiles, as
well as around 5,500 Iranian-
designed Shahed drones. How-
ever, Kyiv’s interception rates
have been falling as it runs
out of missiles.
This week, Ukrainian Presi-
dent Volodymyr Zelensky told
PBS that Russia was able to
destroy a major power plant
recently because Kyiv’s mili-
tary forces ran out of missiles
THE WALL STREET JOURNAL.
to raise government revenues.
In a sign Israel is consider-
ing the U.S. and its allies’
message, Israeli officials as-
sured Gulf states and other
Arab countries on Monday
that its response to Iran’s at-
tack wouldn’t endanger their
security and would likely be
limited in scope, The Wall
Street Journal reported.
Already, Iran’s IRGC has en-
acted emergency measures for
its facilities across Syria.
Some IRGC members have
evacuated their bases in Syria.
Only a few soldiers are staying
behind to defend arsenals.
Iran-linked facilities in Syria
ATTA KENARE/AGENCE FRANCE-PRESSE/GETTY IMAGES
are viewed by military experts
as an option that would allow
Israel to respond but avoid a
spiral of tit-for-tat exchanges
that lead to a broader conflict.
Tehran has said it would re-
spond to any Israeli action, sig-
naling it no longer wants to
continue its decadeslong
shadow war with Israel—fought
largely with its proxies—and
will now engage directly.
“The smallest action against
Iran’s interests will definitely
Israel and Iran could misinter- be met with a severe, extensive
pret each other’s intentions. and painful response against
To encourage Israel to limit all its perpetrators,” Iranian
its response, the White House President Ebrahim Raisi said.
on Tuesday said it would im- Israel already engages in al-
pose economic sanctions on most daily exchanges of fire
Iran, including on the IRGC and with Iran’s most potent proxy,
its missile and drone programs. the Lebanese militia Hezbollah.
Other sanctions could target —Benoit Faucon
its oil industry and its ability contributed to this article.
Lebanese militia Hezbollah, a
valuable ally that is one of Is-
rael’s most dangerous enemies.
Even when Israel struck a
building hosting Iranian con-
sular activities, a military re-
taliation wasn’t a given, advis-
ers to the Revolutionary Guard
and the Syrian government
said. Iran could have decided
not to retaliate, these people
said. It could have decided not
to designate the building as
part of its territory and ig-
nored the death of its com-
manders, as it had done with
years of previous attacks on
ROUZBEH FOULADI/ZUMA PRESS
its assets in Syria, they said.
Israel hasn’t taken respon-
sibility for the Damascus at-
tack, and Israeli officials said
intelligence showed the build-
ing wasn’t a real diplomatic
facility but a building used for
Iranian military purposes.
Iran decided to intervene
Ukraine. Iran has also built under pressure from allied mi-
out its nuclear program since litias, a group that calls itself
the U.S. pulled out of its deal the Axis of Resistance, which
with Tehran in 2018. U.S. offi- was getting repeatedly attacked
cials say they don’t believe by Israel and the U.S., a Revolu-
Iran is currently working on tionary Guard adviser said.
building a nuclear weapon. At a meeting of intelligence
As recently as February, Ira- and Guard leaders on Monday,
nian officials said they had Ali Akbar Ahmadian, the secre-
identified two red lines that tary of Iran’s Supreme National
would prompt a large-scale at- Security Council, said “the de-
tack on Israel: a direct strike cision was made due to grow-
on its strategic assets within ing frustration by [Yemen’s]
Iran, such as its nuclear and Houthis and others in the ‘re-
petrochemical facilities, or a sistance’ that Iran was not do-
ground offensive against the ing anything,” the adviser said.
KOBI WOLF/BLOOMBERG NEWS
to defend it. Russia fired 11 Kalisky, a researcher at the In-
missiles, and Ukraine only had stitute for National Security
seven to counter them. Studies, a Tel Aviv-based think
The West, though, doesn’t tank.
have large quantities of mis- Western officials worry
siles and defense systems left that costs will only rise. Pen-
to give Ukraine. The systems tagon officials have said they
also aren’t cheap: Each Patriot want the production of coun-
battery, which can be armed terdrone defenses stepped up
with 32 missiles, costs around dramatically, a recognition
$1 billion. that firing multimillion-dollar
The cost of Israel intercept- missiles to down something
ing about half of the Iranian that costs just thousands of
barrage this weekend was es- dollars is unsustainable.
timated at 2.1 billion Israeli —Anat Peled
shekels, or more than $550 and Michael R. Gordon
million, according to Yehoshua contributed to this article.
 THE WALL STREET JOURNAL. * * * * Thursday, April 18, 2024 | A7

WORLD NEWS
Ukrainian front line
Russian forces April 15

RUSSIA
R
RUS SII A
SIA

Kharkiv
Khark
Kharki
iv
Kupyansk
py k
RUSSIAN
OFFENSIVES

UKRAINE
UK
UKR
K AINE
E Lyym
Lyma
Lym
Lyman
yman
man
an

Chasiv Yar LLuhansk

Luhans
Luh
uhaans
annsk

Dnnipro
D
Dnipro
pro
Avdiivka
Avd
Avdiiv
ivka
iv ka
SERHII KOROVAYNY FOR THE WALL STREET JOURNAL

Robotyne
Roboty
obot
oobotyne
tyyne

Mariupol
Mariup
Mar
Ma
M a iuppol

50 miles
Sea of Azov
50 km

Sources: Institute for the Study of War and AEI’s Critical Threats Project; staff reports
A Ukrainian soldier checks a vehicle in between missions in the Donetsk region of Ukraine. Andrew Barnett/THE WALL STREET JOURNAL

Hopes Dim tillery can fire 10 shells for ev-

ery one of Ukraine’s, he said.
“Can we stand like this? No,”
bill is expected Saturday eve-
ning.
In another sign of hope for
Taking Chasiv Yar, once
home to slightly more than
10,000 people, would open a
are becoming harder to defend
against.
While Russia has suffered
Ukraine’s ability and will to
fight. Russia’s increased drone
and missile attacks aim to

For Stopping he said. “Whatever we do, with

these numbers, they will push
us back every day.”
Ukraine, the Czech Republic re-
cently orchestrated acquisition
of nearly one million artillery
path to attacking other cities,
such as Kostyantynivka and
Kramatorsk, in the eastern Do-
considerable battlefield losses
in Ukraine—including more
than 2,000 tanks and 315,000
flaunt its strength, degrade
Kyiv’s resources and show
Ukraine’s Western backers that

Russia On Wednesday, Ukrainian

Continued from Page One
To be sure, Russia is gaining
ground very slowly and suffer-
ing heavy losses in personnel
and equipment. If Ukraine can
cling on this year and replenish
its forces, it could seek to coun-
terattack against a drained en-
emy.
But with the future of U.S.
aid uncertain, and European
countries unable to signifi-
cantly increase assistance
quickly, Ukraine’s prospects for
turning the tables on Russia
are fading.
“Without this aid, we’ll have
no chance of winning,” Presi-
dent Volodymyr Zelensky of
Ukraine told PBS in an inter-
view aired Tuesday. Russian ar-
officials said at least 17 were
killed in a Russian strike on the
city of Chernihiv north of Kyiv.
Missiles hit a hospital and
other civilian buildings, they
said.
“It wouldn’t have happened
if Ukraine had received enough
air-defense equipment and if
the world’s determination to
counter Russian terror had also
been sufficient,” Zelensky said
on social media.
In Washington, House
Speaker Mike Johnson on
Wednesday said he would hold
a funding vote for Ukraine, Is-
rael and other overseas allies.
Democrats were expected to
back the aid effort, with Presi-
dent Biden voicing strong sup-
port. Many GOP lawmakers
planned to oppose the mea-
sure. A final vote on the House
shells, which are going straight
to the front. Other such efforts
are being organized. If
Ukraine’s allies can restock its
arsenals, Kyiv’s forces could
thwart further Russian ad-
vances.
The front line is barely mov-
ing because of Ukrainian brav-
ery and ingenuity—and Russian
tactical weaknesses.
“We are more efficient,
more effective, more technolog-
ical,” said a Ukrainian officer
who commands an aerial-drone
unit near the city of Avdiivka,
which fell to Russia in Febru-
ary. “They go home after any
defeat, but we lose our land,
our homes, our people.”
A critical Russian target is
the city of Chasiv Yar, located
on heights to the west of
Bakhmut, which Russia cap-
tured last year.
netsk region. The province is a
key target for Putin, who has
declared it annexed to Russia.
Ukraine is adapting by con-
serving its supplies and reposi-
tioning forces to better protect
them and their equipment. De-
fenders have an advantage
against attackers, who must
expose themselves to advance.
Ukraine’s military has
sought to shore up defenses
through networks of trenches,
bunkers and minefields, al-
though soldiers say they are
patchy.
“They’re already taking
some tough decisions and
adopting a much more consid-
ered defensive stance,” said re-
tired U.S. Air Force Gen. Philip
Breedlove, a former NATO Su-
preme Allied Commander.
But Russia’s advantages in
both manpower and equipment
soldiers wounded or dead—its
traditional land forces have
been degraded far more than
its air force and navy, said U.S.
Army Gen. Christopher Cavoli,
NATO’s current supreme allied
commander, in testimony to
the House Armed Services
Committee on April 10.
“Russia is reconstituting
that force far faster than our
initial estimates suggested,” he
said, adding that its army is
15% larger than it was when it
launched the full-scale invasion
two years ago.
While bigger in total troop
numbers, Russia’s military lost
many of its best forces in
fighting, analysts note.
Some Western military-in-
telligence officials believe that
for now Moscow is less fo-
cused on achieving immediate
territorial gains than eroding
supporting it is futile.
Severe recent damage to
Ukrainian infrastructure, such
as the destruction of the larg-
est thermal-power plant in Kyiv
last week, suggests the coun-
try’s air-defense capabilities
are dwindling, analysts said.
Ukraine is moving its best
units from one place on the
front line to another.
Battalions from the 3rd As-
sault Brigade, one of the army’s
most powerful units, fought
around Bakhmut last year, was
sent into Avdiivka as defenses
collapsed, then redeployed to
near Kupyansk in the north.
Asked how they were hold-
ing the line with dwindling am-
munition, an officer from the
brigade said: “At the cost of
lives.”
—Sune Engel Rasmussen
contributed to this article.

WORLDWATCH
AMR ALFIKY/REUTERS

Rain drenched Dubai on Tuesday, flooding highways and causing flight cancellations and delays.

DUBAI SWEDEN ITALY

Severe Flooding
Cancels Flights
The most severe flooding
in decades caused a wave of
flight cancellations and de-
lays at Dubai International
Airport, prompting the
world’s second-busiest hub to
warn passengers to avoid it
unless absolutely necessary.
Some 10 inches of rain, the
most in 75 years, drenched
the United Arab Emirates on
Tuesday, according to the
country’s National Center of
Meteorology, leaving high-
ways besieged by rainwater
and prompting schools to
close. In neighboring Oman,
downpours over recent days
have caused the deaths of at
least 18 people, authorities
there have said.
About 540 departures and
420 arrivals have been can-
celed since the flooding
started, according to data
from flight-tracking service
Flightradar24. Dozens of
other flights have been re-
routed to alternative airports.
—Pierre Bertrand
Watch a Video
Scan this code
for a video on
the heavy rains
flooding the
U.A.E. and Oman.
Parliament Lowers
Gender-Shift Age
Parliament passed a law on
Wednesday lowering the age
required for people to legally
change their gender to 16 from
18. People under 18 will still
need approval from a guardian,
a doctor, and the National
Board of Health and Welfare.
However, a gender-dyspho-
ria diagnosis—defined by
medical professionals as psy-
chological distress experi-
enced by those whose gender
expression doesn’t match
their gender identity—will no
longer be required.
Following a nearly six-hour
debate, 234 lawmakers voted
for the plans, 94 against and
21 were listed as absent.
The center-right coalition
of Sweden’s conservative
prime minister, Ulf Kristers-
son, has been split on the is-
sue, with his own Moderates
and the Liberals largely sup-
porting the law while the
small Christian Democrats
were against it. Sweden Dem-
ocrats, the populist party with
far-right roots that support
the government in parliament
but aren’t part of the govern-
ment, also opposed it.
Denmark, Norway, Finland
and Spain are among coun-
tries that have similar laws.
—Associated Press
Milan’s La Scala
Names New Head
Milan’s La Scala, one of
the world’s most prestigious
and historic opera houses,
has named Fortunato Ortom-
bina as its new director, end-
ing months of political con-
troversy. He will step into the
post in September at the
famed Teatro alla Scala.
Milan Mayor Giuseppe Sala
made the announcement on
Tuesday after the opera
house’s board of directors final-
ized Ortombina’s appointment.
La Scala’s new leader, cur-
rently the general manager
at Venice’s opera house, La
Fenice, takes over from Do-
minique Meyer, who has been
at the helm of Milan’s opera
since 2020. Meyer will remain
in his current position until
Aug. 1, 2025, while Ortombina
will act as the director-desig-
nate until fully taking over.
Ortombina’s appointment
comes as the far-right govern-
ment of Premier Giorgia Mel-
oni is trying to promote Italian
nationals for leadership posi-
tions at major cultural posts,
favoring them over foreigners.
Ortombina, 63, had served
as coordinator of La Scala’s ar-
tistic direction from 2003-2007,
before becoming the artistic di-
rector at La Fenice.
—Associated Press
A8 | Thursday, April 18, 2024
Beijing
Punishes
Debtors
Continued from Page One
pay money back or are
deemed to be not cooperating
with legal proceedings.
Unlike in the U.S., China
doesn’t allow most people to
declare bankruptcy to write
off bad debts and move on
with their lives, a policy some
Chinese scholars are criticiz-
ing as unfair.
Household debt has surged
by 50% in the past five years,
to around $11 trillion. While
that is lower than the $17.5
trillion Americans owe, it is a
huge sum in a country where
people earn far less.
With home prices falling,
deflation risks becoming en-
trenched and unemployment a
persistent challenge, Chinese
leaders are eager to get people
spending more. But funds go-
ing to pay for debt take away
from those that could be used
to splurge on new clothes or
pay for a vacation. The threat
of punishment for falling be-
hind on debt is making many
families more conservative
with their money.
Retail sales of consumer
goods in China rose 4.7% year-
over-year in the first quarter,
the government said Tuesday,
lagging behind total economic
growth of 5.3%. As many in
China curtail spending, the
government is giving priority
to turbocharging manufactur-
ing and exports, a strategy
that is exacerbating trade ten-
sions with the West.
With so many Chinese con-
sumers under financial pres-
sure, Western companies in-
cluding Apple, Estée Lauder
and General Motors have re-
ported weaker sales in China.
Chinese officials didn’t re-
spond to questions about the
blacklisting system. The gov-
ernment has said previously it
only seeks to target those who
have the ability to repay their
debts but refuse to do so.
China’s long housing boom
was a significant cause of the
rise in personal debts, because
many people had to borrow
more to afford homes. Some
buyers took on extra debt to
buy more properties for in-
vestment purposes. Now that
the boom is over and prices
are falling, many are stuck
with debts they can’t handle.
The number of foreclosed
homes listed for sale rose 43%
in 2023 to about 400,000
properties, according to real-
Oklahoma
Hopes Run
Very High
Continued from Page One
question that many people ask
me every time this project
comes up: ‘How are you in-
tending to build a tower this
tall in the wind and storms
and tornadoes we have in
Oklahoma City?’” asked Plan-
ning Commission Chairman
Camal Pennington.
Rob Budetti, managing
partner of AO, the project’s
California-based architect,
said engineers plan a core of
concrete walls between 4- and
6-feet thick surrounding the
elevator shaft, and windows
that can stand the force of a
tornado without shattering or
being sucked away. “It is
probably one of the safer
places to be,” he said.
“I don’t know if you’re go-
ing to catch me at the top,”
quipped Pennington.
Meeting at City Hall, com-
missioners had already ap-
proved zoning for a carwash
for tractor trailers by the time
they reached the skyscraper
project, glamorously dubbed
as a SPUD, or Simplified
Planned Unit Development.
‘A bit tacky’
After hashing it out for
about an hour, they ultimately
recommended the city council
approve removing the height
restrictions for the $1.6 billion
four-building project, which
also includes a lagoon and
boardwalk amid restaurants
and entertainment. (Penning-
ton says he hopes the building
happens, despite his fear of
heights.)
But they put off a decision
on large LED-style signs that
would be draped above street
People with bad debts are subject to a government blacklist, which bars them from the Fuxing bullet train, among other things.
estate research firm China In-
dex Academy.
The increase in personal
debts is also partly a result of
more people using credit
cards or tapping personal
credit lines to handle expenses
as the economy stagnates.
Many economists said a
U.S.-style financial crisis is un-
likely in China soon. State con-
trol of the banking system
means the government can ab-
sorb losses and inject capital in
an emergency. Household
debts have also largely pla-
teaued over the past two years,
as many people give priority to
using extra cash to pay down
liabilities rather than shopping
or investing in stocks.
The prevalence of large
personal debts is a problem
for China’s leadership.
“Household debt booms tend
to lead to bad macroeconomic
outcomes, even in the absence
of a financial crisis,” said Amir
Sufi, a University of Chicago
economist. China has no simple
fix. “Once the cycle starts, it’s
usually one in which it’s pain-
ful, long and difficult to predict
when it will end,” Sufi said.
Tough system
China has tried for years to
lift personal spending to ease
its economy’s traditional reli-
ance on infrastructure and
real-estate growth. Its banks
issued tens of millions of new
credit cards each year, with
outstanding balances jumping
50% between 2018 and 2023 to
well over $1 trillion. Private
level on the lower floors of the
buildings and other lighting
that would crawl up the sides
of the tower.
“The flashing lights are a
bit tacky for Oklahoma City,”
complained Cynthia Cian-
carelli, a local resident who
spoke against the project.
“We’re not Vegas, we’re not
Times Square.”
After long riding the booms
and busts of the oil-and-gas
industry, Oklahoma City has
been thriving and diversifying
in recent years.
Leaders in the city of
700,000 pride themselves on
using a 1-cent sales tax to
fund projects such as a tree-
lined canal with tour boats
that ferry visitors through the
Bricktown entertainment dis-
trict, sleek streetcars, a mi-
nor-league ballpark and a new
convention center.
These attractions, along
with plans for a new arena for
the Thunder pro-basketball
team and a pro-soccer sta-
dium, bode well for the proj-
ect, Matteson said.
Still, his ambitious plans
fall short for some.
“LMAOOOOO,” tweeted
Hayden Clarkin, a New York-
based transportation consul-
tant who goes by the Transit
Guy on social media, after see-
ing how the building would
tower over the vast expanse of
the city, with a few much
smaller buildings peeking up
from downtown.
“If you talk to 1,000 Ameri-
cans and say, ‘Where do you
think the tallest building in
America should be?’ I don’t
think anyone would pick Okla-
homa City,” he said.
Economist Jason Barr,
whose book “Cities in the Sky”
comes out next month, said
the proposed tower stretches
beyond what he calls the eco-
nomic height of a building—
the height that makes eco-
nomic sense—and goes well
into ego height.
“It would pencil out in New
York, it would pencil out in
FROM PAGE ONE
technology apps such as Ali-
pay and WeChat also started
helping consumers secure
loans as their digital payment
systems soared in popularity.
But when debts go unpaid,
a person’s income can be
seized by the state to cover
their liabilities, leaving debt-
ors with a small allowance.
A 38-year-old man petitioned
courts in the southern city of
Guangzhou to raise his monthly
allowance to
12,000 yuan,
equivalent to
around $1,600, China’s housing
from 9,500 yuan boom was a big
to help pay for a
newborn child. cause of the rise
Judges denied
his request late
in personal
last year, and in-
stead concluded
that his allow-
ance should be
cut by nearly 40% because he
was already getting too much,
court records show.
A black market has emerged
to serve people on the black-
list. In one case, Shanghai au-
thorities busted a ring of scalp-
ers who were booking high-
speed rail tickets on behalf of
debtors who were barred from
doing so. In early 2021, author-
ities tracked down a debtor
who had been using the service
and took him into custody, ac-
cording to a local court.
The current system gives
priority to protecting credi-
tors—often powerful, state-
owned institutions—at the ex-
pense of helping struggling
individuals. Scholars who
Chicago,” he said, “but statis-
tically I can’t see it penciling
out in Oklahoma City.”
Barr also wonders about
the rationale for an observa-
tion deck.
“I’ve never been to Okla-
homa City, but what do you
see when you go to the obser-
vatory? Prairie or whatever? I
can’t imagine that’s something
that would draw a lot of peo-
ple,” he said.
Internet memes have
placed a U-Haul truck atop the
tower, like the one currently
atop the 6-story U-Haul facil-
ity next door.
Aubrey Wilkinson, manager
of U-Haul Moving and Storage
of Bricktown, isn’t a fan of her
proposed neighbor.
“Nobody knows if it’s going
to survive Oklahoma weather,
and if that’s the case, I’m
probably the first one to go,”
she said.
When Mike Allen, staff car-
toonist for a local online pub-
lication NonDoc, learned the
building’s height was chosen
to honor Oklahoma’s 1907
founding, he had a question:
Standing Tall
Oklahoma City's Legends Tower would be more than twice as tall as the second-tallest building in the city, a big contrast
with other cities with tall buildings.
OKLAHOMA CITY
(Population: 0.7 million)
Height
difference
1,063 ft.
Legends Devon
Tower Energy Trade Center Park
(Proposed) Center
Ht.: 1,907 ft. 844 ft.
Note: The height of Willis Tower doesn't include its antennas, while other buildings in the group have spires that are counted toward their total height. Population is 2022 estimates.
Sources: Census Bureau (population); Council on Tall Buildings and Urban Habitat (building heights)
study the issue said China ur-
gently needs a nationwide
personal-bankruptcy system
to achieve leader Xi Jinping’s
goal of making the country
more equitable, by forcing
creditors and debtors to share
the costs of soured loans.
“A personal-bankruptcy
system is a mechanism for
the redistribution of wealth,”
Li Shuguang, a scholar who
has advised the government
on bankruptcy
policy, wrote in
a Chinese mag-
azine commen-
tary online last
summer.
Movement
on the issue
has been sty-
debts. mied in part by
opponents who
believe such a
system would
only encourage more people to
shirk their debts.
One woman’s saga
For Qin, the former factory
worker, easy access to credit
backfired badly.
As a 16-year-old in 1999,
Qin boarded an overnight bus
to the grimy manufacturing
hub of Dongguan, north of
Hong Kong, from her home in
rural southern China.
Her parents, who are farm-
ers, couldn’t afford a payment
of less than $15 needed for
her to take a high-school en-
trance exam. She vowed to
make it on her own and found
work in factories.
Why stop there?
His cartoon envisions the
developer going for 2,800 feet,
the number of calories in
Oklahoma’s official state meal,
which consists of BBQ pork,
sausage with biscuits and
gravy, chicken-fried steak,
fried okra, squash, black-eyed
peas, grits, corn, cornbread,
pecan pie and strawberries.
“When they first showed
the renderings, I just burst
out laughing because it just
looks so absurd compared to
everything else around here,”
Allen said.
Jamie Vesay and Suzanne
Johnson, a couple visiting
from Omaha, walked along the
Bricktown Canal on a recent
day. “It is the future. See who
can build the biggest one,”
said Vesay, a 61-year-old film-
location scout and producer.
Johnson, also 61, who
works in the convention busi-
ness, was less enthusiastic.
“The city still has kind of a
nice Midwest feel to it, and a
supertall building would just
be obnoxious. And are we into
obnoxious?”
NEW YORK CITY CHICAGO
(8.3 million) (2.7 million)
226 ft.
62 ft.
One World Central Willis Trump
Tower International Technology Center
Tower Hotel and Tower Center
1,776 ft. 1,550 ft. 1,451 ft. 1,389 ft.
A few years later, Qin se-
cured her first credit card.
With it, she bought a com-
puter to teach herself to type
so she could land a better job.
When the bill was paid, Qin
said she tried to cancel the
card. “Keep it for an emer-
gency,” the bank clerk told her.
Qin’s career flourished and
she eventually moved to the
metropolis of Guangzhou. By
2010, she said, she was man-
aging bidding for a company
that supplied fire-safety equip-
ment to real-estate projects.
Her nest egg steadily grew
from lucrative commissions.
When the property sector
slowed, she jumped industries.
An acquaintance had been in-
volved in a startup that was de-
veloping software to help small-
business owners collect WeChat
data to generate more foot traf-
fic and aid marketing efforts.
Qin said she invested the
equivalent of around $150,000
of her savings into the ven-
ture. The startup burned
through her initial investment
as it tried to get the software
up and running. Qin said she
then agreed to start putting
some of its expenses, includ-
ing office supplies, rent and
employee salaries, on her
credit cards, and to tap per-
sonal credit lines she had ob-
tained via WeChat and Alipay.
A roadshow by the com-
pany was warmly received, she
said. But its prospects dimmed
after the pandemic hit.
The company’s struggles
left Qin with tens of thou-
sands of dollars of debt. Phone
A rendering of the proposed skyscraper in Oklahoma City.
PHILADELPHIA
(1.6 million)
138 ft.
Comcast Comcast
1,112 ft. 974 ft.
THE WALL STREET JOURNAL.
China’s monthly
household debt
$12 trillion
10
8
6
4
2
0
2010 ’15 ’20 ’24
Source: CEIC
calls from debt collectors have
become a daily occurrence.
With no option of bank-
ruptcy, Qin concluded that a
new job was her only way out
of trouble. “As long as I’m still
LI RAN/XINHUA/ZUMA PRESS
living and have a life, I can work
hard to earn the money back.”
That path has faced unex-
pected difficulties. In 2021,
while preparing for a business
trip to Shanghai, more than
700 miles northeast of Guang-
zhou, Qin realized she had lost
her access to high-speed rail,
where a government I.D. is re-
quired to buy a ticket. She
took the slow train—and later
quit that job in part because
the travel restrictions were
making it impossible.
Local officials didn’t re-
spond to questions about Qin’s
case, and The Wall Street
Journal wasn’t able to verify
some details of her account.
Today, Qin is working in a
shop in Foshan, south of
Guangzhou, selling traditional
Chinese medicines. With a base
salary of about $400 a month,
she has found it tough to put a
dent in her debts, but said she
has managed to pay back two
of her credit cards so far, with
about $40,000 still to go.
Qin is trying to stay opti-
mistic, hoping that medicine
will be in high demand as
China’s population ages, open-
ing the door to bonuses and
potentially even running her
own shop. Still, she has had to
get creative to earn the cash
to pay her debts.
Her current role requires
Qin to collect payments from
customers using a digital wal-
let on WeChat. But she said
that function on her account
has been frozen several times
since 2022, leaving Qin to seek
help from her family.
She decided not to tell her
parents about the full scale of
her troubles, however. If they
knew the truth, Qin said, they
“wouldn’t be able to sleep.”
—Grace Zhu
and Zhao Yueling
contributed to this article.
AO ARCHITECTS
LOS ANGELES SAN FRANCISCO
(3.8 million) (0.8 million)
82 ft.
217 ft.
Wilshire U.S. Bank Salesforce Transamerica
Grand Tower Tower Pyramid
Center
1,100 ft. 1,018 ft. 1,070 ft. 853 ft.
Elizaveta Galkina/THE WALL STREET JOURNAL

© 2024 Dow Jones & Company. All Rights Reserved.
BY LAURA CASEY
G
rief is well recognized
as a process people go
through after losing a
loved one. But less at-
tention is paid to the
grief of people with
chronic illnesses and disabilities
for the losses they’ve suffered.
The grief of those with chronic
health issues—for the loss of capa-
bilities, for changed or ruptured
relationships, for changes in ap-
pearance, for the forced end of a
career, or for former dreams for
the future—can last for long peri-
ods and recur often, as losses and
uncertainty become a constant
feature of life.
“What’s the next thing that [my
conditions are] going to take from
me?” asks Andrew Gurza, a disabil-
ity-awareness consultant who has
cerebral palsy and chronic illness.
“What’s the next thing that I’m not
able to do anymore?”
People who have intimate
knowledge of the grief that comes
with chronic health issues say it
has a trajectory all its own—a tra-
jectory that many mental-health
professionals, friends and family
often don’t understand. The idea
that everyone goes through five
stages of grief—denial, anger, bar-
gaining, depression and accep-
tance—doesn’t ring true for many
disabled people. Chronic illness,
other disabilities and the grief
they bring often run an unpredict-
able course, easing but then flar-
ing up again, a cycle that can re-
cur over time.
Multiple blows
Chimére L. Sweeney, a long-Covid
activist in Poughkeepsie, N.Y., who
lives with the illness, recalls first
feeling disability-related grief dur-
ing a 2020 visit to the ER when she
lost vision in her left eye to cata-
racts. She remembers thinking then
of that latest setback as “a continu-
ation of robbing me of my ability
to do anything significant.”
Sweeney, 41 years old and a
middle-school teacher in Baltimore
on disability leave at the time, had
already lost a romantic relation-
ship in part because of her disabil-
ity. And in 2022 she had to leave
her job, which she had seen as her
calling. “There was a lot of grief, a
lot of tears,” she says. “Losing
those kids devastated my life.” She
hasn’t been able to return to work.
Others grieve things they sud-
denly discover they’ll never expe-
rience. Whitney West, a disability
advocate and educator with fibros-
ing mediastinitis, a rare lung dis-
ease, says a cardiol-
ogy nurse told her
early in her illness
that with pulmonary
hypertension, a
symptom of her con-
dition, she shouldn’t
become pregnant.
West, a 38-year-
old resident of Baton
LANDON SPEERS FOR THE WALL STREET JOURNAL (2)
Rouge, La., says she
was enraged. “It was
one thing that I had
dreamt about above
anything else in my
 Sweeney, who has
long Covid, says she
has lost friends by
not being present at
in-person events.
Heirs Get More Time for IRA Withdrawals
BY ASHLEA EBELING
M
any Americans who inher-
ited retirement accounts
since 2020 won’t be required
to start pulling money out this year
after the Internal Revenue Service
said it was further postponing en-
forcement of a law passed in 2019.
Part of the law required most in-
heritors other than
spouses to empty
IRAs within 10 years,
not over their life- The timing of
times, as was previ- retirement
ously allowed. Many
heirs interpreted this distributions
to mean that they
could hold off pulling
matters for tax
money out until year strategy.
10, allowing them to
time their withdraw-
als to lower their
taxes while the balances continued
to grow.
Then, in February 2022, the IRS
proposed rules mandating annual
withdrawals for these inheritors
during that 10-year period, if the
original account owner had already
been taking distributions.
After complaints from taxpayers
and financial-services companies
over how to follow the new rules,
the IRS said it wouldn’t impose
penalties for missing required mini-
ISTOCK
mum distributions, or RMDs, until
PERSONAL JOURNAL.
Chronic Illness Often
Spurs Feelings of Grief
Few people understand the losses that can accompany a disability
life,” she says, and it was “instantly
ripped away in a very callous, in-
human and undignified way.”
While feelings of loss—which
can emerge as a range of emo-
tions—wax and wane over time,
new issues often appear, especially
with age.
Gurza, who has irritable-bowel
syndrome in addition to cerebral
palsy, says he most grieves mile-
stones he sees as unreachable as
he turns 40 this year. “Most of my
friends that are 40 have kids, have
the details could be finalized, essen-
tially allowing these inheritors to
skip taking money out. That re-
prieve has now been extended
through 2024.
The penalty for failing to take re-
quired IRA payouts is assessed at
25% of the amount that should
have been taken out.
“It’s very difficult at best to fig-
ure it out,” said Larry
Steckmest, a retired
lawyer in Novato, Ca-
lif. He inherited a
modest IRA from his
mother who died at
age 101 in 2022. He
didn’t take any
money out for 2023
because of the IRS
delay and has been
waiting for the final
rules to decide what
to do for 2024 and beyond.
“You need to know what you’re re-
quired to do, and then you can decide
what you want to do,” he said.
Assuming the final rules don’t
change things, Steckmest will have
to start taking annual distributions
in 2025, based on his life expec-
tancy, and drain the account by Dec.
31, 2032.
When to take distributions
Withdrawals from traditional inher-
ited retirement accounts are
THE WALL STREET JOURNAL.
a family, have stable jobs,” the To-
ronto resident says. “I am still a
freelancer and have been for 12
years. I’ve never been in a long-
term relationship—and I can’t be
in a relationship because I’ll lose
my [disability] benefits.” (The
province of Ontario has asset and
income limits that cohabitating
couples must not exceed to receive
disability benefits.)
Those with lifelong health chal-
lenges also say they grieve the
friendships that were lost or
changed when they
became ill. Sweeney
says she lost friends
whose relationships
with her were con-
tingent on being
present at in-person
events, which she
can rarely attend due
to long-Covid symp-
toms and the risk of
reinfection.
“As soon as I
couldn’t be that per-
son to them any-
more, they evapo-
rated,” she says. Her
grief for that loss
would recur when
she looked at photos
of brunches and
other events her
Most nonspouse heirs have to pull money from inherited retirement
accounts within 10 years under a law passed in 2019.
treated as income by the IRS, so
the timing of these distributions
matters for tax strategy. For some-
one on the cusp of retirement, the
delay could reduce taxes.
“What you have to remember is
you still have 10 years to deplete
the account,” said Denise Appleby,
an IRA consultant in Grayson, Ga.
A 66-year-old who inherited a
parent’s $200,000 IRA in 2020
friend group had without her and
felt a sharp pang, missing the
sense of inclusion she once felt. “I
longed to be with those people,”
she says.
That kind of recurring grief is
familiar to Briana Mills, a thera-
pist in Simi Valley, Calif., who
has muscular dystrophy. “You
have these cycles where you can
sometimes get to a level of accep-
tance with it. But then something
will trigger you and remind you
just how disabled you are,” she
says.
“There’s this constant reminder
of you can’t do this. You need
help,” Mills says. “And that can
bring up depression, it can bring
up anger, it can bring up frustra-
tion, and also fear.”
Finding help
People living with chronic ill-
nesses may face pressures from all
sides to minimize their experience
of loss. Grief related to health con-
ditions may not be understood by
family and friends or may even be
discouraged as a topic of discus-
sion. Mental-health professionals
often lack knowledge of the health
conditions clients are seeking help
coping with, compounding the
problem.
Sometimes grief is even mini-
would have had to take out about
$26,000 so far if it weren’t for the
IRS relief through 2023. The 2024
required distribution would have
been about $9,000.
“It becomes a tax question,” Ap-
pleby said. In some cases, it might
pay to wait to take distributions,
while in others, it might be more
tax-efficient to time the distribu-
tions over the 10 years.
Thursday, April 18, 2024 | A9
 Chimére L. Sweeney, at home
in Poughkeepsie, N.Y., says losing
her middle-school teaching job
‘devastated my life.’
mized within the community of
disabled people, Gurza says. “I re-
ally kind of fought back against
the toxic positivity that we some-
times see” among disabled people,
Gurza says, “where it’s like, ‘You
can do anything if you put your
mind to it.’ ”
Some patients and therapists
say that it can be helpful to find a
name for the experience and to
know how common it is. With her
clients, Mills emphasizes recogniz-
ing the grief and working through
it. “Embrace it. Feel it. Feel the
feeling,” she says.
She recommends other thera-
peutic exercises as well, like talk-
ing to a photo of yourself from the
past—a version of the self that
you are grieving. “Looking at it,
saying, ‘I love the way that you
were, I miss you,’ ” she says.
“Things that you’re feeling about
your past self.” She also recom-
mends coping by taking up jour-
naling, creative hobbies and physi-
cal activity, if possible.
Sweeney feels her friendships
with other chronically ill people
are crucial. “There’s so much con-
sideration from my disabled
friends. I like to call us the magi-
cians of compassion and empa-
thy,” she says. “Because in every-
thing that we do, the superpower
is that we’re always thinking
about each other.”
Reclaiming the positive
It’s also important to find a men-
tal-health professional who is
equipped to understand the diffi-
culties disabled clients face. “I
think most therapists tend to focus
on amelioration of particular
symptoms,” says Rhoda Olkin, a
professor of clinical psychology at
the California School of Profes-
sional Psychology at Alliant Inter-
national University in Emeryville,
Calif., who has post-polio syn-
drome. “And that’s a problem when
it comes to disability, because we
shouldn’t just be focusing on re-
moval of negatives. We should also
focus on insertion of positives.”
Mel Sebastiani, an end-of-life
doula and former chaplain who is
seeking diagnosis for her own
neurological illness, says that with
her clients, she emphasizes “deep
listening and finding out what
that person likes, misses—and
[finding] a way to weave it back
into their lives in a way that they
can manage.”
For Sebastiani herself, that
meant coping with new symptoms
by switching from steep moun-
tain-trail hikes to walks on the
beach to collect and photograph
sea glass and other natural trea-
sures near her home in Rehoboth
Beach, Del.
While grief will persist, it may
not always be a negative or debili-
tating experience. “You can be in
grief and be a strong person,” Se-
bastiani says.
“Grief is a powerful tool and
coping mechanism to realize
where you are in the moment,
where your life is a reflection on
your life in the past,” she says.
“And it’s kind of a gift in that
sense, because many healthy peo-
ple never reflect on any of that.”
Successor beneficiaries
Things get even more complicated
for successor beneficiaries, those
who inherit an inherited account.
Consider a 75-year-old grand-
mother who inherited an IRA before
2020 from an older brother. She
started taking annual distributions
based on her life expectancy. Then
she died in 2020 and left her inher-
ited IRA to her granddaughter. The
granddaughter is required to con-
tinue taking annual distributions
and deplete the inherited IRA by
the end of 2030, using the grand-
mother’s life expectancy. She will
get the reprieve for 2021, 2022,
2023 and 2024, leaving six years to
empty the account.
If the brother had been younger
than the grandmother and died
while taking distributions, the
granddaughter would still have to
empty the account by the end of
2030, but she would take annual
distributions based on his longer life
expectancy, increasing the amount
the IRA could grow tax deferred.
Who still has to take a
2024 required distribution?
This latest notice doesn’t change
the rules for spouses and certain
other beneficiaries, including the
chronically ill, who generally must
still take annual minimum distribu-
tions over their expected lifetimes.
Heirs who inherited accounts before
2020 are still subject to the old
rules, which means they generally
must take annual withdrawals over
their expected lifetimes.
A10 | Thursday, April 18, 2024
BY OYIN ADEDOYIN
A
t a waste-management
facility in Morrisville,
Pa., workers load in-
cinerated trash into in-
dustrial machinery
that separates and
sorts metals, then sends them to
get hosed down. The reward:
buckets of quarters, dimes, nickels
and pennies.
Americans toss as much as $68
million worth of change each year,
according to Reworld. The sus-
tainable-waste processing com-
pany is on a treasure-hunt to find
it. The company says that in the
seven years since it started the ef-
fort, it has collected at least $10
million worth of coins.
Coins are as good as junk for
many Americans. Buses, laundro-
mats, toll booths and parking
meters now take credit and debit
cards and mobile payments. Using
any form of physical currency has
become more of an annoyance, but
change is often more trouble than
it is worth to carry around. The
U.S. quarter had roughly the buy-
ing power in 1980 that a dollar
has today.
“If you lost a $100 bill you’d
look for it. If you lost a $20 bill
you’d look for it. If you lost a book
you’d look for it,” said Robert
Whaples, an economics professor
at Wake Forest University. “But a
penny, you’re just not going to
look for it.”
Whaples has encouraged the
government to kill the penny,
which costs about three times its
value to make. The U.S. Mint spent
$707 million making
coins last year. Canada,
New Zealand and Aus-
tralia have removed
their 1 cent pieces from
circulation.
Because coins can
be hard to spend, they
circulate slowly
through the economy—
or don’t circulate at all.
More than half of the
coins in the U.S. are sit-
ting in people’s homes,
according to the Fed-
eral Reserve.
Spotting change
Many coins are also
getting left behind. At
airport checkpoints, the
Transportation Security
Administration collects
hundreds of thousands of dollars
worth of them each year. Coins
are left in couch cushions or cars,
then sucked into vacuums and
sent to landfills, said Dominic
Rossi, Reworld’s director of fi-
nance and business support.
Reworld started collecting
change in 2017 after noticing more
of it in the trash. The company re-
covers 550,000 tons of metals an-
nually, including soda cans, old
pipes, keys and silverware.
On a recent Monday, a bucket
loader lifted trash from its waste
facilities into various sorting ma-
chines. A rattling gray one sepa-
rated out anything that was the
color of a coin. Another one sepa-
rated anything round and flat, like
a coin. And another machine sepa-
rated heavier metals like coins
from lighter metals like aluminum.
It took 35 minutes to clean
what the machines spat out. Then,
squeaky clean coins were spread
out on an iron rack to dry. They
were still mixed in with euro
Gym Goers
Get Fed Up
With All
The Cameras
BY ANN-MARIE ALCÁNTARA
E
mily Holtzman, a 27-year-old
yoga instructor in New York, is
frustrated that her students
won’t stop bringing phones to her
class.
So she put a note on her class
door: “Please no phones! Especially
no filming yourself working out.”
She didn’t expect the note would
stir so many emotions.
Many people think phones have
gotten out of hand. Documenting
our lives for social media or group
texts has become the norm. Few
moments exist now where people
don’t whip out their phones to take
a photo or video.
The gym had been a holdout in
our phone-obsessed society. Taking
out a device during a workout used
to be met with side-eye from nearly
everyone in the room.
Now, more people are throwing
that old etiquette away and using
their phones in yoga studios, in
workout classes and at the squat
rack. The movement has other gym
goers questioning their filming coun-
terparts online and in person. It has
sometimes led to confrontations.
PERSONAL JOURNAL.
Company Digs Spare Change
Waste firm sorts through incinerated trash for some of the $68 million in coins thrown away yearly
cents, coins from Kuwait and D.C.
metro tokens.
In a trailer, human checkers
wearing gloves sorted through
buckets of this material, separat-
ing the good coins from every-
thing else.
Because the trash was inciner-
ated before it reached the facility,
some coins were mangled beyond
recognition. Of the $10 million in
coins the company has recovered,
some $6 million has been in good
enough condition to use.
Reworld gathers anywhere
from $500,000 to $1 million in
coins a year, which it turns over to
a third party to count and deposit
to local banks.
Checkout annoyances
Most coins don’t end up in the
trash. But that doesn’t mean they
are wanted, either.
When Cassandra Raposo worked
as a Dollar Store cashier, customers
would often come to the register to
pay for $5 to $10 purchases en-
In Holtzman’s class, students
have come to her upset that they
were in the background of some-
one’s video or got distracted by
someone else’s screen. Much like
wearing swimsuits to the beach, we
show up in Spandex assuming we
won’t end up being recorded for the
world to see.
When she posted her no-phone
notice on TikTok in March, the video
received more than 780,000 views.
Most commenters voiced apprecia-
tion for the rule. Some, however, de-
fended the right to film. Working
out is a great opportunity to share
online, they say. People can feel mo-
tivated to try a new class by watch-
ing someone else’s workout videos.
“The broader issue is how much
of our life do we need to be sharing
online?” Holtzman says.
No consent
Corinne Keogh, a 25-year-old self-
employed home-goods designer in
New York, has noticed more people
filming themselves during workout
classes during the past year and a
half. She finds it “off-putting.”
“It’s a little daunting going in
those workout classes where every-
one is super fit,” Keogh says. “The
last thing I would want is to be on
someone’s viral video.”
She doesn’t believe the people do-
ing it are being rude or mean.
They’re just so used to putting every
part of their lives online that they
might forget others don’t like it. To
avoid being on camera, she picks a
spot in the front of the class. She
hasn’t spotted herself in any TikTok
Reworld started in 2017 an
operation to recover some of the
millions of dollars worth of coins
that are thrown away every year.
Coins and other metals are filtered
through multiple machines.
tirely with bags of change.
On busy days, Raposo helped
them count every coin. Sometimes,
they counted twice to double check,
while she looked apologetically at
the other waiting customers.
“I could feel the annoyance and
almost even rage,” said Raposo,
now a copy editor in Rhode Island.
People tend to bring their extra
change to the bank to trade in, but
it is getting harder to do even
that. Capital One and PNC re-
moved their coin-counting ma-
chines about a decade ago due to
videos (that she knows of).
Many chains, such as 24 Hour
Fitness, New York Sports Club and
Life Time, prohibit filming of other
people without their consent.
Others have looser restrictions,
opening up the possibility that peo-
ple will be filmed without giving
consent to appear in their fellow
classmates’ videos.
Ana Gaby Garza, a 21-year-old ju-
nior marketing major at Texas A&M
University, regularly films herself
during workouts. She tries to sit on
the side or at the back of the class,
low customer use. In 2016, TD
Bank pulled the plug on its coin-
counting machines after an inves-
tigation found that it was giving
customers less money than they
were putting in.
Today many people cash in
their coins at Coinstar kiosks in
grocery stores and gas stations.
The company has said it operates
more than 24,000 kiosks across
the country and has processed
more than 800 billion coins.
One person’s treasure
This year, Sara and Justin Ilse fin-
ished building a floor for their
home’s 230-square-foot entryway
out of 65,507 pennies.
“It was a way to encase some-
thing that doesn’t get viewed with
much value in daily life,” Justin
said.
to avoid capturing other people.
Garza sees filming herself as a
necessary part of her job as a
beauty and lifestyle content creator.
She also records herself throughout
the day doing other things, such as
getting coffee or studying.
Liv Schreiber, a 27-year-old con-
tent creator and event-company
founder, routinely works with stu-
dios and gyms to film her workouts,
in exchange for pay or comped
classes. She says she takes care not
to catch anyone else on camera.
She often films at CorePower
THE WALL STREET JOURNAL.
More than 20,000 of
the pennies came from
jars that Sara’s father
and brother-in-law kept
in their closets. They
bought the rest of the
pennies they needed in
2,500 increments
through their local
bank. In addition to the
$655 they spent on
pennies, they also
spent $1,195 on sup-
plies such as glue and
epoxy.
In one social-media
video where they posted
about the yearlong pro-
cess of building the
floor, they tossed a
handful of pennies onto
the finished product
and watched them prac-
tically vanish.
Reworld employees
also have a soft spot for hard cur-
rency. They set aside the buffalo
nickels they find. These coins were
only made between 1913 and 1938,
and they can be worth thousands
of dollars.
“As a child I used to get excited
about buffalo nickels, I thought
they were rare,” said Angelo Ger-
aci, the facility’s operations super-
CAROLINE GUTMAN FOR THE WALL STREET JOURNAL (3)
visor. “Here we have jars and jars
of buffalo nickels.”
The coin recovery program is
just a small part of Reworld’s rev-
enue. The company makes most of
its money from operating incinera-
tion facilities that burn trash to
generate fuel.
Employees believe that one day
coin usage will cease altogether,
and so will the collection opera-
tion. But they’ll always have the
buffalo nickels.
Yoga, the same chain that Holtz-
man works at. Earlier this month,
CorePower asked influencers to
pause filming content in class until
new guidelines are rolled out, says a
CorePower spokeswoman.
“In this era of social media, we
want to ensure consistency
throughout our studios and are
evaluating our policies around cell-
phone usage before, during and af-
ter class,” the spokeswoman says.
Phone problems
Kayla Kleinman taught at various
New York studios until last June.
When she posts fitness-related con-
tent on Instagram, she only takes
photos before or after—but not dur-
ing—her workouts.
Before the pandemic, she’d see a
phone in the studio only once in a
while, with people apologizing for
bringing it in.
In the summer of 2021, when in-
person classes returned, people be-
came more combative, says the 33-
year-old. She told one person to put
her phone in a locker and the
woman just responded, “No.” When
Kleinman stood her ground, the
woman finally put it away.
Jacob Reynolds, a 32-year-old
yoga instructor in New York, says
THE WALL STREET JOURNAL, ISTOCK (2)
he won’t begin class without asking
students to turn their phones off.
On several occasions, people have
yelled at him.
“Honestly, there is probably not a
month that goes by that I don’t
have to deal with someone like
that,” says Reynolds, who has been
an instructor for 11 years.
THE WALL STREET JOURNAL. NY Thursday, April 18, 2024 | A10A
A10B | Thursday, April 18, 2024 NY / NE THE WALL STREET JOURNAL.

Everyone
should be
welcome at
the table.
We’re on a mission to provide a billion meals by
2030. Because over 30 million Americans don’t
know where their next meal is coming from. It could
be anyone, even your neighbors. Let’s break the
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Nourishing Neighbors is a program of Albertsons Companies Foundation,
a 501 (c)(3) designated nonprofit.
 THE WALL STREET JOURNAL. Thursday, April 18, 2024 | A11

ARTS IN REVIEW

Brancusi’s ‘The Kiss’ (1907), left;
‘Sleeping Muse’ (1910), above; and
‘La Timidité’ (1917), below.
tial reconstruction of Brancusi’s
studio featuring a workbench,
tools and the artist’s handmade
forge. The stools that Brancusi de-
signed for his studio were some-
times repurposed as plinths. Some
are displayed here alongside ex-
amples of traditional Romanian
woodwork.
But as fascinating as this sup-
plemental material is, it rarely
ART REVIEW deepens one’s understanding or
ure also emerging, in the same
year, from the elemental form of
the cube. And then there’s Rodin,
whose 1894 “Sleep” is paired with
Brancusi’s rendering of the same
subject in 1908. In both, we bear
witness to the same transforma-
tion: the smooth visage of the re-
posing figure emerging from the
rough marble. A short distance
away, we find a better-known
work: “Sleeping Muse” (1910), a
polished oval bronze whose facial
features are delicately hinted at.
By placing these works in close
proximity, the exhibition suggests
an artistic genealogy of sorts.

A Singular Sculptor
An exhibition focuses on the timeless works of Constantin Brancusi
BY A.J. GOLDMANN
Paris
‘ART—THERE STILL HASN’T BEEN
any art—art is just beginning,”
Constantin Brancusi said in 1927.
Despite the quote’s braggadocio
and panache, it’s not entirely clear
why the Centre Pompidou has cho-
sen it as the slogan of its sprawl-
ing Brancusi retrospective; it rubs
against and sometimes contradicts
much of what one discovers in
this stunningly arrayed and mus-
cularly installed display of work
by the Romanian visionary, whose
new and immediate artistic lan-
guage, based on simple forms and
direct carving, has led many to
consider him the father of modern
sculpture.
Assembled by a curatorial team
led by Ariane Coulondre, head of
modern collections of the Musée
national d’art moderne, “Brancusi”
is the sculptor’s first major retro-
spective in nearly three decades.
The last one, organized in 1995
and also at the Pompidou, in-
cluded nearly a quarter of Bran-
SUCCESSION BRANCUISI/ADAGP, PARIS (3)
he sold his watch in Basel for food
and came down with a debilitating
fever in Alsace before arriving in
the City of Lights on July 14—Bas-
tille Day—1904. Paris remained his
home for the rest of his life. In
Paris, Brancusi quickly matured as
an artist. He would spend the next
half century living in the city, cre-
ating the majority of his works in
several ateliers on Impasse Ron-
sin, a cul-de-sac in Montparnasse.
In 1956, a year before his death
at age 81, he bequeathed the con-
tents of his studio to the French
state on the condition that it be
reassembled and put on display.
Ever since, the atelier’s various re-
constructions have become artistic
pilgrimage sites. The most recent,
in a Pompidou annex designed in
1997 by Renzo Piano, closed this
past fall ahead of a complete reno-
vation of the Pompidou that is to
begin next year and is projected to
last until 2030.
Works from the Atelier Bran-
cusi form the core of the retro-
spective. But there are also impor-
tant loans from the Tate Modern,
over 120 sculptures is a trove of
photographs, documents, films,
paintings and, in one of the show’s
appreciation of Brancusi’s star- What astonishes is how quickly
tling originality. For that, there’s and confidently Brancusi was able
no substitute for a direct confron- to find his individual style based
tation with the sculptures that are on endless refining and a new em-
grandly displayed in the exhibi- phasis on the materiality—the
tion’s sprawling galleries. rough or smooth wood, stone and
In addition to the sheer volume bronze surfaces—of his work.
of works on display, Through his art, Brancusi
the show’s best and strove to arrive at “the very es-
most revealing feature sence of things.” Yet however sim-
is the airy presentation plified his human and animal
that makes it possible forms appear, however great the
to walk around a great distance between them and the re-
many of the sculptures. alistic sculpture of the past, it also
It’s a rare invitation to feels wrong to call Brancusi an ab-
examine Brancusi’s stract artist. The meaning of his
works from all sides work—birds in flight, endless col-
and one that deepens umns connecting the earth to the
our appreciation of sky—is right on the surface. But
how boldly he con- while his own work is neither ab-
ceived of his works as stract nor conceptual, Brancusi
objects in space, sub- paved the way for both develop-
ject to the dynamic in- ments in 20th-century art.
terplay of light, materi- All of which brings me back to
ality and movement. Brancusi’s nearly century-old
An intimate early claim that “art is just begin-
gallery that focuses on ning.” We can share in the utopian
Brancusi’s affinity with hope that there are masterpieces
art both ancient and to come, that the muses have more
modern is among the to reveal. As the exhibit makes
show’s most compel- clear, Brancusi was not suggesting
ling. Thus, we find his that art of the past was but a pro-
“Torso of a Young Girl logue to his own efforts, but giv-
III” (1925) sharing a ing voice to the idea of the artist—
display case with the and of art—that perpetually
sleek marble head of strives for formal and spiritual pu-
an idol from 2600-2400 B.C. found rity. That goal is, by definition, out
on the small island of Keros in the of reach, but Brancusi’s uncompro-
Cyclades. The smooth ovoid shape mising and radically original body

cusi’s roughly 400 sculptures and
traveled to the Philadelphia Mu-
seum of Art. The new retrospec-
tive, by contrast, won’t be seen
anywhere else.
After leaving Romania in 1903,
Brancusi set out on foot from Mu-
nich to Paris 120 years ago. Ac-
cording to his account of the trek,
the National Museum of Art of Ro-
mania, the Museum of Modern
Art, the Art Institute of Chicago
and the Philadelphia Museum of
Art. (After Paris, Philadelphia is
the city with the most Brancusis,
thanks to the enthusiasm of the
collectors Louise and Walter
Arensberg.) Supplementing the
few missteps, music. Hearing the
Gymnopédies by the composer
Erik Satie, who was a friend of
Brancusi’s, waft through the gal-
leries can put one in mind of an
immersive exhibition. In the con-
text of this dignified presentation,
the beautiful yet overfamiliar tune
is distracting. There’s also a par-
and the high polish of Brancusi’s
onyx work suggest his deep famil-
iarity with Cycladic art. For a more
modern confrontation, his first ver-
sion of “The Kiss” (1907), whose
lovers are united in a single stone,
is displayed alongside “Crouching
Man,” André Derain’s sandstone
sculpture of a coiled crouching fig-
of work, which strikes a contem-
porary viewer as remarkably fresh,
came miraculously close.
Brancusi
Centre Pompidou, through July 1
Mr. Goldmann writes about
European arts and culture.

CULTURAL COMMENTARY spoken in Pompeii: Alexander (an

alternate name for Paris) and Helen.

Pompeii’s Newly Their encounter led to their elope-

ment and, just as Cassandra had
warned, to the Trojan War.
For the lay observer what im-

Unearthed Wonder presses is the remarkable state of

the paintings’ preservation. Al-
though there is some minimal sur-
face degradation, the paint looks
BY ANTHONY BARRETT vated—happily so, since any work fresh and dazzling. But for the

A
ncient Pompeii has never
ceased to astonish. During one
of the very earliest excava-
tions there, in 1772, participants
were stunned by the impressions
left in the hard debris by the bodies
of Pompeians trying desperately to
flee the destruction of their city dur-
ing Vesuvius’ eruption in A.D. 79. De-
spite their best efforts, the excava-
tors managed to
extract only a single
impression, of the
breast of a sadly Archaeologists
anonymous woman. in Italy recently
Carefully preserved
and displayed in the discovered
local museum, it be-
came a tourist sensa-
a stunning
tion, even inspiring banquet hall.
“Arria Marcella,” the
highly acclaimed no-
vella by the noted
19th-century French writer Théophile
Gautier. The breast has since disap-
peared, but Pompeii has steadfastly
ITALIAN CULTURE MINISTRY/ASSOCIATED PRESS
initiated now will adhere to exact-
ing professional standards. Early
last year an extensive and well-
funded dig was launched under the
supervision of Gabriel Zuchtriegel,
director of the Pompeii archaeologi-
cal park, assisted by an interna-
tional team of scholars, with its ini-
tial focus on houses in a sector of
the Via di Nola tentatively probed in
the late 19th century. This new en-
terprise has already
lived up to expecta-
tions, and it caused
something of a me-
dia frenzy last June
when excavators re-
ported the discovery
of a fresco depicting
a circular flat bread
on a silver tray, with
some sort of topping,
perhaps cheese and
fruit—quickly dubbed,
with much culinary license, the ear-
liest ever painting of a pizza!
The announcement this month of
of fresco paintings, with scenes
drawn from an almost unlimited
range of themes—exotic landscapes,
architectural fantasies, terrifying
beasts, or simple domestic events
like trips to the baker. But the
newly discovered examples are dif-
ferent. The individual scenes are
isolated within huge black back-
grounds that occupy almost the en-
A scene from the magnificently
preserved frescoes that adorn the
hall’s black walls.
part of his campaign to woo her,
Apollo granted Cassandra the
power of true prophecy, but when
she ultimately rejected him he
added a curse that those same
prophecies would never be believed.
specialist the truly extraordinary
feature is that black background—
the usual Roman practice was to
cover most of the wall with
painted decoration. This all prom-
ises to be wholesome grist for the
art historians’ mill.
Since the 19th century, scholars
have invested huge and ingenious
efforts to create an elaborate history
of Roman art (based, in fact, very
largely on the evidence from Pom-
peii), recognizing four major chrono-
logical phases, with an ever-increas-
ing number of subdivisions within
those phases. This has provoked,
hardly surprisingly, a sizable number
of scholarly skeptics who find the
whole scheme too clever by half.
These new finds might well prompt
yet another subtle variant of one of
the later phases (in the absence of
subsidiary decoration it is hard to
say precisely which one). But the ex-
cavators have a more mundane ex-
planation: The walls were left black
just to disguise the sooty deposits

remained the Old Faithful of archae-
ological sites, offering up rich spec-
tacles at regular intervals, and amaz-
ing us with images ranging from
plaster casts of doomed humans and
animals writhing in their death
throes to raunchy paintings of vivid
and richly imaginative sex scenes.
Surprisingly, some 250 years af-
ter those initial explorations, about
a third of the site remains unexca-
the team’s most recent discoveries
is in its own way even more sensa-
tional. The focus is on the unearth-
ing of a spacious banqueting hall.
Its mosaic floor, with more than a
million small white tiles, is impres-
sive enough, but the real treat is to
be found on the walls, with their
magnificently preserved frescoes.
Over the years excavators of
Pompeii have found vast quantities
tire wall, something unparalleled in
Pompeii.
Two images stand out, facing
each other on opposite walls of the
hall, both related to the preliminar-
ies of the Trojan War. In one, a male
can be clearly identified by his lyre
as the god Apollo. He faces a young
woman reclining on an ornate chair,
almost certainly Cassandra, daugh-
ter of the Trojan king Priam. As
When Paris returned to Troy with
Helen, the wife of the Spartan King
Menelaus, Cassandra correctly but
fruitlessly foretold that his action
would provoke a war. This takes us
to the second scene, of a young
man encountering a woman and
her female attendant. Here the
identifications might have been
more tricky, but the artist has
kindly added labels, in Greek, widely
from the oil-burning lamps.
The debate promises to be
drawn out, and, in the time-honored
academic tradition, bitterly conten-
tious. In the meantime, the rest of
us can simply enjoy the haunting
beauty of the art.
Mr. Barrett is emeritus professor of
classics at the University of British
Columbia, Vancouver.
A12 | Thursday, April 18, 2024 THE WALL STREET JOURNAL.

SPORTS
LeBron James’s Newest Teammate Is a Podcaster
JJ Redick was a role player during his 15-year NBA career. But in the new age of sports media, he’s a superstar.
BY ROBERT O’CONNELL game, it’s a breath of
fresh air.”

J
J Redick would have enjoyed
playing basketball with LeBron
James. Over his 15-year NBA
career, Redick made his living mak-
ing 3-pointers, and sharing the
court with James would have pro-
duced plenty of open looks.
But as it turned out, it took re-
tiring from professional basketball
for Redick to finally become
James’ teammate. When the NBA’s
all-time leading scorer decided he
wanted to record a podcast about
the strategy and nuances of his
sport, he joined forces with an ex-
player who had never so much as
made an All-Star roster.
That’s because Redick’s hum-
bler playing career prepared him
for a starring role in the sport’s
new media ecosystem.
If you care about basketball at
all in 2024, you’re hearing plenty
from Redick. As a game analyst, he
was recently promoted to ESPN’s
top broadcast team. He makes reg-
ular appearances on the highly
rated “First Take” show. He’ll be
announcing the NBA Finals in
June.
Now he’s landed the kind of in-
terview that journalists who have
dedicated their lives to covering
basketball can only dream of—a
regular one-on-one with James, in
which Redick picks the brain of the
greatest player of his generation.
“Mind the Game” has become a hit
among hoops nerds and casual
fans alike, zooming up the podcast
charts and racking up millions of
views on YouTube.
“It’s a high,” Redick said of
geeking out with James. “And it’s
just rooted in this love and obses-
sion with a silly sport that we all
obsess over.”
On “Mind the Game,” James
and Redick speak a refined dialect
of basketball language, one that’s
vaguely familiar but much more
advanced than you would hear
during national NBA broadcasts.
James casually mentions “two-nin-
ing”—staying in the lane just shy
Lakers star LeBron James, left, chats with JJ Redick during a taping of their podcast ’Mind the Game.’
James has seldom revealed the
inner workings of his basketball
mind. Though he has flashed a
photographic memory at press
conferences, he only occasionally
appears on a podcast, even though
numerous active NBA players now
host them.
So when James decided to start
a show of his own, a time when he
could have chosen just about any-
one in the world as his co-host,
there was only one person he
wanted on the other microphone.
In podcasting, Redick is the sport’s
biggest star.
Redick and James first met over
two decades ago, when they were
both high-school prodigies—Redick
destined for Duke, James headed
itous route. After an All-American
run in college, Redick struggled to
find his footing in the NBA, spend-
ing his first couple of seasons with
the Orlando Magic glued to the
bench.
So Redick refined his jump shot
and studied plays until they be-
came second nature, transforming
from a rookie who couldn’t get
onto the floor to a veteran who
performed his job to perfection.
That evolution gave him a spot in
the record books—his 1,950 career
3-pointers are the 20th-most in
NBA history—and the all-angle
view of the sport that every pro-
fessional analyst seeks.
“That’s what makes it work,”
Redick said. “Outside of being a
As his own playing career
wound down, Redick started pod-
casting and found an eager audi-
ence. Eventually he launched his
own company, ThreeFourTwo Pro-
ductions. (James’s is called Unin-
terrupted, and “Mind the Game” is
a collaborative venture between
the two of them.)
Suddenly, an athlete who had
been widely loathed when he was
the face of the Blue Devils was the
toast of the basketball intelligent-
sia. Redick got players to open up
about the difficulties of life in the
NBA and could break down a pick-
and-roll play with the seriousness
of a math professor working
through a proof.
“Most guys don’t pay attention
Just once, Redick
said, he was nearly an
on-court teammate of
James’s. In 2018, he
was a free agent, and
the Lakers could have
used an influx of
shooting. The Lakers
ultimately went in a
different direction,
though, and Redick
was glad to stay in
Philadelphia, where
his family was already
located.
“‘LeGM’ never
traded for me,” said
Redick, using a nick-
name for LeBron that
highlights his sway
with front offices. “So
that’s on him.”
“Mind the Game” is
a simple podcast
about complex ideas.
In each episode, James
and Redick sit in a
sparsely decorated
studio, sip wine and
dive deep into basket-
ball’s granular details.
Subjects include indi-
vidual play calls and
the NBA’s broad strategic evolu-
tion, from the Golden State War-
riors’ passing to James’s own
championship-saving block in the
2016 Finals.
Together, the two can recall se-
quences more than a decade old
with absolute precision. Remem-
bering a play he ran with the
Cleveland Cavaliers in the late
2000s, James initially positioned a
teammate in the corner nearest the
dribbler. “You know what, I take
that back, I’m sorry,” James
quickly corrected himself—that
teammate, some 15 years ago, had
been on the opposite side of the
floor.
Redick compares such moments
to being in the flow as an athlete,
when preparation and creativity
are working in perfect sync. “You

MIND THE GAME

of the illegal three seconds—and straight for the NBA draft. star, I’ve been in every role you at that level,” said Rich Paul, jokingly call it blacking out,”
Redick draws up “America’s play,” But while James enjoyed imme- can have in the NBA. And LeBron’s James’s agent. “A lot of people are Redick said, likening it to when a
a popular NBA set used to free up diate success in the pros, Redick’s been in the main role his whole ca- dependent on their talent…Being 3-pointer left his hand. “You just
a shooter. playing career took a more circu- reer.” able to become a student of the know it’s good.”

The WSJ Daily Crossword | Edited by Mike Shenk

1 2 3 4 5 6 7 8 9 10 11 12 23 Chevy and
Caddy, e.g.
NBA Bans Raptors’ Jontay Porter
13

17 18
14 15 16

19
24 Back muscle
25 “Respect
For Life for Betting on Games
for Acting”
author BY ROBERT O’CONNELL participation in one or more amid a rush of legal sports
20 21 22 games for betting purposes, gambling in America. Sev-
Hagen
THE NBA BANNED Toronto and betting on NBA games.” eral NFL players have been
23 24 25 26 27 28 29 26 Becomes Raptors forward Jontay Por- Porter’s representatives suspended for betting—ei-
annoyed ter from the league on didn’t immediately respond ther by placing bets on foot-
30 31 32 33 28 Not natural Wednesday, in the fallout to a request for comment. ball or for betting within
for from a gambling scandal. The league also found team facilities. Ippei Mizu-
34 35 36 37 31 Leisure Porter won’t be eligible for that Porter had broken the hara, the interpreter for Los
activity, for reinstatement. cardinal rule of professional Angeles Dodgers superstar
38 39 40 Last month, the NBA athletes by betting on his Shohei Ohtani, has been ac-
short
launched an investigation own sport. Just this calen- cused of stealing millions
41 42 43 44 45 46 47 48 32 Brillo rival
into suspicious activity dar year, Porter had bet from Ohtani to place bets
36 Complete lack around Porter’s perfor- more than $54,000 on the with an illegal bookmaker.
49 50 51 52 of evidence, mances. The 24-year-old for- NBA and won payouts of Mizuhara was fired, and
say ward, a little-used player more than $76,000, accord- Ohtani hasn’t been accused
53 54 55 56 39 Move for les who bounced between the ing to the league’s investiga- of any wrongdoing.
danseurs Raptors and their G-League tion. Porter is the brother of In a press conference this
57 58 59 60 affiliate, had attracted un- Michael Porter, Jr., a starter month, Silver noted the seri-
40 Ashes holder
usually heavy betting inter- for the defending-champion ousness of Porter’s alleged
61 62 63 64 65 66 67 41 Horace’s
est. On a March 20 game, Denver Nuggets. offenses while saying “You
“Ars ___” one bettor placed an “There is nothing more can’t turn the clock back” on
68 69 70 42 Like some $80,000 wager that Porter legal sports betting.
important than protecting
irretrievable would fall short of certain the integrity of NBA compe- “At least in a legalized
71 72 73 files statistics. When he checked tition for our fans, our structure, there’s transpar-
43 Their backs out of the game early, claim- teams and everyone associ- ency,” Silver said. “Just as in
show ing he was ill, it suggested ated with our sport,” NBA cases we’ve dealt with
IT’S A ROBBERY! | By Alan DerKazarian cooperation between Porter commissioner Adam Silver where very sophisticated
Monticello
Across 34 Part of a New 59 ___-Magnon 8 Phillies 46 By means of and the bettors. said, “which is why Jontay computers, when there’s ab-
1 Apes York borough 61 “___Seen All baseman The NBA said on Wednes- Porter’s blatant violations of errational behavior, you be-
name Bohm 47 Election day that they were banning our gaming rules are being come aware of that rather
7 Tight spot Good People“ winners
35 H+, e.g. (Yes song) 9 Slayer’s Porter for “disclosing confi- met with the most severe than betting that takes place
10 Well- 48 Gray, in a dential information to sports punishment.” in the shadows or under-
produced 37 Cartoonist 62 See 57-Across genre
way bettors, limiting his own Porter’s activity comes ground.”
substance Thomas 68 Cartoon 10 It began
50 “I didn’t do it!”
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The NBA issued a lifetime ban to Raptors forward Jontay Porter for betting on his sport.
THE WALL STREET JOURNAL.
Reagan Just Saved Israel
Allow me to
identify who
saved the
people of Is-
rael last
weekend from
Iran’s missile
WONDER
barrage: Ron-
LAND
ald Reagan.
By Daniel
In 1983,
Henninger
President
Reagan in a
televised speech proposed
what he called the Strategic
Defense Initiative. Its core
idea was that the U.S. would
build defense systems that
could shoot down nuclear-
armed ballistic missiles, then
expected to be fired by the
Soviet Union at the U.S.
mainland.
Democrats and much of the
defense establishment mocked
the idea, with Sen. Ted Ken-
nedy naming it “Star Wars.”
Sen. Joe Biden summed up
the opposition in a 1986
speech to the National Press
Club:
“Star Wars represents a
fundamental assault on the
concepts, alliances and arms-
control agreements that have
buttressed American security
for several decades, and the
president’s continued adher-
ence to it constitutes one of
the most reckless and irre-
sponsible acts in the history
of modern statecraft.”
By universal acclamation,
the hero of last weekend was
Israel’s missile-defense sys-
tems. The world watched in
real time Saturday night as
Reagan’s commitment to
shooting down missiles pro-
tected Israel’s population
from the more than 300
drones and ballistic and
cruise missiles fired by Iran
and its proxies at cities across
Israel.
No nation more quickly
Be a Wary Reader in the 2024 Election
By Karl Rove
A
s Speaker Mike Johnson
maneuvered last week
to bring Ukraine aid up
for a vote, two respected
House committee chairmen
made a disturbing acknowl-
edgment: Russian disinforma-
tion has helped undermine
support for Ukraine among
some Republicans.
Foreign Affairs Chairman
Michael McCaul admitted
that “Russian propaganda has
made its way into the United
States” and “infected a good
chunk of my party’s base.” In-
telligence Chairman Mike
Turner said “anti-Ukraine and
pro-Russia messages” have
been “uttered on the House
floor.”
To get a sense of the mag-
nitude of the problem, con-
sider one truly ludicrous fic-
tion that GOP lawmakers
parroted: that Ukrainian
President Volodymyr Zel-
ensky diverted U.S. aid to
purchase two super yachts.
The accusation surfaced in
DC Weekly, a Russian website
masquerading as a U.S. media
organization. It’s one of many
sites aimed at Americans tied
to the media network of Wag-
ner mercenary chief Yevgeny
Prigozhin. Prigozhin went
down in a private jet crash
last August, but his troll farm
appears alive and well.
Though the Soviet Union is
long gone, America still
seems to be crawling with
useful idiots, Westerners who
aid Moscow out of ignorance
or naiveté. Rep. Marjorie Tay-
lor Greene (R., Ga.) and Sen.
A Military Drop Full of Matzo
By Gabriel Scheinmann
J
ews around the world will
celebrate Passover next
week, marking their an-
cestors’ escape from slavery
in Egypt and deliverance as a
sovereign people into the land
of Israel. This year, as many
as 133 Jews will spend Pass-
over in captivity—the hos-
tages Hamas has trapped in
Gaza’s dungeons since Oct. 7.
As we press for their release,
the Biden administration
should help them prepare for
liberation by having the U.S.
military drop matzo into the
Gaza Strip.
Since March 2 U.S. C-17s
and C-130s have conducted
nearly 30 air drops delivering
855 tons of halal food and wa-
ter for civilians in northern
Gaza. Several other countries,
including France and Indone-
OPINION
recognized the necessity of
missile defenses than Israel, a
small, population-packed
country that couldn’t afford
the conceit of some U.S. poli-
ticians, then and today, that
the American landmass is
somehow safe from missile at-
tacks. Within two years of
Reagan’s announcement, Is-
rael signed a memorandum of
understanding with the U.S. to
develop missile defenses. The
fruits of that four-decade
partnership couldn’t be
clearer.
Though the U.S. didn’t de-
velop a space-based system,
the technology has enabled
an arsenal of ground-, air-
and sea-based interceptors.
Israel—with a capable scien-
tific establishment dedicated
to the country’s survival—de-
veloped a multilayered mis-
sile-defense system. Iron
Dome protects from short-
range missiles of the sort
fired from Lebanon by Hez-
bollah, which reportedly pos-
sesses more than 100,000
missiles and rockets of Ira-
nian, Russian and Chinese or-
igin. David’s Sling protects
from short- to medium-range
missiles, while the Arrow 2
and Arrow 3 systems hit mis-
siles at high altitudes.
Reagan’s experience with
the Strategic Defense Initia-
tive has lessons for the U.S.
today, with the unmissable
irony that ardent SDI foe Joe
Biden is pocketing its political
benefit this week.
Among the arguments
against Reagan’s missile-de-
fense plan was that it would
“provoke a response” from
the Soviets. SDI’s develop-
ment got bogged down in the
politics of arms-control nego-
tiations between the U.S. and
U.S.S.R. Reagan’s critics, in-
cluding a virtual media con-
J.D. Vance (R., Ohio) were
among those who repeated
the super-yacht charge. Nei-
ther has set the record
straight or admitted being
hoodwinked.
Thanks to social media,
false information spreads
quicker and further. An
anonymous Twitter user
claimed earlier this month
that large numbers of people
had registered to vote in Ari-
zona, Pennsylvania and Texas
without a photo ID, suggest-
ing they could be illegal
aliens. Arizona and Texas
Disinformation from
Russia and China is
evolving and has even
spread to Capitol Hill.
election officials quickly de-
nounced this as false, but
were too late to keep Ms.
Greene, Donald Trump and
Elon Musk from drawing at-
tention to the inaccurate
posting. It has 64 million
views and counting.
America has been wres-
tling for years with foreign
adversaries’ efforts to sow
discord online. In 2016, many
mistook the Twitter account
TEN_GOP for that of the Ten-
nessee Republican Party.
Though the profile featured
the Volunteer State’s seal, it
was really run by the Internet
Research Agency, a media
warfare group Prigozhin
founded. The account poured
out anti-immigrant, racist
sia, have joined the effort.
That’s grating for many Israe-
lis, who don’t understand why
their friends are operating be-
hind enemy lines as Israeli ci-
vilians are trapped in hellish
conditions.
The hostages in Gaza
are being deprived
of a normal Passover.
If the liberal world truly
cares about all human suffer-
ing, the least it could do is
seek to aid the captives as
well as their captors. The next
American airdrop should in-
clude enough matzo for the
hostages to eat until they’re
released. That provision
would be of special signifi-
cance—matzo, or unleavened
sensus, said SDI would make
our own nuclear-missile arse-
nal less vulnerable, increasing
the Soviet Union’s incentive
to launch a pre-emptive first
strike. Reagan insisted he
wasn’t trying to protect mis-
siles but the U.S. population.
If we have learned any-
thing the past three years, it
is that Mr. Biden is satu-
rated in the don’t-provoke-a-
response school of foreign
policy.
Sen. Biden mocked as
‘reckless’ the idea of
defending against
ballistic missiles.
He says Israel should “take
the win” because retaliation
risks provoking a wider war.
Shortly after Hamas’s Oct. 7
attack on Israel, Mr. Biden al-
lowed the expiration of a 2015
United Nations Security
Council resolution prohibiting
Iran from exporting missile
and drone technology. How-
ever symbolic the resolution,
the mullahs couldn’t have
missed Mr. Biden’s stand-back
approach.
From the day Russia in-
vaded Ukraine, Mr. Biden has
slow-walked sending military
technology to Kyiv—long-
range missiles, Patriot air-de-
fense systems, tanks, fighter
jets—for fear it would pro-
voke Vladimir Putin.
Mr. Biden said he’d provide
Ukraine with “whatever it
takes, as long as it takes.” If
he’d done that sooner than
later, the technology-savvy
Ukrainians could have
avoided a frozen conflict and
their support likely wouldn’t
be stalled by Republican op-
and anti-Muslim messages. It
tricked members of the
Trump team and family, who
retweeted and cited its posts.
Despite repeated complaints
from the actual Tennessee
Republican Party, Twitter
took its time closing the ac-
count, finally shuttering it in
August 2017.
Russia, Iran, China and
North Korea and their proxies
are undoubtedly working
overtime online to influence
this election. They seek to pit
Americans against each other,
spread lies, and undermine
confidence in our politics,
government and institutions.
It’s hard to stop them, but
there are ways to diminish
their effectiveness.
JPMorgan Chase CEO Ja-
mie Dimon raised one possi-
bility this month in his an-
nual shareholders letter. He
suggested platforms should
“consider enhanced authenti-
cation measures” requiring
users to “identify themselves
to the platform or to a
trusted third party.” This
would reduce “impostors,
bots and possibly foreign po-
litical actors.” He acknowl-
edged that the stricter the
authentication process, the
greater the likelihood it could
“chill or block speech.” But
Mr. Dimon suggested plat-
forms could avoid this with
tailored “policy and technical
solutions” that balance “risks
and benefits.”
Platforms are already
working the problem’s edges.
Meta took down at least five
Chinese fake account net-
works last year. One had
bread, sustained the ancient
Israelites in their hurried de-
parture out of Egypt. Jews
each year eat it during Pass-
over and avoid leavened food,
recalling how their ancestors
didn’t have time to wait for
their bread to rise. Matzo is
an essential symbol of both
their struggle for and journey
toward freedom. In the same
way Jews managed to hold se-
cret seders in Nazi death
camps, one can hope that the
hostages may do so today.
For six months, the hos-
tages’ families have led a
global campaign to free their
loved ones, including eight
Americans. They have met
presidents, prime ministers
and religious leaders, hoping
to pressure Hamas and its Ira-
nian and Qatari enablers to
release their family members
from bondage. Just as God
position in the House.
The Ukraine trench-war
conflict, with Mr. Putin sacri-
ficing Russian men on a mas-
sive scale, is likely an anom-
aly. More relevant to the
future of war is the calcula-
tion by Iran’s Islamic Revolu-
tionary Guard Corps that mis-
siles will be the great
equalizer, as Yemen’s ragtag
Houthis have proved in the
Red Sea.
By happenstance, the
House Armed Services Com-
mittee held a hearing on U.S.
missile defense Friday, hours
before Iran launched its at-
tack. The committee mem-
bers, both Republicans and
Democrats, had a prescient
complaint, asking Pentagon
officials about America’s un-
derinvestment in its defense
industrial base and why the
Biden defense budget would
cut some $400 million from
the Missile Defense Agency. “I
just don’t understand the ra-
tionale behind many of these
cuts,” Rep. Seth Moulton (D.,
Mass.) said. It’s harder to un-
derstand this week.
Reagan’s missile-defense
legacy does have an important
advocate: Donald Trump. As
president in 2019, Mr. Trump
revived the U.S. missile-de-
fense program, and he re-
stated that commitment, cit-
ing Reagan, during this year’s
New Hampshire primary.
Mr. Biden deserves credit
for helping Israel repel Iran’s
missiles and drones. It’s clear,
though, that the world has
entered a new era of state-
sponsored missile attacks—
first Russia into Ukraine and
now Iran’s swarmed assault
on Israel. To meet that threat,
Mr. Biden would have to ad-
mit Reagan was right. That
isn’t going to happen.
Write henninger@wsj.com.
4,800 Facebook accounts im-
personating real people—in-
cluding Reps. Nancy Pelosi
(D., Calif.) and Jim Jordan
(R., Ohio)—with content on
politics and U.S.-China rela-
tions. Still, Russia appears to
be most actively involved in
spreading disinformation.
One newly discovered Mos-
cow operation—called “Dop-
pelganger”—copies content
from regular media compa-
nies, then alters them
slightly to undermine West-
ern democracies.
A Sept. 25 Ipsos poll con-
ducted in 16 countries that
have elections this year
shows the scope of the chal-
lenge: Social media is the pri-
mary or secondary news
source for 56% of those sur-
veyed, with television second
at 44% and websites and apps
third at 29%.
Even so, users told Ipsos
that they consider social me-
dia the second most untrust-
worthy information source.
Only group chats on apps like
WhatsApp or Telegram are
more distrusted. But given
disinformation’s still-sub-
stantial influence, it seems
both voters and platforms
should wise up more. Rigor-
ous authentication of new ac-
counts is an essential step,
but much more must be
done. Our democracy’s health
depends on it.
Mr. Rove helped organize
the political-action committee
American Crossroads and is
author of “The Triumph of
William McKinley” (Simon &
Schuster, 2015).
had to inflict 10 plagues on
Egypt to move the hard-
hearted pharaoh, the West
must apply more pressure on
Hamas even as its leaders
cling to their messianic views.
Though the matzo likely
won’t reach the hostages,
symbolism in war is impor-
tant. Israelis must know that
the U.S. still supports Jewish
freedom. Gazans and their
supporters must be reminded
that Hamas continues to hold
women, children and the el-
derly in diabolical conditions.
Hamas must learn that it, too,
will join the ancient Egyp-
tians, Romans, Babylonians
and Nazis on the ash heap of
history after failing in its anti-
semitic quest.
Mr. Scheinmann is execu-
tive director of the Alexander
Hamilton Society.
Thursday, April 18, 2024 | A13
BOOKSHELF | By Steven McGregor
Imperial
Overreach
Habsburgs on the Rio Grande
By Raymond Jonas
Harvard, 384 pages, $35
F
or the U.S., the 1840s were a decade of continental
expansion. Texas was annexed in 1845 and soon
became the 28th state. In 1848, with the defeat of
Mexico in the Mexican-American War, the U.S. acquired a
vast swath of territory that included the entire Southwest
and present-day California. The California Gold Rush
started that same year, accelerating westward migration.
These events led a French observer to note, in 1851, that
Mexico had previously belonged to a people “of Latin
origin” who were “essentially Catholic.” But U.S. expansion
meant that the continent was being overtaken by a popula-
tion “of Germanic origin and of protestant religion.” His
remark, says Raymond Jonas, points to the “racial geopoli-
tics” that drove the French to align themselves with vari-
ous factions in Mexico and thus prevent further Anglo-
Saxon conquest. The result was the Second Mexican Empire
—a fascinating episode in imperial ambition and the subject
of Mr. Jonas’s informative “Habsburgs on the Rio Grande.”
The empire’s beginnings can be traced to December 1861,
when France, Britain and Spain landed troops in Vera Cruz
to collect debts owed by Mexico, then a republic under the
leadership of President Benito Juárez. Because of civil war,
Juárez had only recently regained control of Mexico City.
(Since independence from
Spain in 1821, Mexico had
been led by a variety of gov-
ernments, including the First
Mexican Empire, in 1821-23.)
After months of negotiations,
Spain and Britain withdrew.
France, however, pressed on,
moving 6,000 troops inland.
Against a force twice their
size, the French suffered a
defeat at Puebla, about 80
miles southeast of Mexico City,
on May 5, 1862, an event cele-
brated to this day as Cinco de
Mayo. The French, however, re-
grouped and with reinforcements
took Mexico City the following year. To solidify French
power, Napoleon III, the French emperor, offered the crown
of Mexico to Ferdinand Maximilian, an Austrian archduke
and a member of the House of Habsburg. He was pro-
claimed emperor of Mexico on April 10, 1864.
The Second Mexican Empire did not last long.
Domestically, it was plagued by financial problems. Interna-
tionally, it was never recognized by the U.S. According to Mr.
Jonas, the turning point came in June 1866, when, near the
town of Camargo just south of the Rio Grande, Maximilian’s
army was ambushed by the army of the republic, a
reconstituted force loyal to Juárez (now president in exile).
After barely an hour, the republicans were victorious.
“Long before Camargo,” writes Mr. Jonas, “the end of the
empire was in view. After Camargo, it seemed inevitable.”
Republican forces continued south, where Maximilian met
them with the remnants of his army. He was defeated,
arrested, tried and executed, an act that Mr. Jonas describes
as “justice.” This is a surprising claim: Maximilian had
sought to govern with the endorsement of native Mexicans;
his fate was decided by a military trial, and his execution by
firing squad took place despite international pleas for
clemency. In this respect, his treatment was more about
sending a message to European powers than serving justice.
Mr. Jonas’s account of the Habsburg venture has many
strengths. His research is formidable, and he brings to life
characters who have been omitted from other accounts or
who tend to receive passing mention. José María Gutiérrez
Estrada, for instance—a member of Mexico’s Conservative
Party who led the deputation offering the crown to
Maximilian—is shown to be an enterprising diplomat in
European courts. And then there is Father Augustín Fischer,
another somewhat peripheral figure, a Catholic priest who
tried to settle two million acres of northern Mexico with
German immigrants—a plan he abandoned when Maximilian
sent him on a mission to Rome. Mr. Jonas also makes ample
use of memoirs and archives, allowing him to give voice to
low-ranking soldiers who supported Maximilian in what is
often presented as a drama of statesmen and generals.
As the U.S. Civil War unfolded, the French
emperor offered the crown of Mexico to an
Austrian archduke. Things did not go well.
Yet by over-emphasizing the idea of “racial geopolitics,”
Mr. Jonas causes the nuances of certain figures to disappear.
Estrada, says Mr. Jonas, “was born Mexican, but his soul was
European,” as if his monarchism or Catholicism were less
Mexican than the politics and faith of his republican
opponents. Or indeed as though republicanism itself were
not also European. Moreover, to pursue his racial-geopolitics
theme, Mr. Jonas must minimize the actions and motivations
of key leaders, particularly Napoleon III, without whom the
Second Mexican Empire would not have existed.
Napoleon III offered the crown of Mexico to Maximilian
not so much to benefit the Latin race as to improve the
French position in Europe against larger rivals, like the
British Empire, Russia and the unifying German states. The
gift of Mexico would also repair relations between Paris
and Vienna after the Franco-Austrian war of 1859. Napoleon
III’s motives in this regard were less racial than geopolitical.
The historian Thierry Lentz has called Napoleon III a leader
“moderne et réaliste,” interested in Mexico as an economic
partner and a waystation to the Pacific.
Pin-pointing the Battle of Camargo in 1866 as the empire’s
turning point is an intriguing argument but not entirely
persuasive. The battle no doubt gave heart to the army of
the Mexican republic and damaged the French, but other
forces were already in play by then. Following pressure
from the U.S., Napoleon III had decided to abandon his
Mexican campaign in late 1865, before Camargo, as his
correspondence with his senior commander in Mexico
shows. At the same time, the republican army under Juárez
took renewed strength from the U.S. lifting its embargo on
foreign arms sales. What took place at Camargo confirmed
rather than created the outcome of events in Mexico.
That said, “Habsburgs on the Rio Grande” adds to our
understanding of the Second Mexican Empire by giving us a
fuller account of both its rise and dissolution, and it helps us
to see anew the importance of an episode, so near the U.S.,
that is routinely overshadowed by the drama of the Civil War.
Mr. McGregor is the author, with Brendan Simms, of
“The Silver Waterfall: How America Won the War in the
Pacific at Midway.”
A14 | Thursday, April 18, 2024 THE WALL STREET JOURNAL.

OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR

Will America Let Ukraine Collapse? The Left Blames the Victim, Israel, Yet Again

S
peaker Mike Johnson is forging ahead to he thinks the U.S. may abandon Ukraine. It befuddles me when I hear the of the Iranian regime, stop allowing
pass a bill to support Ukraine, Israel and What would it mean for the Russians to con- left blaming victims for what is hap- bad actors to question our commit-
pening in Gaza (“Elizabeth Warren on ment to our allies, unequivocally sup-
Taiwan, despite threats from his right trol an enormous new border with the North At-
Israel and Genocide,” Review & Out- port Israel’s right to defend itself
rump to topple him. He’s cor- lantic Treaty Organization? look, April 10). Hamas, an Iranian against terrorism and respond appro-
rect on the policy merits, and Speaker Johnson is Mr. Putin would be in a far proxy, started this war with an unpro- priately to acts of war.
he deserves support from stronger position to invade voked terror attack against Israeli ci- A true cease-fire requires both par-
Members of both parties given
stepping up. Failure the Baltic states, which he also vilians on Oct. 7, when they raped and ties to agree. Forcing one side to fully
what a potential Ukrainian de- would haunt U.S. views as rogue Russian prov- murdered women and children and cave in to the demands of the other
feat would mean for U.S. na-
tional security.
security—and the GOP. inces. And that’s for starters.
Those who think Mr. Putin
took innocent people hostage.
Hamas violated the last cease-fire,
isn’t a cease-fire—it’s capitulation.
There is no moral equivalence be-
Mr. Johnson’s plan is to wouldn’t dare confront NATO has rejected every cease-fire proposal tween the only true democracy in the
break the aid bill that has al- have consistently misunder- since, and is still holding Israelis and Middle East and terrorists who kill
ready passed the Senate into four parts—one stood the Russian dictator’s ambitions. They are Americans hostage. Then, over the Jewish civilians in cold blood and
weekend, Iran stepped from the shad- brag about it. President Biden thinks
each on Ukraine, Israel and Taiwan, and one that the same crowd that assured us Mr. Putin
ows to attack Israel directly. Yet some- he can walk a tightrope of appeasing
packages various Republican policy priorities wouldn’t dare go for Kyiv in 2022. how the lack of a cease-fire falls solely an increasingly radical base of his
such as seizing Russian assets. Those that pass Even if Mr. Putin isn’t yet ready to take on on Israel’s hands? Or worse, Israel’s party while upholding the main-
will be packaged and sent back to the Senate. He the West, NATO would still be forced to prepare self-defense constitutes genocide? stream American position of support
hopes for votes on Saturday, which means Mem- for the possibility—and deter it. If Mr. Putin Israel must be the only nation in for Israel.
bers can’t complain they weren’t given the controls Ukraine, “NATO must expect to face the world that is expected to show The problem is the president isn’t
promised 72-hour notice to read the bills. large Russian conventional forces along its en- such restraint after it is attacked— walking a tightrope. He’s trying to
i i i tire border from the Black Sea to the Arctic,” not once, but twice—by terrorists and straddle the Grand Canyon.
The need is urgent because Ukraine’s posi- as Mr. Kagan puts it. their backer, Iran. The Biden adminis- SEN. TIM SCOTT (R., S.C.)
tion is deteriorating. Ukrainian shortages in air That threat would require an enormous tration needs to end its appeasement North Charleston, S.C.
defenses are letting the Russian military domi- change in defense posture on the European con-
nate the air for the first time in two years. tinent on par with the Cold War. More U.S.
Ukraine’s cities are at risk, and its defenses troops, jets, air-defense batteries, tanks and
could take down only seven of 11 Russian pro- surveillance aircraft would be needed to harden The Hidden Costs of College-Debt Forgiveness
jectiles in a recent volley at a power plant. The the alliance’s eastern front. I agree with your editorial “Biden’s taxes I pay being given away to “edu-
other four destroyed the plant. Those assets wouldn’t then be available to Student Loan Howlers” (April 10) that cated folks” who don’t want to repay
Ukraine has lowered the conscription age to manage the Pacific threat from China, which President Biden’s excuses for student- their loans. Gosh, maybe my mort-
25 from 27, and the manpower is sorely needed. Ukraine’s GOP critics claim is their priority. loan forgiveness are great sources of gage company would let me quit pay-
But even the Ukrainians, who have demon- Don’t expect Europeans to heed U.S. pleas to humor. But we’re laughing at the ing on my house and simply give it to
strated that they don’t want to live under Vladi- curb their relationships with China after the symptom, not the disease. The dis- me. Shame on Mr. Biden for going
mir Putin’s boot, will wonder about manning a U.S. leaves a mess in their backyard. This is not ease, the problem, is the government- along with this. I’m a Democrat, but
run student-loan program that loans maybe not for long.
front line if they lack the ammo to shoot back a situation Donald Trump should want to in-
seemingly unlimited amounts of ALLEN WITTIG
at the enemy. herit if he wins in November. money to any student of any school Toano, Va.
“Ukraine cannot hold the present lines now i i i for any curriculum.
without the rapid resumption” of American Mr. Johnson has so far been staring down Solution: Put the program in the Strange how Mr. Biden and the
help, as Fred Kagan noted in a Tuesday report the rump caucus that wants to remove him from hands of bankers again. They can fig- Democrats are all in on college-debt
at the Institute for the Study of War. Only the power, and he is right to do so. They won’t re- ure out what government bureaucrats forgiveness, much of which will reim-
U.S. has the stocks to provide weapons quickly spect him more if he capitulates. If his plan cannot—a degree in electrical engi- burse debt for tuition spent at pri-
and in the numbers required. The Russians have fails, the fallback is a discharge petition that neering from Purdue University is vate, maybe even religious, colleges,
seized an area roughly the size of Detroit since would force a floor vote on the Senate bill. That worth more than a degree in pseudo- but they are adamantly against any
January, and a Russian breakthrough is possible is better than abandoning Ukraine, and we hope social-science from Acme University. government funding to parents who
by summer. enough Republicans would support it if their Now that would spoil Mr. Biden’s want to spend such funding for their
punch line. K-12 students at private schools.
The House Republicans who are threatening colleagues kill the other bills.
HAL DANTONE JOHN F. QUILTER
to oust Mr. Johnson over Ukraine imagine that Mr. Biden, for his part, has an obligation to Kingsville, Texas Eugene, Ore.
they can defeat aid and return without conse- bring along Democrats on the aid bill, and his
quence to pounding Joe Biden about the crisis at op-ed in these pages is welcome, albeit late in Why doesn’t the Biden administra- It would be a service to readers to
the southern border. They are wrong, and the sad shaping the debate. tion promote the military’s student- accent the effect before stating the
irony is that such delusions about the world are Amid all the political infighting on Capitol loan-forgiveness program? The armed action. The debt is transferred from
usually reserved for the progressive left. Hill, Republicans have a binary choice between services are reporting difficulties in the “unlucky” individuals who in-
On current trend the Kremlin will eventually helping America’s friends in Kyiv or abandoning meeting their recruiting goals. Let curred it to everyone else. The mon-
win the war, and Mr. Putin won’t be satisfied with them to Mr. Putin’s empire. The latter would be some of these folks who made the de- ies that are supposedly “canceled” re-
Ukraine’s east. He wants to subdue the entire a disaster for the United States, and the GOP cision to spend tens of thousands of main alive and well in the national
country, as he planned when he first tried to take will own it as thoroughly as Democrats owned dollars on their education go serve debt.
their country for four to six years. MICHAEL MURRAY
Kyiv. He has no incentive to negotiate now that the collapse of Saigon in 1975. Frankly, I’m sick of seeing the Lyndhurst, N.J.

The Mayorkas Impeachment Precedent House Republicans’ Chance to Help Ukraine

T
he Senate voted on party lines Wednes-
day to summarily dispose of the two im-
peachment articles passed by the House
against Homeland Security Secretary Alejandro
Mayorkas, which is one more step in defining
down the constitutional power of impeachment.
Republicans will return the disfavor, possibly
sooner than Democrats expect.
While President Biden’s immigration policies
have been a debacle, the failure is Mr. Biden’s.
We don’t think the evidence existed to impeach
Mr. Mayorkas, and given a divided Congress it
was a political maneuver not designed for suc-
cess. Yet the Republican House went ahead and
impeached the Homeland Security chief, send-
ing the articles over to the Democratic Senate,
which the Constitution says “shall have the sole
Power to try all Impeachments.”
The Senate should have at least held a trial
of some limited sort, and Democrats could have
used it to make the case that Mr. Mayorkas was
innocent. Instead they dismissed the two arti-
cles as unconstitutional with separate votes,
one of them 51-49, and the other 51-48 with GOP
Sen. Lisa Murkowski voting present.
“To validate this gross abuse by the House
would be a grave mistake and could set a danger-
ous precedent for the future,” said Majority
Leader Chuck Schumer. Yet that’s exactly what
a future Republican Senate leader might say in
refusing to hold a trial on some impeachment ar-
ticles passed by a Democratic House. Democrats
are now collaborators in diminishing this consti-
tutional check on real executive abuses.
Regarding your editorial “Mike
Johnson’s Ukraine Moment” (April 8):
I will be very relieved if and when
Republican House Speaker Mike
Johnson finally acts to help Ukraine.
It may come this week, but I am
ashamed and disgusted that the U.S.
has failed for the past six months to
provide Ukraine with military aid at
scale. Ukraine’s valiant people suffer
and its troops die needlessly, some-
times forced to give up ground due to
lack of ammunition, because of our
abject failure.
As an 11-Year-Old, I Beat
Golf Legend Ben Hogan
As he so often does, Bob Greene
I’m not ready to give credit to law-
makers who have put us in this situa-
tion. It isn’t the Biden administra-
tion, a bipartisan majority in the
Senate or the American people who
refuse to stand up to Russian dicta-
tor Vladimir Putin. It’s the Republi-
cans in the House. The hawks among
them give lip service, but they have
yet to deliver.
Mr. Johnson and the GOP’s other
self-proclaimed Ukraine supporters:
For the sake of freedom and democ-
racy in the world, stand up at long
last. You’ll never be heroes in my
book since you brought us to this
sorry state of affairs, but it isn’t too
late to turn it around. Wait any lon-
ger and it will be.
ELIZABETH MERRICK

The Race to Be Protectionist in Chief brings back fond memories of earlier

days in his op-ed “The Forgotten ‘I
Somerville, Mass.

D
Beat Ben Hogan’ Medals” (April 11).
idn’t President Biden promise a better manufacturers that use particular grades of As an 11-year-old in 1954, I was one When Did We Stop Building?
trade policy than his predecessor? Chinese steel without alternatives. of the 147,000 golfers who teed off on
In 1942 the Alaskan Highway—1,700
Well, he now appears to be in a race In any case, neither candidate plans to limit National Golf Day and one of some
miles of new construction through un-
with Donald Trump to be Pro- his protectionism and indus- 2,500 medal recipients.
charted territory—was completed in
tectionist in Chief. Witness his Biden sees Trump’s trial policy to China. Mr. It was the first time I had played a
less than one year. In 1961 President
full 18 holes, and I dragged myself
pitch for new tariffs at a cam- tariffs on metals and Trump has proposed a 10% John F. Kennedy announced that we
and my golf bag up the 18th fairway
paign stop on Wednesday in tariff on all imports. Mr. Biden to finish in 191 strokes. Much to my
were going to the moon. Eight years
Pittsburgh. raises to no good effect. on Wednesday reaffirmed his surprise, as I had never played be-
later, men traveled the quarter of a
Speaking at United Steel- opposition to Nippon Steel’s million miles there and back.
fore, the Callaway Handicap Scoring
workers headquarters—where purchase of U.S. Steel, though One of the many “shovel-ready”
System was applied, eliminating the
else?—Mr. Biden promised to crack down on the Japanese company has promised to honor projects (Letters, April 13) announced
worst holes in a round. Apparently, I
in 2009 was Amtrak service between
Chinese imports. “Chinese policies and subsi- labor agreements and invest $1.4 billion to up- managed a triple bogey or two, and
Chicago and Moline, Ill., on 161 miles
dies for their domestic steel and aluminum in- grade factories. my handicap of 128 produced a net
of existing track. In the 15 years since
dustries means high-quality U.S. products are Mr. Biden also teed up plans on Wednesday score of 63, edging Bantam Ben’s 64.
the announcement, not a single pas-
undercut by artificially low-priced Chinese al- to use tariffs to protect U.S. businesses bur- The local newspaper sent a pho-
senger train has carried a single pas-
ternatives produced with higher emissions,” the dened by his climate agenda. “American compa- tographer who talked me into posing
senger along the route, nor are we
with smug self-satisfaction alongside
White House said in a statement. nies must lead the future of more sustainable seemingly any closer than we were 15
a set of clubs, which served to earn
The Trump Administration tried to leverage steel,” the White House said. It’s not fair that the enmity of my classmates for the
years ago.
tariffs on Chinese goods to get Beijing to reform “U.S. products have to compete with artificially JOSEPH E. PETERSON
next week. But as Mr. Greene reports,
its mercantilist policies. It didn’t work. Yet now low-priced alternatives produced with higher Iowa City
for more than seven decades I have
Mr. Biden is proposing to triple the 7.5% tariff carbon emissions.” been able to say, “I beat Ben Hogan!”
under Section 301 on certain Chinese steel and Steel making is energy-intensive, and Mr. Bi- G. RICHARD WYNN
aluminum imports. He also teed up a trade in- den’s green energy agenda threatens to make Haverford, Pa. Pepper ...
vestigation into Chinese shipbuilding in re- U.S. companies less competitive. U.S. Steel is And Salt
sponse to a petition by the union. challenging the Environmental Protection
While Mr. Biden has scrapped nearly every Agency’s “good neighbor” rule that requires it A Starbucks Label’s Appeal THE WALL STREET JOURNAL

Trump policy, he has maintained most of his to make costly upgrades to reduce ozone in dis- The article “Consumers Finally
predecessor’s tariffs despite their economic tant states. The Supreme Court is considering Test Starbucks on Price” (Heard on
harm. The Detroit Free Press reported in 2019 whether to block the rule. the Street, April 12) compares Star-
that Ford worker profit-sharing checks would Meantime, the Administration touts billions bucks coffee to a “Veblen good,” one
be 10% higher if not for Mr. Trump’s 25% tariffs in subsidies for “green” manufacturing. Last for which high price is part of its ap-
on steel and 10% on aluminum. month the Energy Department awarded steel- peal. I disagree. For coffee lovers, a
Starbucks label assures us of the level
An analysis by the Peterson Institute for In- maker Cleveland-Cliffs $575 million for “two
of quality provided at Starbucks out-
ternational Economics found that each job decarbonization investments” in Ohio and lets, and that is something we are
“saved” by Mr. Trump’s steel tariffs cost con- Pennsylvania. Cleveland-Cliffs’ workers are rep- willing to pay for.
sumers and businesses more than $900,000. resented by the United Steelworkers and it lob- JANE SHAW STROUP
Employment in iron and steel mills has fallen bied the White House to block the Nippon Steel Raleigh, N.C.
by about 3,000 since the Section 232 tariffs deal.
took effect in 2018. Cleveland-Cliffs wants to buy U.S. Steel,
Letters intended for publication should
China’s mercantilism is a special trade prob- which it says will benefit workers. Doubtful. In be emailed to wsj.ltrs@wsj.com. Please
lem, but Chinese steel makes up only 2% of U.S. February it closed a factory in West Virginia include your city, state and telephone
imports and 0.6% of consumption, largely owing that employed 900. Tariffs and subsidies may number. All letters are subject to “Can we move the printer out
to Mr. Trump’s tariffs and antidumping duties. prop up uncompetitive companies for a time, editing, and unpublished letters cannot of the lounge? The coffee embodies
be acknowledged.
Piling on more tariffs will raise costs for U.S. but they harm countless forgotten men. a faint bouquet of toner.”
THE WALL STREET JOURNAL.
Ukraine and Israel: Moment of Truth
By Joe Biden
I
ran launched an unprece-
dented attack against Israel
this weekend, with a barrage
of missiles and drones.
Around the same time, some
1,500 miles north, Russia continued
its bombardment of Ukraine, which
has intensified dramatically in the
last month.
Both Ukraine and Israel defended
themselves against these attacks,
holding the line and protecting their
citizens. And both did it with critical
help from the U.S.
Now is not the time to abandon
our friends. The House must pass
urgent national-security legislation
for Ukraine and Israel, as well as
desperately needed humanitarian aid
for Palestinians in Gaza.
In this third year of Russia’s war,
Ukraine continues to defy the odds.
Against a much larger military, the
Ukrainians regained more than half
the territory that Russia occupied
after its 2022 invasion. They’ve
struck the Russian navy time and
Both countries urgently
need U.S. support against
brazen adversaries that
seek their annihilation.
again, winning important victories
in the Black Sea. And they’ve devel-
oped innovative weapons, especially
drones, to counter Russian forces.
Theirs is a fighting force with the
will and the skill to win.
Meanwhile, as we saw this week-
end, Israel’s military has the tech-
nology and training to defend the
country against even an attack of
unprecedented scope and ferocity.
But while both countries can ca-
What Home Buyers Get for Those Agent Commissions
By Damian Eales
W
ill it become easier or
harder to buy a home? The
answer is unclear amid
widespread confusion over what’s
happening to real-estate agent com-
missions. On April 5, a federal court
determined that the Justice Depart-
ment can reopen its investigation
into the policies of the National As-
sociation of Realtors, indicating that
the association’s March settlement
in a separate case may not be the fi-
nal word on this issue. Yet in their
effort to deliver lower costs for
home buyers, federal officials and
courts may inadvertently undermine
consumer protections without ad-
dressing the root causes of high
home prices.
The settlement is a positive de-
velopment: It could lower real-estate
agents’ commissions, benefiting
home buyers. It also increases trans-
parency and negotiating power for
home buyers who use agents for
representation. The settlement will
also increase professionalism among
agents, who will now sign an agree-
ment detailing their services before
showing a buyer a home. These poli-
cies should put downward pressure
on commission prices, which cur-
rently average 5.3% and are split be-
tween buyer’s and seller’s agents.
Brandon Johnson Is No Father Flanagan
By Joseph Epstein
B
oys Town founder Father Ed-
ward Flanagan said “there is
no such thing as a bad boy.”
The argument hasn’t gone out of
vogue. Brandon Johnson, the
mayor of Chicago, seems to believe
in it, and rather than put more po-
lice on his city’s violent streets—or
renew the city’s contract with
ShotSpotter, the gunshot detection
system—he prefers what he has
called “a more holistic approach”
to combating crime.
He would fight crime by provid-
ing more employment for young
gang members, mentoring, pro-
grams to shore up the family in
poor neighborhoods, and anything
else that promises reform of crimi-
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President Volodymyr Zelensky and Prime Minister Benjamin Netanyahu.
pably defend their own sovereignty,
they depend on American assistance,
including weaponry, to do it. And
this is a pivotal moment.
Vladimir Putin is ramping up his
onslaught with help from his
friends. China is providing Russia
with microelectronics and other
equipment that is critical for de-
fense production. Iran is sending
hundreds of drones; North Korea is
providing artillery and ballistic mis-
siles. Ukraine, facing ammunition
shortfalls, is losing hold of territory
it had regained.
After years of backing Hezbollah,
Hamas and other proxies in their at-
tacks on Israel, including Hamas’s
brutal attack on Oct. 7, Iran
launched a direct attack of its own—
hoping to penetrate Israel’s air de-
fense, including David’s Sling and
the Iron Dome, which saved count-
less lives this weekend.
Both Ukraine and Israel are under
attack by brazen adversaries that
seek their annihilation. Mr. Putin
wants to subjugate the people of
Ukraine and absorb their nation into
Despite these wins, federal offi-
cials seem to want a more aggres-
sive solution. In a February court fil-
ing, the Justice Department noted
that U.S. commissions are “two to
three times more than” those in
“other developed countries,” a point
the media frequently repeats. That
gives the impression that federal of-
ficials want to cut commissions at
It’s caveat emptor in some
Australian states, where
agents have a fiduciary
duty only to the seller.
least in half as quickly as possible,
and the department appears to be
pursuing this goal. Yet dramatically
slashing commissions can be
achieved only by reducing the use of
buyer’s agents—a move that would
be unwise for a few reasons.
Consider the pitfalls that home
buyers face in countries where
buyer’s agents aren’t commonly
used. In Australia, where I grew up,
home buyers typically work directly
with listing agents, who have a fidu-
ciary duty only to the sellers. In
some Australian territories and
states, if a buyer looks at a home on
nal behavior. The mayor isn’t alone
in believing in this programmatic
solution to urban violence. Not long
ago, after a particularly heavy week-
end of shootings in Englewood, one
of Chicago’s most crime-ridden
neighborhoods, I saw on local televi-
sion a middle-aged resident call out,
“They better get some programs
down here quick.”
I wonder, too, if so many of the
nation’s liberal attorneys general and
prosecutors don’t also subscribe to
the notion that there is no such thing
as a bad boy. How else to explain
their failures to prosecute? How else
to account for their freeing on bond
men who have been found obviously
guilty of serious crimes, many of
whom, while out, commit yet further
crimes, including murder?
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OPINION
weekend. We can make that out-
come less likely by replenishing Is-
rael’s air defenses and providing
military aid now, so its defenses can
remain fully stocked and ready.
UKRAINIAN PRESIDENTIAL PRESS SERVICE/AFP VIA GETTY IMAGES
If Congress passes military aid
for Ukraine and Israel, we won’t
write blank checks. We’d send mili-
tary equipment from our own stock-
piles, then use the money authorized
by Congress to replenish those
stockpiles—by buying from Ameri-
can suppliers. That includes Patriot
missiles made in Arizona, Javelin
missiles made in Alabama, and artil-
lery shells made in Pennsylvania,
Ohio and Texas. We’d be investing in
America’s industrial base, buying
American products made by Ameri-
can workers, supporting jobs in
nearly 40 states, and strengthening
our own national security. We’d help
a new Russian empire. The govern- our friends while helping ourselves.
ment of Iran wants to destroy Israel I’ve been clear about my concerns
forever—wiping the world’s only over the safety of civilians in Gaza
Jewish state off the map. amid the war with Hamas, but this
America must never accept either aid package is focused on Israel’s
outcome—not only because we stand long-term defensive needs to ensure
up for our friends, but because our it can maintain its military edge
security is on the line, too. against Iran or any other adversary.
If Russia triumphs, Mr. Putin’s Importantly, this bill has funding
forces will move closer than ever to that will allow us to continue deliv-
our North Atlantic Treaty Organiza- ering urgent humanitarian aid for
tion allies. “An attack on one is an the people of Gaza as well as others
attack on all” means that if Mr. Pu- who have felt the impact of conflicts
tin invades a NATO ally, we will around the world.
come to its aid—as our NATO allies It’s a strong and sensible plan. It
did for us after the Sept. 11 attacks. shouldn’t be held hostage any longer
We should surge support to Ukraine by a small group of extreme Repub-
now, to stop Mr. Putin from en- lican House members.
croaching on our NATO allies and Mr. Putin has tried relentlessly to
ensure that he doesn’t draw U.S. break the will of the Ukrainian peo-
troops into a future war in Europe. ple. He has failed. Now he’s trying to
Likewise, if Iran succeeds in sig- break the will of the West. We can-
nificantly escalating its assault on not let him succeed.
Israel, the U.S. could be drawn in. Is- There are moments in history
rael is our strongest partner in the that call for leadership and courage.
Middle East; it’s unthinkable that we This is one of them.
would stand by if its defenses were
weakened and Iran was able to carry Mr. Biden is president of the
out the destruction it intended this United States.
a flood plain or in a region prone to There are better ways to help
bush fires, the seller’s agent isn’t home buyers save money, policies on
necessarily obligated to tell him which state lawmakers should take
about the risks. the lead. Most U.S. states have
The U.S. model provides lower transfer taxes, which can add thou-
overall costs and better representa- sands of dollars to the cost of a
tion for buyers and sellers alike. home purchase. Lawmakers should
Americans chose this model for good either cut these taxes, leading to
reasons. Before the 1990s, few peo- lower costs and more home sales, or
ple in the U.S. used a buyer’s agent. reduce property taxes after windfall
Yet home buyers began to demand gains post-pandemic. State and fed-
representation, especially low-in- eral lawmakers could also ease bur-
come and first-time buyers who densome licensing, zoning and envi-
needed help navigating the process. ronmental regulations, all of which
Consumer-rights advocates champi- add nearly $94,000 to the cost of a
oned this development. As buyer’s new single-family home and lead de-
agents became more popular, eight velopers to build fewer homes. The
states even banned the old model of best way to decrease housing’s cost
a single agent representing both is to increase its supply.
parties. Americans effectively gained The alternative is to erode the
two agents for the price of one, and hard-fought victory that American
that price has fallen from over 6% to home buyers have achieved. While
closer to 5% today. the U.S. system is far from perfect, it
Discouraging the use of buyer’s serves home buyers better than any
agents would reverse this progress. other arrangement, and it’s moving
Although it would likely lower home in an even better direction after the
buyers’ costs, it would do so at the recent settlement. As federal offi-
price of sacrificing their interests. cials and courts weigh whether to
Without a buyer’s agent, no one push further, they should remember
would be legally required to help that some cures are worse than the
buyers understand their risks and disease.
options. There would also be noth-
ing to stop seller’s agents from in- Mr. Eales is CEO of Move Inc.,
creasing their commissions to match which operates Realtor.com. Move
what previously went to buyer’s Inc. is owned by News Corp, which
agents. also owns The Wall Street Journal.
With each night’s local news who consciously decide to deal
bringing fresh accounts of murders, drugs, car-jack, join street gangs,
rapes and robberies, the country re- participate in smash-and-grab at-
sides under a heavy veil of paranoia. tacks on retail shops, engage in hit-
Parents nervously send their chil- and-runs with stolen cars, go in for
dren off to school. City dwellers drive-by street shootings. What pro-
look over their shoulders while grams do we have for them?
walking once-safe streets. The el-
derly go out at night with trepida-
tion. Paranoia? “Even paranoids,” The Chicago mayor seems
the poet Delmore Schwartz, himself
a true paranoid, used to protest, to believe ‘there is no such
“have real enemies.” thing as a bad boy,’ but his
In 2021, Illinois Gov. J.B. Pritzker
argued for and won passage of the reform ideas are hopeless.
Safe-T Act, which ended the cash
bail system in the state. Proponents
of the bill argued that cash bail was Father Flanagan attained some
fundamentally unfair to criminals success in reforming delinquent
without funds to come up with bail. boys by working with a limited
The real victims, obviously, were number of them, over whom he had
the criminals themselves. (Might full control. But the only govern-
learning to save for bail be one of ment program I can come up with is
Mr. Johnson’s programs?) But, pretrial detention, with the more se-
then, so much of the talk about rious the crime, the less the chance
crime nowadays seems to exclude for bail, and imprisonment for those
the victims. convicted.
Given the assumptions behind the Under this program prison terms
argument that there’s no such thing would be widely announced and im-
as a bad boy, disrespect for police placably carried out, with no time
naturally follows, casting cops in off for good behavior: one year in
the role of villain. When a police- prison, say, for being part of a
man shoots a criminal, the media smash-and-grab mob, two years for
often portrays the cop as the taking part in a car-jacking, three
wrongdoer. Meanwhile, policemen years for mugging a mail carrier,
are retiring early and fewer candi- and so on up the ladder of serious-
dates wish to join. Little wonder, ness. This would get the bad boys’
since the police generally are no attention, and is the only program I
longer respected. All too often they know with any chance of success.
are despised.
What if there really are bad Mr. Epstein is author, most re-
boys—and not a few bad girls—on cently, of “Never Say You’ve Had a
the scene? Young men and women Lucky Life.”
Thursday, April 18, 2024 | A15
Iran Has
Ended the
Shadow War
By Yonah Jeremy Bob
I
Jerusalem
ran’s weekend attack perma-
nently altered the strategic pic-
ture in the Middle East. For 45
years the two countries engaged in a
“shadow war” via proxies, covert op-
erations and clandestine missions.
Now they are in open conflict. A
range of previously unlikely scenar-
ios, from a complete regional melt-
down to a new Israeli-Arab alliance,
have become possible.
The shadow war’s great benefit to
both sides was that it preserved
plausible deniability. Anything that
provoked a direct conflagration
could have wildly unpredictable con-
sequences. But both Iran and Israel
became too successful at waging
shadow war. Iran sponsors Hamas,
which on Oct. 7 invaded 22 Israeli
villages and murdered 1,200. This
“success” shifted Israel from a de-
fensive to an offensive posture.
Now that it and Israel are
fighting openly, anything
is possible, from disaster
to a new regional order.
Where the Israelis had engaged in
limited surgical battles with Hamas,
they now sought to defeat it com-
pletely. The Israel Defense Forces
didn’t simply subdue Gaza City and
Khan Younis; they destroyed them.
In December, Israel extended this
offensive posture to Hezbollah, Iran’s
senior proxy in the region. After two
months of low-intensity fighting, the
IDF began to rout Hezbollah’s forces
in southern Lebanon. The two sides
exchanged moderate rocket and mis-
sile fire as before, but Israeli defense
sources tell me that more than 90%
of Hezbollah’s special Radwan fight-
ers have fled southern Lebanon, and
that Israel has destroyed almost all
the group’s border lookout posts.
As the war evolved, Israeli leaders
grew frustrated by Iran’s ability to
dictate events without consequences.
In December, Israel killed Sayyed
Reza Mousavi, a senior Iranian com-
mander, in an airstrike near Damas-
cus. To avoid Iranian retaliation, the
IDF didn’t take public credit. Rather
than respond directly, Supreme
Leader Ayatollah Ali Khamenei re-
sponded covertly through terror
plots to kill Jews in Asia, Europe and
elsewhere. He may also have realized
that losing Mousavi was a price
worth paying for the harm Iran al-
ready inflicted on Israel.
On April 1, Israel moved again,
killing senior Quds Force commander
Mohammad Reza Zahedi with a pre-
cision strike at an Iranian diplomatic
building in Damascus. This time Mr.
Khamenei felt compelled to respond
directly. He no longer cared to save
face. He wanted blood.
Two weeks later Iran launched its
attack. The barrage failed, but it
wasn’t meant to fail, as some say. It
was intended to kill hundreds of Is-
raelis and to destroy critical Israeli
air bases. The Arrow missile-defense
system performed better than any-
one expected and brought down in
the empty desert nearly all of the
long-range munitions Iran had hoped
would land in Israeli cities. The
vaunted and much-discussed Iron
Dome was irrelevant. The Arrow,
which had barely been tested, saved
the day.
Iran’s attack ended the shadow
war. The old rules no longer apply.
Israel has said it will respond, and it
must if it hopes to restore deter-
rence. But if the response is too
light, Israel risks inviting future
waves of drones and ballistic mis-
siles. Then again, if Israel attacks too
aggressively, it risks greater retalia-
tion from both Iran and Hezbollah.
To date Hezbollah has used up only
around 3,000 rockets and missiles
out of an estimated arsenal of
150,000.
The U.S. and Israel’s European al-
lies are pressing Israel not to coun-
terstrike. President Biden considers
a wider regional war to be a threat
to his re-election. On the flip side,
Iran’s attack shocked the Saudis out
of their complacency—they “outed”
themselves publicly as having as-
sisted Israel against Iran. Riyadh and
Washington have both made noises
about a grand normalization deal
with Israel, and Mr. Biden may still
exit the current chaos with his own
“deal of the century” going down the
electoral home stretch.
These are unusually dangerous
and potentially auspicious times.
The U.S. and Israel need to play their
cards perfectly.
Mr. Bob is senior military analyst
for the Jerusalem Post and a co-au-
thor of “Target Tehran: How Israel
Is Using Sabotage, Cyberwarfare,
Assassination—and Secret Diplo-
macy—to Stop a Nuclear Iran and
Create a New Middle East.”
A16 | Thursday, April 18, 2024 THE WALL STREET JOURNAL.

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Bitcoin’s Resurgent
UAW Sets
Miners Look Its Sights
On VW
To Diversify Workers
JAMES JACKMAN FOR THE WALL STREET JOURNAL

Looming contraction fresh tokens to more than $70 BY MIKE COLIAS

of currency’s supply
spurs efforts that
include new AI tech
BY CAITLIN OSTROFF
AND VICKY GE HUANG
Companies that unlock new
bitcoins are revamping their
businesses to depend less on
the cryptocurrency ahead of a
supply contraction that will
cut profits in half.
The crypto industry is
holding its breath for an
event called the halving, an
adjustment to the bitcoin
blockchain that cuts in half
the number of bitcoins that
can be unlocked by miners.
The change, which takes place
every four years, will halve
the number of bitcoins re-
leased on average every 10
minutes to 3.125 from 6.25 on
or around Friday.
Bitcoin bulls are excited be-
cause the event further con-
strains the cryptocurrency’s
supply, while demand has
ramped up thanks to a new
class of exchange-traded
funds holding the token. Bit-
coin’s supply was capped at 21
million by its pseudonymous
creator Satoshi Nakamoto,
and more than 90% have al-
ready been released. Crypto
traders believe this event will
drive bitcoin’s price higher
over time.
Strong demand for bitcoin
ETFs has propelled the token’s
price to new highs in recent
weeks. That, in turn, has
boosted how much money bit-
coin miners are making from
million a day. How that fares
in the future is less certain. A historic effort by the
Despite the rally in bitcoin, United Auto Workers to union-
the miners’ stock prices are ize more than a dozen factories
down sharply this year on outside of Detroit faces its first
worries about the halving. test this week, as workers at
If bitcoin’s price rises Volkswagen’s lone U.S. plant
strongly as new supply cur- Marathon Digital offers technology that keeps bitcoin-mining computers from overheating. cast ballots.
tails, it could soften the finan- More than 4,000 employees
cial blow. If it doesn’t, it could Bitcoin’s dollar value Total bitcoin mining revenue, seven-day average* at VW’s sport-utility-vehicle
challenge the survival of some factory in Chattanooga, Tenn.,
$70,000 $70 million
miners. Bitcoin’s short history were scheduled to begin voting
2020 halving Bitcoin ETFs
has been dotted with wild Wednesday on whether to be
60,000 approved 60
surges and devastating represented by the UAW, with
crashes. So far, each bust has results expected by the end of
been followed by another 50,000 50 the week.
boom cycle that attracted The 89-year-old UAW has
more investors. 40,000 40 yet to unionize any foreign-
Some miners are looking owned auto plants in the U.S.,
for opportunities to sell their 30,000 30 many of which are in Southern
technology to artificial-intelli- states where antiunion senti-
gence companies, while others 20,000 20 ment runs deep and right-to-
are exploring ways to snap up work laws serve as a deterrent.
smaller rivals and older com- A rejuvenated UAW leader-
10,000 10
puters at a discount. ship is seeking to harness mo-
“We’re very much diversi- mentum from historic con-
0 Monthly 0
fying the business, the goal tracts it won late last year at
being to have a business with 2020 ’21 ’22 ’23 ’24 May 2023 Jan. ’24 General Motors, Ford Motor
multiple revenue streams that and Jeep maker Stellantis. The
can operate no matter what union got pay increases of 25%
the economic weather is,” Share-price performance of bitcoin miners, year to date over more than four years, en-
said Fred Thiel, chief execu- 40% TeraWulf Marathon Digital Holdings Riot Platforms Bit Digital hanced retirement benefits and
tive of Nasdaq-listed bitcoin other gains, after a six-week
–18% –38% –48% –57%
miner Marathon Digital strike that included walkouts
Holdings. 20 at nine U.S. factories. The vote
To unlock new bitcoins, in Chattanooga is shaping up
companies host an array of to be a referendum on whether
computers that generate ran- 0 UAW President Shawn Fain’s
dom numbers in hopes of worker-empowerment message
finding the right combination will resonate with workers out-
–20
to unlock the next tranche of side the union’s industrial-Mid-
bitcoin. The first computer to west stronghold.
do so is rewarded with newly –40 Fain wants to leverage the
released bitcoins. This creates union’s success in Detroit to ex-
two major costs for compa- pand its reach and member-
nies: data centers to store the –60 ship, which has gradually de-
machines and electricity to Jan. 2024 April Jan. April Jan. April Jan. April clined from 1.5 million
power them. members in the 1970s. As of
Please turn to page B4 *Data through Monday Sources: CoinDesk (bitcoin price); Coin Metrics (mining revenue); FactSet (performance) 2023, the UAW had roughly
370,000 members—with many
of them collected in other sec-

Peltz’s Challenges Mount With Disney Defeat

BY CARA LOMBARDO
AND LAUREN THOMAS
Nelson Peltz’s proxy fight at
Disney had the potential to
help turn around his hedge
fund after a tumultuous
stretch.
Instead, the activist inves-
tor’s unsuccessful quest for two
seats on the media giant’s
board could make a comeback
even harder.
Trian Partners has been
TEMILADE ADELAJA/REUTERS
A Disney victory would have
been a welcome win, but many
of the big investors whose sup-
port Peltz needed sided with
Disney Chief Executive Bob Iger
instead. Trian had made
roughly $300 million on its Dis-
ney investment when share-
holders rejected its bid for
board seats earlier this month.
But that is in line with the mar-
ket’s rise over the same period,
a point that doesn’t go unno-
ticed by hedge-fund investors
tors, such as gambling and
higher education. UAW leaders
say conditions are ripe to snap
the union’s losing streak among
auto workers in the South.
“When we return to the bar-
gaining table in 2028, it won’t
just be with the Big Three, but
with the Big Five or Big Six,”
Fain said late last year.
Workers behind the union-
ization effort at Volkswagen
said they want to join the UAW
for more pay, better work
schedules and other benefits.
VW said it has “some of the
best-paying jobs in the area”
and is proud of its working en-
vironment at the plant.

grappling with lackluster re-
turns, an investor exodus and
the acrimonious departure of
one of its founders. The firm’s
money under management
ended last year at its lowest
point since 2012, a previously
All eyes are now on whether Trian will be able to make money on its biggest bet: Unilever. unreported recent filing shows.
who pay hefty fees for outper-
formance.
All eyes are now on whether
Trian will be able to make
money on its biggest bet—on
Dove-soap maker Unilever—
and whether Peltz’s days as a
Please turn to page B2
“We fully support an NLRB
vote so every team member
has a chance to a secret ballot
vote on this important deci-
Please turn to page B5
 Volvo profit beats forecasts
on price rises........................ B5

NPR Editor Exits After INSIDE Boeing Is Facing Complaints

Criticizing Its Coverage
BY ALEXANDRA BRUELL
National Public Radio pro-
hibits staff from publishing
work for other media outlets
without permission. Senior edi-
tor Uri Berliner broke that rule
when he published a searing,
3,000-word critique of his own
From Another Whistleblower
cerns about their own em- BY SHARON TERLEP
ployer.
Weeks earlier at MSNBC, a Boeing’s quality issues have
coterie of high-profile anchors prompted a growing chorus of
used their respective shows to former employees to come for-
publicly call out a controversial ward with concerns about the
hiring decision by the net- TECHNOLOGY jet maker’s manufacturing pro-
work’s parent. And the New Tim Cook’s Apple is cess.
York Times’s newsroom has The latest is Roy Irvin, a
considering making
BILL CLARK/CQ ROLL CALL/ZUMA PRESS

storied news organization in
the Free Press, a media upstart.
His actions led to a five-day
suspension without pay. Then
on Wednesday, he posted his
resignation letter on X, in
which he accused the public ra-
dio network’s new chief execu-
tive of having divisive views
that “confirm the very prob-
lems” he cited in his Free Press
piece.
A spokeswoman for NPR de-
clined to comment on person-
nel matters.
Berliner’s essay, which said
NPR had lost its way by letting
liberal bias skew its coverage,
is the latest sign of a manage-
ment challenge several major
newsrooms are dealing with:
how to handle staffers who are
willing to go public with con-
been divided over its Gaza war quality manager who retired in
coverage, culminating with a some products in 2020 and said employees work-
recent investigation into Indonesia. B3 ing on the 787 Dreamliner jets
whether staffers leaked confi- were discouraged from flagging
dential information to another problems or recommending
outlet. changes to prevent snafus.
“You see a lot of the editors Irvin’s written account was
and publishers just saying, part of a pair of congressional
‘enough,’ ” said Brian McGrory, hearings on Wednesday scruti-
chair of the journalism depart- nizing Boeing. One included an- Whistleblower Sam Salehpour flagged concerns about 787 parts.
ment of Boston University and other whistleblower, Sam Saleh-
former editor of the Boston pour, who went public last week concerns. last week by Salehpour about
Globe. He said it is important with his concerns about 787 “I was told, ‘We don’t have production of 787 Dreamliner
for newsroom leaders to listen joints, while the second featured enough time to do corrective ac- jets. Deliveries of the jets, made
to staff, “but ultimately a news testimony from members of a tions, so don’t write one,’” Irvin at Boeing’s Charleston, S.C., fac-
organization can’t be run by a panel tasked with reviewing the said in an interview. In pushing tory, were halted for nearly two
committee of 1,000.” MARKETS plane maker’s practices after the company to address issues, years starting in 2020 amid var-
The outcome in each case The S&P 500 falls for a two 737 MAX crashes. “there was always the chance of ious production and regulatory
was different. While NPR chose At both hearings, panelists not necessarily getting fired but issues.
to discipline Berliner, NBC
fourth straight day, and whistleblowers described a moving to a position that would Boeing defended the safety of
News cut ties with Ronna Mc- with J.B. Hunt its company culture that discour- be much less important.” the 787 in a two-hour presenta-
Daniel, the former Republican worst performer. B10 ages employees from coming Federal safety officials are in- tion to journalists this week,
Please turn to page B4 forward with quality and safety vestigating claims made public Please turn to page B2
B2 | Thursday, April 18, 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 Goldman Sachs......................B11 Reworld........................................A10

Alaska Air.....................................B2 H Robinhood..................................B10
Amazon.com...............................B5 Hawaiian Electric S
American Airlines................B10 Industries..................................A3 Samsung Electronics.B4,B11
Apple.................................................B3 Honda Motor.............................B5 Southwest Airlines............B10
ASML......................................B4,B11 I Starbucks.......................................B5
B Intel...........................................B4,B11 Stellantis.........................................B1
Bit Digital.....................................B4 Invesco.............................................B2 T
Boeing...............................................B1 J Taiwan Semiconductor
C Janus Henderson...................B2
Manufacturing.............B4,B11
Tesla...........................................A1,B5
Chevron...........................................B3 J.B. Hunt Transport
Toyota Motor.............................B5
Core Scientific...........................B4 Services....................................B10
Trian Partners............................B1
CSX.....................................................B3 Just Eat Takeaway.com...B4
U
D M
Unilever............................................B1
Deere.................................................B5 Marathon Digital.....................B1

JULIETTE MICHEL/AGENCE FRANCE-PRESSE/GETTY IMAGES

United Airlines.......................B10
E Morgan Stanley.....................B11
United Parcel Service.........B5
N
Eni.......................................................B3 V
F Nissan Motor.............................B5
Volkswagen..................................B1
Ford Motor...................................B1 P Volvo..................................................B5
G Prologis...........................................B3 W
General Motors................A8,B1 R Walt Disney.................................B1
GE Vernova................................B11 Repsol...............................................B3 Webull...........................................B10

INDEX TO PEOPLE
C I
Calhoun, Dave...........................B2
Coleman, Denis.......................B11
Cook, Tim......................................B3
D
Icahn, Carl.....................................B2
Iger, Bob..........................................B1
J
R A now-retired Boeing quality manager said employees working on the 787 Dreamliner were discouraged from flagging issues.
Rossi, Dominic........................A10
Roth, Tony.................................B10
S Boeing Glitch Halts Alaska Air Flights
planes down the assembly line
and employed practices, such as
completing work out of se-

Faces More quence, that aimed to speed pro-

Jope, Alan.....................................B2 Schumacher, Hein..................B2
Denholm, Robyn.....................A4 M Strazik, Scott............................B11 Alaska Air flights were lifted about an hour later, duction but also compromised
Denier, Anthony....................B10
Maher, Katherine...................B4 Strouse, Mark..........................B11 disrupted Wednesday be- Alaska said. quality.
F
Fahl, Lisa........................................B2
Moghadam, Hamid...............B3
Musk, Elon............................A1,B2
Sullivan, Adam.........................B4
T Complaints cause of a technology
problem that cropped up
during a system upgrade.
The Seattle-based car-
rier said there might be re-
sidual delays throughout
The jet maker said last month
that Chief Executive Dave Cal-
houn would step down at the
Flynn, Joe.....................................B4 N Tabar, Samir...............................B4 Alaska said the nation- the day Wednesday. end of the year as part of a
Frank, Josh...................................B2 Continued from page B1 wide ground stop for its Alaska said the problem broader executive shake-up.
Nadella, Satya...........................B3 Thiel, Fred......................................B1
G outlining what engineers de- flights was put in place at arose while it was upgrad- Boeing declined to comment
P W
Garden, Ed....................................B2 scribed as an exhaustive testing the airline’s request at ing a system that calcu- on Irvin’s account. A spokesman
Peltz, Ed.........................................B2 Wang, Anquan.......................B10 and analysis process to investi- about 7:30 a.m. Pacific lates weight and balance said Boeing slowed 787 produc-
Grant, Sinead Colton........B10
Peltz, Nelson...............................B1 Wennink, Peter........................B4 gate gaps in the plane’s body Time. The issue was miti- data for flights. tion and stopped deliveries for
H Perlmutter, Ike..........................B2 and ensure its safety. gated and the pause was —Alison Sider nearly two years starting in 2021
Wilson-Thompson,
Huang, Jensen..........................B3 Pick, Ted.......................................B11 Kathleen.....................................A4 Boeing engineers said tests to ensure the planes met engi-
conducted over several years in- neering specification in response
dicate that most gaps meet to concerns raised by employees.
Watch a Video: U.S. Races to Secure Taiwan’s specifications, and the ones that nymity would be maintained,” mously or by name in January “This was a clear demonstration
AI Chips as Fears of China Invasion Loom don’t don’t compromise the said Javier de Luis, who was and February received as many of our commitment to listen and
plane’s structural integrity. part of the review. He teaches entries as it would normally get take action on employee feed-
Salehpour has said that the aerospace engineering and his in an entire year. back,” he said.
process Boeing used to fasten sister, Graziella de Luis, died in “We have exploded in the Irvin worked as a quality in-
parts of the plane together left the second MAX crash in Ethio- amount of ‘Speak Ups’ that have vestigator from 2011 to 2017 and
gaps wider than allowed by Boe- pia. come in, because we’re continu- was responsible for investigating
ing’s own standards, potentially “There was a ally encouraging problems and recommending
compromising the plane’s dura- lack of confi- it,” said Lisa corrective action. He then
bility. dence that Fahl, a Boeing worked as a manager overseeing
On Wednesday, Salehpour de- things would ac- A whistleblower vice president quality on planes as they came
scribed being ignored and some- tually get done described being who previously out of final assembly.
times berated by superiors for and there was a oversaw 787 He said inspectors were re-
persisting with concerns about very real fear of sometimes quality. warded for signing off on higher
the manufacturing process. retribution and The jet maker numbers of planes, encouraging
“There is a culture of, when you payback if you
berated by is facing criti- them to rush through inspec-
address the quality issues…you held your superiors. cism for short- tions. And managers often pres-
get threatened,” he said. ground,” he said. comings in its sured teams to forgo corrective
At a separate hearing, mem- Boeing said it quality-control actions if the prescribed steps
bers of an independent panel es- is taking steps to and manufactur- would be time consuming or re-
ZAK ROSS

tablished by the Federal Aviation
Administration said the com-
pany lacked sufficient safe-
Nvidia’s AI chips are crucial to technology guards to prevent retaliation
from smartphones to chatbots—but their against employees who flag
production is outsourced to just one company safety issues.
in Taiwan. Scan this code for a video on how “There was a lack of confi-
the U.S. is racing to secure the supply chain. dence that, if you were trying to
report it anonymously, that ano-
encourage employees to speak
up with concerns and is hearing
from more employees. “We
know we have more work to do
and we are taking action across
our company,” a spokesman
said.
A program in which employ-
ees can flag concerns anony-
ing operations in the wake of a
midair blowout of a door plug
on an Alaska Airlines flight in
January. That plane, a smaller
737 MAX, was built at Boeing’s
Renton, Wash., factory.
Executives have since ac-
knowledged that the company at
times overemphasized moving
quired too much manpower, he
said.
Irvin said the recent death of
John Barnett, another quality
manager who raised concerns
about the jet maker, prompted
him to come forward. Police said
they were investigating Bar-
nett’s death as a suicide.

been pulling out money, The as Hellmann’s mayonnaise. Its around 37 pounds in London— a new target in mind, saying on cial-media platform, X, ahead of
Disney Loss Wall Street Journal reported
last month. The full extent of
$1.5 billion-plus stake is the
firm’s largest position, dwarf-
equivalent to about $46 cur-
rently—when Trian arrived.
CNBC recently that he needed
to finish buying his shares be-
the Disney vote.
“I think the world of him,”
redemption requests isn’t re- ing Trian’s stake in Disney and That is roughly where it is now. fore revealing the company’s Peltz said of Musk. Some read
Adds to flected in the latest number,
people familiar with the matter
consuming about 25% of its
capital.
Peltz and Trian could yet
achieve the success they had
name. In the same appearance,
he fawned over Elon Musk. The
it as a sign that the two could
join forces on an investment

Peltz Woes said.

Trian typically uses invest-
ment vehicles focused on a spe-
Unilever had been underper-
forming rivals including Procter
& Gamble, which Peltz had
envisioned. Jope left last year,
and Hein Schumacher, the head
of a dairy cooperative who had
Tesla chief has become a close
friend and gave Peltz an 11th-
hour endorsement on his so-
some day.
—Peter Rudegeair
contributed to this article.
cific stock or sector for its big- helped streamline after he got a sat on Unilever’s board, took
Continued from page B1 gest bets. While such vehicles seat on its board in a previous over. Last month, he detailed a
fearsome activist are over. offer investors lower fees than proxy fight. Unilever’s share- strategic plan that is expected
Taking on another proxy a typical hedge fund charges- holders were in open revolt af- to eliminate some 7,500 jobs
fight could be harder after the they also lock up their money ter then-CEO Alan Jope consid- and save about $870 million 


81-year-old failed to win crucial for several years. Some haven’t ered a $68 billion purchase of over the next three years.
support from the big index lived up to Trian’s ambitions. In GlaxoSmithKline’s consumer- A centerpiece of the plan is
funds, BlackRock, State Street 2020, one such vehicle took si- health business that he ulti- spinning off or selling Uni-
and Vanguard, some of which multaneous stakes in Janus mately backed away from. lever’s ice-cream business,
previously backed him. Henderson and Invesco and Peltz joined Unilever’s board which in addition to Ben &
He turned off some of their unsuccessfully tried to get the a few months after Trian Jerry’s includes Breyers, Talenti       
top decision makers while cam- asset managers to merge. bought its shares. Investors and Klondike. The unit had rev-      
paigning, people familiar with hoped Peltz would work his enue of $8.6 billion last year
the matter said. Peltz raised magic like he had at P&G, but was the company’s slow-    
eyebrows with an interview All eyes on Unilever whose stock rose more than est-growing.
The last time Trian raised
   #
  ( 
(   
with the Financial Times days 50% during his board tenure.
before voting ended in which money from investors for a ma- Trian said it was targeting
Trian 2.0


he questioned why “woke” Dis- jor co-investment vehicle was an annual rate of return of  

 
ney made movies such as “The in 2022, when it made a big bet around 17% over four years, Trian has been working to 
   


 

   

Marvels” and “Black Panther” on Unilever, the London-based people familiar with the matter steady itself after Ed Garden,

    
with primarily female and Black maker of household names such said. The stock was trading one of its co-founders and    
casts, respectively. Peltz’s son-in-law, left last year. 
  
Trian’s assets under management* Many had expected Garden to
eventually take over. Instead, he

  
  ' 
Shrinking assets $12 billion
is no longer speaking to Peltz
Trian’s discretionary assets after a power struggle.
& 
10
under management—those they At the time, Trian elevated
have full control over—had
8
Matt Peltz, Nelson’s son, and   $%     

reached a peak of $12.5 billion 6 another partner, Josh Frank, to
in 2015. But they have declined the roles of co-chief investment   
in six of the past eight years, 4
officers. “Since the promotion  
including each of the past four, 2 of Trian’s two new co-CIOs and ! 
hurt by soured bets. As of the the new head of research, per-
end of last year, the firm man- 0 formance has improved and
" 
aged $6.1 billion, a late-March 2012 ’15 ’20 ’23 performance of recent positions   # 
filing with the Securities and has been particularly strong,” a
Exchange Commission showed. Unilever share-price performance since news of Trian’s arrival spokesperson said.         
(That excludes nearly $3 billion 20% Still, some on Wall Street        
of nondiscretionary assets, pri- wonder if Peltz will take on any


marily Disney shares owned by more proxy fights. # .  / 0
Ike Perlmutter, Peltz’s friend Others say he could lay low
who entrusted his voting rights 10 for a bit and return as fierce as '   ' 
!       ) *
to Trian for the proxy fight.) ever. Carl Icahn, another activ-
   
Assets have since risen to about ist, fell prey to a short-seller at- + # &
  
$7 billion. tack last year that shaved bil-  ,

0
The firm says it had more lions off the value of his firm.  - ! 
money come in than leave in After spending much of the
the past two years. past year doing damage con-
Investors including Califor- –10 trol, he recently struck a deal   
nia State Teachers’ Retirement Feb. 2022 ’23 ’24 with JetBlue Airways for seats        
System and the New York State *Includes discretionary assets as of Dec. 31, except for 2021 figure, which is as of Feb. 28, 2022. on the airline’s board.                   !
Common Retirement Fund have Sources: SEC filings (assets under management); FactSet (performance) Peltz has hinted that he has
 THE WALL STREET JOURNAL.
DONAL HUSNI/ZUMA PRESS
Apple CEO Tim Cook didn’t offer a timeline for the investment or say what form it could take.
Apple Considers Indonesia
In Push to Diversify Supply
Tech giant doesn’t
have manufacturing
base in Southeast
Asian country
BY KIMBERLEY KAO
AND BEN OTTO
Apple will consider making
some of its products in Indone-
sia, Chief Executive Tim Cook
said, coming on the heels of a
plan by the U.S. tech giant to
ramp up investment in neigh-
boring Vietnam.
Cook said after a meeting
with Indonesian President Joko
Widodo in Jakarta on Wednes-
day that the two men discussed
possible investment in South-
east Asia’s largest economy,
Prologis Warns About
Warehouse Slowdown
BY DENNY JACOB
Prologis, the world’s largest
industrial-property company,
logged better-than-expected
revenue in the latest quarter
but warned of a slowdown in
warehousing markets in the
coming quarters as customers
focus on tamping down logis-
tics costs.
The San Francisco-based
real-estate giant cut its annual
guidance for 2024, in the latest
sign that the rapid growth in
warehousing demand driven by
the pandemic is waning amid
broader shifts in consumer
spending and tighter inventory
controls by retailers and manu-
facturers.
Prologis Chief Executive
Hamid Moghadam said compa-
nies are taking a cautious ap-
proach to leasing due to high
interest rates, an uncertain re-
tail economy and geopolitical
turmoil. Other businesses are
still expanding in buildings they
leased during the pandemic
amid red-hot demand for new
warehouses.
The dimming outlook came
as Prologis on Wednesday
posted earnings attributable to
common shareholders of $584.3
CSX Posts Lower Profit
Despite Pickup in Coal
BY DEAN SEAL
CSX’s earnings and revenue
declined in the first quarter as
fuel surcharges and coal
prices fell, although volumes
increased in its coal and inter-
modal businesses.
The Jacksonville, Fla.-based
railroad, which operates in
much of the Eastern U.S.,
posted a profit of $893 mil-
lion, compared with $987 mil-
lion a year earlier.
Quarterly earnings were 46
cents a share, down from 48
* *
among other matters.
“We talked about the presi-
dent’s desire to see manufac-
turing in the country, and it’s
something that we will look at,”
he said at a press conference,
according to state news agency
Antara. “I think the investment
ability in Indonesia is endless.”
The Apple chief executive
didn’t offer a timeline for the
investment or say what form it
could take. The company didn’t
respond to a request for com-
ment.
Cupertino, California-based
Apple doesn’t currently have a
manufacturing base in Indone-
sia, a country of more than 270
million people where its
iPhones and computers have a
strong following.
The company has invested in
Share-price and index
performance, year to date
10%
5 should press the U.K. and Eu-
S&P 500
0 line on forced labor linked to
–5
–10
–15
Prologis
–20
Jan. 2024 Feb. March April
Source: FactSet
million, or 63 cents a share, for
the first quarter ended March
31, up from $463.2 million, or
50 cents a share, a year earlier.
Revenue climbed to $1.96
billion from $1.77 billion. Ana-
lysts polled by FactSet expected
$1.84 billion. The company fore-
cast earnings per share attrib-
utable to common shareholders
of between $3.15 and $3.35,
compared with its prior outlook
in the range of $3.20 to $3.45 a
share.
cents last year. Analysts
polled by FactSet had been ex-
pecting 45 cents a share.
Revenue slipped to $3.68
billion from $3.71 billion but
still beat analyst forecasts for
$3.66 billion, according to
FactSet.
The downtick in revenue
was driven by lower fuel sur-
charges, weaker trucking reve-
nue and lower export coal
prices, offsetting gains from
higher merchandise pricing
and intermodal and coal vol-
umes.
BUSINESS NEWS
several developer training cen-
ters in the country since 2018,
including one in Bali announced
this week.
Most of Apple’s assembly is
done in China, but the company
has sought to diversify its sup-
ply chain in recent years amid
rising U.S.-China tensions and
global concerns of decoupling
trade.
In December, Apple said it
would raise iPhone production
in India, a move that could
boost the South Asian nation’s
share to a quarter of global
production in the coming years.
Earlier this week, during a
visit by Cook to Vietnam, Apple
announced plans to boost
spending on suppliers in the
country.
Apple has spent nearly $16
China’s Alleged Use of Forced Labor
Brings Call for U.K. and EU to Act
BY RICHARD VANDERFORD
The U.S. State Department
ropean Union to take a harder
China’s Xinjiang region, influ-
ential House lawmakers said,
pressing for more diplomatic
engagement as the EU weighs
new rules.
The department should in-
crease U.S. diplomatic efforts
to combat China’s alleged use
of forced labor, the bipartisan
leaders of the House Select
Committee on the Chinese
Communist Party wrote Sec-
retary of State Antony Blinken
in a letter that was made pub-
lic Wednesday.
“We are writing to request
that you expand and elevate
U.S. diplomatic efforts to com-
bat PRC state-sponsored
forced labor and strengthen
international coordination
against this egregious viola-
tion of human rights,” said
Reps. Mike Gallagher (R.,
Wis.), the departing commit-
tee chairman, and Raja Krish-
namoorthi (D., Ill.), its ranking
member.
The State Department gen-
erally doesn’t comment on
Congressional correspon-
dence, a spokesperson said.
The U.S. has since 2022 en-
forced a ban on most goods
from China’s Xinjiang region,
home to the Uyghur people
and other minority groups,
over forced-labor concerns.
The law, known as the Uyghur
Forced Labor Prevention Act,
has required many businesses
to probe their supply chains
and snarled imports for some.
China has said the allegations
underpinning the law are lies
and criticized the legislation
as interference in its internal
affairs.
The European Union has
lagged behind the U.S. in tack-
ling the issue. Its parliament
is set to vote this month on a
broad ban targeting the im-
billion on its supply chain in
Vietnam since 2019, according
to the company.
Cook’s visit to Indonesia
comes as officials court other
U.S. tech luminaries in efforts
to create a bigger role for the
country in global technology
supply chains.
Microsoft Chief Executive
Satya Nadella could visit Indo-
nesia at the end of April, Minis-
ter of Communications and In-
formatics Budi Arie Setiadi said
at the press conference
Wednesday. Setiadi added that
the government is also seeking
a visit by Nvidia Chief Execu-
tive Jensen Huang.
A Microsoft spokesperson
said more details about Na-
della’s visit would likely be re-
leased Thursday.
Reps. Raja Krishnamoorthi, left, and Mike Gallagher want the U.S. to lobby Western allies.
port of goods linked to forced
labor from around the globe,
an effort that has been years
in the making.
“This hideous crime must
be eradicated and the first
step to achieve this consists in
breaking the business model
of companies that exploit
workers,” Pierre-Yves Derma-
gne, Belgium’s deputy prime
minister, said last month.
“With this regulation we want
to make sure that there is no
place for their products on
our single market.”
But Gallagher and Krish-
namoorthi said they are con-
cerned that the regulation,
which bans the sale of forced
labor-linked goods across the
bloc’s single market, could yet
fail amid rumored opposition
from some EU member states.
If the European Parliament
Thursday, April 18, 2024 | B3
Chevron, Others
Get U.S. Approval
For Venezuela Oil
BY KEJAL VYAS Antero Alvarado said.
The new policy of requiring
The Biden administration companies to seek individual li-
said Wednesday it would allow censes is likely to benefit large
some American and European oil majors with lobbying power
oil companies to carry on in in Washington. It will also ben-
Venezuela after the U.S.’s ef- efit shipping companies that
forts to coax President Nicolás had helped Venezuela move
Maduro into democratic re- crude on the black market and
forms by lifting economic sanc- whose services may be needed,
tions ended in a hardening of said Alvarado. Venezuela is
his authoritarian regime. producing about 800,000 bar-
After Maduro violated an rels a day.
October agreement with the “The U.S. had to show they
U.S. to stage free and fair elec- were doing something,” Alvar-
tions, the White House was un- ado said of the policy. “But in
der pressure to reimpose sanc- the end, things don’t change all
tions on Venezuela’s lifeblood that much, it just adds a lot
energy industry. more bureaucracy.”
Under the new guidelines re- U.S. officials declined to say
leased Wednesday, a number of how many or identify the com-
Western energy panies that
firms that en- would be re-
tered Venezuela quired to apply
after the U.S.
lifted sanctions
and issued a
800,000
six-month gen- Number of barrels of pact the new
for licenses.
And it remained
unclear the im-
eral license per-
mitting oil oper-
oil produced daily by policy would
have on oil pro-
ations are the South American duction in Vene-
required to ap- country zuela, which
ply for individ- pumps far less
ual licenses than its leading
from the Trea- competitors in
sury Department to remain in Latin America, Brazil and Mex-
the country. Without that li- ico.
cense, they must close up oper- Individual licenses will be
ations by May 31. granted in accordance with U.S.
Chevron, Italy’s Eni, Repsol national security and foreign
of Spain and other companies policy interests, officials said.
that in 2022 received special li- They explained that Maduro
censes to operate in Venezuela still has time to reverse anti-
don’t need new ones and can democratic practices and hold
carry on with operations in fair elections on July 28.
ventures with the state oil Since signing the election
company, Petróleos de Venezu- deal in Barbados in October
ela. Companies that want to get with the U.S.-backed opposi-
into Venezuela can do so after tion, Maduro has banned his
applying for a license. top rival, Maria Corina
The Biden administration Machado, from running against
has faced challenges in holding him, as well as her chosen
Maduro accountable for his stand-in. He has also arrested
anti-democratic actions in ways scores of dissident activists and
that wouldn’t disrupt regional blocked the vast majority of the
energy markets and raise gaso- 8 million migrants who have
line prices in the U.S. U.S. offi- fled Venezuela under his 11-
cials also worried about taking year rule from registering to
actions that would nudge Vene- vote in the coming election.
zuela closer to U.S. adversaries —David Uberti
such as Russia, Iran and China, and Silvina Frydlewsky
Caracas-based oil consultant contributed to this article.
REBA SALDANHA/REUTERS
approves the ban, the matter cerned that goods made by
will go before the Council of Uyghur forced labor continue
the European Union for its ap-
proval. The lawmakers urged
the State Department to en-
to flood into Europe and the
United Kingdom, which some
have described as ‘dumping
gage with EU member states
as the process unfolds, partic-
ularly Germany and Italy.
grounds’ for these products
that are otherwise banned
from importation into the
The work of U.S. allies ap- United States,” the lawmakers
pears to “fall short,” they wrote.
said. Gallagher and Krish-
If the EU fails to pass the namoorthi asked the State De-
proposal, goods made with partment to consider the es-
forced labor could be illegally tablishment of a joint U.S.-EU-
shipped stateside, they said. U.K. forced-labor enforcement
The lawmakers also noted task force.
that companies appear to be The two lawmakers have
developing split supply chains, previously pushed the Biden
with “clean” goods going to administration to crack down
the U.S. and goods made with on the import of goods linked
forced labor going elsewhere, to forced labor, and Gallagher
a phenomenon that research- has flagged a trade provision
ers into forced labor have also that lets low-value parcels en-
noted. ter the U.S. from China with
“We are particularly con- little scrutiny.
B4 | Thursday, April 18, 2024 * **** THE WALL STREET JOURNAL.

TECHNOLOGY WSJ.com/Tech

Chip Maker ASML’s Orders Bitcoin’s

Bit Digital shares have lost they aren’t in a position to ne-
57% of their value this year, to gotiate contracts with elec-
$1.81—they traded above $25 tricity and data-center provid-

Miners Bid at their peak in early 2021. ers. Many of them are also

Come in Below Forecasts To Diversify

Analysts say they expected relying on mining machines
price volatility and weakness that could soon need upgrad-
in mining stocks ahead of the ing after the halving intensi-
halving because not all miners fies the competition to re-
will survive. trieve new bitcoins.
BY MAURO ORRU “As for pivoting to other “Three to six months post-
Continued from page B1 revenue sources, I personally halving, that’s when you’re
ASML Holding posted or- To reduce costs and find don’t think it’s going to start
ders below analysts’ expecta- new revenue streams, Mara- as easy as peo- to see compa-
tions for the first quarter as thon Digital Holdings has ple are letting nies that
chip makers wait for demand been buying up facilities that on,” said Joe One analyst weren’t able to
to recover before securing key host its computers in Ne- Flynn, an ana- doubts the pivot refresh their
production equipment for the braska and Texas rather than lyst at Compass machines and
coming years. paying third parties for the Point Research will be ‘as easy companies that
The Dutch company, which same services, according to & Trading. didn’t put
PIROSCHKA VAN DE WOUW/REUTERS

provides semiconductor-making Thiel. It also gives Marathon Some miners

as people are enough cash on
machinery to chip makers, said the ability to sell unused en- have tried to letting on.’ the balance
orders slipped to 3.61 billion eu- ergy back to the grid in upgrade their sheet start to
ros, equivalent to $3.83 billion, Texas if harvesting bitcoins data centers for falter,” said
in the three months to the end is less profitable on a given other compa- Adam Sullivan,
of March from €3.75 billion a day or time. nies to use, but that requires chief executive of Core Scien-
year earlier. Analysts had fore- Marathon is also looking to significant capital expendi- tific.
cast orders of nearly €5.10 bil- sell technology it has created, ture. Miners that already have Core Scientific, which
lion, according to consensus es- TSMC reported a rare 8.7% contraction in revenue last year. which keeps bitcoin-mining significant power assets are relisted on the Nasdaq after
timates by Visible Alpha. computers from overheating, in a better position because exiting bankruptcy earlier this
ASML’s lackluster orders ASML’s gross profit margin, €866. A year ago, shares to artificial-intelligence com- they can be valuable in the year, has been selling its bit-
show that its customers, ma- quarterly traded at roughly €580. panies that will likewise have long run, Flynn added. coins regularly to generate
jor chip makers like Taiwan Chief Executive Peter Wen- to host suites of computers to The outlook could be espe- cash for opportunities that
55% 1Q 2024
Semiconductor Manufactur- nink said 2024 would be a run models. cially murky for smaller min- could arise from the halving,
ing, Intel and Samsung Elec- 51% transition year, expecting a Shares of Marathon have ers that aren’t well-capital- Sullivan said. The company is
tronics, are for now shying stronger second half in line lost more than a third of their ized. Small and midsize looking to snap up new min-
away from buying up hard- 50 with the industry recovery. value this year, to $14.63. Dur- miners often have higher op- ing machines and smaller
ware for semiconductor pro- This year, ASML is expecting ing crypto’s last peak in late erational costs than their firms at a discount after the
duction in anticipation of bet- sales to be similar to the €27.56 2021, the stock traded above larger counterparts because halving, he said.
ter demand. 45 billion it reported for 2023. $75 a share. Marathon and
TSMC, the world’s largest Sales in the first quarter other miners were hit hard
contract chip maker, reported fell to €5.29 billion from €6.75 during the crypto winter that
a rare 8.7% contraction in rev- billion, missing analysts’ fore- followed when high energy
enue last year. Chip makers 40 casts. For the current quarter, prices and falling bitcoin
have been grappling with an the group expects sales be- prices squeezed their bottom
inventory glut in recent tween €5.7 billion and €6.2 lines. Marathon’s business
months as manufacturers of 35 billion. Net profit declined to started picking back up again
smartphones, computers and 2019 ’20 ’21 ’22 ’23 ’24
€1.22 billion from nearly last year: The company swung
other personal-electronic de- €1.96 billion, but it still ex- to a $261 million profit, and
vices held off ordering more Sources: S&P Capital IQ; the company ceeded analysts’ €1.09 billion revenue more than tripled.
chips that they had stockpiled forecast. Competitor Bit Digital
in recent years. in the U.S. in a move aimed at Gross profit—a closely bought Nvidia H100 comput-
Now, those companies are reviving hardware manufac- watched metric for companies ers and has started diversify-
digesting inventories and chip turing in the country. operating in the semiconduc- ing by renting out the ability

JORDAN VONDERHAAR/BLOOMBERG NEWS

makers are seeing the first ASML shares fell more than tor industry—came in at €2.70 to use the computers to cli-
signs that demand for semi- 6% in Amsterdam after the billion, generating a 51% mar- ents, Chief Executive Samir
conductors is set to recover. lower-than-expected orders. gin that beat consensus and Tabar said. The firm has a
TSMC expects revenue this However, shares have been on company guidance. $150 million AI contract with
year to grow more than 20%. the rise in recent months, For the current quarter, one client for three years and
Meanwhile, the Biden ad- amid expectations that the The company is forecasting a is working to add more, he
ministration is handing out company would benefit from a gross margin between 50% added.
billions of dollars in subsidies recovering semiconductor and 51%. “There’s just no halving in
to companies, such as TSMC, market. AI,” Tabar said. “If bitcoin
Intel and Samsung, willing to The stock is up about 25%  Heard on the Street: does not go up [in value], we
invest in chip-making facilities since the year began at about Orders show caution...... B11 have this AI business.” Marathon Digital’s Fred Thiel wants more revenue streams.

The Marketplace
ADVERTISEMENT
Editor Exits cluding writer Christopher
Rufo—of the Manhattan Insti-
tute, a conservative think
Just Eat
To advertise: 800-366-3975 or WSJ.com/classifieds
NPR After tank—resurfaced her past posts
on X that indicate liberal lean-
ings. In one post from 2020,
Reports
NOTICE OF SALE
Criticizing It she is describing a dream
where she is on a road trip
with Kamala, referring to Ka-
Decline in
mala Harris, who is now vice
Key Metric
NOTICE OF PUBLIC SALE • Property to be Sold 82 362375AK3 GSAA 2006-10 M4 4,579,000.00
83 362375AL1 GSAA 2006-10 M5 2,000,000.00
Public Sale No.1: Tuesday,April 23rd,2024 9:30 a.m.
EDT. The Asset Type for Lots 1-2 is ABS CDO. The Asset 84 362334GW8 GSAA 2006-5 M3 2,000,000.00 Continued from page B1 president. In 2018, she called
Type for Lot 3 is CRE CDO. The Asset Type for Lots 85 362334GX6 GSAA 2006-5 M4 2,000,000.00 National Committee head Donald Trump a racist in a
4-15 is Prime / Alt-A. The Asset Type for Lots 16-17 86 362334GY4 GSAA 2006-5 M5 2,000,000.00
is Scratch and Dent. The Asset Type for Lots 18-35 is 87 362334MJ0 GSAA 2006-6 M1 2,000,000.00 whom the network had hired post that has since been de-
Subprime. The Asset Type for Lots 36-37 is Trups. 88 362334MM3 GSAA 2006-6 M4 3,317,000.00 as a contributor just days ear- leted. BY NAJAT KANTOUAR
PETE KIEHART FOR THE FREE PRESS

The Asset Type for Lots 38-40 is Zero Factor - CDO. 89 362334NJ9 GSAA 2006-7 M4 744,000.00
The Asset Type for Lots 41-138 is Zero Factor - RMBS. 90 43710TAG2 HEAT 2007-3 M2 1,250,000.00 lier, after her appointment “This is a bad-faith attack
Lot # CUSIP Issue Original Face 91 43710TAH0 HEAT 2007-3 M3
92 43710XAG3 HELT 2007-FRE1 M2 13,000,000.00
1,500,000.00 sparked an uproar among em- that follows an established Just Eat Takeaway.com
1 49858YAD7 KLROS 2006-5A B 15,000,000
2 87400PAE7 THOM 2007-2A B 18,750,000.00 93 45257BAK6 IMSA 2006-4 M5 1,925,000.00 ployees. playbook, as online actors with reported a decline in gross
94 45257BAL4 IMSA 2006-4 M6 1,750,000.00
3 47631WAD9 JER 2006-2A BFL
4 17309BAD9 CMLTI 2006-WF2 A2E
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As for the Times, its execu- explicit agendas work to dis- transaction value on lower
5 02147FAV8 CWALT 2006-18CB A11 20,000,000 96 45661EAK0 INDX 2006-AR2 M3 2,500,000.00 tive editor said earlier this credit independent news or- orders for the first quarter
6 02148HAL5 CWALT 2006-31CB A11 20,000,000 97 45661EAL8 INDX 2006-AR2 M4 1,500,000.00
7 02148JAF4 CWALT 2006-39CB 1A6 20,000,000 98 45661EAM6 INDX 2006-AR2 M5 1,500,000.00 week that it ended its leak in- ganizations,” the NPR spokes- and backed its full-year guid-
8 12668BUB7 CWALT 2006-6CB 2A13 20,000,000 99 45662DAM7 INDX 2006-AR29 M6 4,178,000.00 vestigation without any conclu- woman said. ance.
9 251510NC3 DBALT 2006-AF1 A4 8,000,000 100 46626LJW1 JPMAC 2006-NC1 M6 2,492,000.00
10 362375AE7 GSAA 2006-10 AF5 7,000,000 101 542514UN2 LBMLT 2006-3 M2 3,000,000.00 sive finding. In a separate in- NPR “Morning Edition” host The Amsterdam-based
11 36244SAD0 GSAA 2006-13 AF4 10,000,000 102 52523KAT1 LXS 2006-17 1M3 7,764,000.00 terview with The Wall Street Uri Berliner had been Steve Inskeep was critical of food-delivery group said
12 36244SAE8 GSAA 2006-13 AF5 10,000,000 103 52523KAV6 LXS 2006-17 1M5 4,852,000.00
13 362334MF8 GSAA 2006-6 AF4 10,000,000 104 52523QAK7 LXS 2006-20 M4 1,822,500.00 Journal, he said traditional suspended over his article. Berliner’s piece. “My col- Wednesday that gross trans-
14 362334ND2 GSAA 2006-7 AF4A 9,500,000 105 52523QAL5
106 52523QAM3
LXS 2006-20 M5
LXS 2006-20 M6
1,822,500.00
3,645,000.00
journalistic values such as in- league’s article was filled with action value—a key metric for
15 452550AB2 IMM 2007-A M1 10,465,000
16 07325NDX7 BAYV 2006-B M4 4,278,000 107 59024UAH4 MLMI 2007-MLN1 M3 4,000,000.00 dependence aren’t ingrained in larizing debate. errors and omissions,” he the industry—for the quarter
17 073879MD7 BSABS 2004-SD4 M1
18 040104SS1 ARSI 2006-W3 A2D
3,868,000
9,512,000
108 61753KAG1 MSAC 2007-HE5 M2 2,735,000.00
109 65538DAH8 NAA 2006-AR4 M2 1,791,000.00
all corners of the Times’s In his essay in the Free wrote on Substack (after get- was €6.55 billion, or about
19 17313EAB1 CMLTI 2007-FS1 2A1A 5,100,000 110 65538DAJ4 NAA 2006-AR4 M3 4,200,000.00 newsroom. Press, a media company ting approval from NPR, the $6.96 billion, compared with
111 65538DAK1 NAA 2006-AR4 M4 1,950,000.00
20 126673VT6
21 29256PAK0
ECR 2005-1 M5
ECR 2005-3 M6
5,000,000
8,000,000 112 65538DAL9 NAA 2006-AR4 M5 2,850,000.00 In November, the Washing- founded by Bari Weiss, a for- company said). €6.665 billion for the same pe-
22 59025RAU1 FFMER 2007-5 2A2 1,673,000 113 65537KAM2 NHELI 2007-1 2M5 1,238,000.00 ton Post removed a cartoon de- mer New York Times opinion Last week, Berliner spoke to riod a year earlier.
23 316599AK5 FMIC 2006-3 M5 3,000,000 114 65537KAN0 NHELI 2007-1 2M6 3,300,000.00
24 316599AL3 FMIC 2006-3 M6 4,015,000 115 68403FAG1 OOMLT 2007-4 M2 1,300,000.00 picting a Hamas spokesman editor, Berliner wrote that Weiss on her podcast about his Just Eat said it processed
25 43710TAF4 HEAT 2007-3 M1 2,000,000 116 68403FAH9 OOMLT 2007-4 M3 5,200,000.00 putting civilians in the line of NPR’s newsroom had lost its decision to write the piece, 214.2 million orders in the pe-
26 46629FAF7 JPMAC 2006-NC2 M2 5,500,000 117 68403HAG7 OOMLT 2007-5 M2 6,000,000.00
27 542514UL6 LBMLT 2006-3 2A4 4,000,000 118 68403HAH5 OOMLT 2007-5 M3 3,000,000.00 fire after several employees culture of open-mindedness which he said “wasn’t easy.” riod compared with 227.8 mil-
28 57646LAB9 MABS 2007-HE2 A3 10,000,000 119 69121PEJ8 OWNIT 2006-3 M6 2,225,000.00 and readers complained that it and no longer offered a diver- He told Weiss he had made lion.
29 64352VQS3 NCHET 2006-1 A2C 10,000,000 120 69121QAG6 OWNIT 2006-4 M2 10,000,000.00
30 76113ABL4 RASC 2006-KS3 M1 5,000,000.00 121 69121QAH4 OWNIT 2006-4 M3 10,320,000.00 was racist. sity of viewpoints. The piece, his views well-known within “Management decided to
31 76113ABM2 RASC 2006-KS3 M2 3,000,000.00 122 76113ABP5 RASC 2006-KS3 M4
123 76113ABQ3 RASC 2006-KS3 M5
3,000,000.00
2,000,000.00
“Journalists have more ways titled “I’ve Been at NPR for 25 NPR and with top news manag- discontinue all operations in
32 863576FL3 SASC 2006-WF1 M4 2,216,000.00
33 863576FN9 SASC 2006-WF1 M6 3,000,000.00 124 86358EE93 SAIL 2006-2 M2 6,000,000.00 to express themselves pub- Years. Here’s How We Lost ers. “I’ve been hammering away New Zealand in the coming
34 81879MAW9 SGMS 2006-FRE1 A2C 1,500,000.00 125 86363LAC7 SARM 2007-4 M1 16,251,000.00 licly—via social media or unaf- America’s Trust,” also said the at these things for years…and weeks. The financial impact is
35 83613AAQ5 SVHE 2007 OPT4 2A2 4,000,000.00 126 86363XAL1 SARM 2007-5 M1 8,494,000.00
36 74042MAC0 PREFERREDTERM XXII 10,000,000 127 86363XAM9 SARM 2007-5 M2 2,533,000.00 filiated websites—so the grum- network had erred in its cover- nothing has changed. I felt like immaterial,” the company’s
37 90342WAE7 USCAP 2006-5A A3 5,000,000.00 128 86359PAK6 SASC 2006-BC3 M6 7,000,000.00
38 28257EAV2 EIRLESTWO LIMITED 242 15,000,000.00 129 86363HAG7 SASC 2007-EQ1 M2 2,000,000.00 bling that used to be confined age of high-profile events, from maybe, it’s better to be public board said.
39 28257EAW0 EIRLESTWO LIMITED 243 7,500,000.00 130 86363HAH5 SASC 2007-EQ1 M3 1,500,000.00 to the company cafeteria now the origins of Covid-19 to about this than to be quietly The company reiterated its
40 296605AB4 ESPF 2006-1A A2 20,000,000.00 131 80556YAG0 SAST 2007-2 M2 7,539,000.00
41 004421XK4 ACE 2006-ASP2 M4 1,000,000.00 132 80556YAH8 SAST 2007-2 M3 2,000,000.00 goes public and viral,” said Bill Hunter Biden’s laptop to the Is- bringing this up in the halls of 2024 guidance for adjusted
42 004421XM0 ACE 2006-ASP2 M6 1,500,000.00 133 81879MAZ2 SGMS 2006-FRE1 M3 2,000,000.00 Grueskin, a professor at Colum- rael-Hamas conflict. the newsroom. Let’s try being earnings before interest,
43 02660TJJ3 AHM 2006-1 1M1 2,821,000.00 134 84751PLR8 SURF 2006-BC2 M2 4,500,000.00
44 02660TJK0 AHM 2006-1 1M2 2,000,000.00 135 83612JAF1 SVHE 2006-EQ1 M2 5,000,000.00 bia Journalism School and a In a note to staff days after open about this.” taxes, depreciation and amor-
45 04012MAG4 ARSI 2006-M1 M6 10,000,000.00 136 83612JAG9 SVHE 2006-EQ1 M3 10,000,000.00 former Journal editor. the piece was published, NPR In an interview Tuesday, tization of €450 million.
46 04013BAF9 ARSI 2006-M2 M2 7,000,000.00 137 93364EAH7 WMHE 2007-HE3 M2 3,000,000.00
47 04013BAG7 ARSI 2006-M2 M3 5,000,000.00 138 93364EAJ3 WMHE 2007-HE3 M3 2,000,000.00 Newsroom managers have Chief Executive Katherine Ma- Weiss said she was “proud that The food-delivery group ex-
48 073870AC1 Balta 2007-2 1M1 11,000,000.00 Dock Street Capital Management LLC, on behalf of Wells Fargo
Bank, National Association, in its capacity as trustee (the
faced all kinds of criticism— her wrote that while asking someone like Uri Berliner pects 2024 constant-currency
49 05530VAE9 BCAP 2007-AA3 1M2 1,250,000.00
50 05530VAF6 BCAP 2007-AA3 1M3 1,000,000.00 “Trustee”), will be conducting a public sale of certain collateral that their journalism is too whether the public radio net- thought of the Free Press as a GTV growth excluding North
pledged to the Trustee. The Collateral (as defined herein) will be
51 073879YK8 BSABS 2005-AC4 M3 4,842,000.00
52 07388FAF0 BSABS 2006-2 M3 7,787,000.00 offeredandsoldbytheTrusteewithoutrecourse,representations, skeptical of Donald Trump and work was living up to its mis- home for such an important America in a range of 2% to
53 07388FAG8 BSABS 2006-2 M4 3,520,000.00 or covenants, express or implied, being made by the Trustee
with respect to the Collateral (except as to title to the Collateral)
his allies or not skeptical sion was fair game, “Question- piece.” Weiss resigned from the 6% year over year, in line with
54 07400HAG8 BSMF 2006-AR3 1B2 8,229,000.00
55 07400HAH6 BSMF 2006-AR3 1B3 3,032,000.00 or with respect to any other information then in the Trustee’s enough; too pro-Israel or too ing whether our people are Times in 2020, describing it at its previous guidance.
possession, including without limitation any offering circular or
56 16678RFD4 CCMFC 2006-1A B1 3,000,000.00
other financial information. Location of Sales. The sales will be pro-Palestinian; and gives too serving our mission with integ- the time as a place where the The company also expects
57 16678RFE2 CCMFC 2006-1A B2 2,629,000.00
58 16678WAD8 CCMFC 2006-2A B2 4,000,000.00
held at 575-B Riverside Avenue,Westport,CT 06880. Additional much or too little ink to sensi- rity, based on little more than free exchange of ideas was no free cash flow to continue to
Information. Please be advised that the sale of each security
59 17309BAF4 CMLTI 2006-WF2 M1 7,900,000.00 listed above may be made only to the best bidder who is also tive social issues. the recognition of their iden- longer welcome. She later be positive in 2024 and there-
60 225470R70 CSMC 2006-3 1M1 3,000,000.00
61 02146QAQ6 CWALT 2006-OA10 M5 10,000,000.00
a qualified bidder and may be subject to a reserve level. For
additional information, including with respect to qualified
To some extent, newsrooms tity, is profoundly disrespectful, launched the Free Press. Weiss after.
62 23245FAG8 CWALT 2006-OC10 M2 6,752,000.00 bidder status,and to obtain copies of an Investor Representation reflect a broader rise in em- hurtful, and demeaning.” previously worked at the Jour- Just Eat said that it contin-
63 23245FAH6 CWALT 2006-OC10 M3 1,500,000.00 and Confidentiality Agreement, contact David Crowle or Jeffrey
64 23245FAK9 CWALT 2006-OC10 M5 2,000,000.00 Holtman by email at dcrowle@dockstreetcap.com or jholtman@ ployee activism On Wednes- nal, where she was an op-ed ues to actively explore the
65 23245FAL7 CWALT 2006-OC10 M6 2,000,000.00
66 12666BAH8 CWL 2006-22 M3 5,000,000.00
dockstreetcap.com, respectively, by phone at (212) 457-8258, in U.S. corpora- day, Berliner and book review editor. partial or full sale of Grubhub.
by facsimile at (212) 457-8269 or by mail addressed to 575-B
67 12669VAH1 CWL 2007-7 M3 2,000,000.00 tions over the made public the Before tendering his resig-
68 12669QAH2 CWL 2007-BC2 M3 2,000,000.00
Riverside Avenue,Westport,CT 06880. Disclaimer. The Trustee
is authorized at such sale, if the Trustee deems it advisable or is
required by applicable law to do so:(i) to restrict the prospective past few years, Newsrooms resignation let- nation on Wednesday, Berliner Just Eat’s gross transaction
69 251513AF4 DBALT 2006-AB4 M6 5,594,000.00
70 251513AG2 DBALT 2006-AB4 M7 5,594,000.00 bidders on or purchasers of any of the above identified securities which was face a growing ter he had sent forwarded to dozens of col- value, change from a year
71 251510NG4 DBALT 2006-AF1 M3 2,000,000.00 (the“Collateral”) to be sold to those who will represent and agree earlier
72 25150RAP0 DBALT 2006-AR6 M6 2,058,000.00 that they are purchasing for their own account for investment partly inspired to Maher. “I re- leagues a note that he said he
73 25151RAM6 DBALT 2007-AR1 M4 1,035,000.00 and not with a view to the distribution or resale of any of such
assets, (ii) to verify that each certificate for each security to be
by the social willingness by spect the integ- had sent to NPR news leaders 4%
74 25151RAN4 DBALT 2007-AR1 M5 1,194,000.00
reckoning over rity of my col- in November 2016, shortly after
75 25151RAP9 DBALT 2007-AR1 M6 1,194,000.00
76 25157GCY6 DMSI 2006-PR1 B2 7,970,500.00
sold that has not been registered under the Securities Act of 1933
bears a legend substantially to the effect that such security has
the police killing
staff to speak leagues and Trump’s election as president.
77 25157GDA7 DMSI 2006-PR1 B3 7,970,500.00 notbeenregisteredundertheSecuritiesActof1933,asamended, 2
78 32029GAL8 FFML 2007-FF2 M6 8,000,000.00 and may not be disposed of in violation of the provisions of said
Act,(iii) to disclaim and to refuse to give any warranty (other than
of George Floyd their mind. wish for NPR to In it, he advocated for NPR re- 1Q 2024
79 35729QAH1 FHLT 2006-B M3 5,000,000.00 as to title),and (iv) to impose such other limitations or conditions in May 2020. thrive and do porters to venture beyond their –1.8%
80 35729VAK3 FHLT 2006-D M5 6,000,000.00 0
81 35729VAL1 FHLT 2006-D M6 4,000,000.00
in connection with any such sale as the Trustee deems necessary
oradvisable.
But news- important jour- comfort zone of coastal cities
rooms have cer- nalism,” he and college towns.
tain qualities that make them wrote. “But I cannot work in a McGrory, the former Boston –2
ANNOUNCEMENTS
an ideal crucible for these sorts newsroom where I am dispar- Globe editor, said about news-
THEMARKETPLACE of tensions between managers aged by a new CEO whose divi- rooms: “Leadership should be –4

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Your Strategies for Success & Your have big megaphones and often Press essay.” when staffers, like Berliner,
For more information visit:
Wisdom & Advice Should Be in a have brands that surpass those Maher, a former Wikimedia make their complaints public, –8
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Book. We Write/Publish Your Story. of their bosses; meanwhile, the Foundation CEO who joined “you’re actually harming the 2022 '23 '24
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(904) 293-9893 * Since 1999 journalism—lends itself to po- of the story when critics, in- to try to save.” Source: the company
THE WALL STREET JOURNAL. * * * Thursday, April 18, 2024 | B5

BUSINESS NEWS

Union Vote Volvo’s Earnings

Starts for
VW Plant
OLIVIA ROSS/CHATTANOOGA TIMES FREE PRESS/ASSOCIATED PRESS

Beat Forecasts
Continued from page B1
sion,” the company said, refer-
On Rise in Prices
ring to the National Labor Re-
lations Board. BY DOMINIC CHOPPING Volvo’s truck deliveries,
VW’s European factory quarterly
workforce is unionized, and la- Volvo posted forecast-beat- 1Q 2024
bor officials hold several seats ing first-quarter earnings af- 70 thousand 55,470 trucks
on the German automaker’s su- ter price increases imple- –9.9%*
pervisory board. mented last year continued to 60
For decades, Detroit execu- feed through, helping offset
tives complained the UAW con- normalizing truck orders and 50
tracts leave them with heavier UAW President Shawn Fain wants to add members outside the union’s Midwest stronghold. generally declining demand
labor costs than Toyota Motor, for construction equipment. 40
Honda Motor and other for- in the Great Lakes region. United Auto Workers ful organizing drives at Star- The Swedish truck maker
eign rivals with nonunion U.S. A unionization vote at VW’s annual membership bucks stores, an Amazon.com said Wednesday that truck de-
30
workforces. In 2022, foreign Chattanooga factory failed in 700 thousand warehouse and the Dartmouth liveries fell 9.9% in the quarter
automakers paid a top wage of 2014, and the UAW fell short men’s basketball team. And while order intake fell 19%.
20
about $28 an hour, compared again in a close vote in 2019. 600 unions notched several collec- Truck-market conditions
with about $32 at the three De- Workers at a Nissan Motor tive-bargaining wins—at continued to normalize both
troit companies. plant in Mississippi in 2017 also United Parcel Service, Deere in Europe and North America 10
500
The new UAW contracts se- rejected UAW representation. and other companies. as transport volumes and
cured in the fall further On Tuesday, a group of six Fain was elected UAW’s freight rates come down from 0
400
boosted the top pay for factory Southern governors, including president in March 2023 on a very high levels, the company 2021 ’22 ’23 ’24
workers at GM, Ford and Stel- Tennessee Gov. Bill Lee, issued 300 message of change, after years said. *From a year earlier Source: the company
lantis to roughly $42 an hour. a letter in opposition to the of corruption in its top ranks. Order backlogs and lead
Since then, Tesla and several UAW’s organizing drive, claim- 200 A unionization vote by about times have normalized in Eu- nor, equivalent to $1.28 bil-
foreign automakers doled out ing it would threaten their 5,000 Mercedes-Benz workers rope and the company has lion, compared with 12.91 bil-
significant wage increases to auto-industry investments and 100 at the German automaker’s gradually reduced production lion kronor a year earlier as
their U.S. workers. the health of the companies. plant near Tuscaloosa, Ala., is capacity in Europe. In North sales were virtually un-
Beyond VW, the union wants “Unionization would cer- 0 expected next month after America, Mack Trucks’ order changed at 131.18 billion kro-
to organize factories of about a tainly put our states’ jobs in 2000 ’05 ’10 ’15 ’20 enough signatures were gath- backlogs are still extended. nor. Analysts polled by Fact-
dozen other automakers, in- jeopardy,” reads the letter, also Note: UAW also represents workers ered to call for a vote under Demand for new construc- Set had expected a net profit
cluding Toyota, Honda and signed by the governors of Ala- in other industries. NLRB rules, the UAW has said. tion equipment has come of 12.9 billion kronor on sales
electric-vehicle maker Tesla, bama, Georgia, Mississippi, Source: UAW In Chattanooga, workers will down in many markets, partic- of 129.44 billion kronor.
accounting for about 150,000 South Carolina and Texas. vote up or down on the ques- ularly in Europe. Both deliver- Volvo maintained its 2024
workers. That is roughly the Fain’s team seized on a con- and a record run of carmaker tion of whether they want to be ies and order intake decreased truck-market forecasts for Eu-
same number covered under fluence of macro factors that profits—all set amid a galva- represented by the UAW in col- in Europe and North America rope, North America and
the contracts with GM, Ford aided the union’s historic con- nized U.S. labor movement. lective bargaining. The NLRB is but increased in China. China, but lifted its forecast
and Stellantis, at factories tract wins in Detroit last fall: a In the past few years, other overseeing the vote and expects Volvo reported a net profit for Brazil and lowered it for
mostly in union-friendly states tight labor market, high inflation labor unions mounted success- to have results by late Friday. of 14.08 billion Swedish kro- India.

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Closing Chg YTD Closing Chg YTD Closing Chg YTD Closing Chg YTD
Largest 100 exchange-traded funds. Preliminary close data as of 4:30 p.m. ET ETF Symbol Price (%) (%) ETF Symbol Price (%) (%) ETF Symbol Price (%) (%) ETF Symbol Price (%) (%)
iSh MSCI EM EEM 39.71 –0.08 –1.2 JPM EqPrem JEPI 55.58 –0.22 1.1 SPDR S&P Div SDY 125.00 0.32 0.0 VangdLC VV 229.76 –0.52 5.3
Wednesday, April 17, 2024 Closing Chg YTD
ETF Symbol Price (%) (%) iShNatlMuniBd MUB 106.36 0.14 –1.9 JPM UltShIncm JPST 50.34 0.04 0.2 TechSelectSector XLK 198.85 –1.44 3.3 VangdMegaGrwth MGK 276.20 –1.01 6.4
Closing Chg YTD iSh1-5YIGCpBd IGSB 50.71 0.14 –1.1 PacerUSCashCows COWZ 54.98 –0.33 5.8 VanEckSemicon SMH 212.40 –3.08 21.5 VangdMC VO 235.36 –0.27 1.2
ETF Symbol Price (%) (%) iShCoreMSCIEM IEMG 50.02 –0.04 –1.1 iSh1-3YTreaBd SHY 81.19 0.07 –1.0 ProShUltPrQQQ TQQQ 53.71 –3.71 5.9 VangdRealEst VNQ 78.61 –0.73 –11.0
VangdSC Val VBR 177.65 –0.56 –1.3
CommSvsSPDR XLC 79.96 –0.09 10.0 iShCoreMSCITotInt IXUS 65.15 0.03 0.3 iShRussMC IWR 78.82 –0.39 1.4 SPDRBbg1-3MTB BIL 91.62 0.01 0.3 VangdExtMkt VXF 162.25 –0.83 –1.3 VangdRuss1000Grw VONG 83.36 –0.94 6.8
CnsmrDiscSel XLY 172.33 –0.49 –3.6 iShCoreS&P500 IVV 503.04 –0.58 5.3 iShRuss1000 IWB 275.10 –0.57 4.9 SPDR DJIA Tr DIA 377.45 –0.14 0.2 VangdS&P500ETF VOO 459.99 –0.60 5.3
VangdSC Grwth VBK 240.00 –1.00 –0.7
DimenUSCoreEq2 DFAC 30.24 –0.56 3.5 iShCoreS&P MC IJH 56.51 –0.88 1.9 iShRuss1000Grw IWF 324.24 –0.85 6.9 SPDR Gold GLD 219.59 –0.74 14.9 VangdST Bond BSV 75.92 0.15 –1.4
VangdDivApp VIG 173.33 –0.37 1.7
EnSelSectorSPDR XLE 94.13 –0.29 12.3 iShCoreS&P SC IJR 102.13 –0.83 –5.7 iShRuss1000Val IWD 169.40 –0.18 2.5 SPDRPtfDevxUS SPDW 34.23 0.06 0.6 VangdSTCpBd VCSH 76.46 0.15 –1.2
VangdFTSEAWxUS VEU 56.25 0.02 0.2
FinSelSectorSPDR XLF 39.69 0.25 5.6 iShCoreS&PTotUS ITOT 109.86 –0.61 4.4 iShRuss2000 IWM 193.00 –1.06 –3.8 SPDRS&P500Value SPYV 47.37 –0.08 1.6 VangdShortTrea VGSH 57.68 0.09 –1.1
VangdFTSEDevMk VEA 47.88 0.06 –0.0
GrayscaleBitcoin GBTC 54.31 –2.81 56.9 iShCoreTotUSDBd IUSB 44.51 0.47 –3.4 iShS&P500Grw IVW 81.60 –0.96 8.7 SPDRPtfS&P500 SPLG 58.88 –0.57 5.3 VangdSC VB 211.21 –0.69 –1.0
iShCoreUSAggBd 0.46 VangdFTSE EM VWO 40.90 0.17 –0.5
HealthCrSelSect XLV 138.44 –0.17 1.5 AGG 95.55 –3.7 iShS&P500Value IVE 176.58 –0.07 1.5 SPDRS&P500Growth SPYG 70.66 –0.97 8.6 VangdTaxExemptBd VTEB 49.91 0.02 –2.2
iShEdgeMSCIMinUSA USMV 79.92 ... 2.4 iShSelectDiv 0.54 SPDR S&P 500 –0.59 VangdFTSE Europe VGK 64.67 0.34 0.3 VangdTotalBd 0.48 –3.6
IndSelSectorSPDR XLI 121.11 –0.52 6.2 DVY 116.35 –0.7 SPY 500.55 5.3 BND 70.89
InvscNasd100 QQQM 175.23 –1.21 4.0 iShEdgeMSCIUSAQual QUAL 157.21 –0.70 6.8 iSh7-10YTreaBd IEF 91.94 0.63 –4.6 SchwabIntEquity SCHF 37.25 0.11 0.8 VangdGrowth VUG 331.93 –0.94 6.8 VangdTotIntlBd BNDX 48.61 0.12 –1.5
InvscQQQI QQQ 425.84 –1.22 4.0 iShGoldTr IAU 44.86 –0.71 14.9 iShShortTreaBd SHV 110.28 0.02 0.1 SchwabUS BrdMkt SCHB 58.17 –0.53 4.5 VangdHlthCr VHT 253.13 –0.27 1.0 VangdTotIntlStk VXUS 57.90 0.07 –0.1
InvscS&P500EW RSP 159.36 –0.21 1.0 iShiBoxx$IGCpBd LQD 105.11 0.55 –5.0 iShTIPSBond TIP 105.76 0.39 –1.6 SchwabUS Div SCHD 75.81 –0.16 –0.4 VangdHiDiv VYM 114.71 –0.17 2.8 VangdTotalStk VTI 247.68 –0.59 4.4
iShBitcoin IBIT 34.76 –2.77 ... iShMBS MBB 90.01 0.67 –4.3 iSh20+YTreaBd TLT 89.28 1.11 –9.7 SchwabUS LC SCHX 59.33 –0.52 5.2 VangdInfoTech VGT 497.69 –1.48 2.8 VangdTotWrldStk VT 105.59 –0.38 2.6
iShCoreDivGrowth DGRO 55.26 0.05 2.7 iShMSCIACWI ACWI 105.34 –0.37 3.5 iShUSTreasuryBd GOVT 22.23 0.43 –3.5 SchwabUS LC Grw SCHG 89.41 –0.95 7.8 VangdIntrCorpBd VCIT 78.34 0.45 –3.6 VangdValue VTV 154.57 –0.16 3.4
iShCoreMSCIEAFE IEFA 70.95 0.06 0.9 iShMSCI EAFE EFA 76.30 0.07 1.3 iSh0-3MTreaBd SGOV 100.53 0.03 0.3 SPDR S&PMdCpTr MDY 517.25 –0.84 1.9 VangdIntermTrea VGIT 57.39 0.40 –3.3 WT FRTrea USFR 50.45 –0.02 0.4

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Net
Sym Close Chg Stock
Net
Sym Close Chg Stock
Net
Sym Close Chg
Bio-RadLab A BIO 290.86 -1.89 Cemex CX 8.18 -0.22 Cummins CMI 291.36 -3.22 ENI E 32.52 0.08 ExtraSpaceSt EXR 136.10 0.29 Gallagher AJG 230.52 -0.91 HessMidstream HESM 34.74 0.42
How to Read the Stock Tables t Biogen BIIB 192.16 -2.99 Cencora COR 238.62 0.36 Curtiss-Wright CW 249.67 -0.26 EOG Rscs EOG 132.40 -0.56 ExxonMobil XOM 118.63 -0.06 t Gaming&Leisure GLPI 42.03 -0.07 HewlettPackard HPE 17.03 -0.11
BioMarinPharm BMRN 90.47 -0.40 CenovusEnergy CVE 20.70 0.07 CyberArkSoftware CYBR 235.98 -3.99 EPAM Systems EPAM 249.00 -1.90 F5 FFIV 181.30 -1.76 Gap GPS 21.20 0.22 Hilton HLT 200.48 -2.02
The following explanations apply to NYSE, NYSE Arca, NYSE American and
BioNTech BNTX 86.40 0.06 Centene CNC 72.00 -0.26 Cytokinetics CYTK 67.93 -1.07 EQT EQT 36.04 -0.16 FTAI Aviation FTAI 69.91 -1.81 Garmin GRMN 141.07 -1.12 Hologic HOLX 74.92 -0.19
Nasdaq Stock Market listed securities. Prices are consolidated from trades
Birkenstock BIRK 42.29 0.14 CenterPointEner CNP 27.70 0.48 EagleMaterials EXP 244.85 -3.93 FTI Consulting FCN 204.46 -3.16 Gartner IT 449.31 -8.82 HomeDepot HD 332.83 -2.00
reported by various market centers, including securities exchanges, Finra,
electronic communications networks and other broker-dealers. The list BlackRock BLK 753.79 4.12 CentraisElBras EBR 7.27 -0.05 D E F EastWestBncp EWBC 71.56 0.21 FactSet FDS 429.25 2.19 GenDigital GEN 20.37 -0.07 HondaMotor HMC 34.71 -0.42
comprises the 1,000 largest companies based on market capitalization. Blackstone BX 123.19 1.31 CerevelTherap CERE 41.60 0.29 EastGroup EGP 162.00 -4.34 FairIsaac FICO 1153.28 0.58 Generac GNRC 130.25 1.15 Honeywell HON 190.36 -0.36
Block SQ 73.51 0.37 CharlesRiverLabs CRL 230.09 -2.25 DTE Energy DTE 105.27 2.07 EastmanChem EMN 95.97 -0.43 Fastenal FAST 68.48 -0.31 GeneralDynamics GD 284.46 -0.84 HormelFoods HRL 34.04 0.23
Underlined quotations are those stocks with large changes in volume BlueOwlCapital OWL 18.31 -0.04 CharterComms CHTR 258.03 0.46 Danaher DHR 239.39 -0.95 Eaton ETN 310.18 -5.17 FederalRealty FRT 97.04 0.61 GeneralMills GIS 68.51 0.67 DR Horton DHI 145.74 -0.31
compared with the issue’s average trading volume. Boeing BA 170.21 -0.34 CheckPoint CHKP 158.09 1.29 Darden DRI 152.97 -1.17 eBay EBAY 49.45 -0.80 FedEx FDX 263.07 -1.87 GeneralMotors GM 42.46 -0.20 HostHotels HST 18.74 -0.34
Booking BKNG 3443.91-23.86 Chemed Datadog DDOG 123.55 -3.40
Boldfaced quotations highlight those issues whose price changed by 5% or CHE 604.17 -5.80 Ecolab ECL 219.25 -1.13 Ferguson FERG 211.44 -3.96 Genmab GMAB 28.53 -0.90 HoulihanLokey HLI 122.82 -1.31
BoozAllen BAH 140.26 -1.90 CheniereEnergy LNG 156.81 2.54 DaVita DVA 127.64 -2.14
more if their previous closing price was $2 or higher. Ecopetrol EC 11.45 -0.05 Ferrari RACE 416.00 4.66 Gentex GNTX 33.51 -0.17 HowmetAerospace HWM 63.46 -0.56
BorgWarner BWA 31.86 -0.58 CheniereEnerPtrs CQP 46.65 -0.02 Dayforce DAY 61.34 2.74 EdisonIntl EIX 68.04 1.23 GenuineParts GPC 144.07 -0.48 Hubbell
FidNatlFinl FNF 47.02 -0.09 HUBB 390.97 -5.31
Footnotes: BostonProps BXP 57.95 -0.03 ChesapeakeEner CHK 87.15 -0.12 DeckersOutdoor DECK 819.20 5.31 EdwardsLife EW 87.24 -2.81 FidNatlInfo FIS 70.35 -0.35 Gerdau GGB 4.29 0.02 HubSpot HUBS 633.45 -0.40
s-New 52-week high; t-New 52-week low; dd-Indicates loss in the most BostonSci BSX 67.96 -0.16 Chevron CVX 156.40 0.12 Deere DE 396.88 3.87 Elastic ESTC 94.61 -0.57 t
FifthThirdBncp FITB 34.10 0.01 GileadSciences GILD 66.93 -0.38 Humana HUM 323.46 5.94
recent four quarters. BristolMyers BMY 47.84 -0.42 Chewy CHWY 16.54 -0.02 DellTechC DELL 119.62 -1.46 GTLB 53.51 -0.35 t JBHunt
ElbitSystems ESLT 198.02 -2.54 FirstCitizBcshA FCNCA 1550.00 17.49 GitLab JBHT 168.13-14.86
BritishAmTob BTI 28.59 0.21 Chipotle CMG 2902.96-39.37 DeltaAir DAL 47.88 1.33
Stock tables reflect composite regular trading as of 4 p.m. ET and ElectronicArts EA 126.31 -0.24 FirstHorizon FHN 14.17 0.26 GlobalPayments GPN 122.95 -0.48 HuntingtonBcshs HBAN 13.15 0.11
Broadcom AVGO 1282.63-46.43 ChordEnergy CHRD 181.12 -3.01 DescartesSystems DSGX 90.54 -0.36
changes in the official closing prices from 4 p.m. ET the previous day. ElevanceHealth ELV 508.97 2.00 FirstSolar FSLR 178.01 4.93 GlobalFoundries GFS 47.36 -0.44 HuntingIngalls HII 271.22 -2.78
BroadridgeFinl BR 193.45 -0.16 Chubb CB 243.53 -1.68 DeutscheBank DB 15.67 0.30 EmersonElec EMR 109.81 -1.68 FirstEnergy FE 37.45 0.62 Globant GLOB 182.15 -3.35 HyattHotels H 148.84 -0.91
BrookfieldAsset BAM 39.03 0.58 ChunghwaTel CHT 38.00 -0.17 DevonEnergy DVN 51.67 -0.51 Enbridge ENB 33.33 0.36 Fiserv FI 147.10 0.70 GlobusMedical GMED 51.20 -0.59 ICICI Bank IBN 25.63 0.14
Brookfield BN 39.01 0.29 Church&Dwight CHD 103.49 0.24 DexCom DXCM 133.86 -2.66 EncompassHealth EHC 79.69 -0.28 FiveBelow FIVE 152.10 2.80 GoDaddy GDDY 122.36 -0.89 IdexxLab IDXX 478.24-11.33
Net Net BrookfieldInfr BIP 25.56 0.51 ChurchillDowns CHDN 121.08 -3.02 Diageo DEO 140.35 4.32 Endeavor
Wednesday, April 17, 2024 EDR 26.33 -0.03 Flex FLEX 28.08 -0.12 GoldFields GFI 17.74 0.30 ING Groep ING 15.86 0.22
Stock Sym Close Chg Stock Sym Close Chg BrookfieldRenew BEPC 21.82 0.25 Cigna CI 346.08 -0.77 DiamondbkEner FANG 201.15 -2.80 EnergyTransfer ET 15.23
Net 0.13 Floor&Decor FND 108.43 0.29 GoldmanSachs GS 403.91 7.05 IQVIA IQV 227.25 -1.89
Brown&Brown BRO 80.62 -0.30 CincinnatiFinl CINF 115.30 -1.77 Dick's DKS 196.93 -1.77 EnphaseEnergy ENPH 112.05
Stock Sym Close Chg Amcor AMCR 8.83 ... AstraZeneca AZN 68.53 0.27
1.58 FlutterEnt FLUT 181.30 -3.03 Grab GRAB 3.21 -0.06 ITT ITT 125.12 -2.45
Brown-Forman A BF.A 50.44 0.53 Cintas CTAS 668.51 1.95 DigitalRealty DLR 135.75 -0.68 Entegris
Amdocs DOX 84.93 0.11 Atlassian TEAM 195.07 0.22
ENTG 129.25 -1.75 FomentoEconMex FMX 118.94 -0.58 Graco GGG 88.43 -0.64 IcahnEnterprises IEP 17.01 -0.07
A B C Brown-Forman B BF.B 49.14 0.43 CiscoSystems CSCO 47.79 -0.13 DiscoverFinSvcs DFS 119.89 0.32 Entergy
Ameren AEE 71.93 1.59 AtmosEnergy ATO 114.56 2.23
ETR 103.19 2.58 FordMotor F 12.04 -0.05 Grainger GWW 949.92 -6.77 Icon ICLR 292.02 -2.01
Bruker BRKR 82.94 -0.95 Citigroup C 58.17 1.15 Disney DIS 112.94 -0.94 EnterpriseProd EPD 28.39
AmericaMovil AMX 18.03 0.46 Autodesk ADSK 214.92-13.32
0.06 Fortinet FTNT 64.66 0.18 GraphicPkg GPK 27.09 -0.33 IDEX IEX 226.83 -2.42
BuildersFirst BLDR 179.31 -2.78 CitizensFin CFG 33.02 0.61 DocuSign DOCU 58.06 0.32 Equifax
AAON AAON 86.30 -1.72
AmerAirlines AAL 13.89 0.86 Autoliv ALV 115.69 0.08
EFX 237.68 -0.89 Fortis FTS 37.64 0.50 GpoAeroportuar PAC 154.29 -3.65 IllinoisToolWks ITW 249.54 -1.67
BungeGlobal BG 105.42 1.47 CivitasRscs CIVI 72.91 -1.06 DolbyLab DLB 77.98 -0.66
AECOM ACM 92.53 -1.39
AEP AEP 81.24 1.73 ADP ADP 242.90 -1.31
Equinix EQIX 734.56 -7.58 Fortive FTV 80.20 -0.84 GpoAeroportSur ASR 303.74 -4.62 Illumina ILMN 118.29 0.60
AES BurlingtonStrs BURL 179.91 -1.01 CleanHarbors CLH 191.78 -2.38 DollarGeneral DG 144.49 -0.50
AES 16.14 0.23
AmerExpress AXP 217.67 -0.67 AutoZone AZO 2938.26 27.99
Equinor EQNR 27.25 -0.52 FortuneBrands FBIN 74.37 -1.03 Guidewire GWRE 108.34 -0.97 ImperialOil IMO 69.25 -0.36
Aflac AFL 80.26 -0.17 CACI Intl CACI 362.51 -3.40 Cleveland-Cliffs CLF 21.21 0.17 DollarTree DLTR 123.75 -0.31 Equitable EQH 35.64 0.01 HCA Healthcare HCA 311.03 -2.86
AmericanFin AFG 124.57 -2.36 Avalonbay AVB 180.95 1.97 FoxA FOXA 30.46 0.06 Incyte INCY 52.72 -0.50
AGCO CAVA CAVA 61.56 -1.30 Clorox CLX 142.34 -0.14 DominionEner D 48.32 1.46
AGCO 116.24 -0.83
AmHomes4Rent AMH 34.66 -0.01 Avangrid AGR 36.04 0.33
EquityLife ELS 61.80 0.73 FoxB FOX 27.99 0.04 HDFC Bank HDB 56.82 0.29 Informatica INFA 34.68 -0.34
Ansys CBRE Group CBRE 85.14 -0.36 Cloudflare NET 88.00 -3.04 Domino's DPZ 482.05 -4.60
ANSS 325.62 -1.19
AIG AIG 72.58 -1.23 Avantor AVTR 24.38 -0.22
EquityResdntl EQR 60.41 0.73 Franco-Nevada FNV 120.47 3.37 HF Sinclair DINO 57.05 -0.50 Infosys INFY 16.95 -0.10
APA APA 32.26 -0.24 CCC Intelligent CCCS 11.42 -0.12 Coca-Cola KO 58.51 0.45 Donaldson DCI 71.96 -0.49
AmerTowerREIT AMT 172.02 -0.19 AveryDennison AVY 208.92 -2.17
ErieIndemnity ERIE 378.19 -2.78 FranklinRscs BEN 24.81 0.10 HP HPQ 27.69 -0.10 IngersollRand IR 89.57 -1.31
ASE Tech ASX 10.59 -0.16 CDW CDW 236.78 -3.23 CocaColaCon COKE 811.64 -1.23 DoorDash DASH 130.90 -2.94
AmerWaterWorks AWK 115.40 1.58 AxonEnterprise AXON 299.82 -0.49
EssentialUtil WTRG 34.51 0.63 FreeportMcM FCX 49.82 0.41 HSBC HSBC 39.98 0.33 Ingredion INGR 111.29 -0.23
ASML ASML 907.61-69.31 CF Industries CF 77.80 0.05 Coca-ColaEuro CCEP 66.35 -0.10 Dover DOV 169.50 -1.66
Ameriprise AMP 411.77 0.92 BCE BCE 32.24 0.02
EssexProp ESS 232.65 -0.05 FreseniusMedCare FMS 18.97 0.37 H World HTHT 37.74 -0.50 Insulet PODD 166.26 -6.45
AT&T CGI A GIB 104.50 0.84 CognizantTech CTSH 67.54 -0.39 Dow DOW 56.82 -0.04
T 16.12 0.03
Ametek AME 178.05 -1.04 BHP Group BHP 58.41 1.45
EsteeLauder EL 138.04 1.11 FullTruck YMM 7.56 ... Haleon HLN 8.11 0.01 Intel INTC 35.68 -0.58
AbbottLabs ABT 105.90 -3.31 t CH Robinson CHRW 68.81 0.92 Coherent COHR 51.81 -1.24 DrReddy'sLab RDY 71.31 -0.30
Amgen AMGN 264.07 -1.57 BJ'sWholesale BJ 75.28 -0.98
Etsy ETSY 67.49 -0.87 Futu FUTU 54.33 -0.45 Halliburton HAL 38.04 -0.40 InteractiveBrkrs IBKR109.23 1.84
AbbVie ABBV 164.25 1.71 CME Group CME 208.42 1.94 CoinbaseGlbl COIN 213.78 -5.05 DraftKings DKNG 42.21 -2.73 EvercoreA EVR 185.50 0.83 HartfordFinl HIG 95.78 -1.95 ICE ICE 130.74 0.84
AmkorTech AMKR 30.10 -1.11 BP BP 38.37 -0.26
Accenture ACN 314.54 0.60
AcuityBrands AYI 248.72 -3.28 Amphenol APH 111.49 -1.08 BWX Tech BWXT 92.91 -0.72
CMS Energy CMS 58.25 1.36 ColgatePalm CL 86.75 0.58
CNA Fin CNA 42.81 -0.45 Comcast A CMCSA 38.99 -0.13
Dropbox DBX 22.80
DukeEnergy DUK 94.50
-0.14
1.63
Everest
Evergy
EG 357.14
EVRG 50.53
-2.78
0.97
G H I Hasbro HAS 54.82 -0.21 InterContinentl IHG 97.77 -0.06
HealthpeakProp DOC 18.07 0.25 IBM
AnalogDevices ADI 189.43 -1.80 t Baidu BIDU 94.41 -1.71 IBM 183.10 -0.65
Adobe ADBE 474.45 -1.77 CNH Indl CNHI 12.36 -0.19 ComfortSystems FIX 299.64 -4.00 Duolingo DUOL 194.66 -3.51 EversourceEner ES 58.51 1.31 GE Aerospace GE 155.67 -1.09 Heico HEI 197.55 -0.79 IntlFlavors IFF 82.85 -0.11
AdvDrainageSys WMS 156.91 -4.01 AngloGoldAsh AU 23.85 0.56 BakerHughes BKR 32.02 -0.08 CRH CRH 78.52 -0.65 SABESP SBS 15.54 0.38 DuPont DD 73.09 0.52 ExactSciences EXAS 63.22 -0.64 GE HealthCare GEHC 85.19 -0.69 Heico A HEI.A 160.06 -0.40 IntlPaper
AB InBev BUD 57.36 0.22 Ball BALL 63.94 0.17 IP 35.06 -0.85
AdvMicroDevices AMD 154.02 -9.44 CSX CSX 34.16 -0.68 ConagraBrands CAG 30.24 0.23 Dynatrace DT 44.43 -0.09 Exelon EXC 36.42 0.67 GE Vernova GEV 134.75 4.68 HenrySchein HSIC 70.20 -1.02
AnnalyCap NLY 17.88 0.17 BBVA BBVA 10.83 0.33 Interpublic IPG 30.27 -0.08
Aegon AEG 5.87 ... CVS Health CVS 68.60 -0.43 Confluent CFLT 27.66 -0.89 elfBeauty ELF 166.26 0.58 Expedia EXPE 128.73 -0.21 GFLEnvironmental GFL 33.19 -0.47 Hershey HSY 182.45 -0.86
AerCap AER 83.59 1.05 AnteroResources AR 29.16 0.04 t BancoBradesco BBDO 2.35 0.01 CadenceDesign CDNS 293.71 -7.10 ConocoPhillips COP 128.33 -1.20 EMCOR EME 339.20 -6.05 ExpeditorsIntl EXPD 114.34 -1.33 GSK GSK 39.60 -0.35 Hess HES 150.80 0.54 Continued on Page B6
AffirmHldgs AFRM 30.87 -0.05 Aon AON 304.79 0.74 BancodeChile BCH 21.84 0.28 CaesarsEnt CZR 38.52 -0.92 ConEd ED 90.33 2.91
AgilentTechs A 134.55 -2.25 APi Group APG 37.06 -2.05 BancSanBrasil BSBR 5.13 ... CamdenProperty CPT 95.32 0.27 ConstBrands A STZ 257.31 -0.47
AgnicoEagleMines AEM 62.49 0.75 ApolloGlblMgmt APO 107.49 -0.34 BcoSantChile BSAC 17.88 0.16 Cameco CCJ 48.41 0.22 ConstellationEner CEG 185.40 -1.25
AppFolio APPF 216.72 2.14 BancoSantander SAN 4.66 0.09 CampbellSoup CPB 43.31 0.30 Cooper
AirProducts APD 229.01 1.25
Airbnb ABNB 158.37 1.71 Apple AAPL 168.00 -1.38
AppliedIndlTechs AIT 184.40 -3.48
BanColombia CIB 33.29 -0.18
BankofAmerica BAC 35.23 0.55
CIBC CM 47.05 0.05 Copart
COO 89.86 -0.67
CPRT 54.02 -0.36 Dividend Changes
AkamaiTech AKAM 100.34 -0.99 CanNtlRlwy CNI 127.03 -0.25 Core&Main CNM 54.77 -0.69
Albemarle ALB 114.39 0.28 ApplMaterials AMAT 199.89 -9.59 BankMontreal BMO 90.96 -0.20 CanadianNatRscs CNQ 77.22 -0.17 CorebridgeFin CRBG 26.37 -0.44 KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and ratio; SO: spin-off.
Albertsons ACI 20.44 0.23 AppLovin APP 70.90 -1.42 BankNY Mellon BK 54.46 0.46 CdnPacKC CP 83.93 -0.34 Corning GLW 30.98 0.06
Alcon ALC 79.00 -0.61 Aptargroup ATR 138.40 -0.19 BankNovaScotia BNS 46.62 0.24 CapitalOne COF 136.77 0.36 Corpay CPAY 296.27 -2.46 Amount Payable / Amount Payable /
AlexandriaRlEst ARE 116.45 -0.54 t Aptiv APTV 69.35 -2.59 Barclays BCS 9.10 0.10 CardinalHealth CAH 106.52 -0.65 Corteva CTVA 53.53 0.21 Company Symbol Yld % New/Old Frq Record Company Symbol Yld % New/Old Frq Record
Alibaba BABA 68.82 -0.79 Aramark ARMK 31.16 -0.04 BarrickGold GOLD 16.70 0.22 Carlisle CSL 368.84 -5.40 CoStar CSGP 85.46 -0.83
AlignTech ALGN 300.14 -4.96 ArcelorMittal MT 25.11 -0.07 Bath&BodyWks BBWI 43.19 -0.50 Carlyle CG 44.63 -0.43 Costco COST 715.19 -0.78 Increased Anheuser-Busch InBev ADR BUD 1.1 .87223 A Jun07 /May06
Allegion ALLE 125.78 -0.60 ArchCapital ACGL 90.63 -0.23 BaxterIntl BAX 39.52 -0.05 CarMax KMX 68.53 -1.27 CoterraEnergy CTRA 27.22 0.03 Johnson & Johnson JNJ 3.3 1.24 /1.19 Q Jun04 /May21 Banco Bradesco Ord ADR BBDO 6.6 .00328 M Jun10 /May06
AlliantEnergy LNT 48.42 1.02 ADM ADM 60.42 0.15 t BectonDicknsn BDX 232.21 1.20 Carnival CCL 14.12 0.22 Coty COTY 10.63 -0.20 Banco Bradesco Pref ADR BBD 6.3 .00361 M Jun10 /May06
Allstate ALL 162.92 -1.29 AresMgmt ARES 131.70 0.81 t BeiGene BGNE 131.86 -2.19 Carnival CUK 12.72 0.16 s Coupang CPNG 22.63 0.12
argenx ARGX 366.20 -4.48 BellRing BRBR 54.32 -0.89
Reduced Banco Santander-Chile ADR BSAC 3.1 .75572 A Apr17 /
AllyFinancial ALLY 36.27 0.31 CarrierGlobal CARR 54.25 -0.51 Crane CR 130.13 -1.63
AlnylamPharm ALNY 145.32 -1.40 AristaNetworks ANET 259.27 -3.49 BentleySystems BSY 50.11 1.21 Carvana CVNA 69.16 -1.48 Credicorp BAP 160.99 1.35 Mesabi Trust MSB 8.3 .29 /.37 Q May20 /Apr30 ENI ADR E 4.3 .49928 Jun07 /May21
Alphabet A GOOGL 155.47 1.07 Arm ARM 107.56-14.66 Berkley WRB 80.71 -1.41 CaseysGenStores CASY 309.17 -3.38 Crocs CROX 119.33 -1.35 Knot Offshore Partners KNOP 2.1 .026 Q May09 /Apr29
Alphabet C GOOG 156.88 0.88 AscendisPharma ASND 142.17 0.67 BerkHathwy B BRK.B 397.74 0.82 Catalent CTLT 55.96 0.18 CrowdStrike CRWD 293.69 -5.46 Stocks
Beneficient BENF 1:80 /Apr18 Stellantis STLA 5.7 1.65168 A May03 /Apr23
Altria MO 41.10 0.35 AspenTech AZPN 197.48 -2.97 BerkHathwy A BRK.A 6003002140.00 Caterpillar CAT 358.32 -1.56 CrownCastle CCI 93.05 -0.91
Amazon.com AMZN 181.28 -2.04 Assurant AIZ 170.08 -1.02 BestBuy BBY 76.23 1.06 Celanese CE 154.49 -0.44 Crown Holdings CCK 76.43 -0.55 Note: Dividend yields as of 3:30 p.m. ET
t Ambev ABEV 2.26 ... AsteraLabs ALAB 73.21 -1.31 Bio-Techne TECH 62.73 -1.28 CelsiusHldg CELH 70.97 -1.55 CubeSmart CUBE 42.21 ... Foreign Sources: FactSet; Dow Jones Market Data

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 8.72 +0.04 -2.9 SrsBlChGroRetail -0.17 10.9 LgCpGwth
17.32 67.31 -0.79 11.9 MidCap 101.43 -0.98 1.4 MuShtAdml 15.69 ... 0.4 Welltn 42.05 -0.02 2.2
Top 250 mutual-funds listings for Nasdaq-published share classes by net assets. SeriesOverseas 13.42 -0.03 3.5 SrsEmrgMkt 17.39
+0.02 0.3 JPMorgan R Class NHoriz 55.05 -0.51 -2.1 PrmcpAdml r 162.31 -0.88 3.8 WndsrII 44.71 -0.14 4.3
e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes e and s SerLTTreBdIdx 5.34 +0.05 -8.0 SrsGlobal 13.92
-0.01 0.5 CoreBond 9.99 +0.05 -2.2 R2030 24.47 -0.06 2.2 RealEstatAdml 111.39 -0.87 -10.2 VANGUARD INDEX FDS
apply. k-Recalculated by Lipper, using updated data. p-Distribution costs apply, 12b-1. r- SmCpIdxInstPrem 24.17 -0.24 -3.5 SrsGroCoRetail 21.47
-0.25 10.3 CorePlusBd 7.03 +0.04 -2.0 Putnam Funds Class A SmCapAdml 101.18 -0.78 -0.7 ExtndIstPl 303.69 -2.74 -1.0
Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and r apply. v-Footnotes TMktIdxInstPrem 137.79 -0.86 4.8 SrsIntlGrw 17.67
-0.07 3.2 Lord Abbett I PutLargCap p 33.24 -0.03 8.0 SmGthAdml 84.31 -0.87 -0.6 IdxIntl 18.59 -0.01 0.2
x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not available due to incomplete TotalMarketIndex 17.43 -0.10 4.9 SrsIntlVal 12.18
+0.01 4.4 ShtDurInc p 3.82 ... 0.7 Schwab Funds STBondAdml 9.95 +0.02 -0.6 MdCpGrAdml 95.50 -0.70 1.2
price, performance or cost data. NE-Not released by Lipper; data under review. NN-Fund not TtlIntIdxInstPr 13.18 -0.01 0.2 TotalBond 9.25
+0.04 -2.3 Metropolitan West 1000 Inv r 107.85 -0.66 5.4 STIGradeAdml 10.10 +0.01 -0.1 MdCpVlAdml 76.12 +0.07 1.9
tracked. NS-Fund didn’t exist at start of period. USBdIdxInstPrem 10.03 +0.04 -2.9 Fidelity SAI TotRetBdI 8.77 +0.05 -3.4 S&P Sel 77.28 -0.45 5.7 STIPSIxAdm 23.98 +0.02 0.8 SmValAdml 76.36 -0.45 -0.8
Fidelity Advisor I TotalBd 8.76 +0.04 -2.2 TRBdPlan 8.23 +0.05 -3.3 TSM Sel r 84.84 -0.53 4.8 TotBdAdml 9.34 +0.05 -2.8 TotBd2 9.22 +0.04 -2.9
Total Bd 9.24 +0.04 -2.4 U.S.TreBdIdx 8.51 +0.03 -2.8 MFS Funds TIAA/CREF Funds TotIntBdIdxAdm 19.44 +0.03 -1.0 TotIntlInstIdx r 124.34 -0.07 0.2
Wednesday, April 17, 2024 Fidelity Freedom Fidelity Selects IIE 32.98 +0.09 0.1 EqIdxInst 35.28 -0.22 4.8 TotIntlAdmIdx r 31.09 -0.02 0.2 TotItlInstPlId r 124.37 -0.07 0.2
Net YTD Net YTD Net YTD FF2030 16.80 ... 1.4 Semiconductors r 28.90 -0.94 19.2 MFS Funds Class I IntlEqIdxInst 22.10 -0.04 1.1 TotStAdml 120.56 -0.75 4.8 TotSt 120.54 -0.74 4.7
Fund NAV Chg % Ret Fund NAV Chg % Ret Fund NAV Chg % Ret FF2035 14.86 -0.01 2.3 Softwr 26.70 -0.17 -1.7 GrowthI 193.42 -2.11 12.4 LrgCpGrIdxInst 55.53 -0.51 7.1 TxMCapAdml 259.26 -1.63 5.2 VANGUARD INSTL FDS
Tech 30.63 -0.49 7.4 ValueI 48.82 -0.11 3.0 VANGUARD ADMIRAL BalInst 44.95 -0.09 1.8
AB Funds Artisan Funds US CoreEq2 33.73 -0.22 4.2 FF2040 10.83 -0.03 3.2
First Eagle Funds 500Adml 463.65 -2.70
TxMIn r
5.7 USGroAdml 157.62
15.36 -0.02 0.3
DevMktsIndInst 15.38 -0.02 0.3
MuniIncmShares 10.92 +0.01 -0.6 IntlVal Inst 46.16 +0.08 0.4 US Small 43.04 -0.37 -2.7 Freedom2030 K 16.78 ... 1.4 Natixis Funds -1.72 7.5
GlbA 65.52 -0.15 3.9 LSGrowthY 24.87 -0.21 7.1 BalAdml 44.94 -0.09 1.8 DevMktsInxInst 24.04 -0.03 0.3
AB Funds - ADV Baird Funds US SmCpVal 43.53 -0.34 -2.8 Freedom2035 K 14.84 -0.01 2.3
Franklin A1 CAITAdml 11.28 ... -0.9
ValAdml 60.31 -0.10 4.1
ExtndInst 123.06 -1.11 -1.0
LgCpGrAdv 100.54 -0.89 8.4 AggBdInst 9.52 +0.05 -2.6 US TgdVal 30.71 -0.24 -3.4 Freedom2040 K 10.84 -0.02 3.3 Northern Funds WdsrllAdml 79.32 -0.25 4.3
IncomeA1 2.27 ... -0.7 StkIdx 51.62 -0.30 NA CapOpAdml r 185.62 -1.18 3.6 GrwthInst 170.71 -1.62 6.8
American Century Inv CorBdInst 9.85 +0.05 -2.3 USLgVa 46.71 -0.15 5.4 Idx2030InsPre 19.00 -0.01 0.5
FrankTemp/Frank Adv DivAppIdxAdm 47.12 -0.10 2.4
WellsIAdml 59.17 +0.20 -1.3
InPrSeIn 9.22 +0.03 -1.6
Ultra 79.50 -0.92 6.7 BlackRock Funds Dodge & Cox Idx2035InsPre 21.75 -0.03 1.2 Old Westbury Fds WelltnAdml 72.61 -0.02 2.2
IncomeAdv 2.25 +0.01 -0.7
LrgCpStr 18.33 -0.10 5.6
EMAdmr 34.18 +0.06 0.1 InstIdx 413.48 -2.40 5.7
American Funds Cl A HiYldBd Inst 6.93 +0.01 0.5 Balanced 100.64 +0.16 1.1 Idx2040InsPre 22.63 -0.05 1.9 FrankTemp/Franklin A EqIncAdml 85.90 -0.04 2.5
WndsrAdml 72.62 -0.05 0.3
InstPlus 413.47 -2.41 5.7
AmcpA 40.31 -0.34 5.7 BlackRock Funds III GblStock 15.10 ... 1.2 Idx2045InsPre 23.67 -0.07 2.2 Parnassus Fds VANGUARD FDS
DynaTech A 146.41 -2.36 9.5 ExplrAdml 102.96 -0.88 -0.3 InstTStPlus 85.84 -0.53 4.8
12.18 +0.07 -2.5 Idx2050InsPre 23.72 ParnEqFd 57.50 -0.21 4.5
AMutlA 52.00 -0.10 2.4 iShS&P500IdxK 588.71 -3.42 5.7 Income -0.06 2.2 Growth A 129.59 -1.23 5.7 ExtndAdml 123.07 -1.11 -1.0 DivdGro 37.19 +0.04 1.0 MidCpInst 64.38 -0.18 1.6
PGIM Funds Cl Z
BalA 32.78 -0.04 2.8 BlackRock Funds Inst Intl Stk 48.74 +0.09 -0.9 Fidelity Invest RisDv A 90.75 -0.16 2.6 GroIncAdml 97.13 -0.62 7.7 IntlVal 40.15 -0.09 -0.5 MidCpIstPl 317.50 -0.91 1.6
BondA 11.02 +0.05 -2.9 EqtyDivd 19.61 +0.01 2.7 Stock 246.62 -0.26 3.7 Balanc 27.77 -0.05 3.5 TotalReturnBond 11.63 +0.05 NA LifeCon 20.23 +0.02 NA
Guggenheim Funds Tru GrwthAdml 170.70 -1.62 6.8 RealEstaInstl 17.24 -0.13 -10.2
BluCh PIMCO Fds Instl
CapIBA 65.50 +0.06 -0.4 StratIncOpptyIns 9.26 +0.02 -0.5 DoubleLine Funds 193.27 -1.95 11.5 TotRtnBdFdClInst 22.97 +0.07 -2.3 HlthCareAdml r 85.00 -0.31 -0.8 LifeGro 42.23 -0.11 NA SmCapInst 101.17 -0.79 -0.7
CapWGrA 62.58 -0.18 4.4 TotRet 9.65 +0.05 NA TotRetBdI 8.55 +0.04 -2.1 BluChpGr K6 29.61 -0.29 10.3 AllAsset 10.81 ... NA
HYCorAdml r 5.28 -0.8 LifeMod 30.71 -0.03 NA
Harbor Funds ... SmCapIstPl 292.02 -2.26 -0.7
EupacA 56.52 +0.01 3.3 Calamos Funds Edgewood Growth Instituti Contra 18.47 -0.12 14.9 CapApInst 105.05 -1.27 8.9 TotRt 8.35 +0.04 NA InfProAd 22.64 +0.07 -1.6 PrmcpCor 33.12 -0.17 4.3 STIGradeInst 10.10 +0.01 -0.1
FdInvA 76.52 -0.41 7.3 MktNeutI 14.37 -0.01 1.5 EdgewoodGrInst 46.96 -0.43 7.4 ContraK 18.53 -0.12 14.9 Harding Loevner PIMCO Funds A InfTechIdx 3.0 STAR 27.02 -0.03 NA
254.59 -4.17 STIPSIxins 24.00 +0.02 0.8
GwthA 68.38 -0.47 8.3 Columbia Class I Fidelity CpInc 9.70 -0.02 2.0 IntlEq 25.23 -0.02 -2.8 IncomeFd 10.40 +0.04 -0.4 IntlGrAdml 103.28 -0.70 1.4 TgtRe2020 26.92 +0.01 NA TotBdInst 9.34 +0.05 -2.8
HI TrA 9.40 ... 0.7 DivIncom I 31.26 -0.06 3.3 500IdxInstPrem 174.43 -1.01 5.7 GroCo 35.08 -0.42 9.9 Invesco Funds Y PIMCO Funds I2 ITBondAdml 9.95 +0.05 -2.9 TgtRe2025 18.50 -0.01 NA TotBdInst2 9.22 +0.04 -2.8
ICAA 53.52 -0.29 6.5 Dimensional Fds Contrafund K6 26.37 -0.17 14.5 InvGrBd 9.72 +0.05 -2.6 DevMktY 38.07 -0.06 -1.4 Income 10.40 +0.04 -0.3 ITIGradeAdml 8.36 +0.04 -2.4 TgtRe2030 35.83 -0.03 NA TotBdInstPl 9.34 +0.05 -2.8
IncoA 23.36 +0.03 0.4 EmgMktVa 29.55 +0.06 0.6 ExtMktIdxInstPre 77.26 -0.70 -1.0 LowP 45.28 -0.14 2.7 JHF III DispVal PIMCO Funds Instl LarCapAd 116.03 -0.69 5.6 TgtRe2035 22.44 -0.03 NA TotIntBdIdxInst 29.17 +0.05 -0.9
N PerA 58.22 -0.20 4.2 EmMktCorEq 22.44 +0.04 0.3 FidSerToMarket 16.41 -0.10 4.8 Magin 13.80 -0.12 12.1 DispValMCI 27.95 -0.14 2.1 IncomeFd 10.40 +0.04 -0.3 LTGradeAdml 7.52 +0.06 -6.2 TgtRe2040 40.01 -0.09 NA TotStInst 120.58 -0.74 4.8
NEcoA 57.39 -0.37 6.3 IntlCoreEq 15.41 -0.01 0.7 GrowthCompanyK6 24.85 -0.30 10.7 NASDAQ 199.03 -2.30 4.7 John Hancock Price Funds MidCpAdml 291.42 -0.84 1.6 TgtRe2045 27.24 -0.08 NA ValueInst 60.31 -0.10 4.1
NwWrldA 76.24 -0.16 1.6 IntSmCo 19.17 ... -0.6 IntlIdxInstPrem 47.69 -0.06 1.1 OTC 20.12 -0.24 10.0 BondR6 13.12 +0.07 -2.4 BlChip 165.13 -1.51 10.6 MuHYAdml 10.54 ... -0.5 TgtRe2050 45.52 -0.14 NA WCM Focus Funds
SmCpA 64.24 -0.37 -3.0 IntSmVa 21.65 +0.02 2.1 LgCpGwId InstPre 31.60 -0.29 7.1 Puritn 24.51 -0.09 5.6 JPMorgan I Class DivGro 73.13 -0.22 3.5 MuIntAdml 13.52 +0.01 -0.8 TgtRe2060 46.80 -0.15 NA WCMFocIntlGrwIns 24.20 -0.04 6.3
TxExA 12.25 ... -1.0 LgCo 33.33 -0.19 5.7 MidCpInxInstPrem 30.46 -0.15 1.7 SAIUSMinVolIndFd 19.30 -0.01 3.4 CoreBond 9.97 +0.05 -2.3 Growth 94.16 -0.83 8.7 MuLTAdml 10.76 ... -1.2 TgtRet2055 50.79 -0.16 NA Western Asset
WshA 59.48 -0.23 4.3 US CoreEq1 37.73 -0.25 5.0 SAIUSLgCpIndxFd 20.86 -0.12 5.7 SAIUSQtyIdx 20.45 -0.19 5.6 EqInc 23.38 -0.01 2.2 LgCapGow I 71.99 -0.56 9.4 MuLtdAdml 10.76 ... -0.1 TgtRetInc 12.93 +0.01 NA CorePlusBdI 9.06 +0.05 NA
B6 | Thursday, April 18, 2024 * * THE WALL STREET JOURNAL.

NEW HIGHS AND LOWS WSJ.com/newhighs

52-Wk % 52-Wk % 52-Wk % 52-Wk % 52-Wk % 52-Wk %

The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE American Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg
and Nasdaq Stock Market stocks that hit a new 52-week intraday high or low in the latest
session. % CHG-Daily percentage change from the previous trading session. EnzoBiochem ENZ 1.13 ... JobyAviationWt JOBY.WS 0.43 4.2 Olaplex OLPX 1.27 -6.5 scPharm SCPH 4.41 -5.4 TopFinancial TOP 2.19 -3.9 VinFastAuto VFS 2.59 -11.4
EuropeanWax EWCZ 10.82 -2.9 Junee JUNE 3.60 1.5 Onconetix ONCO 0.12 -0.9 Seaboard SEB 3049.00 -1.1 TakedaPharm TAK 13.11 -0.6 VintageWineEstates VWE 0.22 -5.0
Everi EVRI 8.67 -1.5 Kaixin KXIN 0.11 -2.8 111 YI 0.97 -3.0 SeelosTherap SEEL 0.33 -13.8 TelekmIndonesia TLK 19.56 -2.2 VirginGalactic SPCE 0.94 -9.4
Wednesday, April 17, 2024 EVgo EVGO 1.80 -4.3 Koss KOSS 2.27 -2.6 OneConnectFin OCFT 1.77 -6.3 Senseonics SENS 0.40 -6.9 10xGenomics TXG 29.12 -5.3 VirginiaNatBksh VABK 24.68 -0.3
52-Wk % 52-Wk % 52-Wk % FSD Pharma HUGE 0.42 -7.8 KyvernaTherap KYTX 20.10 -8.9 Onfolio ONFO 0.39 -8.5 SeresTherap MCRB 0.60 -1.4 ThredUp TDUP 1.53 -1.3 Visteon VC 106.63 -0.6
FaradayFuture FFIE 0.06 -7.3 LamfGlbl I LGVCU 6.90 -9.2 Ooma OOMA 6.86 -2.1 ServiceProperties SVC 6.09 -3.6 3D Systems DDD 3.38 -2.6 Volcon VLCN 0.23 -6.3
Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg
ForresterRes FORR 18.45 -0.6 LCI Inds LCII 103.39 -2.2 OpenLending LPRO 4.75 -0.8 ShenandoahTel SHEN 14.38 -1.8 Tilly's TLYS 5.35 -3.0 W&T Offshore WTI 2.41 -3.6
Accuray ARAY 2.17 -1.8 BeiGene BGNE 131.28 -1.6 ForwardAir FWRD 22.57 -10.2 LL Flooring LL 1.53 -2.5 Oragenics OGEN 1.01 ... Shimmick SHIM 2.90 -10.8 TopWealth TWG 1.55 -10.8 WNS WNS 45.44 -3.0
Highs AdaptiveBiotech ADPT
Adient ADNT
2.43 -11.3 Big5SportingGds
27.98 -1.9 BinahCapital
BGFV
BCG
3.01 -2.6
6.21 -0.6
ForzaX1 FRZA 0.40 0.8 Lantronix LTRX 3.11 -3.7 OrionOffice ONL 3.01 1.0 SilvercrestAsset SAMG 13.93 -1.4 TransActTechs TACT 4.78 -2.2 WalgreensBoots WBA 17.53 -0.1
Fossil FOSL 0.76 -2.8 Lazydays GORV 3.24 -7.4 PAM Transport PTSI 14.12 -1.1 SiriusXM SIRI 3.08 -1.6 TrilogyMetals TMQ 0.25 -20.4 WeBuyGlobal WBUY 0.30 -8.2
AirIndustries AIRI 5.80 8.4 AdventTechWt ADNWW 0.01 -5.2 Biogen BIIB 192.01 -1.5 FoxFactory FOXF 41.02 -1.5 Leafly LFLY 1.96 5.1 PSQ PSQH 3.97 -3.1 SiyataMobile SYTA 2.12 17.9 TritiumDCFC DCFC 3.20 1.4 WernerEnterprises WERN 34.67 -2.1
Argan AGX 62.04 -1.9 AethlonMedical AEMD 1.35 -1.4 BioLineRX BLRX 0.61 -2.8 FulgentGenetics FLGT 20.07 -3.0 LegendBiotech LEGN 48.03 -2.6 PacBiosciCA PACB 1.25 ... Skillsoft SKIL 5.11 6.1 23andMe ME 0.35 -8.7 WoodsideEnergy WDS 18.79 -0.7
BlueWorldA BWAQ 11.27 0.2 Agenus AGEN 5.38 -14.3 BionanoGenom BNGO 0.79 -4.6 Galapagos GLPG 29.18 -0.9 Leggett&Platt LEG 17.19 ... PaycorHCM PYCR 16.97 -0.3 SoloBrands DTC 1.74 -0.6 TwinVee VEEE 0.71 -17.3 Workhorse WKHS 0.16 -3.7
CarlyleSecured CGBD 16.67 0.5 agilon health AGL 4.41 11.8 Biophytis BPTS 0.27 -0.1 LexinFintech LX 1.56 -2.0 PeakstoneRealty PKST
Gaming&Leisure GLPI 41.80 -0.2 12.27 -3.8 Solventum SOLV 61.50 -0.3 Unifi UFI 5.55 -1.7 Worksport WKSP 0.36 -14.6
CherryHillPfdB CHMIpB 24.75 0.1 AkariTherap AKTX 1.08 -3.0 Boxlight BOXL 0.49 -1.0 LionElectric LEV 1.01 -2.8 PegasusDigA
GenentaScience GNTA 3.00 -12.6 PGSS 10.39 -7.0 SoteraHealth SHC 10.72 -1.3 uniQure QURE 4.61 -0.6 WorksportWt WKSPW 0.02 -37.2
ChurchillCapVII CVIIU 10.83 7.0 Alexander&Baldwin ALEX 15.53 -0.3 Brightcove BCOV 1.63 -2.9 Lulu'sFashion LVLU 1.10 0.7 Peloton
Genprex GNPX 2.20 -3.9 PTON 3.05 -0.3 SotherlyHtlsPfd SOHON 18.80 ... UniversalHealth UHT 32.36 -1.8 XBPEurope XBP 1.27 -2.1
ContineumTherap CTNM 16.05 -1.0 AllarityTherap ALLR 1.45 -10.7 BroogeEnergy BROG 1.04 -5.0 LuminarTech LAZR 1.22 -6.0 Perficient
GeoVaxLabs GOVX 1.45 -4.6 PRFT 44.49 -3.6 SotherlyHotels SOHO 1.16 -2.5 UrbanOne D UONEK 1.61 -1.2 ZKH ZKH 13.31 -5.7
Coupang CPNG 22.89 0.5 AlphaTauMed DRTS 2.69 -1.6 BruushOralCare BRSH 0.04 -0.4 LuxUrbanHtlsPfdA LUXHP 18.10 -6.1 PermRock
GileadSciences GILD 66.89 -0.6 PRT 3.99 -0.5 SoundThinking SSTI 13.15 -2.2 UtahMedProducts UTMD 67.51 -0.7 ZaiLab ZLAB 13.67 -4.9
EverQuote EVER 20.74 -5.3 AltamiraTherap CYTO 1.48 -9.2 C&F Fin CFFI 33.51 2.1 MGO Global MGOL 0.20 1.4
GinkgoBioworks DNA 0.85 -4.6 PetrosPharm PTPI 0.64 -2.1 SplashBeverage SBEV 0.32 0.3 VOXX Intl VOXX 7.16 -2.3 ZapataComputing ZPTA 1.87 1.0
FitLifeBrands FTLF 29.77 3.5 AlzamendNeuro ALZN 0.70 -5.0 CCSC Tech Intl CCTG 2.41 -4.6 MagicEmpire MEGL 0.56 -1.8 1.05 -4.5 VarexImaging
GladstoneLand LAND 12.37 -0.2 Pfizer PFE 25.26 -1.1 StandardLithium SLI VREX 16.62 -1.6 ZappEV ZAPP 0.13 -33.5
GlblTechAcqnIWt GTACW 0.12 50.0 Ambarella AMBA 43.23 -1.9 CH Robinson CHRW 65.00 1.4 MainStreetBcshs MNSB 16.51 -1.7 SunshineBio SBFM 3.20 -44.1 VeriSign VRSN 181.57 -0.6 ZeppHealth ZEPP 0.82 -2.9
GlobalGas HGAS 1.30 -17.8 PioneerPwrSols PPSI 3.61 -2.9
GoresIX Wt GHIXW 0.58 -10.1 Ambev ABEV 2.24 ... CN Energy CNEY 0.67 3.5 MalibuBoats MBUU 33.89 -2.7 SurfAirMobility SRFM 0.38 -12.3 VersusSystems VS 1.25 -5.9 ZiffDavis ZD 50.16 -1.6
Graphex GRFX 0.21 -10.0 PlanetGreen PLAG 0.18 -10.0
HennessyCapVI HCVIU 11.46 9.6 AmerBatteryTech ABAT 1.39 -4.7 CNS Pharm CNSP 0.19 -2.0 Marcus MCS 12.80 -1.2 SyntecOptics OPTX 3.02 -4.6 VerveTherap VERV 6.72 -5.6 Zoomcar ZCAR 0.30 -3.5
GreenGiant GGE 0.03 -0.2 PortageBiotech PRTG 0.20 -21.3
InFinTAcqnA IFIN 11.53 0.3 AmerStratInvt NYC 6.00 -1.8 CalidiBiotherap CLDI 0.19 -5.8 Markforged MKFG 0.50 2.1
GreystoneHousing GHI 14.49 -1.1 Portillo's PTLO 12.03 -6.3
Junee JUNE 4.20 1.5 AmericanWell AMWL 0.50 -0.3 CanadianSolar CSIQ 15.08 -1.0 MartenTransport MRTN 16.15 -3.5
GuardantHealth GH 15.89 1.4 PotlatchDelt PCH 41.11 -2.9
Lands'End LE 13.11 1.3 AmericoldRealty COLD 22.59 -1.0 CareMax CMAX 2.48 -14.3 MatthewsIntl MATW 25.78 -1.3
Macom Tech MTSI 104.90 -3.5 AmpriusTech AMPX 1.65 2.4 Cato CATO 4.72 1.0
HainCelestial HAIN
HealthcrTriangle HCTI
5.69
1.32
-2.2
-5.0
MDxHealth MDXH 2.28 -3.0
PowerIntegrations POWI
PredictiveOncology POAI
65.58 -1.9
1.30 -6.6
IPO Scorecard
MediWound MDWD 18.75 -4.6 AnavexLifeSci AVXL 4.02 -1.2 Cerence CRNC 10.72 -4.6 MelcoResorts MLCO 6.30 -7.1
MercuryGeneral MCY 54.59 -2.5 AppliedDNA APDN 0.31 -3.3 ChargePoint CHPT 1.40 -6.7
HeartlandExp HTLD 10.00 -1.0
Metagenomi MGX 8.10 -0.2
Prenetics PRE 3.14 -1.9 Performance of IPOs, most-recent listed first
AUVI 0.67 -3.3 Cheche CCG 2.26 2.6 HertzGlobal HTZ 6.33 -2.7 PrestigeWealth PWM 1.01 -2.7 % Chg From % Chg From
Moog A MOG.A 161.82 -0.9 AppliedUV MicrobotMed MBOT 0.88 -5.1
APVO 0.70 -7.2 Chuy's CHUY 30.19 -1.7 HimaxTechs HIMX 4.95 -3.5 1.41 -2.7 PrimeMedicine PRME 4.92 -6.5 Wed.'s
NextNav NN 8.57 -2.9 AptevoTherap MicroVision MVIS Company SYMBOL Offer 1st-day Company SYMBOL Wed.’s Offer 1st-day
Aptiv APTV 69.30 -3.6 CleanEnerFuels CLNE 2.27 -3.0 HowardHughes HHH 59.16 -0.6 MiddlefieldBanc MBCN 21.98 -2.3 Prothena PRTA 20.95 -1.6
NextNavWt NNAVW 3.10 4.7
JBHunt JBHT 160.07 -8.1 Pulmonx LUNG 7.31 0.1 IPO date/Offer price close ($) price close IPO date/Offer price close ($) price close
RaniTherap RANI 8.75 14.3 Arcimoto FUV 0.41 -1.7 Comstock LODE 0.29 -6.8 MolecularTemp MTEM 1.55 -4.8
Hywin HYW 0.81 -4.1 3.48 -2.6 QT Imaging QTI 0.67 -11.9
RedCat RCAT 1.50 26.8 ArdaghMetalWt AMBP.WS 0.02 -6.8 Concentrix CNXC 55.20 -4.0 MontaukRenew MNTK Junee 4.06 1.5 ... Contineum Therapeutics 15.39 –3.8 –0.1
AresCommRealEst ACRE 6.42 -1.4 Conmed CNMD 72.66 -6.1 iLearningEngines AILE 8.29 -44.4 MullenAuto MULN 2.85 -11.1 QualigenTherap QLGN 0.28 -0.8
RedwoodsAcqnRt RWODR 0.30 38.9 JUNE April 17/$4.00 CTNM April 5/$16.00
ArrayTech ARRY 11.08 -2.0 CoreScientificWt CORZW 0.76 -2.4 InfoSvcs III 3.51 -0.8 MultiMetaVerse MMV 0.68 -15.0 QuidelOrtho QDEL 38.67 -3.9
SchwabC SCHW 73.88 -0.8
SilverSpikeInvt SSIC 10.68 2.1 ArriVentBio AVBP 15.50 -4.5 CorsairGaming CRSR 10.91 -0.3 InMedPharm INM 0.26 -1.8 MyMD Pharm MYMD 2.00 7.1 QuiptHomeMed QIPT 3.59 -2.7 Top Wealth Group Holdings 1.73 –56.8 –10.8 Massimo Group 4.36 –3.1 44.9
Assertio ASRT 0.76 -2.0 CrackerBarrel CBRL 54.87 -7.0 Inno INHD 0.55 0.1 NaaSTechnology NAAS 0.98 -4.8 QuoinPharm QNRX 0.70 1.8 TWG April 16/$4.00 MAMO April 2/$4.50
Starrett A SCX 16.04 -0.1
Atlanticus ATLC 25.50 -2.1 CrownElectrokin CRKN 0.04 2.1 InnovativeEyewr LUCY 0.23 3.2 NanoLabs NA 0.52 -4.5 RadiantLogistics RLGT 4.95 -1.8
UL Solutions ULS 35.50 -2.4
Veralto VLTO 92.15 -0.4 AtlanticusNts29 ATLCZ 24.30 -0.2 Cytosorbents CTSO 0.78 -1.0 InnovizTech INVZ 1.03 ... NatlResearch NRC 33.25 -3.0 ReconTech RCON 0.09 -8.2 UL Solutions 33.99 21.4 –2.7 Zhibao Technology 3.57 –10.8 –3.5
VictoryCapital VCTR 45.38 0.1 AuburnNatlBncp AUBN 16.80 -0.9 DermTech DMTK 0.59 -3.6 Instructure INST 19.19 -1.7 NetScout NTCT 18.92 -1.2 Reddit RDDT 38.70 -4.8 ULS April 12/$28.00 ZBAO April 2/$4.00
AxcelisTechs ACLS 101.57 -2.5 DouglasElliman DOUG 1.24 -2.3 IntelliaTherap NTLA 21.44 -1.4 Nevro NVRO 12.15 -3.2 ReToEcoSol RETO 0.86 -20.3
PACS Group 23.40 11.4 1.7 Alta Global Group 3.13 –37.4 –25.1
Lows BCB Bancorp
Bio-key
BCBP
BKYI
9.19 -2.6 ENDRA LifeSci
1.50 -7.1 EditasMedicine
NDRA
EDIT
0.22 -16.0
5.60 -4.1
InteractStrength TRNR
Intrusion INTZ
0.17
1.70
-1.3
-15.7
NewGenIvf
Next.e.GO
NIVF
EGOX
0.64 9.9 RocketPharmWt
0.03 8.8 Rogers
RCKTW
ROG
0.06 -7.9
105.73 -3.6 PACS April 11/$21.00 MMA March 28/$5.00
ACELYRIN SLRN 4.98 -2.3 Baidu BIDU 94.25 -1.8 EffectorTherap EFTR 1.81 -5.0 iPower IPW 0.42 -10.0 Noodles NDLS 1.23 -7.7 Ryvyl RVYL 1.12 6.9
AGM AGMH 1.31 -7.0 iRobot IRBT 7.00 -1.5 0.65 0.1 Sadot SDOT 0.22 -9.9
Mobile-health Network Solutions 18.10 352.5 170.1 Boundless Bio 11.29 –29.4 –20.8
Bakkt BKKT 0.40 -3.2 Energous WATT 1.42 -9.8 NuvveHolding NVVE
Arko ARKO 4.48 -4.7 BancoBradescoPf BBD 2.60 -0.4 EnergyRecovery ERII 13.46 -1.2 IronwoodPharm IRWD 7.64 -3.0 Nuwellis NUWE 0.27 -17.1 Safe&Green SGBX 0.15 -10.0 MNDR April 10/$4.00 BOLD March 28/$16.00
ATS ATS 29.78 1.1 BancoBradesco BBDO 2.31 0.4 Enovix ENVX 6.61 -3.8 JazzPharm JAZZ 106.61 -1.7 Nxu NXU 0.40 -6.2 SageTherap SAGE 10.92 -19.6
AccelerateDiag AXDX 0.73 -9.7 BectonDicknsn BDX 229.40 0.5 EnsysceBio ENSC 0.60 -2.5 JinkoSolar JKS 21.25 -3.6 OceanPwrTech OPTT 0.20 -0.4 SchneiderNatl SNDR 20.50 -4.5 Sources: Dow Jones Market Data; FactSet

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

Net
Sym Close Chg Stock
Net
Sym Close Chg Stock
Net
Sym Close Chg Stock
Net
Sym Close Chg Stock
Net
Sym Close Chg Stock
Net
Sym Close Chg Stock
Net
Sym Close Chg
Continued From Page B5 Net Net NetEase NTES 89.94 -0.48 Paccar PCAR 115.93 -1.61 RELX RELX 41.45 0.17 Seagate STX 84.20 0.52 TAL Education TAL 11.62 0.30 TransUnion TRU 69.63 -0.14
Net Stock Sym Close Chg Stock Sym Close Chg Netflix NFLX 613.69 -3.83 PackagingCpAm PKG 178.51 -1.07 RPM RPM 107.36 -0.53 Sempra SRE 67.94 1.53 TC Energy TRP 35.10 -0.09 Travelers TRV 206.58-16.54 W X Y Z
Stock Sym Close Chg Neurocrine NBIX 133.23 0.24 PalantirTech PLTR 21.31 -0.57 RTX RTX 100.75 -0.09 ServiceIntl SCI 68.51 -0.78 TD Synnex SNX 114.94 1.92 Trex TREX 87.77 -1.21
MAS 72.36 -0.20
LatticeSemi LSCC 70.22 -4.85 TRMB 58.49 -0.43 WEC Energy WEC 79.63 1.83
Masco RalphLauren RL 159.25 -1.64 ServiceNow NOW 736.45 -8.33 TE Connectivity TEL 141.48 -1.37
NewOrientalEduc EDU 84.55 -0.95 PaloAltoNtwks PANW 277.33 2.31 Trimble
Intra-Cellular ITCI 76.69 -3.15 Lear LEA 130.45 -1.54 Masimo MASI 136.62 -1.56 RangeResources RRC 34.72 -0.23 SharkNinja SN 63.19 0.60 Telus TU 15.76 0.08 TCOM 48.26 -0.41 WEX WEX 229.87 -3.65
Newmont NEM 38.56 0.45 ParamountA PARAA 20.81 0.03 Trip.com
t LegendBiotech LEGN 48.83 Mastercard MA 460.16 0.34
Intuit INTU 613.21 1.72 -1.29
NewsCorp B NWS 24.95 0.13 ParamountB PARA 10.81 0.38 RaymondJames RJF 121.94 0.07 Shell SHEL 71.14 0.08 Ternium TX 42.70 0.35 TruistFinl TFC 35.66 0.02 W.P.Carey WPC 53.51 0.19
IntuitiveSurgical ISRG 374.17 -4.38 Leidos LDOS 124.36 -0.28 MatadorRscs MTDR 65.65 -1.31 51.28 0.48 SherwinWilliams SHW 310.16 1.78 TFI Intl TFII 144.33-10.31 TWLO 58.74 -0.43 WPP WPP 47.77 0.55
NewsCorp A NWSA 24.15 0.05 ParkerHannifin PH 540.57 -3.57 RealtyIncome O Twilio
InvitatHomes INVH 33.07 0.03 Lennar B LEN.B 138.23 -0.58 MatchGroup MTCH 32.28 0.55 RegalRexnord RRX 159.53 -3.45 ShinhanFin SHG 29.33 -0.15 TIM TIMB 16.45 0.05 TylerTech TYL 402.84 3.62 Wabtec WAB 144.55 -0.91
NextEraEnergy NEE 63.79 2.09 Parsons PSN 78.56 -0.38
IronMountain IRM 75.15 0.44 Lennar A LEN 151.88 -0.70 McCormickVtg MKC.V 71.87 0.54 RegencyCtrs REG 57.29 0.31 ShockwaveMed SWAV 327.50 TJX 93.13 -0.25 t WalgreensBoots WBA 17.63 -0.01
Nike NKE 94.84 1.45 Paychex PAYX 119.14 -2.00 ... TJX TysonFoods TSN 58.58 0.43
ItauUnibanco ITUB 6.05 0.05 LennoxIntl LII 457.85 -3.14 McCormick MKC 72.27 0.47 RegenPharm REGN 901.19 7.05 Shopify TKO 96.32 -1.11 UBS Group UBS 28.11 0.12 Walmart WMT 59.65 -0.19
NiSource NI 27.15 0.59 PaycomSoftware PAYC 186.86 -3.29 SHOP 69.41 0.71 TKO
LeviStrauss LEVI 20.66 0.25 McDonald's MCD 269.95 4.52 RegionsFinl RF 18.86 0.05 SimonProperty SPG 140.94 0.59 T-MobileUS TMUS 160.09 0.30 UDR 35.34 0.07 WarnerBrosA WBD 8.23 0.09
Nokia NOK 3.33 ... Paylocity PCTY 156.88 -2.12 UDR
J K L LiAuto LI
LibertyLiveA LLYVA 36.32
28.73 0.32
-0.02
McKesson MCK 525.92 -2.43
Nomura NMR 5.86 -0.06 PayPal PYPL 63.26 -0.17 ReinsGrp RGA 180.15 -0.42 SimpsonMfg SSD 178.80 -5.92 TPG TPG 42.85 0.18 UFP Inds UFPI 111.64 -2.18 WarnerMusic WMG 33.30 -0.36
Medpace MEDP 382.44 -2.61 RS 322.12 -0.76 t SiriusXM UHAL/B 61.53 0.14 WasteConnections WCN 164.68 0.01
JD 25.15 0.09 Nordson NDSN 260.80 -1.86 Pearson PSO 12.31 0.03 Reliance SIRI 3.10 -0.05 T.RowePrice TROW 111.39 -0.72 U-Haul N
JD.com LibertyLiveC LLYVK 37.64 0.14 Medtronic MDT 79.08 -0.17 RenaissanceRe RNR 216.40 1.36 SiteOneLandscape SITE 160.69 -3.23 TaiwanSemi TSM 139.03 -0.77 WasteMgt WM 206.15 1.17
NorfolkSouthern NSC 239.34 -3.57 PembinaPipeline PBA 34.14 -0.06 U-Haul UHAL 62.88 0.43
JPMorganChase JPM 180.08 -0.72 LibertyFormOne C FWONK 67.28 -0.38 MercadoLibre MELI 1397.86 -0.02 RentokilInit RTO 28.25 0.56 SkechersUSA SKX 56.52 -0.87 TakeTwoSoftware TTWO 143.16 -2.29 s UL Solutions ULS 33.99 -0.84 Waters WAT 304.18 -9.54
Jabil JBL 129.65 -2.39 LibertyFormOne A FWONA 59.66 -0.38
NorthernTrust NTRS 81.23 1.67 PenskeAuto PAG 149.02 -1.47
Merck MRK 125.37 0.31 Repligen RGEN 160.98 -3.19 Skyworks SWKS 98.47 -0.54 t TakedaPharm TAK 13.15 -0.08 US Foods USFD 50.20 -1.32 Watsco WSO 403.94 -9.43
JackHenry JKHY 164.67 0.92 LibertySirius B LSXMB 25.78 0.43
NorthropGrum NOC 452.05 1.70 Pentair PNR 79.18 -0.87
MetaPlatforms META 494.17 -5.59 RepublicSvcs RSG 188.95 1.47 SmithAO TPR 40.49 -0.37 UWMC 6.10 -0.01 WeatherfordIntl WFRD 110.41 -3.30
JacobsSolns J 142.97 -2.01 LibertySirius A LSXMA 24.32 -0.24 NorwegCruise NCLH 18.02 0.55 Penumbra PEN 208.68 -1.37 AOS 86.46 1.06 Tapestry UWM
MetLife MET 68.92 -0.01 ResMed RMD 173.83-11.03 Smith&Nephew SNN 23.92 0.12 TargaResources TRGP 112.23 -1.84 Uber UBER 71.94 -2.19 WebsterFin WBS 45.40 0.06
JamesHardie JHX 34.73 -0.63 LibertySirius C LSXMK 24.20 -0.26 Novartis NVS 93.08 -0.12 PepsiCo PEP 169.48 1.98
Mettler-Toledo MTD 1198.03-30.27 RestaurantBrands QSR 70.73 -0.09 Smucker TGT 164.47 1.15 PATH 19.12 -0.29 WellsFargo WFC 57.18 0.77
JefferiesFinl JEF 41.19 0.15 Light&Wonder LNW 88.47 -1.25 NovoNordisk NVO 124.53 1.08 PerformanceFood PFGC 68.51 -1.47 SJM 109.80 -0.18 Target UiPath
MicrochipTech MCHP 85.07 -0.86 RVTY 100.55 0.27 Snap Welltower WELL 89.70 1.39
J&J JNJ 144.77 0.32 EliLilly LLY 750.77 4.03 NuHoldings NU 10.79 -0.05 PermianRscs PR 17.54 -0.07 Revvity SNAP 10.90 0.49 TechnipFMC FTI 25.34 0.06 UltaBeauty ULTA 424.55 0.38
MicronTech MU 116.33 -5.44 RexfordIndlRealty REXR 42.24 -2.42 Snap-On TeckResourcesB TECK 47.20 0.07 Unilever UL 46.69 0.22 WescoIntl WCC 152.52 -2.27
JohnsonControls JCI 63.69 -0.54 LincolnElectric LECO 236.61 -2.90 Nucor NUE 192.78 0.67 PetroleoBrasil PBR 15.69 0.04 SNA 283.50 1.05
Microsoft MSFT 411.84 -2.74 RioTinto RIO 66.78 1.09 Snowflake SNOW 148.80 -1.50 TeledyneTech TDY 400.27 -0.73 UnionPacific UNP 229.23 -2.03 WestPharmSvcs WST 377.36 -2.12
JonesLang JLL 173.39 -0.73 Linde LIN 446.79 1.01 Nutanix NTNX 60.71 -1.70 PetroleoBrasilA PBR.A 15.11 0.11
MicroStrategy MSTR 1188.05-65.98 Nutrien NTR 51.81 0.14 t Pfizer PFE 25.42 -0.27 Rivian RIVN 8.74 0.03 SOQUIMICH SQM 46.02 0.49 Teleflex TFX 208.30 -1.80 UnitedAirlines UAL 48.74 7.24 WesternDigital WDC 70.17 -0.89
JuniperNetworks JNPR 36.48 0.05 LithiaMotors LAD 260.94 0.62 MidAmApt MAA 124.80 1.01 WesternMidstrm WES 34.43 0.38
nVentElectric NVT 72.54 -0.61 PhilipMorris PM 90.58 1.08 RobertHalf RHI 69.31 -1.39 SoFiTech SOFI 7.16 -0.04 Ericsson ERIC 4.93 0.05 UnitedMicro UMC 7.59 -0.07
KB Financial KB 45.69 -0.47 LiveNationEnt LYV 91.82 -0.39 MIDD 141.27 -1.65 WLK 148.59 -1.58
Middleby NVIDIA NVDA 840.35-33.80 Phillips66 PSX 157.25 -0.63 Robinhood HOOD 17.08 -0.23 t Solventum SOLV 61.75 -0.20 TelefonicaBras VIV 9.32 0.02 UPS B UPS 142.25 -0.64 Westlake
KBR KBR 62.22 0.24 LloydsBanking LYG 2.49 0.04 MitsubishiUFJ MUFG 9.68 -0.10 Pilgrim'sPride PPC 35.28 -0.29 Roblox RBLX 36.37 -0.27 Sony SONY 81.58 -1.39 Telefonica TEF 4.17 0.04 UnitedRentals URI 636.22-19.75 WestRock WRK 47.23 0.02
KE Holdings BEKE 12.88 -0.02 LockheedMartin LMT 456.05 1.74
KKR KKR 94.63 -1.66 Loews L 73.14 -0.18
MizuhoFin MFG 3.80 -0.06 O P Q PinnacleWest PNW 71.97 0.76 RocketCos. RKT 11.38 -0.06 Southern SO 69.80 2.03 t TelekmIndonesia TLK 19.62 -0.45 US Bancorp USB 39.52 -1.48 Weyerhaeuser WY 31.52 -0.45
Mobileye MBLY 30.96 0.83 Pinterest PINS 32.77 0.07 Rockwell ROK 278.65 -2.74 SoCopper SCCO 114.17 0.34 TempurSealy TPX 49.29 -0.65 US Steel X 39.13 -1.17 WheatonPrecMtls WPM 52.67 1.41
KLA KLAC 658.98-34.33 LogitechIntl LOGI 79.00 -0.69 MRNA 103.44 -0.35 ONEOK OKE 77.68 0.60 PioneerNatRscs PXD 267.79 WMB 37.68 0.03
Moderna 0.53 RogersComm B RCI 37.89 0.19 SouthwestAir LUV 28.78 0.73 Tenaris TS 38.10 0.05 UnitedTherap UTHR 235.31 3.53 Williams
Kanzhun BZ 18.11 0.05 Lowe's LOW 228.86 0.51 ON 64.47 -0.25 PlainsAllAmPipe PAA 17.36
MolinaHealthcare MOH 359.85 2.46 ON Semi 0.10 RoivantSciences ROIV 10.44 -0.27 SouthwesternEner SWN 7.27 ... TencentMusic TME 11.27 0.02 UnitedHealth UNH 478.99 10.10 Williams-Sonoma WSM 282.17 -0.38
Kaspi.kz KSPI 114.06 1.86 lululemon LULU 344.86 5.88 MolsonCoorsB TAP 63.54 0.28 OReillyAuto ORLY 1094.80 5.29 PlainsGP WillisTowers WTW 259.27 2.08
PAGP 18.27 0.03 Roku ROKU 57.59 -0.23 Spotify SPOT 293.58 -4.50 TenetHealthcare THC 96.00 -2.27 UnitySoftware U 23.72 -0.22
Kellanova K 56.07 0.56 Lyft LYFT 17.31 -0.96 OccidentalPetrol OXY 65.98 -0.84 Pool
monday.com MNDY 184.76 -3.16 POOL 364.15 -5.83 Rollins ROL 43.01 -0.30 StanleyBlackDck SWK 89.33 -0.85 Teradyne TER 102.07 -2.86 UnivDisplay OLED 151.97 -2.06 WillScotMobile WSC 38.70 -0.87
Kenvue KVUE 19.27 0.16 LyondellBasell LYB 99.70 0.55 Mondelez MDLZ 66.51 0.53 Okta OKTA 93.80 -1.21 Primerica Wingstop WING 359.57-11.10
PRI 211.64 -2.32 RoperTech ROP 526.47 -0.51 Stantec STN 79.56 -0.48 Tesla TSLA 155.45 -1.66 UniversalHealthB UHS 160.03 -1.38
KeurigDrPepper KDP 30.88 0.44 MongoDB MDB 342.75 -7.05 OldDomFreight ODFL 210.81 -9.67 RossStores ROST 132.79 -1.04 Starbucks SBUX 86.21 0.79 TetraTech TTEK 186.49 -3.82 UnumGroup UNM 50.16 -0.23 Wipro WIT 5.25 -0.01
KeyCorp KEY 14.43 0.21 M N MonolithicPower MPWR 637.72-17.81
PrincipalFinl PFG 78.48
OldRepublic ORI 28.64 -0.33 ProcoreTech PCOR
0.23
RoyalBkCanada RY 96.78 0.38 StateStreet STT 72.81 -0.21 TevaPharm TEVA 13.18 0.09 VICI Prop VICI 27.20 0.05 t WoodsideEnergy WDS 18.86 -0.14
71.75 -1.24
KeysightTech KEYS 149.93 -1.67 s Macom Tech MTSI 96.39 -3.46 MonsterBev MNST 54.25 -0.44 OmegaHealthcare OHI 29.96 -0.15 Procter&Gamble PG RoyalCaribbean RCL 127.97 1.37 SteelDynamics STLD 138.93 -0.84 TexasInstruments TXN 165.70 -1.89 VailResorts MTN 219.51 -4.04 Woodward WWD 147.27 -1.62
156.96 1.01
KimberlyClark KMB 125.96 0.68 M&T Bank MTB 139.04 1.65 Moody's MCO 375.41 4.68 Omnicom OMC 92.45 1.49 Progressive PGR RoyalGold RGLD 123.00 1.95 Stellantis VALE 11.85 0.18 WooriFinl WF 28.84 ...
209.12 0.77 STLA 25.79 -0.01 TexasPacLand TPL 584.96 -1.97 Vale
KimcoRealty KIM 17.60 -0.01 MGM Resorts MGM 42.03 -0.67 MorganStanley MS 90.08 0.94 OnHolding ONON 33.37 0.81 Prologis RoyaltyPharma RPRX 27.61 0.15 Steris ValeroEnergy VLO 167.28 -1.71 Workday WDAY 257.02 -0.67
PLD 106.49 -8.25 STE 200.24 1.23 TexasRoadhouse TXRH 149.39 -1.43
KinderMorgan KMI 17.76 0.07 MKS Instrum MKSI 114.80 -5.68 Morningstar MORN 294.85 -2.16 OntoInnovation ONTO 181.94 -7.78 PrudentialFinl PRU RyanSpecialty RYAN 50.33 0.60 Stevanato STVN 28.86 -0.11 Textron TXT 92.21 -1.03 VeevaSystems VEEV 199.20 -1.17 WynnResorts WYNN 97.48 -1.87
107.35 -0.24
KinrossGold KGC 6.42 0.11 MPLX MPLX 39.99 0.33 Mosaic MOS 30.29 -0.13 OpenText OTEX 34.60 0.13 Prudential PUK Ryanair RYAAY 136.35 0.54 StifelFinancial SF 74.41 0.06 ThermoFisher TMO 547.25 -7.30 Ventas VTR 42.23 0.55 XP XP 21.56 -0.14
17.64 0.38
KinsaleCapital KNSL 451.41 -0.87 MSA Safety MSA 185.91 -1.09 MotorolaSol MSI 340.51 0.40 Oracle ORCL 118.67 -1.95 PublicServiceEnt PEG SAP 179.94 -0.62 STMicroelec STM 40.33 s Veralto VLTO 90.55 -0.34 XPO XPO 119.01 -3.32
65.03 0.75 SAP ... ThomsonReuters TRI 152.85 0.56
Knight-Swift KNX 48.53 -2.25 MSCI MSCI 511.83 -1.60 MurphyOil MUR 45.28 -0.67 Orange ORAN 11.18 0.14 PublicStorage PSA 261.81 S&P Global SPGI 412.11 3.55 Stryker MMM 90.96 -0.09 t VeriSign VRSN 181.57 -1.06 XcelEnergy XEL 53.19 0.66
-0.41 SYK 336.03 -1.63 3M
Philips PHG 20.15 -0.18 MagnaIntl MGA 47.84 -0.93 MurphyUSA MUSA 421.11 3.50 Orix IX 101.95 -0.88 PulteGroup PHM 106.15 SBA Comm SBAC 196.22 1.16 SumitomoMits SMFG 11.10 -0.07 Toast TOST 22.75 0.31 VeriskAnalytics VRSK 222.25 0.15 Xylem XYL 126.22 -1.78
-0.71
KoreaElecPwr KEP 7.18 -0.16 ManhattanAssoc MANH 228.43 -2.73 NICE NICE 230.54 -0.92 Oshkosh OSK 118.61 -1.45 PureStorage PSTG 52.32 SEI Investments SEIC 66.08 -0.33 SunComms SUI 118.30 -0.17 TollBros TOL 113.42 -0.92 Verizon VZ 39.78 0.01 YPF YPF 19.47 -0.78
-0.99
KraftHeinz KHC 36.90 0.31 ManulifeFinl MFC 22.82 0.04 NNN REIT NNN 39.67 0.30 OtisWorldwide OTIS 94.96 -1.02 Qiagen SK Telecom SKM 19.94 -0.03 SunLifeFinancial SLF 50.21 -0.10 TopBuild BLD 388.74-11.26 VertexPharm VRTX 393.10 -1.07 Yum!Brands YUM 137.83 -0.17
QGEN 39.23 -0.09
Kroger KR 55.26 -0.02 Maplebear CART 36.35 -0.60 NOV NOV 18.47 -0.39 Ovintiv OVV 51.75 -0.54 Qorvo SS&C Tech SSNC 60.24 -0.04 SuncorEnergy SU 37.89 0.31 Toro TTC 84.28 -1.51 Vertiv VRT 81.88 -0.48 YumChina YUMC 36.88 -0.07
QRVO 109.95 -1.20
LKQ LKQ 47.91 -0.53 MarathonOil MRO 27.68 -0.67 NRG Energy NRG 73.42 -1.10 OwensCorning OC 162.90 -0.64 Qualcomm QCOM 164.32 Saia SAIA 541.29-14.98 SuperMicroComp SMCI 960.08-16.22 TorontoDomBk TD 56.82 0.69 Viatris VTRS 11.10 -0.02 ZTO Express ZTO 19.31 -0.05
-4.26
LPL Financial LPLA 259.11 -1.00 MarathonPetrol MPC 202.46 -1.40 NVR 7669.94 12.94 PDD 113.43 -0.09 QuantaServices PWR 245.96 Salesforce CRM 276.32 -1.09 Suzano VikingTherap VKTX 66.47 -1.48 ZebraTech ZBRA 276.14 -4.28
NVR PDD -2.73 SUZ 11.58 -0.02 TotalEnergies TTE 71.75 ...
L3HarrisTech LHX 201.40 1.06 Markel MKL 1428.51 4.85 NXP Semicon NXPI 226.92 -3.76 PG&E PCG 16.44 0.41 QuestDiag DGX 126.98 Samsara IOT 30.97 0.03 SynchronyFinl SYF 39.68 -0.24 ToyotaMotor TM 233.97 -2.55 t VinFastAuto VFS 2.72 -0.35 Zillow C Z 42.54 -0.79
-0.44
LabCorp.ofAmerica LH 199.97 -1.96 MarketAxess MKTX 201.93 -0.84 Nasdaq NDAQ 60.01 -0.02 PNC Finl PNC 147.25 0.71 Sanofi SNY 46.11 0.31 Synopsys SNPS 527.58-13.51 TractorSupply TSCO 247.39 2.55 Vipshop VIPS 15.33 -0.39 Zillow A ZG 41.88 -0.82
LamResearch LRCX 912.26-50.97 Marriott NTRA 90.33 0.01 PKX 67.90 -0.59 R S SareptaTherap SRPT 117.89 0.60 Sysco 272.69 1.34 ZimmerBiomet ZBH 121.30 -0.77
MAR 238.46 -7.16 Natera POSCO SYY 75.44 -0.39 TradeDesk TTD 80.13 -2.00 Visa V
LamarAdv LAMR 110.64 -0.64 Marsh&McLen MMC 197.62 1.33 NationalGrid NGG 64.59 1.07 PPG Ind PPG 134.96 1.45 Schlumberger SLB 50.81 -0.60 Tradeweb TW 100.31 -0.34 Vistra VST 68.65 1.05 Zoetis ZTS 151.94 -1.08
LambWeston LW 80.36 -1.70 MartinMarietta MLM 592.92 -2.32 NatWest NWG 6.89 0.10 PPL PPL 26.42 0.41 RBC Bearings RBC 246.54 -3.62 s SchwabC SCHW 72.50 -0.57 T U V TraneTech TT 293.09 -2.54 Vodafone VOD 8.28 0.09 ZoomVideo ZM 59.08 -0.20
LasVegasSands LVS 50.23 -0.28 MarvellTech MRVL 66.48 -1.80 NetApp NTAP 100.91 -1.63 PTC PTC 177.48 -1.14 RB Global RBA 73.21 -0.12 Sea SE 55.63 -0.75 TransDigm TDG 1225.70 2.55 VulcanMatls VMC 258.26 -0.28 Zscaler ZS 172.96 -1.36

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THE WALL STREET JOURNAL. Thursday, April 18, 2024 | B7

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B8 | Thursday, April 18, 2024 * ** THE WALL STREET JOURNAL.

MARKETS DIGEST
EQUITIES

Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index
Last Year ago Last Year ago Last Year ago
37753.31 t 45.66, or 0.12% Trailing P/E ratio 26.45 22.71 5022.21 t 29.20, or 0.58% Trailing P/E ratio * 24.36 18.56 15683.37 t 181.88, or 1.15% Trailing P/E ratio *† 30.78 26.72
High, low, open and close for each P/E estimate * 18.53 18.25 High, low, open and close for each P/E estimate * 21.25 18.88 High, low, open and close for each P/E estimate *† 27.15 26.01
trading day of the past three months. Dividend yield 2.22 2.07 trading day of the past three months. Dividend yield * 1.40 1.67 trading day of the past three months. Dividend yield *† 0.83 0.84
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

40000 5500 16400

39000 5300 16000

38000 5100 15600

Session high 37000 4900 15200

DOWN UP
t

Session open Close

65-day moving average 65-day moving average 14800
36000 4700
Close Open
t

65-day moving average Session low 35000 4500 14400

Bars measure the point change from session's open

34000 4300 14000
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* 869,338,767 14,648,797
Industrial Average 38036.70 37611.56 37753.31 -45.66 -0.12 39807.37 32417.59 11.4 0.2 3.3 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 423,903,160 3,814,207
Transportation Avg 15259.28 14921.95 14986.55 -259.68 -1.70 16695.32 13444.01 3.8 -5.7 0.1 Most-active issues in late trading Decl. volume* 424,850,188 10,276,187
Utility Average 854.68 839.71 853.35 17.82 2.13 975.39 783.08 -11.7 -3.2 -2.6 Volume After Hours Issues traded 2,880 308
Company Symbol (000) Last Net chg % chg High Low
Total Stock Market 50447.91 49735.04 49868.14 -311.04 -0.62 52402.86 40414.80 20.2 4.4 4.5 Advances 1,356 119
Rexford Indl Realty REXR 6,108.3 42.79 0.55 1.30 42.79 42.24
Barron's 400 1108.05 1093.23 1094.07 -7.60 -0.69 1166.53 881.58 17.2 2.0 2.9 Declines 1,433 175
Bank of America BAC 5,314.1 35.19 -0.04 -0.11 37.41 35.15
Unchanged 91 14
Nasdaq Stock Market SPDR S&P 500 ETF Trust SPY 5,086.4 500.74 0.19 0.04 506.09 500.03 New highs 12 1
Nasdaq Composite 15957.03 15654.51 15683.37 -181.88 -1.15 16442.20 11799.16 29.0 4.5 3.7 Ford Motor F 4,678.3 12.05 0.01 0.08 12.07 12.02 New lows 62 12
Nasdaq-100 17788.54 17459.57 17493.62 -220.04 -1.24 18339.44 12725.11 33.7 4.0 7.6 iShares China LC ETF FXI 4,062.5 23.63 -0.02 -0.08 23.69 23.61 Closing Arms† 0.90 1.68
iSh 20+ Year Treasury Bd TLT 3,899.6 89.23 -0.05 -0.06 89.34 88.96 Block trades* 3,760 186
S&P
Grab Holdings GRAB 3,210.2 3.24 0.03 0.93 3.24 3.21
500 Index 5077.96 5007.25 5022.21 -29.20 -0.58 5254.35 4055.99 20.9 5.3 6.3 Nasdaq NYSE Arca
Apple AAPL 3,155.1 168.33 0.33 0.20 179.72 163.66
MidCap 400 2871.44 2831.07 2831.24 -23.63 -0.83 3046.36 2326.82 12.8 1.8 1.3 Total volume*4,991,473,833 356,517,922
SmallCap 600 1261.72 1241.51 1241.62 -9.82 -0.79 1344.66 1068.80 6.3 -5.8 -2.7 Percentage gainers… Adv. volume*2,340,534,680 179,399,428
Alexandria Real Estate ARE 68.5 122.27 5.82 5.00 122.27 116.31 Decl. volume*2,560,292,713 175,778,021
Other Indexes
Franklin FTSE Japan ETF FLJP 600.0 30.48 1.23 4.21 30.48 29.23 Issues traded 4,366 1,928
Russell 2000 1982.84 1947.75 1947.95 -19.53 -0.99 2124.55 1636.94 8.3 -3.9 -4.9
Advances 1,652 805
NYSE Composite 17523.52 17336.80 17403.44 -10.54 -0.06 18312.67 14675.78 11.2 3.3 2.4 Avantis US SmallCap Val AVUV 203.4 90.23 3.30 3.80 90.23 86.80
Declines 2,558 1,099
Value Line 579.32 571.86 572.26 -3.22 -0.56 615.81 498.09 2.6 -3.6 -4.7 Ironwood Pharm Cl A IRWD 114.7 7.90 0.25 3.27 7.90 7.52
Unchanged 156 24
NYSE Arca Biotech 4991.57 4938.66 4938.66 -41.18 -0.83 5511.46 4544.40 -8.7 -8.9 -3.8
Alcoa AA 878.4 36.71 1.16 3.26 37.25 35.00
New highs 31 4
NYSE Arca Pharma 978.29 966.09 970.25 2.93 0.30 1029.37 837.32 10.9 6.6 11.1 ...And losers New lows 245 36
KBW Bank 98.26 96.88 97.48 0.70 0.72 104.85 71.71 13.7 1.5 -7.5 Lithium Americas LAC 200.8 5.35 -1.28 -19.31 6.72 5.20 Closing Arms† 0.71 0.67
PHLX§ Gold/Silver 136.45 133.12 134.73 1.79 1.34 141.11 102.94 -1.0 7.2 -3.3 Equifax EFX 133.3 216.76 -20.92 -8.80 237.68 214.76 Block trades* 37,491 1,242
PHLX§ Oil Service 89.37 86.99 87.02 -1.40 -1.58 98.76 69.29 6.1 3.8 18.8 Rush Street Interactive RSI 53.8 6.05 -0.28 -4.42 6.35 6.05 * Primary market NYSE, NYSE American NYSE Arca only.
PHLX§ Semiconductor 4733.41 4561.56 4567.31 -153.22 -3.25 5165.83 2906.29 49.9 9.4 12.0 Biohaven BHVN 109.3 42.30 -1.73 -3.93 44.03 41.22 †(TRIN) A comparison of the number of advancing and declining
issues with the volume of shares rising and falling. An
Cboe Volatility 19.11 17.54 18.21 -0.19 -1.03 21.71 12.07 10.6 46.3 3.9 uniQure QURE 312.5 4.52 -0.15 -3.21 4.67 4.52 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 749.14 –3.09 –0.41 3.0 WiSA Technologies WISA 9.25 3.15 51.64 402.00 1.66 -95.6 ICZOOM Group Cl A IZM 5.99 -45.03 -88.26 52.21 2.05 121.9
MSCI ACWI ex-USA 315.55 –0.23 –0.07 –0.3 Edible Garden EDBL 6.66 2.11 46.37 89.60 4.32 -84.1 iLearningEngines AILE 10.00 -8.00 -44.44 20.00 8.29 -2.7
MSCI World 3281.11 –16.03 –0.49 3.5 Ryde Group Cl A RYDE 3.75 1.02 37.36 8.12 2.02 ... Sunshine Biopharma SBFM 3.80 -3.00 -44.12 140.00 3.20 -94.6
MSCI Emerging Markets 1012.46 2.62 0.26 –1.1 Vanda Pharmaceuticals VNDA 5.24 1.19 29.38 7.00 3.30 -16.6 Longeveron LGVN 2.09 -1.44 -40.79 44.00 1.62 -92.7
Americas MSCI AC Americas 1896.65 –10.56 –0.55 4.6 Regencell Bioscience RGC 4.74 1.03 27.70 31.30 3.16 -82.8 Destiny Tech100 DXYZ 29.53 -13.97 -32.11 105.00 8.25 ...
Canada S&P/TSX Comp 21656.05 13.18 0.06 3.3 Bon Natural Life BON 4.24 0.68 19.17 13.30 3.47 -64.0 Armata Pharmaceuticals ARMP 2.50 -0.70 -21.88 5.26 1.07 54.4
Latin Amer. MSCI EM Latin America 2387.26 12.43 0.52 –10.3 Cutera CUTR 2.38 0.37 18.41 24.46 1.28 -90.1 IMAC Holdings BACK 3.55 -0.99 -21.81 6.29 1.22 -18.1
Brazil Bovespa 124171.15 –217.47 –0.17 –7.5 Siyata Mobile SYTA 2.90 0.44 17.89 104.93 2.12 -97.0 Solarmax Technology SMXT 9.61 -2.53 -20.84 15.88 3.50 ...
Chile S&P IPSA 3564.99 13.79 0.39 2.8 United Airlines UAL 48.74 7.24 17.45 58.23 33.68 5.3 1847 Holdings EFSH 1.85 -0.48 -20.60 169.00 1.05 -96.9
Mexico S&P/BMV IPC 55415.69 –381.56 –0.68 –3.4 Children's Place PLCE 8.28 1.17 16.46 38.03 6.98 -74.7 Cheetah Mobile ADR CMCM 3.09 -0.80 -20.57 5.20 1.64 36.1
EMEA STOXX Europe 600 498.52 0.31 0.06 4.1 Massimo Group MAMO 4.36 0.59 15.65 4.66 2.90 ... Aileron Therapeutics ALRN 4.25 -1.10 -20.56 7.12 1.01 169.0
Eurozone Euro STOXX 504.04 –0.43 –0.08 6.3 Trump Media & Tech DJT 26.40 3.56 15.59 79.38 12.40 102.5 Kaival Brands Innovations KAVL 3.40 -0.86 -20.19 20.27 1.11 -74.3
Belgium Bel-20 3794.57 –2.35 –0.06 2.3 Kidpik PIK 4.22 0.56 15.30 10.70 1.55 24.1 Sage Therapeutics SAGE 12.57 -3.06 -19.58 59.99 10.92 -73.5
Denmark OMX Copenhagen 20 2615.93 2.52 0.10 14.6 Inovio Pharmaceuticals INO 11.07 1.44 14.89 14.75 3.89 4.7 Indonesia Energy INDO 3.79 -0.90 -19.19 6.65 2.03 -21.9
0.62 5.8 Dogness International DOGZ 7.68 0.96 14.29 23.60 2.79 -51.0 Alpha Teknova TKNO 2.11 -0.49 -18.85 4.27 1.62 -0.5
France CAC 40 7981.51 48.90
Germany DAX 17770.02 3.79 0.02 6.1
Israel Tel Aviv 1888.01 –19.66 –1.03 1.2
Most Active Stocks Volume Movers Ranked by change from 65-day average*
Italy FTSE MIB 33632.71 238.86 0.72 10.8 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 865.35 –9.32 –1.07 10.0
Norway Oslo Bors All-Share 1571.07 3.33 0.21 3.4 SiNtx Technologies SINT 472,312 5164.1 0.04 62.88 2.15 0.02 Distoken Acquisition DIST 1,317 13067 10.68 -0.84 12.35 10.22
South Africa FTSE/JSE All-Share 72995.18 –4.42 –0.01 –5.1 INVO BioScience INVO 225,894 266281.7 1.82 139.47 10.50 0.50 ICZOOM Group Cl A IZM 14,289 2831 5.99 -88.26 52.21 2.05
1.02 ProSh UltraPro Shrt QQQ SQQQ 167,519 22.3 11.86 3.67 32.73 10.05 Xtrackers MSCI EM DBEM 419 2678 23.08 -0.40 24.31 21.10
Spain IBEX 35 10633.90 107.00 5.3
0.33 Jaguar Health JAGX 132,018 139.7 0.16 -7.52 1.22 0.05 WiSA Technologies WISA 67,354 1951 9.25 51.64 402.00 1.66
Sweden OMX Stockholm 940.62 3.07 4.2
ProShares UltraPro QQQ TQQQ 84,828 17.2 53.71 -3.71 64.13 25.17 Sunshine Biopharma SBFM 4,540 1876 3.80 -44.12 140.00 3.20
Switzerland Swiss Market 11231.83 35.16 0.31 0.8
Turkey BIST 100 9530.47 –17.62 –0.18 27.6 Direxion Dly SCOND 3 BL SOXL 84,367 18.8 37.06 -8.58 56.99 12.52 Rigel Resource Acqn Cl A RRAC 821 1785 11.25 -0.09 11.39 10.47
U.K. FTSE 100 7847.99 27.63 0.35 1.5 Tesla TSLA 81,949 -20.0 155.45 -1.06 299.29 152.37 Global Lights Acquisition GLAC 334 1603 10.24 -0.29 10.33 10.04
U.K. FTSE 250 19340.14 –4.40 –0.02 –1.8 Advanced Micro Devices AMD 75,531 -1.0 154.02 -5.78 227.30 81.02 BNY Mellon HY Beta BKHY 384 1474 46.43 -0.04 48.51 44.04
SPDR S&P 500 ETF Trust SPY 75,493 2.7 500.55 -0.59 524.61 403.74 Distillate Small/Mid Cash DSMC 189 1426 34.51 -0.86 37.03 26.72
Asia-Pacific MSCI AC Asia Pacific 169.34 –0.50 –0.29 –0.03
WiSA Technologies WISA 67,354 1950.5 9.25 51.64 402.00 1.66 Rani Therapeutics RANI 1,399 1371 7.85 14.26 8.75 1.82
Australia S&P/ASX 200 7605.60 –6.89 –0.09 0.2
* Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least
China Shanghai Composite 3071.38 64.31 2.14 3.2 5,000 shares =Has traded fewer than 65 days
Hong Kong Hang Seng 16251.84 2.87 0.02 –4.7
Closed 1.0
Scan this code
India S&P BSE Sensex 72943.68 …
Japan NIKKEI 225 37961.80 –509.40 –1.32 13.4 Get real-time U.S. stock quotes and CURRENCIES & COMMODITIES
Singapore Straits Times 3154.69 9.93 0.32 –2.6 track most-active stocks,
South Korea KOSPI 2584.18 –25.45 –0.98 –2.7 new highs/lows, mutual funds and Currencies
Taiwan TAIEX 20213.33 311.37 1.56 12.7 ETFs. U.S.-dollar foreign-exchange rates in late New York trading
Thailand SET 1366.94 –29.44 –2.11 –3.5
All are available free at WSJMarkets.com US$vs, US$vs,
Sources: FactSet; Dow Jones Market Data Wed YTDchg Wed YTDchg
Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%)
Americas Vietnam dong .00003936 25405 4.7
CREDIT MARKETS Argentina peso .0012869.2053 7.5 Europe
Brazil real .1907 5.2426 8.0 Czech Rep. koruna .04225 23.669 5.8
Canada dollar .7260 1.3775 4.0 Denmark krone .1430 6.9909 3.2
Consumer Rates and Returns to Investor Benchmark
Treasury yield Yields
curve Forex Race Chile peso .001021 979.86 12.0 Euro area euro 1.0674 .9369 3.4
U.S. consumer rates Selected rates andtoRates
Yield maturity of current bills, Yen, euro vs. dollar; dollar vs. Colombiapeso .000257 3894.00 0.5 Hungary forint .002715 368.26 6.1
notes and bonds major U.S. trading partners Ecuador US dollar 1 1 unch Iceland krona .007101 140.83 3.6
A consumer rate against its New car loan Mexico peso .0589 16.9659 –0.03 Norway krone .0909 10.9996 8.1
benchmark over the past year 6.00% Uruguay peso .02572 38.8728 –0.5 Poland zloty .2461 4.0642 3.2
Bankrate.com avg†: 7.83% Tradeweb ICE 16% Asia-Pacific Sweden krona .0914 10.9420 8.3
First Command Bank 5.74% Wednesday Close 5.00 Switzerland franc 1.0981 .9107 8.2
t Australiadollar .6433 1.5545 5.9
Prime rate 9.00% Fort Worth, TX 888-763-7600 8 WSJ Dollar Index Turkey lira .0308 32.4432 10.1
t China yuan .1381 7.2390 1.8
t 4.00 s Ukraine hryvnia .0252 39.6500 3.9
Firstrust Bank 5.99% Hong Kong dollar .1277 7.8313 0.3
8.00 One year ago UK pound 1.2454 .8030 2.2
0 India rupee .01197 83.567 0.5
Philadelphia, PA 800-220-2265 3.00 Middle East/Africa
t s Indonesia rupiah .0000617 16208 5.3
7.00 PNC Bank 6.94% 2.00 –8 s Euro Japan yen .006477 154.39 9.5 Bahrain dinar 2.6532 .3769 –0.01
New car loan Washington, DC 888-PNC-BANK Yen Kazakhstan tenge .002229 448.56 –1.5 Egypt pound .0206 48.5006 56.8
6.00 Eastern Bank 6.99% 1.00 –16 Macau pataca .1238 8.0775 0.3 Israel shekel .2637 3.7917 5.2
Malaysia ringgit .2087 4.7915 4.3 Kuwait dinar 3.2452 .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 .5916 1.6903 6.8 Oman sul rial 2.5975 .3850 unch
Wilmington Savings Fund Society 6.99% month(s) years
M J J A S O ND J FMA Pakistan rupee .00359 278.240 –1.0 Qatar rial .2742 3.647 0.1
Wilmington, DE 888-973-7226 maturity Philippines peso .0175 57.273 3.4 Saudi Arabia riyal .2666 3.7513 0.03
2023 2024
Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Singapore dollar .7351 1.3604 3.1 South Africa rand .0526 19.0168 3.9
Yield/Rate (%) 52-Week Range (%) 3-yr chg South Korea won .0007246 1380.11 6.6
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts)
Corporate Borrowing Rates and Yields Sri Lanka rupee .0033139 301.76 –6.8 Close Net Chg % Chg YTD%Chg
WSJ Dollar Index 100.33 –0.33–0.33
Federal-funds rate target 5.25-5.50 5.25-5.50 4.75 l 5.50 5.25 Taiwan dollar .03086 32.401 5.6 4.70
Yield (%) 52-Week Total Return (%) Thailand baht .02723 36.720 6.8 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 5.31 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 2110.740 4.780 4.780 5.120 3.610 –1.395 –3.638 Commodities
Wednesday 52-Week YTD
Five-year CD, annual yield 2.84 2.83 2.76 l 2.87 2.37 U.S. Treasury Long, Bloomberg 2977.000 4.790 4.720 5.280 3.720 –9.349–10.447 Pricing trends on someClose
raw materials, or commodities
Net chg % Chg High Low % Chg % chg
30-year mortgage, fixed† 7.59 7.42 6.85 l 8.28 4.50 Aggregate, Bloomberg 1998.480 5.220 5.190 5.740 4.240 –0.049 –3.439
15-year mortgage, fixed† 6.90 6.78 6.16 l 7.42 4.52
DJ Commodity 1019.86 -6.99 -0.68 1030.92 930.59 -0.12 6.48
Fixed-Rate MBS, Bloomberg 1963.730 5.440 5.410 6.050 4.350 –0.490 –3.805
Jumbo mortgages, $766,550-plus† 7.67 7.50 6.89 l 8.33 4.59 Refinitiv/CC CRB Index 294.44 -2.39 -0.81 298.18 253.85 7.06 11.61
High Yield 100, ICE BofA 3523.614 7.836 7.562 9.101 7.030 8.308 1.528
Five-year adj mortgage (ARM)† 6.65 6.52 5.69 l 7.16 3.51 Crude oil, $ per barrel 82.69 -2.67 -3.13 93.68 67.12 4.46 15.41
Muni Master, ICE BofA 579.778 3.552 3.551 4.311 3.038 2.097 –1.020
New-car loan, 48-month 7.83 7.83 6.93 l 7.88 3.79 Natural gas, $/MMBtu 1.712 -0.020 -1.15 3.575 1.575 -22.95 -31.90
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 841.896 7.600 7.359 8.842 7.205 7.699 –2.528
banks.† Excludes closing costs. Gold, $ per troy oz. 2371.70 -19.10 -0.80 2390.80 1816.60 18.87 15.00
Sources: FactSet; Dow Jones Market Data; Bankrate.com Sources: J.P. Morgan; Bloomberg Fixed Income Indices; ICE Data Services
THE WALL STREET JOURNAL. * * * Thursday, April 18, 2024 | B9

COMMODITIES | wsj.com/market-data/commodities

Futures Contracts Open

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

Metal & Petroleum Futures Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. Aug 251.975 252.825 251.175 252.125 –.225 20,435 Three-Month SOFR (CME)-$1,000,000; 100 - daily avg.
May 1.680 1.724 1.660 1.712 –.020 137,612 Cattle-Live (CME)-40,000 lbs.; cents per lb. Feb 94.6550 94.6550 94.6525 94.6550 .0025 4,947
Contract Open June 1.940 1.976 1.914 1.962 –.026 230,005 April 181.175 181.625 180.075 180.900 –.600 8,184 Dec 95.0600 95.1200 95.0400 95.1050 .0150 1,202,152
Open High hi lo Low Settle Chg interest July 2.273 2.310 2.258 2.294 –.029 251,315 June 175.650 176.100 174.375 175.325 –.400 115,518
Copper-High (CMX)-25,000 lbs.; $ per lb. Sept 2.389 2.420 2.376 2.402 –.032 146,333 Hogs-Lean (CME)-40,000 lbs.; cents per lb. Currency Futures
April 4.3715 4.3715 4.3490 4.3425 0.0370 802 Oct 2.504 2.530 2.479 2.509 –.026 103,966 May 94.750 95.125 94.000 94.925 .200 6,171
July 4.3225 4.4045 4.3135 4.3635 0.0320 118,149 Jan'25 3.732 3.754 3.709 3.742 –.020 83,642 Japanese Yen (CME)-¥12,500,000; $ per 100¥
Gold (CMX)-100 troy oz.; $ per troy oz. June 102.800 103.550 102.275 102.725 –.100 102,003
May .6490 .6512 .6489 .6505 .0012 3,470
April 2384.20 2391.40 2369.30 2371.70 –19.10 398 Lumber (CME)-27,500 bd. ft., $ per 1,000 bd. ft.
Agriculture Futures May 533.00 533.00t 520.50 520.50 –6.50 5,642
June .6526 .6548 .6524 .6540 .0012 325,381
May 2387.90 2399.50 2359.70 2376.20 –19.30 1,819 Canadian Dollar (CME)-CAD 100,000; $ per CAD
June 2398.00 2412.00 2370.70 2388.40 –19.40 417,395 Corn (CBT)-5,000 bu.; cents per bu. July 552.50 553.00t 545.00 545.50 –7.00 2,544 May .7238 .7270 .7230 .7264 .0020 577
Aug 2420.40 2434.20 2393.70 2410.50 –19.50 56,914 May 431.00 433.00 429.50 430.25 –.75 304,759 Milk (CME)-200,000 lbs., cents per lb. June .7239 .7275 .7234 .7268 .0020 229,537
Oct 2442.00 2456.20 2417.20 2432.80 –19.50 11,856 July 442.75 444.25 440.75 441.00 –1.75 561,942 April 15.47 15.54 15.46 15.47 … 4,958 British Pound (CME)-£62,500; $ per £
Dec 2467.70 2479.00 2439.60 2455.30 –19.60 21,537 Oats (CBT)-5,000 bu.; cents per bu. May 17.25 17.30 16.80 17.22 –.09 6,143 May 1.2430 1.2483 1.2420 1.2453 .0013 882
Palladium (NYM) - 50 troy oz.; $ per troy oz. May 348.50 352.25 339.25 349.25 3.25 1,806 Cocoa (ICE-US)-10 metric tons; $ per ton. June 1.2430 1.2486 1.2421 1.2456 .0013 223,924
April 995.00 999.00 990.00 1029.00 –0.40 3 July 336.75 341.50 329.50 340.00 3.25 2,031 May 10,173 10,630 10,100 10,340 97 11,616
Soybeans (CBT)-5,000 bu.; cents per bu. Swiss Franc (CME)-CHF 125,000; $ per CHF
June 1024.50 1055.00 1014.50 1030.80 –0.40 20,012 July 9,750 10,297 9,713 10,066 247 55,671
May 1145.00 1155.25 1141.75 1149.50 4.50 214,649 June 1.1030 1.1073 1.1027 1.1060 .0020 92,839
Platinum (NYM)-50 troy oz.; $ per troy oz. Coffee (ICE-US)-37,500 lbs.; cents per lb.
July 1160.50 1169.50 1156.75 1164.25 4.25 343,893 Sept 1.1151 1.1187 1.1144 1.1176 .0020 401
April 966.00 966.00 958.70 942.70 –21.30 6 May 237.40 249.30 s 236.40 247.95 11.20 12,688
July 971.50 974.00 952.00 954.20 –21.00 71,632 Soybean Meal (CBT)-100 tons; $ per ton. Australian Dollar (CME)-AUD 100,000; $ per AUD
335.70 340.70 335.30 338.70 3.40 104,646 July 228.00 241.70 s 227.75 240.35 11.95 122,721 May .6413 .6451 .6405 .6441 .0023 645
Silver (CMX)-5,000 troy oz.; $ per troy oz. May
July 337.00 341.40 336.40 339.80 3.00 208,347
Sugar-World (ICE-US)-112,000 lbs.; cents per lb. June .6414 .6458 .6412 .6448 .0023 232,702
April 28.510 28.510 28.310 28.346 0.028 91
Soybean Oil (CBT)-60,000 lbs.; cents per lb. May 19.57 19.63 t 19.17 19.32 –.31 109,648 Mexican Peso (CME)-MXN 500,000; $ per MXN
May 28.195 28.895 28.145 28.400 0.024 78,889
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. May 44.94 45.31 44.56 45.00 .09 117,558 July 19.47 19.53 t 19.08 19.27 –.26 296,269 May .05871 .05903 .05831 .05872 .00019 12
May 85.36 85.51 82.55 82.69 –2.67 116,585 July 45.51 45.84 45.12 45.56 .08 228,520 Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. June .05798 .05871 .05794 .05839 .00019 286,308
June 84.82 84.97 82.01 82.15 –2.68 367,895 Rough Rice (CBT)-2,000 cwt.; $ per cwt. July 38.95 –.75 1,710 Euro (CME)-€125,000; $ per €
July 84.23 84.37 81.50 81.61 –2.61 196,773 May 18.39 18.95 18.37 18.83 .47 2,982 Sept 38.95 –.25 2,051 May 1.0629 1.0690 1.0618 1.0681 .0039 3,080
Sept 82.77 82.87 80.22 80.31 –2.42 120,947 July 18.22 18.83 18.22 18.81 .59 2,691 Cotton (ICE-US)-50,000 lbs.; cents per lb. June 1.0645 1.0706 1.0633 1.0697 .0039 649,425
Dec 80.48 80.60 78.21 78.31 –2.09 186,422 Wheat (CBT)-5,000 bu.; cents per bu. May 81.27 81.94 t 79.03 79.56 –1.73 14,315
June'25 76.80 76.93 74.96 75.09 –1.65 99,694 May 550.50 555.00 536.00 537.00 –12.75 64,974 July 83.09 83.79 t 80.91 81.33 –1.76 92,356 Index Futures
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. July 565.00 570.00 551.00 552.25 –12.50 202,184 Orange Juice (ICE-US)-15,000 lbs.; cents per lb.
May 2.6549 2.6582 2.5620 2.5747 –.0766 46,111 Wheat (KC)-5,000 bu.; cents per bu. May 362.45 366.05 357.15 362.85 –1.20 3,703
Mini DJ Industrial Average (CBT)-$5 x index
June 2.6581 2.6643 2.5702 2.5809 –.0769 83,477 May 586.75 589.25 572.25 572.75 –14.75 44,450 June 38080 38257 37842 37990 –56 93,313
July 363.05 365.50 357.40 362.60 –1.10 4,043
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. July 582.00 584.75 568.75 569.00 –14.00 131,191 Sept 38525 38636 38232 38369 –57 294
May 2.8180 2.8229 2.7211 2.7287 –.0936 81,521 Cattle-Feeder (CME)-50,000 lbs.; cents per lb. Mini S&P 500 (CME)-$50 x index
April 240.500 241.300 240.150 240.425 .075 2,481
Interest Rate Futures June 5096.25 5120.50 5047.00 5062.25 –30.25 2,078,277
June 2.7888 2.7919 2.6938 2.6992 –.0919 103,791
Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100% Sept 5154.25 5177.00 5104.25 5119.50 –30.25 17,680
June 120-000 121-110 119-210 121-080 1-05.0 1,608,434 Mini S&P Midcap 400 (CME)-$100 x index
Treasury Bonds (CBT)-$100,000; pts 32nds of 100% June 2880.50 2895.60 2848.90 2852.30 –24.20 35,844
Cash Prices | wsj.com/market-data/commodities Wednesday, April 17, 2024 June
Sept
113-270 114-310
113-240 114-310
113-200
113-230
114-270
114-280
28.0 1,545,260
28.0 996
Sept 3013.60 2910.60
Mini Nasdaq 100 (CME)-$20 x index
2883.50 2871.50 –23.90 2

These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace—separate from Treasury Notes (CBT)-$100,000; pts 32nds of 100% June 17897.00 17968.50 17615.25 17658.50 –222.75 253,457
the futures price on an exchange, which reflects what the commodity might be worth in future months. June 107-185 108-080 107-155 108-050 15.5 4,434,135 Sept 18140.00 18196.00 17842.25 17884.25 –223.00 2,072
Sept 107-265 108-160 107-240 108-135 15.5 1,562 Mini Russell 2000 (CME)-$50 x index
Wednesday Wednesday Wednesday 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% June 1983.30 2000.90 1959.20 1962.00 –20.80 480,562
Iron Ore, 62% Fe CFR China-s *110.4 Wheat - Hard - KC (USDA) $ per bu-u 6.1175 June 104-282 105-100 104-267 105-077 8.5 6,009,746 Sept 2006.40 2020.60 1980.80 1982.80 –20.90 700
Energy *825.0 Mini Russell 1000 (CME)-$50 x index
Steel, HRC USA, FOB Midwest Mill-s Wheat,No.1soft white,Portld,OR-u 5.6750 Sept 105-160 105-195 105-060 105-182 8.5 6,731
Coal,C.Aplc.,12500Btu,1.2SO2-r,w 77.350 Battery/EV metals 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% June 2800.60 2802.30 2763.60 2771.50 –17.10 6,179
Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 13.650 BMI Lithium Carbonate, EXW China, =99.2%-v,w 15250
Food June 101-156 101-201 101-147 101-190 1.9 3,987,219 U.S. Dollar Index (ICE-US)-$1,000 x index
BMI Lithium Hydroxide, EXW China, =56.5% -v,w 13650 Sept 101-266 101-290 101-259 101-283 1.4 73 June 106.16 106.26 105.69 105.76 –.30 43,553
Metals Beef,carcass equiv. index
BMI Cobalt sulphate, EXW China, >20.5% -v,m 4485 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. Sept 105.70 105.71 105.36 105.40 –.29 511
choice 1-3,600-900 lbs.-u 281.07
Gold, per troy oz BMI Nickel Sulphate, EXW China, >22%-v,m 4192 select 1-3,600-900 lbs.-u 273.82 April 94.6725 94.6725 t 94.6700 94.6700 –.0025 503,358
Engelhard industrial 2387.00 BMIFlakeGraphite,FOBChina,-100Mesh,94-95%-v,m 485 May 94.6750 94.6800 94.6750 94.6800 470,433 Source: FactSet
Broilers, National comp wtd. avg.-u,w 1.3301
Handy & Harman base 2390.35 Butter,AA Chicago-d 2.9250
Handy & Harman fabricated 2653.29
Fibers and Textiles
Cheddar cheese,bbl,Chicago-d 161.00
LBMA Gold Price AM *2369.00 Burlap,10-oz,40-inch NY yd-n,w 0.8000 Cheddar cheese,blk,Chicago-d 161.00 Bonds | wsj.com/market-data/bonds/benchmarks
LBMA Gold Price PM *2369.15 Cotton,1 1/16 std lw-mdMphs-u 0.7708 Milk,Nonfat dry,Chicago lb.-d 112.00
Krugerrand,wholesale-e 2487.52 Cotlook 'A' Index-t *89.60 Coffee,Brazilian,Comp-y 2.2860
Maple Leaf-e
American Eagle-e
2511.44
2511.44
Hides,hvy native steers piece fob-u n.a. Coffee,Colombian, NY-y 2.5402 Tracking Bond Benchmarks
Wool,64s,staple,Terr del-u,w n.a. Eggs,large white,Chicago-u 2.4150
Mexican peso-e 2891.85 Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week
Austria crown-e 2347.49 Grains and Feeds Flour,hard winter KC-p 16.65
Hams,17-20 lbs,Mid-US fob-u n.a.
highs and lows for different types of bonds
Austria phil-e 2511.44 Bran,wheat middlings, KC-u,w 75 Hogs,Iowa-So. Minnesota-u 90.36 Total Total
Silver, troy oz. Corn,No. 2 yellow,Cent IL-bp,u 4.0600 return YTD total Yield (%) return YTD total Yield (%)
Engelhard industrial 28.5500 Pork bellies,12-14 lb MidUS-u n.a.
Corn gluten feed,Midwest-u,w 87.9 close return (%) Index Latest Low High close return (%) Index Latest Low High
Handy & Harman base 28.4740 Pork loins,13-19 lb MidUS-u 1.2690
Corn gluten meal,Midwest-u,w 396.3
Handy & Harman fabricated 35.5930 Cottonseed meal-u,w n.a.
Steers,Tex.-Okla. Choice-u n.a. Broad Market Bloomberg Fixed Income Indices Mortgage-Backed Bloomberg Fixed Income Indices
LBMA spot price *£22.7000 Hominy feed,Cent IL-u,w 112 Steers,feeder,Okla. City-u,w 290.75
1998.48 -2.9 U.S. Aggregate 5.220 4.240 5.740 1963.73 -3.4 Mortgage-Backed 5.440 4.350 6.050
(U.S.$ equivalent) *28.2550 Meat-bonemeal,50% pro Mnpls-u,w 325 Fats and Oils
Coins,wholesale $1,000 face-a 22262 Oats,No.2 milling,Mnpls-u 4.1925 U.S. Corporate Indexes Bloomberg Fixed Income Indices 1943.45 -3.2 Ginnie Mae (GNMA) 5.440 4.390 6.020
Other metals Rice, Long Grain Milled, No. 2 AR-u,w 36.25 Degummed corn oil, crude wtd. avg.-u,w n.a.
LBMA Platinum Price PM *966.0 Sorghum,(Milo) No.2 Gulf-u n.a. Grease,choice white,Chicago-h 0.4100 3029.82 -2.8 U.S. Corporate 5.680 5.020 6.430 1153.27 -3.5 Fannie mae (FNMA) 5.450 4.340 6.050
Platinum,Engelhard industrial 955.0 SoybeanMeal,Cent IL,rail,ton48%-u,w 358.40 Lard,Chicago-u n.a. 1791.04 -2.7 Freddie Mac (FHLMC) 5.390 4.320 6.190
2957.71 -1.1 Intermediate 5.610 4.920 6.350
Palladium,Engelhard industrial 1035.0 Soybeans,No.1 yllw IL-bp,u 11.2800 Soybean oil,crude;Centl IL-u,w 0.4589
Aluminum, LME, $ per metric ton *2512.0 Wheat,Spring14%-pro Mnpls-u 7.9325 Tallow,bleach;Chicago-h 0.4350 3952.69 -6.2 Long term 5.840 5.160 6.600 579.78 -1.4 Muni Master 3.552 3.038 4.311
Copper,Comex spot 4.3425 Wheat,No.2 soft red,St.Louis-u 5.2800 Tallow,edible,Chicago-u 0.5000
574.84 -3.7 Double-A-rated 5.250 4.380 5.760 412.14 -1.5 7-12 year 3.213 2.709 4.097

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; 816.41 -2.5 Triple-B-rated 5.890 5.250 6.700 468.17 -1.6 12-22 year 3.844 3.388 4.742
K=bi-weekly; M=monthly; N=nominal; n.a.=not quoted or not available; P=Sosland Publishing; R=SNL Energy; S=Platts-TSI; T=Cotlook Limited; U=USDA; V=Benchmark
Mineral Intelligence; W=weekly; Y=International Coffee Organization; Z=not quoted. *Data as of 4/16 High Yield Bonds ICE BofA 441.31 -1.7 22-plus year 4.404 4.070 5.274
Source: Dow Jones Market Data Global Government J.P. Morgan†
524.27 -0.3 High Yield Constrained 8.305 7.620 9.560
510.44 0.7 Triple-C-rated 13.556 12.616 15.455 530.76 -2.4 Global Government 3.520 2.790 3.810
Borrowing Benchmarks | wsj.com/market-data/bonds/benchmarks 3523.61 -0.5 High Yield 100 7.836 7.030 9.101 783.44 -2.4 Canada 3.720 2.940 4.260
458.80 0.5 Global High Yield Constrained 8.094 7.552 9.440 350.75 -1.6 EMU§ 3.161 2.669 3.790
Money Rates April 17, 2024
350.38 1.2 Europe High Yield Constrained 6.676 6.207 8.022 645.55 -2.2 France 3.100 2.540 3.630
Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a U.S Agency Bloomberg Fixed Income Indices 456.91 -2.3 Germany 2.550 2.020 3.030
guide to general levels but don’t always represent actual transactions. 1765.43 -0.8 U.S Agency 5.100 4.150 5.390 273.67 -1.9 Japan 1.280 0.710 1.300
Week —52-WEEK— Week —52-WEEK— -0.5
Inflation Latest ago High Low Latest ago High Low
1565.64 10-20 years 5.100 4.130 5.370 496.66 -2.4 Netherlands 2.770 2.260 3.320
March index Chg From (%) 3270.74 -5.1 5.180 4.390 5.740
30-year mortgage yields 20-plus years 777.84 -4.2 U.K. 4.500 3.790 4.880
March Overnight repurchase
level Feb. '24 30 days 6.807 6.367 7.495 5.739 -2.0
'23 U.S. 5.32 5.35 5.48 4.82 2670.16 Yankee 5.510 4.720 6.110 841.90 -0.8 Emerging Markets ** 7.600 7.205 8.842
60 days 6.818 6.372 7.554 5.739
*Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds
U.S. consumer price index U.S. government rates Other short-term rates ** EMBI Global Index Sources: ICE Data Services; Bloomberg Fixed Income Indices; J.P.Morgan
All items 312.332 0.65 3.5 Discount
Core 317.088 0.53 3.8 Week 52-Week
5.50 5.50 5.50 5.00
International rates
Latest ago high low
Global Government Bonds: Mapping Yields
Federal funds Call money
Week 52-Week Effective rate 5.3300 5.3300 5.3500 4.8400 Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in
7.25 7.25 7.25 6.75
Latest ago High Low High 5.6500 5.6500 5.6500 5.1500 selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session
Low 5.3100 5.3100 5.3300 4.8000 Commercial paper (AA financial)
Prime rates Bid 5.3100 5.3100 5.3300 4.8200 Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points
90 days n.a. 5.34 5.54 5.02 Coupon (%) Maturity, in years Latest(l) 0 1 2 3 4 5 6 Previous Month ago Year ago Latest Prev Year ago
U.S. 8.50 8.50 8.50 8.00 Offer 5.3300 5.3300 5.3700 4.8400
Canada 7.20 7.20 7.20 6.70 Secured Overnight Financing Rate 4.500 U.S. 2 4.930 t l 4.961 4.721 4.186
Japan 1.475 1.475 1.475 1.475
Treasury bill auction 4.000 10 4.584t l 4.657 4.303 3.590
5.31 5.31 5.40 4.80
4 weeks 5.270 5.265 5.840 3.190
Policy Rates 13 weeks 5.250 5.225 5.345 5.060 Value 52-Week 4.250 Australia 2 3.999 s l 3.953 3.878 3.027 -94.1 -104.5 -117.6
5.155 5.120 5.350 4.840 Latest Traded High Low 3.750 10 4.390 s l 4.340 4.143 3.382 -33.3 -22.5
Euro zone 4.50 4.50 4.50 3.50 26 weeks -19.8
Switzerland 2.00 2.00 2.25 2.00 DTCC GCF Repo Index
Secondary market 2.500 France 2 2.965 s l 2.948 2.899 3.025 -197.4 -205.0 -117.8
Britain 5.25 5.25 5.25 4.25
Treasury 5.317 31.700 5.504 4.806 3.500 10 2.988 t l 3.011 2.877 3.036 -166.2 -57.0
Australia 4.35 4.35 4.35 3.60 Fannie Mae -160.0
MBS 5.363 52.320 5.689 4.829
2.500 Germany 2 2.956 s l 2.945 2.951 2.853 -198.3 -205.3 -135.0
Notes on data: 2.200 10 2.469 t l 2.492 2.442 2.473 -211.9 -218.1 -113.3
U.S. prime rate is the base rate on corporate loans posted by at least 70% of the 10 largest U.S. banks, and is effective July 27, 2023. Other prime rates
aren’t directly comparable; lending practices vary widely by location; Discount rate is effective July 27, 2023. Secured Overnight Financing Rate is as of 3.600 Italy 2 3.501 t l 3.515 3.442 3.409 -143.9 -148.4 -79.4
April 16, 2024. DTCC GCF Repo Index is Depository Trust & Clearing Corp.'s weighted average for overnight trades in applicable CUSIPs. Value traded is in
billions of U.S. dollars. Federal-funds rates are Tullett Prebon rates as of 5:30 p.m. ET. 4.200 10 3.876 t l 3.915 3.699 4.322 -71.2 -75.8 71.6
Sources: Federal Reserve; Bureau of Labor Statistics; DTCC; FactSet; 0.200 Japan 2 0.281 t l 0.283 0.193 -0.039 -465.8 -471.6 -424.2
Tullett Prebon Information, Ltd.
0.800 10 0.887 s l 0.872 0.793 0.482 -370.1 -380.1 -312.4
2.800 Spain 2 3.147 s l 3.135 3.117 3.140 -179.2 -186.4 -106.3
Macro & Market Economics 3.250 10 3.303 t l 3.330 3.242 3.525 -128.5 -134.3 -8.1
0.125 U.K. 2 4.458 t l 4.474 4.337 3.611 -48.1 -52.4 -59.2
Watching the Gauges: U.S. Supply and Demand 4.250 10 4.264 t l 4.304 4.202 3.696 -32.4 -36.9 9.0
Inventories, imports and demand for the week ended April 12. Current figures are in thousands of barrels or Source: Tullett Prebon, Tradeweb ICE U.S. Treasury Close
thousands of gallons per day, except natural-gas figures, which are in billions of cubic feet. Natural-gas import and
demand data are available monthly only. Corporate Debt
Prices of firms' bonds reflect factors including investors' economic, sectoral and company-specific
Inventories, 000s barrels Imports, 000s barrels per day expectations
Expected Previous Year 4-week 5-year Expected Previous Year 4-week 5-year Investment-grade spreads that tightened the most…
Current change week ago avg avg Current change week ago avg avg Spread*, in basis points
Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week
Crude oil and –334 68
AstraZeneca AZN 4.000 5.58 Sept. 18, ’42 75
petroleum prod 1,237,522 ... 1,227 1,234 1,224 1,258 8,314 ... 8,801 8,538 8,440 8,627 Verizon Communications VZ 4.500 5.59 Aug. 10, ’33 96 –120 87
Crude oil American Honda Finance … 5.250 5.28 July 7, ’26 33 –101 31
excluding SPR 459,993 600 457 466 454 473 6,461 ... 6,434 6,294 6,554 6,328 Sumitomo Mitsui Financial … 5.808 5.59 Sept. 14, ’33 101 –64 93
Gasoline 227,377 ... 229 224 229 235 709 ... 730 700 612 777 Athene Global Funding* ATH 1.985 5.84 Aug. 19, ’28 122 –46 120
Finished gasoline 14,487 -1,000 14 17 14 20 173 ... 221 152 144 113 Credit Agricole ACAFP 5.134 5.43 March 11, ’27 67 –35 64
Reformulated 21 ... 0 0 0 0 0 ... 0 0 0 0 Mutual of Omaha Global Funding MUTOMA 5.350 5.59 April 9, ’27 83 –14 80
Conventional 14,466 ... 14 17 14 20 173 ... 221 152 144 113 Philip Morris International PM 4.250 5.97 Nov. 10, ’44 115 –11 111
Blend. components 212,890 ... 215 207 215 214 536 ... 509 547 469 665 …And spreads that widened the most
Natural gas (bcf) 2,283 ... 2 2 2 2 ... ... ... ... ... … Apple AAPL 4.375 5.37 May 13, ’45 55 87 47
Abbvie ABBV 4.400 5.56 Nov. 6, ’42 74 74 70
Kerosene-type
Societe Generale … 7.367 7.49 Jan. 10, ’53 279 67 265
jet fuel 42,227 ... 41 40 41 39 19 ... 135 260 122 147 1.125 June 15, ’26 58 n.a.
Commonwealth Bank of Australia … 5.29 36
Distillates 114,968 -400 118 112 117 125 149 ... 163 113 145 130 9
Pfizer PFE 2.750 5.01 June 3, ’26 8 48
Heating oil 6,313 ... 7 7 7 9 2 ... 2 0 1 0 Toronto–Dominion Bank TD 5.532 5.46 July 17, ’26 53 41 43
Diesel 108,655 ... 111 105 110 58 147 ... 161 113 144 130 Oracle ORCL 6.500 5.98 April 15, ’38 139 32 126
Residual fuel oil 28,147 ... 29 32 29 32 61 ... 161 110 125 163 Banque Federative Du Credit Mutuel BFCM 5.088 5.46 Jan. 23, ’27 69 31 67
Other oils 283,035 ... 276 280 275 281 830 ... 1,070 955 775 972
High-yield issues with the biggest price increases…
Net crude, petroleum Bond Price as % of face value
Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week
products, incl. SPR 1,602,406 ... 1,592 1,602 1,588 1,826 -2,785 ... -760 -2,546 -1,922 -203
Occidental Petroleum OXY 6.450 6.03 Sept. 15, ’36 103.622 0.88 104.975
Weekly Demand, 000s barrels per day Natural gas storage Transocean RIG 7.500 9.27 April 15, ’31 91.063 0.56 93.167
Telecom Italia Capital S.A. TITIM 7.721 7.96 June 4, ’38 97.950 0.53 99.631
Expected Previous Year 4-week 5-year Billions of cubic feet; weekly totals 0.50 99.000
AAdvantage Loyalty IP … 5.500 5.97 April 20, ’26 99.125
Current change week ago avg avg
Bath & Body Works BBWI 5.250 6.46 Feb. 1, ’28 96.000 0.25 96.562
Total petroleum Hughes Satellite Systems SATS 6.625 35.91 Aug. 1, ’26 56.750 0.25 59.500
Natural gas, 4250 Teva Pharmaceutical Finance TEVA 6.150 6.77 Feb. 1, ’36 95.000 0.25 96.750
product 19,220 ... 19,236 19,317 19,820 19,259 lower 48 states ZF North America Capital ZFFNGR 4.750 6.15 April 29, ’25 98.620 0.12 98.625
t
Finished 3250 …And with the biggest price decreases
57.750
t
motor gasoline 8,662 ... 8,612 8,519 8,806 8,443 Liberty Interactive LINTA 8.250 23.93 Feb. 1, ’30 52.150 –1.10
Kerosene-type Five-year average 2250 Paramount Global PARA 7.875 7.44 July 30, ’30 102.114 –0.89 101.773
for each week Hughes Satellite SATS 5.250 15.42 Aug. 1, ’26 81.007 –0.49 82.020
jet fuel 1,418 ... 1,608 1,624 1,584 1,406 Navient NAVI 6.750 7.21 June 25, ’25 99.478 –0.31 n.a.
1250
Distillates 3,666 ... 2,985 3,765 3,544 3,854 Bausch Health BHCCN 11.000 19.27 Sept. 30, ’28 76.000 –0.25 78.000
Residual fuel oil 470 ... 551 172 453 238 Dish DBS DISH 7.750 33.45 July 1, ’26 62.000 –0.25 65.177
250 Rakuten RAKUTN 11.250 9.53 Feb. 15, ’27 104.125 –0.25 105.250
Propane/propylene 675 ... 1,305 869 1,041 ... A M J J A S O N D J F M –0.20 99.185
Prime Security Services Borrower PRSESE 5.750 6.62 April 15, ’26 98.404
Other oils 4,330 ... 4,176 4,368 4,394 ... 2023 2024
*Estimated spread over 2-year, 3-year, 5-year, 10-year or 30-year hot-run Treasury; 100 basis points=one percentage pt.; change in spread shown is for Z-spread.
Note: Expected changes are provided by Dow Jones Newswires' survey of analysts. Previous and average inventory data are in millions. Note: Data are for the most active issue of bonds with maturities of two years or more
Sources: FactSet; Dow Jones Market Data; U.S. Energy Information Administration; Dow Jones Newswires Source: MarketAxess
B10 | Thursday, April 18, 2024 * ***** THE WALL STREET JOURNAL.

MARKETS

S&P Falls for Fourth Day in Row Trading

App Webull
Hopes for rate cuts
weaken, index in Faces Probe
longest losing
streak in months Over China
BY CHARLEY GRANT BY ALEXANDER OSIPOVICH

Stocks fell, deepening an The maker of the popular

April selloff, after investors stock-trading app Webull is
largely abandoned their expec- facing a multistate inquiry
tations of imminent interest- over its ties to China.
rate cuts. Fourteen states are seeking
The S&P 500 fell 0.6%, information on Webull’s mea-
marking a fourth straight ses- sures to protect sensitive in-
sion of de- vestor data from the Chinese
WEDNESDAY’S clines. The Communist Party, according
MARKETS Nasdaq Com- to a letter posted Tuesday by
posite shed Indiana attorney general Todd
1.1%. The Dow Jones Industrial Rokita, whose office is leading
Average fell 0.1%, or 46 points. the inquiry.
The S&P 500’s losing streak “We are concerned that
is its longest since the first Webull may be misleading
LUKE SHARRETT/BLOOMBERG NEWS

week of 2024. And for the third customers about the privacy
consecutive session, the index and security of their informa-
rose in early trading before tion in Webull’s possession,”
closing lower, the longest said the letter, which was ad-
streak of such reversals since dressed to Anthony Denier,
2022. chief executive of the com-
Stocks rallied to start the pany’s U.S. arm, New York-
year, due in part to widespread based Webull Financial.
expectations that the Federal The worst performer in the S&P 500 was J.B. Hunt Transport Services, which fell 8.1% after reporting weak results. A spokeswoman said Denier
Reserve would move to lower was traveling and not immedi-
interest rates at some point in Index performance on Wednesday have a totally different narra- Overseas, the Stoxx Europe ately able to comment.
2024. The S&P 500 had its best tive right now,” he said, refer- 600 rose 0.1%. Markets rose in Webull—like its better-
0.75%
first quarter since 2019. ring to this month’s hotter- Asia early Thursday, with known rival Robinhood Mar-
But the script has flipped in Dow Jones Industrial Average than-expected consumer-price Japan’s Nikkei 225 up 0.3%, kets—offers commission-free
0.50
April. A persistently strong S&P 500 index. Hong Kong’s Hang Seng Index trading of stocks and options
economy led Fed Chair Jerome 0.25 Nasdaq Composite The benchmark 10-year up 1.2% and South Korea’s Ko- via a phone app. In February,
Powell and other central-bank Treasury yield settled at spi up 1.7%. Webull unveiled plans to go
officials to cast doubt on that 0 4.584%, down from 4.657% public by merging with a spe-
assumption this week. Tuesday. cial-purchase acquisition com-
“We had forecast two rate U.S. crude-oil prices settled AUCTION RESULTS pany, in a deal that values We-
–0.25 Here are the results of Wednesday's Treasury
cuts this year, now we’re at just at $82.69 a barrel, down 3.1%. auctions. All bids are awarded at a single price at the bull at around $7 billion. The
market-clearing yield. Rates are determined by the
one in December, which is very –0.50 Gold futures fell 0.8% to settle difference between that price and the face value. company says it has about 20
different from what markets at $2,371.70 a troy ounce. 17-WEEK BILLS million users globally.
had expected” at the start of the –0.75 Chip stocks fell, continuing a Applications $169,098,867,700 Regulatory filings show
Accepted bids $60,235,736,100
year, said Sinead Colton Grant, recent slide for a sector that " noncompetitively $823,646,100 that Webull’s current parent is
chief investment officer at BNY has shined over the past year. " foreign noncompetitively $150,000,000 based in the Cayman Islands.
–1.00 Auction price (rate) 98.267889
Mellon Wealth Management. United Airlines stock rose (5.240%) But the company has been
Coupon equivalent 5.406%
Traders in interest-rate de- –1.25 17%, the S&P 500’s top per- Bids at clearing yield accepted 15.16%
dogged by criticism—primar-
rivatives are pricing in a 16% former, after the carrier re- Cusip number 912797KY2 ily from Republican lawmak-
Five-minute intervals
chance that the Fed will lower –1.50 ported stronger-than- expected The bills, dated April 23, 2024, mature on Aug. 20, ers in Washington—about its
2024.
its policy rate at its June meet- 10 a.m. 11 noon 1 p.m. 2 3 4 quarterly results. Rivals also ties to China.
19-YEAR, 10-MONTH BONDS
ing, according to CME Group’s enjoyed a boost: American Air- Applications $36,716,398,400
The company was founded
FedWatch tool. A month ago, Source: FactSet lines Group gained 6.6%, while Accepted bids $13,061,977,000 in 2016 by Anquan Wang, who
" noncompetitively $78,479,200
the likelihood of a cut was 55%. Southwest Airlines advanced " foreign noncompetitively $0 previously worked for Chinese
Investors have responded by so far this month. “We think the market is way 2.6%. Auction price (rate) 95.958772 e-commerce giant Alibaba. De-
(4.818%)
pushing bond yields higher and But the S&P 500 and Nasdaq overreacting,” said Tony Roth, The worst performer in the Interest rate 4.500% nier said in 2019 that Webull
prices lower, which has pres- are still solidly green for the chief investment officer at Wil- S&P 500 was J.B. Hunt Trans- Bids at clearing yield accepted 79.31% was “both a U.S. and Chinese
Cusip number 912810TZ1
sured stocks. All three major year, and investors aren’t ready mington Trust. “If we had 15 port Services, which fell 8.1% The bonds, dated April 30, 2024, mature on Feb. 15, company” with a technology
indexes are down 4% or more to give up on the bull market. basis points less in CPI, we’d after reporting weak results. 2044. team based in Hunan, China.

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THE WALL STREET JOURNAL. Thursday, April 18, 2024 | B11

HEARD STREET ON
THE
FINANCIAL ANALYSIS & COMMENTARY

GE Power Spinoff Set to Be Supercharged

Energy business is expected to turn profitable this year and benefit from growing electricity demand
General Electric’s spinoff of its
power and wind business—named
GE Vernova—comes at an oppor-
tune time when investors are ex-
cited about everything electricity
themed. Yet investors might also
be cautious about picking up a GE
business unit with a checkered
past.
GE Vernova spun off and
started trading as a stand-alone
entity on April 2. Since its debut
as a stand-alone company, the
shares have declined about 4% to
about $135, well below the
$152.25 mean target price from
analysts polled by FactSet.
Investors have some reason for
caution. GE’s power business en-
dured years of shrinking income—
culminating in a year in the red
in 2018—after the company’s for-
mer leadership aggressively pur-
sued growth at the expense of
profitability. Its wind segment,
meanwhile, went through a rough
patch starting around 2018 when
the entire industry was in an
“arms race” to bring the cost of
equipment down so that it could
compete better with solar, accord-
ing to Mark Strouse, equity ana-
lyst at JPMorgan. Most recently,
equipment providers like GE and
Siemens Energy have been work-
ing through a backlog of unprofit-
able offshore wind contracts after
costs for steel and other materi-
CFOTO/NURPHOTO/ZUMA PRESS

als surged over the pandemic.

To be fair, these decisions pre-
ceded GE Vernova Chief Executive
Scott Strazik, who took over GE’s
gas-power business in 2018 and
then the broader power segment
in 2021. Under his direction, the
company narrowed its focus to GE Vernova’s gas turbines represent roughly 51% of global capacity and come with an attractive stream of recurring service revenue.
certain markets where it has scale
and advantage. In the wind busi- 2023, and analysts polled by Fact- to JPMorgan. That comes with an share at the expense of margins. GE profit/loss by segment
ness, GE Vernova reduced the Set expect GE Vernova to turn attractive stream of recurring ser- But this seems less likely for some
$6 billion
number of product types offered, a profitable this year after at least vice revenue, especially as natural- time, at least as competitors like
move that should help cut manu- three years of being in the red. gas-fired power plants run more Siemens Energy focus on regain- 5
facturing costs and prevent qual- The company’s first earnings frequently to make up for the loss ing profitability. Notably, Siemens Power
4
ity issues. JPMorgan’s Strouse said call—scheduled for next week— of coal-fired power plants. Energy’s wind unit has suffered
Renewable energy
the wind industry has changed the should help illuminate how quickly It is also the top onshore-wind due to quality issues and offshore 3
way contracts are written such its margins are improving and if it installer in the U.S., a market that wind’s general troubles, and the
2
that they now account for changes has plans to return any of its cash now has robust and prolonged company is expected to burn cash
in input costs such as steel or to shareholders. policy support from the Inflation this fiscal year and next. What is 1
transportation. GE Vernova does appear to be Reduction Act. Electrification, the more, a growing market for elec-
0
Those efforts appear to be bear- well positioned to ride the elec- unit that sells equipment and tricity overall should alleviate the
ing fruit. The company reduced tricity-demand growth story, software for the grid, is its small- industry’s land-grab instincts. –1
structural costs by $1.8 billion which has gained more attention est segment but also comes with GE Vernova’s unenthusiastic
across gas power, onshore wind lately because of the hefty energy high growth and margin potential. market debut could be a buying –2
and electrification since 2018, ac- requirements that artificial-intelli- There is always the risk that opportunity for investors looking –3
cording to its investor presenta- gence data centers come with. Its equipment providers could launch for an entry point into the electri- 2015 ’20 ’23
tion from March. All three units gas turbines represent roughly another so-called arms race, cut- fication theme.
were free-cash-flow positive in 51% of global capacity, according ting prices and grabbing market —Jinjoo Lee Source: the company

Dealmaking Is Looking Up as Firms Quit Waiting Out Fed

Bankers’ advice for dealmaking Volume of priced deals by market, that the challenge of rapidly rising funds effective rate was over 6% year, according to LevFin In-
clients who have been sidelined by quarterly rates followed on the heels of the and 5%, respectively, according to sights.
the high cost of funding boils High-yield bonds Leveraged loans global pandemic. Now, he said, Dealogic and Fed data. With more of their existing
down to this: Get used to it. “Those higher rates seem to be A jump in activity in the market deals refinanced, private-equity
$500 billion
Wall Street investment banks in well absorbed.” for financing highly leveraged firms might now be in a position
the first quarter have finally As borrowing by highly in- companies in the first quarter to start to deploy more capital
started to report a pickup in activ- debted companies picks up, these mostly wasn’t related to new into new deals. Certainly the ur-
ity following a long slowdown. 400 offerings make the “cost of capital deals. Yet it is a sign that borrow- gency for deals is there: With
Revenue from arranging sales of much more observable” to private- ers are getting comfortable with share prices of potential buyout
stocks and debt, and for advising equity dealmakers, Goldman the present rates on offer, which targets rising, and many of their
on mergers and acquisitions, was 300 Sachs Chief Financial Officer might just represent the best they funds getting long in the tooth,
collectively up 27% at the five Denis Coleman told analysts on will get for a while. Nearly 90% of private equity’s need to deploy
largest Wall Street banks from a Monday. “That should unlock their the more than $350 billion of lev- capital and start generating more
year earlier, to the highest level 200 ability to start to price and put to- eraged loans priced in 2024 have fees could alone be a powerful mo-
since the first quarter of 2022, gether transactions.” A buoyant been opportunistic, for things like tivator this year.
when the Federal Reserve began leveraged-finance market is a key refinancing or repricing, data from Investors will hear quarterly
raising interest rates. 100 to seeing more private-equity LevFin Insights shows. updates from private-equity fund
Many deals were put on hold as deals. This was aided by attractive managers in the coming days. But
the Fed rapidly raised rates, then Of course, it serves investment pricing, as measured by a narrow- the fact that Goldman Sachs and
began to signal cuts at the end of 0 banks’ interests to convince cli- ing spread between borrowing Morgan Stanley—both closely
2023, only to have to rein in mar- 2017 ’18 ’19 ’20 ’21 ’22 ’23 ’24
ents it is a good time to make a costs and benchmark rates. This identified with deal activity—have
ket expectations for this year from deal. But there is history to what is a sign that debt investors are seen their share prices perform
as many as six cuts to perhaps Source: LevFin Insights they are saying, as the current hungry to buy and aren’t overly the best among the big five Wall
two or even none now. That kind level of interest rates hasn’t al- worried about credit risk, reflect- Street banks since reporting earn-
of whipsawing isn’t conducive to among their clients. ways by itself been a barrier to ing the same strong economic ings suggests that investors see
placing multibillion-dollar bets on Morgan Stanley Chief Execu- dealmaking. data that may keep interest rates more deals coming.
a company’s future. tive Ted Pick told analysts on Before the zero-interest-rate elevated. In March, average Just because everyone is telling
But with some clarity emerging Tuesday that “corporate board- era, prior U.S. mergers-and-acqui- spreads on new loans from issu- you to do something doesn’t mean
that rates aren’t likely to fall dra- rooms have been quiet for three, sitions dollar volume peaks came ers rated single-B were roughly it is a good idea. But companies,
matically in the near future, banks four years, and that is not sustain- in 2000 and 2007, which were 1.5 percentage points lower than like people, often move in tandem.
are reporting signs of capitulation able, they need to move,” noting years when the average federal- they were at the same time last —Telis Demos

ASML’s Orders Show Chip Makers’ Caution ASML’s order intake, quarterly
€10 billion

Chip makers aren’t rushing to posting their lowest close since its growth plan is on track. It said chine sales in the first quarter 8
prepare for the next wave of February. it only needs orders of €4 billion a came from China, even though it
growth, based on a first-quarter ASML sells what are probably quarter for the rest of the year to is barred by Dutch export rules
update from lithography giant the world’s most complex and ex- remain on track to make €35 bil- from selling much of its most-ad- 6
ASML. pensive mass-produced machines lion in revenue in 2025—the mid- vanced equipment to the country.
Europe’s most-valuable tech to chip makers such as Intel, point of aggressive guidance it With the world’s biggest chip
company reported orders worth TSMC and Samsung. These com- gave in 2022. foundries holding back, ASML is 4
the equivalent of just €3.6 billion, panies’ equipment orders are a Chip sales fell last year after a expecting a “transition year” in
equivalent to $3.8 billion, for the bellwether for the industry’s con- bonanza in the pandemic when 2024, before a surge in sales next
three months through March. fidence. consumers bought masses of elec- year as its clients re-expand ca- 2
That was well below expectations, That said, orders of such large, tronics. That led to cautious ma- pacity.
and was the second-lowest num- pricey gear can be lumpy. The chine orders by chip makers ev- This recovery scenario remains
ber since 2020. fourth-quarter number was a re- erywhere except China, which has plausible, but after a weak first 0
ASML’s Netherlands-listed cord €9.2 billion, so taken to- been buying all the gear it can, in quarter, buying the stock on 40
2021 ’22 ’23 ’24
stock fell more than 6% on gether, the past six months have a geopolitical battle for control of times forward earnings seems
Wednesday. Its American deposi- still been strong. critical technology. riskier than before. Note: €1.00 = $1.07
tary receipts were down over 7%, The company’s message is that A record 49% of ASML’s ma- —Stephen Wilmot Source: FactSet
B12 | Thursday, April 18, 2024 THE WALL STREET JOURNAL.