* * * * *
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DJIA 38085.80 g 375.12 0.98%
What’s
News
Business & Finance
 The U.S. economy grew at
a sharply slower pace in the
first quarter and inflation
topped Wall Street’s expecta-
tions, dimming investor hopes
for a quick Fed rate cut and
sending the stock and bond
markets down. A1, A2
 The S&P 500, Dow and
Nasdaq fell 0.5%, 1% and
0.6%, respectively. The yield
on the 10-year Treasury
note jumped to 4.706%. B11
 Google’s parent said
quarterly profit jumped and
it announced its first cash
dividend, sending its stock
soaring after months of scru-
tiny over an expensive push
in artificial intelligence. A1
 Microsoft’s profit rose last
quarter as AI bolstered demand
for its software and cloud ser-
vices, prompting the company
to spend heavily on infrastruc-
ture to accommodate the ap-
petite for the technology. B1
 The NBA is advancing to-
ward a series of major me-
dia deals, with Amazon and
Google’s YouTube vying for a
new streaming package. B1
 Unilever backed its full-
year guidance after report-
ing better-than-expected
revenue for the first-quarter
on higher volumes. B2
 Hipgnosis agreed to an im-
proved $1.51 billion takeover
by Apollo-backed music com-
pany Concord, trumping an
approach from Blackstone. B2
 Anglo American is consider-
ing a sale of its De Beers dia-
mond unit, according to people
familiar with the matter. B3
 The federal government
granted Micron Technology
$6.1 billion to build two chip-
making facilities in New
York and one in Idaho. B4
World-Wide
 The Supreme Court, hear-
ing a last-ditch appeal from
Trump, appeared open to
granting some level of im-
munity to protect former
presidents from being prose-
cuted for alleged crimes
committed while in office. A1
 New York’s highest court
in a divided ruling over-
turned disgraced Hollywood
producer Harvey Weinstein’s
2020 rape conviction. A1
 Senate Minority Leader
McConnell, fresh off a bipar-
tisan victory on overseas
aid, said he wants to pump
up U.S. military spending to
meet new challenges from
China, Russia and Iran. A4
 Some missiles fired by Rus-
sia at Ukraine have entered
Poland’s airspace since 2022 in
a show of force that risks ig-
niting a wider war, Polish Pres-
ident Andrzej Duda said. A8
 European lawmakers ap-
proved a resolution calling for
the immediate and uncondi-
tional release of political pris-
oners held in Russia, including
Wall Street Journal reporter
Evan Gershkovich. A8
 The Biden administration
issued new rules that crack
down on power-plant pollution
and could force many coal
plants to close unless they
make costly upgrades. A5
 The administration is con-
solidating approval authority
over big power-grid projects
to accelerate upgrades and
provide access to new clean-
energy projects. A5
 U.S. troops began assem-
bling a floating pier off the
Gaza coast as part of an ef-
fort to open new conduits
for the delivery of humani-
tarian aid to the enclave. A7
CONTENTS
Arts in Review. A10-11
Business News....... B3
Capital Account..... A2
Crossword................. A11
Equities......................... B7
Heard on Street.. B12
s 2024 Dow Jones & Company, Inc.
All Rights Reserved
FRIDAY, APRIL 26, 2024 ~ VOL. CCLXXXIII NO. 98 WSJ.com
NASDAQ 15611.76 g 0.6%
Growth Slows, Inflation Firms Justices
Seem Open
Stocks, bonds fall as
price pressures
make it difficult for
Fed to cut rates now
BY DAVID UBERTI
The U.S. economy grew at a
sharply slower pace in the
first quarter and inflation
topped Wall Street’s expecta-
tions, dimming investor hopes
for a quick Federal Reserve
rate cut and sending stock and
bond markets down.
Gross domestic product ex-
panded at a 1.6% seasonally
and inflation-adjusted annual
rate in the first quarter, the
Campuses Tighten Grip as Demonstrations Spread
ELIJAH NOUVELAGE/AGENCE FRANCE-PRESSE/GETTY IMAGES
SEIZED: Police arrest a demonstrator at Emory University in Atlanta on Thursday at a pro-Palestinian protest against the war
in Gaza. The University of Southern California canceled its main commencement ceremony because of security concerns. A3
Graduates Shaped by Pandemic, Protest
Class of ’24 has been defined by anxiety, starting with isolation and ending in anger
BY DOUGLAS BELKIN
Columbia’s class of 2024 missed high
school graduations and university orien-
tation. Their freshman year passed in a
haze of masks, Zoom classes and isola-
tion.
Four years later, not much has
changed. Thanks to the Gaza protests,
Alphabet
Sets First
Dividend
As Google
Sales Jump
BY MILES KRUPPA
Google’s parent said quar-
terly profit jumped and it an-
nounced its first cash divi-
dend, sending its stock
soaring following months of
scrutiny over an expensive
push in artificial intelligence.
Parent company Alphabet
on Thursday also reported
revenue in the three months
through March rose 15% from
a year earlier to $80.5 billion.
That marked an uptick from
the 13.5% rise in the previous
quarter. The company high-
lighted cost controls that
helped improve profit margins
in the latest quarter.
Big tech companies such as
Google and Microsoft—which
Mansion............... M1-14
Markets...................... B11
also on Thursday reported
Opinion................ A13-15
better-than-expected quar-
Sports.......................... A12 terly sales growth—are pour-
Technology........... B4-5 ing money into building new
U.S. News.............. A2-6 data centers and chips for ar-
World News......... A7-8
tificial intelligence.
Alphabet recorded $12 bil-
> lion in capital expenditures
during the first quarter, a 91%
Please turn to page A5
 AI demand lifts Microsoft
profit......................................... B1
STOXX 600 502.38 g 0.6% 10-YR. TREAS. g 13/32 , yield 4.706%
Commerce Department said
Thursday, a pullback from last
year’s quick pace. That lagged
behind the 2.4% projected by
economists polled by The Wall
Street Journal.
Thursday’s report also sug-
gests inflation, using the Fed’s
preferred gauge, was likely
firmer than expected in March.
That gives investors another
reason to give up on the idea
that the Federal Reserve could
begin slashing interest rates in
the coming months
Typically, an underwhelm-
ing growth figure would boost
hopes that the Fed will lower
interest rates. But continued
price pressures complicated
that outlook.
crowds are again being dispersed, classes
have gone remote and students are wear-
ing masks—this time to hide their identi-
ties at demonstrations. Graduation cere-
monies might be canceled.
“We’ve never had a calm time when
we can just focus on being kids,” said
Tejasri Vijayakumar, a senior and student
body president of Columbia College at
TOMORROW
WSJ.
MAGAZ I N E
j os h o ’co n n o r
Father of Nutrition Labels
Doesn’t Count His Own Calories
i i
Attorney Peter Barton Hutt left his mark
on hundreds of millions of U.S. food products
BY LIZ ESSLEY WHYTE
Peter Barton Hutt doesn’t
care what food you buy, as
long as you know what’s in it.
He introduced America to
the nutrition label, the fine
print on food and drink that
reveals, say, the number of
calories in that pint of vanilla
ice cream or how much fruit
HHHH $5.
OIL $83.57 À $0.76
The inflation reading
sparked a selloff in bonds,
sending yields on the 10-year
Treasury note to 4.706%, their
highest level since November.
Stocks fell, meanwhile, with
the Dow Jones Industrial Av-
erage sliding 1%, or 375 points.
Investors are pricing in a
19% chance that the Fed will
hold interest rates steady
through year-end, according
to CME Group, up from below
Please turn to page A2
 Greg Ip: Economy reigns,
trouble lurks........................ A2
 Hopes for rate cuts are
slipping away.......................A2
 Stocks, bonds fall on
inflation news.....................B11
Columbia University. “You talk to people
in generations above us about college and
they said you could just gather in spaces
and do whatever you want and no one
would stop you, that’s not really true
anymore.”
The political polarization on college
campuses across the country this spring
Weinstein’s Sex Conviction
Is Thrown Out by N.Y. Court
BY ERIN MULVANEY
AND JACOB GERSHMAN
New York’s highest court
overturned disgraced Holly-
wood producer Harvey Wein-
stein’s 2020 rape conviction, a
decision that upends one of
the leading cases of the #Me-
Too movement.
The court, in a divided rul-
ing Thursday, said a trial
judge made fundamental er-
rors, including admitting tes-
timony from unrelated Wein-
stein accusers that jurors
should never have heard.
“The remedy for these
egregious errors is a new
trial,” the appeals court said.
i
juice is really in that “juice
drink.” He also decreed the la-
bel’s type size: no smaller
than 1/16th of an inch.
From a historical stand-
point, Hutt has left a mark
matched by few mortals. The
labels have appeared on hun-
dreds of millions—billions,
maybe—of consumer products
Please turn to page A9
GOLD $2,329.80 À $5.30
GDP, quarterly change
8%
Actual Forecasts
1st quarter 2024
6
+1.6%
4
2
0
–2
2021 ’22 ’23
Note: Seasonally and inflation-adjusted annual
rates; forecasts are an average
of survey responses.
Sources: Commerce Department (actual);
WSJ survey of economists (forecasts)
Please turn to page A9
A Manhattan jury had
found Weinstein guilty of
third-degree rape for a 2013
encounter in which he alleg-
edly had sex with aspiring ac-
tress Jessica Mann against her
will. Jurors also found him
guilty of a first-degree crimi-
nal sex act stemming from ac-
cusations that he forced oral
sex on production assistant
Miriam Haley in 2006. He was
sentenced to 23 years in
prison.
Though Thursday’s ruling
sent shock waves, it won’t
make Weinstein, 72 years old,
a free man. In a separate case,
a California jury convicted
Weinstein in 2022 of rape and
BUSINESS & FINANCE
Southwest pulls out of
some airports, cuts
costs as it posts
lackluster earnings. B1
EURO $1.0731 YEN 155.66
To Some
Immunity
For Trump
Conservative majority
wary that prosecution
fear would hamstring
’24 ’25 a future president
BY JESS BRAVIN
AND JAN WOLFE
WASHINGTON—The Su-
preme Court, hearing a last-
ditch appeal from Donald
Trump, appeared open Thurs-
day to granting some level of
immunity to protect former
presidents from being prose-
cuted for alleged crimes com-
mitted while in office.
Over nearly three hours of
oral argument, the court’s con-
servative majority expressed
greater concern that a future
president might flinch from
bold action for fear of prosecu-
tion than the possibility that
Trump could avoid accountabil-
ity on charges he attempted to
steal the 2020 presidential
election from Joe Biden.
The risk, said Justice Brett
Kavanaugh, was that a Trump
trial could open the door to a
new era of American politics
where prosecution of ex-presi-
dents became routine, much as
the use of special counsels ac-
celerated after the Watergate
scandal. “It’s going to cycle
back and be used against the
current president or the next
president and the next presi-
dent and the next president af-
ter that,” Kavanaugh said.
Trump himself amplified
that concern before arguments
began Thursday. “Crooked Joe
deserves life in prison!” Trump
said in an email to supporters.
“Put Biden on trial.”
The court seemed unlikely
to accept all of Trump’s argu-
ments, which seek “absolute
immunity” for alleged crimes
committed while in office. But
most justices agreed that for-
mer presidents deserve strong
protection from prosecution.
Any high court decision em-
bracing that position could fur-
ther delay Trump’s trial, if not
end the prosecution entirely.
And it likely would cloud other
prosecutions Trump is facing,
including charges before a
Georgia state court that he
pressured officials there to
fraudulently deliver to him
Please turn to page A4
other offenses. He was sen-
tenced to 16 years in prison.
That case remains on appeal.
The decision to overturn
the New York conviction
leaves Manhattan prosecutors
in a conundrum as they try to
salvage one of their most
high-profile cases. A retrial
could force some alleged vic-
tims to provide gut-wrenching
testimony again about their
experiences. Others won’t be
allowed to testify at all, which
will require prosecutors to re-
sort to a different strategy.
“We will do everything in
our power to retry this case
and remain steadfast in our
Please turn to page A6
INSIDE
ANGUS MORDANT/BLOOMBERG NEWS
MANSION
Sea Ranch, a quirky,
environmentally
conscious enclave,
goes upscale. M1
 A2 | Friday, April 26, 2024
CAPITAL ACCOUNT | By Greg Ip
U.S. Economy Reigns, and Trouble Lurks
I
f you want a single num-
ber to capture America’s
economic stature, here it
is: This year, the U.S.
will account for 26.3% of
the global gross domestic
product, the highest in almost
two decades.
That’s based on the latest
projections from the Interna-
tional Monetary Fund. Ac-
cording to the IMF, Europe’s
share of world GDP has
dropped 1.4 percentage
points since 2018, and
Japan’s by 2.1 points. The
U.S. share, by contrast, is up
2.3 points.
China’s share is up since
2018, too. But instead of
overtaking the U.S. as the
world’s largest economy, the
Chinese economy has slipped
in size to 64% of the U.S.’s
from 67% in 2018.
In other words, despite
trade wars, the pandemic, in-
flation and societal division,
the U.S. is gaining on its eco-
nomic peers based on this
admittedly simple metric.
A caveat: These figures are
based on current prices and
exchange rates. Using pur-
chasing power parity, which
adjusts for different price lev-
els across countries, the U.S.
share of world GDP would be
lower and that of big emerg-
ing markets—such as China
and India—much higher.
But you don’t pay for oil,
iPhones or artillery shells at
purchasing power parity.
Current prices and exchange
rates better capture a coun-
EMILY ELCONIN/BLOOMBERG NEWS
GM upgraded its profit guidance amid strong demand for gasoline-powered trucks and sport-utility vehicles.
Inflation
Stiffens,
GDP Slows
Continued from Page One
1% a month ago.
The report showed that
U.S. consumers are still
strong after years of hiring
and wage growth.
Spending on healthcare, in-
surance and other services
continued to grow, the Com-
merce Department said. Mea-
sures of underlying demand
remain robust, leading econo-
mists to warn that the market
was overreacting to an iso-
lated data point.
“The domestic economy is
doing well,” said Eugenio
Alemán, chief economist at in-
vestment firm Raymond
James. “Prices were a little bit
over the top but not by much.”
A slowdown in spending on
goods, such as cars and gaso-
line, weighed down overall
growth. Shifts in business in-
ventories and international
trade also slowed last quar-
ter’s expansion, but econo-
mists cautioned that those fig-
ures can vary widely
throughout the year.
“A decrease in inventories
can be really good news for
the economy,” said Teresa
Ghilarducci, an economics pro-
fessor at the New School for
Social Research in New York.
“That bodes well for a spurt of
investment next quarter.”
“It’s way too soon to mourn
for the economy,” she said.
Excluding volatile food and
try’s relative economic
power. Moreover, the U.S. has
outperformed its peers even
after adjusting for inflation
and exchange rates.
Real U.S. economic growth
has been much faster than
Japan’s or Europe’s in the
last two years. China has
grown faster, but its economy
is probably weaker than offi-
cial data show. U.S. growth in
the first quarter was low—at
1.6%, annualized—in part be-
cause consumer spending re-
mained so much stronger in
the U.S. than abroad, causing
the trade deficit to widen
sharply.
U.S. wages (adjusted for
inflation) are roughly level
with just before the pan-
demic, whereas they are
lower in other advanced
economies, the IMF found.
This isn’t to suggest Amer-
icans should somehow be
content with stagnant real
wages or high inflation just
because people elsewhere are
even more miserable.
S
till, it’s worth studying
the reasons the U.S. is
outperforming. In a nut-
shell, there’s an encouraging
reason and a worrisome one.
The encouraging reason is
that structurally, the U.S.
continues to innovate and
reap the rewards, judging by
big-tech stocks and artificial
intelligence adoption. The
U.S. has done better at boost-
ing productivity (output per
worker).
Contributions to quarterly change in real GDP for select categories
Consumer spending, services
Residential investment
Nonresidential investment
State and local government
Federal government
Consumer spending, goods
Change in private inventories
Net exports
–1.0
Note: Seasonally adjusted at annual rates
energy prices, the personal-con-
sumption-expenditures price
index rose 3.7% in the first
quarter at an annualized rate,
which was above expectations
of a 3.4% increase. Economists
had already revised up their ex-
pectations for price pressures
in March after a separate infla-
tion report earlier this month.
The increase implies that
price pressures were stiff again
in March and that brisk infla-
tion readings for January and
February might get revised
higher when the Commerce
Department releases its March
inflation figures on Friday.
Plateauing inflation in re-
cent months has exacerbated
a knotty election-year issue
for President Biden, a Demo-
crat, despite a promising eco-
nomic outlook. It has also
raised the prospect that infla-
tion might settle closer to 3%
than the Fed’s 2% goal.
Nonetheless, a string of re-
cent federal data suggest that
the U.S. economy keeps pow-
ering through the highest in-
terest rates in 23 years.
So far in 2024, employers
U.S. NEWS
Select countries’ share of world GDP
30%
25
20
15
10
5 along with the flood of Trea-
0
2006 ’10
Note: At current prices and exchange rates. Figures for 2024 are projections.
Source: International Monetary Fund
The second, more worri-
some, reason for stronger
U.S. growth are deficit-boost-
ing fiscal actions, including
former President Donald
Trump’s 2018 tax cut, biparti-
san Covid-19 relief in 2020
and President Biden’s 2021
stimulus.
In fact, Washington con-
tinues to inject stimulus:
hundreds of billions of dollars
for veterans’ benefits, infra-
structure, semiconductor
manufacturing and renewable
energy.
U.S. deficits have run
roughly 2% of GDP higher
than the IMF expected back
in late 2022. They will be the
highest, by far, among major
advanced economies for the
foreseeable future.
In the long run, deficits in-
flate future interest bills and
–0.5 0 0.5
around the country have
added staff at rates outpacing
Wall Street’s projections.
An influx of immigrants is
boosting growth and tax reve-
nues, economists said, even as
it strains some governments’
resources. Credit-card compa-
nies have recently reported
that customers are spending
more than they did last year.
That has translated into op-
timism for many businesses as
earnings season kicked into
high gear this week.
General Motors upgraded
its profit guidance after
strong demand for gasoline-
powered trucks and sport-util-
ity vehicles propelled year-
over-year growth in first-
quarter retail sales.
Lockheed Martin said it is
cranking out new missiles, air-
defense systems and space
hardware in part to fill a back-
log from wars in Ukraine and
the Middle East.
Some industries have also
continued to shell out for data
centers, factories and other
capital-intensive projects
around the country despite
U.S.
EU & U.K.
China
Japan
India
’15 ’20 ’24
crowd out private invest-
ment. But they might be
leading to dangerous imbal-
ances right now.
Deficits were justified
when unemployment was
high, private demand mori-
bund and inflation and inter-
est rates low. None of that is
true now.
Instead, Biden and Con-
gress continue to stoke de-
mand in an economy that al-
ready has plenty. Through
February, Biden had canceled
$138 billion in student debt—
and he has just unveiled
plans to erase billions more—
which directly boosts debt-
ors’ purchasing power. Of the
$95 billion in aid to Ukraine,
Taiwan and Israel just ap-
proved by Congress, $57 bil-
lion will flow back to U.S.
producers in the form of
4Q 2023 1Q 2024
1.0 1.5 pct. pts.
Source: Commerce Department
higher borrowing costs.
Earlier this week, steel pro-
ducer Nucor said that it
would boost such spending
this year with investments in
mills in West Virginia and
North Carolina.
“On a macro level, the U.S.
economy appears to demon-
strate near-term resilience,”
Chief Financial Officer Steve
Laxton told analysts.
—Nick Timiraos
and Gunjan Banerji
contributed to this article.
CORRECTIONS 
AMPLIFICATIONS
A Heard on the Street arti-
cle on Wednesday about Gen-
eral Motors was accompanied
by a photo that included Ford
and Chevrolet vehicles. The
caption mentioned only Chev-
rolet vehicles.
Readers can alert The Wall Street
Journal to any errors in news articles
by emailing wsjcontact@wsj.com or
by calling 888-410-2667.
THE WALL STREET JOURNAL.
more weapons purchases. West Germany and Japan
It’s one reason inflation, agreed to revalue their cur-
though down from a year rencies against the dollar.
ago, has stalled above the In 1985, higher U.S. inter-
Federal Reserve’s 2% target. est rates and budget deficits
The IMF thinks core infla- had driven up the dollar and
tion (which excludes food trade deficit. At New York’s
and energy) is a half per- Plaza Hotel that September,
centage point higher because the Reagan administration
of fiscal policy. persuaded Japanese and Eu-
This, in turn, is keeping ropean officials to boost their
the Fed from cutting short- currencies against the dollar.
term interest rates. That, The dollar hasn’t risen
nearly as much now as it did
sury debt to finance the def- in 1985, yet similar frictions
icit, is pushing up long-term are emerging. The Biden ad-
bond yields. ministration badly wants to
boost American manufactur-
T
extbooks predict that a ing, in particular of electric
combination of tight vehicles, and is watching
monetary and loose fis- with dismay as China, aided
cal policy will suck in capital by a weaker yuan, floods the
from overseas and drive up world with cheap exports.
the dollar. That has often The macroeconomic solu-
precipitated financial crises tion would be for the U.S. to
in emerging markets as ex- stimulate its economy less
change rates are devalued, and China to stimulate its
governments default and economy more. Neither
banks fail. seems likely. And unlike in
The dollar has, indeed, 1971 and 1985, when West
risen this year. It hasn’t un- Germany and Japan felt com-
dermined emerging markets pelled to raise their curren-
yet, though Indonesia’s cen- cies to mollify the U.S.—their
tral bank raised interest rates ally and protector—China
this week in response to a feels no such obligation.
weakening currency. The result will almost cer-
The strong dollar might tainly be more protectionist
destabilize the international pressure. Biden is already
economy another way: planning higher tariffs on
through protectionism. China. If Trump returns to
In 1971, high U.S. inflation the White House, expect
and government deficits led more tariffs and a push to
to an overvalued dollar and weaken the dollar.
trade deficits. After the Nixon The U.S. economy might
administration imposed a still be king, but the reign
10% surcharge on imports, won’t be harmonious.
Dream of Rate Cuts
Is Slipping Away
BY NICK TIMIRAOS product expanded at a 1.6%
seasonally and inflation-ad-
Thursday’s report on eco- justed annual rate, but a
nomic activity delivered the broader measure of underlying
latest in a series of rude awak- demand ran closer to 3%, sug-
enings to investors and Federal gesting solid momentum.
Reserve policymakers who Meanwhile, inflation was
have held their breath in antic- stronger than expected during
ipation that lower inflation the first quarter. Core prices,
would allow interest-rate cuts which exclude volatile food
to begin in earnest this sum- and energy items, rose at a
mer. 3.7% annualized rate during
Instead, Commerce Depart- the quarter and were up 2.9%
ment data showed that, for the from a year ago, according to
third straight month, inflation the personal-consumption ex-
was proving stickier than ex- penditures price index.
pected after a cooling in the Price data for March will be
second half of last year. released by the Commerce De-
Individual readings on partment on Friday. Thurs-
growth and prices so far this day’s report suggested that fig-
year haven’t been enough on ures for January and February
their own to dramatically are likely to have been revised
change the outlook for the Fed. higher from already firm levels
But the cumulative effect of and that inflation didn’t ease
those serial disappointments and may have picked up in
has been notable. March, keeping the 12-month
In particular, inflation data inflation rate around 2.8%.
has consistently been firmer Kevin Burgett, an analyst at
than expected, with recent
months getting revised some-
what higher in subsequent re-
forecasting firm LH Meyer,
said Thursday he now antici-
pated just one cut this year, at
ports. This trend has led inves- the Fed’s December meeting,
tors and Fed officials to after having recently revised
rethink whether rate cuts will his projection of three rate
be appropriate this year. cuts beginning in June to just
“I always say, one month is two beginning in September.
no months, but three months— “We still think inflation is
that’s at least one real month,” headed toward 2%, we still
said Chicago Fed President think the [Fed] is heading to-
Austan Goolsbee in an inter- ward rate cuts, and we still
view last week. “Now that expect them to start cutting
we’re seeing—after six, seven this year. And we continue to
months of very strong im- see little chance that the next
provement and close-to-2% in- move will be a rate hike,” Bur-
flation—something that’s well gett wrote in a client note
above that, we have to recali- Thursday. “But the risks have
brate, and we have to wait and again shifted toward fewer
see.” cuts this year and a later on-
Policymakers and financial- set.”
market participants began the Markets largely agree. In-
year broadly expecting slower vestors in interest-rate futures
growth and cool inflation markets began the year antici-
would allow the Fed to begin pating six cuts, but now many
rolling back interest-rate in- anticipate just one—or none.
creases. Bond investors sold U.S.
But the opposite has oc- Treasurys on Thursday morn-
curred. Growth has proven ing, pushing yields on the
more resilient than expected, benchmark 10-year note above
and inflation has been surpris- 4.7% for the first time since
ingly firm. On Thursday, the November, when Fed officials
Commerce Department re- hadn’t yet signaled they were
ported that gross domestic done raising interest rates.
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 THE WALL STREET JOURNAL.
Protests Spur
Mass Arrests
At Universities
BY STEVEN RUSSOLILLO
AND JON KAMP
The University of Southern
California canceled its main
commencement ceremony as
universities around the U.S.
cracked down on intensifying
pro-Palestinian protests.
USC officials cited the time
required to put in place new
security measures for the
65,000-person event planned
for May. Dozens of people were
arrested at the Los Angeles
campus Wednesday on suspi-
cion of trespassing. The school
will hold other traditional com-
mencement ceremonies, includ-
ing individual school events.
Hundreds have been ar-
rested in student protests
around the U.S. since the first
campus encampment formed
last week at Columbia Univer-
sity. The New York school im-
posed a midnight deadline
Thursday to disassemble a
clutch of student tents. Similar
encampments have sprung up
on campuses from Massachu-
setts to California. Tents went
up early Thursday at schools
including Princeton University,
Northwestern University and
George Washington University.
Just after 11 p.m., Columbia
President Minouche Shafik
said in a statement that a
group of faculty, administra-
tors and university senators
had been in discussion with
student organizers for several
days to discuss the dismantling
of the encampment. A rumor
Colleges Confront Divestment Calls From Protesters
BY MATT BARNUM
AND JULIET CHUNG
The pro-Palestinian student
protesters roiling college cam-
puses across the country have a
common demand: that their
universities divest from compa-
nies doing business with Israel.
Schools including Columbia
University, New York Univer-
sity and Yale University have
responded with a resounding
“No,” suggesting scant odds of
a speedy resolution to demon-
strations that have divided
students and triggered mass
arrests.
Calls for divestment have
been a feature of student pro-
tests for years, most notably
during antiapartheid demon-
strations in the 1970s and
1980s, when activists had suc-
cess in forcing higher educa-
tion institutions to cut their ex-
posure to South Africa, then
under all-white rule. More re-
cently, many colleges have
heeded demands to dump hold-
ings in fossil-fuel companies.
Those calling for divestment
from Israel say they are moti-
vated by what they see as a
moral argument: that Israel is
committing genocide and forc-
ing Palestinians to live under a
form of apartheid. No major
schools have expressed support
for that viewpoint to date, and
several have indicated that they
are moving away from taking
positions on hot-button issues.
Illinois City Tops Housing Market Ranking After Turnaround
CLARISSA BONET FOR THE WALL STREET JOURNAL
Kyle Speck and Mackenzie McNally made 14 bids on houses
before closing on a deal for a $187,500 home in Rockford.
* * * * * * *
that the New York Police De-
partment had been invited to
campus that evening was false,
she said.
“The talks have shown prog-
ress and are continuing as
planned,” she said in the state-
ment. She added, “We have our
demands; they have theirs. A
formal process is underway
and continues.”
Schools say the encamp-
ments have disrupted learning
and daily life. Universities have
struggled to balance speech
rights and security on campus,
where Jewish students have
said they feel unsafe amid ris-
ing antisemitism. Some pro-
tests have turned tense.
There were arrests at USC,
the University of Texas at Aus-
tin, Emory University and Em-
erson College since Wednesday
night. Earlier in the week, more
than 100 protesters were ar-
rested at New York University,
Yale University, the University
of Minnesota and California
State Polytechnic University
Humboldt.
Boston police said 108 peo-
ple were arrested at Emerson
early Thursday morning, and
four officers were injured dur-
ing the confrontation.
Students had set up an en-
campment in an alley on the
school’s campus, which is in a
dense, urban area abutting
Boston Common.
Video on social media
showed a clash between pro-
testers and police in the alley.
The police and fire depart-
George Washington University students set up tents on campus during protests on Thursday.
Israel has strongly denied
allegations of genocide, and
says its Gaza operations are
justified by its right of self-de-
fense under international law
following the attacks of Oct. 7,
when Hamas militants killed
more than 1,200 people, mostly
civilians, according to Israeli
authorities, and took more
than 240 hostage.
Even if universities were to
concur with activists’ argu-
ments, endowment chiefs said
divesting would set a question-
able precedent at institutions
meant to encourage intellec-
U.S. NEWS
Demonstrators on Thursday at the University of Texas at Austin, a day after dozens of protesters at the school were arrested.
ments said there were alleged
violations of city ordinances,
including blocking doors, hy-
drants and pedestrian access,
according to the college.
“We are deeply concerned
that the protesters are risking
legal consequences beyond Em-
erson’s control when they do
not abide by city and state
laws,” Emerson President Jay
Bernhardt and other school of-
ficials said in a statement.
University administrators
around the U.S. have been re-
thinking plans for graduations
amid the unrest. At USC, esca-
lating safety concerns led the
school to curtail commence-
ment activities. It said Thurs-
day it would implement addi-
tional security measures,
including requiring tickets for
all commencement events.
tual inquiry and debate, in ad-
dition to posing practical chal-
lenges and fiduciary risks.
“It’s extremely difficult to
do with any fairness and accu-
racy,” said Mark Yudof, a for-
mer president of the University
of California system and the
chair of the Academic Engage-
ment Network, which fights
antisemitism on campus.
The divestment demands
vary across campuses and can
be expansive, targeting profit-
able staples of diversified in-
vestment portfolios. A coali-
tion known as Columbia
BY LIBERTINA BRANDT
A decade ago, Rockford, Ill.,
was the underwater mortgage
capital of America. Today, it is
the country’s top real-estate
market, according to The
WSJ/Realtor.com Housing
Market Ranking.
Rockford attracts home
buyers who are drawn to its
affordable housing stock and
its growing healthcare, aero-
space and logistics industries.
The Rockford metro area,
about 90 miles from Chicago
and Milwaukee, offers easy ac-
cess to its larger neighbors. A
direct train line to Chicago is
due to open in a few years.
“We are also seeing a huge
boom in entrepreneurs who
are from here and opening
things such as retail stores,
small manufacturing compa-
nies, gift shops, restaurants
and bars,” said Mayor Thomas
McNamara. “Which is what we
need. It’s what our community
Officials last week canceled Shafik’s congressional testi-
the speech of its valedictorian mony last week over whether
Asna Tabassum, a Muslim stu- the university has done enough
dent, over security concerns. to protect Jewish students—a
On Wednesday, police arrested question roiling colleges
93 people on suspicion of tres- around the country.
passing after the university New aid for Israel passed by
told protesters they needed to Congress following Iran’s
disperse. strikes on the country earlier
Pro-Palestinian activists this month, along with Shafik’s
have decried the U.S. govern- testimony and campus arrests,
ment’s support for Israel’s re- has escalated pro-Palestinian
sponse to Hamas’s Oct. 7 at- activism. Student protesters’
tacks, which killed around demands include that their
1,200 people. More than 34,000 schools divest themselves from
people in Gaza, most of them companies doing business with
women and children, have been Israel.
killed. The death toll in Gaza On Thursday afternoon at
reported by Palestinian health Columbia, students in the en-
authorities doesn’t distinguish campment chanted various slo-
between civilians and militants. gans, including “Columbia, go
Tensions across college cam- to hell, it is right to rebel.”
puses have remained high in Meanwhile, other students ap-
the wake of Columbia President proached the encampment with
ees on socially responsible in-
vesting rejected CUAD’s divest-
ment request, saying there
wasn’t “broad consensus” on
this issue in the university
community. The committee
noted that many Columbia af-
filiates and alumni support Is-
rael.
A Columbia spokesperson
pointed to the February report
in response to questions about
divestment. A spokesperson
for Google said the Israeli gov-
ernment’s work that is sup-
JOSE LUIS MAGANA/ASSOCIATED PRESS
ported by its cloud business “is
not directed at highly sensi-
tive, classified, or military
workloads relevant to weapons
or intelligence services.”
Spokespeople for Amazon and
Microsoft didn’t respond to re-
quests for comment.
At Yale, pro-Palestinian stu-
dents are making a different
demand: divest from military
University Apartheid Divest weapons manufacturers that
has produced a list of compa- support Israel. A university in-
nies it says meet its criteria for vestment committee has rec-
divestment, including Google ommended against doing so.
owner Alphabet, Amazon.com “Military weapons manufac-
and Microsoft, which CUAD turing for authorized sales did
says provide cloud services to not meet the threshold of
the Israeli government and grave social injury, a prerequi-
military. site for divestment, because
“The university is impli- this manufacturing supports
cated in the genocide of Ga- socially necessary uses, such as
zans of Palestine,” said Sueda law enforcement and national
Polat, a graduate student at security,” the university said
Columbia and a student orga- last week.
nizer. At NYU, protesters are
In February, a committee pushing the school to “fully
that advises Columbia’s trust- disclose and divest” from com-
was like in its heyday.” Mackenzie McNally and her
Those factors helped the partner, Kyle Speck, both 30
housing market emerge from years old, started house hunt-
the 2008-09 financial crisis, he ing in Rockford about a year
said. The median listing price ago. They made around 14 of-
of a home in the metro area fers over the course of a year—
soared to $235,000 in March, all rejected. Finally in April
up a stunning 51.7% compared they closed on a roughly 1,000-
with a year ago, which is the square-foot home for $187,500.
largest gain of any metro area “Every house we had bid on
in the ranking’s top 20. we were either losing to all-
Rockford is one of 11 Mid- cash offers or being overbid
western metro areas that by $5,000 to $15,000,” Mc-
dominate the top 20 in the lat- Nally said. “The house we got
est WSJ/Realtor.com Housing didn’t even go to market.”
Market Ranking. Three of the News Corp, owner of The
four top-ranked cities—all in Wall Street Journal, also oper-
the Midwest—had median ates Realtor.com.
home price listings in March Methodology
below $250,000. That com- The WSJ/Realtor.com Housing Market Rank-
pares with the national me- ing evaluates the 200 most populous core-
based statistical areas, as measured by the
dian listing price of $424,900, U.S. Census Bureau and defined by March
according to Realtor.com. 2020 delineation standards, across two
A shortage of available list- broad categories: real-estate market (60%)
ings is driving Rockford’s hot
and economic health and quality of life
(40%). Each market is ranked on a scale of
housing market, even though 0 to 100 according to the category indica-
the area’s population has tors, and the overall index is based on the
weighted sum of these rankings. For more
barely changed from 2020 lev-
details on the ranking and methodology, go
els of around 337,000. to WSJ.com,
Friday, April 26, 2024 | A3
BRANDON BELL/GETTY IMAGES
stock pots and aluminum trays
of food.
Those there say they are
girding themselves to stay until
their demands are met. “We
cannot say we are close to a
deal, negotiations are continu-
ing,” said Sueda Polat, a gradu-
ate student at Columbia and a
student organizer at the en-
campment who is part of the
protesters’ negotiating commit-
tee. Protesters massed on the
sidewalks of Broadway and
Amsterdam Ave. on Thursday.
—Steven Russolillo,
Joseph Pisani,
Elizabeth Findell,
Suryatapa Bhattacharya
and Talal Ansari
contributed to this article.
 U.S. begins building pier
for Gaza food aid.............. A7
panies “with an interest in Is-
raeli occupation.”
John Beckman, a spokesman
for NYU, rejected the notion.
“This is not something we’re
considering,” he said. “The
University’s strategy is to max-
imize return in endowment to
meet the University’s needs.”
The rancorous debate has
drawn attention to university
endowments, which were for
decades a sleepy backwater of
the investment world that had
a vanilla strategy of owning a
straightforward mix of stocks
and bonds. That changed with
Yale’s pioneering endowment
chief, David Swensen, who
preached the then-radical idea
of taking advantage of endow-
ments’ long time horizons and
diversifying beyond tradi-
tional holdings.
Even on issues that have
widespread scientific consen-
sus and student support, di-
vestment poses risks. Schools
that reduced their exposure to
fossil-fuel companies have
missed out on a rich source of
returns recently as higher
crude prices allowed execu-
tives to funnel huge returns to
shareholders.
Some investors also question
whether divestment campaigns
further activists’ goals, saying
that endowments can have
more impact on companies if
they or their fund managers re-
main invested and can press for
change as shareholders.
WSJ/Realtor.com
Housing Market Ranking
1 Rockford, Ill.
2 Canton-Massillon, Ohio
3 Ann Arbor, Mich.
4 Akron, Ohio
5 Springfield, Mo.
6 Fort Wayne, Ind.
7 Manchester-Nashua, N.H.
8 Columbus, Ohio
Kingsport-Bristol-
9
Bristol, Tenn.-Va.
Portland-South
10
Portland, Maine
11 Springfield, MA
Burlington-South
12
Burlington, VT
13 Dayton, OH
14 Worcester, MA-CT
15 Lancaster, PA
16 Appleton, WI
Hickory-Lenoir-
17
Morganton, NC
18 Toledo, OH
Louisville/Jefferson
19
County, KY-IN
20 Lansing-East Lansing, MI
 A4 | Friday, April 26, 2024 P W L C 10 11 12 H T G K R F A M 1 2 3 4 5 6 7 8 9 O I X X **** THE WALL STREET JOURNAL.

U.S. NEWS

McConnell Pushes for Military Buildup

Fresh off Ukraine
aid win, GOP leader
wants to boost
defense spending
BY SIOBHAN HUGHES
AND LINDSAY WISE
WASHINGTON—Senate Mi-
nority Leader Mitch McCon-
nell (R., Ky.), fresh off a big bi-
partisan victory on overseas
aid that reasserted America’s
muscular role in the world,
year’s Fiscal Responsibility McConnell said the in-
Act, the debt-ceiling deal creased Republican support in
reached between Biden and Tuesday’s vote was a result of
former House Speaker Kevin lawmakers finally getting a
McCarthy (R., Calif.). chance to focus solely on geo-
“Where we go from here is political issues. The earlier aid
to try to impress upon the ad- vote had come just after the
ministration as well to increase failure of a bipartisan effort to
defense spending,” said McCon- condition aid on curbing illegal
nell, 82 years old. “I mean immigration at America’s
that’s what Reagan taught us— southern border. Trump played
you get peace through strength. a central role in sinking the
And our current budget doesn’t border deal, but in recent
reflect that.” weeks declined to pressure
McConnell’s assertive com- lawmakers to block the aid bill.
ments were in contrast to his “The border discussion,
TOM WILLIAMS/CQ ROLL CALL/ZUMA PRESS

said he wants to pump up mil-
itary spending to guard
against new challenges from
China, Russia and Iran.
“This is a skirmish in a
larger war,” McConnell, who
this week helped deliver a ma-
jority of Republican votes for
a long-delayed $95.3 billion
package of aid to Ukraine, Is-
rael and other countries, said
in an interview. “And so I
think that requires ongoing
attention, which is what is go-
ing to be my major interest
here,” he said, pointing to the
1980s buildup under President
Ronald Reagan.
Military spending will be
central in the last major legis-
lative fight before the Novem-
ber elections—and likely the
last for McConnell as minority
leader—with Congress facing
a Sept. 30 deadline for fund-
ing the government in the
new fiscal year. President Bi-
den has called for $895.2 bil-
lion in base defense spending,
the most on record but also an
amount constrained by the 1%
cap that was agreed to in last
tone in February, when he an- which seemed to go on end-
nounced plans to step down as lessly, kind of distracted ev-
the Senate’s GOP leader after erybody,” McConnell said.
the November elections. That “What I noticed in the last
decision came after more than couple of months,” he said, “is
half of the Senate Republican how much more attention to
conference voted against an the facts was occurring among
earlier version of the Ukraine our members.”
aid package. At the time, McConnell said that, in
McConnell said that former turn, enabled Republicans to
President Donald Trump’s McConnell has said he plans to step down as the Senate GOP leader after November’s elections. stand up to their own voters,
America First populist wing of who he said had been tuned
the party was ascendant in that the conflicts in Ukraine, Ala.), Pete Ricketts (R., Neb.) simply don’t have the muni- against Ukraine aid by sources
the Republican Party. the Middle East and Asia are and Markwayne Mullin (R., tions to fundamentally change including media personality
He said at the time that his interconnected, and that the Okla.), whose names McCon- the reality on the ground.” Tucker Carlson. Carlson de-
party’s politics had changed—at abandonment of Kyiv would nell invoked to counter the ar- But the number of Republi- clined to comment after
least for the moment—and be- be a gift to America’s adver- gument that more recently can “yes” votes energized Re- McConnell singled him out.
come more inward-looking. But saries. He calls Russia, Iran, elected Republicans tended to publican defense hawks in the Senate Majority Leader
McConnell persisted in making China and North Korea “the oppose military support for Senate, who saw it as a repu- Chuck Schumer (D., N.Y.)
his argument to fellow Republi- axis of aggressors.” Any effort allies overseas. diation of the idea that isola- praised McConnell in a speech
cans in recent months, arrang- to boost military spending “Newbies—they all voted tionists intent on cutting for- on the Senate floor Tuesday,
ing meetings for senators with would run into opposition for it,” McConnell said of the eign aid and military muscle saying that while he and
Ukrainian President Volodymyr from progressive Democrats group that moved to his side. overseas have come to domi- McConnell don’t always agree,
Zelensky. He also set up small among others. Other first-term senators nate their party. they “worked hand-in-hand
group meetings for GOP sena- When the Senate took up J.D. Vance (R., Ohio), Ted Budd “This idea that somehow the and shoulder-to-shoulder to
tors with NATO Secretary-Gen- the House-passed aid package (R., N.C..) and Eric Schmitt (R., peace through strength, the get this bill done.”
eral Jens Stoltenberg, while on Tuesday, 31 Senate Repub- Mo.) remained “no” votes. Reagan wing of the Republican McConnell concurred. “On
holding other briefings on why licans voted for the foreign aid “At the end of the day, most Party has been vanquished? It’s this particular issue, we had a
helping Ukraine stave off an au- package—nine more than of the money in this package ridiculous, right?” said Sen. good relationship,” he said.
thoritarian Russia was in the voted for similar legislation in goes to a war where there’s no Dan Sullivan (R., Alaska). “It’s “But he didn’t have a problem.
U.S. national interest. February. They included fresh- end in sight,” said Vance. still the dominant component. I was the one that had my
McConnell has long argued men Sens. Katie Britt (R., “There’s no strategy, and we Still. Hell yeah.” hands full.”

Trump Attorney Says

Tabloid Publisher’s
Motive Was Business
BY CORINNE RAMEY
AND ERIN MULVANEY
Donald Trump’s lawyer ar-
gued Thursday that the tab-
loid publisher David Pecker
supported the former presi-
dent for years for business
reasons, not in order to influ-
ence the election.
“It was always your inten-
tion, dating back to the early
parts of this friendship, to not
publish negative stories about
President Trump,” said Emil
NATHAN HOWARD/BLOOMBERG NEWS
Trump ended the call
abruptly, without saying good-
bye, Pecker said.
At the time of that call,
Trump’s campaign was reeling
from a recording of Trump
making lewd comments about
grabbing women becoming
public. Then Daniels came for-
ward with her claim of an af-
fair with Trump, Pecker said.
Although Pecker believed
Daniels’s story could be true,
he said he declined to buy it,
having already spent substan-

Bove, a lawyer for Trump. tial funds on hush-money pay-

Pecker, wearing a pink shirt
and red tie, said that was cor-
rect. He said that agreements
to buy stories, like those in
question in the case, were
commonplace at the tabloid
for years.
Anti-Trump demonstrators gathered outside the Supreme Court in Washington on Thursday. Thursday’s cross-examina-
tion of Pecker, the prosecu-
ments and fearing another
could harm his reputation.
“I don’t want the National
Enquirer to be associated with
a porn star,” he said he told Co-
hen, who subsequently paid off
Daniels on Trump’s behalf.
Pecker said that in the
weeks before Trump became

High Court monarch who claimed to be

above the law.”
Sauer said the president re-
Trump last year, accusing him
of a criminal scheme to subvert
the presidential election. The
“We are trying to design a
system that preserves the effec-
tive functioning of the presi-
tion’s first witness, came after
the publisher outlined a secret
agreement with Trump and
president, he went to visit his
longtime friend in his Trump
Tower office. After a gaggle of

Considers mained obligated to follow the

law, but that accountability
came from forces outside the
charges included conspiring to
submit fake slates of Trump
electors for states Biden won,
dency and the accountability of
a former president under the
rule of law,” Dreeben said. “And
lawyer Michael Cohen to buy
up negative stories about the
former presi-
advisers, including onetime
Federal Bureau of Investiga-
tion director

Immunity judicial system, such as Con-

Continued from Page One
electoral votes Biden won.
“If a president can be
charged, put on trial, and im-
prisoned for his most contro-
versial decisions as soon as he
leaves office, that looming
threat will distort the presi-
dent’s decision-making pre-
cisely when bold and fearless
action is most needed,”
Trump’s lawyer, D. John Sauer,
told the court.
Liberal justices, however,
suggested the greater threat to
democracy was a decision that
effectively placed the president
above the law, not one holding
him to the same rules that ap-
ply to other high officials as
well as ordinary Americans.
Telling “the most powerful
person in the world” that there
was no possibility of punish-
ment for breaking the law
could turn “the Oval Office into
the seat of criminal activity in
this country,” said Justice Ket-
anji Brown Jackson.
Sauer did little to assuage
such concerns. Posed various
hypotheticals, he suggested a
president might face no penalty
for such acts as selling nuclear
secrets to a foreign adversary,
ordering the assassination of a
political opponent or directing
the military to stage a coup.
“The framers did not put an
immunity clause into the Con-
stitution,” said Justice Elena
Kagan. “Not so surprising—
they were reacting against a
gress and public opinion.
But if the high court re-
pressuring Vice President Mike
Pence to fraudulently alter the
electoral count at the Jan. 6,
the perfect system that cali-
brates all of those values proba-
bly has not been devised.”
dent. Prosecu-
tors have
sought to show The witness said
James Comey,
had left, Trump
asked about
jected wholesale immunity, 2021, congressional session to That didn’t stop justices that Trump, agreements to payments made
Sauer said that the district certify the election, and direct- from trying. Justice Amy Coney who famously to bury nega-
judge should be required to sift ing his followers to obstruct Barrett suggested a middle doesn’t use buy stories were tive stories be-
Trump’s official acts which that proceeding, culminating in ground between Dreeben and email, not only fore the elec-
couldn’t be subject to prosecu- a riot at the U.S. Capitol. Sauer’s positions, in which the knew about a
commonplace at tion, Pecker
tion from private ones that Chief Justice John Roberts trial would proceed, the district so-called catch- the tabloid. testified.
could before trial began. Under said the grand jury process judge would rule on objections, and-kill scheme “He was
such an approach, the judge’s wasn’t enough to protect the but Trump would be allowed to to buy unflat- thanking me for
decisions could be appealed to presidency. “You know how seek immediate review from an tering stories, buying them,
the circuit court and then the easy it is in many cases for a appeals court rather than wait but conspired with the two and for not publishing any of
Supreme Court, likely putting prosecutor to get a grand jury until after a conviction. men in order to influence the the stories, and helping the
any trial date far into the fu- to bring an indictment,” he The high court’s decision is election. way I did,” Pecker told the jury.
ture, if ever. said, adding that he wasn’t expected by the end of June. In the case, brought by Earlier Thursday, prosecu-
Michael speaking of the Trump appointed three Manhattan District Attorney tors alleged that Trump had vi-
Dreeben, a Jus- Trump case in members of the Supreme Alvin Bragg, Trump faces 34 olated his gag order four addi-
tice Department particular. “Re- Court, and they have at times felony charges of falsifying tional times in recent days.
lawyer repre- The Supreme liance on the sided with him. In March, for business records for allegedly The order bars him from
senting special Court’s decision good faith of instance, they joined all other covering up a payment to si- threatening witnesses, prose-
counsel Jack the prosecutor justices in deciding that Colo- lence porn star Stormy Daniels cutors, court staff and their
Smith, sought on the case is may not be rado overstepped its authority on the eve of the 2016 election. families.
to focus atten- enough in some when it ruled Trump ineligible Daniels has alleged she had an One of the new alleged viola-
tion on the anti-
expected by the cases.” for future office after engaging affair with Trump, which he tions occurred Thursday morn-
democratic end of June. Dreeben al- in an insurrection on Jan. 6, has denied. Trump has pleaded ing, when Trump visited a Man-
crimes alleged lowed that the 2021. States lacked authority to not guilty and said the charges, hattan construction site before
against Trump, unique role of enforce the 14th Amendment brought by a Democrat, are po- coming to court, said prosecu-
actions he said the president provision disqualifying former litically motivated. tor Christopher Conroy.
had no relation to a president’s meant that some laws applied officials who engaged in insur- During a prosecutor’s ques- When asked about Pecker,
legitimate powers. differently to holders of the of- rection from future office, the tioning, Pecker told the jury Trump said, “He’s been very
Siding with Trump “would fice, something a former chief court then found. that he largely interacted with nice. David’s been very nice.”
immunize former presidents executive could raise in defense To date, however, the court, Cohen, but he spoke to the Conroy argued Trump’s
from criminal liability for brib- if put on trial. including Trump’s own appoin- former president himself at comment was a threat. “This
ery, treason, sedition, murder, Justice Samuel Alito sug- tees, more frequently has ruled times. Several days before the is a message to Pecker: Be
and, here, conspiring to use gested that still exposed ex- against him. 2016 election, he said, Trump nice,” Conroy told the judge.
fraud to overturn the results of presidents to unwarranted ret- Most consequentially, the called him, angry about an ar- “It’s a message to everyone in-
an election and perpetuate him- ribution. Under Dreeben’s court in December 2020 re- ticle in The Wall Street Jour- volved in this proceeding in-
self in power,” Dreeben said. approach, “there has to be a jected a Trump-backed suit to nal that reported Pecker’s cluding this court.”
He told the court that the trial, and that may involve throw out the electoral votes company had bought the story Trump’s lawyers didn’t re-
justice system had adequate great expense and it may take of four states that supported of a Playboy playmate’s al- spond to that allegation, but
safeguards to protect ex-presi- up a lot of time, and during the Biden. Trump complained at leged affair with Trump in or- have previously said the for-
dents from politically moti- trial, the former president may the Jan. 6 rally preceding the der to silence her. mer president has a right to
vated prosecutions. be unable to engage in other Capitol riot that the three jus- “He was very agitated,” defend himself against politi-
Following a grand jury in- activities that the former presi- tices he appointed, Neil Gor- Pecker said of Trump. “He cal attacks. Justice Juan Mer-
vestigation, Smith brought a dent would want to engage in,” such, Kavanaugh and Barrett, couldn’t understand how this chan hasn’t indicated when he
four-count indictment against Alito said. hadn’t stepped up to help him. could happen.” will rule on the issue.
THE WALL STREET JOURNAL. * * * * * Friday, April 26, 2024 | A5

U.S. NEWS

U.S. Seeks
To Speed
New EPA Rules Squeeze Coal Plants
Power Grid BY JENNIFER HILLER
AND ERIC NIILER

Upgrades The Biden administration on

Thursday issued sweeping new
rules that crack down on
power-plant pollution and
BY SCOTT PATTERSON could force many of the coun-
try’s coal plants to shutter un-
WASHINGTON—The Biden less they undertake costly up-
administration is consolidat- grades.
ing approval power over big The rules, which will almost
power grid projects to speed certainly be challenged in
upgrades and provide access court, mandate strict controls
to new clean-energy projects. on carbon-dioxide emissions at
In a bid to fast track grid- existing coal plants and newly
infrastructure construction, built natural-gas plants. They
the Energy Department is set set the stage for a significant
to become the lead federal infrastructure build-out to cap-
agency coordinating environ- ture and dispose of CO2 emit-
mental approval of major ted at such plants in order to
transmission projects across comply.

DANE RHYS/BLOOMBERG NEWS

the U.S., providing a one-stop The changes come as the in-
shop as utilities race to meet dustry juggles the first up-
rising power demand. swing in power demand in two
The new process seeks to decades and a shifting genera-
reduce the red tape grid plan- tion mix. Solar and wind proj-
ners faced as they sought sep- ects are being added to the
arate approvals from a patch- grid, and utilities say more
work of federal agencies such gas-fired power plants are The John E. Amos Power Plant in West Virginia. EPA says the rules will cut 1.4 billion metric tons of carbon-dioxide emissions.
as the Environmental Protec- needed for reliability and to re-
tion Agency, Interior Depart- place coal. Some utilities say Number of coal generators emissions. Vehicles account for many smaller utilities that op- associate professor of civil and
ment and the Agriculture De- they could need aging coal that are expected to retire the largest source, about 28%. erate coal plants. environmental engineering at
partment. plants to stay online longer in the U.S. Separate EPA rules issued Many power executives say Rice University. Most were
With its new authority, the than expected. Thursday will limit pollution that carbon-capture systems built before 1990 and would be
30
DOE said it would implement Existing gas plants, the from power-plant wastewater, are too experimental, unproven at least 50 years old by 2040.
a two-year deadline to issue backbone of the nation’s power regulate coal ash, and limit air and expensive. Environmental- Their owners would face enor-
25
federal permits and authoriza- supply, aren’t included in the emissions of mercury and other ists say that wider use of the mous costs for ongoing mainte-
tions for proposed projects, new rules. toxic compounds. technologies will bring costs nance, in addition to the ex-
cutting the average time to “The electricity industry is 20 Plants operating past 2039 down and that the rules would pense of installing a carbon-
site and permit projects in central to America’s economic would need to install carbon- help lower emissions in a major capture system.
half from four years. This growth and competitiveness. 15 capture units before 2032 to industry that has already been “It’s going to be only really
could speed development of These are the folks who keep comply with the new climate shifting to renewables. special cases where it would
big interstate projects that the lights on and power our 10 rules, according to EPA offi- Tax credits for carbon cap- make sense to install this tech-
needed approvals from multi- country forward,” said Michael cials. A nationwide slowdown ture in the 2022 climate, health nology,” Cohan said.
ple federal agencies. Regan, U.S. Environmental Pro- 5 in permitting and constructing and tax law known as the Infla- The industry would need to
If the DOE fails to meet the tection Agency administrator. energy projects will test the tion Reduction Act, combined remove CO2 before it goes out
two-year deadline for project “At the same time, the power 0 0 utilities’ ability to deploy car- with the new EPA rule, will of smokestacks, build pipelines
approval, developers can ap- sector is also a major contribu- 2025 ’30 ’34
bon capture and storage, which spur both innovation and adop- to transport it and drill wells
peal to the president to issue tor to the pollution that drives is mostly untried on a large tion of the technology, accord- that could permanently store
permits. The new DOE powers climate change and threatens Note: Data as of February. Includes only scale. ing to David Doniger, senior the carbon dioxide deep under-
generators with planned retirement dates—359
were first approved by Con- public health.” others don’t have dates set. While the administration federal strategist at the Natural ground in rock formations.
gress in 2005 but never for- The EPA administrator said Source: Energy Information Administration said the timelines for the Resources Defense Council, an Such a build-out faces myriad
malized and approved. the new rules will cut 1.4 billion power-plant rules would give environmental group. “It’s go- challenges. Not all parts of the
The DOE also announced a metric tons of carbon-dioxide climate and public health net companies time to comply, Na- ing to cause coal-plant opera- country, for example, have the
plan to provide up to $331 mil- emissions, roughly equivalent benefits over the next two de- tional Rural Electric Coopera- tors who want to keep the geology required for storage.
lion in funding for a major to the power sector’s 2022 cades. In 2035, the new rules tive Association Chief Execu- plants around to get serious Generators in competitive
transmission project in the emissions, and move the U.S. would prevent approximately tive Jim Matheson called the about carbon capture,” Doniger markets are considered unlikely
Western U.S. that will help closer to the Biden administra- 1,200 premature deaths and rules unachievable. said. to make the capital investments
move wind energy from Idaho tion’s goal of making the elec- 870 hospital visits, according to “It undermines electric reli- Coal plants have struggled that would be needed for older
to Nevada and California. Con- tricity sector carbon-free by Regan. ability and poses grave conse- financially against natural gas plants, but some utilities or
struction on the 285-mile line 2035. Carbon emissions from quences for an already-stressed and renewables, and the rules electric co-ops in coal-heavy
is expected to start next year, Regan said the new rules power plants make up around a electric grid,” said Matheson, essentially schedule their states might do so and pass the
the DOE said. will amount to $370 billion in quarter of U.S. greenhouse-gas whose organization represents phaseout, said Daniel Cohan, costs on to consumers.

Alphabet
Sets First
Dividend
Continued from Page One
increase from the same period
last year. Chief Financial Offi-
cer Ruth Porat said investors
can expect quarterly capital
spending to be “roughly at or
MARLENA SLOSS/BLOOMBERG NEWS

above this level.”

The Google parent also
posted robust profit, with net
income in the quarter soaring
57% to $23.7 billion.
Shares rose sharply after
the results and the 20-cent
dividend announcement, gain-
ing more than 12% in after- Google’s parent posted robust profits, with net income in the
hours trading on Thursday. quarter soaring 57% to $23.7 billion.
Ad sales in the first quarter
rose 13% from a year earlier to Alphabet’s quarterly revenue rival Microsoft and its partner
$61.7 billion. Sales in Google’s $100 billion 1Q 2024 OpenAI, the startup behind
cloud division rose nearly 29% $80.5B ChatGPT. The companies have
to $9.6 billion. +15%* rolled out competing products
Profit was helped by ongo- aimed at getting businesses to
80
ing cost cuts. Chief Executive pay for AI-driven features that
Officer Sundar Pichai and Po- do things like help write com-
rat slashed additional jobs puter code.
this month in the real estate 60 The battle has gotten more
and finance divisions, adding competitive as a growing
to a series of cuts that Pichai number of established compa-
said would continue through 40 nies and startups roll out their
this year. own AI models that perform
A Google spokeswoman said similar tasks.
Thursday that the company 20 Google was slow-footed in
made additional layoffs in the its initial response to OpenAI
core engineering division af- and more recently botched the
fecting about 200 employees. 0 rollout of image-generation
The spokeswoman said em- 2021 ’22 ’23 ’24 features in its Gemini chatbot.
ployees will be able to apply *Change from a year earlier
But Alphabet shares have
for open roles across Google. Source: the company recovered from a decline fol-
Investors are watching for lowing that episode. The stock
signs of whether and how the rics on the technology’s busi- had gained about 12% this
tech giants are reaping new ness impact. year through Thursday’s close,
business from investments in Investor jitters over AI costs well ahead of the tech-heavy
AI programs that can generate were on display after Meta Nasdaq Composite index.
text and images. Google, in Platforms told investors Pichai has restructured
particular, has faced persis- Wednesday to expect at least Google’s operations several
tent questions about its ability an additional $5 billion in capi- times to try to improve its
to defend its business model, tal expenditures this year. That speed in releasing AI fea-
which relies heavily on search sent the Facebook-owner’s tures. He reorganized the
ads, as more people turn to shares, which had gained company’s hardware and re-
chatbots for answers. sharply over the past year and search divisions this month,
Google has offered few spe- a half, down more than 10% in changes he said would accel-
cifics about how AI is affect- Thursday trading—even though erate work on AI. Google also
ing its sales and profit. Multi- Meta also reported record first- recently consolidated its
ple analysts asked Pichai on a quarter revenue growth that search team under Vice Presi-
call Thursday for more details beat Wall Street’s expectations. dent Liz Reid, who has over-
on how AI is improving Meta CEO Mark Zuckerberg seen new AI features in its
Google’s financials. said Wednesday he didn’t ex- flagship product.
Pichai said Thursday the pect the company’s AI ser- “If you were to step back,
company is encouraged by an vices to be profitable for mul- there were a lot of questions
increase in search usage tiple years. last year. We always felt confi-
among people trying its new Google over the past 18 dent and comfortable we would
AI tools, but he otherwise pro- months has been battling for be able to improve the user ex-
vided little in the way of met- position in the AI race against perience,” Pichai said Thursday.
 A6 | Friday, April 26, 2024
Weinstein crimes. The allegations ignited
the #MeToo movement that
put a spotlight on pervasive
Conviction sexual harassment in many in-
dustries.
Writing for a 4-to-3 major-
Thrown Out ity Thursday, Judge Jenny Ri-
vera said State Supreme Court
Justice James Burke improp-
erly allowed testimony from
Continued from Page One women who spoke about al-
commitment to survivors of leged past acts by Weinstein
sexual assault,” a spokes- that weren’t charged in the
woman for the Manhattan dis- case.
trict attorney’s office said. “Under our system of jus-
Weinstein maintains his in- tice, the accused has a right to
nocence and will now get be held to account only for the
ready to defend against the crime charged and, thus, alle-
charges again, said his lawyer, gations of prior bad acts may
Arthur Aidala. “The law was not be admitted against them
not applied fairly to Harvey for the sole purpose of estab-
Weinstein,” he said. lishing their propensity for
Weinstein is currently in criminality,” Rivera wrote.
custody at the Mohawk Cor- She said that error was
rectional Facility in Rome, compounded because the trial
N.Y., according to the state De- judge ruled that if Weinstein
partment of Corrections. He testified in his own defense,
will remain in New York cus- prosecutors could cross-exam-
tody for now, his lawyer said. ine him about a host of al-
The department said it is re- leged bad acts that were unre-
viewing the appeals court de- lated, from bullying to verbal
cision. abuse.
The Oscar-winning pro- That “necessarily and im-
ducer’s empire crumbled when permissibly impacted defen-
dozens of women, including dant’s decision whether to
Hollywood actresses, came take the stand in his defense
forward to accuse him of sex and thus undermined the fact-
U.S.WATCH
ANDREW HARNIK/GETTY IMAGES
The Balsa 94 on Thursday was the first cargo ship to leave the Port of Baltimore since being
stranded—along with others—when the Dali containership hit the Francis Scott Key Bridge.
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U.S. NEWS
finding process in this case,”
Rivera wrote.
Weinstein chose not to tes-
tify.
Dissenting judges said the
ruling endangered decades of
progress in sex-crimes cases
and would deprive jurors of
important context needed to
help sift through the he-said,
she-said nature of assault
cases.
“With today’s decision, this
Court continues to thwart the
steady gains survivors of sex-
ual violence have fought for in
our criminal justice system,”
Judge Madeline Singas wrote.
Douglas Wigdor, who rep-
resented eight alleged Wein-
stein victims, including two
who testified at the New York
trial, said the ruling was a
step back for holding those ac-
countable for acts of sexual
violence.
“Courts routinely admit ev-
idence of other uncharged
acts where they assist juries
in understanding issues con-
cerning the modus operandi
or scheme of the defendant,”
Wigdor said.
Tarana Burke, a #MeToo
movement leader, said on
Thursday, “We are devastated
for the survivors who are con-
* *** THE WALL STREET JOURNAL.
open secret that he exploited
his power to prey on women.
The Manhattan prosecu-
tor’s case against Weinstein—
brought by then-District At-
torney Cyrus R. Vance Jr.—
argued that the Hollywood
producer took advantage of
aspiring actresses by coercing
them into unwanted sexual
encounters.
ETIENNE LAURENT/REUTERS
The judge allowed the pros-
ecutors to call three aspiring
actresses to testify about alle-
gations of unwanted sexual
contact with Weinstein to es-
tablish a pattern but not to
Harvey Weinstein didn’t provide evidence of the
receive a fair trial, New charged crimes for which he
York’s highest court ruled. was being tried.
One woman said she met
nected to this case and the Weinstein in 2004 when she
survivors who had found some was working as an actor and
solace and catharsis in the he said he could help her with
original verdict around Harvey her career before he assaulted
Weinstein.” her in a hotel room. A second
Weinstein, co-founder of aspiring actress said Wein-
Miramax and Weinstein Co., stein raped her in her apart-
was one of the most powerful ment. The third witness testi-
and successful producers in fied that Weinstein assaulted
Hollywood for decades, pro- her in a Los Angeles hotel
ducing lucrative and award- room where he masturbated
winning films such as “Pulp in front of her and groped her.
Fiction” and “Shakespeare in To protect a criminal de-
Love.” As women came for- fendant from unfair prejudice,
ward to accuse him, Holly- prosecutors are generally
wood insiders said it was an barred from introducing evi-
BALTIMORE NEW JERSEY
Stranded Cargo Forest Fire Now
Ship Leaves Port Fully Contained
The first cargo ship passed Firefighters have com-
through a newly opened pletely contained a forest fire
deep-water channel in Balti- that burned several hundred
more on Thursday after being acres in southern New Jersey.
stuck in the harbor since the The blaze in the Wharton
Francis Scott Key Bridge col- State Forest started some-
lapsed four weeks ago. time Tuesday night in Water-
The Balsa 94, a bulk car- ford Township in Camden
rier sailing under a Panama County and spread into
flag, passed through the new Shamong Township in neigh-
35-foot channel headed for boring Burlington County, ac-
Canada. cording to the New Jersey
The ship is one of five Forest Fire Service.
stranded vessels expected to It burned 510 acres before
pass through the new tempo- it was declared fully con-
rary channel, including a tained as of 8 a.m. Thursday.
loaded car carrier. Other The blaze didn’t cause any
ships are scheduled to enter injuries or property damage,
the port. but a nearby campground
On Thursday morning, the was evacuated as a precau-
vessel glided slowly by the tion.
wreckage of the bridge and Several roads near the fire
the grounded Dali, the con- scene were closed, causing
tainership that caused the some travel delays. The
collapse when it hit one of cause of the fire remains un-
the bridge’s support columns. der investigation.
—Associated Press —Associated Press
dence of a defendant’s past
misconduct that is not alleged
in the indictment.
Exceptions are made when
evidence of a prior bad act is
used to establish intent, iden-
tify the defendant as the per-
petrator or show that the ac-
cused has a peculiar method
for carrying out his crimes.
The state high court said
there was no compelling rea-
son to give prosecutors the
extra latitude with witnesses.
Jurors, the opinion said, had
already heard from three
other accusers who testified
that Weinstein forced himself
on them. The other testimony
merely bolstered the same al-
legations, prejudicing the jury
against the defendant.
Vance, the former district
attorney, said he didn’t think
the extra testimony was su-
perfluous but “necessary to
explain to the jury how and
why these women were re-
peatedly victimized.”
Watch a Video
Scan this code
for a video on
Weinstein’s
conviction being
thrown out.
PENNSYLVANIA
Four Killed in Crash
During Police Chase
Three adults and a preg-
nant teenager died in a fiery
crash as police pursued their
vehicle in connection with re-
tail thefts in southeastern
Pennsylvania, authorities said.
The car was speeding away
from a traffic stop with seven
people inside Wednesday af-
ternoon when the driver lost
control while using the right
shoulder to pass a vehicle,
state police said.
Police had stopped the car
shortly after troopers spotted
it at a Concord Township
shopping center and ap-
proached the group, who got
back in the car and drove
away.
The crash killed Isaiah
Miller, 20, who was driving;
Ikeam Rogers, 20; and Kalyn
Billups, 21. Tyjana Motley, 17,
who was pregnant, died a
short time later at a hospital.
—Associated Press
 THE WALL STREET JOURNAL. * * Friday, April 26, 2024 | A7

WORLD NEWS
Hostage-Video
Release Aims to
Head Off Attack
BY RORY JONES
AND SUMMER SAID
Hamas is racing to head off
an imminent Israeli military
operation in Rafah, ramping
up an insurgency in Gaza and
deploying its most decisive
advantage—sympathy for doz-
ens of hostages.
The militant group’s release
of a video featuring 23-year-old
SAHER ALGHORRA/ZUMA PRESS
tiations,” said Ghassan Khatib,
a lecturer at Birzeit University
in the West Bank. For Hamas,
he said, “the ultimate objec-
tive, No. 1, is survival.”
After Israel’s security cabinet
debated on Thursday whether
to start the operation or con-
tinue to pursue hostage talks,
Israeli Finance Minister Bezalel
Smotrich said on X that “from
now on we should talk to Hamas

American-Israeli hostage Hersh only with shells and bombs.”

Goldberg-Polin raised hopes
that he and others were still
alive after six months in cap-
tivity and increased pressure
on the Israeli government to
make a deal for their release.
A Palestinian woman lifts an empty container during protests in the Gaza Strip and demands gas so they can cook. Hamas also has stepped up
calls for a cease-fire, and en-
Hamas’s release of the Gold-
berg-Polin video followed days
of intense fighting in northern
Gaza, where Israel says it
largely has destroyed the
group’s military capabilities but
faces a persistent insurgency.
The return to skirmishes in the

U.S. Begins Building Pier

gaged in heavy fighting in north has been a sobering ex-
Gaza’s north with Israeli forces. ample of the difficulty Israel
Israel has said it would faces in consolidating gains af-
soon launch its long-antici- ter major military campaigns—

To Ease Food Crisis in Gaza

BY NANCY A. YOUSSEF tary operation in the southern
AND OMAR ABDEL-BAQUI Gaza city of Rafah.
Egyptian officials briefed
WASHINGTON—U.S. troops on Israel’s plans for Rafah said
began assembling a floating Thursday that on-the-ground
pier off the coast of northern preparations to enter the city,
Gaza, American defense offi- where about 1 million Pales-
cials said, part of a Biden ad- tinians have sought shelter,
ministration effort to open could start in the coming
new paths for humanitarian days. The heads of the Israeli
aid ahead of a planned Israeli military and internal security
offensive in the city of Rafah. service met with Egyptian of-
“We are on track to begin ficials in Cairo on Wednesday
delivery of humanitarian as- to coordinate efforts.
sistance to Gaza, from the sea A ground invasion of Rafah,
in early May,” a senior U.S. which Israel says is now the
military official said. main stronghold of Hamas
The pier is the U.S’s most militants in Gaza, risks further
ambitious effort to get much- disrupting the delivery of des-
needed aid into Gaza, involv- perately needed food, drinking
ing hundreds of troops, sev- water and other essentials.
eral ships and a mission Most humanitarian aid now
supported by several nations, enters through two border
including the Israeli military. crossings in southern Gaza.
The pier could be a critical During a Pentagon briefing
distribution point of aid into on Thursday, U.S. officials said
Gaza if Israel launches a mili- the pier will at first enable
about 90 trucks of humanitar-
ian aid a day to enter Gaza
and 150 trucks a day soon af-
ter. The mission could last for
months, the senior military of-
ficial told reporters.
Around 190 trucks on aver-
age a day have entered Gaza
from two southern crossings
so far this month, according
to a U.N. tracker. The figures
don’t include several dozen
trucks that Israel says have
entered Gaza through a newly
opened northern crossing. Be-
fore the war, some 500 trucks
entered Gaza every day.
The aid will be inspected in
Cyprus and transferred by
commercial vessels to a large
floating platform anchored
miles off Gaza’s coast, accord-
ing to the Pentagon. From
there, smaller U.S. Army ves-
sels will shuttle the aid to a
temporary pier fixed to the
shore. Trucks from a third
country will drive off the pier
down a causeway and deposit
the aid to distribution hubs
where the United Nations and
others will distribute it to Pal-
estinians, a senior administra-
tion official told reporters.
The operation will be pro-
tected by the Israeli and U.S.
military. Hundreds of U.S.
troops will sleep on Cardigan
Bay, a U.K. amphibious ship,
the military official said. No
U.S. forces will enter Gaza,
U.S. officials say.
The risks of the pier initia-
tive came into focus when Is-
rael’s military said on Thurs-
day that engineering efforts to
prepare it came under mortar
fire by “various terrorist or-
ganizations.” Israel said that
Wednesday’s attack happened
when U.N. officials were tour-
ing the area but that the offi-
cials entered protected areas
and no one was hurt.
pated offensive on Rafah,
where more than a million Ga-
zans have taken refuge and
where Israel believes much of
Hamas’s leadership is hiding
with many of the hostages.
Hamas is deploying all its
tools “to convince us not to go
to Rafah,” said Yossi Kuperwas-
ser, a former
head of research
for Israeli mili-
tary intelli- Hamas
gence. He said intensifies
the message for
Israel is, “If you diplomacy push
want to have
your goals
to stop the
achieved and Rafah offensive.
release the hos-
tages, you can’t
go to Rafah.”
The video—which the Israel
labeled “psychological terror-
ism”—shows Goldberg-Polin
seated in front of a white wall
accusing the government of
abandoning the hostages and
urging it to bring them home.
Hamas and other Palestinian
groups took more than 240 hos-
tages in the October attack on
Israel, releasing about 109 last
year, largely as a result of a
short-term truce. Among the
a point that Hamas officials
have been eager to highlight.
Israel wants to dismantle
four Hamas army battalions
that the military believes re-
main intact in Rafah, but it has
to consider how to manage the
Palestinians sheltering there.
Meanwhile, Hamas officials
have struck a
defiant tone. In
an interview
with the Associ-
ated Press on
Wednesday, a
senior Hamas
official, Khalil
al-Hayya, said
Israel had de-
stroyed no more
than 20% of the
group’s military
capabilities or personnel.
In hostage-deal talks, Hamas
has called for a full Israel with-
drawal from the strip and a
permanent end to fighting. Is-
raeli Prime Minister Benjamin
Netanyahu has dismissed those
demands, saying Israel will go
ahead with a Rafah operation.
Israeli officials in recent
weeks have blamed a break-
down in cease-fire talks on
Hamas—a position largely

Tough Tactics Used to Control West Bank 129 remaining hostages, at least
34 are dead, the Israeli govern-
ment estimates.
The release of the video
BY OMAR ABDEL-BAQUI comes as Hamas is intensify-
AND FATIMA ABDULKARIM ing a public-diplomacy push
and an insurgency in Gaza to
BALATA CAMP, West stop the Rafah offensive.
TANYA HABJOUQA/NOOR IMAGES FOR THE WALL STREET JOURNAL (2)
supported by the U.S.
Hamas has said it doesn’t
make sense for the group to
give up hostages without a
long-term cease-fire that en-
sures it isn’t routed militarily.
The U.S. and 17 other coun-
tries called on Hamas on Thurs-

Bank—Residents dove into The head of Israel’s internal day to agree to a deal releasing
their homes here as gunfire security service, Ronen Bar, held hostages in Gaza in return for
rang through the crowded talks with Egyptian counter- an “immediate and prolonged”
warren of apartment buildings parts regarding talks to free the cease-fire.
in June. Soon word got out: hostages, an Israeli official said, “The core truth, there’s a
Undercover Israeli forces had indicating that Israel is still deal on the table,” a senior U.S.
arrived and were again trying hoping it can free the captives official told reporters Thursday.
to kill Abdullah Abu Shalal. through diplomatic efforts. “It meets nearly all of the de-
The firefight between Pales- Hamas is “trying to avoid mands that Hamas has had…and
tinian militants and Israeli such an operation in different what they need to do is release
forces, which went on for ways, including trying to give the vulnerable category of hos-
hours during a Wall Street a chance to the hostage nego- tages to get things moving.”
Journal reporting trip to the
camp, left one Palestinian dead
and nine injured, according to
a United Nations report. Abu
Shalal got away—one of the Abdullah Abu Shalal’s mother, Jameelah Abu Shalal, said his interest in violent resistance was
five times the Al Aqsa Martyrs’ formed during the Second Intifada. Below, Abu Shalal spoke with her during a phone call.
Brigade commander escaped
Israeli attempts to kill or cap- to Abu Shalal. The Israeli mili- training course in 2022 for the
ture him, his relatives said.
The hunt ended on Jan. 16,
tary said it set its sights on Abu
Shalal after his unit carried out
General Intelligence Service of
the Palestinian Authority, the
Quitting smoking
when an Israeli drone strike
killed Abu Shalal and four mil-
a shooting attack in an Israeli
settlement that hurt two people
semiautonomous governing
body for parts of the Israel-oc-
was hard.
itants as they drove near the
Balata camp, in the West Bank
in 2023. He belonged to the Bal-
ata cell of the Al Aqsa Martyrs’
cupied West Bank. But he be-
came disillusioned with the
Screening for lung
city of Nablus, an Israeli mili-
tary official said.
Brigade, a loosely arranged co-
alition of militant groups that
Palestinian Authority’s secu-
rity coordination with Israel,
cancer is easy.
Israel is deploying wartime was associated with the secular which often resulted in Pales-
tactics against militants in Fatah party during its leader- tinians being arrested or killed.
some of the 19 refugee camps ship under the late Palestinian Abu Shalal joined Al Aqsa
that still dot the West Bank figure Yasser Arafat. The U.S. Martyrs’ Brigade as attacks by
more than 75 years after Is- and European Union have des- Israeli settlers against Palestin-
rael’s founding displaced more ignated Al Aqsa Martyrs’ Bri- ians escalated and military raids
than 700,000 Palestinians. attack on Israel, according to gade as a terrorist organization. increased, his relatives said. His
The camps are dense urban the U.N. About 4,900 Palestin- Last year, before his death, base was Balata, a camp of
environments marked by pov- ians in the West Bank have Abu Shalal told The Wall about 60 acres packed with a
erty and longing by residents been injured since then, either Street Journal that he was re- registered population of more
to return to family homes in by Israeli forces or settlers, sentful about frequent Israeli than 32,000. It was established
what is now Israel. the U.N. said. military raids, land taken from in 1950 and intended to house
The Israeli military sees the The Israeli military says Palestinians to create Israeli 5,000 Palestinian refugees.
camps as cauldrons of mili- about 80% of the people killed in settlements and the wall West Bank militant groups
tancy from which many of the the West Bank since Oct. 7 were erected in his youth that sepa- are much smaller, less orga-
attacks on Israeli soldiers and armed. Palestinian officials say rates the West Bank’s Palestin- nized and more poorly
settlers are orchestrated. Is- many were civilian bystanders. ian communities from Israel. equipped than Hamas in Gaza,
rael has employed airstrikes, West Bank militants are “I cannot live under this analysts say. Their ranks gener-
near-daily ground incursions overwhelmingly young, with no oppression,” he said. “Our life ally are composed of secular na-
and looser rules of engage- allegiance to well-known groups is episodes of humiliation.” tionalists hostile to both Israel
ment in the camps since Oct. such as Hamas. “They bear no Abu Shalal’s mother, and the Palestinian Authority.
7, the Israeli military official loyalty to anyone or anything Jameelah Abu Shalal, said her “Their primary objective is
said, creating a battlefront but to the camp around them,” son’s interest in violent resis- disrupting the occupation by
alongside the war in Gaza. the Israeli military official said. tance was formed growing up creating a cost, attacking sol-
Recent events have high- Abu Shalal’s mystique gained during the Second Intifada, a diers and occasionally settlers,”
lighted how quickly the terri- him a following in Balata, where Palestinian uprising from 2000 said Khaled Elgindy, a senior
tory can descend into chaos. he is venerated—and his killing to 2005, when she said Israeli fellow at the Middle East Insti- If you smoked, you may still be at risk,
Settler attacks on Palestinians shows how Israel’s West Bank soldiers killed his brother. tute, a Washington think tank. but early detection could save your life.
erupted this month after a tactics could incite more mili- Israel first arrested Abu In the weeks before Abu
teenage Jewish Israeli boy was tancy. “The killings of civilians Shalal in 2010, when he was a Shalal was killed, he was Get SavedByTheScan.org
found dead in the West Bank. and militants have only led to teenager, his relatives said. He thinking of surrendering, his
Israeli forces have killed more people taking up arms was in and out of prison until mother said, though he never
more than 435 Palestinians in and a cycle of more people get- the late 2010s. He tried to did. “He was tired of living be-
the West Bank and East Jeru- ting killed,” said a 30-year-old move into mainstream society, tween the ground and the sky,”
salem since the Oct. 7 Hamas Balata militant who was close his relatives said, completing a she said, “awaiting death.”
 A8 | Friday, April 26, 2024
Ukrainian Troops Struggle to Hold the Line
As they wait for U.S.
arms, forces in the
east are outgunned
and outmanned
BY IAN LOVETT
AND NIKITA NIKOLAIENKO
CHASIV YAR, Ukraine—The
explosion lit up the night sky,
sending flames hundreds of
feet into the air. Another huge
blast followed, then a third.
The booms carried for miles
across the fields east of Chasiv
Yar, and a few moments later,
a jet ripped through the sky.
Russian planes were hitting
this eastern city—Moscow’s
primary target in Ukraine—
with glide bombs, each carry-
ing at least a half-ton of explo-
sives and capable of collapsing
a building in a single strike.
Ukrainian forces, out-
gunned and outmanned, are
struggling to hold Chasiv Yar
long enough for fresh weap-
onry from the U.S. to arrive.
Located on a ridge overlook-
ing Bakhmut, the eastern
Ukrainian city that Moscow
took last year after the bloodi-
est battle of the war, Chasiv Yar
is a strategic prize. If Ukraine
loses the city, its remaining
strongholds in the eastern Do-
netsk region would become
prime targets for an expected
Russian offensive this summer.
“It’s the high ground,” said
Yuriy Fedorenko, commander
of the Achilles attack-drone
battalion in Ukraine’s 92nd As-
EU Lawmakers Call for
Release of WSJ Reporter
BY ANN M. SIMMONS
European lawmakers ap-
proved a resolution calling for
the “immediate and uncondi-
tional release” of all political
prisoners held in Russia, in-
cluding Wall Street Journal
reporter Evan Gershkovich,
who has been in custody in a
Moscow prison awaiting trial
for more than a year.
The nonbinding resolution
approved Thursday by 493
lawmakers was part of a mo-
tion in the European Parlia-
ment condemning Russia’s
March presidential election as
a sham, and proposing limit-
ing relations with Russian
President Vladimir Putin.
Russian Foreign Ministry
spokeswoman Maria
Zakharova described the deci-
STEPHANE GEUFROI/MAXPPP/ZUMA PRESS
RED ALERT: The landmark windmill sails and part of the illuminated sign of the 135-year-old Paris cabaret venue the Moulin
Rouge, famed for its cancan dancers, collapsed shortly before 2 a.m. on Thursday. No injuries were reported.
HAITI
Council Inaugurated
As Premier Resigns
Prime Minister Ariel Henry
formally resigned, officials said
Thursday, clearing the way for
a new caretaker government
that would welcome a Kenya-
led and largely U.S.-funded
multinational police mission to
combat the gangs that have
taken over the main ports, ma-
jor roads and 80% of the capi-
tal. The country has been in a
crisis of succession since the
July 2021 assassination of
President Jovenel Moïse, which
remains unresolved. Henry
took over after the killing.
A transitional council—made
up of seven voting members
and two observers representa-
tive of Haitian political parties
and civil-society groups—was
sault Brigade, which is working
near Chasiv Yar. “If the enemy
captured Chasiv Yar, they’d
have fire control of Druzhkivka,
Kramatorsk and Kostyan-
tynivka,” naming three of the
largest settlements in the re-
gion still under Kyiv’s control.
The situation for Ukrainian
troops around Chasiv Yar is
punishing. For each artillery
round Ukraine fires, Russia
fires 10, and soldiers in the area
say that ratio is getting worse.
At the front line, the Russians
are taking heavy casualties but
advancing. They have reached
the eastern edge of the city.
Inside the city, Moscow is
destroying the buildings
where Ukrainians might take
sion of the European Parlia-
ment not to recognize Rus-
sia’s presidential election as
insignificant, the Russian
state newspaper Izvestia re-
ported.
Russia’s Federal Security
Service, or FSB, detained Ger-
shkovich, who was accredited
to work as a journalist by Rus-
sia’s Foreign Ministry, on
March 29 last year while he
was on a reporting assign-
ment in the Russian city of
Yekaterinburg.
Gershkovich is being held
on an allegation of espionage
that he, the Journal and the
U.S. government vehemently
deny. The State Department
has declared him wrongfully
detained, a designation that
commits the government to
work for his release.
WORLDWATCH
inaugurated Thursday with the
goal of restoring security and
organizing presidential elec-
tions. Michel Boisvert, a for-
mer Haitian economy and fi-
nance minister who had been
Henry’s deputy, was named
acting prime minister.
Henry issued a resignation
letter from Los Angeles. He
had been unable to return to
Haiti from Kenya, where he
went to negotiate the deploy-
ment, after violence shut
down the country’s airport.
John Kirby, spokesman for
the National Security Council,
said the U.S. commends the
Haitian leaders for forming the
council. Kirby also said airport
access was restored. Local
media published photos of
two U.S. military cargo planes
that had landed there.
—Kejal Vyas and Juan Forero
WORLD NEWS
cover, the same strategy Rus-
sia used in Bakhmut except
the glide bombs are allowing
them to do it faster. Ukrainian
commanders say they can still
hold off the Russians.
Attacking, as the Russians
are doing, is always more costly
than defending. To get to Chasiv
Yar, Russian troops would have
to cross a canal that runs
through the east of the city,
then make it up a steep hill.
The arms the U.S. will pro-
vide would give Ukraine a bet-
ter chance of holding on to its
territory. President Biden
signed a bill providing artillery
ammunition that could start
arriving in Ukraine within days.
Additional air-defense systems
Polish Leader Warns of Wider War
BY SHARON WEINBERGER
AND KAROLINA JEZNACH
Russia has fired several
missiles at Ukraine that have
crossed into Polish airspace
since 2022, a provocative show
of force by Moscow that risks
igniting a wider war, Polish
President Andrzej Duda said.
The most recent incident
was on March 24, when a Rus-
sian cruise missile targeting
western Ukraine entered Pol-
ish airspace for 39 seconds, ac-
cording to the Polish military.
“We have no doubts that it
is a Russian provocation when
there is a missile entering our
airspace, then it turns around
and it goes into Ukraine,” Duda
told The Wall Street Journal.
While North Atlantic Treaty
Organization forces so far ha-
ven’t attempted to intercept
the missiles, Duda said his con-
CHINA
New Crew Heads
For Space Station
China launched a three-
member crew to its orbiting
space station on Thursday as
part of its ambitious program
to put astronauts on the
moon by 2030.
The spacecraft lifted off
from the Jiuquan Satellite
Launch Center on the edge of
the Gobi Desert in northwest-
ern China atop a Long March
2-F rocket. Its crew—Com-
mander Ye Guangfu, 43 years
old, a veteran astronaut, and
fighter pilots Li Cong, 34, and
Li Guangsu, 36, who are
spaceflight rookies—will re-
lieve the team that has been
staffing China’s Tiangong
space station since October.
China built its own space
Ukrainian soldiers prepare to head to the front
line in Chasiv Yar. Above, Yuriy Fedorenko
heads Ukraine’s Achilles attack-drone battalion.
could shoot down Russian jets
firing glide bombs.
But Kyiv’s military faces
other problems that U.S. aid
can’t fix.
Ukraine’s forces are thread-
bare after months of fighting
without break, and Kyiv is
short on replacements. As a re-
sult, deployments at the front
that are supposed to be five
days can last 10 or 15 days.
Soldiers sometimes run
out of food, water and medi-
cine. Attack drones hunt vehi-
cles transporting materiel and
fresh troops to the front line.
Soldiers with treatable
wounds die waiting days for
evacuations because no one
can reach them.
cern is that one could hit Polish
territory, destroying infrastruc-
ture or causing casualties.
NATO members also are
wary about shooting down Rus-
sian missiles over Ukraine—a
direct involvement in the con-
flict that alliance members have
avoided, Duda said. “Ukrainians
are saying, ‘Yes,’ but our NATO
partners are saying, ‘Do not do
it beyond NATO territory,’ and
this is a problem,” he said.
There have been at least
three known incidents of Rus-
sian missiles entering Polish
airspace since the start of the
Ukraine war in 2022. Polish
and allied forces are weighing
how to respond.
With Kyiv’s air-defense sys-
tems under strain, Russia has
launched a fresh round of mis-
sile strikes at Ukraine, includ-
ing the Lviv region, not far
from the Polish border. The
station after being excluded
from the International Space
Station, largely because of U.S.
concerns about the Chinese
military’s involvement in the
program. This year, the Chi-
nese station is slated for two
cargo spacecraft missions and
two manned spaceflight mis-
sions. The new crew will
spend about six months there.
China conducted its first
crewed space mission in 2003,
becoming the third country af-
ter the former Soviet Union
and the U.S. to put a person
into space using its own re-
sources. The U.S. space pro-
gram, which aims to put a
crew back on the lunar surface
by the end of 2025, is believed
to still hold a significant edge
over China’s, but China has
broken out in some areas
—Associated Press
* *** THE WALL STREET JOURNAL.
Russians hadn’t advanced in
his area of the front line last
week. Still, his unit was taking
a beating: Out of 110 men in his
company, only 35 were cur-
rently able to fight, with the
rest recovering from injuries.
Four of the six men in the
trench with him were wounded
MANU BRABO FOR THE WALL STREET JOURNAL (2)
by a grenade. “Even our com-
manders are in the positions
with us because we’re short of
men,” he said.
Hardly a building remains
undamaged in Chasiv Yar. Sol-
diers have taken up residence
in basements and stacked the
stairs with bottles of water,
firewood and dog food for lo-
cal mutts.
About 700 civilians remain
in the city, according to Ukrai-
nian officials, down from a pre-
war population of 12,000.
Around 100 come every day to
A 29-year-old soldier, who the center to drink tea, eat por-
goes by the call sign Nemo, ridge and charge their phones,
said his last shift at the front said Vitaliy Yeremenko, a hu-
lasted 10 days, during which manitarian volunteer.
the Russians advanced three- Mykola Mohylevskiy fields
quarters of a mile. They usually calls from residents looking
moved forward at dawn and for evacuations, most of them
dusk, when drones can’t see as elderly people without means
well but night-vision goggles to leave on their own. He did
aren’t necessary, and took the same work in Bakhmut,
heavy losses for the territory but said Chasiv Yar is more
they gained. When the Rus- hazardous because of the con-
sians find a Ukrainian foxhole, stant buzz of aerial drones.
he said, they hammer it until “Two months ago, I could
the Ukrainians have to retreat. just drive into the city, park
“They can shell a tree line the car, walk around,” he said.
just for fun,” he said. “We can “Now, you have to move fast.
only respond when we’re 100% There’s a huge threat drones
sure of the target.” will destroy the vehicle
Kypish, a 38-year-old soldier …Sometimes they even attack
from another brigade, said the civilians.”
trajectory of those missiles of- The Russians “have taken
ten takes them close to—and care to minimize even the
in some cases over—the NATO risks of missiles ending up in
border, Western officials said. NATO territory through mal-
The Russian Ministry of functions in flight,” he said.
Defense didn’t respond to a NATO has beefed up its air
request for comment. defenses along its eastern
“Russian missiles have re- flank with additional ground-
peatedly violated allied air- based defense systems and
space” since 2022, said a aircraft. Poland has several
NATO official, who declined to layers of air-defense systems
detail the number of incidents. that could intercept missiles
Cases “remain rare and gener- and fighter aircraft.
ally of short duration.” Duda declined to say how his
An American official said country would respond if a Rus-
the U.S. hasn’t determined sian missile caused casualties in
whether the Russian incur- Poland, or whether he would
sions are intentional. attempt to invoke NATO’s col-
Justin Bronk, a senior re- lective defense agreement.
search fellow at the Royal “I believe that we should
United Services Institute in try to avoid a situation in
London who studies air power which Russia could say that it
and technology, said that one or was provoked by NATO,” he
two incursions could be a guid- said. “So far it is Russia which
ance failure, but more frequent has been provoking, and ev-
breaches likely are deliberate. erybody can see that.”
Europe’s Survival Isn’t
A Given, Macron Says
BY NOEMIE BISSERBE ald Trump’s “America First”
AND STACY MEICHTRY isolationism.
Macron views Russia’s in-
PARIS—French President vasion of Ukraine as an exis-
Emmanuel Macron warned tential threat to the continent,
that Europe’s decadeslong warning that if Kyiv falls,
project of peaceful coopera- other capitals could be next.
tion might perish if the conti- On Thursday, he called on
nent doesn’t shore up critical the EU to issue common debt
gaps in its architecture, from to fund military investment—a
its economic underpinnings to concept opposed by Germany
its approach to defense and and several other Northern
immigration. European countries.
Macron delivered the com- “We are not armed to cope
ments in what was billed as a with the risks we face,” Ma-
sequel to an address he gave cron said.
at the start of his first term. The French leader’s push
Seven years later, following a for European autonomy has
pandemic and the outbreak of landed him in hot water with
wars in Ukraine and Gaza, he allies before. In February his
returned Thursday to the refusal to rule out sending
site—the Sorbonne University troops from NATO countries
in Paris—with a foreboding to Ukraine—part of what he
message of Europe at a tip- regards as “strategic ambigu-
ping point, buffeted by great- ity” that keeps Moscow guess-
power rivalries between the ing by leaving all military op-
U.S., China and Russia. tions on the table—set off a
“We have to be lucid about clash with German Chancellor
the fact that our Europe today Olaf Scholz.
is mortal—it can die—and it On Thursday, Macron said
depends only on the choices Europe should strengthen its
we make,” Macron said. “But role in NATO. Many of the alli-
these choices must be made ance’s member nations still
now because it is today that don’t meet its threshold of
the question of peace and war spending 2% of GDP on their
is being played out on our militaries. Europe, he said,
continent.” also needed to take more ini-
Anxieties are running high tiative in defining a strategy
in Europe over the fraying of for its collective defense.
trans-Atlantic ties that have “We must build a Europe
underpinned global security capable of showing that it is
and trade since the end of never the vassal of the United
World War II. This week, Con- States of America, and that it
gress passed a $95.3 billion also knows how to speak to all
package sending weapons to regions of the world,” he said.
Ukraine’s beleaguered forces Scholz responded to Ma-
and fortifying Israel’s missile- cron’s address with a post on X,
defense systems. But the de- saying: “France and Germany
bate over Ukraine split the Re- both want for Europe to remain
publican Party, with many strong. Your speech contains
members drifting toward Don- good ideas to achieve this.”
THE WALL STREET JOURNAL.
College
Bookended
By Anxiety
Continued from Page One
bookends a four-year span de-
fined by anxiety.
College students today are
lonelier, less resilient and more
disengaged than their predeces-
sors, research shows. The uni-
versity communities they popu-
late are socially fragmented,
diminished and less vibrant.
The pandemic bruised the
psyche of a generation. The pol-
itics seared it.
In response, schools are
beefing up their mental-health
offerings and urging students to
engage in clubs and activities.
But administrators say they can
coax them only so far, and are
starting to wonder whether col-
lege life as previous generations
knew it—including packed
classrooms, keg parties and eve-
ning meetups—may be perma-
nently changed.
“We may never be back to a
more engaged time just because
of how generations learn from
each other,” said Nathan
Thomas, vice president of stu-
dent affairs at Bradley Univer-
sity in Peoria, Ill. “This may be
the new normal, there may be
no real return to the past.”
Chloe Pargmann was a resi-
dential assistant last year in a
dormitory at the University of
Puget Sound in Tacoma, Wash.
Part of her job was to reach out
to first-year students and help
them acculturate to the school.
A lot of them wouldn’t come
out of their rooms even for a
dorm meeting, she said. Instead,
they text and ask her if they
could Zoom. “I was literally
across the hall,” she said.
Demonstrations
At Columbia, student isola-
tion amplified the protests, said
Eden Yadegar, a junior who
leads an organization support-
ing Israel. She and others said
lonely students found an invit-
ing community of support in-
side demonstrations and the en-
campment on the quad.
Even so, divisions have been
acrimonious. Jewish students
who spoke out for Israel were
shunned by those calling for the
university to divest from Israel.
When Yadegar walked into a so-
cial club in which she had been
a member for years, members
“would physically turn away
from me,” she said. “I have lost
the majority of my non-Jewish
friends over this.”
Even at schools with few
demonstrations, students share
a fear of liking the wrong post,
ignoring the right one or miss-
ing the nuance of a message
and watching that misstep get
amplified on social media. In-
stagram activism can be misin-
terpreted and end carefully cul-
tivated friendships with the tap
of a finger, said Vijayakumar.
“I know people who have
posted things on Palestine and
then people they consider
friends are like, ‘I can’t believe
you would say something like
this. We’re not friends any-
more,’” she said.
Against this anxiety-provok-
ing backdrop, researchers have
found the isolation and disrup-
tion caused by the pandemic,
plus the reliance on technology
that it fostered, has fundamen-
tally changed college life, leav-
ing students less likely to build
ties and find communities.
Today’s college students
sleep more, socialize less and
are more apt to eat alone than
in 2019. They spend more time
on their phones, join fewer
clubs, exercise less often and at-
tend fewer classes in person.
When they do show up to
class they are less prepared and
He Left His
Mark on
Millions
Continued from Page One
in the five decades since he
wrote the rules for the Food
and Drug Administration. He
credits the National Canners
Association with the idea of
putting all the information in
one spot.
Technically, “I didn’t write
a single regulation,” Hutt said.
“I dictated.” The 89-year-old
lawyer doesn’t know how to
type. His secretary takes occa-
sional dictation, he said, and
he is, reluctantly, learning
how to use dictation software.
* * * * *
Top, barricades on the New York University campus on Tuesday. Above left, Caroline Conway, a Dartmouth senior, said
she feels anxiety in a crowd. Above right, move-in day at Oakland University in Rochester, Mich., in August 2021.
less willing to engage in discus-
sions, faculty say. The share of
students saying they’re dis-
abled, for example by anxiety or
learning issues, climbed roughly
23% between 2019 and 2021, the
most recent year available, ac-
cording to a Wall Street Journal
analysis of Education Depart-
ment data.
Despite the current protests
on some campuses, in recent
years college quads have lost
their “town square” feeling.
There are fewer crowds. Less
excitement. Smaller knots of
students enjoying free time
with friends on the grass.
“How can I put this, it’s
duller than before Covid,” said
Gari Laguardia, who has taught
Spanish and culture at SUNY
Purchase for nearly 40 years.
“The kids are less independent
than they used to be. They seem
to not be able to exercise much
agency.”
Many students don’t seem to
be aware of what they are
missing. “I hear students say ‘I
follow everything on my phone.
So why would I need to go to
the basketball game?’” said
James Smith, president at East-
ern Michigan University.
Care teams
Meanwhile, mental health
centers are packed. Binge drink-
ing is out, teletherapy is in.
“Care teams” roam campuses
checking in on students who
appear unwell.
On campuses today, one in
seven students has contem-
plated suicide within the past
year, nearly one in three has en-
gaged in self harm and one in
50 has made an attempt on
their life, according to the na-
tional Healthy Minds study.
At Dartmouth College, where
three students died by suicide
the first academic year of the
pandemic, students sleep 16%
more than before the pandemic,
spend 44% less time in social
places such as the gym and caf-
eteria and 9% more time on
phones, said Andrew Campbell.
Hutt was the FDA’s chief
counsel from 1971 to 1975 and
remains obsessed with food-
and-drug law. “You’re dealing
with the things on which ev-
ery human being relies in or-
der to live,” he said.
Before Hutt’s tenure, the
FDA mostly cracked down on
miscreants. After his arrival,
the agency issued sweeping
rules that reshaped entire in-
dustries. It now regulates a
fifth of the U.S. economy, in-
cluding more than 10,000
vending machines.
Two decades ago, his law
firm, Covington & Burling,
threw a retirement party for
him and some colleagues. He
used the occasion to declare
he’d keep working “unless you
throw me out of the firm, in
which case I will go across the
street and practice food-and-
drug law with a competitor,”
FROM PAGE ONE
The Dartmouth professor of
computer science has tracked
the movements and psycholo-
gies of 200 students since be-
fore the pandemic through their
phones and weekly surveys.
Self-perceived social engage-
ment declined by 8%.
The school recently hired its
first chief wellness officer to
prioritize mental health.
Caroline Conway spent much
of her first year at Dartmouth
in her dorm room sheltering
from the pandemic. The first
crowded meeting she attended
was sophomore year. She sat by
an open window to minimize
her chances of getting sick but
panicked anyway. Ten minutes
into the meet she walked out.
Last month the soon to grad-
uate senior went to a birding
and conservation club meeting.
As the crowd grew so did her
unease. She left.
“This anxiety just creeps up
on me when I’m in a crowd,”
she said. “Before Covid it wasn’t
A traveling exhibit about suicide seen at the University of
Tennessee at Chattanooga in 2018.
he recalled.
He still works 12-hour days.
Besides practicing law, Hutt
has lectured at universities,
trade groups, professional as-
sociations and testified before
Congress more than 100
times. He has served on the
boards of more than 30 bio-
tech companies and numerous
federal advisory panels and
published more than 125 arti-
cles and has several book proj-
ects. There is much more—
enough to fill half of a 3-inch
binder that holds his curricu-
lum vitae.
The origins of Hutt’s pas-
sion reach back to childhood.
His dad owned a retail dairy
outside of Buffalo, N.Y., where
Hutt scrubbed floors and
made milk shakes. At 16, he
was a milkman, making deliv-
eries and exercising responsi-
bility. “I had the key to every
Friday, April 26, 2024 | A9
leges and universities.
Under federal law, students
can be considered disabled if
they have a note from a doctor.
That label requires schools to
offer accommodations depend-
ing on the student’s needs, such
as specialized software or an
assistant. A diagnosis of anxiety
or learning problems may lead
to extra time on exams.
The phenomenon can mean
more work for faculty who are
also struggling, said Terri Has-
seler, Director of the Center for
Teaching Excellence at Bryant
University in Rhode Island.
Students who were isolated
during the pandemic are having
more outbursts and breakdowns
in class, adding to pressure on
teachers. The result, Hasseler
says, is that students need more
CLOCKWISE FROM TOP: SARAH BLESENER FOR THE WALL STREET JOURNAL; EMILY ELCONIN/BLOOMBERG NEWS; CLAIRE CONWAY
hand holding and encourage-
ment at a moment when ex-
hausted faculty are least able to
provide it.
Rick Carter, assistant coach
at Triton College in Danville, Ill.,
who has coached basketball for
25 years, says he sees an inabil-
ity to communicate between
players on the court.
Players almost never call
their shot, urge teammates to
pick up opposing players or call
out picks, he said. Last season
he spent hours on drills forcing
players to yell basic marks to
teammates so they would be
more effective in games.
“I’m constantly stressing to
them you have to communicate,
you have to talk to each other
on the court,” he said. “Then af-
ter the game they all immedi-
ately look at their phones.”
The breakdown of the stu-
dent community accompanies
the increasingly transactional
nature of college. Even if stu-
dents aren’t enthusiastic or
dedicated scholars, they feel
pressure to get their money’s
worth and earn a credential to
pay back loans and find a job.
something that I used to regis- pandemic and athletic events Socializing is less of a priority.
ter. It didn’t matter.” draw fewer students. The pan- High-school students are de-
Libraries and other academic demic accelerated a shift driven ciding what college to attend
study areas have significantly by a combination of technology based primarily on tuition, in-
less foot traffic than before the and mindset, he said. Young ternships and job prospects, ac-
pandemic, and students are people don’t know that group cording to a survey of 20,000
spending more time in their experiences, such as attending a high-school students by EAB, an
dorms, said Aaron Benz, CEO of basketball game, have their own education consultancy. The de-
Degree Analytics, a Texas-based rewards: “You might meet sire to attend a college with an
company which measures someone from a different cor- “active social life” ranked eighth
where students spend their ner of the world,” he said. on their list of priorities.
time on campus using the Generalized anxiety was ris- Schools are under pressure
school’s wireless network. ing before the pandemic, but to meet students where they
University cafeterias at some isolation, followed by the abrupt are because isolated, lonely de-
schools, once universal gather- shift back to classrooms, exac- pressed students are more likely
ing spots for students, now erbated social anxiety, said to drop out, threatening univer-
mostly serve students with Brett E. Scofield, executive di- sity bottom lines.
bagged lunches they take back rector at the Center for Colle- At Tulane University, where
to their rooms to eat. giate Mental Health at Pennsyl- 92% of incoming students de-
The average student is vania State University. One scribed themselves as anxious
spending 40% less time in din- consequence of the prolonged in high school, professors are
ing spaces than before the pan- isolation was a failure to learn now trained to recognize signs
demic, said Benz. the socialization skills necessary of mental illness, said Davidson
to thrive. Porter, vice president of student
On campus, social anxiety affairs.
‘Meet someone’ can lead to avoidance of clubs The demand on mental
Smith, the Eastern Michigan and classroom discussions be- health services is too great for
president, said his campus is cause students worry about most universities to handle
conspicuously quieter since the other people judging them. If alone. About 400 have teamed
they fall behind, students are up with telehealth company
less likely to ask their profes- UWill, which started in 2020
sors or classmates for help, cre- and aims to get students on the
ating a feedback loop of anxiety phone with a therapist within
and depression, Scofield said. five minutes of their request.
Students are significantly The company has logged
less likely to study together or nearly one million appoint-
join student organizations, ac- ments. The three greatest de-
cording to the National Survey mands for counseling are
of Student Engagement. around self-esteem, loneliness
Knox College in Galesburg, and trauma, the company said.
Ill., is one of many where fac- At Dartmouth, it’s tremendously
ulty say fewer students com- popular, said Conway. There are
plete their assignments. “Or if even two rooms set aside in the
they do and it’s a five-page pa- library for teletherapy sessions.
per they’ll turn in a page and a Orly Meyer is the class presi-
half, and then they’re flabber- dent at Wesleyan University in
gasted when I just give them an Middletown, Conn. She said a
F for it,” said Andrew Civettini, lot of institutional knowledge
chair of the department of po- within student clubs was lost
litical science and international during the pandemic.
relations at Knox. “They’ll say, One tradition was a walk
‘Listen, I tried.’” members of the student govern-
ERIN O. SMITH/ASSOCIATED PRESS
Across the country, about ment would take as a group be-
one in 20 students now con- fore a meeting. After Covid,
sider themselves physically or someone brought a rope. And
psychologically disabled, up now they walk connected, like a
from around one in 50 in 2011, group of preschoolers, she said.
according to the Journal analy- “It’s nice,” Meyer said. “It’s
sis of the Education Department something we all do together.”
data, which was supplied by —Harry Carr contributed
more than 2,000 four-year col- to this article.
house,” he said.
Hutt wrote a history of
dairy cooperatives while an
approved for that use, but the
doctor said he could prescribe
it. Hutt agreed. His brother
his desk. One of his students
made it.
“The only thing I’d never
undergrad at Yale University.
He spent summers delivering
milk. While attending Harvard
gained consciousness and
went home to his wife and
four children. He lived for 10
let the FDA ban is vanilla ice
cream,” he said. It is his favor-
ite food, he said, and he eats
Law School, he wrote a paper
on federal rules governing the
relationship between farmer
more months.
Four years later, when a
congressman grilled FDA offi-
an average of a scoop a day.
By coincidence, the FDA is
reviewing the color additive
and milk-seller. His father had cials about doctors prescrib- Red No. 3, used to make mara-
a flood of milk-related legal ing drugs for off-label pur- schino cherries, one of Hutt’s
questions, prompting Hutt to poses, which fell into a gray favored ice cream toppings. If
attend a lecture by the then- area of the law, Hutt didn’t they ban it, he joked, “I will
chief counsel at the FDA, who hesitate. It was fine, he testi- bring a lawsuit.”
offered him a food law fellow- fied. In that moment, he ce- Hutt hired a personal
ship at New York University. mented a drug-law doctrine. trainer eight months ago and
While at the FDA, Hutt also Hutt isn’t picky about what takes four medications for his
legitimized off-label drug use. he eats. Some nights he stops heart and blood pressure as a
That, too, grew from life expe- at Five Guys for dinner. “Their precaution. His father died at
rience. In 1967, his older hamburgers are just terrific. age 63 of a stroke. Hutt isn’t
brother was in a coma with a And so are their hot dogs,” he worried. His mother lived to
brain tumor at age 36. Doctors said. “I love hot dogs.” 107, and his doctors assure
said he had 10 days to live. Stacks of paper stand floor him he will make it to 100.
One told Hutt that a particular to ceiling in his law office. A If he decides to quit law af-
steroid medication might ease knitted vanilla ice cream cone ter that, he said, “I’m gonna
the brain swelling. It wasn’t topped with a cherry sits on go back and be a milkman.”
 A10 | Friday, April 26, 2024
FILM REVIEW | KYLE SMITH
A Tangled Tennis Courtship
Luca Guadagnino’s ‘Challengers’ follows a coach caught in a love triangle with two players
‘CHALLENGERS” is sort of
a sports movie. But not re-
ally, though it contains a
lot of tennis action. It’s
also a story of friendship
between two men who, at
times, hate each other.
Chiefly it’s a love triangle,
but it isn’t clear what any
of the three participants
might consider an ideal
solution. In short, it’s a
muddle.
The drama is structured
around a second-tier ten-
nis match called a Chal-
lenger that takes place in
New Rochelle, N.Y., in 2019.
Zendaya, seeking to make
a transition to serious
grown-up roles after establishing
herself in three Spider-Man mov-
ies and HBO’s “Euphoria,” is
merely competent as Tashi, a for-
mer player turned coach, who is
trying to drive her superstar hus-
band, Art (a bland Mike Faist), to
METRO GOLDWYN MAYER PICTURES (3)
U.S. Open victory. At age 31 and on
a downward trajectory, Art agrees
to use the Challenger as a warm-
up before setting his sights on the
big prize. Since it’s only a country
club, he expects to draw a cupcake
for an opponent.
But, as we learn in an endless
series of flashbacks, including
TELEVISION REVIEW | JOHN ANDERSON
Mickey Mouse
As American Myth
I
n 1928, humanity was introduced
to “Steamboat Willie” and penicil-
lin. According to “How Disney
Built America,” antibiotics were
mickey mouse compared to Mickey
Mouse. Breathlessly and passion-
ately, the story of Walt Disney and
the empire he created is told in the
kind of exalted terms that might
just be warranted by the subject.
But they certainly don’t win the ar-
gument that the title provokes.
Are we a nation
built of cartoons and
theme parks? It may
sometimes seem so, A series
but what the series considers Walt
means is that our
cultural landscape Disney’s effect
has been so indelibly
influenced by Walt
on the country’s
Disney and his inno- culture.
vations—the afore-
mentioned amuse-
ment parks, the
syncing of sound to cartoons, the
creation of feature-length anima-
tion, the early embrace of television
as the country’s primary source of
entertainment—that life in America
would never have been the same
without him. This is the essential
flaw in the pro-Disney argument,
the position that “none of this
would exist if Walt Disney hadn’t”
HISTORY CHANNEL
done what he did. Sure, creating the
Mouse, say, or making “Snow White
and the Seven Dwarfs” exactly as
we know it or having the vision for
ARTS IN REVIEW
flashbacks within flashbacks, the
luck of the draw has provided Art
with the last person he wants to
play against: his old pal, and
Tashi’s ex-boyfriend, Patrick (an
appealing Josh O’Connor). Direc-
tor Luca Guadagnino and screen-
writer Justin Kuritzkes tell the
story out of order, jumping around
in time so often that it becomes
tiresome, especially since there is
so little forward-moving plot. A
movie that consists mostly of
showing us what the characters
have already experienced amounts
to digression upon digression, and
Disneyland might be singular
achievements. But someone would
have done something similar. Dis-
ney got there first, had the nerve to
face down his creditors and bet his
last nickel on his own instincts. For
that he deserves accolades, if not
worship. He also deserves blame,
however indirectly, for torturing U.S.
copyright law into something that
would be unrecognizable now by
the Founding Fathers.
“How Disney Built
America” is a mix.
One half is very en-
thusiastic commen-
tary by experts—
some obviously
legitimate authors
and academics, oth-
ers identified vaguely
as “content creators,”
or, in one case, the
host of “History That
Doesn’t Suck,” which
turns out to be a podcast that ap-
parently thinks most history does.
(Which is odd, given that this six-
part series is on the History Chan-
nel, which, by the way, is a subsid-
iary of A&E Networks, which is
partly owned by the Walt Disney
Co.) Much of what they say, and the
mythology they debunk, would be
common knowledge even to casual
film buffs, but other material—spe-
cifically the technical details of how
Disney made the landmark Techni-
color “Snow White,” for instance—is
the narrative game of 52-pickup
comes across as a cheap trick to
disguise the lack of any particu-
larly compelling goal for any of
the characters. (Even the U.S.
Open doesn’t matter enough for it
to be played by the end.)
Mr. Guadagnino amuses himself
with such flashy but uninteresting
stylistic maneuvers as zipping his
camera over the top of the net,
showing us what the sport looks
like from a player’s point of view
(confusing), from the ball’s (even
more confusing), and from under-
neath the court (why would any-
fascinating and accessible, especially
as it was all done before computers.
All of which makes an odd part-
nership with the dramatic re-cre-
ations that deliver much of the bio-
graphical material about Walt (Jason
Gaignard), whom we see evolve from
a smalltime hustler of short anima-
tion who goes to Hollywood with a
suitcase and a dream. Mr. Gaignard’s
performance is a curious thing: If the
series had been made in the ’30s,
during which so much of episode 2
plays out, the part might have been
cast with a cross between Franklin
Pangborn and William Powell’s less-
talented brother. The Walt we get is
profoundly uncharming, fussy, more
cocky than calculating, and lacking in
the cunning a Walt Disney might
have had—or must have had. His
one watch tennis this way?).
Art and Patrick, we learn at
length, were schoolfriends and
doubles partners who had a three-
way tryst with Tashi when all
three were teens competing at the
junior U.S. Open. Hurt feelings en-
sued as each of the two men went
on to date Tashi separately.
After winning the junior Open’s
doubles competition, Art and Pat-
rick kissed each other on the lips
while lying down on the court.
(Mr. Guadagnino, an Italian, per-
haps doesn’t realize how unusual
this would be for American ath-
 A scene from ‘How Disney Built
America,’ a six-part series on the
History Channel.
brother Roy (Derek Kealy), in actual-
ity a major player in the develop-
ment of the Disney universe, is rele-
gated to the Adrian Balboa role,
constantly telling Rocky—or rather
Walt—“You can’t win!” He complains
that they’re out of money, will never
make their deadlines and that “We’ll
have to mortgage everything, includ-
ing the mouse.” The real-life inter-
view sources are insistent about
Roy’s importance, but Mr. Kealy’s
role, as written, plays like a human
speed bump on the road to Anaheim.
One needn’t be Ron DeSantis to
have a problem with Disney, man or
company. Although the so-called
THE WALL STREET JOURNAL.
Clockwise from above: Mike Faist,
Zendaya and Josh O’Connor;
Messrs. Faist and O’Connor; and
Zendaya.
letes.) This sets up an unre-
marked-upon element of homo-
erotic longing between the two,
which puts the whole movie off
balance. Do they want Tashi? Does
Tashi want her husband or her
former boyfriend? Does Patrick
want her or merely revenge
against Art? Do the two men want
to run off with each other and for-
get about Tashi? More important:
Given all of the flashbacks, will we
ever get to the end of the Chal-
lenger that kicks off near the be-
ginning of the movie?
Mr. Guadagnino, who steered
the gay love story “Call Me by Your
Name” to an Oscar nomination for
Best Picture and then ventured into
extreme genre territory with a re-
make of a gruesome witch movie
(“Suspiria”) and an even more
stomach-churning one about canni-
bals (“Bones and All”), does his
best to give substance to a thin,
soapy story, but he relies so heavily
on gimmicks (several montages fea-
ture electronic dance music) that
he starts to seem desperate. More-
over, the many scenes set in locker
rooms or saunas or otherwise rev-
eling in nude or nearly nude bodies
merely seem prurient, not dramati-
cally engaging. The ending cer-
tainly comes as a surprise—but not
a welcome one, since it essentially
nullifies most of the movie. It’s
about as satisfying as seeing a
match end on a foot fault.
Mickey Mouse Pro-
tection Act helped
extend copyright pro-
tection beyond any-
thing reasonable, the
Disney brand was
built on looting the
public domain. (Re-
member all those
fairy tales?) It isn’t
an issue addressed
directly, at least not
in the three episodes
made available for
review. Mickey ripped
off Charlie Chaplin
among others; he
even ripped off his
predecessor, Oswald
the Lucky Rabbit, the
rights to which Dis-
ney lost to Universal
in the ’20s.
In recent years,
the company has
come to be defined
by recycling—of car-
toons into live-action
movies, into Broadway shows, back
into movies, with everything having
a making-of special attached to it,
the content feeding upon the li-
brary. In “Shakespeare: The Inven-
tion of the Human,” critic Harold
Bloom made the case that the play-
wright’s characterizations defined
human nature as we have come to
perceive it. It was an audacious po-
sition to take, but one with a foun-
dation. “How Disney Built America”
is audacious, too, but its foundation
is sand.
How Disney Built America
Begins Sunday, 10 p.m.,
The History Channel
Mr. Anderson is the Journal’s TV
critic.
 THE WALL STREET JOURNAL. Friday, April 26, 2024 | A11

ARTS IN REVIEW

J
New York THEATER REVIEW | CHARLES ISHERWOOD

A Tortured Vision of Motherhood

essica Lange plays a
hapless, helpless
and hopelessly bad
single mother in
Paula Vogel’s bluntly
titled “Mother Play,”
a funny and affecting but Jessica Lange stars in Paula Vogel’s fragmentary drama as a miserable single parent of two children
slight and fragmentary
drama depicting Ms. Lange’s
Phyllis and her tortured
relationship with her son
and daughter across several
decades.
Presented on Broadway
by Second Stage, and mor-
dantly subtitled “A Play in
Five Evictions,” Ms. Vogel’s
drama begins in 1964 and is
set largely in meager apart-
ments in and around Wash-
ington. Although Carl (Jim
Parsons) is just 14 years
old, and Martha (Celia
Keenan-Bolger) is 12, the
siblings are already their
mother’s caretakers. As
they unpack after their lat-
est eviction, Phyllis
slouches in a chair, with
Carl lighting her cigarette
and Martha swiftly passing
her a glass for the gin she
has pulled from her purse.
Ms. Lange provides a
bracing and unsentimental
portrait of a woman who
never possessed the right
toolbox for motherhood—and
evinced no interest in shop-
ping for one. In one of the
play’s more startlingly un-
pleasant moments, she tells
Martha, “I never wanted to
be a mother . . . it’s a life
sentence.” The news hardly
comes as a surprise.
As the years pass and
the gin bottles are drained,
Phyllis’s narcissism thickly
perfumes the air of the fam-
ily’s dingy digs, rather like
the Arpège she once wore in Jessica Lange, above, in room, wondering why she is stage—and a fiercely protec- Drive,” has discussed, daughter—has a piercing
brighter days. (The ever- ‘Mother Play,’ directed by being punished. Ms. Lange is tive affection for one an- “Mother Play” is semi-auto- sadness as Ms. Lange’s per-
present cockroaches are a Tina Landau. darkly funny in a particularly other, they do not emerge biographical. (She wrote an- formance reaches a rending
morbidly funny visual motif, melancholy scene that finds as fully fleshed-out, complex other play, “The Baltimore climax, too much of
represented by projections.) Phyllis alone, making herself characters, but remain in Waltz,” about her relation- “Mother Play” feels evanes-
While she nominally dotes roles for older actresses in a TV dinner over which she the shadow of their gorgon ship to her brother, in fact cent, more a personal exer-
on Carl, a smart, witty and Hollywood all but nonexis- pours Tabasco sauce before mother. Their defenses of named Carl, who died of cise in exorcising ghosts
bookish child on whom she tent, she has brought her giving up and turning to an- their sexuality—gay-is-good AIDS.) In this latest work than a play that resonates
pins the family’s hopes for a formidable talents to bear other glass of gin. vs. Phyllis’s gay-is-“filthy”— one senses the writer’s at- on deeper levels.
better future (“You know, in on parts that might seem “Mother Play” is de- feel stale more than two de- tempt to make peace with
a past life I think you were unappealing but neverthe- scribed as a memory play, cades into the 21st century. her past without softening Mother Play
my husband,” she says after less give her plenty of and bears a resemblance to Still, both actors give ster- the painful truth. The Hayes Theatre, 240 W.
several drinks), she also ca- meaty material to gnaw on. one of the American the- ling performances that can- But while the final 44th St., New York, $70-$219,
sually mocks him—accusing And despite Phyllis’s of- ater’s most famous, “The not be faulted. scene—Phyllis, in a nursing 212-541-4516, closes June 16
him of taking an excessive ten appalling behavior, Ms. Glass Menagerie,” also As Ms. Vogel, the author home, repeatedly wails, “I
interest in her lingerie. But about a single mother’s of the 1998 Pulitzer Prize- want to go home,” and fails Mr. Isherwood is the
she is far more cruel to troubled relationships with winning “How I Learned to to recognize Martha as her Journal’s theater critic.
Martha, to whom she gives her son and daughter. Like
a copy of the downbeat les- Ms. Lange finds that play’s Amanda Wing-
bian novel “The Well of monstrousness field, Phyllis reminisces
The WSJ Daily Crossword | Edited by Mike Shenk
Loneliness,” to “scare you about the romance of her
into being normal,” as Carl and pathos alike younger days, when she
jokes. Later Phyllis says, in dated soldiers and sailors
1 2 3 4 5 6 7 8 9 10 11 12
PUZZLE
in her suffering
Martha’s presence, “Martha before marrying the chil- 13 14 15 16 CONTEST
is unremarkable.” (Thanks, character. dren’s feckless and abusive
Mom!) father. (Ms. Lange played 17 18 19
Ms. Lange’s bear-hug Amanda on Broadway, op-
embrace of her flaw- posite Sarah Paulson’s
25 It splits near
20 21 22
drenched character will not Lange dampens the mon- Laura; coincidentally, Ms.
Arles
be a surprise to those who strousness with pathos. As Paulson is not only concur- 23 24 25 26 27 27 Coarse
have seen her play more Phyllis pushes her children rently on Broadway in “Ap- 30 Not a single
outlandishly awful charac- away—she shows Carl the propriate,” but is also a reg- 28 29 30 31 person
ters on Ryan Murphy’s pop- door when he comes out as ular in Mr. Murphy’s 33 Karate skill
ular “American Horror gay, and, when she discovers shows.) 32 33 34 35 36 37 38 39 level
Story” series, and more re- Martha is a lesbian, later Directed by Tina Landau 35 Bus. letter
cently the vampiric ghost of wails, “Jesus Christ! Two of on sets by David Zinn that 40 41 42 abbr.
Truman Capote’s mother in them!”—she becomes a evoke both the grimness 36 Hub
the same producer’s “Feud: lonely and isolated figure, al- and the transitory nature of 43 44 45 accessible
Capote vs. the Swans.” With most like a child locked in a the family’s unresting via BART
places, “Mother Play” offers 46 47 48 49 37 Prepared for
somewhat less rewarding war
roles for Mr. Parsons and 50 51 52 53 54 55 56 38 Triangular
Ms. Keenan-Bolger. It helps architectural
that both naturally exude a 57 58 59 feature
child-like spirit; they are 39 Parts of
convincing as both exasper- 60 61 62 63 64 65 pipes
ated teenagers and adults 41 Istanbul
increasingly alienated by 66 67 68
palace that
their mother’s cruelty and serves as a
bigotry. 69 70 71
museum
But aside from their sex- 45 Unfussy
uality—a subject that has
been aired frequently on- RISING STARS | By Mike Shenk 46 Campfire
seat
The answer to 29 Golf’s Ernie 55 Tangential 8 D.C. figure 48 Cake courses
this week’s contest 31 “Play God” remarks 9 When turns
Celia Keenan-Bolger and Jim crossword is what 50 Porterhouse
singer 57 Small grocery may be illegal kin
Parsons, left; Mr. Parsons, the rise to stardom DiFranco store 10 Apple on 51 Monopoly
Ms. Lange and Ms. Keenan- might be. 32 Steve Jobs 58 Stop on a trek records buy
Bolger, below. introduced
Across 60 Maker of cars 11 Counting 52 Prepares for
1 Lie indolently them in never seen on everything print
5 Fixes in October 2001 the road 12 Hall of Hall & 53 Track great
advance 34 Saucy 61 Country Oates Owens
9 “The Wizard 36 Gives in to singer in 15 Depleted, as 54 Turning part
___” (long- gravity 1985’s “Sweet profits
Dreams” 56 Key
running comic 40 Music’s Horne 18 “Holy cow!” 59 Pet in a
strip) 41 Native 66 Brooklyn
ballers 22 Sch. Hammett
13 Math class companion in nicknamed story
calculation 2013’s “The 67 Elvis song “___
Feelin’ in My “West Point 62 Number on a
14 Nine: Prefix Lone Ranger” of the South” card, maybe
16 Ship of 1492 42 Bunch of Body”
68 Bus. sch. 23 French 63 Sculpting
17 Ill-tempered brothers lexicographer medium
43 Perfect place course
codger in Littré 64 Rouen refusal
2013’s 44 Smart 69 Otherwise
70 History 24 Increased 65 Wind down
“Nebraska” reaction?
19 Ocean sound 45 Dome-shaped stretches Previous Puzzle’s Solution
20 Part parts dessert 71 Watch over A D AM D I S S N A R F
21 Fair way to 46 Turntable Down N O V A A S H T OWE L
T H I N K T H EWO R L D O F
split the loot turners 1 Bar topic A N N A E A R H O U
23 Triumphant 47 Supporter’s 2 Metal en un R E T A I L I N V E S T O R S
cry answer doblón A G O T O N S O R T I E
3 Summer sign D O R A S U I T L I S T S
26 Rainbow 49 Colonnade I N S I D E J O B
Bridge sentry tree 4 Bisque server A C H O O T O N E E S S O
in 2011’s 50 Criminal 5 Relating to a S M E L L S OW S H I S
monarch S O C I A L D I R E C T O R S
“Thor” psychopath in E N T O D S L O O T
28 Abbr. implied 2016’s 6 About S MA L L P R I C E T O P A Y
on a speed “Suicide 7 Grind A R O S E A I R L U L U
limit sign Squad” together N E X U S H A S S T E M
JOAN MARCUS (3)

▶ Email your answer—in the subject line—to crosswordcontest@wsj.com by 11:59 p.m. Eastern Time Sunday,
April 28. A solver selected at random will win a WSJ mug. Last week’s winner: Michael Kirby, Littleton, CO.
Complete contest rules at WSJ.com/Puzzles. (No purchase necessary. Void where prohibited. U.S.
residents 18 and over only.)
 A12 | Friday, April 26, 2024
BY ANDREW BEATON
B
raden Fiske was in his sixth
year of college football when
he suddenly found he had
more money than he knew what to
do with.
The defensive tackle had gone
from playing at a small-conference
school, Western Michigan, to be-
coming one of the most coveted
players in the sport when he
transferred to Florida State last
year. That move turned him into
precisely the type of player who
could capitalize on the new rules
that allow college athletes to cash
in on their name, image and like-
ness.
Fiske’s first instinct was to go
shopping—just like any other 20-
something suddenly sitting on a
pile of cash. But then he changed
his mind and did something far
less fun and way more responsible.
Fiske poured six figures into his
investment accounts.
Fiske is about to have a whole
lot more money to invest. After a
stellar season on one of the best
teams in the country and a jaw-
dropping performance at this
year’s scouting combine, the 6-
foot-4 and 292-pound lineman is
projected to go in the first couple
of rounds of this year’s NFL draft,
which begins Thursday. And when
he does, Fiske has a pretty good
idea what he’ll do with his pay-
checks. Last time he received a
life-changing windfall, he used the
new frontier of college sports to
learn everything he could about
investing—and then he put it to
work.
That makes Fiske part
of a new generation of
athletes tapping into the
riches on offer in sports
before even turning pro.
And for him, it wasn’t
just about studying
which exchange-traded
funds he liked. It was a
head start on securing a
future once he can no
longer make money off
his physical talents.
“I know I’m going to
be exposed to money
that I’ve never seen be-
fore,” Fiske says, “and I
just want to be able to
set myself up for long-
term success more so
than short term.”
Before Fiske was
learning about the mar-
ket, he was college foot-
ball’s version of a penny
stock that took off unex-
pectedly. Coming out of
high school, he wasn’t
rated among the top
1,500 prospects in the
country, according to the
recruiting website
247Sports. He landed at
Western Michigan, where
he hardly saw the field as a fresh-
man.
But by 2022, two forces had
converged to send his value soar-
ing.
One was his own play: Fiske
BY JOSHUA ROBINSON
THE RAFAEL NADAL FAREWELL-
to-tennis tour has, so far, involved
a lot more farewell than actual
tennis.
Hobbled by a spate of injuries
for the past two years, Nadal re-
turned to the court this spring
hoping to make the rounds of his
favorite tournaments one final
time before he plans to call it a ca-
reer at the end of the season. But
putting together even a handful of
competitive matches has turned
into one of the toughest chal-
lenges of his tennis life.
Nadal’s latest attempt to build
some momentum is under way in
Madrid this week, where he is
hoping to rediscover his clay-court
form ahead of next month’s
French Open. And on Thursday, he
powered past a highly regarded,
16-year-old American named Dar-
win Blanch despite admitting that
he was “not 100% ready to play.”
The entire first-round match, a
6-1, 6-0 victory, took barely an
hour, accelerated by Blanch’s
nerves on the big stage. But these
days, Nadal is happy for any time
he can spend on court at all.
Thursday was only his sixth com-
petitive match of the season and
his 10th since the start of 2023.
And by now, there are no longer
any doubts that Nadal’s career-
ending physical decline has taken
hold. He is slower and smaller
than he used to be. He plays in
pain every time he laces up his
sneakers.
At this stage, Nadal is simply
trying to close out his two decades
as a pro on something resembling
his own terms.
MANU FERNANDEZ/ASSOCIATED PRESS
“My objective has always been
to go out on court with the peace
of mind of having done everything
possible so that things go well,”
Nadal said in Madrid before
Thursday’s match. “In another sit-
uation in my career, I probably
wouldn’t be playing, but I have to
give it a shot. Time isn’t infinite
Draft Prospect Moonlights as Investor
When Florida State’s Braden Fiske received a windfall in the new collegiate sports economy, he
resisted the urge to spend it on cars and clothes. Instead, he put his money in the stock market.
had broken out as the star on the
Broncos’ defensive line. The other
was his timing. Right in the midst
of his college career, the rules gov-
erning college sports had radically
changed to allow players to make
Nadal’s Farewell to Tennis Limps On
anymore.”
In his dream goodbye, Nadal
would make one more charmed
run at Roland-Garros, on the red
court that he has turned into his
living room. That’s where he won
his first of his 22 Grand Slam ti-
tles, as a top spinning teenager in
Capri pants in 2005. And it’s
where he claimed what was likely
SPORTS
Braden Fiske, above, sive line of a team that went unde-
reacts after a sack and feated until it was snubbed by the
at the New York Stock College Football Playoff. The ques-
Exchange, left. tion for Fiske was how he would
spend it—and he knew the precise
outcome he wanted to avoid.
money. So when Fiske “I had seen and heard enough
decided to transfer, he horror stories of guys spending all
wasn’t just picking their NIL money and forgetting
where he wanted to that taxes exist,” he says.
play out his final year Fiske became curious about in-
of eligibility. He was ef- vesting beginning at a young age,
fectively a free agent— when his uncle’s job as a stockbro-
and one of the most de- ker piqued his interest. Then as a
sirable ones—in a newly freshman in college, he opened his
free market. Fiske was first brokerage account. “I had no
ranked as one of the top idea what I was really doing,” he
transfers available. admits.
Fiske soon landed at So when he wasn’t in the
Florida State, a program weight room guzzling protein
that isn’t especially shy shakes, he began devouring fi-
about splashing around nance content. The first book he
money to land top play- read on the subject was the 1997
ers. FSU has one of the financial literacy classic “Rich Dad
most aggressive collec- Poor Dad.” He kept on reading and
tives, which are groups started listening to investing pod-
of boosters that have casts.
formed to sign players That crash course helped once
to endorsement deals, he got to Florida State, where he
functionally enticing had a lot more to experiment with.
athletes to pick their school over Difficult as it was to go past the
the competition. And they were Mercedes dealership and not treat
using some of that money to buy himself, he poured most of his
shares in Fiske. payday into his accounts—all told,
It paid off for Florida State as he has invested roughly $100,000.
Fiske went on to anchor the defen- At first, he found himself
Rafael Nadal
beat Darwin
Blanch on
Thursday.
his last as a creaking 30-some- more than his body can stand. Na-
thing on painkillers in 2022. dal hasn’t lasted longer than three
In Nadal’s current shape, how- matches at any tournament since
ever, limping through two weeks the 2022 U.S. Open, where he
of best-of-five-set tennis seems far made a fourth-round exit against
beyond him. The Paris Olympics, Frances Tiafoe.
also held at Roland-Garros, are Shortly after that match in
theoretically more forgiving since New York, Nadal shut himself
matches are only best of three. down for a while and vowed to fo-
But that tournament could also be cus on repairing the various ail-
THE WALL STREET JOURNAL.
slightly maniacal about how his
portfolio was doing and felt the
urge to check his account every 30
minutes. Over time, though, he re-
alized that constantly refreshing
the apps on his phone didn’t help.
Besides, Fiske isn’t a day trader.
While he dabbles with occasionally
buying individual stocks, he’s
mostly into mutual funds and
ETFs.
“I like having more of a broad
portfolio,” he says.
One of his most successful
picks has been the Fidelity 500 In-
dex Fund, which is up 21% over
the last year. When he does buy
shares in an individual company,
he prefers those with dividends
and has it set up on “DRIP,” he
says, a dividend reinvestment plan
that automatically uses the money
FROM TOP: ERIK VERDUZCO/ASSOCIATED PRESS; ISMAIL KHAN
to buy more stock.
All the while, Fiske was turning
into a bona fide NFL prospect. He
had three sacks in FSU’s ACC
Championship win over Louisville.
Then he really turned heads once
the season was over. His showing
at the combine, where he ran the
40-yard dash in 4.78 seconds made
him one of the event’s standout
performers.
That meant Fiske’s stock was
booming yet again. Only this time,
it was draft stock.
ments that turned his rallies into
torture—the abdominal problems,
the ankles, the back, the foot, the
hip. The last thing he wanted was
to fade into retirement like his
great rival, Roger Federer, who
gave up his hopes of a return to
the court following knee surgery.
So Nadal drew up a plan. After
a couple of abortive comebacks in
late 2022 and early 2023, he com-
mitted himself to one more major
period of recovery. He planned to
take the season off, retreat to Ma-
llorca, and come back in 2024 for
a final lap around the tennis cal-
endar. He didn’t have a clue how it
would go, but in January of this
year, he was back on a plane to
kick off the season in Australia.
“I expect from myself not to
expect anything,” he said at the
time. “This is the truth.”
That’s when his plan went off
the rails again. Nadal injured him-
self again before the Australian
Open and sat out until the Barce-
lona Open earlier this month.
Now, the all-time great who
wanted to map out an entire fare-
well season can’t even tell what
the coming weeks will hold. The
date he’s keeping his eye on is
May 20, when the French Open be-
gins in Paris.
“If I was in Paris today, I
wouldn’t go out to play,” Nadal
said on Wednesday. “Few weeks
[ago], I didn’t know if I will be
able to play again on the profes-
sional tour.”
For now, he trusts his body
enough to get him out on court
and at least brush off players like
Blanch, who are younger than his
professional career—Nadal was
winning Grand Slam tournaments
before Blanch was born.
The question now is whether it
can carry him to a Parisian curtain
call.
“The ideal thing would be to be
able to play without limitations,
whatever happens,” Nadal says. “I
don’t know what will happen in
the next three weeks.”
THE WALL STREET JOURNAL.
OPINION
Democrats’ ‘Election Interference’
One big elec-
tion question
is whether
voters will
again fall for
Joe Biden’s
POTOMAC 2020 pitch:
Elect me be-
WATCH
cause Repub-
By Kimberley
licans are a
A. Strassel
“threat to de-
mocracy.” If
they don’t, Democrats can
blame the growing insanity of
the Donald Trump prosecu-
tions, which every day look
less like fair or sober justice.
Manhattan District Attor-
ney Alvin Bragg’s court case—
which hinges on the claim
that Mr. Trump falsely labeled
seven-year-old business re-
cords about a nondisclosure-
agreement payment to an
adult film star—was always
tenuous. To elevate this some-
what nonsensical issue to a
felony, Mr. Bragg had to claim
further the entries were mis-
labeled with intent to commit
or conceal a secondary crime.
After months of indecision,
Mr. Bragg finally settled on a
gotcha, suggesting the NDA
payment made by lawyer Mi-
chael Cohen was an illegal
campaign contribution—even
though the money came from
the candidate—that Mr.
Trump criminally concealed
from voters, amounting to
election “interference” or
“fraud.”
Consider the sheer nutti-
ness of this argument, espe-
cially when spooled to its nat-
ural conclusions. Campaigns
exist to present a candidate
favorably to the public—to
highlight good things, hide
unpleasant things. If it is fel-
The Fight for Freedom, From Exodus to Gaza
HOUSES OF Jewish fami- tion. We sought freedom by read about those who aspired his actions—as he was, nearly
WORSHIP lies around trying to leave our version of to kill us, we thought about 11 months later—he spoke
By Natan the world on
Sharansky Monday, the
first night of
Passover, sat
around their seder tables
reading the Haggadah, which
tells the story of our people’s
Exodus from Egypt. The focus
of this high point in the Jew-
ish calendar is the beginning
of our history as a free people.
Two conclusions emerge.
First, freedom is a gift from
heaven—and second, even if
the Almighty’s plan is for us
to be free, we will always have
to fight for it. Each day and in
each generation, the Hagga-
dah tells us, we must rise up
to defend our people.
Sometimes that message
remains a general maxim. In
other moments, it inspires us
to act. I experienced the latter
50 years ago, when I attended
my first seder in Moscow. Ev-
eryone gathered that day was
a product of the Soviet re-
gime. We all began as assimi-
lated Jews, disconnected from
and ignorant of our heritage.
Yet soon we began to study
Hebrew and Jewish traditions
in secret. Eventually, each of
us overcame our fear of perse-
cution and began to resist the
regime. Many of us had KGB
“tails,” agents assigned to
monitor and report our activi-
ties to the authorities.
As newcomers to Hebrew,
we struggled to read the Hag-
gadah. Despite our difficulties,
when we came to the words,
“Every Jew is obligated to re-
gard himself as if he person-
ally had come out of Egypt,”
we felt an immediate connec-
‘Net Neutrality’ Faces a Stiff Judicial Test
By Brian A. Rankin
T
he Federal Communica-
tions Commission voted
Thursday along partisan
lines to reclassify broadband
internet access service as a
common carrier telecommuni-
cations service under Title II
of the Communications Act.
The agency is abandoning a
light-touch regulatory ap-
proach that spurred innova-
tion and investment in its ef-
fort to revive Obama era rules
enforcing net neutrality.
An appeal of the FCC’s or-
der is almost certain and is
likely to succeed under the
major-questions doctrine
given that the Supreme
Court struck down similarly
unauthorized use of agency
authority in its 2022 ruling
in West Virginia v. Environ-
mental Protection Agency.
The doctrine holds it is the
people’s representatives in
Congress who authorize ad-
ony “election interference” for
a candidate to try to keep pri-
vate the details of a seamy re-
lationship, what other candi-
date concealments—of a
lawful and entirely personal
nature—must be reported?
Must the out-of-pocket settle-
ment for that fender-bender
be disclosed, since it conceals
a candidate’s bad driving
skills? How about plastic sur-
gery, since it masks the true
ravages of age or health? Let’s
raise donation caps now, since
this will cost a lot.
Better yet, let’s march the
entire political class to their
jail cells now and save donors
and the courts the costs. Many
should already be there under
the Bragg “concealment”
theory. The Democratic Na-
tional Committee and the Hil-
lary Clinton campaign in 2016
paid an opposition-research
firm to produce a bogus dos-
sier that accused Mr. Trump
of collusion with Russia. They
fed it to the FBI and leaked it
to the public prior to the 2016
election. The DNC and Mrs.
Clinton’s campaign reported
the expenditures to the Fed-
eral Election Commission but
concealed their true nature by
describing the payments as
“legal” services, as Mr. Trump
did with his NDA. The FEC
fined them for the deception,
but under Mr. Bragg’s theory
it should count as criminal
election interference.
The Bragg argument also
fails on the facts of the
Trump case. The claim is that
by concealing his hush-money
payment, Mr. Trump improp-
erly influenced and interfered
with the 2016 vote. Yet had
the payment been made and
Egypt, and the KGB agents
standing outside the doorway
were the equivalent of Pha-
raoh’s army. We were exhila-
rated to be part of an un-
breakable chain of ancient
history—unlike our oppres-
sors, whose official history
began only with the Bolshevik
Revolution.
We didn’t know that the
end of our story would be as
spectacular as the Exodus it-
self. The Jewish people united
on our behalf and helped
bring down the Iron Curtain,
allowing millions of Jews to
return home to Israel. The
most powerful dictatorship of
the world drowned in the
tides of history, as Pharaoh’s
army drowned in the Red Sea.
We were learning that the
presence of the Almighty is as
powerful in our age as it was
then.
The Soviet Union’s fall gave
us a reprieve from the strug-
gles of history. Though our
enemies remained, Jews in re-
cent decades have been rela-
tively secure, buttressed by a
powerful Israel, which has
guaranteed our security, and a
strong American ally, which
has supported our prosperity
and achievement.
On Oct. 7, everything
changed again. The terror and
sadism of that pogrom, as
well as the new wave of anti-
semitism that followed across
the West, reminded us that we
can’t escape history. Our brief
vacation from existential
struggle is over.
This year when we gath-
ered around the table and
ministrative agency power.
For questions of vast eco-
nomic and political signifi-
cance, an agency must have
clear congressional authori-
zation for any regulatory
power it asserts.
There seems little question
that the FCC’s asserted power
concerns a question of major
economic and political signifi-
cance. Hundreds of millions of
The revived rule likely
violates the major
questions doctrine.
Americans rely on broadband
internet. It’s a technology that
touches nearly every aspect of
our lives and the economy.
Broadband regulation has
enormous consequences and
declaring providers common
carriers is a massive change.
Under Title II, the FCC has
disclosed via the campaign,
the final pre-election FEC re-
ports that year were made
public on Oct. 27, 2016, and
covered transactions only
through Oct. 19. Mr. Cohen
wired the money to Stormy
Daniels’s team on Oct. 27, and
the agreement wasn’t signed
until the next day. Even had
Mr. Trump reported all this to
the FEC, the public wouldn’t
have known until long after
the election.
Alvin Bragg’s theory
in New York state’s
Trump case is crazier
than you think.
Critics will insist that
Trump campaign would have
been legally obligated to re-
port Mr. Cohen’s “last minute”
contribution within 48 hours.
But of course that couldn’t
have happened, since the
$130,000 Cohen sent to the
Daniels camp would have
vastly exceeded individual
contribution limits. If the
Trump team had truly viewed
this as a campaign-finance is-
sue, Mr. Trump surely would
have counted the money as
his own contribution to the
campaign, since there are no
limits on self-financing. Top
to bottom, left to right, the
Bragg argument is absurd, a
desperate effort to turn a
baseless case into an ominous
and buzzy “election interfer-
ence” charge.
Such legal contortions
leave nobody feeling safe. If
they can be applied to a
Hamas. Recalling our ances-
tors’ plight in Egypt evoked
images of the hostages, who
have spent more than six
months in captivity, enduring
horrors that civilized minds
refuse to imagine. Reflecting
on the long history of hatred
toward Jews brought to mind
American universities, where
professors and students have
celebrated the terrorists’
massacre.
Our enemies, like
those before them, will
be washed away by the
floods of history.
Yet reviewing our millen-
nia-long journey strengthened
our determination and opti-
mism. If we stand strong in
defending our rights as free
people in our land, our perse-
cutors will be carried away by
the floods of history, as Pha-
raoh’s army and the Soviet
empire were before it.
That story inspires not only
Jews but many other freedom
fighters. A couple days before
Passover last year, I received a
letter from my alma mater,
the Soviet gulag. Its author
was the courageous Russian
dissident Alexei Navalny. He
wrote that my generation’s
struggle against the Soviets
reminded him of his own fight
against Vladimir Putin’s dicta-
torship and that the similarity
gave him great hope. While he
realized he might be killed for
expansive authority over al-
most every aspect of a com-
mon carrier’s business, includ-
ing rate regulation, terms of
service, and determining re-
turns on capital investment. It’s
hard to imagine how the FCC
could put out a more economi-
cally consequential decision or
a more substantial expansion
of its regulatory authority.
That expansion also ap-
pears to go beyond any clear
congressional authorization.
When Justice Brett Ka-
vanaugh served on the D.C.
Circuit Court of Appeals he
found in a persuasive dissent
regarding the FCC’s 2015 net
neutrality order that “what
[the Communications Act]
does not clearly do is treat
Internet service as a telecom-
munications service and
thereby authorize the FCC to
regulate Internet service pro-
viders as common carriers.
At most, the Act is ambigu-
ous about whether Internet
prominent politician—with
stacks of money to pay law-
yers, and tens of millions of
supporters—they can more
easily be applied to the aver-
age Joe. Who’s the threat to
democracy? And given the sil-
liness of the case—brought
entirely with the aim of influ-
encing the voting public—who
is actually “interfering” with
the election?
The Bragg headlines must
be added to other newsy on-
slaughts, few of which smell
much like “representative
government.” This week
alone, the Biden administra-
tion unilaterally invalidated
30 million contracts (non-
compete agreements, which
the Federal Trade Commission
now deems illegal), removed
13 million Alaskan acres from
use, imposed sweeping regu-
lations on power plants, and
commandeered the internet
with a new “net neutrality”
rule. Congress was consulted
on none of this. The Supreme
Court just heard arguments
over whether—among other
power grabs—this administra-
tion is allowed to prosecute
Mr. Biden’s opponent for
things he did while president.
Politico reports that a regular
cabal of liberal activists and
commentators huddle every
Friday to dictate the nation’s
headlines.
Recent polls show more
Americans this time think
Democrats are a threat to de-
mocracy than think that of
Mr. Trump. If Mr. Biden’s
“threat” arguments fall flat
this election, it will be an-
other political collapse of his
party’s own making.
Write to kim@wsj.com.
about the optimism of the
struggle. He concluded with
Hebrew words transcribed in
Russian letters: L’shana
haba’a b’Yerushalayim, “next
year in Jerusalem.” These
words, spoken at the end of
every seder, express the Jew-
ish hope for a return to our
ancient homeland, where we
can live as a free people as
our ancestors did.
I wrote to him that in a
few days my family would be
sitting around the seder ta-
ble, and that on my head I
would wear the yarmulke
made from foot cloth for me
40 years earlier by my Ukrai-
nian cellmate. Like Navalny,
he wasn’t Jewish but wanted
to feel connected to the Exo-
dus and found hope in our
story of liberation.
The Haggadah promises
that while today we are
slaves, tomorrow we will be
free—and our enemies, like
those before them, will be
washed away by the floods of
history. Let us, then, persist in
hope and pray for the freedom
of all the enslaved, captured,
tyrannized and oppressed. Let
us also not forget that free-
dom is a precious gift, and
that we must rise up to secure
it every single day, in every
generation.
Mr. Sharansky, a former
Soviet dissident and Israeli
politician, is chairman of the
advisory boards of the Com-
bat Antisemitism Movement
and the Institute for the Study
of Global Antisemitism and
Policy.
service is an information ser-
vice or a telecommunications
service.”
The Supreme Court has
said that congressional autho-
rization must be clear under
the major-questions doctrine.
Ambiguity doesn’t suffice.
Additionally, Congress has
never passed a statute declar-
ing broadband internet access
a telecommunications service,
even though bills to do so
have been introduced. This
further indicates a lack of
congressional authorization.
Most cases take years to
reach the Supreme Court and
it’s possible that a shuffling of
the political and regulatory
deck after the 2024 election
could render litigation moot.
But even if the FCC’s rule
makes it to the court, it
doesn’t look likely to survive.
Mr. Rankin is an adjunct
fellow at the Competitive En-
terprise Institute.
Friday, April 26, 2024 | A13
BOOKSHELF | By David Papineau
Taking
No Sides
On Giving Up
By Adam Phillips
Farrar, Straus & Giroux, 160 pages, $26
R
eaders of Adam Phillips’s books fall into two camps. To
his many admirers, he is a supreme stylist whose elegant
essays explore the tensions at the heart of the human
psyche. But to others he is a literary show pony whose verbal
prancing serves only to hide his lack of cogent thought.
Mr. Phillips is a psychoanalyst who for many years practiced
as a child psychotherapist in the British National Health Ser-
vice; he is also a visiting professor of English at the University
of York. He emerged as a literary figure in 1993 with the publi-
cation of his intriguingly titled “On Kissing, Tickling and Being
Bored,” a collection of essays applying a psychoanalytic per-
spective to everyday topics. It quickly found an enthusiastic
readership. A further 25 slim volumes have since followed,
most of them similar collections of psychoanalytically inspired
essays, many of them with similarly structured titles (“On Flir-
tation,” “On Balance,” “On Wanting to Change”).
A typical Phillips essay aims
to reveal paradoxical elements
in some everyday phenomenon.
(Thus, tickling is both uncom-
fortable and pleasant, both
invasive and welcome.) The
author will then draw on a wide
range of sources to elaborate his
conundrums. In addition to
Freud, the psychanalytic theo-
rists Jacques Lacan and Donald
Winnicott make regular appear-
ances. Literary figures such as
Beckett, Kafka, Lawrence, Milton,
Proust and Shakespeare are often
invoked, sometimes two or three
to a page. Mr. Phillips does not
look to these figures to resolve his paradoxes, however. Rather
than coming up with definite answers, he is content to lay out
tensions between conflicting lines of thought.
Mr. Phillips writes gracefully; the issues he raises are always
thought-provoking. But is that all there is? His detractors com-
plain that his insistence on avoiding answers gives him a
license to say anything. In their view, his style is nothing more
than free association untrammeled by the constraints of rea-
son. They cite his distracting habit of using phrases such as “in
other words,” or “that is to say,” when what follows bears little
apparent relation to what came before. Perhaps the reason he
can’t deliver answers is that he never focuses on the questions.
The seven pieces in “On Giving Up” were previously pub-
lished in literary journals such as the London Review of Books,
Raritan and the Threepenny Review. The volume takes its title
from the first essay; others include “On Not Wanting,” “On
Being Left Out” and “The Pleasures of Censorship.”
It is unlikely that this new volume will shift the opinion of Mr.
Phillips’s critics. If there is an overall theme to the book, it is
that psychoanalysis should be viewed not as a source of knowl-
edge but as a stimulus to conversation. The author cites the split
between Freud and Jung at the beginning of the 20th century
and bemoans the way Freud responded by insisting on the supe-
riority of his own theories. It would have been far better, Mr.
Phillips says, if Freud had instead promoted psychoanalysis as “a
new kind of conversation in which people can acknowledge the
benefits of not needing to know what they are talking about.”
The drawbacks of this attitude soon become apparent. Mr.
Phillips starts his analysis of “giving up” by distinguishing the
sense of quitting a habit—giving up smoking, say, or alcohol—
from the sense of losing heart and perhaps contemplating sui-
cide. But soon we have moved on, without really noting the
difference, to the sense of abandoning some course of action,
and then to the sense in which any decision rules out alternate
choices. Now, these are all interesting phenomena, about
which psychologists, economists and philosophers have had a
great deal to say. But such discourse is not for Mr. Phillips.
Instead he trips happily from one meaning to another, along
the way throwing in insights like this: “To give up is always to
give something up; something or someone is sacrificed. And
sacrifice, whatever else it is, is a sadistic pleasure. To put it
another way, perhaps we should not underestimate the plea-
sures of giving up.” One doesn’t really know what to say to this
volley of non sequiturs. It seems beside the point to expose the
equivocations driving the passage—but is there another point?
To give up can mean to quit a habit, such as
smoking, or to lose enthusiasm for living.
What connects these notions philosophically?
To take another example, at the beginning of the essay “On
Not Wanting” Mr. Phillips asserts that, “I can never be sur-
prised by what I want, because somewhere in myself I already
know what is missing.” But then later in the same essay he
quotes the poet Randall Jarrell, apparently with approval, say-
ing, “if I can think of it, it isn’t what I want.” Well, which is it?
What is this game that allows you to have it both ways?
Clearly there are many who enjoy Mr. Phillips’s free-
wheeling wordplay. But for the unconverted, his writings can
leave an unpleasant taste. At one point he distances himself
from “monologues” that are free of interruption, and attri-
butes their construction to a “fascist state of mind.” Mr. Phil-
lips himself, however, is vulnerable to accusations of intellec-
tual tunnel vision. He never, as far as I know, questions the
credentials of his psychoanalytic perspective, despite the sub-
stantial body of evidence that calls it in question. And while he
says he is only in the business of exploring, never asserting,
his aphorisms are delivered in a register that precludes any
opposition. He characteristically displays his insights as reac-
tions that “we” will share, and he is overfond of reinforcing
them with a dissent-blocking “of course.” (A quick search
shows that “of course” appears on more than a third of this
book’s pages, often two or three times a page.)
At one point Mr. Phillips says that the great virtue of the
psychoanalytic approach is that “it stimulates the most
interesting and inspiring and passionate disagreements among
people.” This might well be true. But I fear that Mr. Phillips
himself proceeds in a way that pre-empts debate. He insists
that he is not aiming at definite answers, and then offers his
gnomic thoughts as if they lie beyond dispute. In the end,
there isn’t much left to disagree with.
Mr. Papineau is a professor of philosophy at King’s College
London. He is the author of “Knowing the Score.”
Coming in BOOKS this weekend
A history of hypochondria • How the Spanish Empire
was built • The making of Cold War Miami • Joan
Nathan’s life in recipes • Father Emil Kapaun • The
best books about philanthropy • & much more
A14 | Friday, April 26, 2024 THE WALL STREET JOURNAL.

OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR

Bragg Wants the 2016 Election on Trial The Ninth Circuit Left the Homeless Worse Off
The editorial board is right that faced with the original contingency

T
welve New York jurors have now heard doesn’t want to tell a dull story about invoices
three days of arguments and testimony, and ledger entries that were created after Mr. the Ninth Circuit’s extension of the of jail or rehab. It often takes a few
logic of Robinson v. California go-rounds before folks can get
and a few things are already apparent Trump became President. This wouldn’t seem
(1962) “is causing enormous real- straight and become productive citi-
about Donald Trump’s hush- like a history-making case to world harm” (“A Judge-Made Right zens living with dignity. Leaving
money trial. The first is that Prosecutors are trying justify Mr. Bragg’s momentous to Vagrancy,” April 22). People liv- people to rot on the streets is the
prosecutors, led by Manhat-
tan District Attorney Alvin
to spin a bookkeeping indictment, even if it does also
involve a six-figure wire trans-
ing on the street have severe prob-
lems including mental illness and
opposite of compassionate social jus-
tice and a perverse approach to the
Bragg, sound determined to charge as a vast Trump fer to a porn star. Wasn’t the addiction, but they are committing protection of civil rights. We all can
talk past the 34 mere book- Democratic mantra during the crimes by living on public and see the results of the current failed
keeping felonies that give the
election conspiracy. Bill Clinton years that every- sometimes private property, using policy.
case its legal basis. body lies about sex? drugs, defecating in doorways and TOM O’HARE, PH.D.
In opening remarks to the Instead see how close Mr. harassing passersby. Boston College School of Social Work
jury Monday, prosecutor Matthew Colangelo ar- Colangelo comes to telling a jury in blue Man- A meaningful approach to this
problem would give the homeless a Setting limits on where the home-
gued that Mr. Trump “is guilty of falsifying hattan, which voted 86.6% for Hillary Clinton,
choice: prison or treatment. If they less can stay presents a multitude of
business records with the intent to conceal an that Mr. Trump stole the White House. “We will choose treatment, they will get med- problems. But that debate reminds
illegal conspiracy to undermine the integrity of never know, and it doesn’t matter, if this con- ical attention including medication me of the statement of Anatole
a presidential election.” A bit earlier he in- spiracy was the difference-maker in a close and detox, get nourished and cleaned France in one of his novels: “The
sisted: “It was election fraud. Pure and simple.” election,” the prosecutor said. up, set up in low-income housing law, in its majestic equality, forbids
He repeatedly deployed the word “conspiracy” Yet Mr. Colangelo said Mr. Trump “was cer- and, when capable, a job in addition the rich as well as the poor to sleep
to describe what he called an “illegal election tainly concerned about how all of this could to public assistance. Monitoring and under bridges, to beg in the streets,
fraud scheme.” hurt his standing with voters and with female check-ins by social workers, how- and to steal bread.”
Whoa, big fella: Mr. Trump isn’t charged voters in particular.” And he cited a troubled ever, must continue with the proviso BOB RABER
with conspiracy, and he isn’t charged with elec- text message written on election night by that if people relapse, then they are New York
tion fraud. Recall the indictment’s limited alle- Stormy’s lawyer: “What have we done?”
gation: that after Mr. Trump’s fixer, Michael Co- Mr. Bragg might end up asking himself that
hen, bought Stormy Daniels’s silence in the days same question. In any event, the jury’s mandate
preceding the 2016 election, the repayments to isn’t to engage in counterfactual history or ren- American Leaders Need to Close the Cookie Jar
Mr. Cohen were misstated in internal company der a verdict on the 2016 election. The narrow Having returned to graduate school learn how to say “No.” We know how
records. As Mr. Colangelo put it: “Neither question is whether Mr. Bragg has proved be- more than 30 years after my college to endure students’ repeated asks and
Trump nor the Trump Organization could just yond reasonable doubt that Mr. Trump falsified years, I can say that Allysia Finley’s the parental criticism that often fol-
write a check to Cohen for $130,000 with a business records with an intent to commit or column “If You Give a College Student lows. Establish guidelines. Hold firm.
memo line that said, reimbursement for porn cover up another crime. a Cookie . . .” (Life Science, April 22) Reward good efforts. This sort of ad-
star payoff.” Todd Blanche, Mr. Trump’s lawyer, said in his provides an accurate depiction of vice would produce more order in the
The reality is that nondisclosure agreements opening remarks that the ledger entries were higher education today. world. Our leaders would have the
I would add, however, that this is- added benefit of having someone
are perfectly legal. Given Mr. Trump’s wealth done by an accountant named Deb Tarasoff,
sue with college students originated around who knows something about
and his willingness to pay, it’s hard to see how who’s expected to testify. in our taxpayer-funded K-12 public pronoun-antecedent agreement in an
Stormy’s story was ever going to get out to vot- “She was told when she got the invoice from schools, where activism is these days age when pronoun use is, well, compli-
ers in time to matter. Mr. Bragg is arguing, dubi- Mr. Cohen to call it ‘legal expense,’ which is ex- a core part of curriculum. Kids are cated.
ously, that the payoff by Mr. Cohen was effec- actly what the invoice said,” Mr. Blanche con- taught to be up in arms even if they RITA BARTON
tively an illegal campaign donation. tinued. “And that’s exactly what she did. And don’t have the foundational knowl- Lake Oswego, Ore.
But if Mr. Trump had wired the hush money then, after recording it, she generated a check, edge on or full understanding of the
from a campaign account, as Mr. Bragg’s theory which was her job.” topics about which they’re outraged. Ms. Finley’s is truly the sort of
suggests, how would that have made any differ- Whether this testimony will put doubt in at EILEEN CORR adult voice that has been woefully ab-
ence to voters? Mr. Trump’s repayments to Mr. least one juror’s mind is impossible to guess. Brewster, Mass. sent from the public forum. She should
Cohen—which is to say, the conduct for which But it certainly looks relevant to a case about be careful, though. Keep writing like
It’s a junior-high world out there, this and Ms. Finley might find herself
he’s actually on trial—took place in 2017. business records, which is more than the prose-
and as a junior-high English teacher of winning an election as a write-in to a
After bringing a weak case, the prosecution cution can say. over 32 years, I can tell you that Ms. position she didn’t seek, but an office
Finley’s article resonates. I admit to that desperately needs thinking like

Jack Smith’s Bad Immunity Day having provided doughnuts on many a

Friday morning to demanding eighth-
graders, but I’ve always firmly re-
hers. Author Laura Numeroff would be
the obvious choice as her personal ad-
viser and policy strategist. The rest of

S
pecial counsel Jack Smith should have
been reading our contributor David
Rivkin. If he’d been reading these pages,
he might have foreseen Thursday’s oral argu-
ment at the Supreme Court before he indicted
Donald Trump. Instead, the argument was a le-
gal defeat for him and the Justice Department
that could delay his prosecution past the No-
vember election.
Michael Dreeben, the Biden counsel, told the
Justices that Mr. Trump and any other Presi-
dent deserve no immunity from criminal prose-
cution. But he ran into a skeptical set of Justices
focused not on Mr. Trump’s case, but on the im-
plications of the Dreeben-Smith position for the
office of the Presidency.
“I’m not concerned about this case,” said
Justice Neil Gorsuch. “But I am concerned
about future uses of the criminal law to target
political opponents based on accusations about
their motives.” He added that “we’re writing a
rule for the ages.”
Justice Brett Kavanaugh offered a similar
concern about the future impact of prosecu-
tions on presidential decision-making on con-
troversial subjects.
Mr. Dreeben’s reply was to suggest that this
isn’t a problem because prosecutors don’t bring
cases when there isn’t sufficient evidence for
a conviction. He also said a President gets good
legal advice from the Justice Department’s Of-
fice of Legal Counsel about what official acts
Signs of Stagflation Appear
are legal, so no President would commit such
a crime.
The Justices made short work of that one,
with Justice Samuel Alito reminding Mr. Dree-
ben that two Attorneys General were convicted
of crimes, and how easy it is for a prosecutor
to cajole a grand jury to indict someone.
Chief Justice John Roberts was especially
scathing about the D.C. Circuit Court of Appeals
ruling that a President has no immunity. That
opinion argued—and Mr. Dreeben defended it—
that “a former President can be prosecuted be-
cause he’s being prosecuted,” said the Chief.
This ignores that Presidents have special obli-
gations and must make decisions that set them
part from any federal official, much less an av-
erage citizen.
Oral arguments aren’t always a signal of a fu-
ture ruling, but it sounds as if a majority is pre-
pared to find that Mr. Trump is immune from
prosecution for actions that are part of his offi-
cial duties. The key then is distinguishing be-
tween official and private actions, and the Jus-
tices may send the case back to trial court to
consider the facts regarding the charges and ev-
idence against Mr. Trump.
The press ignored nearly all of this in the
runup to the oral agument, with many calling
Mr. Trump’s claim absurd. Credit to the Justices
for an educational hearing that focused on the
right questions for the Presidency, the separa-
tion of powers, and the country.
jected their numerous metaphorical
cookie requests.
Leaders should put an English mid-
dle-school teacher on their team to
Missile Defense Goes Beyond the Iron Dome
The April 16 editorial “The Lessons
of Israeli Missile Defense” and Daniel
Henninger’s April 18 column “Reagan
Just Saved Israel” (Wonder Land) con-
fuse apples with oranges. Successfully
shooting down short-range missiles
has no technical implication for the
ability to shoot down long-range mis-
siles. Long-range missiles travel twice
as fast as the shorter-range weapons
Israel shot down, and they spend most
of their time in outer space, meriting
an entirely different kind of defense.
No one prefers mutually assured
destruction to invulnerability, least of
all the Union of Concerned Scientists,
but invulnerability against long-range
missiles simply isn’t possible.
UCS conducted a technical analysis
of the proposed ground-based de-
fense that replaced President Rea-
gan’s space-based plan, which was co-
authored by scientists who had long
You Don’t Need Crotonville
To Make Work Meaningful
Suzy Welch is on to something
when she states that management
is an act of love (“Crotonville and
the Death of Fun at Work,” op-ed,
us politically abandoned, thinking
adults would be forever in her debt.
PETE HARRELL
San Antonio
consulted for the government on nu-
clear security issues. Our research
found that even North Korea could
use long-understood countermeasures
to fool the defense. Iran would surely
do the same if it developed nuclear-
armed long-range missiles.
The tests to date have not demon-
strated the current system can de-
fend against missiles with such coun-
termeasures, much less the reliable,
robust protection required to defend
against nuclear-armed systems.
Furthermore, potential adversaries
will develop systems to counter a po-
tential buildup or improvement in
defenses. Russia and China are devel-
oping and fielding systems that could
evade or overwhelm defenses against
long-range missiles—including ma-
neuvering hypersonic glide vehicles,
a nuclear-powered cruise missile and
missiles with multiple warheads.
LAURA GREGO AND LISBETH GRONLUND
Union of Concerned Scientists and
M.I.T. Department of Nuclear Science
and Engineering
Cambridge, Mass.
Real Market Fix for Climate

C
ould it be that the not-so-stupid voters to productivity growth or future GDP gains. Fred Krupp is correct in his op-ed
April 17). I think we need to go
have been right about the economy? State and local government spending was an- even further.
“Climate Advocates Must Use the
Democratic economists and their media other of the strong points in this report, but Work is really an act of God. He
Market” (April 22) that the climate
friends have claimed for that also isn’t a source of fu- community faces an important deci-
intends for us to co-create with him,
months that Americans aren’t Voters aren’t crazy ture productivity gains. and to offer that work to him makes
sion regarding whether to resist or
giving President Biden enough It’s possible that slow busi- embrace the economy’s natural
credit for a booming economy.
if they feel uneasy ness investment weighs more
it into a form of prayer. It can start
with one person. Whether or not
forces. Allow me to advocate some
out-of-the-box thinking: Get out of
The latest growth data re- about the economy. heavily on the public mood your manager treats work with a
the somewhat sketchy carbon-credit
leased Thursday hint at a rea- than economists assume. similar moral seriousness, you can
business altogether and let the mar-
son: There’s less boom than Americans can tell whether still grow closer to God through
ket sort things out. If activists truly
meets the spin. their employers appear to be investing in the yours.
believe in imminent climate disaster,
WILLIAM BOWMAN
Gross domestic product grew 1.6% on an an- future, and whether they feel secure in their perhaps a stiff carbon tax could help
Stoneham, Mass.
nual basis in the first quarter, down from 3.4% jobs as a result. Mr. Bowman was dean of the
spur innovation.
the previous quarter. This is the weakest per- The quarterly report also showed a reversal TOM PARONIS
Catholic University of America’s
formance for the U.S. economy since the unde- of progress against inflation. The personal-con- New York
Busch School of Business.
clared recession in the first half of 2022, and sumption price index rose 3.4% in the quarter,
it’s a noticeable softening from 4.9% growth in after three quarters below 3%. This reinforces
the middle of 2023. the rebound in consumer prices in the last three Johnson’s Master Maneuver Pepper ...
It’s good news that the U.S. isn’t flirting with months that have caused the Federal Reserve Republican House Speaker Mike And Salt
recession despite the surge in interest rates. But to delay its anticipated reduction in interest Johnson’s maneuvering to attain
the details of the GDP report offer plenty of ex- rates. Slower growth with rising prices is a sign passage of a $95 billion package of THE WALL STREET JOURNAL

planation for why voters are less than com- of stagflation, a political killer. military for Ukraine, Israel and Tai-
forted by White House assertions of prosperity. Inflation-adjusted hourly earnings have wan (“The House Votes for a
Consumer spending continued as a bright spot, clawed back some of their declines after the in- ‘Strong America,’” Review & Out-
increasing 2.5% and contributing nearly 1.7 per- flation of 2021-22, but they remain below the look, April 22) was the kind of mas-
centage points to GDP. Imports, which subtract level when Mr. Biden took office—$11.11 in con- ter political maneuver that we’ve
from GDP but point to strong domestic demand, stant 1982-84 dollars now, compared to $11.40 not seen the likes of since Speaker
Tip O’Neill controlled that body. Mr.
also increased. then. Only sustained business investment and
Johnson, like O’Neill, demonstrates
Investment is a different story. More than productivity growth can turn this around, and a genius for putting together un-
half of the contribution from investment to GDP “sustained” isn’t the word that jumps from the likely coalitions.
came from housing, which many economists pages of this GDP report. HARVEY A. SILVERGLATE
consider to be a form of consumption. Invest- The economy keeps growing despite the Cambridge, Mass.
ment in business equipment grew but at a rela- headwinds of the Biden Administration’s many
tively modest 2.1%, which feels especially ane- and varied regulatory assaults on private busi-
Letters intended for publication should
mic since equipment investment has fallen in ness. That’s a testament to American ingenuity be emailed to wsj.ltrs@wsj.com. Please
four of the last eight quarters. and entrepreneurship, as well as advances in include your city, state and telephone
Much of what non-housing investment there technology (AI). But all of this is a long way number. All letters are subject to “I’m planning to make better grades.
is may result from government subsidies, which from broad-based prosperity, which is what editing, and unpublished letters cannot I’m working with my father
be acknowledged.
means no one should assume it will contribute voters are trying to tell the political class. on the financing.”
THE WALL STREET JOURNAL.
Antisemitism
At Columbia
University Is
A Disgrace
By Andrew M. Cuomo
New York
W
hat is happening at Co-
lumbia University is a dis-
grace. That it is happen-
ing in New York, home to more
Jews than any other city in the
world, and at a supposed institu-
tion of higher learning, makes it
incomprehensible.
I understand the right to free
speech, the guarantees of the First
Amendment, the value of robust de-
bate at academic institutions. But
freedoms aren’t without limits, and
much of what is going on at Colum-
bia isn’t speech at all. Threats, ter-
ror tactics and menacing conduct
don’t warrant protection.
Protesters have every right to
make their voices heard. The war in
Gaza, the politics of Benjamin Ne-
tanyahu’s government and the elu-
siveness of Middle East peace are
frustrating. These complicated is-
sues should be discussed and de-
bated. That isn’t the issue at Co-
lumbia. Many of the protesters
Imagine if in the wake
of 9/11, pro-al-Qaeda
protesters chased New
Yorkers out of the city.
aren’t pro-Palestinian. They are pro-
Hamas and brazenly support a ter-
rorist organization. The protesters
are entitled to their opinions, even
if they embrace undemocratic, big-
oted, sadistic, warmongering thugs.
They aren’t entitled to threaten, ha-
rass and menace. That isn’t pro-
tected speech; it’s criminal conduct.
Most infuriating is the response
of Columbia’s administration. Jews
are at risk on campus and are told
not to come to class—remote learn-
ing will be available. Meantime sup-
porters of jihad take over university
property and nosh on pizza.
Seriously? The answer is for the
Jews to flee campus? Imagine, in
the wake of 9/11, if New Yorkers had
been told to vacate the city because
pro-al-Qaeda protesters were dis-
rupting daily activities, threatening
violence and posing a danger. That
is Columbia’s approach: See you
next fall, Jews.
It is the university’s responsibil-
ity to ensure its students are safe.
Use campus security. If that is inad-
equate, use the New York City Po-
lice Department. And if protesters
break the law, arrest, prosecute and
expel them.
History can’t be allowed to re-
peat itself. The war on the Jews
that led to the Holocaust started
subtly. Telling Jews to stay away is
shockingly reminiscent of what took
place in the 1920s and 1930s in Ger-
many. Jews were excluded from
businesses, social activities and,
yes, universities. At the same time,
frightened politicians are already
abandoning support of Israel for
fear of political reprisal.
This must stop. The Jewish com-
munity needs support in its efforts
to mobilize. This is no time for
hand wringing. Regardless of one’s
views on Gaza, reasonable people
need to open their eyes and under-
stand this isn’t about the Middle
East; it is about America and our
democracy. It is time for full-
throated public support for educa-
tion about the history of Jews, anti-
semitism, Israel and the origins of
the Palestinian conflict. It is time
for New Yorkers to speak with a
single voice in support of our Jew-
ish brothers and sisters and to de-
mand that Columbia and others, by
their words and actions, reject anti-
semitism and discrimination against
Jews.
The greatest threat on campus is
an ignorant mob, and the greatest
threat to the country more broadly
is cowardly indifferent leaders.
Mr. Cuomo, a Democrat, served
as governor of New York, 2011-21.
PUBLISHED SINCE 1889 BY DOW JONES & COMPANY
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REPO Lets Biden Boost Ukraine
By Robert B. Zoellick
N
ow that Congress has ap-
proved assistance for
Ukraine, the Biden admin-
istration should forge a
long-term economic and
military plan that will sustain that
country in its war of attrition.
If the U.S. continues to dribble out
support, it would be making a huge
mistake. American public support is
likely to wane, and the Europeans are
absorbed with internal debates. The
nature of the war has changed—mili-
tarily, technologically and economi-
cally—over more than two years.
President Biden’s reactive approach
reflects his senatorial style: He waits
for events, issues statements and
fails to seize the initiative. Congress
is giving him one last chance to be a
wartime leader.
The aid package’s hidden gem is the
Rebuilding Economic Prosperity and
Opportunity for Ukrainians Act, or
REPO. It encourages Mr. Biden to
transfer frozen Russian reserves to a
trust fund for Ukraine. Members of
Congress from both parties recognize
that taxpayers want Mr. Biden to use
an estimated $300 billion of Russian
money to sustain Ukraine economically
before asking Americans to pay more.
The administration has hesitated to
take this step but must do so now.
After Russia invaded in February
2022, U.S. and European government
lawyers initially resisted using the in-
ternational law of countermeasures
to transfer frozen Russian assets held
around the world to Ukraine. Since
then, international lawyers in Bel-
gium, France, Germany, Japan, the
Netherlands, the U.K. and the U.S.
have argued for such transfers.
Among them are Hélène Ruiz Fabri, a
former head of the European Society
of International Law; Harold Koh, a
former State Department legal ad-
viser and dean of Yale Law School;
and Laurence Tribe, a Harvard
scholar of constitutional law. Mr. Bi-
den must tell the Europeans that
they’ve run out of legal excuses for
not meeting Ukraine’s needs.
Last year Treasury Secretary Janet
Yellen justified inaction by raising
concerns about how such transfers
Liz Truss Diagnoses Britain’s Malaise
London
Former British
Prime Minister Liz
Truss is back in the
limelight with a
memoir of her
POLITICAL brief tenure, and
ECONOMICS what an embar-
rassment this epi-
By Joseph C.
sode is becoming
Sternberg
for Britain’s politi-
cal class. The his-
trionic reaction Ms. Truss triggers
from much of the British establish-
ment says more about her country’s
intellectual dysfunction than it says
about her.
To recap: Ms. Truss inherited a
political and economic crisis when
she became prime minister in Sep-
tember 2022. Boris Johnson had
been ousted following a series of po-
litical scandals, and the Conservative
Party was restive. Inflation was out
of control, with energy prices in par-
ticular rising at a catastrophic rate.
You know the rest, although per-
haps only in the garbled and often
deliberately obfuscatory manner in
which Ms. Truss’s critics on both left
and right recount the story. In that
telling, on taking office Ms. Truss and
Chancellor of the Exchequer Kwasi
Kwarteng unveiled a “minibudget” of
energy subsidies and “unfunded” tax
cuts in an effort to supercharge eco-
nomic growth. Markets took fright.
The pound and government bonds
crashed. Order was restored once the
tax cuts were abandoned, the central
bank intervened in the bond market,
and Mr. Kwarteng and then Ms. Truss
lost their jobs. The U.K. economy has
never fully recovered, and neither
has the Tory party.
Ms. Truss’s memoir, “Ten Years to
Save the West,” attempts to set the
record straight. Far from a Laffer
curve fever dream, the minibudget
was meant to be a down payment on
a broader overhaul of taxing, spend-
ing and regulation to boost Britain’s
low productivity growth. The tax cuts
were relatively modest—most were
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OPINION
DAVID GOTHARD
might affect the value of the dollar
and the euro. But two years after
freezing the Russian reserves, the dol-
lar is stronger and the euro is fine—in
part because the alternatives are
poor. China’s yuan isn’t a trustworthy
reserve asset. The world would be
safer if countries realized that their
foreign reserves would be imperiled if
they invade the neighbors.
Congress’s aid package
encourages the president
to seize frozen Russian
reserves to support Kyiv.
Ms. Yellen has become an advocate
for Ukraine, but she faces another
test. Washington now excuses its ti-
midity by saying it can transfer only
around $5 billion of Russia’s reserves
held here. The Biden administration
has ignored that another $71 billion
of Russian reserves held in Euroclear,
an international financial clearing
and settlement service in Belgium,
are invested in U.S. and Canadian
dollars or British pounds. The world-
wide total in these currencies is esti-
mated to be worth more than $100
billion. All three countries say they
want the Group of Seven to transfer
those reserves to Ukraine. Australian
reversals of planned tax increases
that had yet to take effect—and had
been well-signaled for months. The
only surprise to anyone was a plan to
eliminate the 45% income-tax rate on
the top bracket, which was one of the
smallest elements of the budget in
terms of revenue forgone. The new
top rate would have been 40%.
What exploded in response wasn’t
“the market.” Rather, it was a hedg-
ing strategy adopted by pension
funds to insulate themselves from
bad regulatory and monetary policies
during a sustained period of ultralow
interest rates. A crash probably was
inevitable as interest rates rose to
combat inflation. Bank of England
Gov. Andrew Bailey seized on this sit-
uation to trigger a form of coup—my
word, not Ms. Truss’s—in which a se-
ries of market interventions eventu-
ally forced Mr. Kwarteng’s ouster, and
then Ms. Truss’s.
Untangling the truth seems like
the sort of thing a country’s political
and economic experts might want to
do. One can disagree with elements
of Ms. Truss’s argument. Yet British
politicians and pundits across the
ideological spectrum will say almost
anything about her memoir as long
as it doesn’t involve engaging in any
way with the substance.
The book is as readable as the list
of “ingredients on a crisp packet,”
wrote one reviewer, while another
Remote Work Is a Leadership Killer
By Louis V. Gerstner Jr.
I
t is time to deflate the hot-air
balloon known as remote work.
We have lurched, in an almost
lemming-like way, from a view that
work is done five days a week in an
office to the fantasy that it is per-
fectly acceptable to stay home two,
three or even five days a week.
I recognize that there are certain
types of work that don’t require reg-
ular attendance in a communal loca-
tion. This includes coders, writers,
data-entry personnel and many oth-
ers. The class of employees for whom
working in a solitary setting is highly
detrimental is people who aspire to
lead or manage others in an aca-
demic, nonprofit, governmental or
business institution. One learns how
to manage and lead principally by
watching others demonstrate how—
or how not—to do so.
As a young associate at a consulting
firm, I had a wonderful mentor with
whom I worked closely. I was in his of-
fice frequently and grew increasingly
curious about why he had two inboxes.
I eventually asked him about it, and
he answered that one contained items
he knew were of high priority and
would require his personal attention.
The other contained items he thought
dollars would add the equivalent of
another $6 billion. Japan might help
once it sees the deterrence benefits
of showing China that an aggressor
can’t expect to rely on G-7 currencies.
The U.S. Treasury has asserted
sovereignty over dollars used by
sanctions violators, terrorists, drug
traffickers, money launderers and
hostile states around the world. Inter-
national banks have had to pay tens
of billions of dollars in penalties.
America isn’t alone. Britain and Can-
ada have reached across borders to
reach tax cheats in offshore havens.
With the REPO Act, Congress told the
Biden administration not to let Russia
escape justice by parking dollars in
Europe. REPO requires U.S. financial
institutions to report any Russian
state assets in their accounts that are
subject to sanctions. To transfer off-
shore dollars, a financial institution
must work through a U.S. correspon-
dent bank account. This enables the
U.S. to exert authority over overseas
assets.
Until now, the Biden administra-
tion has let Europe dither. Washing-
ton is working on a plan to offer
Ukraine a modest loan based on the
interest from frozen Russian assets.
Washington, London and Ottawa
should instead transfer all the frozen
Russian assets in their currencies
worldwide to a trust fund for Ukraine
while urging Europeans to act when
described it as “an exercise in politi-
cal pathology” and yet another
scored it as “shamelessly unrepen-
tant, petulant, politically and eco-
nomically jejune.” Commentators
chortle about the size of her advance
from her publisher and an awkward
TV appearance, and focus on florid
details of her time in 10 Downing
Street, such as a flea infestation, that
are incidental to the serious point.
She’s the only one offering
a coherent economic and
political theory. Her critics
might try to do the same.
The one partial exception is Rob-
ert Peston, a high-profile leftish tele-
vision journalist who recently nar-
rated a three-part podcast series,
“Who Killed Liz Truss?” Mr. Peston
at least asks the questions about the
propriety of the Bank of England’s
politicized maneuvering that this
newspaper raised at the time.
But he remains largely incurious
about why the British economy pre-
Truss was a mess, making it impossi-
ble for his podcast to explain fairly
what she was trying to do and the
opposition she ran into. It’s akin to
skipping straight to the last chapter
would either disappear on their own
or get taken care of by others.
This was a crucial lesson that be-
came an important pillar of my ap-
proach to personal management.
Time management may be the most
underrated capacity of great manag-
ers. Controlling your own time well
and not permitting others to dictate
how you spend it is one of the deter-
minants of successful leadership.
Watching others is really the only
way to develop a command of this es-
sential practice.
Another skill you can’t learn sitting
at home is motivating others to reach
for success. Leadership involves get-
ting people to do things they other-
wise wouldn’t. This requires articulat-
ing and continually reinforcing an
external purpose and a visceral sense
of teamwork. It isn’t a cold digital
process; it is a human and at times
personal connection with all the
members of your team. It manifests
itself in immediate and constructive
feedback. None of us are born with
these skills, nor are we conditioned or
trained to do them well. Watching
others who have successfully devel-
oped this leadership capacity is, in my
mind, the singular way to learn it.
There are, of course, many other skills
that are learned “on the job” princi-
Friday, April 26, 2024 | A15
they can agree. If Europeans won’t
use Russian assets, they can’t expect
others to keep paying. After all, the
war is in Europe.
Berlin and Paris have been the
principal obstacles. Washington can
assuage their anxieties. Some Ger-
mans mistakenly expect they will be
able to resume business as usual in
Russia after the war, so they fear that
Vladimir Putin will seize their assets.
But in some cases, Mr. Putin already
has done so. The G-7 could set aside
$10 billion of Russian reserves for a
fund to pay claims for such illegal
seizures. Paris apparently has been
rattled by Saudi and Chinese threats
not to buy French bonds. The French
Treasury should be reassured that
other investors—and if need be Euro-
pean institutions—will buy its bonds
if Beijing or Riyadh attempt such in-
timidation. Let the Saudis buy Chi-
nese bonds. Emmanuel Macron
should recognize that France will
never be a European leader if it caves
in to such bluffing.
Mr. Biden also should use Con-
gress’s aid package to transform mili-
tary and intelligence support for
Ukraine. In addition to supplying am-
munition, the U.S. must build a pipe-
line backed by industrial capacity
that can outlast the pooled resources
of Russia, Iran and China. Ukraine
will need investments in critical capa-
bilities at home. Kyiv needs arms that
can destroy Russia’s logistical net-
works and at least establish equiva-
lence in the sky and cyberspace.
U.S. leadership would be wel-
comed by Central and Eastern Euro-
peans, the Baltics, Nordics and some
in Brussels. In every European secu-
rity crisis for more than 70 years—
Berlin in the 1960s, Euromissiles in
the ’70s and ’80s, the unification of
Germany and Europe in 1989-90, the
Balkan wars—the U.S. had to push for
allied action. During Mr. Biden’s de-
cades in the Senate, he yearned to
lead, not just talk about foreign pol-
icy. Now is his moment.
Mr. Zoellick served as U.S. trade
representative (2001-05), deputy U.S.
secretary of state (2005-06) and
World Bank president (2007-12). He
is author of “America in the World.”
of the murder mystery to learn the
identify of the killer before reading
about the crime.
Which is the bigger problem. It’s
been many years since Britain
achieved consistent economic
growth. The period after the 2008 fi-
nancial panic was marked by long
bouts of inflation, from which real
earnings barely recovered. The 2016
referendum to leave the European
Union threw politics into turmoil.
Then a global pandemic hit.
The most startling fact about Ms.
Truss is that she’s the only senior
British political figure willing to
grapple with these issues as symp-
toms of the same underlying illness.
She believes Britain’s lagging produc-
tivity, propensity to generate infla-
tion rather than growth and other ills
trace back to a state that has become
too large and a tax and regulatory re-
gime hostile to private entrepreneur-
ship and innovation. These failures
have created a political and economic
ecosystem inhospitable to alternative
policy ideas.
Agree or disagree, this theory is
comprehensive, coherent and plausi-
ble. Her critics have yet to devise an
alternative theory of the British
economy that is any of those things.
That intellectual failure is a crisis of
the governing class. But please, by all
means tell us what Ms. Truss says
about fleas.
pally by watching others demonstrate
them. We also learn a lot by failure—
not only our own but that of others.
Think about the crucial skill of
managing meetings well or preparing
compelling documents. This fre-
quently applies to new CEOs, who
suddenly must manage boards of di-
rectors. A new executive who never
had the chance to watch his prede-
cessor will often find this aspect of
the job challenging.
Years ago, I gave a talk to business
students. One of them asked me a
pointed question: “What is the one
thing that keeps us from rising to the
level of CEO, a position we all aspire
to?” My answer wasn’t what the stu-
dents expected. Talented, highly mo-
tivated people fall off the career
track, I said, because they fail to
work continually on expanding and
improving their managerial skills. It’s
a lifelong pursuit.
America desperately needs leader-
ship today. Those who aspire to be
part of the solution and tackle some
of the great challenges we face should
get their butts into the office and
learn how to manage and lead others.
Mr. Gerstner, retired chairman and
CEO of IBM Corp., is chairman of Ger-
stner Philanthropies.
 S&P 5048.42 g 0.46%
BUSINESS & FINANCE
© 2024 Dow Jones & Company. All Rights Reserved.
S&P FIN g 0.51%
AI Demand Lifts Microsoft Profit
Microsoft’s quarterly revenue
$70 billion
Microsoft Cloud
60
revenue
50
40
30
20
10
0 tite for the hot technology.
FY2021 '22 '23
Note: Most recent fiscal quarter ended March 31
Sources: S&P Capital IQ; the company
Japan Has Much at Stake in New Rate Era
BY DAVE SEBASTIAN
Japan’s experiment with
negative interest rates is over.
The Bank of Japan raised
rates last month for the first
time since 2007, and it aban-
doned a yearslong commit-
ment to keeping government
bond yields close to zero.
Japan was the last country to
abandon its negative-interest-
rate policy, which became a
popular—and controversial—
tool in the wake of the global
financial crisis.
Japan is entering a new
era, with an economic recov-
ery and a return to inflation
laying the groundwork for a
period of interest-rate in-
creases, albeit gradually. What
will the end of negative rates
mean for the country’s econ-
omy? And how will it affect
foreign investors who have
flocked to Japan’s booming
stock market in the past
year?
Japan’s stock market
boomed last year, helped by a
surge of interest from foreign
investors including Warren
Buffett. They were attracted
by Japan’s improving econ-
omy, its weak currency and an
effort by the stock exchange
to improve how companies
are managed. The market has
stumbled during the past few
months, but the benchmark
Nikkei 225 is still up around
13% so far this year. Will the
end of negative rates also be
the end of the rally?
Usually, higher interest
rates are seen as bad for
stocks because they make it
more expensive for companies
to borrow, and make bonds
and savings accounts more at-
tractive. But rates in Japan
Please turn to page B11
Oracle’s Planned Move What Is TikTok Worth? It’s a Mystery
Is a Surprise to Austin
BY TOM DOTAN
AND ELIZABETH FINDELL
Oracle’s plans to move its
headquarters even further
from Silicon Valley surprised
people at its Austin, Texas,
home this week as the soft-
ware giant said it is making
the leap to get closer to the
healthcare industry.
Chairman Larry Ellison an-
nounced Tuesday that Oracle’s
move to Nashville, Tenn., was
also intended to offer its em-
ployees a better lifestyle.
MICHAEL LOCCISANO/GETTY IMAGES
BUSINESS NEWS
Anglo American
considers sale
of diamond unit
De Beers. B3
S&P IT À 0.15%
* ** * **
DJ TRANS À 1.45%
THE WALL STREET JOURNAL.
WSJ $ IDX g 0.16% 2–YR. TREAS. yield 4.998% NIKKEI (Midday) 37780.35 À 0.40% See more at WSJ.com/Markets
Friday, April 26, 2024 | B1
Amazon,
YouTube
Revenue rises 17%,
topping analysts’
lysts’ estimates. Its net income
grew by 20% to $21.9 billion.
Microsoft has been among
vices, up from 6 percentage
points the previous quarter.
Microsoft hopes that Copilot
done online with Microsoft’s
Teams software. Other areas,
like creating spreadsheets and
Seek NBA
estimates; net
income gains 20%
the bigger winners in the AI
race thanks to its close rela-
tionship with ChatGPT maker
will become a major contribu-
tor of new revenue to its soft-
ware business. Some analysts
writing emails, have been less
successful, some customers
said.
Streaming
BY TOM DOTAN
OpenAI. The company has wo-
ven the startup’s technology
into an array of products called
believe it could end up adding
billions to the company’s top
line.
Microsoft is making more
money as customers use AI
software hosted on its cloud.
Deals
Microsoft’s profit rose last Copilot, which are AI assistants “They have been a leader in Microsoft’s cloud hosts Chat-
quarter as artificial intelligence that plug into key offerings like AI,” said Gil Luria, a software GPT, software made by start- BY JOE FLINT
bolstered demand for its soft- its workplace software suite, analyst at D.A. Davidson. ups like Mistral and Cohere, AND ISABELLA SIMONETTI
ware and cloud services, Microsoft 365. “They’re really the only ones and models made by tech gi-
prompting the company to Artificial intelligence is also that can put their finger on ac- ants like Meta. The National Basketball As-
spend billions of dollars on the boosting demand for its cloud tual AI revenue.” The Redmond, Wash., com- sociation is advancing toward
infrastructure needed to ac- services. Microsoft’s Azure Microsoft shares rose 5% in pany has been ramping up its a series of major media deals,
commodate the booming appe- cloud services rose 31% during after-hours trading Thursday. spending on data centers and with Amazon and Google’s
the quarter. Early users of Copilot, which other infrastructure to host the YouTube vying for a new
'24 The tech giant’s revenue in- Microsoft said that 7 per- was released last year, have rising AI demand. That spend- streaming package and NBC-
creased 17% from a year earlier centage points of the Azure lauded the assistant for its ing has sent some of Micro- Universal trying to grab one of
to $61.9 billion, beating ana- growth came from its AI ser- ability to transcribe meetings Please turn to page B5 the main TV deals held by
Disney’s ESPN and Warner
Bros. Discovery’s TNT.
Interest is high in the
league’s next round of pack-
ages, which kick in after the
2024-25 season. Disney, which
pays around $1.6 billion a year
Holdings of Japanese government bonds, by owner* for TV rights, and Warner,
¥1.2 quadrillion which pays about $1.2 billion a
year, are in discussions over a
Others new pact calling for them to
1.0
Overseas pay substantially more while
Households airing fewer games than they
0.8 Insurance and do now, say people familiar
pension funds with the conversations.
0.6 Banks The robust pricing expected
in the deals shows how valu-
Bank of Japan able live sports are to tradi-
0.4
Please turn to page B6
0.2
0
2010 ’11 ’12 ’13 ’14 ’15 ’16 ’17 ’18 ’19 ’20 ’21 ’22 ’23
Filings
Performance of Japanese stocks highlighted by Goldman Sachs over the past two years
Detail
400%
Disco Screen Holdings Mitsubishi Advantest Tokyo Electron Subaru Toyota Motor
Australia’s
X Battle
300
200
100
BY MIKE CHERNEY
0
SYDNEY—When Australian
–100 regulators wanted Elon Musk’s
May 2022 ’23 ’24 ’23 ’24 ’23 ’24 ’23 ’24 ’23 ’24 ’23 ’24 ’23 ’24
X to remove videos of the
stabbing of a religious leader,
they sent their requests
Performance of Japanese Performance of iShares’ Index performance, How many Japanese yen through a website a number of
bank stocks, past year MSCI Japan ETFs, past year past year $1 buys times. At first, automated re-
Mitsubishi UFJ plies came back.
100% Financial Group 50% 50% 155 Nearly 24 hours after sub-
Sumitomo Mitsui Currency-hedged Nikkei 225 mitting a formal notice to re-
Financial Group 40 move the video, an Australian
75 40 150
Mizuho Financial
official emailed an X executive
Group 30 directly to ask her how X was
50 30 145 responding. She told him the
20 social-media platform had
25 20 140 “withheld” the video for users
10 in Australia.
S&P 500 The account of the attempts
0 Unhedged 10 135 by regulators to get X to re-
0
move the video was revealed
–25 –10 0 130 in court filings in a lawsuit by
May 2023 ’24 May 2023 ’24 May 2023 ’24 May 2023 ’24
the Australian eSafety Com-
missioner, which is arguing X
*As of the end of each year; ¥1 quadrillion=$6.44 trillion Sources: Bank of Japan (holdings); FactSet (performance); Tullett Prebon (currency) Please turn to page B2
BY RAFFAELE HUANG
AND WEILUN SOON
Those asking have some
huge—and widely varying—
would put it above $100 bil-
lion, according to people famil-
ness and its more than one bil-
lion users, or just the U.S. op-
numbers to consider. One iar with the matter. erations with 170 million
Austin city leaders said they SINGAPORE—Now that suitor has suggested $20 bil- Settling on the exact value users? Would TikTok’s secret
hadn’t been told about the President Biden has signed leg- lion as a starting price for the will be difficult because the sauce—the addictive video-per-
plans. “City Hall was as sur- islation forcing the sale of Tik- U.S. operations. Executives at tech industry has never seen a sonalization algorithm that
prised as everyone else with Tok’s U.S. operations, any po- TikTok parent ByteDance have sale like this before, and there China has signaled it won’t al-
the Oracle announcement,” tential deal raises a big previously considered TikTok’s are several unknowns. low to be sold—be included?
Austin Mayor Kirk Watson said. question: How much is the global operations to be worth A big factor is what would Another question hangs
“We look forward to learning popular video-sharing app about half of the Chinese com- come with the sale. Would it be over how attractive TikTok’s
more from the media reports.” worth? pany’s overall value, which the whole international busi- Please turn to page B2
During the pandemic, Oracle
and other Silicon Valley compa-
nies and investors decamped to
sunnier American cities, some
of them criticizing San Fran-
cisco’s government and rela-
Southwest Cuts Airports Amid Boeing Delays
tively high cost of living.
Please turn to page B4 BY ALISON SIDER As it tries to improve its for-
tunes, Southwest is backtrack-
Southwest Airlines is pull- ing on part of its network ex-
INSIDE ing out of some airports and
cutting costs as it grapples with
lackluster earnings and as de-
pansion from a few years ago
and rethinking its one-of-a-kind
seating setup and boarding
lays of new Boeing planes dim method.
its prospects for the year. The Dallas-based airline had
Southwest said it now ex- already planned to moderate
pected to receive just 20 new growth in 2024, citing the need
ANGUS MORDANT/BLOOMBERG NEWS
Boeing planes this year—less to tweak its network to better
than half the number it had reflect demand. Its costs have
been expecting as recently as crept up, especially after it
March and well below the 79 to- struck expensive new labor
tal 737 MAX deliveries it had deals with pilots and flight at-
expected before that. Regula- tendants. Some of the new mar-
tory approval for a smaller ver- kets the airline went into during
sion of the MAX, which South- the pandemic haven’t been as
TECHNOLOGY west has been waiting for, Southwest expects to receive just 20 new Boeing jets this year. successful as it hoped. Its profit
Micron receives remains up in the air. margins have lagged behind
The delays will thwart hook for higher costs. That is our fate and are taking swift ac- some rivals.
$6.1 billion to build Southwest’s growth ambitions exacerbating the financial mal- tion against what we can con- Retooling the airline’s net-
U.S. facilities. this year, the company said aise that has weighed on the trol,” said Chief Executive Bob work and moderate growth
B4 Thursday, damping revenue and airline for several months. Jordan during a call with ana- “isn’t just Boeing,” Jordan said.
leaving it overstaffed and on the “We aren’t accepting that as lysts and investors Thursday. Please turn to page B10
B2 | Friday, April 26, 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 Group14 Technologies......B11 R
Hipgnosis
Advantest....................................B11
Airbus............................................B10
Alaska Airlines.......................B10
H
Hermes International.........B3
Hipgnosis Songs Fund......B2
Regeneron
Pharmaceuticals................B12
Rubrik...............................................B4
Agrees to
Improved
Alibaba...........................................B11 S
I
Allstate..........................................B11
Intel....................................................B4 Samsung Electronics..........B4
Alphabet...............................A1,B12
Amazon.com......................B1,B12 International Business Screen.............................................B11

Offer From
American Airlines................B10 Machines..................................B11 Skechers.........................................B6
Angloa America Platinum J Southwest Airlines................B1
............................................................... B3 Subaru............................................B11
Japan Exchange.....................B11

Anglo American.............B3,B12
Antora Energy.........................B11
Apollo Capital
Management..........................B2
Appier.............................................B11
B Levi Strauss................................B6
Concord
Sumitomo Mitsui Financial
K ..............................................................B11
Kirkbi................................................B11 Susquehanna International
Kumba Iron Ore......................B3 ............................................................... B2
L T Bid of $1.51 billion
Lockheed Martin....................A2
Target...............................................B6 trumps a competing

RICHARD B. LEVINE/ZUMA PRESS

Banco Bilbao Vizcaya
Argentaria...............................B11
Barclays........................................B10
BHP..........................................B3,B12
Biogen............................................B12
BlackRock.....................................B11
Boeing....................................B1,B10
BP.......................................................B11
Bristol-Myers Squibb.......B12
ByteDance.....................................B1
C
M Tencent..........................................B11
Merck..............................................B12
Meta Platforms....B2,B11,B12
Micron Technology...............B4
Microsoft.....................B1,B11,B12
Mitsubishi UFJ Financial
..............................................................B11
Mizuho Financial...................B11
Morgan Stanley.....................B11
Temasek........................................B11
proposal from
T-Mobile.........................................B3
Tokyo Electron........................B11 Blackstone Funds
Topsoe............................................B11
TotalEnergies............................B11 BY IAN WALKER
Toyota Motor...................B5,B11
U
Hipgnosis Songs Fund,
Unilever...........................................B2 The company said in March that it plans to separate its ice-cream division. home to the catalogue of art-
United Airlines.......................B10 ists such as Neil Young, Sha-

Unilever’s Revenue Jumps

MycoWorks................................B11
UnitedHealth..............................B5 kira and Red Hot Chili Pep-
Canada Goose...........................B6 N Urban Outfitters.....................B6
Carlyle..............................................B2 Nestlé...............................................B3 pers, has agreed to an
V improved $1.51 billion take-
Caterpillar....................................B11 News Corp...................................A3
D Nike....................................................B6 Vertex Pharmaceuticals over by Apollo Capital Man-

As Sales Volume Picks Up

Delta Air Lines......................B10
Nucor................................................A2 .............................................................B12 agement-backed music com-
Deutsche Bank......................B10
Nvidia.............................................B12 W pany Concord Chorus,
Disco................................................B11 O Walt Disney.................................B1 trumping an approach Mon-
E-G OpenAI..............................................B1 Warner Bros. Discovery....B1 day from rival Blackstone
Eisai.................................................B12
Oracle................................................B1 WPP...................................................B5 Funds.
General Atlantic......................B2 P Y BY MICHAEL SUSIN Unilever’s quarterly sales, most likely outcome. A sale is Hipgnosis said late
General Motors.......................A2 Pfizer...............................................B12 YTL....................................................B11 AND IAN WALKER change from a year earlier also a possibility. Wednesday that accepting
12%
It also said that 7,500 jobs shareholders would get $1.25
Dove soap owner Unilever would be affected as part of a in cash for each share held,
INDEX TO PEOPLE backed its full-year guidance
after reporting better than- 10
restructuring program aimed
at saving €800 million over
up from Concord’s previous
offer of $1.16 agreed on April
expected revenue for the first the next three years. 18 and Blackstone’s offer of
A J R quarter on higher volumes 8 The plan is the latest in a $1.24 that the company said it
Alaimo, Alisha.........................B12 Jordan, Bob..................................B1 Reid, Liz..........................................A5 that were boosted by its string of moves by Chief Ex- would be prepared to recom-
Alemán, Eugenio....................A2 K S 1Q 2024
power brands. 6 ecutive Hein Schumacher to mend to shareholders if a for-
B Kotick, Bobby.............................B2 Schneider, Mark.......................B3 The Anglo-Dutch con- +4.4% simplify Unilever and boost mal offer was made.
Buffett, Warren........................B1 L Schumacher, Hein..................B2 sumer-products company, growth at the company, which The latest Concord price is
C Laxton, Steve.............................A2 Sewing, Christian.................B10
which also owns brands such
4
analysts say has underper- at a 42.6% premium to
Chew, Shou Zi...........................B2 Levy, David...................................B6 Sharp, Meghan.......................B11
Shubbak, Rami.........................B6 as Cif and Domestos cleaning formed in recent years. Hipgnosis Songs’ closing price
D Li, Susan......................................B12 2
Longis, Alessio de................B11 Sinclair, Jonathan Stuart products, continues to expect Schumacher said on Thurs- of 71 pence on April 17, the
Deb, Sreejita..............................B11
Donahoe, John..........................B6 Luria, Gil..........................................B1 ............................................................... B6 sales to grow 3% to 5% this day that while the company’s day before it agreed to the
Smith, Michael........................B11 year and a modest improve- reorganization is at an early Concord offer.
Duan, Jasmine.........................B11 M Soleiman, Ezzedeen.............B6
0
E Mackel, Paul..............................B11 Supino, Peter.............................B6 ment in operating margin, 2022 ’23 ’24 stage, the board is confident Concord, based in Nash-
Elkins, David.............................B12 Matsuzawa, Naka.................B11
V both on an underlying basis. to deliver sustained volume ville, Tenn., is an active buyer
Note: Excludes acquisitions, divestments and
Ellison, Larry...............................B1 Milne, Alec...................................B6
Vandemore, John...................B6
Unilever on Thursday said changes in currency growth and positive mix as of music rights, including the
Enright, Tom..............................B6 Moerdler, Mark........................B4
Musk, Elon....................................B1 Viehbacher, Chris.................B12 quarterly revenue rose to 15 Source: the company the company accelerates gross catalogues of Phil Collins and
F billion euros, equivalent to margin expansion. his Genesis bandmates Tony
O Y
Faury, Guillaume..................B10 $16.05 billion, from the €14.75 fourth quarter of 2023 for the “We are implementing the Banks and Mike Rutherford. It
Fraser, Marie..............................B6 O’Leary, Kevin............................B2 Yamaji, Hiromi.........................B11
G-H Oxley, David..............................B12 Yiming, Zhang...........................B2 billion reported for the same first time in two years, when growth action plan at speed, is owned by Alchemy Copy-
Gass, Michelle...........................B6 P Z period a year ago. consumer-goods companies focused on three clear priori- rights.
Green, Ryan..............................B10 Pichai, Sundar...........................A5 Zaslav, David..............................B6 Underlying sales growth started to lift their prices to ties: delivering higher-quality Apollo agreed to provide
Hood, Amy...................................B5 Porat, Ruth...................................A1 Zuckerberg, Mark.........A5,B12 was 4.4% on year, beating the pass on the inflationary pres- growth, creating a simpler financing for the acquisition
3.0% forecast by analysts. sures to consumers, often sac- and more productive busi- in the form of debt capital, as
Growth was driven by vol- rificing their sales volumes. ness, and embedding a strong well as a minority, indirect

Valuing ByteDance’s implied valuation

in private-equity markets
$450 billion
umes that rose 2.2%, beating
a consensus for a 1.2% rise.
Unilever said that power
Unilever said in March that
it plans to separate its ice-
cream division—which also
performance focus. This is un-
derpinned by our commit-
ment to do fewer things, bet-
equity interest in the Con-
cord-controlled Bidco.
Blackstone said it was con-

TikTok Is 400
brand volumes rose 6.1%, with
strong performances from
Dove, Knorr, Rexona and Sun-
makes Magnum, Wall’s, Brey-
ers, Talenti, Popsicle and
Klondike—into a stand-alone
ter and with greater impact,”
he said.
Unilever’s shares closed up
sidering its options and ad-
vised Hipgnosis shareholders
not to take any action.

Difficult 350

300
silk, as consumers trade back
up to premium brands.
Unilever’s volumes re-
business, ending more than
100 years in the business.
It said listing the business
219 pence, or more than 6%,
at 4,082 pence in Thursday
trading. The stock is up 7.4%
London-listed shares of
Hipgnosis Songs climbed
more than 2% in Thursday’s
250
turned to growth in the as a separate entity is the so far this year. trading.
Continued from page B1
U.S. business is, as its once diz- 200
zying growth slows and Insta-
gram rises as a rival.
It will likely take months or
150
Australia, moval notice and sent it to X
via a legal requests form at
2:35 p.m. The regulator got an-

X Battled
more to settle on a sale price— 100 other automated email reply.
if it ever comes to that. Presi- 50
By about noon on April 17,
dent Biden on Wednesday the regulator hadn’t heard

Over Video
2020 ’21 ’22 ’23 ’24
signed the legislation after anything further from X,
Congress approved the bill in Note: Data is as of April 9. prompting Toby Dagg, an offi-
recent days. TikTok is prepar- Source: Rainmaker Securities cial with Australia’s eSafety
ing to sue on free-speech Commissioner, to email X Asia-
LISA MAREE WILLIAMS/GETTY IMAGES

grounds to stop the bill from Other investors think Byte- Continued from page B1 Pacific government-affairs ex-
being implemented. The legis- Dance is worth less. In private hasn’t really removed the ecutive Kathleen Reen at 11:57
lation gives ByteDance up to a equity markets where Byte- video because Australians can a.m., as a 24-hour period for
year to find a suitable buyer or Dance shareholders sell their still use a virtual private net- complying with the notice was
face a U.S. ban. stakes, the prices were lower work—which masks a user’s expiring soon. The two held a
Further complicating a po- than $130 a share, according to true location—to watch it. call about 3:15 p.m. that day,
tential sale is that ByteDance’s data from Rainmaker Securi- Musk and X say Australia and Reen emailed later in the
founder, Zhang Yiming, could ties, a private-equity broker- effectively wants the video day to say that X had “with-
theoretically let TikTok be age. That would value the Chi- taken down globally, which A police officer at the scene of the stabbing, a Sydney church. held” the URLs in Australia
banned in the U.S., though out- nese tech giant at less than they say sets a dangerous within 24 hours of receiving
side investors have a say, too. $215 billion. There is also no precedent by giving one coun- sioner’s notice to remove the the content from Australian the notice.
Zhang owns 20% of Byte- consensus that TikTok is actu- try control over the entire in- video wasn’t legally valid and users, including those using Around that time, however,
Dance, according to the com- ally worth half of ByteDance. ternet. On X, Musk said the that X withheld, or geoblocked, VPNs. Regulators have said eSafety investigators used VPN
pany, though super shares have Some investment banks and platform had censored the the content for users in Aus- they are satisfied with Meta’s technology to check each of
given him larger voting rights. investors are valuing TikTok at content for Australian users tralia as an act of good faith. X response. the URLs in the notice and
Roughly 60% of ByteDance is five times its advertising and and that the content is stored has also said it is removing The litigation with X could found that most were still ac-
owned by global institutional livestreaming revenue, accord- only on servers in the U.S. content that praises or cele- have been avoided had the cessible and contained the
investors including Carlyle ing to people familiar with the The filings offer a glimpse brates the attack. The eSafety company agreed to also block video.
Group, General Atlantic and matter. Last year, TikTok’s rev- into how regulators flag their Commissioner contends that the content from VPNs, Nich- On April 18, eSafety officials
Susquehanna International enue from advertising and requests to remove sensitive because Australian users can olls said. notified X that the video was
Group. The remaining 20% is livestreaming, its main revenue content—and how X handles still see the video with VPNs, X Authorities charged a 16- still available using VPNs and
owned by company employees. sources, was about $22 billion, that process under the owner- hasn’t complied with its no- year-old boy in connection that they didn’t consider X to
So far public declarations of people familiar with the matter ship of Musk, who has charac- tice—which prompted the reg- with the attack on the bishop. be in compliance. On April 19,
interest in buying TikTok have said. That suggests TikTok terized himself as an advocate ulator to sue. Police say they subsequently government lawyers sent an-
been limited. Kevin O’Leary, could be valued at $110 billion. for truth and campaigner The litigation is pending, identified the boy’s associates other letter to X, saying the
chairman of O’Shares ETFs and These starting points as- against government censorship. though an Australian judge has who adhered to a “religiously regulator was open to other
a star of the TV show “Shark sume that ByteDance sells all Australian authorities saw issued temporary injunctions motivated, violent extremist technical solutions to ensure
Tank,” said he was putting to- of TikTok instead of cleaving it the removal of the footage as requiring X to hide the video. ideology,” and this week users in Australia couldn’t ac-
gether a bid valuing it between into two businesses: one for urgent. They quickly deemed Other social-media plat- charged five teenagers follow- cess the material, but threat-
$20 billion and $30 billion, the U.S. and another for the the assault on a bishop at an forms complied with Austra- ing counterterrorism raids. ened legal action if nothing
without the algorithm. Former rest of the world. Assyrian church in Sydney a lia’s requests to remove the The stabbing incident un- else was done.
Treasury Secretary Steven America is TikTok’s biggest terrorist attack. The incident, stabbing video, which some ex- folded the night of April 15, The letter said X’s policy on
Mnuchin has said he was form- market and a major growth en- which occurred on a lives- perts said reflected those plat- when the bishop was speaking its website indicated that vio-
ing a group to buy TikTok, and gine. The U.S. business tream, led to a riot outside the forms having more employees at Christ the Good Shepherd lent content can and will be
Bobby Kotick, the former chief launched an e-commerce ser- church where police officers in the country Church during “removed,” not merely geob-
executive of videogame pub- vice in September and aims to were injured, including one who can quickly the livestream. locked.
lisher Activision, also has ap- have $17.5 billion of merchan- who suffered a broken jaw. liaise with gov- A video that Later on April 19, X’s law-
proached Zhang, The Wall dise transactions this year, In the email sent by the ernment offi- Other social- circulated on- yers sent a letter to the regula-
Street Journal has reported. people familiar with the matter Australian official, he com- cials. media platforms line showed a tor, saying that eSafety was es-
Should Zhang and other said. plained that X’s system wasn’t “If somebody person walking sentially demanding that X
shareholders agree to sell, a It is also unclear whether easy to use. The online forms from the FCC complied with up to the remove posts globally, arguing
starting sales price from Byte- TikTok is profitable. In a March were clunky and unstable. wanted to get bishop and the notice wasn’t legally valid
Dance’s perspective could be 2023 interview, TikTok Chief X didn’t respond to a re- in touch with
Australia’s stabbing him and that X would oppose any
well over $100 billion. Execu- Executive Shou Zi Chew said it quest for comment regarding the X regula- requests. several times, legal proceedings.
tives at ByteDance last year wasn’t profitable yet because it the court filings. tory team in the including in the “Putting the validity of the
said TikTok could be valued at was spending billions of dollars Musk took over the plat- U.S., yeah, face. The bishop notice aside, X Corp. has com-
as much as half of ByteDance’s trying to silo its U.S. and Euro- form then known as Twitter in they’d probably survived. plied with the notice by
valuation, according to people pean operations from China. 2022, pledging to make it into get a reply pretty quickly,” said The next day, an investiga- promptly making the content
familiar with the matter. Selling only the U.S. busi- a haven for free speech. Nu- Rob Nicholls, a senior research tor with the eSafety Commis- inaccessible to end-users in
ByteDance declined to com- ness would let ByteDance keep merous executives involved in associate at the University of sioner sent an informal re- Australia with Australian IP
ment on its view of TikTok’s most of TikTok, but Chew said safety and content moderation Sydney who focuses on regula- moval request for 65 URLs that addresses,” the letter said. “X
valuation. that doing so might “break” have left. In the U.S., some tion and policy regarding so- contained the video via X’s le- Corp. has therefore taken all
In December, closely held the app. Part of TikTok’s ap- critics have accused the plat- cial-media platforms. gal request portal, court filings reasonable steps to ensure the
ByteDance offered $160 a share peal, he said, is that people form of allowing the prolifera- Facebook owner Meta Plat- said. Automated replies were removal of the material from X
to buy back shares from share- outside the U.S. can experience tion of hate speech, an accusa- forms has said it was already received with ticket numbers, for users within Australia.”
holders, telling them it implied Americana. tion that X has disputed. addressing the matter before it but there was no further re- On April 22, the following
a valuation of $268 billion, the —Dave Sebastian In Australia, X’s lawyers received its formal notice. sponse from X. The commis- Monday, the regulator filed its
people said. contributed to this article. have said the eSafety Commis- Court filings say Meta blocked sioner issued the formal re- lawsuit.
 THE WALL STREET JOURNAL.
WALDO SWIEGERS/BLOOMBERG NEWS
A truck carries kimberlite rock out of the open pit at a mine operated by De Beers in Kroonstad, South Africa.
Anglo American Considers
Sale of Diamond Unit De Beers
Mining giant had
talks with potential
buyers, separate
from BHP’s offer
BY JULIE STEINBERG
LONDON—Anglo American
is considering a sale of De
Beers, its storied diamond
unit that has recently strug-
gled, according to people fa-
miliar with the matter.
The mining company, which
itself received a takeover ap-
proach from rival BHP earlier
this month, has in recent
weeks held conversations with
potential buyers for De Beers,
including luxury houses and
Gulf sovereign-wealth funds,
the people said. Anglo has sig-
naled to potential suitors that
it is open to offers, according
to the people.
KIRSTY WIGGLESWORTH/ASSOCIATED PRESS
French luxury group Hermès said its sales climbed 17% year over year in the first quarter.
HERMÈS
Sales Growth Lifts
Luxury Bag Maker
Birkin bag maker Hermès
grew across its regions in the
first three months of the
year, helped by its wealthier
clients during a quarter that
was expected to be challeng-
ing for the luxury sector as a
whole.
The French luxury handbag
maker said Thursday that
sales for the first quarter
jumped 17% year over year at
constant currency to €3.805
billion, or about $4.07 billion.
The result beat analysts’
forecasts of €3.68 billion, ac-
cording to a poll of estimates
compiled by Visible Alpha.
At current exchange rates,
revenue grew 13%.
Hermes’s results are the
latest sign of polarization
trends in the industry, at a
time when big European lux-
ury names are grappling
with a slowdown in sales
growth.
After a postpandemic
boom in luxury spending
came to an end last year, the
sector was expected to have
a sluggish start to 2024.
However, the trend differs
among companies depending
on the consumers they cater
to most, with names that at-
tract wealthier consumers
performing better than their
rivals.
—Andrea Figueras
The discussions are at an
early stage, some of the peo-
ple said, and a valuation
hasn’t been discussed. An
eventual buyer might be a
combination of a luxury house
and a financial investor, one of
the people said. The names of
potential bidders couldn’t be
learned.
London-listed Anglo said
Thursday it had received a
$39 billion all-share offer from
BHP, contingent upon it spin-
ning off shareholdings in two
South Africa-listed units, An-
gloa America Platinum and
Kumba Iron Ore. The poten-
tial deal could reshape the
global mining industry.
Under the takeover pro-
posal, De Beers would be in-
cluded in a potential deal, but
BHP said it would review that
business after the acquisition
is completed.
Anglo’s discussions about
EARNINGS WATCH
T-MOBILE US
Telecom Customer Paint Group Beats
Adds Exceed Views Profit Projections
T-Mobile US added more
core phone customers than
Wall Street expected.
The company also lifted its
full-year outlook for net adds
of its postpaid subscribers,
suggesting a rosier forecast
for its core business.
The company’s first-quar-
ter results were otherwise
mixed. Sales came in below
analysts’ forecasts, while
profit exceeded expectations.
The carrier added 532,000
postpaid phone customers on
net in the first quarter, top-
ping the 477,500 expected by
analysts polled by FactSet.
T-Mobile’s competitors
have also posted core adds
ahead of Wall Street expec-
tations, with AT&T adding
nearly 350,000 postpaid
phone connections in the first
quarter.
Verizon lost 68,000 post-
paid phone subscribers on
net in the same period, but
analysts had been expecting
a steeper loss.
T-Mobile’s revenue came in
at $19.59 billion, down
slightly from a year ago and
below analysts’ expectations
of $19.83 billion.
Profit rose about 22% to
$2.37 billion, or $2 a share.
Analysts had expected $1.86
a share.
—Ben Glickman
BUSINESS NEWS
selling the diamond unit are
believed to have been separate
from that takeover bid.
Anglo has been conducting
a review of its assets as lower
commodity prices have ripped
across the industry, prompt-
ing production cuts at the
miner. The market for dia-
monds has been particularly
affected, and in February, An-
glo said it would take a $1.6
billion impairment charge on
De Beers.
De Beers’s potential value
is all over the map. Anglo val-
ues it at $7.6 billion, while an-
alysts’ estimates range from
more than $600 million to $4
billion. It is a difficult opera-
tion to value because there
aren’t many businesses like it.
De Beers was founded by a
group including Cecil Rhodes
in 1888. As recently as the
1980s, the company controlled
more than 80% of the world’s
AKZO NOBEL
Akzo Nobel reported a
growth in revenue and ad-
justed earnings for the first
quarter that exceeded expec-
tations, with higher volumes
helping its top line, and
backed its outlook for the
year.
The Dutch paint com-
pany—which houses the Du-
lux, Polycell and Cuprinol
brands—said that net profit
for the first quarter was €181
million, or about $192.8 mil-
lion, compared with €94 mil-
lion in the same period last
year. Higher profitability and
a lower tax rate contributed
to the result.
Revenue for the quarter
fell to €2.64 billion from
€2.66 billion, hurt by foreign-
exchange effects. Organic
revenue was up 2%, helped
by higher volumes in both
paints and coatings.
Excluding exceptional
items, adjusted earnings be-
fore interest, taxes, deprecia-
tion and amortization rose to
€363 million from €305 mil-
lion.
Analysts expected Akzo
Nobel to report first-quarter
revenue of €2.59 billion and
adjusted Ebitda of €348 mil-
lion, according to consensus
estimates provided by the
company.
—Adrià Calatayud
diamond supply.
De Beers and its partners
produce around one-third of
the world’s rough diamonds,
by value, according to its web-
site. Anglo owns 85% of De
Beers, with the other 15%
owned by the government of
Botswana.
Anglo this week said rough
diamond production decreased
23% in the first quarter, and
lowered this year’s production
guidance to between 26 mil-
lion and 29 million carats,
down from 29 million to 32
million carats.
Uncertain economic condi-
tions, coupled with slower
growth in China, mean dia-
mond businesses are taking a
more cautious approach to
purchases, De Beers said this
month.
 Heard: Copper still isn’t a
one-way bet....................... B12
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Nestlé Sales Slow
On Weak Demand
BY DOMINIC CHOPPING move to cheaper store brands
or remove certain goods from
Nestlé’s organic sales their shopping list altogether.
growth slowed sharply in the It raised prices by 3.4% in
first months of the year as the first quarter on average.
consumer demand remained Nestlé said Thursday it is
weak, particularly in North seeing significant pressure
America, while supply-chain from lower-income consumers
disruptions continued to hold in the U.S., where price in-
back volumes. creases over the past two
The Swiss maker of KitKat years and the reduction in the
chocolate bars and Nescafe U.S. supplemental nutrition
coffee said organic sales rose assistance payments from the
1.4% in the first quarter, miss- second quarter last year sig-
ing a company-compiled con- nificantly reduced consumer’s
sensus of 2.9% and compared purchasing power.
with 9.3% a year earlier. “That resulted in some
Overall reported sales fell weakness all throughout the
5.9% to 22.09 billion Swiss second half of last year and
francs, equivalent to $24.14 we saw that continued weak-
billion, just shy of a company ness now in the first quarter
consensus of 22.37 billion of this year,” Chief Executive
Swiss francs, but it main- Mark Schneider said Thurs-
tained full-year guidance day.
ahead of an expected improve- However, the U.S. benefits
ment in volumes. from a very strong jobs mar-
The company began easing ket with continued income in-
the pace of price increases in creases, so as inflation contin-
the quarter after it acknowl- ues to ease people will
edged earlier this year that essentially “restore and re-
the unprecedented inflation cover” when it comes to their
seen over the past couple of purchasing power and the
years had turned many con- company’s premium segment
sumers away and hit demand. continues to do well, he
Like many other packaged- added.
food producers, Nestlé raised As prices have risen, sales
its prices to pass on higher volumes have fallen, and
costs, lifting them by an aver- Nestlé has made a recovery in
age of 7.5% last year, which volume growth one of its pri-
pushed some shoppers to orities this year.
Nestlé’s first-quarter sales growth by product category*
Confectionery 6.3%
Pet care 4.3
Water 4.3
Powdered and
liquid beverages 1.6
Nutrition 0.7
–0.6 Milk products and ice cream
–4.2 Prepared dishes and cooking aids
Total group 1.4
*Change from previous year; excludes currency changes, acquisitions and divestments
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B4 | Friday, April 26, 2024 THE WALL STREET JOURNAL.

TECHNOLOGY WSJ.com/Tech

Micron Gets $6.1 Billion to Build Plants

Government grant is Micron plans to build a past several weeks under the DRAM, which is commonly
“megafab,” or a collection of 2022 Chips Act. used in personal computers
latest award from massive chip-producing facili- The $53 billion Chips Act and servers. The chips have
Chips Act to spur ties, in Clay, N.Y. The govern- follows years of semiconduc- become a key component for
ment funding will go toward tor manufacturing shifting companies looking to increase
domestic production building the first two of four fa- overseas, which the Biden ad- their capabilities with artifi-
cilities that are expected to have ministration has framed as an cial intelligence.

STEVE HELBER/ASSOCIATED PRESS

BY BEN GLICKMAN chip-producing space equal to economic and national secu- More recently, a slump in
almost 40 football fields. rity problem. The U.S. now demand for its chips, not a
Micron Technology is re- The company initially an- produces just over 10% of lack of manufacturing, has
ceiving up to $6.1 billion from nounced its plans for the New semiconductors. weighed on Micron’s results.
the federal government to York facility in 2022. It said at The administration recently Micron last year was grap-
build three chip-making facili- the time it expected the mega- announced $6.4 billion for pling with falling sales from a
ties, the latest award from fab to be the largest semicon- Samsung, which is looking to glut of memory-chip inven-
legislation meant to boost ductor-fabrication facility in expand its manufacturing op- tory. Customers stocked up on
chip production in the U.S. U.S. history. Technicians at a Micron Technology plant in Manassas, Va. erations in Texas. Intel was semiconductors during the
The government grant will Micron plans to use the awarded $8.5 billion, the larg- pandemic, fearing shortages
fuel up to $125 billion in in- grant to construct another fab- volume manufacturing fab. struction jobs. est grant announced to date and geopolitical disruptions.
vestment by Micron in New rication facility, or fab, in Boise, Officials said the total in- The preliminary funding under the law, to increase pro- The company seems to be
York and Idaho over the next Idaho, where Micron is based. vestment by Micron was ex- deal between Micron and the duction in four states. exiting that period, with reve-
20 years, U.S. officials said That plant, in the same place pected to create more than Commerce Department is the All three plants built by Mi- nue rising 58% as it trounced
Thursday. About $50 billion of as the company’s existing re- 70,000 jobs, including 20,000 fifth major tranche of funding cron will make dynamic ran- Wall Street’s estimates in its
that will come by 2030. search facility, will be a high- direct manufacturing and con- to a chip-making giant in the dom access memory, or most recent quarterly report.

Rubrik’s Shares Close Above IPO

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CLASS ACTION

UNITED STATES DISTRICT COURT

SOUTHERN DISTRICT OF NEW YORK
x
In re OATLY GROUP AB SECURITIES LITIGATION : Consolidated Civil Action No.
: 1:21-cv-06360-AKH
x
SUPREME COURT OF THE STATE OF NEW YORK
COUNTY OF NEW YORK
X
BRUCE HIPPLE, Individually and on Behalf of All Others : Index No. 151432/2022
Similarly Situated, :
Plaintiff, : CLASS ACTION
vs. :
: Justice Andrew Borrok
OATLY GROUP AB, et al., :
Defendants. :
X

BRENDAN MCDERMID/REUTERS
SUMMARY NOTICE OF PENDENCY AND PROPOSED CLASS ACTION SETTLEMENT
TO: (1) ALL PERSONS WHO PURCHASED OR ACQUIRED OATLY GROUP AB (“OATLY” OR “COMPANY”)
AMERICAN DEPOSITARY SHARES (“ADS”) BETWEEN MAY 20, 2021 AND NOVEMBER 15, 2021 INCLUSIVE
(THE“CLASS PERIOD”), OR OTHERWISE PURSUANT TO THE OFFERING DOCUMENTS FOR OATLY’S
MAY 20, 2021 INITIAL PUBLIC OFFERING (“IPO”), AND WERE DAMAGED THEREBY, AND (2) ALL
PERSONS WHO PURCHASED OR ACQUIRED CALL OPTIONS OR SOLD PUT OPTIONS ON OATLY ADS
DURING THE CLASS PERIOD, OR OTHERWISE PURSUANT TO OATLY’S OFFERING DOCUMENTS, AND
WERE DAMAGED THEREBY.
THIS NOTICE WAS AUTHORIZED BY THE COURT. IT IS NOT A LAWYER SOLICITATION. PLEASE READ THIS
NOTICE CAREFULLY AND IN ITS ENTIRETY.
YOU ARE HEREBY NOTIFIED that a hearing will be held on July 17, 2024, at 2:30 p.m., before the Honorable Alvin K. Rubrik shares opened 21% was priced at $32, higher than The company’s loss widened
Hellerstein, U.S. District Court, Southern District of New York, Daniel Patrick Moynihan United States Courthouse, 500 Pearl St., higher in their market debut, its guided range of $28 to to $354.2 million from $277.7
New York, NY 10007, to determine whether: (1) the proposed settlement (the “Settlement”) of the above-captioned action (the
“Action”) as well as the action pending in the Supreme Court of the State of New York, County of New York, styled as Hipple as the provider of cybersecu- $31. Rubrik, backed by inves- million year over year.
v. Oatly Group AB, et al., Index No. 151432/2022 (Sup. Ct. N.Y.) (“State Action”) as set forth in the Stipulation of Settlement rity software became the lat- tors including Microsoft and Rubrik said it has more
(“Stipulation”)1 for $9,250,000 in cash should be approved by the Court as fair, reasonable, and adequate; (2) the Judgment est tech company to tap the Lightspeed Venture Part- than 6,100 customers and
as provided under the Stipulation should be entered; (3) to award Plaintiffs’ Counsel attorneys’ fees and expenses out of the
Settlement Fund (as defined in the Notice of Pendency and Proposed Settlement of Class Actions (“Notice”), which is discussed initial-public-offering market. ners, sold 23.5 million shares had $784 million in annually
below), and, if so, in what amount; (4) to award Plaintiffs for representing the Settlement Class out of the Settlement Fund and, if The stock opened at as part of the offering. recurring subscription reve-
so, in what amount; and (5) the Plan of Allocation should be approved by the Court as fair, reasonable, and adequate.
$38.60 and hit a high of $40. Rubrik’s revenue reached nue, up 47% year over year,
This Action and the State Action are securities class actions brought on behalf of those persons who purchased or acquired
Oatly ADS or call options on Oatly ADS or sold put options on Oatly ADS during the Class Period or otherwise pursuant to the Shares of Rubrik closed at $627.9 million for the year according to regulatory fil-
Offering Documents for Oatly’s IPO, against Oatly and others (collectively, “Defendants”) for allegedly misstating and omitting $37 on Thursday. ended Jan. 31, up from ings. —P.R. Venkat
material facts from the Offering Documents filed with the U.S. Securities and Exchange Commission in connection with the IPO. On Wednesday, the IPO $599.82 million the year prior. and Denny Jacob
Plaintiffs allege that these purportedly false and misleading statements inflated the price of the Company’s ADSs, resulting in
damage to Settlement Class Members when the truth was revealed. Defendants expressly deny all of Plaintiffs’ allegations.
IF YOU PURCHASED OR ACQUIRED OATLY ADS OR CALL OPTIONS ON OATLY ADS OR SOLD PUT OPTIONS
ON OATLY ADS BETWEEN MAY 20, 2021 THROUGH AND INCLUDING NOVEMBER 15, 2021, OR OTHERWISE
PURSUANT TO THE OFFERING DOCUMENTS, YOUR RIGHTS MAY BE AFFECTED BY THE SETTLEMENT OF THIS
ACTION AND THE STATE COURT ACTION. Oracle’s cal-records company Cerner,
announced in 2021. The nearly
$30 billion deal gave Oracle a
termine where it pays the bulk
of its taxes.
Companies divide their U.S.

Plan Jolts
To share in the distribution of the Settlement Fund, you must establish your rights by submitting a Proof of Claim and Release
form (“Proof of Claim”) by mail (postmarked no later than July 25, 2024) or electronically (no later than July 25, 2024). Your presence in an industry that is earnings among the states
failure to submit your Proof of Claim by July 25, 2024, will subject your claim to rejection and preclude your receiving any of one of the top drivers of growth where they do business in a
the recovery in connection with the Settlement of this Action and the State Action. If you are a member of the Settlement Class
and do not request exclusion therefrom as instructed, you will be bound by the Settlement and any judgment and release entered for cloud computing. way that reflects sales, employ-
in the Action and the State Court Action, including, but not limited to, the Judgment, whether or not you submit a Proof of Claim.
If you have not received a copy of the Notice, which more completely describes the Settlement and your rights thereunder
(including your right to object to the Settlement), and a Proof of Claim, you may obtain these documents, as well as a copy of
the Stipulation (which, among other things, contains definitions for the defined terms used in this Summary Notice) and other
Austin During Oracle’s last earnings
announcement in March, Elli-
son said the company expected
ment, physical facilities and
other factors. A company mov-
ing its headquarters to Texas
settlement documents, online at www.OatlySecuritiesSettlement.com, or by writing to: years of high growth from the from California, for example,
Continued from page B1 healthcare business. Oracle wouldn’t necessarily stop pay-
Oatly Securities Litigation
Claims Administrator While San Francisco has re- uses its cloud and AI to stream- ing California’s corporate tax.
c/o Gilardi & Co. LLC cently re-emerged in the spot- line how Cerner’s clients do ev- Dozens of companies have
P.O. Box 301170
Los Angeles, CA 90030-1170 light as a center for AI, Oracle’s erything from transcribing doc- moved headquarters to Austin
Inquiries should NOT be directed to Defendants, the Court, or the Clerk of the Court. Inquiries, other than requests for the
wandering eye shows how the tors’ dictation to generating in recent years. Oracle was
Notice or for a Proof of Claim, may be made to: rethinking of workplaces con- notes and updating health re- among the largest, with some
Plaintiffs’ Counsel: tinues to ripple through indus- cords. Cerner is a small part of 4,200 employees as of last fall,
tries, rearranging America’s Oracle’s overall business. It con- according to economic develop-
William C. Fredericks
SCOTT + SCOTT ATTORNEYS AT LAW LLP
Michael G. Capeci corporate map. tributed roughly $5 billion in ment group Opportunity Aus-
ROBBINS GELLER RUDMAN & DOWD LLP
The Helmsley Building 58 South Service Road, Suite 200 Oracle, which was founded revenue last tin. The organi-
230 Park Avenue, 17th Floor
New York, NY 10169
Melville, NY 11747 in Santa Clara, Calif., in 1977, year, but it has zation noted
Telephone: (631) 367-7100 later had its headquarters in weighed on the that Oracle had
Telephone: (212) 223-6444
IF YOU DESIRE TO BE EXCLUDED FROM THE SETTLEMENT CLASS, YOU MUST SUBMIT A REQUEST FOR Redwood City. The software gi- company’s over- Ellison touted a large presence
EXCLUSION SUCH THAT IT IS POSTMARKED BY JUNE 17, 2024, IN THE MANNER AND FORM EXPLAINED IN THE
NOTICE. ALL MEMBERS OF THE SETTLEMENT CLASS WHO HAVE NOT REQUESTED EXCLUSION FROM THE
ant, at the time of its move to all revenue the expansive in the city be-
Texas, said that relocation was growth. fore its head-
SETTLEMENT CLASS WILL BE BOUND BY THE SETTLEMENT EVEN IF THEY DO NOT SUBMIT A TIMELY PROOF
OF CLAIM. to allow a more-flexible ap- Still, Ellison campus being quarters moved
proach to its workforce. this week de- and has been
IF YOU ARE A SETTLEMENT CLASS MEMBER, YOU HAVE THE RIGHT TO OBJECT TO THE SETTLEMENT,
THE PLAN OF ALLOCATION, THE REQUEST BY PLAINTIFFS’ COUNSEL FOR AN AWARD OF ATTORNEYS’ FEES The company had neither scribed health-
constructed in expanding its
AND EXPENSES, AND/OR THE AWARD TO PLAINTIFFS FOR REPRESENTING THE SETTLEMENT CLASS. ANY
OBJECTIONS MUST BE FILED WITH THE COURT AND SENT TO PLAINTIFFS’ COUNSEL AND DEFENDANTS’
asked for nor received eco- care as the “in- Nashville. campus.
COUNSEL BY JUNE 16, 2024, IN THE MANNER AND FORM EXPLAINED IN THE NOTICE. nomic incentives from Austin dustry we’re On Tuesday,
DATED: March 28, 2024 BY ORDER OF THE UNITED STATES DISTRICT COURT to relocate, said city officials. most concerned in an interview
FOR THE SOUTHERN DISTRICT OF NEW YORK Nashville pledged $175 million about.” livestreamed by
1
The Stipulation can be viewed and/or obtained at www.OatlySecuritiesSettlement.com. All capitalized terms used herein and not in incentives and Tennessee Oracle’s shares have risen Oracle, Ellison touted the ex-
otherwise defined shall have the same meaning as ascribed to them in the Stipulation. $65 million to help build the 22% over the last 12 months as pansive campus the company
Oracle campus in 2021. the tech-heavy Nasdaq Compos- was constructing in Nashville.
A spokesman for Nashville ite Index rose 32%. On Thurs- The property, which spans
NOTICE OF SALE Mayor Freddie O’Connell said day, Oracle shares were down 60 acres, is on the city’s river-
Thursday that there were no less than 1%. front. The company acquired
new incentives from the city Oracle’s leaders “believe far the land in 2021 and committed
NOTICE OF PUBLIC SALE • Property to be Sold
THE ahead of Oracle’s move. In a more than the street does in to building places to serve the
MARKETPLACE
Public Sale No.1: Tuesday,April 30,2024,10:00 a.m.EDT
Lot # CUSIP Issue AssetType Shares/Par Amount RegistrationType
1 US74371V9A77 PROTOCOLSVCSINCPROMNTDFLT Debt $892,885.63 Physical statement, O’Connell noted that the value that is going to be community. Ellison said Oracle
2 USS866338006 AXIEMINCAXIEMINC Equity 75,462.00 Physical the area’s healthcare industry created in the healthcare sec- had surveyed employees, and
3 US74371Q9005 PROTOCOLCOMMUNICATIONSINCNPV Equity
4 US74371Q9005 PROTOCOLCOMMUNICATIONSINCNPV Equity
18,643.4520
18,643.4520
Physical
Physical ADVERTISE TODAY employs more than 300,000 tor,” said Mark Moerdler, an they said they wanted to live in
Dock Street Capital Management LLC,on behalf ofThe Bank of NewYork MellonTrust Company,National Association,in its capacity people and adds $68 billion to analyst with Bernstein. places that were good for rais-
as trustee (the“Trustee”),will be conducting one or more sales of certain collateral pledged to theTrustee.The Collateral (as defined
herein) will be offered and sold by theTrustee without recourse,representations or covenants,express or implied,being made by the (800) 366-3975 the Nashville region’s economy. While tax rates can some- ing a family and had a vibrant
TrusteewithrespecttotheCollateral(exceptastotitletotheCollateral)orwithrespecttoanyotherinformationthenintheTrustee’s The area is home to hospital times be a reason companies or culture. “Nashville kind of
possession, including without limitation any offering circular or other financial information. Notwithstanding the foregoing, the
Trustee makes no representation or warranty as to whether Lot #3 and Lot #4 are two different items of Collateral or duplicative of chains HCA Healthcare and individuals move, the mailing ticked all the boxes,” he said.
one another. Location of Sale.The sales will be held at 575-B Riverside Avenue,Westport,CT 06880. Additional Information. For more information visit: Community Health Systems. address of a company’s head- —Melanie Evans
Please be advised that the sale of each of the securities listed above may be made only to the best bidder who is also a qualified
bidder and may be subject to a reserve level. For additional information, including with respect to qualified bidder status, and to
wsj.com/classifieds HCA is one of the largest U.S. quarters doesn’t necessarily de- contributed to this article.
obtain copies of an Investor Representation and Confidentiality Agreement, contact David Crowle or Jeffrey Holtman by email at hospital owners and among the
dcrowle@dockstreetcap.com or jholtman@dockstreetcap.com,respectively,by phone at (212) 457-8258,by facsimile at (212) 457-
8269 or by mail addressed to 575-B Riverside Avenue,Westport,CT 06880. Disclaimer. TheTrustee is authorized at such sale,if the region’s largest employers, ac-
Trustee deems it advisable or is required by applicable law to do so:(i) to restrict the prospective bidders on or purchasers of any of
the above identified securities (the“Collateral”) to be sold to those who will represent and agree that they are purchasing for their
cording to the Nashville Area
ownaccountforinvestmentandnotwithaviewtothedistributionorresaleofanyofsuchassets,(ii)toverifythateachcertificatefor Chamber of Commerce.
each security to be sold bears a legend substantially to the effect that such security has not been registered under the Securities Act
of 1933,as amended,(the“Act”) and may not be disposed of in violation of the provisions of said Act,(iii) to disclaim and to refuse to The hospital owners are part
give any warranty (other than as to title),and (iv) to impose such other limitations or conditions in connection with any such sale as of more than a dozen publicly
theTrusteedeemsnecessaryoradvisable.
traded healthcare companies
based in the Nashville area, in-
COMMERCIAL REAL ESTATE PUBLIC NOTICES cluding behavioral healthcare
provider Acadia Healthcare and
surgical center operator Sur-
MARK HUMPHREY/ASSOCIATED PRESS

Bank Hapoalim B.M. (Bank Hapoalim) operates three

1031 EXCHANGE PROPERTIES branches in the city of New York, NY, these are: (i) the
gery Partners.
New York Branch; (ii) the Americas Tower Branch and
CENTRAL FLORIDA (iii) the Plaza Branch. On or about June 1, 2024, Bank
Hapoalim will commence the voluntary liquidation of its
The city’s private sector has
MAKE YOUR MOVE! Plaza Branch, located at 1120 Avenue of the Americas, for decades pursued growth in
New York, NY 10036, under the provisions of Section
Great properties priced $595K to 605.11(c) of the New York State Banking Law. Upon the healthcare industry, said
completion thereof, all business related thereto shall
be conducted from Bank Hapoalim’s Americas Tower Apryl Childs-Potter, president
$15M with Cap Rates 8.0% - 11.0% Branch, which is also located at 1120 Avenue of the of the Nashville Health Care
Americas New York, NY 10036. Customers of the Plaza
Move your money. Make it safe. Branch will receive a separate communication from Bank Council, an industry group.
Hapoalim with more details regarding the Plaza Branch
Call/Text (386)341-0423 closure. All other inquiries with respect to the winding- Oracle made a big bet on the
Watson Realty Corp
up of Bank Hapoalim’s Plaza Branch should be directed
to: Tova Simis, (212) 782-2293 or marketing@bhiusa.
© 2024 Dow Jones & Company, Inc. healthcare industry through the Oracle surveyed employees on where they wanted to live and
com on or before May 1, 2024. All Rights Reserved. acquisition of electronic-medi- Chairman Larry Ellison said Nashville ‘ticked all the boxes.’
 THE WALL STREET JOURNAL. * * * * Friday, April 26, 2024 | B5

TECHNOLOGY WSJ.com/Tech

Change Healthcare Grinds Toyota Puts $1.4 Billion

Into Indiana Facility
Through Massive Breach Probe As Part of EV Push
Parent company edHealth had paid. Ran-
somHub said it had four tera- BY SABELA OJEA The investment will also
UnitedHealth Group bytes of Change data and add a new battery pack as-
is investigating the threatened to sell it if it Toyota is making a $1.4 sembly line using lithium-ion
couldn’t strike a deal with the billion infrastructure invest- batteries supplied by a $13.9
nature of stolen data company. ment in its plant in Indiana billion battery manufacturing
Even when a hacked com- to further support the com- plant located in North Caro-
BY KIM S. NASH pany pays for the return of in- pany’s electrification efforts lina, which is expected to be-
AND CATHERINE STUPP formation, it is often dumped in the U.S. gin production
in a disorganized mess, said The auto- in 2025.
UnitedHealth Group is in- Devon Ackerman, global head maker on Since 2021,
GABBY JONES/BLOOMBERG NEWS

vestigating the nature and of incident response at Kroll. Thursday said The automaker Toyota has
quantity of the data hackers Companies can spend weeks or that the addi- employs more made invest-
stole from the company in a months developing a struc- tional financ- ments of $18.6
February ransomware attack tured way to review it, he said. ing comes as than 63,000 billion into its
at business unit Change In one incident that Acker- Toyota pre- U.S. manufac-
Healthcare. man worked on, a company pares to as-
people in North turing opera-
It’s going to be a slog. paid a ransom and received its semble a new America. tions for its
Tracing hacker footsteps is UnitedHealth said it hasn’t so far seen evidence of the removal data mixed with material from three-row bat- electrification
tough for any company, but of materials such as doctors’ charts among the data. another hacked business. tery electric push.
Change operates the largest “It’s like walking into a sport-utility The Japa-
U.S. clearinghouse for medical ages and anything in between. their care and information to hoarder’s house,” he said. vehicle in that facility, and nese company’s latest financ-
payments, touching the health The next step is looking for us,” she said. The dark-web posts identi- will bring 340 new jobs. ing efforts in the U.S. follows
records of one in three U.S. res- signs that the hackers either Therapist Jeri Lewis, direc- fied a handful of companies Toyota employs more than an additional $1.3 billion in-
idents and processing 15 billion accessed the data or exfil- tor of Old Towne Counseling and listed information catego- 63,000 people in North Amer- vestment at Toyota’s flagship
transactions a year through trated it—and determining Services in Mechanicsville, Va., ries, file types and file names ica, of which 7,500 are based Kentucky facility to produce
hundreds of technology sys- how sensitive any such infor- which also uses Change for that were allegedly in the in the Indiana facility, where a separate three-row-battery
tems. Plus, the ALPHV hacker mation was. That often means payments, is worried about her Change data. Organizations the company has so far in- electric SUV for the U.S. mar-
group prowled in Change sys- manually eyeballing files to patients’ information being should pay attention to these vested $8 billion. ket.
tems for nine days before judge whether exposed data is leaked online. “On our claims details to prepare for any no-
launching its ransomware. covered under privacy regula- are mental-health diagnoses. tification obligations they
Already two months in, the tions. Names linked to internal That’s different from a derma- might have, said Goldstein of Watch a Video: JPMorgan CEO Jamie Dimon
complexity of the work means identification numbers might tologist saying their client has Baker Hostetler. Gives a Soft Landing Long Odds
the probe will take several not warrant notifying individ- acne,” she said. Although UnitedHealth has
more months, UnitedHealth uals or regulators, for exam- Health records are rich in offered to take on notification
said this week. When the exer- ple, but names connected to information useful for identity duties for providers and cus-
cise is finished, it is likely to Social Security numbers, fi- theft, insurance fraud, black- tomers, hospitals and others
reveal an unprecedented nancial details or medical di- mail and other crimes, said Rob worry they will have to do at
breach of health data, said agnoses likely would. Jones, head of claims at Coali- least some of that expensive
Sara Goldstein, a partner on UnitedHealth warned that tion, a cyber insurer. Criminals chore themselves, said Errol
the healthcare privacy and “a substantial proportion of know health data has a long Weiss, chief security officer at
compliance team at law firm people in America” could be shelf life, Jones said. the Health Information Shar-
Baker Hostetler. affected by the incident. UnitedHealth and affected ing and Analysis Center.
“This is a first of its kind UnitedHealth said it hasn’t organizations have also “They’re certainly con-

ADAM FALK/THE WALL STREET JOURNAL

in healthcare. Change has ten- so far seen evidence of the re- watched hacker infighting cerned about who is going to
tacles throughout the indus- moval of materials such as play out online, leveraging al- be responsible for breach noti-
try,” Goldstein said. She is ad- doctors’ charts or full medical legedly stolen data. fication and ultimately making
vising more than 100 clients histories among the data. On Feb. 28, one week after things right with all of the im-
coping with the consequences Still, care providers wonder Change discovered the intru- pacted individuals,” he said.
of the hack. what specifics are already out sion, ALPHV claimed in posts In the end, the exposure of
Breach investigations are and could be exploited, said and 22 screenshots on the sensitive information can
complicated and slow. Investi- Deborah Gordon, chief admin- dark web that it had taken six harm relationships with pa-
gators must first look at logs istrative and legal officer at terabytes of the company’s tients, said Dr. Grace Patel, a
and other data to figure out Memorial Hermann Health data related to insurers, phar- pediatric ophthalmologist who
where the hackers went once System, a Change user that macies, care providers and pa- owns Carolina Children’s Eye Scan this code to watch WSJ Editor in Chief
inside the network, then figure runs 17 hospitals and 260 tients, as well as source code. Care in Greensboro, N.C., and Emma Tucker’s interview with Jamie Dimon,
out what information was in other care sites in Texas. “One In April, a second hacker uses Change. who says U.S. consumers are in good shape
those places at those times. thing that’s heartbreaking for group, RansomHub, popped up “It’s not my breach,” she right now, but a huge fiscal deficit and
Formats can include orderly us is [that] these are our pa- after an apparent split with said, “but it’s a total night- geopolitical challenges make him cautious.
spreadsheets, unstructured im- tients. They’re entrusting ALPHV over the ransom Unit- mare.”
RICHARD BORD/GETTY IMAGES

Like its peers, WPP benefited in recent years from a postpandemic rebound in ad spending.

WPP Reports Revenue Hit

From Tech Clients’ Pullback Gift WSJ.
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BY ADRIÀ CALATAYUD Ogilvy, GroupM and VML— first-quarter reporting season
benefited in recent years from for the major advertising-
WPP logged in the first a postpandemic rebound in ad- agency holding groups, which
quarter its worst performance vertising and marketing spend- showed mixed results for the
since late 2020, hurt by a pull- ing. industry with companies’ ex- G I V E A 12 - M O N T H S U B S C R I P T I O N A N D
back in spending by technology However, the company has posure to technology clients as R EC E I V E A $ 2 5 A M A ZO N G I F T C A R D *
clients and project delays, but seen momentum gradually an important factor.
said it is on track to return to wane in recent quarters as Paris-based Publicis Groupe
growth later this year. tech marketers turned more and U.S. peer Omnicom Group
The London-based advertis- cautious and some clients continued to grow at a steady By gifting a WSJ subscription, you’re sharing all the
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its closely watched like-for-like ects. rising 5.3% and 4% in the quar- They’ll receive:
revenue less pass-through The company confirmed its ter, respectively, but the per-
costs fell 1.6% in the first three guidance for growth of up to formances of WPP and Inter- S I X- DAY H O M E D E L I V E RY
months of the year compared 1% in like-for-like revenue less public Group of Cos. were of our iconic print edition, WSJ Weekend and WSJ Magazine
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Alpha had forecast a drop of company’s underlying perfor- Publicis earlier this month
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down 1.5%. sales and costs such as ex- first quarter, a comment ana-
Like its peers, WPP—the penses billed to clients. lysts saw as a positive signal INSIDER DEALS
owner of agencies including WPP’s update wraps up the for the likes of WPP and IPG. with Buy Side from WSJ Exclusives

Microsoft
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Microsoft shares rose of between $63.5 billion and (800) 742-9044

Gets Lift around 5% in after-hours trad-

ing Thursday.
On a conference call after
$64.5 billion in the quarter
through June.
Microsoft’s AI success has

From AI earnings were announced,

Chief Financial Officer Amy
Hood said that the company
will continue to increase
Continued from page B1 spending.
soft’s capital expenditures She said the customer de-
soaring. mand for AI services is beyond
Microsoft said its capital ex- what Microsoft is able to pro-
penditures were $14 billion last vide, pushing the company to
quarter, a marked increase from pour more money into building
helped push its market value
above $3 trillion this year. It
has surpassed Apple’s, making
it the world’s biggest company
by that measure.
Over the past 12 months, its
stock has climbed 45%, while *Gift offer is valid for new subscribers who reside at a different address. If you respond to this offer for your household and are already a subscriber (or someone else in your house-
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B6 | Friday, April 26, 2024 * * THE WALL STREET JOURNAL.

BUSINESS & FINANCE

Direct-to-Consumer Shift Brings Challenge

Suppliers beefing up Nike’s quarterly reported
revenue by sales channel
efforts to reach
shoppers need to $15 billion

revamp supply chain

BY LIZ YOUNG 10

Apparel makers including Direct sales

Levi Strauss, Skechers and
Canada Goose are trying to
get closer to their customers. 5
Doing that will require nailing
the nuts and bolts of retail lo- Wholesale
gistics.
The stalwarts of depart- 0
ment-store sales are taking
2019 ’20 ’21 ’22 ’23 ’24
the strategic step into direct-
to-consumer sales, reasoning Source: the company
that the investment is needed
to kick growth into a higher instead “find a vehicle that’s
gear and potentially reset the going to go out into the sub-
future of their businesses. The urbs,” Enright said.
strategy includes mastering Terry Esper, a logistics pro-
difficult operations like home fessor at Ohio State Univer-
delivery as well as taking on sity, said more suppliers today
the broader business of stock- operate last-mile delivery net-

BING GUAN/BLOOMBERG NEWS

ing more of their own bricks-
and-mortar stores.
“You’ve got to have a sup-
ply chain that looks more like
a retail supply chain than a
distribution one,” said Tom
Enright, an analyst with re-
search firm Gartner. “There’s
a bit of a reinvention of the
supply chain.”
Companies making goods
from T-shirts to appliances
typically ship merchandise in
large quantities to retailers,
often on shrink-wrapped pal-
lets hauled by tractor-trailers
to merchants’ distribution
centers. Retailers then handle
distributing and selling the
products through stores and
home delivery.
Reaching customers di-
rectly means charting a differ-
ent supply chain, including
picking, packing and shipping
individual items through
warehouses, as well as devel-
oping shipping and returns
policies that are crucial to
consumer sales.
Suppliers accustomed to
delivering their goods in 56-
ton trucks to retailers’ stock-
rooms and warehouses must
works as retailers have en-
couraged them over the past
few years to deliver orders
straight to shoppers to speed
up fulfillment.
“Now these manufacturers
are saying, ‘We’re learning a
capability that we didn’t
have,’” Esper said, leaving
them “to reconcile why I just
don’t take advantage of that
capability myself.”
That requires greater in-
vestment in logistics, but to
many suppliers the financial
case is compelling.
“If you’re selling something
for $100 to a retailer and
they’re selling it on for $200
to a consumer, well, you can
have all of that yourself” if
you sell directly to customers,
said Enright.
Levi Strauss is working to
expand its direct-to-consumer
business amid declining
wholesale revenue. The San
Francisco-based company,
which sells its jeans through
retailers such as Target and
Urban Outfitters, plans to
grow its direct business to
more than 55% of revenue by
2027. Direct-to-consumer sales
Outerwear maker Canada Goose said direct-to-consumer sales made up a greater share of its revenue in the Dec. 31 quarter.
accounted for 48% of revenue
for the quarter ended Feb. 25.
Levi has been opening more
bricks-and-mortar stores, up-
dating inventory-management
processes to help keep popu-
lar items in stock and releas-
ing new products more fre-
quently to encourage
customers to return, Chief Ex-
ecutive Michelle Gass said on
an earnings call earlier this
month.
Ohio State’s Esper said
broader trends in consumer
markets, including the growth
of separate sales channels
such as social commerce, give
the direct strategy a boost be-
cause companies can reach
shoppers through influencers
and content creators on so-
cial-media platforms such as
TikTok.
“When their brand gets
hot, they’re already prepared
to do direct-to-customer be-
cause they’ve often been do-
ing a lot of dropshipping on
behalf of retailers,” Esper
said.
Shoe maker Skechers re-
cently automated more tasks
at its North American distri-
bution center in Rancho Bel-
ago, Calif., to help fulfill e-
commerce orders more
efficiently.
The Manhattan Beach, Ca-
lif.-based company opened 35
stores in the U.S. last year,
and plans to open between
140 and 160 stores worldwide
this year.
“We have outsized opportu-
nity to continue to grow our
direct-to-consumer business,”
Chief Financial Officer John
Vandemore said at an inves-
tors conference last month.
Jonathan Stuart Sinclair,
president of the Asia-Pacific
region at Canada Goose Hold-
ings, said selling more of its
winter jackets straight to con-
sumers as well as through de-
partment stores has helped
the apparel maker reach more
shoppers.
The Toronto-based com-
pany has expanded its own
network of bricks-and-mortar
stores and said its direct-to-
consumer business accounted
for 84% of its revenue in the
quarter ended Dec. 31, up
from 78% the previous year.
“Most people who start in
this sector start wholesale,
and that’s because you focus
on the product, you focus on
the market,” Sinclair said at
an investor conference last
month. “Eventually everyone
realizes you need control.”
Still, selling directly to con-
sumers comes with risks.
Nike during the pandemic
cut ties with longtime retail
customers such as DSW and
Urban Outfitters as it sought
to capitalize on a pandemic-
driven surge in e-commerce.
But the move shifted storage
and shipping costs from
wholesalers to Nike and left
the sports apparel manufac-
turer with overstuffed inven-
tories that led to margin-
slashing discounting.
Nike reversed course last
year and returned to selling
through DSW and others as it
looked to clear out merchan-
dise.
“I don’t see it as a reversal
of the strategy,” Nike Chief
Executive John Donahoe told
The Wall Street Journal. “I see
it as an adjustment.”

Company Runs Investing Boot Camp for Family Scions

BY MARIA ARMENTAL Amount of wealth controlled have a wealth succession plan, but also helped her find her
by new billionaires each year, UBS found, adding that even next business project and ex-
Project Primus, an invest- by source among family offices with posed her to companies that
ing training company, is work- more than $1 billion in assets, weren’t on her radar. Through
ing with heirs to nine-figure $800 billion only 43% said they had such a the program, she has also ex-
fortunes to help them pick up Inherited plan. panded her range of interests
the investing baton. Self-made Younger generations tend and discussion topics with her
Part of a growing industry 600 to think differently about in- family, including around car-
fueled by a windfall genera- vesting than do their elders, a bon credits, which can be used
tional wealth transfer, the disconnect that Soleiman lik- to reduce greenhouse-gas
company offers an investing 400 ens to a broken telephone. For emissions.
boot camp where the younger example, younger heirs tend “I’m really hoping that I
members of wealthy families to favor investments that can add value to my family’s
learn and practice investing in 200 align with broader social or legacy and come back and
startups to better prepare environmental goals such as help grow” that legacy, she
them to steward the money mitigating climate change, said.
they stand to inherit. The pro- 0 consultants say. Fraser said she is now
PROJECT PRIMUS

gram offers two groups a year,
each capped at 25 people, with
participating families commit-
ting at least $1 million each to
invest on top of a $60,000 an-
nual fee, according to co-
founder Ezzedeen Soleiman.
The Primus program
stretches over seven years:
two years of learning and
practice investing, followed by
five of managing investments
and engaging with fellow par-
ticipants also learning to de-
ploy their family’s wealth.
A typical Project Primus
family has at least $100 million
in assets, usually built by the
generation administering the
money or the previous one,
said Soleiman, adding that cur-
rent students range from about
The company’s co-founder Ezzedeen Soleiman.
26 to 31 years of age.
Soleiman founded the com-
pany in 2023 alongside Rami
Shubbak, chief executive of
management consulting firm
Gulfstrategic, and Alec Milne,
president of Canadian com-
pany PrintersPlus. Soleiman
previously worked at Latitude
Consultancy, a firm that ad-
vises individuals on securing
citizenship or residency in
other countries.
Many of the company’s cli-
ents made their fortunes in
technology, Soleiman said,
while others built their wealth
in finance, real estate and, at
least in one case, entertain-
ment. Currently, Project Pri-
mus is only working with U.S.
and Canadian families, though
others in Asia, Latin America
and the Middle East have ex-
pressed interest, according to
Soleiman.
“Right now our focus is the
U.S. because there is such a
significant wealth transfer
that’s going to happen in just
five years,” he said.
Estimates range widely on
how large the tide of money
coming to the offspring of the
2015 ’20 ’23
Note: Survey periods are for years
ending in April
Source: UBS Billionaire Ambitions Report 2023
wealthy will be.
According to a UBS study,
over 1,000 of today’s billion-
aires are likely to transfer more
than $5.2 trillion to their heirs
over the next 20 to 30 years.
In 2023, 53 heirs who be-
came billionaires had an esti-
mated $150.8 billion as of
April 6 of that year, according
to another UBS report. It was
the first time in the report’s
nine-year run that billionaires
accumulated more wealth
through inheritance than from
entrepreneurship. Yet, less
than half of family offices
They also tend to favor
riskier assets, such as private
equity, according to a separate
UBS survey. That survey found
more than half of those inher-
iting planned to raise direct
private-equity investments
over the next year and almost
as many intended to step up
those investments.
Marie Fraser, for example,
joined the Primus program af-
ter selling a business she had
started.
“I was really lacking a
sense of direction and purpose
in general,” she said, adding
that her family connected her
with Project Primus.
Now in her second year of
the program, Fraser said it
not only raised her confidence
working on opening additional
locations in the U.S. and Can-
ada for The Barklay, a Canada-
based luxury dog care and
grooming business that aligns
with her values and was born
from a need she saw in dog
boarding.
“I’m hoping to franchise
that and really change the in-
dustry standards,” she said.
In addition, Fraser said she
is working to launch a com-
pany in the U.S. focused on
cattle feed and reducing meth-
ane emissions, a critical part
of climate-change targets.
“I hope to be a needle-
mover. I hope to make a posi-
tive impact … in people’s lives,
in my family legacy and in my
personal legacy,” Fraser said.

More Bid Disney and Warner to renew

their deals expired at mid-
night the same night, clearing
right to show games in mar-
kets around the world.
The NBA discussions are
fluid; negotiations with a
Among traditional media streamer like Amazon could
Night Football.”
Amazon, YouTube and NBC-
Universal have invested in
help Disney and Warner with
their respective streaming ini-
tiatives. ESPN is launching its

For NBA the way for the league to have

formal negotiations with other
suitors as well.
companies, NBCUniversal is affect the way final deals are
jostling with Disney and War- structured with TV partners,
ner for a package. It is angling for example. Wrapping up and
sports to boost their respec-
tive streaming services.
Retaining NBA rights is a
own direct-to-consumer ver-
sion of its popular cable chan-
nel and will want NBA games

TV Rights Under their current deals,

Disney and Warner carry
roughly 165 games combined.
Games taken from those in-
for regular-season and playoff announcing all the deals could
games to show on NBC and its take several weeks.
P e a c o c k In negotiat-
high priority for both Disney
and Warner. The league’s con-
tent helps them charge high
to help drive subscriptions.
Warner and Disney are
joining with Fox Corp. on a
streaming ser- ing new long- fees to pay-TV distributors new sports-centric streaming

Continued from page B1
tional media companies at a
time when cord-cutting is
shrinking overall TV viewer-
ship. Many households main-
tain cable subscriptions be-
cause it is the only way to
watch their favorite teams’
games.
Media-rights talks have
been happening against the
backdrop of the NBA playoffs.
Warner Chief David Zaslav sat
courtside Monday to watch
the New York Knicks prevail in
the final seconds against the
Philadelphia 76ers, a game
that aired on TNT. An exclu-
sive negotiating window for
$2.8B
cumbents would help the NBA vice, as well as term pacts, like Comcast and Spectrum to service set to launch in the
create a new package for a rights for NBC NBA Commis- carry networks such as ESPN, late summer or early fall. Hav-
streaming player with nation- to share the sioner Adam ABC and TNT. ing a big chunk of NBA regu-
ally televised regular-season NBA Finals Silver has said “What is the alternative lar-season and postseason ac-
games and some playoff con- with Disney’s Combined cost of the league programming you would re- tion is expected to be a major
tests. ABC, according wants to signif- place those prime-time hours selling point for the not-yet-
The league also could draw to some people
NBA TV rights for icantly increase with?” said David Levy, a for- named platform.
on a catalog of locally aired familiar with Disney’s ESPN and the scale of its mer Turner president who is Some on Wall Street have
games. the discussions. Warner Bros.’ TNT rights deals now co-chief executive of the expressed concerns about me-
Amazon’s Prime Video, Warner Dis- and broaden advisory firm Horizon Sports dia giants’ “sports at any
which airs NFL games, has covery and Dis- the ways fans & Experiences. cost” approach. Wolfe Re-
been aggressive in pursuing ney also have can watch Most scripted shows fail search analyst Peter Supino
the streaming package and is the right to match other of- games around the world. It is and the cost to market them downgraded Warner Discovery
viewed by league and media fers, people with knowledge of a strategy the NFL has also isn’t cheap, he added. With stock to underperform this
executives as the front-runner. the pacts said. The new deals pursued, increasing rights fees sports, there is a “built-in fan week, citing the likely cost of
YouTube is also in the mix, could include language and from its incumbent media base and you know pretty a new NBA deal as a factor.
those executives say. terms that would potentially partners and crafting new closely how the games are go- —Amol Sharma
The streaming package make enforcing a matching- agreements such as its deal ing to rate,” he said. and Sarah Krouse
would give a tech giant the right clause challenging. with Amazon for “Thursday Securing the rights could contributed to this article.
THE WALL STREET JOURNAL. * * * * Friday, April 26, 2024 | B7

MARKETS DIGEST
EQUITIES

Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index
Last Year ago Last Year ago Last Year ago
38085.80 t 375.12, or 0.98% Trailing P/E ratio 26.23 22.60 5048.42 t 23.21, or 0.46% Trailing P/E ratio * 24.36 18.62 15611.76 t 100.99, or 0.64% Trailing P/E ratio *† 29.72 26.75
High, low, open and close for each P/E estimate * 18.22 17.97 High, low, open and close for each P/E estimate * 20.65 18.92 High, low, open and close for each P/E estimate *† 26.22 26.12
trading day of the past three months. Dividend yield 2.20 2.08 trading day of the past three months. Dividend yield * 1.40 1.67 trading day of the past three months. Dividend yield *† 0.89 0.86
All-time high 39807.37, 03/28/24 All-time high 5254.35, 03/28/24 All-time high: 16442.20, 04/11/24

Current divisor 0.15221633137872

39800 5500 16400

39000 5300 16000

38200 5100 15600

Session high 37400 4900 15200

DOWN UP 65-day moving average
Session open Close
t

36600 4700 65-day moving average 14800

Close Open
t

65-day moving average Session low 35800 4500 14400

Bars measure the point change from session's open

35000 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* 977,200,843 11,188,336
Industrial Average 38157.22 37754.38 38085.80 -375.12 -0.98 39807.37 32417.59 12.6 1.1 3.8 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 407,437,481 5,605,358
Transportation Avg 15329.46 15028.02 15296.89 219.09 1.45 16695.32 13556.07 10.9 -3.8 0.4 Most-active issues in late trading Decl. volume* 561,139,164 4,936,868
Utility Average 898.26 882.01 894.58 1.83 0.20 966.64 783.08 -7.1 1.5 -0.9 Volume After Hours Issues traded 2,889 301
Company Symbol (000) Last Net chg % chg High Low
Total Stock Market 50309.77 49626.20 50215.18 -234.07 -0.46 52402.86 40425.87 22.0 5.1 4.7 Advances 839 122
Snap SNAP 21,284.9 14.25 2.85 25.00 15.05 11.22
Barron's 400 1121.92 1103.11 1115.85 -6.07 -0.54 1166.53 881.58 23.2 4.1 3.4 Declines 1,975 165
Alphabet Cl A GOOGL 11,181.2 175.09 19.09 12.24 181.90 153.90
Unchanged 75 14
Nasdaq Stock Market Intel INTC 9,856.2 32.36 -2.75 -7.83 35.24 31.81 New highs 44 4
Nasdaq Composite 15644.51 15343.91 15611.76 -100.99 -0.64 16442.20 11966.40 28.6 4.0 3.7 ProSh UltraPro Shrt QQQ SQQQ 8,268.2 11.56 -0.44 -3.67 12.03 11.46 New lows 48 8
Nasdaq-100 17474.46 17172.42 17430.50 -96.30 -0.55 18339.44 12982.48 32.5 3.6 7.7 SPDR S&P 500 ETF Trust SPY 8,117.5 507.46 3.97 0.79 508.39 480.41 Closing Arms† 0.54 0.56
Alphabet Cl C GOOG 6,547.6 178.16 20.21 12.80 183.65 155.74 Block trades* 4,308 132
S&P
-0.46
Invesco QQQ Trust I QQQ 5,692.6 429.64 5.19 1.22 430.71 412.09
500 Index 5057.75 4990.58 5048.42 -23.21 5254.35 4061.22 22.1 5.8 6.5 Nasdaq NYSE Arca
Amazon.com AMZN 5,318.1 179.22 5.55 3.20 181.79 173.30
MidCap 400 2894.05 2855.31 2886.89 -13.99 -0.48 3046.36 2326.82 17.0 3.8 1.7 Total volume*4,743,640,710 338,406,804
SmallCap 600 1276.98 1260.13 1274.18 -10.57 -0.82 1344.66 1068.80 12.1 -3.3 -1.9 Percentage gainers… Adv. volume*2,092,793,583 160,311,309
Direxion Dly GOOGL Bl 2x GGLL 185.1 45.22 9.20 25.54 47.97 35.49 Decl. volume*2,606,531,941 177,715,604
Other Indexes
Snap SNAP 21,284.9 14.25 2.85 25.00 15.05 11.22 Issues traded 4,343 1,879
Russell 2000 1984.49 1957.82 1981.12 -14.31 -0.72 2124.55 1636.94 13.1 -2.3 -4.5
Advances 1,403 506
NYSE Composite 17764.31 17544.12 17731.56 -26.52 -0.15 18312.67 14675.78 14.9 5.2 3.0 Alphabet Cl C GOOG 6,547.6 178.16 20.21 12.80 183.65 155.74
Declines 2,771 1,355
Value Line 585.62 576.30 582.23 -3.39 -0.58 615.81 498.09 6.8 -2.0 -4.3 Alphabet Cl A GOOGL 11,181.2 175.09 19.09 12.24 181.90 153.90
Unchanged 169 18
NYSE Arca Biotech 4988.38 4860.57 4902.00 -86.39 -1.73 5511.46 4544.40 -5.5 -9.5 -4.5
MicroSectors FANG+ 3X FNGU 159.3 306.10 24.60 8.74 312.30 280.01
New highs 40 15
NYSE Arca Pharma 987.98 976.94 983.37 1.13 0.11 1029.37 837.32 12.5 8.0 11.2 ...And losers New lows 206 25
KBW Bank 103.48 101.59 102.39 -1.18 -1.14 104.85 71.71 27.9 6.6 -5.9 Direxion Dly GOOGL Br 1X GGLS 201.2 13.40 -1.98 -12.87 15.50 12.88 Closing Arms† 0.63 0.45
PHLX§ Gold/Silver 138.00 132.01 137.22 4.17 3.13 141.11 102.94 1.9 9.2 -2.6 MicroSect FANG+ -3X Invr FNGD 153.7 37.46 -3.52 -8.59 41.11 36.62 Block trades* 27,819 1,093
PHLX§ Oil Service 88.68 87.12 88.44 -0.07 -0.07 98.76 69.29 14.5 5.4 20.8 Intel INTC 9,856.2 32.36 -2.75 -7.83 35.24 31.81 * Primary market NYSE, NYSE American NYSE Arca only.
PHLX§ Semiconductor 4645.56 4492.94 4615.04 88.84 1.96 5165.83 2941.59 56.9 10.5 13.0 Atlassian Cl A TEAM 443.0 184.80 -13.61 -6.86 215.09 177.63 †(TRIN) A comparison of the number of advancing and declining
issues with the volume of shares rising and falling. An
Cboe Volatility 17.55 15.27 15.37 -0.60 -3.76 21.71 12.07 -9.7 23.5 -3.9 DexCom DXCM 260.0 128.70 -9.31 -6.75 138.10 120.11 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 755.59 –3.87 –0.51 3.9 Loar Holdings LOAR 48.80 20.80 74.29 52.85 28.00 ... E-Home Household Svc EJH 0.77 -2.14 -73.54 25.30 0.68 -95.2
MSCI ACWI ex-USA 319.93 –2.03 –0.63 1.0 IMAC Holdings BACK 5.10 1.62 46.34 7.75 1.22 21.4 ATN International ATNI 19.30 -9.42 -32.80 41.03 18.20 -48.8
MSCI World 3306.68 –16.61 –0.50 4.3 Shimmick SHIM 4.08 1.08 36.00 7.99 2.15 ... Brand Engagement Network BNAI 2.59 -1.14 -30.56 19.75 2.50 -74.6
MSCI Emerging Markets 1028.61 –6.08 –0.59 0.5 SCWorx WORX 2.76 0.73 35.96 14.40 1.14 -33.6 Cyclacel Pharmaceuticals CYCC 1.60 -0.70 -30.43 13.20 1.41 -81.6
Americas MSCI AC Americas 1908.51 –7.84 –0.41 5.2 Impinj PI 155.55 34.64 28.65 156.41 48.39 88.6 Zapp EV ZAPP 2.96 -0.95 -24.30 209.40 2.60 -98.3
Canada S&P/TSX Comp 21885.38 11.66 0.05 4.4 YY Group Holding YYGH 2.90 0.64 28.32 4.70 2.04 ... Organogenesis Hldgs Cl A ORGO 2.29 -0.70 -23.32 4.71 1.87 19.0
Latin Amer. MSCI EM Latin America 2421.06 0.13 0.01 –9.1 Ultralife ULBI 10.71 1.98 22.68 11.85 3.92 157.5 Cemtrex CETX 1.69 -0.47 -21.76 11.45 1.65 -80.2
Brazil Bovespa 124645.58 –95.11 –0.08 –7.1 ICZOOM Group Cl A IZM 3.33 0.52 18.51 52.21 2.05 13.8 GrShr 2x Long META Dly FBL 20.96 -5.81 -21.70 31.29 13.29 49.8
Chile S&P IPSA 3467.56 –36.43 –1.04 0.001 Vaccinex VCNX 5.93 0.93 18.50 100.80 4.43 -91.8 Skillsoft SKIL 6.80 -1.80 -20.93 36.48 5.09 -72.8
Mexico S&P/BMV IPC 57085.84 621.85 1.10 –0.5 PAM Transportation Svcs PTSI 17.15 2.61 17.95 28.77 13.51 -25.3 Xylo Technologies ADR XYLO 1.65 -0.43 -20.67 7.17 1.54 -65.6
EMEA STOXX Europe 600 502.38 –3.23 –0.64 4.9 Vast Renewables VSTE 4.00 0.59 17.30 14.00 1.63 ... Smart for Life SMFL 3.50 -0.86 -19.72 478.17 2.28 -98.4
Eurozone Euro STOXX 507.61 –4.76 –0.93 7.1 B. Riley Financial RILY 34.69 4.94 16.61 60.72 14.46 11.5 Hertz Global Holdings HTZ 4.68 -1.12 -19.31 19.36 4.35 -70.9
Belgium Bel-20 3857.94 –25.89 –0.67 4.1 Strategic Education STRA 117.04 16.39 16.28 118.85 64.53 30.1 Mullen Automotive MULN 3.17 -0.60 -15.92 2250.00 2.36 -99.8
Denmark OMX Copenhagen 20 2594.12 –42.76 –1.62 13.6 Rubrik RBRK 37.00 5.00 15.63 40.00 32.00 ... JAKKS Pacific JAKK 19.73 -3.73 -15.90 36.84 15.30 -9.8
8016.65 Montana Technologies AIRJ 12.10 1.55 14.69 49.11 8.40 17.4 Harley-Davidson HOG 33.23 -6.21 -15.75 44.16 25.43 -9.6
France CAC 40 –75.21 –0.93 6.3
Germany DAX 17917.28 –171.42 –0.95 7.0
Israel Tel Aviv 1924.76 –13.19 –0.68 3.2
Most Active Stocks Volume Movers Ranked by change from 65-day average*
Italy FTSE MIB 33939.75 –331.37 –0.97 11.8 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 870.27 –3.75 –0.43 10.6
Norway Oslo Bors All-Share 1582.95 0.49 4.2 ProSh UltraPro Shrt QQQ SQQQ 164,685 17.9 12.00 1.61 31.19 10.05 Evergreen Cl A EVGR 742 3084 11.39 ... 11.40 10.55
7.65
Safe & Green Holdings SGBX 136,348 19454.7 0.22 51.98 1.35 0.14 AssetMark Financial AMK 3,831 1667 33.89 -2.89 37.54 22.92
South Africa FTSE/JSE All-Share 74329.37 –184.56 –0.25 –3.3
Spain IBEX 35 10983.70 –44.10 –0.40 8.7 Tesla TSLA 125,028 21.9 170.18 4.97 299.29 138.80 Cidara Therapeutics CDTX 752 1649 13.00 5.78 29.60 10.00
937.06
Aclarion ACON 114,755 8080.9 0.39 36.35 25.60 0.27 iSh Focused Value Factor FOVL 107 1564 59.68 -0.63 63.10 47.28
Sweden OMX Stockholm –12.51 –1.32 3.8
Ford Motor F 86,562 59.3 13.04 0.69 15.42 9.63 BNY Mellon Intl Equity BKIE 412 1428 72.64 -0.06 76.87 61.90
Switzerland Swiss Market 11260.61 –110.13 –0.97 1.1
Turkey BIST 100 9716.77 –5.32 –0.05 30.1 ProShares UltraPro QQQ TQQQ 84,399 15.7 52.85 -1.60 64.13 26.28 FT China AlphaDEX FCA 80 1346 19.31 1.77 23.41 16.82
U.K. FTSE 100 8078.86 38.48 0.48 4.5 Meta Platforms META 82,476 368.6 441.38 -10.56 531.49 229.85 HashiCorp Cl A HCP 36,294 1144 32.82 4.49 36.39 18.91
U.K. FTSE 250 19601.98 –117.39 –0.60 –0.4 Direxion Dly SCOND 3 BL SOXL 79,277 11.1 37.41 5.41 56.99 12.52 Cartesian Growth II Cl A RENE 450 1078 11.21 0.04 11.92 10.52
Processa Pharmaceuticals PCSA 76,718 4816.8 2.43 50.00 18.00 1.40 ETC 6 Meridian Low Beta SIXL 75 1067 33.81 -0.48 34.88 29.67
Asia-Pacific MSCI AC Asia Pacific 171.53 –1.82 –1.05 1.3
Ginkgo Bioworks Holdings DNA 72,460 194.0 0.78 -8.05 2.55 0.74 TriSalus Life Sciences TLSI 346 1028 9.93 -3.03 16.24 3.32
Australia S&P/ASX 200 7683.00 … Closed 1.2
* Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least
China Shanghai Composite 3052.90 8.08 0.27 2.6 5,000 shares =Has traded fewer than 65 days
Hong Kong Hang Seng 17284.54 83.27 0.48 1.4
India S&P BSE Sensex 74339.44 0.66 2.9
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486.50
Japan NIKKEI 225 37628.48 –831.60 –2.16 12.4 Get real-time U.S. stock quotes and CURRENCIES & COMMODITIES
Singapore Straits Times 3287.75 –5.37 –0.16 1.5 track most-active stocks,
South Korea KOSPI 2628.62 –47.13 –1.76 –1.0 new highs/lows, mutual funds and Currencies
Taiwan TAIEX 19857.42 –274.32 –1.36 10.7 ETFs. U.S.-dollar foreign-exchange rates in late New York trading
Thailand SET 1364.27 3.17 0.23 –3.6
All are available free at WSJMarkets.com US$vs, US$vs,
Sources: FactSet; Dow Jones Market Data Thurs YTDchg Thurs YTDchg
Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%)
Americas Vietnam dong .00003943 25360 4.5
CREDIT MARKETS Argentina peso .0011873.8356 8.1 Europe
Brazil real .1938 5.1588 6.3 Czech Rep. koruna .04268 23.431 4.7
.7321 1.3659 3.1 .1439 6.9502 2.6
Consumer Rates and Returns to Investor Benchmark
Treasury yield Yields
curve Forex Race
Canada dollar
Chile peso .001055 948.24 8.4
Denmark krone
Euro area euro 1.0731 .9319 2.9
U.S. consumer rates Selected rates andtoRates
Yield maturity of current bills, Yen, euro vs. dollar; dollar vs. Colombiapeso .000252 3962.50 2.2 Hungary forint .002732 366.00 5.4
notes and bonds major U.S. trading partners Ecuador US dollar 1 1 unch Iceland krona .007148 139.89 2.9
A consumer rate against its Five-year ARM, Rate Mexico peso .0581 17.2050 1.4 Norway krone .0912 10.9596 7.7
benchmark over the past year Uruguay peso .02607 38.3536 –1.8 Poland zloty .2486 4.0218 2.2
Bankrate.com avg†: 6.73% Tradeweb ICE 6.00% 16% Asia-Pacific Sweden krona .0919 10.8833 7.7
Thursday Close
5-year adjustable-rate Florence Savings Bank 5.38% 5.00 Switzerland franc 1.0964 .9121 8.4
t Australiadollar .6517 1.5344 4.6
mortgage (ARM) 8.00% Florence, MA 800-644-8261 8 WSJ Dollar Index Turkey lira .0308 32.5109 10.3
t China yuan .1381 7.2395 1.8
t 4.00 s
Ukraine hryvnia .0252 39.6500 3.9
Grow Financial FCU 6.25% One year ago Hong Kong dollar .1277 7.8281 0.2
6.00 0 UK pound 1.2512 .7992 1.8
3.00 India rupee .01201 83.268 0.1
Hillsborough, FL 800-839-6328 Middle East/Africa
s Indonesia rupiah .0000618 16188 5.2
t 4.00 Star One Credit Union 6.25% 2.00 –8 s Euro Japan yen .006424 155.66 10.4 Bahrain dinar 2.6525 .3770 0.01
5-year Treasury Sunnyvale, CA 408-742-2801 Yen Kazakhstan tenge .002250 444.50 –2.4 Egypt pound .0209 47.8986 54.9
note yield 2.00 The Torrington Savings Bank 6.50% 1.00 –16 Macau pataca .1240 8.0665 0.2 Israel shekel .2629 3.8044 5.6
1 3 6 1 2 3 5 7 10 20 30 Malaysia ringgit .2093 4.7775 4.0 Kuwait dinar 3.2487 .3078 0.2
Torrington, CT 860-496-2152 2023 2024
0.00 New Zealand dollar .5948 1.6812 6.2 Oman sul rial 2.5972 .3850 0.01
Clinton Savings Bank 6.63% month(s) years
M J J A S O ND J FMA Pakistan rupee .00359 278.500 –0.9 Qatar rial .2747 3.641 –0.1
Clinton, MA 888-744-4272 maturity Philippines peso .0173 57.785 4.3 Saudi Arabia riyal .2666 3.7507 0.02
2023 2024
Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Singapore dollar .7358 1.3591 3.0 South Africa rand .0525 19.0348 4.0
Yield/Rate (%) 52-Week Range (%) 3-yr chg South Korea won .0007286 1372.42 6.0
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts)
Corporate Borrowing Rates and Yields Sri Lanka rupee .0033667 297.03 –8.3 Close Net Chg % Chg YTD%Chg
WSJ Dollar Index 100.14 –0.16–0.16 4.49
Federal-funds rate target 5.25-5.50 5.25-5.50 4.75 l 5.50 5.25 Taiwan dollar .03071 32.565 6.1
Yield (%) 52-Week Total Return (%) Thailand baht .02701 37.030 7.7 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 5.40 5.30
Money market, annual yield 0.48 0.48 0.46 l
l
0.64 0.40
U.S. Treasury, Bloomberg 2099.240 4.880 4.830 5.120 3.610 –3.263 –3.860 Commodities
Thursday 52-Week YTD
Five-year CD, annual yield 2.84 2.84 2.76 l 2.87 2.37 U.S. Treasury Long, Bloomberg 2929.980 4.900 4.820 5.280 3.730 –13.189–11.072 Pricing trends on someClose
raw materials, or commodities
Net chg % Chg High Low % Chg % chg
30-year mortgage, fixed† 7.58 7.49 6.85 l 8.28 4.49 Aggregate, Bloomberg 1987.570 5.310 5.270 5.740 4.240 –1.890 –3.648
15-year mortgage, fixed† 7.04 6.90 6.16 l 7.42 4.68
DJ Commodity 1031.11 3.59 0.35 1031.22 930.59 5.42 7.65
Fixed-Rate MBS, Bloomberg 1949.910 5.560 5.510 6.050 4.350 –2.474 –4.022
Jumbo mortgages, $766,550-plus† 7.64 7.55 6.94 l 8.33 4.55 Refinitiv/CC CRB Index 297.66 0.56 0.19 298.18 253.85 12.23 12.82
High Yield 100, ICE BofA 3537.876 7.725 7.871 9.101 7.030 8.581 1.663
Five-year adj mortgage (ARM)† 6.73 6.65 5.70 l 7.16 3.54 Crude oil, $ per barrel 83.57 0.76 0.92 93.68 67.12 11.78 16.64
Muni Master, ICE BofA 577.775 3.620 3.552 4.311 3.038 1.574 –1.153
New-car loan, 48-month 7.85 7.83 6.97 l 7.88 3.81 Natural gas, $/MMBtu 1.638 -0.015 -0.91 3.575 1.575 -30.45 -34.84
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 840.286 7.665 7.599 8.842 7.205 6.969 –2.569
banks.† Excludes closing costs. Gold, $ per troy oz. 2329.80 5.30 0.23 2398.40 1816.60 17.08 12.97
Sources: FactSet; Dow Jones Market Data; Bankrate.com Sources: J.P. Morgan; Bloomberg Fixed Income Indices; ICE Data Services
B8 | Friday, April 26, 2024 * ** THE WALL STREET JOURNAL.

COMMODITIES wsj.com/market-data/commodities

Futures Contracts Open

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

Metal & Petroleum Futures July 1180.25 1183.50 1166.75 1179.60 –1.75 373,436 Sept 119-280 120-020 118-220 119-050 –20.0 36 Australian Dollar (CME)-AUD 100,000; $ per AUD
Soybean Meal (CBT)-100 tons; $ per ton. Treasury Bonds (CBT)-$100,000; pts 32nds of 100% May .6499 .6542 .6489 .6517 .0020 991
Contract Open June .6505 .6550 .6496 .6524 .0020 233,177
May 346.50 346.60 340.60 343.90 –2.10 45,341 June 114-020 114-110 112-270 113-100 –19.0 1,566,316
Open High hi lo Low Settle Chg interest Mexican Peso (CME)-MXN 500,000; $ per MXN
July 349.10 349.80 344.10 347.60 –1.60 263,039 Sept 114-010 114-050 112-290 113-100 –19.0 1,401
Copper-High (CMX)-25,000 lbs.; $ per lb. Soybean Oil (CBT)-60,000 lbs.; cents per lb. Treasury Notes (CBT)-$100,000; pts 32nds of 100% May .05836 .05854 .05742 .05794 –.00046 9
April 4.4820 4.4900 4.4900 4.5705 0.1035 328 May 44.66 44.89 44.01 44.82 .16 42,472 June 107-260 108-010 107-040 107-115 –12.0 4,501,766 June .05805 .05827 .05703 .05762 –.00045 254,870
July 4.4865 4.5855 s 4.4655 4.5385 0.0520 165,184 July 45.27 45.50 44.63 45.43 .16 260,827 Sept 108-010 108-050 107-125 107-195 –12.0 2,998 Euro (CME)-€125,000; $ per €
Gold (CMX)-100 troy oz.; $ per troy oz. Rough Rice (CBT)-2,000 cwt.; $ per cwt. 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% May 1.0706 1.0747 1.0686 1.0735 .0033 2,713
April 2315.00 2325.30 2305.00 2329.80 5.30 105 May 19.17 19.21 18.90 19.09 –.11 951 June 105-027 105-077 104-202 104-252 –8.0 6,002,163 June 1.0724 1.0764 1.0701 1.0751 .0033 656,185
May 2317.80 2344.80 2304.90 2330.30 4.30 1,999 July 19.40 19.42 19.00 19.18 –.24 4,638 Sept 105-062 105-160 104-302 105-027 –8.5 8,981
June 2327.40 2357.60 2316.40 2342.50 4.10 408,495 Wheat (CBT)-5,000 bu.; cents per bu. 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% Index Futures
Aug 2352.10 2379.30 2338.80 2364.50 4.20 63,440 May 594.00 605.00 593.50 602.20 7.75 28,816 June 101-179 101-201 101-120 101-136 –3.9 4,089,609
Oct 2372.20 2400.00 2361.00 2386.20 4.40 13,146 July 612.50 623.50 612.00 620.40 7.50 212,076 Sept 101-275 101-275 101-212 101-226 –4.2 1,683 Mini DJ Industrial Average (CBT)-$5 x index
Dec 2393.80 2423.00 2383.20 2408.40 4.60 22,551 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. June 38577 38637 37944 38288 –392 88,988
Wheat (KC)-5,000 bu.; cents per bu.
Palladium (NYM) - 50 troy oz.; $ per troy oz. May 622.50 635.25 621.00 632.00 7.75 16,120 April 94.6700 94.6725 t 94.6700 94.6725 .0025 488,289 Sept 38955 39020 38327 38661 –397 315
April 995.00 999.00 990.00 981.10 –26.30 3 July 628.75 642.50 627.25 640.40 10.50 146,279 May 94.6800 94.6800 94.6750 94.6800 .0050 461,505 Mini S&P 500 (CME)-$50 x index
June 1005.00 1017.00 978.50 982.00 –26.30 19,708 Three-Month SOFR (CME)-$1,000,000; 100 - daily avg. June 5070.00 5132.75 5022.25 5082.25 –25.25 2,037,636
Cattle-Feeder (CME)-50,000 lbs.; cents per lb.
Platinum (NYM)-50 troy oz.; $ per troy oz. Feb 94.6525 94.6525 94.6525 94.6525 5,075 Sept 5129.75 5190.00 5078.75 5139.75 –25.25 20,190
April 244.275 244.950 244.250 244.875 1.775 1,672
April 905.40 905.50 905.40 913.70 3.70 41 Aug 256.425 258.800 254.250 258.300 2.000 21,330 Dec 95.0900 95.1200 t 94.9850 95.0050 –.0800 1,218,847 Mini S&P Midcap 400 (CME)-$100 x index
July 913.30 927.20 905.50 920.50 4.70 71,456 June 2922.10 2936.50 2870.70 2904.70 –13.60 34,113
Cattle-Live (CME)-40,000 lbs.; cents per lb.
Silver (CMX)-5,000 troy oz.; $ per troy oz. Sept 3013.60 2938.10 2903.50 2922.10 –15.00 2
April 181.900 184.050 181.350 183.950 1.850 1,686 Currency Futures Mini Nasdaq 100 (CME)-$20 x index
April 27.140 27.160 27.130 27.342 0.018 5 June 175.225 178.300 173.575 177.800 2.550 110,450
July 27.500 27.890 27.280 27.633 0.011 114,097 Hogs-Lean (CME)-40,000 lbs.; cents per lb. Japanese Yen (CME)-¥12,500,000; $ per 100¥ June 17450.00 17827.50 17308.25 17567.50 –97.00 251,285
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. May .6456 t .6459
.6436 .6442 –.0017 3,266 Sept 17670.25 18052.25 17530.50 17789.00 –97.00 2,925
May 96.750 96.750 95.000 95.275 –2.075 6,276
June 82.83 83.83 81.99 83.57 0.76 394,758 June .6494 t .6494
.6470 .6477 –.0017 342,941 Mini Russell 2000 (CME)-$50 x index
June 106.900 106.900 104.375 105.000 –2.450 102,659
July 82.09 83.00 81.27 82.75 0.66 233,153 Lumber (CME)-27,500 bd. ft., $ per 1,000 bd. ft. Canadian Dollar (CME)-CAD 100,000; $ per CAD June 2010.50 2023.50 1965.70 1993.20 –13.60 478,269
Aug 81.36 82.19 80.54 81.93 0.58 117,399 May .7301 .7328 .7285 .7322 .0023 379 Sept 2033.90 2042.10 1987.30 2013.00 –15.00 849
May 501.50 518.00 t 498.50 514.50 15.00 3,245
Sept 80.64 81.35 79.79 81.09 0.51 130,762 June .7304 .7332 .7289 .7326 .0023 214,897 Mini Russell 1000 (CME)-$50 x index
July 516.00 535.00 513.00 530.50 15.00 6,141
Dec 78.49 79.07 77.67 78.83 0.41 184,562 British Pound (CME)-£62,500; $ per £ June 2761.70 2799.00 2752.30 2784.90 –15.00 6,100
Milk (CME)-200,000 lbs., cents per lb. May 1.2461 1.2529 1.2456 1.2511 .0056 1,274 U.S. Dollar Index (ICE-US)-$1,000 x index
June'25 75.24 75.67 74.54 75.49 0.35 96,233 April 15.52 15.54 15.52 15.53 –.04 5,167
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. June 1.2469 1.2536 1.2458 1.2513 .0056 236,898 June 105.68 105.87 105.33 105.45 –.25 45,501
May 17.65 18.28 17.60 18.18 .40 4,701
May 2.5557 2.5746 2.5183 2.5504 .0005 24,109 Swiss Franc (CME)-CHF 125,000; $ per CHF Sept 105.24 105.43 105.00 105.07 –.25 530
Cocoa (ICE-US)-10 metric tons; $ per ton. June 1.1000 1.1032 t 1.0984 1.1023 .0025 96,458
June 2.5643 2.5840 2.5279 2.5604 .0007 89,510 May 11,530 11,530 10,800 10,988 –55 953
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. Sept 1.1140 1.1143 t 1.1100 1.1139 .0026 393 Source: FactSet
July 11,295 11,375 10,500 10,804 –213 57,345
May 2.7352 2.7684 2.7113 2.7582 .0239 37,912 Coffee (ICE-US)-37,500 lbs.; cents per lb.
June 2.7095 2.7440 2.6861 2.7333 .0246 126,397 May 230.85 231.50 230.85 231.95 3.50 528
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu.
May 1.644 1.675 t 1.583 1.638 –.015 24,138
July 227.45 231.85 226.00
Sugar-World (ICE-US)-112,000 lbs.; cents per lb.
228.10 2.20 121,510 Bonds | wsj.com/market-data/bonds/benchmarks
June 1.969 1.993 1.926 1.986 .007 268,038
July 2.315 2.350 2.284 2.342 .022 258,317
May
July
19.90
19.64 t
19.92
19.65
18.97
19.25
19.16
19.48
–.61 341,431
–.52 58,693
Tracking Bond Benchmarks
Aug 2.438 2.473 2.410 2.463 .025 89,086 Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb.
Sept 2.443 2.477 2.416 2.472 .028 146,075
Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week
July 38.10 38.10 38.10 38.10 –.40 1,558
Oct 2.545 2.579 2.518 2.574 .028 108,280 highs and lows for different types of bonds
Sept 38.00 38.00 t 38.00 38.00 –.49 2,130
Cotton (ICE-US)-50,000 lbs.; cents per lb. Total Total
return YTD total Yield (%) return YTD total Yield (%)
Agriculture Futures May 79.58 79.58 79.58 79.58 .07 394
close return (%) Index Latest Low High close return (%) Index Latest Low High
July 80.91 81.70 80.70 81.08 .07 101,620
Corn (CBT)-5,000 bu.; cents per bu. Orange Juice (ICE-US)-15,000 lbs.; cents per lb.
May 437.75 442.00 436.00 441.00 3.25 165,819 Broad Market Bloomberg Fixed Income Indices Mortgage-Backed Bloomberg Fixed Income Indices
May 370.25 379.50 368.25 379.50 10.00 682
July 448.50 453.25 446.50 452.00 3.50 651,825
July 365.75 370.95 362.15 369.50 3.65 6,316 1987.57 -3.4 U.S. Aggregate 5.310 4.240 5.740 1949.91 -4.1 Mortgage-Backed 5.560 4.350 6.050
Oats (CBT)-5,000 bu.; cents per bu.
May 364.75 368.75 356.00 367.00 … 509 U.S. Corporate Indexes Bloomberg Fixed Income Indices 1930.52 -3.9 Ginnie Mae (GNMA) 5.550 4.390 6.020
July 354.00 354.25 342.50 351.00 –2.75 2,784 Interest Rate Futures
3017.25 -3.2 U.S. Corporate 5.750 5.020 6.430 1144.69 -4.2 Fannie mae (FNMA) 5.560 4.340 6.050
Soybeans (CBT)-5,000 bu.; cents per bu. Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100%
May 1164.75 1166.50 1150.50 1162.60 –3.25 100,123 June 119-290 120-070 118-140 118-300 –25.0 1,626,036 2954.02 -1.3 Intermediate 5.660 4.920 6.350 1780.84 -3.3 Freddie Mac (FHLMC) 5.500 4.320 6.190

3912.90 -7.1 Long term 5.930 5.160 6.600 577.78 -1.8 Muni Master 3.620 3.038 4.311
570.96 -4.3 Double-A-rated 5.330 4.380 5.760 410.76 -1.9 7-12 year 3.289 2.709 4.097
Cash Prices | wsj.com/market-data/commodities Thursday, April 25, 2024
813.06 -2.9 Triple-B-rated 5.950 5.250 6.700 466.14 -2.0 12-22 year 3.888 3.388 4.742
These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace—separate
High Yield Bonds ICE BofA 439.28 -2.2 22-plus year 4.462 4.070 5.274
from the futures price on an exchange, which reflects what the commodity might be worth in future months.
Thursday Thursday Thursday 526.25 0.1 High Yield Constrained 8.202 7.620 9.560 Global Government J.P. Morgan†

Energy Copper,Comex spot 4.5705 Wheat,No.2 soft red,St.Louis-u 5.8725 512.49 1.1 Triple-C-rated 13.397 12.616 15.455 528.07 -2.9 Global Government 3.600 2.790 3.810
Iron Ore, 62% Fe CFR China-s *118.9 Wheat - Hard - KC (USDA) $ per bu-u 6.7100
Coal,C.Aplc.,12500Btu,1.2SO2-r,w 72.500 Steel, HRC USA, FOB Midwest Mill-s *830.0 Wheat,No.1soft white,Portld,OR-u 6.0500 3537.88 -0.1 High Yield 100 7.725 7.030 9.101 777.14 -3.2 Canada 3.870 2.940 4.260
Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 13.750 Battery/EV metals Food 347.81 -2.4 EMU§ 3.295 2.669 3.790
BMI Lithium Carbonate, EXW China, =99.2%-v,w 15100 460.31 0.9 Global High Yield Constrained 8.017 7.552 9.440
Metals BMI Lithium Hydroxide, EXW China, =56.5% -v,w 13725 Beef,carcass equiv. index -3.1 France
351.15 1.5 Europe High Yield Constrained 6.629 6.207 8.022 639.60 3.240 2.540 3.630
Gold, per troy oz BMI Cobalt sulphate, EXW China, >20.5% -v,m 4485 choice 1-3,600-900 lbs.-u 281.00
Engelhard industrial 2319.00 BMI Nickel Sulphate, EXW China, >22%-v,m 4192 select 1-3,600-900 lbs.-u 273.14 U.S Agency Bloomberg Fixed Income Indices 452.37 -3.3 Germany 2.710 2.020 3.030
Handy & Harman base 2318.70 BMIFlakeGraphite,FOBChina,-100Mesh,94-95%-v,m 485 Broilers, National comp wtd. avg.-u,w 1.3208
Butter,AA Chicago-d 2.9675 1762.13 -1.0 U.S Agency 5.180 4.150 5.390 273.61 -1.9 Japan 1.280 0.710 1.300
Handy & Harman fabricated 2573.76 Fibers and Textiles Cheddar cheese,bbl,Chicago-d 177.00
LBMA Gold Price AM *2312.30 1563.60 -0.6 10-20 years 5.180 4.130 5.370 491.27 -3.5 Netherlands 2.920 2.260 3.320
LBMA Gold Price PM *2320.25 Burlap,10-oz,40-inch NY yd-n,w 0.8100 Cheddar cheese,blk,Chicago-d 174.00
Krugerrand,wholesale-e 2431.09 Cotton,1 1/16 std lw-mdMphs-u 0.7683 Milk,Nonfat dry,Chicago lb.-d 111.50 3239.98 -6.0 20-plus years 5.270 4.390 5.740 772.81 -4.8 U.K. 4.580 3.790 4.880
Maple Leaf-e 2489.25 Cotlook 'A' Index-t *88.25 Coffee,Brazilian,Comp-y 2.2329
Hides,hvy native steers piece fob-u n.a. Coffee,Colombian, NY-y 2.4865 2660.80 -2.3 Yankee 5.580 4.720 6.110 840.29 -1.0 Emerging Markets ** 7.665 7.205 8.842
American Eagle-e 2489.25
Wool,64s,staple,Terr del-u,w n.a. Eggs,large white,Chicago-u 2.4150 *Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds
Mexican peso-e 3001.29
Flour,hard winter KC-p 18.25
Austria crown-e 2283.34 Grains and Feeds Hams,17-20 lbs,Mid-US fob-u 0.93
** EMBI Global Index Sources: ICE Data Services; Bloomberg Fixed Income Indices; J.P.Morgan
Austria phil-e 2442.72
Bran,wheat middlings, KC-u,w 75 Hogs,Iowa-So. Minnesota-u 89.99
Silver, troy oz. n.a.
Engelhard industrial 27.4000
Corn,No. 2 yellow,Cent IL-bp,u
Corn gluten feed,Midwest-u,w
4.1700
89.7
Pork bellies,12-14 lb MidUS-u
Pork loins,13-19 lb MidUS-u 1.3486 Global Government Bonds: Mapping Yields
Handy & Harman base 27.3170 Corn gluten meal,Midwest-u,w 398.9 Steers,Tex.-Okla. Choice-u 181.99
Handy & Harman fabricated 34.1460 Cottonseed meal-u,w n.a. Steers,feeder,Okla. City-u,w 302.25 Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in
LBMA spot price *£21.8000
(U.S.$ equivalent) *27.1200
Hominy feed,Cent IL-u,w 115 Fats and Oils selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session
Meat-bonemeal,50% pro Mnpls-u,w 320
Coins,wholesale $1,000 face-a 21438 Oats,No.2 milling,Mnpls-u 4.3700 Degummed corn oil, crude wtd. avg.-u,w n.a. Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points
Other metals Rice, Long Grain Milled, No. 2 AR-u,w 36.25 Grease,choice white,Chicago-h 0.3900 Coupon (%) Maturity, in years Latest(l) 0 1 2 3 4 5 6 Previous Month ago Year ago Latest Prev Year ago
LBMA Platinum Price PM *905.0 Sorghum,(Milo) No.2 Gulf-u n.a. Lard,Chicago-u n.a. 4.875 U.S. 2 4.998 s l 4.933 4.625 3.954
Platinum,Engelhard industrial 911.0 SoybeanMeal,Cent IL,rail,ton48%-u,w 357.70 Soybean oil,crude;Centl IL-u,w 0.4438 4.000 10 4.706 s l 4.652 4.252 3.397
Palladium,Engelhard industrial 1003.0 Soybeans,No.1 yllw IL-bp,u 11.4200 Tallow,bleach;Chicago-h 0.4275
Aluminum, LME, $ per metric ton *2585.5 Wheat,Spring14%-pro Mnpls-u 8.7875 Tallow,edible,Chicago-u n.a. 4.250 Australia 2 4.093 l 4.093 3.804 3.164 -91.3 -84.8 -81.2
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; 3.750 10 4.420 l 4.420 4.022 3.459 -29.0 -22.6 5.6
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 2.500 France 2 3.094 s 3.054 2.879 2.978 -188.7 -99.8
Mineral Intelligence; W=weekly; Y=International Coffee Organization; Z=not quoted. *Data as of 4/24
l -191.2
Source: Dow Jones Market Data 3.500 10 3.125 s l 3.090 2.857 2.948 -158.6 -155.6 -45.4
2.500 Germany 2 3.096 s l 3.045 2.892 2.849 -191.0 -189.6 -112.7

Exchange-Traded Portfolios | wsj.com/market-data/mutualfunds-etfs 2.200 10 2.635 s l 2.593 2.377 2.385 -207.5 -205.3 -101.7
3.600 Italy 2 3.576 s l 3.558 3.423 3.420 -143.0 -138.3 -55.6
Closing Chg YTD
Largest 100 exchange-traded funds. Preliminary close data as of 4:30 p.m. ET ETF Symbol Price (%) (%) 4.200 10 3.984 s l 3.957 3.694 4.266 -72.6 -68.9 86.4

Thursday, April 25, 2024 Closing Chg YTD SPDR S&P Div SDY 127.90 –0.43 2.3 0.300 Japan 2 0.311 s l 0.307 0.202 -0.035 -469.6 -463.4 -401.1
ETF Symbol Price (%) (%) TechSelectSector XLK 197.60 –0.22 2.7
Closing Chg YTD 0.800 10 0.898 s l 0.891 0.736 0.480 -381.2 -375.5 -292.3
ETF Symbol Price (%) (%) VanEckSemicon SMH 212.20 2.00 21.3
iSh1-3YTreaBd SHY 81.19 –0.07 –1.0
iShRussMC IWR 80.27 –0.17 3.3
VangdSC Val VBR 181.78 –0.66 1.0 2.800 Spain 2 3.254 s l 3.216 3.037 3.091 -175.2 -172.5 -88.5
CommSvsSPDR XLC 77.96 –3.56 7.3
VXF
VangdExtMkt 165.17 –0.44 0.5
CnsmrDiscSel XLY 174.34 0.09 –2.5 iShRuss1000 IWB 276.80 –0.40 5.5 3.250 10 3.430 s l 3.384 3.213 3.426 -128.0 -126.2 2.3
VangdSC Grwth VBK 243.27 –0.38 0.6
DimenUSCoreEq2 DFAC 30.60 –0.46 4.7 iShRuss1000Grw IWF 322.05 –0.63 6.2
EnSelSectorSPDR XLE 96.63 0.46 15.3 iShRuss1000Val IWD 173.20 –0.24 4.8
VangdDivApp VIG 176.55 –0.20 3.6 0.125 U.K. 2 4.499 s l 4.448 4.193 3.752 -50.7 -49.3 -22.4
VangdFTSEAWxUS VEU 57.19 –0.21 1.9
FinSelSectorSPDR XLF 40.88 –0.58 8.7 iShRuss2000 IWM 196.48 –0.61 –2.1
VangdFTSEDevMk VEA 48.52 –0.43 1.3
4.250 10 4.372 s l 4.334 3.993 3.701 -33.8 -31.2 29.9
GrayscaleBitcoin GBTC 57.60 1.23 66.4 iShS&P500Grw IVW 80.97 –0.54 7.8
VangdFTSE EM VWO 41.84 0.31 1.8 Source: Tullett Prebon, Tradeweb ICE U.S. Treasury Close
HealthCrSelSect XLV 139.92 –0.67 2.6 iShS&P500Value IVE 180.45 –0.33 3.8
VangdFTSE Europe VGK 65.89 –0.18 2.2
IndSelSectorSPDR XLI 122.46 0.30 7.4 iShSelectDiv DVY 120.20 –0.60 2.5
InvscNasd100
InvscQQQI
QQQM
QQQ
174.65
424.45
–0.48
–0.48
3.6
3.6
iSh7-10YTreaBd
iShShortTreaBd
IEF
SHV
91.24
110.43
–0.38 –5.3
0.03 0.3
VangdGrowth
VangdHlthCr
VUG
VHT
329.19
255.24
–0.57
–0.79
5.9
1.8 Corporate Debt
InvscS&P500EW RSP 162.35 –0.21 2.9 iShTIPSBond TIP 105.51 –0.15 –1.8 VangdHiDiv VYM 117.60 –0.29 5.3 Prices of firms' bonds reflect factors including investors' economic, sectoral and company-specific
VangdInfoTech VGT 495.44 0.04 2.4
iShBitcoin IBIT 36.86 1.24 ... iSh20+YTreaBd TLT 87.78 –0.70 –11.2
VangdIntrCorpBd VCIT 78.22 –0.22 –3.8
expectations
iShCoreDivGrowth DGRO 56.42 –0.30 4.8 iShUSTreasuryBd GOVT 22.12 –0.23 –4.0
iShCoreMSCIEAFE IEFA 71.80 –0.50 2.1 iSh0-3MTreaBd SGOV 100.67 0.05 0.4 VangdIntermTrea VGIT 57.14 –0.28 –3.7 Investment-grade spreads that tightened the most…
iShCoreMSCIEM IEMG 51.24 0.22 1.3 JPM EqPrem JEPI 56.11 –0.55 2.1 VangdLC VV 231.03 –0.39 5.9
Spread*, in basis points
iShCoreMSCITotInt IXUS 66.21 –0.20 2.0 JPM UltShIncm JPST 50.40 0.04 0.3 VangdMegaGrwth MGK 272.81 –0.71 5.1
Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week
iShCoreS&P500 IVV 505.82 –0.42 5.9 PacerUSCashCows COWZ 55.39 –0.32 6.5 VangdMC VO 239.82 0.14 3.1
VangdRealEst VNQ 80.12 –0.57 –9.3
iShCoreS&P MC IJH 57.68 –0.33 4.1 ProShUltPrQQQ TQQQ 52.85 –1.60 4.2
John Deere Capital … 4.500 5.12 Jan. 8, ’27 27 –35 n.a.
iShCoreS&P SC IJR 104.86 –0.80 –3.1 SPDRBbg1-3MTB BIL 91.76 0.05 0.4 VangdRuss1000Grw VONG 82.90 –0.54 6.3
iShCoreS&PTotUS ITOT 110.67 –0.46 5.2 SPDR DJIA Tr DIA 380.92 –0.92 1.1 VangdS&P500ETF VOO 462.58 –0.41 5.9
–23
VangdST Bond BSV 75.92 –0.11 –1.4
Tapestry TPR 7.000 6.18 Nov. 27, ’26 116 134
iShCoreTotUSDBd IUSB 44.34 –0.27 –3.8 SPDR Gold GLD 215.92 0.60 12.9
iShCoreUSAggBd AGG 95.12 –0.28 –4.2 SPDRPtfDevxUS SPDW 34.71 –0.40 2.1 VangdSTCpBd VCSH 76.53 –0.09 –1.1 –22
VangdShortTrea VGSH 57.68 –0.03 –1.1
Becton Dickinson BDX 6.700 5.61 Dec. 1, ’26 60 67
iShEdgeMSCIMinUSA USMV 81.22 –0.16 4.1 SPDRS&P500Value SPYV 48.42 –0.25 3.8
iShEdgeMSCIUSAQual QUAL 157.08 –0.30 6.8 SPDRPtfS&P500 SPLG 59.23 –0.39 6.0 VangdSC VB 215.40 –0.50 1.0 –14
VangdTaxExemptBd VTEB 49.75 –0.32 –2.5
Daimler Trucks Finance North America … 5.000 5.52 Jan. 15, ’27 67 65
iShGoldTr IAU 44.11 0.57 13.0 SPDRS&P500Growth SPYG 70.17 –0.44 7.9
iShiBoxx$IGCpBd LQD 104.73 –0.30 –5.4 SPDR S&P 500 SPY 503.49 –0.38 5.9 VangdTotalBd BND 70.57 –0.28 –4.1
BNDX ING Groep … 4.550 5.54 Oct. 2, ’28 81 –12 n.a.
iShMBS MBB 89.44 –0.42 –4.9 SchwabIntEquity SCHF 37.75 –0.45 2.1 VangdTotIntlBd 48.31 –0.12 –2.1
iShMSCIACWI ACWI 106.39 –0.31 4.5 SchwabUS BrdMkt SCHB 58.60 –0.39 5.3 VangdTotIntlStk VXUS 58.86 –0.19 1.6
Morgan Stanley MS 3.950 5.54 April 23, ’27 69 –12 74
iShMSCI EAFE EFA 77.34 –0.46 2.6 SchwabUS Div SCHD 77.56 –0.73 1.9 VangdTotalStk VTI 249.46 –0.47 5.2
iSh MSCI EM EEM 40.70 0.22 1.2 SchwabUS LC SCHX 59.73 –0.25 5.9 VangdTotWrldStk VT 106.76 –0.32 3.8
Citigroup C 5.300 6.04 May 6, ’44 110 –10 109
iShNatlMuniBd MUB 106.13 –0.29 –2.1 SchwabUS LC Grw SCHG 88.85 –0.50 7.1 VangdValue VTV 158.00 –0.15 5.7
iSh1-5YIGCpBd IGSB 50.75 –0.08 –1.0 SPDR S&PMdCpTr MDY 527.86 –0.37 4.0 WT FRTrea USFR 50.31 0.06 0.1
Toyota Motor Credit … 4.450 5.19 June 29, ’29 47 –8 n.a.

Borrowing Benchmarks | wsj.com/market-data/bonds/benchmarks …And spreads that widened the most

Toyota Motor Credit … 1.125 5.33 June 18, ’26 31 53 33
Money Rates April 25, 2024
Banco Santander … 4.379 5.84 April 12, ’28 117 46 118
Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a Deutsche Telekom International Finance … 4.875 5.93 March 6, ’42 99 44 n.a.
guide to general levels but don’t always represent actual transactions.
Walt Disney DIS 5.400 5.70 Oct. 1, ’43 76 43 n.a.
Week —52-WEEK— Week —52-WEEK—
Inflation Latest ago High Low Latest ago High Low
Novartis Capital … 4.400 5.52 May 6, ’44 58 42 58
March index Chg From (%)
March Federal funds Secured Overnight Financing Rate 28
level Feb. '24 International Business Machines IBM 3.300 5.24 May 15, ’26 23 n.a.
'23 Effective rate 5.3300 5.3300 5.3500 4.8400 5.31 5.31 5.40 4.80

U.S. consumer price index

High 5.6500 5.6500 5.6500 5.1500
Value 52-Week High-yield issues with the biggest price increases…
Low 5.3100 5.3100 5.3300 4.8000 Latest Traded High Low
All items 312.332 0.65 3.5 Bond Price as % of face value
Bid 5.3300 5.3100 5.3300 4.8300
Core 317.088 0.53 3.8 DTCC GCF Repo Index Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week
Offer 5.3500 5.3300 5.3700 4.8500
Treasury 5.369 16.560 5.504 4.823 0.33
International rates Treasury bill auction MBS 5.392 57.300 5.689 4.860
DISH DBS … 7.750 34.24 July 1, ’26 61.500 60.317

Week 52-Week
4 weeks 5.275 5.280 5.840 3.830 Liberty Interactive … 8.250 22.94 Feb. 1, ’30 54.250 0.13 52.150
13 weeks 5.255 5.250 5.345 5.060 Weekly survey
Latest ago High Low
26 weeks 5.160 5.155 5.350 4.840 Latest Week ago Year ago
…And with the biggest price decreases
Prime rates
Secondary market Freddie Mac –2.31
U.S. 8.50 8.50 8.50 8.00 Telecom Italia Capital … 6.000 8.34 Sept. 30, ’34 83.938 89.000
Canada 7.20 7.20 7.20 6.70 30-year fixed 7.17 7.10 6.43
Fannie Mae –1.94
Japan 1.475 1.475 1.475 1.475 15-year fixed 6.44 6.39 5.71 Embarq … 7.995 22.75 June 1, ’36 39.900 n.a.
30-year mortgage yields
Bath & Body Works BBWI 6.750 7.06 July 1, ’36 97.507 –1.22 98.500
Policy Rates 30 days 6.758 6.714 7.495 5.739 Notes on data:
Euro zone 4.50 4.50 4.50 3.50 60 days 6.774 6.725 7.554 5.739 U.S. prime rate is the base rate on corporate –0.75
loans posted by at least 70% of the 10 largest
DISH DBS … 5.875 17.38 Nov. 15, ’24 94.250 94.750
Switzerland 2.00 2.00 2.25 2.00
Britain 5.25 5.25 5.25 4.25
Other short-term rates U.S. banks, and is effective July 27, 2023. Other
–0.75
prime rates aren’t directly comparable; lending Transocean RIG 6.800 9.30 March 15, ’38 80.750 80.500
Australia 4.35 4.35 4.35 3.60 practices vary widely by location; Discount rate
Week 52-Week is effective July 27, 2023. Secured Overnight –0.72
Latest high low
Navient NAVI 5.625 9.16 Aug. 1, ’33 78.250 79.000
Overnight repurchase ago Financing Rate is as of April 24, 2024. DTCC
GCF Repo Index is Depository Trust & Clearing –0.50
U.S. 5.38 5.33 5.48 4.85 Corp.'s weighted average for overnight trades in Occidental Petroleum OXY 7.875 6.05 Sept. 15, ’31 110.733 110.752
Call money applicable CUSIPs. Value traded is in billions of
U.S. government rates 7.25 7.25 7.25 6.75 U.S. dollars. Federal-funds rates are Tullett ADT Security … 4.875 6.59 July 15, ’32 89.250 –0.42 87.845
Prebon rates as of 5:30 p.m. ET.
Discount Commercial paper (AA financial) Sources: Federal Reserve; Bureau of Labor *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.
Statistics; DTCC; FactSet; Note: Data are for the most active issue of bonds with maturities of two years or more
5.50 5.50 5.50 5.00 90 days 5.37 n.a. 5.54 5.03 Tullett Prebon Information, Ltd. Source: MarketAxess
THE WALL STREET JOURNAL. * * * Friday, April 26, 2024 | B9

BIGGEST 1,000 STOCKS

Net Net Net Net Net Net
How to Read the Stock Tables Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg
The following explanations apply to NYSE, NYSE Arca, NYSE American and Nasdaq Donaldson DCI 72.20 -0.28 GitLab GTLB 56.01 -0.37 LabCorp.ofAmerica LH 198.35 -9.59 Nomura NMR 5.81 -0.10 Roblox RBLX 35.53 0.56 Textron TXT 84.90 -9.11
Stock Market listed securities. Prices are consolidated from trades reported by various DoorDash DASH 128.11 1.35 GlobalPayments GPN 124.63 -2.84 LamResearch LRCX 901.47 16.58 Nordson NDSN 259.66 -0.40 RocketCos. RKT 12.20 -0.35 ThermoFisher TMO 571.73 -5.66
market centers, including securities exchanges, Finra, electronic communications s Dover DOV 179.11 7.67 GlobalFoundries GFS 47.79 0.48 LamarAdv LAMR 112.81 -1.25 NorfolkSouthern NSC 240.83 4.61 Rockwell ROK 276.95 1.39 ThomsonReuters TRI 152.57 -0.06
networks and other broker-dealers. The list comprises the 1,000 largest companies Dow DOW 56.44 -0.54 Globant GLOB 179.14 -4.16 LambWeston LW 83.50 -1.02 NorthernTrust NTRS 83.44 -0.86 RogersComm B RCI 38.04 -0.12 3M MMM 91.41 -0.61
based on market capitalization. DrReddy'sLab RDY 74.02 3.10 GlobeLife GL 75.54 -3.06 LasVegasSands LVS 45.55 -0.29 NorthropGrum NOC 488.06 13.49 RoivantSciences ROIV 10.88 -0.02 Toast TOST 23.12 0.05
Underlined quotations are those stocks with large changes in volume compared DraftKings DKNG 41.09 0.24 GoDaddy GDDY 124.14 0.31 LatticeSemi LSCC 73.91 2.33 NorwegCruise NCLH 19.35 -0.04 Roku ROKU 62.81 0.98 TollBros TOL 117.36 -1.34
with the issue’s average trading volume. Dropbox DBX 23.93 -0.09 GoldFields GFI 17.40 0.44 Lear LEA 133.48 -1.69 Novartis NVS 99.06 0.71 Rollins ROL 44.27 1.40 TopBuild BLD 391.25 2.98
DukeEnergy DUK 99.03 0.07 GoldmanSachs GS 420.05 -2.99 t LegendBiotech LEGN 44.42 -0.75 NovoNordisk NVO 125.79 -0.37 RoperTech ROP 540.41 2.40 Toro TTC 86.72 -0.48
Boldfaced quotations highlight those issues whose price changed by 5% or more if Duolingo DUOL 214.84 -1.54 Grab GRAB 3.50 0.02 Leidos LDOS 129.88 0.98 NuHoldings NU 10.87 0.10 RossStores ROST 132.15 -0.46 TorontoDomBk TD 59.11 0.44
their previous closing price was $2 or higher. DuPont DD 73.50 -0.46 Graco GGG 83.13 -6.22 Lennar A LEN 152.79 -1.33 Nucor NUE 175.88 3.12 RoyalBkCanada RY 97.68 0.41 TotalEnergies TTE 73.75 1.01
Footnotes: Dynatrace DT 46.60 -0.14 Grainger GWW 947.84 -10.48 Lennar B LEN.B 140.56 -1.13 Nutanix NTNX 60.89 ... RoyalCaribbean RCL 137.47 0.74 ToyotaMotor TM 225.36 -7.52
s-New 52-week high; t-New 52-week low; dd-Indicates loss in the most recent four elfBeauty ELF 176.03 -0.95 GraphicPkg GPK 27.30 -0.11 LennoxIntl LII 475.50 7.65 Nutrien NTR 52.05 -0.24 RoyalGold RGLD 124.19 3.26 TractorSupply TSCO 265.26 7.13
quarters. EMCOR EME 349.35 10.46 GpoAeroportuar PAC 179.97 3.82 LeviStrauss LEVI 21.09 -0.48 nVentElectric NVT 74.44 0.91 RoyaltyPharma RPRX 28.11 0.13 TradeDesk TTD 83.34 -0.45
ENI E 32.79 0.20 s GpoAeroportSur ASR 347.71 7.52 LiAuto LI 23.47 -0.40 NVIDIA NVDA 826.32 29.55 RyanSpecialty RYAN 49.82 -0.96 Tradeweb TW 102.15 -0.81
Stock tables reflect composite regular trading as of 4 p.m. ET and EOG Rscs EOG 135.36 -0.24 Guidewire GWRE 111.98 -1.53 LibertyBroadbandC LBRDK 49.39 -0.62 Ryanair RYAAY 140.00 1.65 TraneTech TT 299.37 2.88
changes in the official closing prices from 4 p.m. ET the previous day. EPAM Systems EPAM 237.13 -7.87 HCA Healthcare HCA 314.12 -4.90 LibertyBroadbandA LBRDA 49.62 -0.67 O P Q SAP SAP 185.09 -2.98 s TransDigm TDG 1256.58 14.96
EQT EQT 40.41 0.98 HDFC Bank HDB 58.33 0.07 LibertyLiveC LLYVK 37.46 -0.18 S&P Global SPGI 415.50 2.22 TransUnion TRU 74.29 5.61
s ONEOK OKE 81.38 0.43 SBA Comm SBAC 197.93 -1.07 Travelers
EagleMaterials EXP 253.93 0.80 HF Sinclair DINO 57.66 0.23 LibertyFormOne C FWONK 68.93 -0.22 TRV 213.99 0.56
Thursday, April 25, 2024 Net Net EastWestBncp EWBC 76.36 -0.84 HP HPQ 28.13 0.03 LibertyLiveA LLYVA 36.31 -0.12
ON Semi ON 66.38 0.85
SEI Investments SEIC 66.48 -0.12 Trex TREX 89.41 0.21
Stock Sym Close Chg Stock Sym Close Chg OReillyAuto ORLY1054.13 -38.57
Net EastGroup EGP 155.74 -2.25 HSBC HSBC 41.81 0.12 LibertyFormOne A FWONA 61.39 -0.30 SK Telecom SKM 20.50 0.01 Trimble TRMB 59.21 -0.30
OccidentalPetrol OXY 67.88 0.55
Stock Sym Close Chg BCE BCE 32.89 -0.17 CenovusEnergy CVE 21.28 0.05
EastmanChem EMN 96.13 -0.23 H World HTHT 39.74 0.58 LibertySirius C LSXMK 24.40 -0.80
Okta OKTA 92.93 -0.83
SS&C Tech SSNC 61.31 -0.23 Trip.com TCOM 50.42 -0.18
Eaton ETN 317.10 -1.69 Haleon HLN 8.40 0.05 LibertySirius B LSXMB 24.37 -0.75 Saia SAIA 543.02 15.19 TruistFinl TFC 37.97 -0.82
BHP Group BHP 57.21 -2.03 Centene CNC 75.68 -0.51 OldDomFreight ODFL 196.66 1.60
A B C BJ'sWholesale BJ 76.38 0.60 CenterPointEner CNP 29.34 0.27
eBay EBAY 51.34 0.16 Halliburton HAL 38.72 ... LibertySirius A LSXMA 24.53 -0.70
OldRepublic ORI 30.02 -0.28
Salesforce CRM 273.14 -3.05 Twilio TWLO 60.01 -0.97
Ecolab ECL 219.79 -0.99 HartfordFinl HIG 99.09 -0.77 Light&Wonder LNW 92.91 -0.64 Samsara IOT 34.39 -0.26 s TylerTech TYL 458.07 39.07
BP BP 39.62 0.28 CentraisElBras EBR 7.21 0.04 OmegaHealthcare OHI 30.90 0.22
AAON AAON 89.90 0.23 Ecopetrol EC 11.64 -0.05 Hasbro HAS 64.97 -0.06 EliLilly LLY 724.87 -7.33 Sanofi SNY 49.36 2.75 TysonFoods TSN 60.89 -0.43
BWX Tech BWXT 94.69 0.54 CerevelTherap CERE 42.07 0.17 Omnicom OMC 96.71 0.73
AECOM ACM 93.59 -0.42 EdisonIntl EIX 71.13 0.31 HealthpeakProp DOC 18.34 -0.29 LincolnElectric LECO 227.93 -9.68 SareptaTherap SRPT 127.39 3.14 UBS Group UBS 27.49 0.13
Baidu BIDU 99.90 0.71 CharlesRiverLabs CRL 227.81 -11.62 OnHolding ONON 31.94 -0.42
AES AES 17.13 -0.24 EdwardsLife EW 88.01 -0.60 s Heico HEI 206.82 2.07 Linde LIN 443.83 -0.49 Schlumberger SLB 49.44 0.33 UDR UDR 37.97 0.08
BakerHughes BKR 33.30 0.63 CharterComms CHTR 259.10 -5.60 OntoInnovation ONTO 182.33 5.57
Aflac AFL 83.73 -0.55 Elastic ESTC 104.79 1.08 Heico A HEI.A 166.87 1.80 LiveNationEnt LYV 88.49 -1.16 SchwabC SCHW 74.89 -0.30 U-Haul UHAL 64.97 -0.01
Ball BALL 65.45 0.26 CheckPoint CHKP 152.95 -8.05 OpenText OTEX 35.74 -0.28
AGCO AGCO 117.67 -1.02 ElbitSystems ESLT 199.99 -3.10 HenrySchein HSIC 72.82 -0.39 LloydsBanking LYG 2.52 -0.02 Sea SE 62.83 -0.44 U-Haul N UHAL/B 63.00 -0.63
BBVA BBVA 11.25 -0.02 Chemed CHE 573.34 -44.61 Oracle ORCL 114.89 -0.45
Ansys ANSS 327.04 -1.53 ElectronicArts EA 127.31 -0.83 Hershey HSY 187.15 -0.99 LockheedMartin LMT 464.78 5.64 Seagate STX 87.26 0.15 US Foods USFD 50.42 -0.35
BancoBradesco BBDO 2.30 -0.02 CheniereEnergy LNG 159.36 1.94 Orange ORAN 11.23 -0.09
APA APA 32.36 0.31 s ElevanceHealth ELV 539.68 5.95 Hess HES 161.45 2.32 Loews L 76.41 -0.40 Sempra SRE 71.98 -0.06 UWM UWMC 6.39 -0.17
BancodeChile BCH 22.14 -0.15 CheniereEnerPtrs CQP 48.42 0.26 Orix IX 102.49 -1.77
ASE Tech ASX 10.15 -0.22 EmersonElec EMR 109.60 -0.02 HessMidstream HESM 34.94 -0.69 LogitechIntl LOGI 78.72 -0.69 ServiceIntl SCI 70.84 -0.66 Uber UBER 69.31 -0.05
BancSanBrasil BSBR 5.13 -0.14 s ChesapeakeEner CHK 91.47 0.78 Oshkosh OSK 118.69 -2.56
ASML ASML 902.51 10.19 Enbridge ENB 36.26 0.60 HewlettPackard HPE 16.97 0.04 Lowe's LOW 229.96 -0.33 ServiceNow NOW 716.25 -30.04 UiPath PATH 19.41 -0.29
BcoSantChile BSAC 18.24 0.01 Chevron CVX 165.28 1.71 OtisWorldwide OTIS 93.02 -0.35
AT&T T 16.58 -0.23 s EncompassHealth EHC 82.73 -0.07 Hilton HLT 203.93 -0.77 lululemon LULU 360.00 -4.59 SharkNinja SN 62.79 -0.14 UltaBeauty ULTA 408.01 -2.54
s BancoSantander SAN 5.06 0.01 s Chipotle CMG 3111.97185.21 Ovintiv OVV 53.14 0.24
AbbottLabs ABT 106.86 -0.03 Endeavor EDR 26.43 -0.01 Hologic HOLX 75.71 -1.00 LyondellBasell LYB 99.68 -1.10 Shell SHEL 73.27 0.14 Unilever UL 50.92 2.85
BanColombia CIB 31.39 -0.68 ChordEnergy CHRD 184.58 0.99 OwensCorning OC 165.04 -0.18
AbbVie ABBV 167.29 -0.51 EnergyTransfer ET 15.94 0.07 HomeDepot HD 331.98 -1.03 SherwinWilliams SHW 304.81 1.08 UnionPacific UNP 243.55 11.57
Accenture ACN 309.00 -4.54 BankofAmerica BAC 37.91 -0.41
BankMontreal BMO 92.72 -0.12
Chubb CB 245.96 2.95
ChunghwaTel CHT 37.87 -0.37
EnphaseEnergy ENPH 107.83 0.66 HondaMotor HMC 33.65 -0.76 M N PDD
PG&E
PDD 125.79 -1.76
PCG 17.07 0.07 ShinhanFin SHG 31.85 0.23 UnitedAirlines UAL 53.51 0.84
AcuityBrands AYI 251.73 -1.36 Entegris ENTG 128.54 0.70 Honeywell HON 193.02 -1.77 ShockwaveMed SWAV 328.99 0.12 UnitedMicro UMC 7.76 0.06
BankNY Mellon BK 57.18 -0.35 PNC Finl PNC 156.30 -1.76
Adobe ADBE 473.44 -3.68 s Church&Dwight CHD 107.25 -0.10 Entergy ETR 107.53 1.07 HormelFoods HRL 35.27 -0.33 Macom Tech MTSI 100.58 -0.14 POSCO PKX 71.04 -0.34 Shopify SHOP 70.55 -1.71 UPS B UPS 147.39 0.77
AdvDrainageSys WMS 161.34 1.02 BankNovaScotia BNS 46.23 -0.57 ChurchillDowns CHDN 129.23 5.84 EnterpriseProd EPD 28.93 -0.12 DR Horton DHI 144.20 -1.92 s M&T Bank MTB 146.90 -1.06 SimonProperty SPG 142.73 -0.08 UnitedRentals URI 690.92 35.73
Barclays BCS 10.36 0.76 PPG Ind PPG 129.23 -1.29
EFX 226.28 0.57 HostHotels HST 18.89 -0.44 MGM Resorts MGM 42.18 -0.53
AdvMicroDevices AMD 153.76 2.02 s Cigna CI 354.51 2.23 SimpsonMfg SSD 170.82 1.20 US Bancorp USB 40.99 -0.62
Equifax PPL PPL 27.30 -0.07
Aegon AEG 6.13 0.01 BarrickGold GOLD 17.08 0.56 CincinnatiFinl CINF 118.44 -1.48 Equinix EQIX 738.35 -18.49 HoulihanLokey HLI 127.03 -0.97 MinisoGroup MNSO 22.22 -0.36 t SiriusXM SIRI 3.02 -0.14 US Steel X 37.17 0.57
Bath&BodyWks BBWI 45.60 PTC PTC 179.88 -0.62
AerCap AER 85.18 0.07 ... Cintas CTAS 665.25 1.12 Equinor EQNR 27.85 0.75 HowmetAerospace HWM 64.80 0.10 MKS Instrum MKSI 116.27 2.49 Paccar PCAR 112.62 -1.12 SiteOneLandscape SITE 162.67 -1.09 UnitedTherap UTHR 235.95 -1.05
AffirmHldgs AFRM 31.65 -0.43 BaxterIntl BAX 40.23 -0.70 CiscoSystems CSCO 48.10 -0.25 Equitable EQH 37.13 -0.94 Hubbell HUBB 402.27 3.72 MPLX MPLX 41.88 0.11 SkechersUSA SKX 58.82 -0.33 UnitedHealth UNH 493.86 6.56
BectonDicknsn BDX 230.48 -3.35 PackagingCpAm PKG 171.25 -2.67
AgilentTechs A 136.37 -1.12 Citigroup C 61.79 -0.68 EquityLife ELS 60.75 -0.57 HubSpot HUBS 636.10 -15.64 MSA Safety MSA 188.71 -2.01 PalantirTech PLTR 21.71 0.12 Skyworks SWKS 102.95 1.83 UnitySoftware U 23.32 -0.25
s AgnicoEagleMines AEM 64.94 1.25 BeiGene BGNE 148.56 4.44 CitizensFin CFG 35.00 -0.52 EquityResdntl EQR 64.88 0.27 Humana HUM 311.41 -4.57 MSCI MSCI 464.49 -0.16 SmithAO AOS 82.82 -4.18 UnivDisplay OLED 156.58 0.14
BellRing BRBR 55.26 -0.36 MGA 48.70 -0.51 PaloAltoNtwks PANW 288.79 -5.03
AirProducts APD 235.08 0.40 CivitasRscs CIVI 73.72 0.16 ErieIndemnity ERIE 380.26 -2.40 JBHunt JBHT 163.74 -0.89 MagnaIntl ParamountA PARAA 22.37 -0.57 Smith&Nephew SNN 23.88 -0.69 UniversalHealthB UHS 165.10 -0.80
Airbnb ABNB 163.01 0.17 BentleySystems BSY 54.37 -0.07 CleanHarbors CLH 194.64 -1.36 EssentialUtil WTRG 36.57 0.03 HuntingtonBcshs HBAN 13.58 -0.18 MakeMyTrip MMYT 67.52 1.98 Smucker SJM 115.18 -3.37 UnumGroup UNM 51.36 -0.24
Berkley WRB 77.91 0.06 ParamountB PARA 12.18 -0.50
AkamaiTech AKAM 101.79 -0.40 Cleveland-Cliffs CLF 18.23 -0.09 EssexProp ESS 247.21 -0.53 HuntingIngalls HII 275.98 0.14 ManhattanAssoc MANH 208.30 1.98 ParkerHannifin PH 549.38 3.03 Snap SNAP 11.40 0.32 VICI Prop VICI 28.55 0.12
Albemarle ALB 114.98 -0.29 BerkHathwy B BRK.B 404.91 -1.04 Clorox CLX 147.50 -0.28 EsteeLauder EL 144.99 -2.37 HyattHotels H 151.26 -0.57 ManulifeFinl MFC 23.37 -0.11 Snap-On SNA 270.16 -3.43 t VailResorts MTN 199.02 -2.36
BerkHathwy A BRK.A 611560-1860.00 CART 34.54 0.26 Parsons PSN 79.28 0.38
Albertsons ACI 19.91 -0.03 Cloudflare NET 86.76 -0.92 Etsy ETSY 67.20 0.33 ICICI Bank IBN 26.60 0.41 Maplebear Paychex PAYX 121.97 -0.55 Snowflake SNOW 152.50 -2.49 Vale VALE 12.06 -0.31
Alcon ALC 78.84 -0.73 BestBuy BBY 75.24 0.81 Coca-Cola KO 61.74 0.19 EvercoreA EVR 183.65 -2.94 IdexxLab IDXX 489.24 -5.02 MarathonOil MRO 27.74 0.21 SOQUIMICH SQM 43.51 0.24 ValeroEnergy VLO 167.13 0.13
Bio-Techne TECH 62.66 -0.86 PaycomSoftware PAYC 186.58 -1.33
AlexandriaRlEst ARE 117.30 -2.35 CocaColaCon COKE 830.98 -11.01 Everest EG 365.76 0.02 ING Groep ING 15.72 0.06 MarathonPetrol MPC 199.51 0.37 Paylocity PCTY 156.58 0.42 SoFiTech SOFI 7.59 -0.01 VeevaSystems VEEV 199.09 -1.43
Alibaba BABA 75.11 0.48 Bio-RadLab A BIO 275.60 -2.61 Coca-ColaEuro CCEP 70.94 1.28 Evergy EVRG 52.42 -0.06 IQVIA IQV 233.98 -6.86 Markel MKL 1450.95 -11.41 t Solventum SOLV 61.83 -1.71 Ventas VTR 43.36 -0.25
Biogen BIIB 202.46 0.47 PayPal PYPL 64.10 -0.74
AlignTech ALGN 310.50 -3.28 CognizantTech CTSH 66.76 -0.76 EversourceEner ES 60.52 -0.32 ITT ITT 130.15 -0.33 MarketAxess MKTX 201.58 -2.64 Pearson PSO 12.42 -0.09 Sony SONY 82.44 -0.27 Veralto VLTO 93.79 1.39
Allegion ALLE 124.87 -1.67 BioMarinPharm BMRN 82.17 -9.03 Coherent COHR 52.88 0.78 Marriott MAR 241.94 -2.12
ExactSciences EXAS 58.79 -4.45 IcahnEnterprises IEP 17.27 0.01 PembinaPipeline PBA 35.71 0.22 Southern SO 74.37 0.46 VeriSign VRSN 182.68 -2.87
AlliantEnergy LNT 50.23 -0.14 BioNTech BNTX 86.71 -1.38 CoinbaseGlbl COIN 223.61 -0.76 Exelon EXC 37.66 -0.11 Icon ICLR 300.08 -9.36 Marsh&McLen MMC 201.47 0.52 PenskeAuto PAG 153.45 0.27 SoCopper SCCO 111.82 2.59 VeriskAnalytics VRSK 222.79 0.54
Allstate ALL 172.34 0.07 Birkenstock BIRK 44.84 -0.20 ColgatePalm CL 89.29 0.42 Expedia EXPE 136.25 0.45 IDEX IEX 223.28 -1.36 MartinMarietta MLM 597.07 5.25 SouthwestAir LUV 27.26 -2.04 Verizon VZ 39.22 -0.27
Pentair PNR 79.20 0.21
AllyFinancial ALLY 39.14 -0.62 BlackRock BLK 757.65 -5.15 t Comcast A CMCSA 37.87 -2.34 ExpeditorsIntl EXPD 113.15 0.28 IllinoisToolWks ITW 248.16 -3.60 MarvellTech MRVL 67.48 2.63 Penumbra PEN 205.50 -0.65 SouthwesternEner SWN 7.65 0.06 VertexPharm VRTX 397.70 -3.06
t AlnylamPharm ALNY 143.71 -0.09 Blackstone BX 123.36 -0.42 ComfortSystems FIX 311.40 2.71 ExtraSpaceSt EXR 133.83 -0.81 Illumina ILMN 121.05 -1.82 Masco MAS 69.87 0.13 Spotify SPOT 289.02 7.79 Vertiv VRT 90.35 5.78
SQ MASI 135.24 -0.68 PepsiCo PEP 176.68 -0.73
Alphabet A GOOGL 156.00 -3.13 Block 72.79 -1.24 CommerceBcshrs CBSH 55.44 -0.48 ExxonMobil XOM 121.33 0.28 ImperialOil IMO 71.27 0.64 Masimo PerformanceFood PFGC 68.91 -0.48 StanleyBlackDck SWK 88.83 -1.44 Viatris VTRS 11.47 -0.08
Alphabet C GOOG 157.95 -3.15 BlueOwlCapital OWL 18.57 -0.21 SABESP SBS 15.86 -0.17 F5 FFIV 181.85 -0.50 Incyte INCY 51.18 -0.56 Mastercard MA 462.11 -0.39 PermianRscs PR 17.33 0.07 Stantec STN 81.50 0.53 VikingTherap VKTX 68.86 3.79
Boeing BA 166.81 2.48 FMC 57.80 -0.60 Informatica INFA 31.84 -0.09 MatadorRscs MTDR 65.58 0.29
Altria MO 43.54 0.62 t ConagraBrands CAG 31.27 -0.30 Starbucks SBUX 87.84 -0.91 Vipshop
FMC PetroleoBrasil PBR 17.05 0.24 VIPS 15.74 -0.07
Amazon.com AMZN 173.67 -2.92 Booking BKNG 3502.48 -15.04 Confluent CFLT 28.89 0.01 FTAI Aviation FTAI 73.25 -0.20 Infosys INFY 17.01 -0.03 MatchGroup MTCH 31.69 -0.25 PetroleoBrasilA PBR.A 16.25 0.26 StateStreet STT 73.29 -1.00 Visa V 275.16 0.14
Ambev ABEV 2.30 -0.02 BoozAllen BAH 145.27 0.88 ConocoPhillips COP 130.11 0.83 FTI Consulting FCN 215.31 1.57 IngersollRand IR 92.03 -0.47 McCormickVtg MKC.V 75.81 -0.14 Pfizer PFE 25.26 -1.01 SteelDynamics STLD 133.03 3.11 Vistra VST 72.48 2.02
Amcor AMCR 8.95 -0.11 BorgWarner BWA 32.82 -0.83 ConEd ED 94.11 0.68 FactSet FDS 418.71 -4.12 Ingredion INGR 114.48 -0.62 McCormick MKC 75.56 -0.29 PhilipMorris PM 96.09 -2.93 Stellantis STLA 24.60 -0.26 Vodafone VOD 8.61 -0.05
Amdocs DOX 85.64 -1.10 BostonProps BXP 61.95 -0.99 ConstBrands A STZ 261.71 0.16 McDonald's MCD 275.60 -1.15
FairIsaac FICO 1193.66 0.63 InspireMedical INSP 231.01 -3.18 Phillips66 PSX 157.24 -0.55 Steris STE 201.54 -1.26 VulcanMatls VMC 258.54 2.14
Ameren AEE 74.76 0.05 BostonSci BSX 73.26 0.35 ConstellationEner CEG 188.01 1.85 PODD 164.17 -3.08 McKesson MCK 539.94 4.52 STVN 27.52 0.21
Fastenal FAST 68.14 0.40 Insulet Pilgrim'sPride PPC 35.88 -0.12 Stevanato
AmericaMovil AMX 18.30 -0.01 t BristolMyers BMY 44.70 -4.16
BritishAmTob BTI 29.40 -0.09
Cooper COO 89.93 -0.27 FederalRealty FRT 102.57 -1.03 Intel INTC 35.11 0.61 Medpace
Medtronic
MEDP 389.77 -7.79
MDT 79.25 -1.13 PinnacleWest PNW 74.20 -0.34 StifelFinancial SF 78.51 0.23 W X Y Z
AmerAirlines AAL 14.13 0.21 Copart CPRT 55.22 0.29 FedEx FDX 265.52 -0.55 s InteractiveBrkrs IBKR 117.34 1.70 Pinterest PINS 32.64 -0.21 STMicroelec STM 42.60 0.46
AEP AEP 86.86 0.49 Broadcom AVGO 1294.42 37.60 Core&Main CNM 56.75 0.59 Ferguson FERG 212.83 3.64 ICE ICE 131.82 -0.75 MercadoLibre MELI 1363.83 -6.17 PioneerNatRscs PXD 275.15 -0.37 Stryker SYK 337.15 0.30 WEC Energy WEC 82.81 0.18
AmerExpress AXP 237.10 -2.02 BroadridgeFinl BR 195.56 0.48 CorebridgeFin CRBG 26.68 -0.48 Merck MRK 130.72 3.72 SumitomoMits SMFG 11.38 ... WEX WEX 215.03 -18.28
Ferrari RACE 412.21 -8.12 InterContinentl IHG 100.71 -0.91 PlainsAllAmPipe PAA 18.07 -0.18
AmericanFin AFG 128.71 -1.01 BrookfieldAsset BAM 38.97 -0.21 Corning GLW 31.35 -0.17 FidNatlFinl FNF 49.88 -0.76 IBM IBM 168.91 -15.19 MetaPlatforms META 441.38 -52.12 PlainsGP PAGP 18.92 -0.09 SunComms SUI 118.92 -1.38 W.P.Carey WPC 55.98 -0.48
AmHomes4Rent AMH 35.76 0.19 Brookfield BN 40.23 -0.30 Corpay CPAY 302.08 -5.34 FidNatlInfo FIS 70.47 -0.34 IntlFlavors IFF 84.34 -0.80 MetLife MET 71.90 -0.82 SunLifeFinancial SLF 51.32 -0.38 WPP WPP 50.11 -0.14
Pool POOL 370.00 -7.39
AIG AIG 74.63 -0.34 BrookfieldInfr BIP 27.36 -0.37 Corteva CTVA 54.70 -0.07 FifthThirdBncp FITB 36.82 -0.41 IntlPaper IP 33.52 -0.91 Mettler-Toledo MTD 1232.91 -2.46 Primerica PRI 218.59 -3.29 s SuncorEnergy SU 39.44 0.17 Wabtec WAB 163.18 -0.20
AmerTowerREIT AMT 172.90 -0.45 BrookfieldRenew BEPC 23.29 -0.21 CoStar CSGP 90.34 -1.61 s FirstCitizBcshA FCNCA 1800.35160.72 Interpublic IPG 31.16 -0.24
MicrochipTech MCHP 92.21 1.53 SuperMicroComp SMCI 787.40 32.68 WalgreensBoots WBA 17.60 -0.21
Brown&Brown BRO 82.28 0.15 MicronTech MU 111.58 -0.20 PrincipalFinl PFG 81.06 -1.10 WMT 60.21 0.34
AmerWaterWorks AWK 121.55 0.19 Costco COST 721.86 -0.87 FirstHorizon FHN 14.80 -0.13 Intra-Cellular ITCI 72.13 -0.99 ProcoreTech PCOR 69.82 -1.29 Suzano SUZ 11.61 -0.13 Walmart
Ameriprise AMP 410.91 -1.95 t Brown-Forman A BF.A 49.50 -0.79 CoterraEnergy CTRA 28.43 -0.03 INTU 626.39 -9.10 Microsoft MSFT 399.04 -10.02 s SynchronyFinl SYF 44.66 -0.36 WarnerBrosA WBD 8.29 -0.09
FirstSolar FSLR 175.02 -2.46 Intuit s Procter&Gamble PG 162.55 -0.05
Ametek AME 177.93 -0.29 t Brown-Forman B BF.B 48.11 -0.90 Coty COTY 11.42 -0.28 MicroStrategy MSTR 1240.41 -25.26 Synopsys SNPS 530.11 2.59 WarnerMusic WMG 31.55 -0.42
FirstEnergy FE 38.57 0.27 IntuitiveSurgical ISRG 373.12 -1.89 Progressive PGR 210.07 -2.13
Amgen AMGN 269.38 -3.63 Bruker BRKR 80.59 -1.61 s Coupang CPNG 23.03 0.23 MidAmApt MAA 127.20 -1.20 Sysco SYY 77.07 -0.22 WasteConnections WCN 165.18 -1.00
Fiserv FI 153.29 1.04 InvitatHomes INVH 34.48 0.17 Prologis PLD 103.35 0.17
AmkorTech AMKR 30.09 0.23 BuildersFirst BLDR 185.26 -1.43 s Crane CR 143.98 1.85 Middleby MIDD 141.53 -3.16 WasteMgt WM 212.70 2.27
FiveBelow FIVE 150.85 2.31 IronMountain IRM 77.26 -0.93 PrudentialFinl PRU 111.18 -1.58
Amphenol APH 119.01 2.70 BungeGlobal BG 104.06 -1.73
BurlingtonStrs BURL 178.53 -0.21
Credicorp BAP 167.75 -0.47 Flex FLEX 28.70 0.20 ItauUnibanco ITUB 6.11 -0.10
MitsubishiUFJ
MizuhoFin
MUFG 10.06 -0.01
MFG 3.89 -0.02 Prudential PUK 18.15 -0.49 T U V Waters
Watsco
WAT 308.35 -1.90
WSO 444.00 3.40
AnalogDevices ADI 197.94 1.44 Crocs CROX 123.51 -2.26 Floor&Decor FND 108.06 -1.60 s PublicServiceEnt PEG 68.09 0.86
AngloGoldAsh AU
AB InBev
22.78 0.86
BUD 59.94 -0.32
s CACI Intl CACI 401.87 22.49
CBRE Group CBRE 87.02 0.25
CrowdStrike CRWD 298.02 0.40 FlutterEnt FLUT 187.33 0.94 J K L Mobileye
Moderna
MBLY 30.90 -0.22
MRNA 106.18 -2.67 PublicStorage PSA 258.68 -3.49
TAL Education TAL 13.35 1.09 WeatherfordIntl WFRD 123.65 -1.36
TC Energy TRP 36.09 0.18 WebsterFin WBS 45.48 -0.06
CrownCastle CCI 94.21 -1.23 FomentoEconMex FMX 115.11 -0.79 PulteGroup PHM 111.36 -0.90
AnnalyCap NLY 18.69 0.11 CDW CDW 243.42 2.73 Crown Holdings CCK 79.78 0.95 FordMotor F 13.04 0.09 JD.com JD 28.59 0.32 MohawkInds MHK 110.27 -1.13 TD Synnex SNX 117.38 0.14 WellsFargo WFC 59.93 -0.67
CF Industries CF MolinaHealthcare MOH 352.30 -15.11 PureStorage PSTG 52.22 1.57 TE Connectivity TEL 140.48 0.48 Welltower
s AnteroResources AR 33.39 1.95 79.97 0.72 CubeSmart CUBE 41.38 -0.74 Fortinet FTNT 64.03 -1.42 JPMorganChase JPM 193.37 0.29 Qiagen QGEN 41.08 -0.44
WELL 94.00 0.30
Aon AON 306.00 -2.83 CGI A GIB 103.14 -1.76 Cullen/Frost CFR 110.73 -6.11 Fortis FTS 39.32 0.16 Jabil JBL 118.48 -1.76 MolsonCoorsB TAP 62.82 -0.88 Telus TU 16.10 0.02 WescoIntl WCC 157.30 -2.29
Qorvo QRVO 114.70 2.55
APi Group APG 37.68 0.17 CH Robinson CHRW 70.26 -0.68 Cummins CMI 291.61 -0.73 Fortive FTV 76.21 0.16 JackHenry JKHY 165.89 0.69 monday.com MNDY 185.20 -2.05 Ternium TX 42.66 0.51 WestPharmSvcs WST 368.18 -17.55
MDLZ 70.80 -0.51 Qualcomm QCOM 163.30 -0.33
ApolloGlblMgmt APO 111.88 -0.84 CME Group CME 212.54 -0.05 Curtiss-Wright CW 253.49 0.85 FortuneBrands FBIN 73.22 -0.31 JacobsSolns J 144.18 0.20 Mondelez TFI Intl TFII 140.74 0.28 WesternDigital WDC 69.44 -0.11
MDB 366.13 -3.16 QuantaServices PWR 255.19 2.01
AppFolio APPF 216.65 0.75 CMS Energy CMS 60.48 0.20 CyberArkSoftware CYBR 245.07 0.54 FoxA FOXA 31.68 -0.03 JamesHardie JHX 34.95 -0.22 MongoDB TIM TIMB 16.86 ... WesternMidstrm WES 35.88 -0.06
QuestDiag DGX 135.42 -2.13
Apple AAPL 169.89 0.87 CNA Fin CNA 43.66 -0.57 FoxB FOX 29.25 -0.06 JefferiesFinl JEF 43.46 -1.14 MonolithicPower MPWR 660.34 18.13 TJX TJX 96.42 1.14 Westlake WLK 148.37 -1.53
AppliedIndlTechs AIT 178.94 -7.15 CNH Indl CNHI 11.38 -0.02 D E F Franco-Nevada FNV 121.56 2.55 J&J JNJ 146.82 -1.71 MonsterBev MNST 53.15 -1.18 R S TKO TKO 96.20 0.31 WestRock WRK 46.81 -0.67
ApplMaterials AMAT 197.50 1.44 CRH CRH 77.20 -0.43 FranklinRscs BEN 25.09 -0.26 JohnsonControls JCI 64.45 -0.16 Moody's MCO 375.18 -6.03 T-MobileUS TMUS 164.05 -0.13 Weyerhaeuser WY 31.46 -0.08
CSX CSX 34.03 0.36 DTE Energy DTE 111.14 -0.41 JLL 180.51 -1.35 MorganStanley MS 92.56 -1.29 TPG TPG 43.43 -0.36 WheatonPrecMtls WPM 53.73 1.17
AppLovin APP 69.21 -0.49
Danaher DHR 245.80 -4.61 FreeportMcM FCX 49.40 1.16 JonesLang RBC Bearings RBC 244.25 -0.64
Aptargroup ATR 140.18 0.17 CVS Health CVS 67.33 -0.44 FreseniusMedCare FMS 20.21 -0.55 JuniperNetworks JNPR 34.95 -0.41 Morningstar MORN 287.46 -14.90 RB Global RBA 73.33 -0.04 T.RowePrice TROW 108.83 -2.23 Williams WMB 39.45 0.20
CadenceDesign CDNS 277.08 -0.58 Darden DRI 156.54 -0.07 50.15 0.48 Mosaic MOS 30.28 -0.21 TaiwanSemi TSM 136.58 3.61 Williams-Sonoma WSM 281.68 -3.83
Aptiv APTV 70.13 -1.27
Datadog DDOG 125.25 -1.82 FullTruck YMM 8.37 0.04 KB Financial KB RELX RELX 41.12 -0.31
Aramark ARMK 32.33 -0.22 t CaesarsEnt CZR 38.04 -0.44 Futu FUTU 63.00 -0.98 KBR KBR 65.24 0.86 MotorolaSol MSI 349.02 3.91 RPM RPM 106.89 -1.04 TakeTwoSoftware TTWO 143.43 0.60 WillisTowers WTW 256.92 -7.56
ArcelorMittal MT 25.22 0.02 CamdenProperty CPT 98.21 -0.65 DaVita DVA 132.77 0.03 KE Holdings BEKE 13.81 0.08 MurphyUSA MUSA 420.54 -0.57 RTX RTX 101.71 0.69 t TakedaPharm TAK 13.07 -0.16 WillScotMobile WSC 37.96 -0.23
ArchCapital ACGL 93.05 -0.14
ADM ADM 61.00 -0.56
Cameco CCJ 49.16 0.40
CampbellSoup CPB 45.37 -0.17
Dayforce DAY 59.58 -0.12
DeckersOutdoor DECK 806.50 -45.21
G H I KKR
KLA
KKR 94.87 -1.90 NICE
KLAC 672.95 16.41 NNN REIT
NICE 227.00 -3.71
NNN 41.03 -0.11
RalphLauren RL 166.93 -1.28
s RangeResources RRC 37.65 -0.12 s
Tapestry TPR 39.39 -0.64 Wingstop
TargaResources TRGP 117.68 0.78 Wipro
WING 369.90 7.16
WIT 5.44 -0.03
AresMgmt ARES 133.73 -2.22 CIBC CM 47.40 -0.14 Deere DE 394.06 -0.56 GE Aerospace GE 161.26 2.07 Kanzhun BZ 19.60 0.47 NOV NOV 18.95 0.12 RaymondJames RJF 121.95 -5.59 Target TGT 164.44 -0.90 t WoodsideEnergy WDS 18.42 0.18
argenx ARGX 368.60 -6.40 CanNtlRlwy CNI 124.78 1.92 DellTechC DELL 124.91 4.71 GE HealthCare GEHC 85.95 -0.77 Kaspi.kz KSPI 116.32 0.12 NRG Energy NRG 72.86 0.25 RealtyIncome O 53.80 0.13 TechnipFMC FTI 26.59 0.87 Woodward WWD 149.74 0.13
AristaNetworks ANET 264.76 9.99 CanadianNatRscs CNQ 77.34 0.43 s DeltaAir DAL 49.88 1.94 GE Vernova GEV 148.31 2.13 Kellanova K 58.45 -0.30 NVR NVR 7725.00 -73.28 RegalRexnord RRX 161.97 -2.26 TeckResourcesB TECK 49.54 4.10 WooriFinl WF 30.56 0.12
Arm ARM 97.93 -1.95 CdnPacKC CP 82.09 0.16 DescartesSystems DSGX 94.50 ... GFLEnvironmental GFL 32.29 -0.57 Kenvue KVUE 19.02 -0.11 NXP Semicon NXPI 238.08 3.04 RegencyCtrs REG 59.06 -0.55 TeledyneTech TDY 376.98 14.48 Workday WDAY 254.06 -1.68
AscendisPharma ASND 136.93 -6.25 CapitalOne COF 145.97 -2.90 s DeutscheBank DB 17.92 1.44 GSK GSK 40.91 0.05 KeurigDrPepper KDP 33.84 1.50 Nasdaq NDAQ 60.29 -1.21 RegenPharm REGN 890.68 -15.86 Teleflex TFX 206.71 -4.46 WynnResorts WYNN 96.60 -0.46
AspenTech AZPN 198.00 0.89 CardinalHealth CAH 103.81 0.27 DevonEnergy DVN 52.61 0.51 Gallagher AJG 236.95 0.14 KeyCorp KEY 14.61 -0.32 Natera NTRA 91.28 -0.22 RegionsFinl RF 19.61 -0.16 Ericsson ERIC 5.24 -0.04 XP XP 20.55 -0.09
Assurant AIZ 173.64 -3.41 Carlisle CSL 382.03 6.73 DexCom DXCM 138.01 0.14 Gaming&Leisure GLPI 43.43 -0.02 KeysightTech KEYS 147.43 0.83 NationalGrid NGG 66.76 -0.06 ReinsGrp RGA 191.06 0.05 TelefonicaBras VIV 9.30 -0.12 XPO XPO 118.25 0.77
AsteraLabs ALAB 71.59 0.60 Carlyle CG 45.62 -0.50 Diageo DEO 138.31 -2.07 Gap GPS 20.22 0.11 KimberlyClark KMB 136.43 -1.35 s NatWest NWG 7.38 0.13 Reliance RS 292.13 -21.43 Telefonica TEF 4.42 0.02 XcelEnergy XEL 55.01 -0.32
s AstraZeneca AZN 75.03 3.83 CarMax KMX 69.22 -1.05 DiamondbkEner FANG 207.10 1.86 Garmin GRMN 143.03 0.24 KimcoRealty KIM 18.42 -0.11 NetApp NTAP 100.94 0.88 RenaissanceRe RNR 219.60 -0.20 t TelekmIndonesia TLK 18.85 -0.44 Xylem XYL 130.61 -0.06
Atlassian TEAM 198.41 -0.60 Carnival CCL 15.18 0.17 Dick's DKS 204.21 -1.27 Gartner IT 446.31 -4.75 KinderMorgan KMI 18.80 -0.01 NetEase NTES 94.12 0.10 RentokilInit RTO 26.07 -0.59 TempurSealy TPX 49.89 -0.63 YPF YPF 20.24 0.08
AtmosEnergy ATO 118.17 -0.49 Carnival CUK 13.72 0.12 DigitalRealty DLR 141.49 0.88 GenDigital GEN 20.55 -0.28 KinrossGold KGC 6.73 0.13 Netflix NFLX 564.80 9.68 Repligen RGEN 165.66 -2.20 Tenaris TS 37.39 0.07 Yum!Brands YUM 141.56 -0.25
Autodesk ADSK 216.40 1.40 CarrierGlobal CARR 59.81 5.04 Dillard's DDS 445.43 -3.84 Generac GNRC 138.85 1.67 KinsaleCapital KNSL 453.09 -5.50 Neurocrine NBIX 137.76 -1.21 s RepublicSvcs RSG 193.56 1.57 s TencentMusic TME 12.68 0.15 YumChina YUMC 39.04 0.24
Autoliv ALV 115.85 -2.09 Carvana CVNA 77.50 2.15 DiscoverFinSvcs DFS 125.67 -3.35 GeneralDynamics GD 284.90 3.79 Knight-Swift KNX 47.14 -1.37 NewOrientalEduc EDU 79.64 2.56 ResMed RMD 183.42 -0.36 TenetHealthcare THC 97.51 -0.75 ZTO Express ZTO 21.21 0.14
ADP ADP 246.34 -0.27 CaseysGenStores CASY 317.78 2.14 Disney DIS 112.77 -1.15 GeneralMills GIS 71.38 -0.23 Philips PHG 20.72 -0.25 Newmont NEM 43.41 4.81 RestaurantBrands QSR 73.07 -0.55 Teradyne TER 108.91 8.21 ZebraTech ZBRA 292.53 15.00
AutoZone AZO 2945.25 -43.26 Catalent CTLT 55.80 -0.15 DocuSign DOCU 57.35 0.06 GeneralMotors GM 45.62 0.54 KoreaElecPwr KEP 7.67 0.07 NewsCorp B NWS 24.94 -0.39 Revvity RVTY 102.09 -0.59 Tesla TSLA 170.18 8.05 Zillow C Z 42.95 -0.48
Avalonbay AVB 191.32 -0.02 Caterpillar CAT 338.00 -25.52 DolbyLab DLB 79.91 0.33 Genmab GMAB 27.46 -1.01 KraftHeinz KHC 38.37 -0.20 NewsCorp A NWSA 24.21 -0.35 RexfordIndlRealty REXR 43.00 0.46 TetraTech TTEK 192.92 3.63 Zillow A ZG 42.41 -0.47
Avangrid AGR 36.55 -0.47 Celanese CE 153.89 -1.54 DollarGeneral DG 142.65 -0.51 Gentex GNTX 34.65 -0.51 Kroger KR 55.91 -0.24 NextEraEnergy NEE 66.90 0.34 RioTinto RIO 67.78 -0.36 TevaPharm TEVA 13.25 0.24 ZimmerBiomet ZBH 119.75 -1.42
Avantor AVTR 25.15 -0.31 CelsiusHldg CELH 71.64 -0.36 DollarTree DLTR 121.69 -0.70 GenuineParts GPC 161.07 -0.73 LKQ LKQ 42.92 -0.36 Nike NKE 93.94 -0.70 Rivian RIVN 8.52 -0.32 TexasInstruments TXN 175.25 0.44 Zoetis ZTS 153.36 2.48
AveryDennison AVY 217.16 4.74 Cemex CX 8.18 0.06 DominionEner D 50.97 -0.26 Gerdau GGB 3.49 -0.07 LPL Financial LPLA 265.42 0.88 NiSource NI 28.10 -0.08 RobertHalf RHI 70.60 -0.90 TexasPacLand TPL 592.02 3.01 ZoomVideo ZM 61.04 -0.61
AxonEnterprise AXON 306.24 3.83 Cencora COR 239.76 1.81 Domino's DPZ 494.77 7.06 t GileadSciences GILD 65.27 -1.81 L3HarrisTech LHX 207.36 -0.35 Nokia NOK 3.64 -0.01 Robinhood HOOD 17.12 -0.19 s TexasRoadhouse TXRH 156.87 0.11 Zscaler ZS 174.81 -2.65

New Highs and Lows

52-Wk % 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 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 Stock Sym Hi/Lo Chg
American 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. Brightcove BCOV 1.57 -1.2 GooseheadIns GSHD 50.47 -11.7 MirumPharm MIRM 23.14 2.0 PennsWoodsBncp PWOD 17.01 1.9 RedwoodsAcqn RWODU 5.50 -16.3 Staffing360 STAF 0.23 -4.5 VOXX Intl VOXX 6.34 -6.6
BristolMyers BMY 44.37 -8.5 GreenTree GHG 2.73 -1.4 MultiMetaVerse MMV 0.49 -25.9 Peraso PRSO 1.22 -5.6 Replimune REPL 5.86 -2.8 SunshineBio SBFM 0.75 -13.2 VailResorts MTN 198.26 -1.2
Brown-Forman B BF.B 47.84 -1.8 GromSocialEnts GROM 0.55 -3.2 MustangBio MBIO 0.32 0.1 Perficient PRFT 42.51 -5.3 RevanceTherap RVNC 3.23 -7.8 T Stamp IDAI 0.73 -0.3 Vaxxinity VAXX 0.12 -8.4
Thursday, April 25, 2024 RumbleON RMBL 4.82 -3.1 TTEC VerveTherap VERV 6.05 -5.5
Brown-Forman A BF.A 49.23 -1.6 HF Foods HFFG 2.76 -3.1 NationalBeverage FIZZ 43.45 -2.3 PetcoHealth WOOF 1.41 -3.2 TTEC 7.73 -3.2
52-Wk % 52-Wk % 52-Wk % BurgerFiIntl BFI 0.36 -2.2 HarvardBioSci HBIO 3.47 -3.5 Neo-Concept NCI 2.07 0.9 PetMedExpress PETS 3.95 -1.9 Sai.TechGlobal SAI 0.76 -7.2 TakedaPharm TAK 13.05 -1.2 Vicor VICR 30.90 4.5
Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg ButterflyNtwk BFLY 0.67 -0.3 HealthcrTriangle HCTI 1.19 -6.3 NeumoraTherap NMRA 8.98 -5.5 PetrosPharm PTPI 0.60 0.9 SI-BONE SIBN 14.26 -5.4 TelekmIndonesia TLK 18.74 -2.3 VirBiotech VIR 7.61 -5.1
AMSF CaesarsEnt CZR 37.34 -1.1 HertzGlobal HTZ 4.35 -19.3 Nevro NVRO 11.50 -7.1 PiedmontLith PLL 10.83 2.8 Srivaru SVMH 0.17 -4.8 10xGenomics TXG 26.30 -2.3 Visteon VC 105.19 -1.3
Impinj PI 156.41 28.6 Amerisafe 44.88 -10.0
Highs InsightAcqnA INAQ 11.10 1.5 AN2 Therap
Arko
ANTX
ARKO
2.28 -5.0
4.24 -0.7
CarParts.com PRTS
CassavaSciencesWt SAVAW
1.21 -2.4
0.13 40.9
HertzGlobalWt HTZWW
HuizeHolding HUIZ
2.85 -16.0
0.43 -3.5
NextPlat NXPL 1.14 -4.0 PliantTherap PLRX 11.21 -0.2
SylaTech
SanJuanBasin
SYT
SJT
1.96 -2.0
4.01 -0.5
TenaxTherap TENX 3.47 1.1
VivosTherap
Volato
VVOS
SOAR
2.37 -4.3
1.76 -2.1
InteractiveBrkrs IBKR 117.97 1.5 Nocera NCRA 0.93 -4.0 PlugPower PLUG 2.25 -1.2 TevogenBio TVGN 0.80 -43.3
AgnicoEagleMines AEM 65.49 2.0 Cemtrex CETX 1.65 -21.8 Sasol SSL 6.78 -3.0 W&T Offshore WTI 2.30 -1.7
Kirby KEX 114.35 11.0 ATN Intl ATNI 18.20 -32.8 Hurco HURC 18.45 -2.4 Northann NCL 0.42 -12.1 PolestarAuto PSNY 1.16 -5.6 TivicHealth TIVC 0.99 -3.6
AmSharedHosp AMS 3.15 3.3 Cerence CRNC 9.35 -6.6 SeelosTherap SEEL 0.28 -5.1 WNS WNS 40.06 -10.4
LandosBio LABP 22.84 1.4 AbCelleraBio ABCL 3.62 -6.9 Hywin HYW 0.79 -5.2 Oblong OBLG 0.10 -5.6 PotlatchDelt PCH 40.47 -0.9 TopWealth TWG 1.35 -19.2
AnteroResources AR 33.61 6.2 Cheche CCG 1.60 ... SerinaTherap SER 9.00 -8.1 WW Intl WW 1.51 -4.2
Loar LOAR 52.85 74.3 AchillesTherap ACHL 0.74 -1.2 INNOVATE VATE 0.55 -1.7 OilStatesIntl OIS PrimeMedicine PRME TACT
ArisMining ARMN 4.03 1.5 Chewy CHWY 14.69 1.9
5.15 1.3 4.11 -8.5 Shapeways SHPW 1.53 0.8 TransActTechs 4.50 1.3 Whirlpool WHR 92.55 -10.1
M&T Bank MTB 148.25 -0.7 AdventTechWt ADNWW 0.01 ... Immuneering IMRX 1.40 -4.7 OneWaterMarine ONEW Prothena PRTA TVTX
Arq ARQ 8.26 6.5 Children'sPlace PLCE 6.68 -4.5
20.29 -10.1 19.65 ... SiriusXM SIRI 2.98 -4.4 TravereTherap 5.12 -1.1 WoodsideEnergy WDS 18.12 1.0
Mama'sCreations MAMA 5.79 9.3 AerSale ASLE 6.26 2.2 IndiaFundRt IFNr 0.09 -12.5 Ooma OOMA Pulmonx LUNG TSE
AstraZeneca AZN 75.81 5.4
6.50 1.3 7.11 -2.9 SmartPowerr CREG 0.99 -5.4 Trinseo 2.61 -1.1 XyloTech XYLO 1.54 -20.7
Marex MRX 19.75 -0.1 Akanda AKAN 0.09 2.0 Chuy's CHUY 29.80 -1.8 InfuSystems INFU 7.57 -3.3
BancoSantander SAN 5.07 0.2
OrchestraBioMed OBIO 4.22 -0.9 QuantumScape QS 4.92 -6.9 Solventum SOLV 60.72 -2.7 uniQure QURE 4.35 -0.4 YatraOnline YTRA 1.23 ...
MingtengIntl MTEN 4.25 -0.2 Allakos ALLK 0.98 -1.0 Cineverse CNVS 0.78 2.9 InglesMarkets IMKTA 72.26 -0.5
BankofButterfield NTB 34.29 1.4
PaciraBioSci PCRX 25.33 -1.5 QuoinPharm QNRX 0.60 -0.3 SouthlandWt SLND.WS 0.25 -1.7 UrbanOneA UONE 1.91 -3.4 ZoozPower ZOOZ 2.64 -5.1
NatWest NWG 7.40 1.8 AlnylamPharm ALNY 141.98 -0.1 Comcast A CMCSA 37.19 -5.8 InMedPharm INM 0.25 -16.8
Barclays BCS 10.45 7.9 PatriotNatBncp PNBK 3.39 -10.9 RealGoodFood RGF 0.21 -7.0 Spectaire SPEC 0.52 -0.2 UrbanOne D UONEK 1.53 -3.8 ZapataComputing ZPTA 1.50 ...
NextNav NN 8.93 -5.1 AlphaTauMed DRTS 2.40 -3.6 CommScope COMM 0.86 -13.7 InMode INMD 16.82 -2.0
BayviewAcqnA BAYA 10.18 0.2 Peloton PTON 2.91 -1.0 RedwoodsAcqn RWOD 4.98 -3.8 SpiritAirlines SAVE 3.47 -3.8 UtahMedProducts UTMD 66.01 -1.3 ZeoEnergy ZEO 4.34 -1.5
NorthViewWt NVACW 0.10 -23.8 Alset AEI 0.57 -3.4 CompassMinerals CMP 11.85 -1.3 InnovAge INNV 3.80 -4.8
CACI Intl CACI 403.85 5.9 AltamiraTherap CYTO 1.35 11.1 Conmed CNMD 61.05 -11.6
NovaVisionWt NOVVW 0.05 40.0 IntegraLifeSci IART 27.18 -3.3
CSLM Acqn Wt CSLMW 0.18 25.0 AltusPower AMPS 3.41 -2.2 CueBiopharma CUE 1.30 -0.7
ONEOK OKE 81.81 0.5 IntelliaTherap NTLA 19.64 -5.4

Dividend Changes
CarlyleSecured CGBD 17.23 -1.3 AmOncology AONC 3.80 -15.4 CureVac CVAC 2.22 -8.0
ObsidianEnergy OBE 8.84 2.6 IntelligentGrp INTJ 1.32 -5.0
CECO Env CECO 25.40 4.1 AmericoldRealty COLD 22.22 -0.8 CyclacelPharm CYCC 1.41 -30.4
Procter&Gamble PG 164.32 ... InterParfums IPAR 116.75 -9.6
ChesapeakeEner CHK 91.54 0.9 AmpriusTech AMPX 1.56 -2.4 DallasNews DALN 3.62 0.8
PublicServiceEnt PEG 68.31 1.3 iRobot IRBT 6.48 0.6
Chipotle CMG 3145.69 6.3 AmylyxPharm AMLX 1.76 -5.3 DeltaApparel DLA 2.41 -5.9 KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and ratio; SO: spin-off.
RangeResources RRC 38.25 -0.3 JohnBeanTech JBT 88.03 -1.7
Church&Dwight CHD 108.10 -0.1 AnavexLifeSci AVXL 3.25 -0.6 DenaliTherap DNLI 14.56 -3.9
RepublicSvcs RSG 193.82 0.8 JohnsonOutdoors JOUT 41.16 -0.6
CloverLeafCapRt CLOER 0.39 -9.6 AppliedDNA APDN 4.07 4.7 Domo DOMO 7.24 2.6 Amount Payable / Amount Payable /
ReservoirMedia RSVR 8.55 2.9 KLX Energy KLXE 6.86 -0.4
ConcordAcqnII CNDA.U 11.50 -1.0 AptoseBiosci APTO 1.15 -4.9 DouglasElliman DOUG 1.15 -8.5
Rubrik RBRK 40.00 15.6 Klaviyo KVYO 22.12 0.6 Company Symbol Yld % New/Old Frq Record Company Symbol Yld % New/Old Frq Record
Coupang CPNG 23.07 1.0 ArriVentBio AVBP 14.35 1.6 Dril-Quip DRQ 18.80 1.1
RyderSystem R 123.45 0.2
Crane CR 145.80 1.3 Kopin KOPN 0.67 -5.2 Avenue Therapeutics ATXI 1:75 /Apr26
SLM SLM 22.37 -0.8 AshfordHosp AHT 1.15 -7.1 E-HomeHousehold EJH 0.68 -73.5
KyvernaTherap KYTX 15.68 -10.0 Increased
DT Midstream DTM 64.69 0.7
SilverCrestMetals SILV 8.51 4.4 Assertio ASRT 0.73 -9.3 EditasMedicine EDIT 5.11 -2.4 iSun ISUN 1:20 /Apr26
Dave DAVE 45.74 -0.9 AtheneDeb2064 ATHS 24.66 -0.6 EmpirePetrol EP 4.53 -6.6
LanzaTechGlobal LNZA 1.86 -7.4 ACNB ACNB 3.9 .32 /.30 Q Jun14 /May31 ZyVersa Therapeutics ZVSA 1:10 /Apr26
StrategicEd STRA 118.85 16.3 Lazydays GORV 3.21 -1.2
DeltaAir DAL 49.94 4.0
SuncorEnergy SU 39.63 0.4 AtriCure ATRC 22.07 -1.9 Endava DAVA 29.02 -3.0 Amalgamated Financial AMAL 2.0 .12 /.10 Q May22 /May08
Leafly LFLY 1.90 -8.0
DeutscheBank DB 17.95 8.7
SynchronyFinl SYF 45.33 -0.8 Augmedix AUGX 2.61 -2.1 Energous WATT 1.30 -3.6
LegendBiotech LEGN 44.06 -1.7 Energy Transfer ET 8.0 .3175 /.315 Q May20 /May13 Foreign
DigitalHlthWt DHACW 0.20 3.0 AvenueTherap ATXI 0.09 24.1 Enovix ENVX 5.70 -3.0
Dover DOV 181.49 4.5
ADS-TEC Wt ADSEW 2.40 0.4
EnzoBiochem ENZ 1.04 0.9 Leslie's LESL 3.88 -6.1 Evercore Cl A EVR 1.8 .80 /.76 Q Jun14 /May31 Bank of Butterfield NTB 5.2 .44 Q May21 /May07
TargaResources TRGP 117.87 0.7 AvisBudget CAR 93.53 -3.6
ElevanceHealth ELV 542.07 1.1 AvitaMedical RCEL 8.01 -3.2 Everi EVRI 8.30 -2.6 LightwaveLogic LWLG 3.57 -1.6 Hawthorn Bancshares HWBK 3.6 .19 /.17 Q Jul01 /Jun15 Canadian National Railway CNI 2.0 .6182 Q Jun28 /Jun07
TencentMusic TME 12.70 1.2 LionElectric LEV 0.88 -3.9
EmbotellAndinaA AKO.A 14.80 1.5
TexasRoadhouse TXRH 159.31 0.1 Azul AZUL 5.16 -3.8 EVgo EVGO 1.65 -0.6 Lithia Motors LAD 0.8 .53 /.50 Q May24 /May10 Cdn Pacific Kansas City CP 0.7 .139 Q Jul29 /Jun28
EncompassHealth EHC LionElectricWt LEV.WS.A 0.15 ...
85.84 -0.1
TransDigm TDG 1265.25 1.2 BGSF BGSF 8.81 -0.9 Evotec EVO 4.87 -2.5
Otis Worldwide OTIS 1.7 .39 /.34 Q Jun07 /May17 COPEL ADR ELP 4.0 .03564 A Jul08 /May03
EquitransMdstm ETRN 13.75 2.1 BallardPower BLDP 2.42 -2.8 Exscientia EXAI 3.86 -3.4 Longeveron LGVN 1.60 -2.9
TriconRes TCN 11.23 1.8
LucidDiag LUCD 0.63 -1.9 Peoples Bancorp (Ohio) PEBO 5.3 .40 /.39 Q May20 /May06 COPEL ADR ELPC 0.5 .0285 Jul08 /May03
EvergreenA EVGR 11.40 ... BeyondAir XAIR 1.13 -8.2 FaradayFuture FFIE 0.05 -1.8
FTAIAviationPfdD FTAIM 26.27 -0.5
TrinityCapNts2029 TRINZ 25.58 0.2
BigCommerce BIGC 5.62 -2.1 FinanceofAm FOA 0.46 -8.0 LucyScientific LSDI 0.82 -3.1 Truist Finl Pfd. I TFCpI 7.3 .3911 /.3903 Q Jun17 /May10 Enbridge ENB 7.5 .6694 Q Jun01 /May15
Trustmark TRMK 30.09 1.6
FirstCitizBcshA FCNCA1810.03 9.8 BinahCapital BCG 6.50 6.8 ForresterRes FORR 18.10 -0.6 LunaInnov LUNA 1.98 -2.9 Flexible Solutions FSI ... .10 May16 /Apr30
TurkcellIletism TKC 5.98 0.2 WW Grainger GWW 0.9 2.05 /1.86 Q Jun01 /May13
GencoShipping GNK 21.35 ...
TylerTech TYL 464.81 9.3 Bio-Path BPTH 2.35 5.8 ForzaX1 FRZA 0.36 -5.7 MEI Pharma MEIP 3.10 -4.9 Rogers Communications B RCI 3.9 .3658 Q Jul05 /Jun10
GlobalinkInvt GLLIU 14.00 18.6 Fossil FOSL Magnachip MX 4.70 -1.0
GoldenMatrix GMGI 4.19 8.2
USCopperIndex CPER 28.41 1.6 BioCryst BCRX 4.03 -1.2 0.76 -2.4
MainzBiomed MYNZ 0.81 -4.7
Reduced Seagate Technology STX 3.2 .70 Q Jul05 /Jun20
BiodexaPharm BDRX 0.67 -3.3 FoxFactory FOXF 38.80 -1.3
ZalatorisAcqn TCOA 11.05 0.3
MalibuBoats MBUU 32.90 -2.6 Artisan Ptrs Asset Mgmt APAM 5.9 .61 /.68 Q May31 /May17 Sensata Technologies ST 1.4 .12 Q May22 /May08
GpoAeroportSur ASR 347.81 2.2 BioLineRX BLRX 0.56 -6.2 Galapagos GLPG 28.33 -0.5
TechnipFMC FTI 0.7 .05 Q Jun05 /May21
Heico
HudbayMinerals HBM
HEI 206.92
8.18
1.0
4.9
Lows Biomerica
Biophytis
BMRA
BPTS
0.66 -5.3
8.05 -15.3
Genelux
GeoVaxLabs
GNLX
GOVX
3.07 -3.8
1.44 -4.5
Marex
MarineMax
MRX
HZO
18.80 -0.1
22.51 -5.8 Initial Telefonica Brasil ADR VIV 4.7 .03733 Apr30 /
HudsonAcqnI HUDA 13.00 4.4 AcadiaPharm ACAD 16.16 -1.7 BiteAcqn BITE 9.20 0.2 Gevo GEVO 0.57 -10.2 MaxeonSolar MAXN 1.71 -1.7 Synchrony Finl Pfd. B SYFpB 7.6 .46979 May15 /May06 Waste Connections WCN 0.7 .285 Q May23 /May08
IB Acqn IBACU 10.06 0.1 ACELYRIN SLRN 4.22 -7.2 Boeing BA 159.70 1.5 GileadSciences GILD 65.09 -2.7 MetaData AIU 0.49 2.1
MVST Note: Dividend yields as of 3:30 p.m. ET
IMAC BACK 7.75 46.3 Adtran ADTN 4.53 -3.8 BrandEngagement BNAI 2.50 -30.6 GinkgoBioworks DNA 0.74 -8.1 Microvast 0.32 -13.7
Stocks Sources: FactSet; Dow Jones Market Data
IXAcqnWt IXAQW 0.10 4.5 AerwinsTech AWIN 2.31 -12.2 BrightMindsBio DRUG 1.08 ... GoldenSunHlth GSUN 2.66 -2.4 MiddlefieldBanc MBCN 21.80 -4.1

Mutual Funds Data provided by

Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret
500IdxInstPrem175.36 -0.81Contra
6.3 18.16 -0.31 12.9 Growth A 130.19 -0.09 6.2 Old Westbury Fds LrgCpGrIdxInst 55.18 -0.35 6.4 TotBdAdml 9.28 -0.03 -3.4 MdCpGrAdml 96.89 +0.22 2.7
Top 250 mutual-funds listings for Nasdaq-published share classes by net assets. Contrafund K6 26.00 -0.38 12.9
ContraK 18.22 -0.31 13.0 RisDv A 91.54 -0.30 3.8 LrgCpStr 18.47 -0.06 NA VANGUARD ADMIRAL TotIntBdIdxAdm 19.32
-0.04 -1.6 MdCpVlAdml 77.89 -0.01 4.2
e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes e ExtMktIdxInstPre 78.69 -0.41 0.8
CpInc 9.73 -0.03 2.4 Guggenheim Funds Tru Parnassus Fds 500Adml 466.14 -2.14 6.3 TotIntlAdmIdx r 31.61
-0.09 1.9 SmValAdml 78.12 -0.52 1.5
and s apply. k-Recalculated by Lipper, using updated data. p-Distribution costs apply, FidSerToMarket 16.52 -0.08 5.5
GroCo 34.84 -0.09 9.1 TotRtnBdFdClInst 22.82 -0.09 -2.9 ParnEqFd 57.88 -0.14 5.1 BalAdml 45.05 -0.18 2.0 TotStAdml 121.40 -0.57 5.5 TotBd2 9.17 -0.03 -3.3
12b-1. r-Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and r GrowthCompanyK6 24.64 -0.10 9.8
InvGrBd 9.66 -0.03 -3.1 Harbor Funds PGIM Funds Cl Z CAITAdml 11.25 -0.03 -1.1 TxMCapAdml260.79 -1.12 5.8 TotIntlInstIdx r126.41 -0.36 1.9
apply. v-Footnotes x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not IntlIdxInstPrem 48.39 -0.28LowP2.6 46.34 -0.17 5.2 CapApInst 103.77 -0.67 7.5 TotalReturnBond NA ... NA CapOpAdml r186.36 -1.21 4.0 TxMIn r 15.59
-0.08 1.8 TotItlInstPlId r126.44 -0.36 1.9
available due to incomplete price, performance or cost data. NE-Not released by Lipper; LgCpGwId InstPre 31.40 -0.20 6.4
Magin 13.79 -0.06 12.0 Harding Loevner PIMCO Fds Instl DivAppIdxAdm 47.90 -0.11 4.0 USGroAdml 156.30 -1.15 6.6 TotSt 121.37 -0.57 5.4
data under review. NN-Fund not tracked. NS-Fund didn’t exist at start of period. MidCpInxInstPrem 31.03 -0.05 3.6
NASDAQ 198.11 -1.28 4.2 IntlEq 25.51 -0.17 -1.7 AllAsset 10.85 -0.04 NA EMAdmr 34.87 +0.09 2.1 ValAdml 61.62
-0.12 6.4 VANGUARD INSTL FDS
SAIUSLgCpIndxFd 20.97 -0.10 6.3 Invesco Funds Y TotRt 8.30 -0.03 NA EqIncAdml 88.11 -0.14 5.2 BalInst 45.05 -0.19 2.0
OTC 19.89 -0.14 8.7 WdsrllAdml 80.53 -0.39 5.9
Thursday, April 25, 2024 SeriesBondFd 8.67 -0.03 -3.3 DevMktY 38.80 -0.21 0.5 PIMCO Funds A ExplrAdml 104.42 -0.40 1.2 WellsIAdml 59.64 DevMktsIndInst 15.62 -0.07 1.8
Puritn 24.46 -0.12 5.4 -0.10 -0.5
SeriesOverseas 13.53 -0.10 4.3 JHF III DispVal IncomeFd 10.36 -0.03 -0.6 ExtndAdml 125.34 -0.64 0.8 DevMktsInxInst 24.41 -0.12 1.8
Net YTD Net YTD Net YTD SAIUSMinVolIndFd 19.47 -0.08 4.3 WelltnAdml 72.95 -0.24 2.7
Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret SerLTTreBdIdx 5.26 -0.03 -9.3 DispValMCI 28.46 -0.07 4.0 PIMCO Funds I2 GroIncAdml 97.53 -0.43 8.1 ExtndInst 125.33 -0.64 0.8
SAIUSQtyIdx 20.47 -0.08 5.7 WndsrAdml 74.25 -0.27 2.5
John Hancock
AB Funds SmCpA 64.81 -0.36 -2.2 EmMktCorEq 22.91 +0.05 2.4
SmCpIdxInstPrem 24.58 -0.18 -1.8
SrsBlChGroRetail 17.15 -0.08 9.8 Income 10.35 -0.04 -0.6 GrwthAdml 169.26 -1.15 5.9 VANGUARD FDS GrwthInst 169.27 -1.15 5.9
TMktIdxInstPrem138.77 -0.65 5.5 BondR6 13.04 -0.05 -2.9
PIMCO Funds Instl HlthCareAdml r 86.67 -0.03 1.1 InPrSeIn 9.20 -0.02 -1.8
MuniIncmShares 10.87 -0.04 -1.0 TxExA 12.21 -0.04 -1.2 IntlCoreEq 15.61 -0.06 2.1 SrsEmrgMkt 17.81 -0.03 2.8 JPMorgan I Class DivdGro 37.85 ... 2.8
AB Funds - ADV WshA 60.20 -0.12 5.6 IntSmCo 19.36 -0.08 0.4
TotalMarketIndex 17.55 -0.08 5.6
SrsGlobal 14.16 -0.05 2.2 IncomeFd 10.35 -0.04 -0.6 HYCorAdml r 5.29 -0.02 -0.5
IntlVal 40.99 -0.04 1.6
InstIdx 415.70 -1.90 6.3
TtlIntIdxInstPr 13.39 -0.05 1.8 CoreBond 9.92 -0.03 -2.8 InfProAd 22.58 -0.04 -1.8 InstPlus 415.69 -1.91 6.3
LgCpGrAdv 99.43 -0.68 7.2 Artisan Funds IntSmVa 21.98 -0.05 3.6 SrsGroCoRetail 21.31 -0.06 9.5 Price Funds LifeGro 42.55 -0.16 2.7
EqInc 23.94 -0.08 4.7
American Century Inv IntlVal Inst 47.30 +0.01 2.9 LgCo 33.50 -0.16 6.2
USBdIdxInstPrem 9.97 -0.04 -3.4
SrsIntlGrw 17.71 -0.12 3.4 BlChip 163.17 -1.54 9.3 InfTechIdx 253.87 +0.27 2.7
LifeMod 30.84 -0.11 1.3
InstTStPlus 86.44 -0.41 5.5
LgCpGwth 66.26 -0.50 10.2
Ultra 79.21 -0.11 6.3 Baird Funds US CoreEq1 38.09 -0.16 6.0
Fidelity Advisor I
SrsIntlVal 12.33 -0.08 5.7 DivGro 74.46 +0.03 5.4 IntlGrAdml 103.93 -0.73 2.1
PrmcpCor 33.39 -0.17 5.2
MidCpInst 65.62 +0.06 3.5
JPMorgan R Class
American Funds Cl A AggBdInst 9.44 -0.06 -3.1 US CoreEq2 34.12 -0.15 5.4
Total Bd 9.19 -0.03 -2.8
TotalBond 9.20 -0.04 -2.8 CoreBond 9.93 -0.04 -2.8 Growth 92.74 -0.74 7.1 ITBondAdml 9.89 -0.04 -3.4
STAR 27.14 -0.12 1.1
MidCpIstPl 323.63 +0.32 3.5

AmcpA 40.30 -0.20 5.7 CorBdInst 9.77 -0.07 -2.7 US Small 44.13 -0.31 -0.3
Fidelity Freedom
Fidelity SAI CorePlusBd 6.99 -0.03 -2.6 LgCapGow I 71.30 -0.59 8.4 ITIGradeAdml 8.32 -0.03 -2.8
TgtRe2020 26.96 -0.08 0.3
SmCapInst 103.14 -0.59 1.2

AMutlA 52.94 -0.06 4.2 BlackRock Funds US SmCpVal 44.85 -0.23 0.1
FF2030 16.85 -0.07 1.7
TotalBd 8.71 -0.03 -2.6 Lord Abbett I MidCap 102.87 -0.11 2.8 LarCapAd 116.65 -0.52 6.1
TgtRe2025 18.56 -0.07 1.0
SmCapIstPl 297.70 -1.72 1.2
FF2035 14.93 -0.07 2.8 LTGradeAdml 7.44 -0.04 -7.0 STIGradeInst 10.09 -0.02 -0.1
BalA 32.90 -0.10 3.2 HiYldBd Inst 6.95 -0.02 1.0 US TgdVal 31.62 -0.20 -0.5
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B10 | Friday, April 26, 2024
Deutsche
Bank
Reports
Increase
In Profit
BY ADRIÀ CALATAYUD
Deutsche Bank reported a
higher profit for the first
quarter because of cost con-
trols and a rebound in invest-
ment-banking revenue that
helped it offset the impact
from stabilizing interest rates.
The German lender said
Thursday that aftertax profit
for the quarter was €1.45 bil-
lion, equivalent to $1.55 bil-
lion, up 10% compared with
the same period last year. Net
profit climbed 10% to €1.275
billion.
Deutsche Bank’s revenue
rose to €7.78 billion from €7.68
billion, with increasing fee
and commissions income mak-
ing up for a decline in net in-
terest income—the difference
between what lenders earn
from loans and pay for depos-
its—because of a stabilization
in interest rates.
Analysts had forecast an af-
tertax profit of €1.38 billion on
revenue of €7.71 billion, ac-
cording to consensus esti-
mates provided by the bank.
The group’s investment-
banking division posted a 13%
jump in quarterly revenue,
while its corporate and pri-
vate banks reported lower rev-
enue.
This makes Deutsche Bank
the latest bank to report a re-
surgence in its investment-
banking business following
similar trends at U.S. peers.
Chief Executive Officer
Christian Sewing said this was
Deutsche Bank’s highest first-
quarter profit since 2013, and
that it is committed to deliver
on its 2025 goals.
Barclays Profit Falls, but Tops Views
British lender backs
its 2024 outlook for
total income, return
on tangible equity
BY ELENA VARDON
Barclays confirmed its
2024 guidance as it reported a
narrower-than-expected fall in
pretax profit for the first
quarter.
The British lender on
Thursday posted a pretax
profit for the three months
ended March 31 of £2.28 bil-
lion, or about $2.84 billion,
compared with £2.60 billion a
Airbus Reiterates Its Plane-Delivery Goal
BY MAURO ORRU
Airbus posted higher reve-
nue and profit for the first
quarter, backed its goal to de-
liver more planes this year
than in 2023 and decided to
increase production of its A350
wide-body jets, extending its
lead over beleaguered rival
Boeing.
The European plane maker
confirmed its target to deliver
about 800 commercial aircraft
to customers this year, more
than the 735 planes it dis-
patched in 2023.
Airbus’s optimism that de-
liveries will keep growing
comes as Boeing grapples with
the fallout from an Alaska Air-
lines emergency landing in
January after a door plug
ripped away in midair, prompt-
ing a temporary grounding and
immediate inspections of Boe-
ing 737 MAX jets.
Airbus handed 142 planes to
customers in the first quarter,
up nearly 12% versus a year
ago. Boeing, on the other hand,
delivered just 83, a 36% drop
from a year ago.
The U.S. company, under
pressure from airlines and reg-
ulators to ensure safety and
BUSINESS & FINANCE
year earlier. Pretax profit had
been expected to reach £2.195
billion, according a company-
compiled consensus.
The FTSE 100-listed bank’s
total income slipped to £6.95
billion from £7.24 billion a year
earlier, coming in slightly
ahead of the consensus esti-
mate of £6.89 billion.
The 4% fall was attributed
to lower fixed-income instru-
ments, currencies and com-
modities income in its invest-
ment bank, lower inflation-
linked income and adverse
product dynamics in Barclays
U.K. deposits and mortgages.
This more than offset higher
structural hedge income,
The European plane maker also reported a 9% increase in first-quarter revenue.
quality in its production pro-
cesses, reported a net loss and
declining revenue in the first
quarter, showing diverging for-
tunes with Airbus.
Airbus shares are up nearly
14% since January. In contrast,
Boeing shares are down more
than 38%. Meanwhile, Airbus
secured 170 net orders since
the year began compared with
125 for Boeing.
During the quarter, Boeing
strong equities performance
and balance growth in its U.S.
consumer bank, it said.
The group reported Bar-
clays U.K. net interest in-
come—the difference between
what banks earn on loans and
pay clients for deposits—of
£1.55 billion and a net interest
margin of 3.09%.
Barclays backed its guid-
ance for total income of £10.7
billion for the year, which in-
cludes £6.1 billion in net inter-
est income from Barclays U.K.
It still expects return on tan-
gible equity to be above 10%
for 2024 and posted a 12.3%
return for the first quarter,
ahead of estimates of 11.7%.
slowed production of its 737
program to fewer than 38 air-
craft a month to improve qual-
ity controls. The decision
comes as airlines are still
scrambling for planes to meet
strong demand for interna-
tional air travel following the
pandemic.
Airbus, for its part, said it
continues to expect to produce
75 of its A320 narrow-body
aircraft a month in 2026. On
Southwest
To Exit
Airports
Continued from page B1
“We’re doing those things be-
cause we need to do those
things” to hit financial targets.
Southwest had already said
it would stop bringing on more
pilots and flight attendants as it
adjusts to the jet-delivery set-
backs. It said Thursday that hir-
ing was virtually frozen except
for a small number of critical
positions. It is offering volun-
tary unpaid time-off programs
to workers, and expects to end
this year with 2,000 fewer em-
ployees than it had at the end of
2023.
Fallout from the midflight
blowout of a door plug on an
Alaska Airlines flight in Janu-
ary has continued to ripple for
Boeing and its airline custom-
ers. Boeing faces heightened in-
spections and regulatory scru-
tiny after the near-catastrophe.
Under pressure to get a han-
dle on quality problems, Boeing
is building fewer of its 737 MAX
jets—something that has com-
plicated plans for several carri-
ers. Southwest, which flies only
Boeing planes, is one of the
hardest-hit airlines.
“I won’t downplay the chal-
lenges from the Boeing issues—
they’re a big deal,” Jordan said.
Redoing schedules and staffing
forecasts is a costly effort that
pulls people away from their
work and creates a significant
financial drag, he said.
It is a tough situation for an
airline that has often been able
to make shrewd competitive
Net profit/loss, quarterly
$1.5 billion
1.0
0.5
0
–0.5
–1.0
–1.5
–2.0
2022
Sources: S&P Capital IQ; FactSet (performance)
THE WALL STREET JOURNAL.
STEVE TAYLOR/SOPA IMAGES/ZUMA PRESS
Barclays cited lower fixed-income instruments, currencies
and commodities income in its investment bank.
The adjustment comes de-
spite months of supply-chain
hurdles that have made it
harder to procure some raw
materials and spare parts,
slowing aircraft manufacturing
SEBASTIEN SALOM-GOMIS/AGENCE FRANCE-PRESSE/GETTY IMAGES
processes. Faury said that geo-
political and supply-chain ten-
sions are continuing.
Airbus posted revenue of
€12.83 billion, or about $13.73
billion, for the January-
through-March quarter, up 9%
year over year.
Net profit climbed 28% to
€595 million, though adjusted
earnings before interest and
taxes—Airbus’s preferred mea-
sure of profitability—fell 25%
to €577 million.
Analysts had forecast reve-
nue of €12.87 billion on a net
profit of €631 million and ad-
the A330 wide-body, it is still justed Ebit of €789 million, ac-
aiming for four a month in cording to a market consensus
2024, but it decided to in- provided by the company
crease production of its bigger based on estimates from 18 an-
A350 model to 12 aircraft a alysts.
month in 2028 compared with For 2024, Airbus said it con-
a previous goal of 10 a month tinues to expect adjusted Ebit
in 2026. between €6.5 billion and €7
“The strong momentum on billion. Free cash flow before
wide-body aircraft underpins customer financing—a closely
our decision to increase the watched metric by analysts
production rate,” said Chief and investors—is projected at
Executive Guillaume Faury. around €4 billion.
moves during downturns. It
tried to do the same during the
pandemic, entering some 18
the second quarter outpaced
what analysts have been expect-
ing. American shares gained
new markets in 2020 and 2021,
packing a decade’s worth of
growth into a few months while
1.5% Thursday, while Southwest
fell 7%
Southwest said it still ex-
the industry was still reeling
from the drop in travel de-
mand. Some of those cities are
pected a strong summer, antici-
pating revenue hitting a quar-
terly record in the second
among those being axed later quarter. But the airline is plan-
this year. ning schedule reductions after
The airline said Thursday it the peak travel period subsides,
was closing its operations at shaving off some of its planned
four airports in August: Cozu- capacity expansion.
mel International Airport in Southwest was under pres-
Mexico; airports in Bellingham, sure before Boeing’s latest mis-
Wash., and Syracuse, N.Y.; and steps threw it further off
Houston’s George Bush Inter- course. The airline spent much
continental Airport. of last year restoring its reputa-
Southwest announced the tion and rebuilding its opera-
moves as it re- tion after an
ported a quar- epic holiday
terly loss of $231 meltdown in De-
million, or 39 The airline cember of 2022
cents a share. announced the that resulted in
Its adjusted loss over 16,700 can-
of 36 cents a moves as it celed flights, a
share was congressional
slightly worse
reported a hearing and a
than the 34 quarterly loss. $140 million
cents analysts civil penalty.
had anticipated. Southwest
The airline rarely exits air-
reported record first-quarter ports and hasn’t done so since
operating revenue of $6.3 bil- 2019, when it dropped its opera-
lion, fueled by strong travel de- tion in Newark, N.J., from its
mand. But last-minute leisure route map during a previous
bookings didn’t meet the air- grounding of the MAX. It said it
line’s expectations, and some of also plans to “significantly re-
the airline’s newer markets un- structure” other markets, in-
derperformed. cluding slashing flights at At-
The results are a contrast to lanta and Chicago’s O’Hare
rivals including Delta Air Lines, International Airport.
which earlier this month posted Southwest said it was study-
a first-quarter profit, and ing changes it might make to
United Airlines Holdings, better reflect customer prefer-
which said it would have earned ences for seating. Rivals have
money if not for the grounding benefited from opportunities to
of the Boeing 737 MAX 9. upsell customers on premium
American Airlines Group re- seating —something Southwest
ported Thursday that it lost has missed out on.
$312 million during the first Some charges, like bag fees,
quarter, but its outlook for are off the table, said Chief
profit of $1.15 to $1.45 a share in Commercial Officer Ryan Green.
Share price performance
Southwest Airlines American Airlines 20%
15
10
5
–$231M 0
–$312M
–5
–10
’23 ’24 Jan. 2024 Feb. March April
 THE WALL STREET JOURNAL.
Stocks, Bonds Fall as Inflation Stiffens
Slowing growth,
price pressures
drive a broad-based
decline in shares
BY GUNJAN BANERJI
Worries about slowing eco-
nomic growth and sticky infla-
tion drove broad-based de-
clines across stocks and
government bonds.
A drop in shares of bell-
wether stock Caterpillar
helped push
THURSDAY’S the Dow Jones
MARKETS Industrial Av-
erage down
more than 300 points, or 1%.
The S&P 500 lost 0.5%. The
tech-heavy Nasdaq Composite
shed 0.6%, pulled down by
Facebook parent Meta Plat-
forms.
Fresh data released Thurs-
day morning held two bits of
disappointing news for inves-
tors: U.S. economic growth
slowed more than expected in
the latest quarter, while infla-
KAZUHIRO NOGI/AGENCE FRANCE-PRESSE/GETTY IMAGES
In 2023, Japan was ranked fourth in Asia in terms of the dollar value of funds raised through initial public offerings.
Tokyo Exchange Courts IPOs From
Startups in Asia as Market Soars
BY KOSAKU NARIOKA
The Tokyo Stock Exchange
aims to attract listings from
Asian startups, leveraging the
market’s recent ascent to re-
cord highs and positioning it-
self as a preferred fundraising
destination for companies out-
side Japan.
Under a new initiative, the
exchange is working with
banks and other partners to
select a few startups from
other parts of Asia this sum-
mer to help them grow their
business for potential initial
public offerings down the
road, said Hiromi Yamaji,
group chief executive of Japan
Exchange Group, the parent
company of the Tokyo ex-
change.
“We want them to use the
Japanese market as a spring-
board to become a global com-
pany,” Yamaji said in a recent
interview.
The country’s stock market
is one of the world’s best per-
formers so far this year,
driven by the return of mod-
est inflation and a weaker yen,
Japan Is
Entering
A New Era
Continued from page B1
are so low—short-term rates
are in a target range of zero
to 0.1%—that this logic won’t
necessarily hold, analysts say.
Rate increases in Japan
will accompany inflation,
which will mean companies
can raise prices to boost their
profits, said Jasmine Duan,
senior investment strategist
at RBC Wealth Management.
Higher interest rates will also
help banks charge more on
their loans, boosting their
profits.
Which stocks will do best?
Goldman Sachs has pointed
investors to a group of stocks
it calls the “Seven Samurai,” a
* * * * * *
tion is proving stickier than
many investors hoped. This
combination deflated hopes
about the prospect of immi-
nent interest-rate cuts and
drove Treasury yields higher.
The yield on the 10-year
Treasury note jumped to
4.706%, continuing a topsy-
turvy week of trading for gov-
ernment bonds.
“It’s becoming difficult to
justify rate cuts this year,” said
Alessio de Longis, a senior
portfolio manager at Invesco.
Stocks dropped sharply af-
ter the opening bell and then
pared some of those declines
later in the session, with
shares of energy companies,
utilities and some technology
companies edging into positive
territory.
The communication-ser-
vices sector, home to several
tech titans, was the worst per-
former, falling 4%.
The group declined after
Meta Platforms offered an un-
welcome reminder that keep-
ing up in the artificial-intelli-
gence race doesn’t come
which boosts the value of cor-
porate profits earned overseas
in yen terms. The benchmark
Nikkei Stock Average hit a re-
cord for the first time in 34
years in February and re-
newed record highs in the
subsequent weeks.
Some investors attribute
the ascent to the Tokyo Stock
Exchange’s initiative from last
year, which called on listed
companies to improve returns
on shareholders’ capital and
correct discounts reflected in
their share prices. As a result,
many companies have in-
creased their dividends and
share buybacks.
The exchange’s renewed
push also comes at an oppor-
tune time. Its peer in Hong
Kong is facing a slowdown in
IPOs, partly due to signs of
weakness in the Chinese econ-
omy.
Hong Kong is one of the
biggest financial centers in
Asia and home to some of the
largest listed companies in the
region, such as tech titans Ali-
baba Group Holdings and
Tencent Holdings. However,
rough equivalent of the Mag-
nificent Seven stocks that
have surged in the U.S.
The Seven Samurai stocks
have already helped drive the
boom in Japan’s stock market.
The group comprises Ad-
vantest, Disco, Screen Hold-
ings and Tokyo Electron,
which make equipment used
in the production of semicon-
ductors; automakers Toyota
Motor and Subaru; and trad-
ing company Mitsubishi.
Yen vs. dollar
The end of negative rates
in Japan should, in theory,
boost the value of the yen. So
far, it hasn’t worked out that
way.
The yen is trading at
around a 34-year-low against
the U.S. dollar, mainly due to
increasing doubts that the
U.S. Federal Reserve will soon
cut interest rates. And al-
though the Bank of Japan’s
rate increase in March was a
MARKETS
Index performance on Thursday
0%
–0.25 S&P 500
–0.50
Nasdaq Composite
Dow Jones Industrial Average
–0.75
–1.00
–1.25
–1.50
–1.75
–2.00
–2.25
10 a.m. 11 noon
Source: FactSet
cheap. The company, which
also owns Instagram, saw its
shares tumble more than 10%,
its biggest one-day decrease
since October 2022. Interna-
tional Business Machines’
shares fell more than 8%, while
Microsoft dropped around
the number of new listings
and the amount of funds
raised have declined signifi-
cantly in recent years. In
2023, the IPO volume in Hong
Kong dropped 32% to $5.75
billion, its third consecutive
year of decline, according to
data from Dealogic.
Despite those challenges,
the Hong Kong exchange has
fared relatively well. In 2023,
Japan was ranked fourth in
Asia in terms of the dollar
value of funds raised through
IPOs, behind China, India and
Hong Kong, according to Dea-
logic data. Japan was last on
the top list for the region in
2004.
While Japan’s stock ex-
change doesn’t have as di-
verse a range of listed foreign
companies as Hong Kong, the
Tokyo Stock Exchange has
managed to host some.
Malaysian conglomerate
YTL, which runs a Niseko-area
resort on the northern Japa-
nese island of Hokkaido, and
Sequoia Capital-backed artifi-
cial intelligence-driven mar-
keting company Appier
historic move, it wasn’t a big
surprise to traders.
“There’s been such a big
build up of expectations that
the Bank of Japan would
abandon negative-interest-rate
policy, but then by the time
they did it, there was no extra
juice to get excited about it,”
Paul Mackel, global head of
foreign-exchange research at
HSBC, said this month.
The slide of Japan’s cur-
rency has had a clear impact
on investors buying exchange-
traded funds that track Japa-
nese stocks.
Investors who put their
money in the iShares MSCI
Japan ETF that hedged cur-
rency exposure have pocketed
a 39% gain during the past 12
months; those who bought the
unhedged version have seen a
15% rise.
But there is a benefit of a
weaker yen: Companies that
make a lot of their revenue
overseas, such as those in the
automobile, auto-parts and
1 p.m. 2 3 4 Bitcoin rose $718.80, or 1.1%,
2.5%.
Optimism about artificial
intelligence has helped propel
major indexes to records over
the past year. Michael Smith, a
managing director at Allspring
Global Investments, said that
he expected greater scrutiny of
Group, originally from Tai-
wan, are listed in Japan.
“We are trying to create a
bigger trend,” Yamaji said,
adding that about 20 compa-
nies from Asia, excluding
Japan, are in the pipeline for
potential IPOs in Tokyo.
However, challenges re-
main, particularly for compa-
nies that think the market is
difficult to penetrate.
Sreejita Deb, founder and
chief executive of Singapore-
based beauty-product distrib-
utor Raena, is considering an
IPO in a few years, with Japan
and Singapore being the top
potential listing destinations
currently.
Saying Japan is opaque for
an outsider to navigate, she
wants the exchange’s help in
presenting her company, espe-
cially to individual investors,
and finding Japanese brands
with which her company can
work. “Because there is a lan-
guage barrier, if [the Tokyo
Stock Exchange] could work
harder to break down some of
the information asymmetries,
that would be great,” she said.
electronic-components sec-
tors, will benefit from the
boost to their foreign reve-
nues, Duan said.
Government bonds
The Bank of Japan’s long
commitment to ultraloose
monetary policy forced it to
vacuum up government
bonds, in line with its policy
of yield-curve control. That
meant the central bank be-
came the dominant player in
the country’s government-
bond market, muscling out
the banks, insurers and pen-
sion funds.
The Bank of Japan owned
around 54% of Japan’s $7 tril-
lion government-bond market
as of the end of last year, ac-
cording to its own data. Al-
though the BOJ is likely to
keep buying bonds in the near
term, the end of negative
rates—and the scrapping of
yield-curve control—means
other buyers will begin to re-
Friday, April 26, 2024 | B11
how artificial-intelligence in-
vestments are hitting compa-
nies’ bottom line this year.
“2023 was about the narra-
tive. 2024 is about the num-
bers,” Smith said.
In the metals market, cop-
per prices rose to $4.57 a
pound, the highest settlement
value since April 2022.
In the oil market, Brent
crude, the international bench-
mark, gained 99 cents, or 1.1%,
to $89.01 a barrel. Year to date,
Brent is up more than 15%.
Front Month Comex gold
for April delivery gained $5.30,
or 0.2%, to $2,329.80 a troy
ounce. Year to date, gold is up
13%.
to $64,677.59. The cryptocur-
rency is up 52% this year.
Overseas, the Stoxx Europe
600 fell 0.6% and the U.K.'s
FTSE 100 rose 0.5%. At midday
Friday, Japan’s Nikkei 225
Stock Average was up 0.4%,
Hong Kong’s Hang Seng Index
was up 1.5% and South Korea’s
Kospi was up 1.1%. S&P 500 fu-
tures were up 0.8%.
BlackRock and Partner
Raise $1.4 Billion for
Clean-Energy Wagers
BY LUIS GARCIA
A joint venture of giant as-
set manager BlackRock and
Singapore’s Temasek Holdings
has amassed $1.4 billion to
back young businesses whose
products and services help re-
duce carbon emissions.
The New York-based firm
and Temasek said the venture
wrapped up Decarbonization
Partners Fund I above an ini-
tial $1 billion goal. The fund is
the first vehicle raised by the
venture, Decarbonization Part-
ners, to make growth invest-
ments in developers of viable
clean-energy technologies that
are poised to expand.
Investors in the fund in-
clude Northbrook, Ill.-based
property-and-casualty insurer
Allstate, French energy com-
pany TotalEnergies, Danish
investment-manager Kirkbi
and banks such as Banco Bil-
bao Vizcaya Argentaria in
Spain and Japan’s Mizuho Fi-
nancial Group and Mitsubishi
UFJ Financial Group, accord-
ing to BlackRock and Temasek.
Decarbonization Partners is
led by Meghan Sharp, a Black-
Rock managing director who
previously headed BP Ven-
tures, the venture-capital in-
vestment arm of British en-
ergy company BP.
The partnership has backed
seven businesses so far
through the new fund, invest-
ing in areas such as hydrogen,
energy storage and low-carbon
materials. One of the recipi-
ents, Group14 Technologies,
develops silicon anode materi-
als aimed at extending battery
life. Another, biotechnology
company MycoWorks in Em-
eryville, Calif., uses mycelium,
or root-like meshed fungi fila-
ments, to produce alternatives
to more carbon-intensive ma-
terials such as leather.
Decarbonization Partners
also invested in Antora En-
ergy in Sunnyvale, Calif. The
company uses blocks of carbon
to store renewable energy-pro-
duced heat for use in steel and
cement production.
In recent years, investors
gain the importance they once
had.
“It’s a start of proper trad-
ing for the Japanese govern-
ment-bond market,” said Naka
Matsuzawa, chief macro strat-
egist at Nomura.
Banks: a bond hit
Japanese banks held
around $598.6 billion of gov-
ernment bonds at the end of
2023, according to BOJ data.
How damaging could a rise
in rates be for banks? Banks
that take deposits and buy
long-term bonds create a ma-
turity mismatch between their
assets and liabilities, which
can sometimes prove disas-
trous. Investors got a palpable
example of the risks of this
approach last year, when Sili-
con Valley Bank collapsed af-
ter the value of its Treasury
bonds sank and its depositors
pulled out their money.
But analysts think the risks
of a similar bank run are un-
AUCTION RESULTS
Here are the results of Thursday's Treasury auctions.
All bids are awarded at a single price at the market-
clearing yield. Rates are determined by the difference
between that price and the face value.
FOUR-WEEK BILLS
Applications
Accepted bids
$220,033,585,400
$70,226,212,400
" noncompetitively $5,801,078,100
" foreign noncompetitively
Auction price (rate)
$30,000,000
99.589722
(5.275%)
Coupon equivalent 5.370%
Bids at clearing yield accepted 26.27%
Cusip number 912797JY4
The bills, dated April 30, 2024, mature on May 28,
2024.
EIGHT-WEEK BILLS
Applications $226,784,917,400
Accepted bids
" noncompetitively
$75,243,701,400
$1,755,275,700
" foreign noncompetitively $0
Auction price (rate) 99.179444
Coupon equivalent
(5.275%)
5.393%
Bids at clearing yield accepted 62.31%
Cusip number 912797KG1
The bills, dated April 30, 2024, mature on June 25,
2024.
SEVEN-YEAR NOTES
Applications $109,368,420,500
Accepted bids $44,209,715,500
" noncompetitively $106,404,200
" foreign noncompetitively
Auction price (rate)
$0
99.462794
(4.716%)
Interest rate 4.625%
Bids at clearing yield accepted
Cusip number
35.06%
91282CKN0
The notes, dated April 30, 2024, mature on April 30,
2031.
have poured huge amounts of
capital into developers of large
clean-energy projects as well
as startups working on poten-
tially revolutionary technolo-
gies to reduce atmospheric
pollution. Investors increas-
ingly see opportunities in mid-
size businesses, including soft-
ware makers and providers of
equipment and services to the
clean-energy industry, accord-
ing to fund managers.
Initially the focus of mid-
market fund managers, such
businesses are attracting in-
vestment from strategies with
deeper pockets such as Decar-
bonization Partners. Another
clean-energy growth-invest-
ment strategy, run by Morgan
Stanley’s 1GT, aims to collect
$1 billion for its first fund.
BlackRock has been expand-
ing its bets in the shift to
clean energy, more notably
with its $12.5 billion deal ear-
lier this year to acquire spe-
cialist investment manager
Global Infrastructure Partners.
BlackRock said better capital-
izing on rising demand for
clean-energy infrastructure
was a main motivation for the
GIP deal.
Temasek also has laid out
plans to help accelerate the
shift to clean energy through
investing. In addition to De-
carbonization Partners, the
firm has formed GenZero, an
investment unit focused on
curbing emissions.
Temasek also has directly
backed more-established mak-
ers of clean-energy-related
products. For example, about
five years ago the firm ac-
quired a 30% stake in Topsoe,
a Danish manufacturer of elec-
trolyzers used in the produc-
tion of so-called green hydro-
gen.
Topsoe and a number of
other applicants recently won
clean-energy tax credits total-
ing nearly $2 billion through
the U.S. Energy Department.
Topsoe, which was awarded
$135.9 million of those credits,
plans to build an electrolyzer
factory in Chesterfield, Va., the
department said last week.
likely in Japan, where depos-
its tend to be stickier and
banks have decadeslong rela-
tionships with their clients.
There is also a positive to
consider: Higher interest rates
mean banks will be able to
earn more from net interest
margins. Banks will also no
longer have to pay a fee to the
BOJ for storing deposits.
So which factor will be
more important? In part, that
depends on the size of the
bank. Japan’s so-called
megabanks have already made
an effort to reduce their expo-
sure to government bonds,
making them less exposed to
a fall in bond prices as rates
rise, according to analysts.
The shares of Mitsubishi UFJ,
Sumitomo Mitsui and Mizuho
have been on a tear during
the past 12 months.
But some borrowers might
not be able to afford higher
funding costs, leading to de-
faults that put pressure on
banks’ balance sheets.
B12 | Friday, April 26, 2024 THE WALL STREET JOURNAL.

HEARD STREET FINANCIAL ANALYSIS & COMMENTARY

ON
THE

Meta’s Spending Unnerves Investors For Biogen,

Capital expenditures this year will rival competitors’ outlays, but advertising growth is slowing
Good
That blank check investors
Enough
wrote to Mark Zuckerberg seems
to top out around $40 billion.
That is the new upper end of
Will Do
this year’s projected capital expen-
ditures by Meta Platforms. The At first glance, Biogen didn’t
parent company of Facebook and have a particularly exciting quarter.
Instagram raised its capex range Sales dropped yet again to $2.29
for the year by 12% as part of its billion, missing Wall Street esti-
first-quarter report late Wednes- mates. The company’s multiple scle-
day, with the chief executive citing rosis franchise continued its steady
the need to boost investments in erosion due to competition. And its
generative artificial intelligence. It most promising drug, a ground-
is a big number that is nearly dou- breaking Alzheimer’s treatment that
ble what the company has aver- it shares with partner Eisai, is
aged over the past five years and hardly a blockbuster yet, bringing in
nearly on par with projected $19 million for the quarter.
spending this year by Microsoft But for a company that is now in
and Google parent Alphabet, two its fifth year of shrinking sales,
much larger companies by annual glimmers of hope were good enough
JOSH EDELSON/AGENCE FRANCE-PRESSE/GETTY IMAGES

revenue. to send its stock surging Wednes-

Meta projected robust spending day. The beaten up shares, which
plans three months ago, which in- had lost 34% over the past 12
vestors took in stride because the months through Tuesday’s close,
rest of the business was perform- gained 4.6% even as the broader
ing remarkably well. Those last re- biotech sector declined. They edged
sults fueled a big jump for its higher still on Thursday.
stock; Meta’s 39% gain for the year The reason for hope is that the
to date ahead of the latest results company seems to be at the very
was the sixth best on the S&P early stages of a turnaround. Since
500. Chris Viehbacher was named chief
But the latest report was a bit executive officer in late 2022, he
less impressive, with first-quarter has pushed through steep cost cuts
revenue of $36.46 billion only nar- Meta Chief Executive Mark Zuckerberg cited the need to boost investments in generative artificial intelligence. that have no doubt been painful for
rowly beating Wall Street’s esti- many of the company’s employees.
mate, and projected second-quar- quarter, while operating margins zon.com are now pouring billions ambitious AI research and prod- From a Wall Street perspective,
ter revenue falling short of for the core advertising segment into generative AI, with the reve- uct-development efforts.” though, those cuts helped deliver a
analysts’ forecasts. That second- known as Family of Apps hit 49% nue contribution either unclear or That is great news for Nvidia, beat for the quarter, with adjusted
quarter projection, calling for rev- in the first quarter—nearly 10 a long way off. Zuckerberg was at the key supplier of the chips and earnings per share coming at $3.67,
enue to grow 18% year over year points better than the same period least candid on the last point, tell- computing systems necessary to above the $3.45 expected by ana-
at the midpoint, also represented a year ago. The business of show- ing analysts on Wednesday’s con- power generative-AI capabilities in lysts surveyed by FactSet.
a notable deceleration from the ing ads to a global audience of ference call, “I expect to see a data centers. But it is also a sign Additionally, Viehbacher’s key ac-
27% growth seen in the just-ended 3.24 billion users who check in multiyear investment cycle before that tech investors more broadly quisition, the $7.3 billion purchase
period. Meta’s share price tumbled daily is a lucrative one. Even with we’ve fully scaled Meta AI, busi- might have to get used to bigger of Reata Pharmaceuticals, is show-
10.6% Thursday. sharply elevated capital spending, ness AIs, and more into the profit- spending bills before they see the ing promising signs. Biogen paid
The world’s largest social net- Meta’s free cash flow hit $12.5 bil- able services I expect as well.” benefits. what was seen as a steep price last
work isn’t going to have any prob- lion in the latest quarter—up 81% Chief Financial Officer Susan Li The AI race is getting even year to get its hands on Reata’s
lems footing the bills. Advertising year over year. added that capex is expected to be more expensive, with no finish drug Skyclarys, a treatment for the
revenue jumped nearly 27% year But tech giants such as Meta, even higher next year, “as we in- line in sight. genetic disorder Friedreich’s ataxia,
over year to $35.6 billion for the Microsoft, Google and Ama- vest aggressively to support our —Dan Gallagher a rare disease that damages the
nervous system. At the time of the
deal, one big risk was that the drug
didn’t yet have European approval.

Copper Still Isn’t a One-Way Bet In February, European regulators

approved Skyclarys for Friedreich’s
ataxia in patients ages 16 and up.
Another question was how the
newly approved drug would do
Copper bulls are roaming the sure of one of the world’s largest China’s end-use demand for copper, copper-intensive goods—especially commercially. On Wednesday, Bio-
wilds of the London Metal Ex- copper mines in Panama are 2023 solar panels and electric vehi- gen reported that Skyclarys brought
change again. The price for the weighing on supply. cles—has now grown so large that in $78 million for the quarter, beat-
Electrical network
three-month contract, which Citi expects copper demand will the world may struggle to absorb ing the $68.8 million that analysts
dipped below $8000 a metric ton exceed supply this year and is 37% it. had expected, according to FactSet.
in late 2023 as Chinese growth penciling in a deficit of 1 million Construction That could mean that Chinese There was even cause for opti-
sagged, closed above $9,700 on metric tons over the next three production growth and copper de- mism with respect to Leqembi, the
18
Wednesday and edged up again on years. Morgan Stanley forecasts a mand need to slow, too. David Ox- company’s Alzheimer’s treatment.
Thursday. And BHP, one of the 700,0000-metric-ton deficit in Appliance ley, head of climate economics at Its launch with Eisai has been slow,
world’s top miners, has just un- 2024. 18 Capital Economics, thinks that partially because the infrastructure
veiled its bid to buy its rival, and China, which consumes about China will produce 500 gigawatts needed to support infusions isn’t
copper heavyweight, Anglo Amer- half the world’s supply, has seen Machinery of “excess” solar panels this year, there yet. But Biogen sounded an
ican. copper demand rise sharply in 12 almost four times the new solar encouraging note on Wednesday,
All of this makes a certain late 2023 and early 2024: Demand Transport
capacity installed in the rest of saying the number of patients on
amount of sense given hopes for a has been up an average of 18% the world in 2023. the therapy had more than doubled
stronger Chinese recovery, the year over year over the past five 9 Similar questions are hanging in the quarter, with a significant in-
global green-tech boom and min- months, according to Morgan Others over China’s domestic power sec- crease in new patients in March,
ing woes in South America. But Stanley. 6 tor, now the single biggest driver signaling that the ramp could be ac-
copper still isn’t quite the one- One driver is the energy transi- of its copper demand. Electricity- celerating. That boost occurred even
way bet it seems. tion, which is copper-intensive Source: Wood Mackenzie and-heat investment was up a though Biogen hasn’t yet expanded
China’s booming copper de- and requires heavy electrical in- staggering 36.7% year over year in its sales force. During the fourth-
mand may not be quite as solid as vestment. China’s output of EVs mine fails to reopen. However, if the first quarter of 2024, the fast- quarter earnings results, the com-
it looks, especially given the wors- was up almost 30% year over year the mine were to open early next est rate of growth since 2005, ac- pany announced a 30% expansion of
ening overcapacity in key copper- in early 2024, says the bank. And year, the bank reckons, the market cording to figures from CEIC. its sales force, which is expected to
intensive sectors like solar power China’s installed solar photovol- would be in a surplus of 1.8%. If that were to slow for any rea- be completed this summer.
and electric vehicles. Unpredict- taic capacity rose nearly 60% in Second, Chinese demand could son—fiscal constraints or connec- As executives explained in an an-
able politics in Panama could up- 2023, figures from data provider disappoint, as it already has so tion issues for the vast number of alyst call, Biogen and Eisai are
end the supply picture, pushing CEIC show. many times over the past 18 new solar panels coming online, building up their sales force gradu-
the market back into surplus. And That is helping offset weak de- months. With the Chinese real-es- for example—China’s copper de- ally. “We didn’t want to go out of
with inventories in China unsea- mand from housing: Completions tate market flat on its back, Chi- mand would take a major hit. the gate with a really huge field
sonably high, it might not take in the nation’s struggling property nese copper demand is more de- China’s fiscal stance is poised to force that wasn’t able to actually
much of a demand disappointment segment were down over 20% pendent than ever on electricity- get a bit looser this year, but its impact or penetrate the market,”
to affect world prices. year over year in the first two sector investment, and on the local governments continue to Alisha Alaimo, Biogen’s head of
To be sure, copper is benefiting months of 2024. output of copper-intensive ma- struggle with heavy debts and the North America, said during the call.
from real supply-and-demand tail- All of that sounds like a fairly chinery like EVs and air condition- fallout of the property crisis. “We focused on, really, the top ac-
winds. A long-awaited manufac- solid case for the bulls. Even so, ers. Wood Mackenzie reckons that Copper has a bright future but counts that we think handle the ma-
turing rebound in China and there are still a couple of impor- investment in China’s electrical the road to get there probably jority of the diagnosed pa-
America’s surprising economic tant things that could go wrong. network accounted for a full 37% won’t be straight. As 2024 grinds tients…And we said once the market
strength in the face of higher First, supply growth could sur- of demand last year, with appli- on, the imbalances in China’s gets to a place where we think it’s
rates could both push demand prise on the upside. Deutsche ances and machinery adding up to economy and supply-side swing ready for expansion, then we will
higher. Meanwhile, production Bank expects copper demand to be another 30%. factors like Cobre Panama could expand.”
downgrades by several mining around 3% higher than supply One worry is that Chinese pro- still upset the mining cart. Leqembi’s growth suggests that
companies and the prolonged clo- next year if the Cobre Panama duction capacity for some key —Megha Mandavia Biogen, a company that has let in-
vestors down continuously in recent
years, might be on pace to keep
meeting expectations. That might

Bristol-Myers Goes From Big Pharma to Little Pharma
Bristol-Myers share-price Bristol-Myers Squibb’s market
performance over the past year capitalization has dropped so much
over the past year that it is now ar-
0% guably no longer part of the big
pharma club.
–5 After reporting disappointing
earnings figures on Thursday, the
–10 company’s shares fell sharply, giving
it a market capitalization of about
–15 $91 billion. That makes it smaller
than biotechs like Regeneron and
–20 Vertex, both of which are worth
around $100 billion. Merck is worth
–25 about $330 billion, while similarly
struggling Pfizer still is worth
–30 around $150 billion.
The problem for Bristol-Myers is
–35 that its older blockbuster products,
cancer drug Revlimid and blood
May 2023 ’24
thinner Eliquis, are expected to de-
Source: FactSet cline in the coming years and inves-
tors aren’t convinced that the com-
pany has enough growth drivers in
the near term.
On Thursday, Bristol-Myers re-
ported strong sales of $11.87 billion,
beating analyst estimates of $11.45
billion, according to FactSet. But the
beat was driven by those legacy
products, while new launches that
are supposed to power future
growth, such as psoriasis treatment
Sotyktu and heart treatment
Camzyos, missed estimates.
In response, the stock was down
8.5%, bringing its decline over the
past 12 months to 36%.
The company on Thursday said it
plans to cut $1.5 billion in costs by
2025 and reinvest the money in
drug development. As part of the
initiative, Bristol-Myers will shed
not be exhilarating news. But for a
beaten-up biotech stock trading
near a one-year low, that is a spark
of hope. —David Wainer
2,200 employees this year and dis-
continue some drug-development Share-price and ETF performance
programs. over the past year
During a call with analysts 30%
Thursday, Chief Finance Officer Da-
vid Elkins said the job cuts are part SPDR S&P 500 ETF Trust
20
of an effort to become “more agile”
and targeted “removing layers of 10
management so decisions get made
more quickly.” 0
Bristol-Myers is doing plenty to
fix its long-term growth problem. –10
Over the past year, the company has
gone on an M&A shopping spree, ac- –20 Biogen
quiring Karuna Therapeutics for $14
billion, RayzeBio for $4.1 billion and –30
Mirati Therapeutics in a deal worth
up to $5.8 billion. –40
As of now, though, investors sim- May 2023 ’24
ply aren’t impressed.
—David Wainer Source: FactSet

Staircases
with a Twist
Spiral staircases
are growing in
popularity. M7
HOMES | MARKETS | PEOPLE | REDOS
Architect Donlyn Lyndon, who has designed about eight homes in The
Sea Ranch, built this house for himself and his wife around 1992.
On Northern California’s dramatic coastline,
The Sea Ranch is a quirky enclave
known for its innovative homes
BY ERIKA MAILMAN
T
he Pacific Ocean roils
below, splashing hard
against the cliff base.
But high above the
water, an enclave of
homes clusters in placid harmony
with nature.
Located three hours north of
San Francisco, The Sea Ranch, an
unusual hamlet of 1,788 modernist
homes, was established in the
1960s as a second-home commu-
nity. Fiercely private and environ-
mentally conscious, the commu-
nity has sought-after, innovative
homes built by a dizzying array of
architects. Preserved land
stretches between houses to en-
sure open space and room for the
architecture to breathe, while
strict design guidelines ensure
that new housing adheres to the
vibe.
“There’s no place like this any-
where,” says general contractor
Ralph Jackson, 77, who estimates
that he has built about 70 Sea
Ranch homes since arriving in
1968.
Homes in the community don’t
come cheap. There are about
The Historic
Renovation From Hell
This owner wouldn’t
have started the
project if she knew
what she was taking on
BY RUTH BLOOMFIELD
RENOVATING A HOUSE is rarely
an easy process, but when Zoë
Cave Hawkins took on the job of
making a centuries-old house fit
for modern family life, she had no
idea what lay in store.
Amid the backdrop of the pan-
demic, she was helping to home-
school her teens, dealing with a
marriage breakup, and learning all
about Britain’s strict building reg-
HARRY LAWLOR FOR THE WALL STREET JOURNAL
ulations, all while her original
budget spiraled upward.
“If I had known what was going
to happen I would never have
taken the house on,” said Cave
Hawkins. “I have built a house,
and renovated this old house, and
I can tell you that renovating is
harder.”
Please turn to page M8
MANSION
John Lithgow
The actor on his
family’s many
moves and fitting
in. M12
| SALES THE WALL STREET JOURNAL. Friday, April 26, 2024 | M1
A Hippie Commune
Goes Upscale
seven homes on the market rang-
ing from $930,000 to $8 million.
The most expensive home ever to
sell in The Sea Ranch was the
home of landscape architect Law-
rence Halprin, which went for $12
million in 2021, according to local
real-estate agent Hanne Liisberg.
She says her business quadrupled
during the pandemic: “We’d get 15
offers on a listing, which we
weren’t used to.” Now the pan-
demic frenzy is largely over. Only
29% of the homes sold in The Sea
Ranch in the last six months re-
ceived multiple offers, according
to broker Kristen Winant.
It isn’t an easy task to reach
this unincorporated community.
Getting there requires driving
along Highway 1 amid a scene so
beguiling—waves crashing on the
rocks below a road without guard-
rails—that you can’t look away,
but you must because there is no
shoulder. The nearest hospital is
about two hours away. There is no
mail delivery or grocery store. To
pick up mail from a post office
box, residents go to The Sea
Ranch Lodge, a historic hotel and
restaurant, or drive roughly 10 Located on the coast about three hours north of San Francisco, the environmentally conscious community has
Please turn to page M4 preserved land between each house to ensure open space. The area was once used as a sheep ranch.
JASON HENRY FOR THE WALL STREET (3); MURRAY FREDERICKS (STAIRCASES)
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The happy ending to Zoë Cave Hawkins’s renovation is
that the home is now the right fit for her family.
M2 | Friday, April 26, 2024
King of Queens: Ornate NYC Home Lists
After moving to the affluent Ja-
maica Estates area of Queens, N.Y.,
in the early 1980s, Gina Kantius
daydreamed about owning a Tu-
dor-style house she passed every
day.
“Whatever she wants, she will
get,” said her husband,
Dr. Mikhail Kantius, a FOR SALE
Russia-born dermato-
pathologist. “Eventually,
I bought it.”
$5.775
The Kantiuses pur-
MILLION 8,000-square-foot Tu-
6 bedrooms, pool
chased the house—just
a few doors from the
childhood home of Donald
Trump—in 2000 for about $1 mil-
lion. They spent four years reno-
vating the circa-1930s home, add-
ing a gold-plated sink and more
than 30 murals painted by Rus-
sian artists.
Now, looking to spend more
time at their home in Florida,
they are putting the ornate home
on the market for $5.775 million.
If it fetches its asking price, it
will be one of the most expensive
home sales in Queens.
With some of the most expen-
sive houses in Queens, Jamaica
Estates contains mostly detached
single-family homes with large
footprints, according to listing
agent Alexana Martins of the
Corcoran Group.
The median sale price in the
neighborhood is $2.1 million, said
Martins, and the priciest home
sale recorded there was $3.8 mil-
lion. Trump’s childhood home, a
yellow Tudor measuring about
2,500 square feet, was briefly on
THE WALL STREET JOURNAL.
PRIVATE PROPERTIES
Inside the home, Gina commis-
sioned artists to paint the murals
on the walls. The couple spent
around $1 million on the mahog-
any throughout the home, which
can be found in the library, the ci-
gar room, and on the staircases
and doors, Mikhail said.
There is a Murano glass chan-
delier over the dining room table,
and a metal chandelier hangs over
the staircase in the grand ro-
tunda. A large basement has a
wood shop, gym, sauna, billiards
room and massage room.
Mikhail, who describes himself
as very handy, said he took on a
number of renovation projects
himself, such as creating the plas-
ter and wood moldings.
Mikhail said he is sad to part
with the house, but they now plan
to spend most of their time at
their home in West Palm Beach.
He will continue overseeing his
company in New York, he said,
but the day-to-day operations will
be left to his daughter, Vera
Schneider.
Another home in Jamaica Es-
tates is asking $4.99 million, Mar-
tins said, but it’s only about half
the size and doesn’t have a pool.
A home in the waterfront
Malba neighborhood sold for $5.5
million in 2017.
—Libertina Brandt
the market for $2.9 million in
2019 after selling for $2.14 million
in 2017.
The Kantiuses immigrated to
the U.S. from Russia in 1977. After
Mikhail opened a dermatopathol-
ogy laboratory in New York City,
the couple moved to Ja-
maica Estates with their
two children, he said.
When they made an
offer on the roughly
dor Gina wanted, it
wasn’t on the market,
Mikhail said. The owner had just
lost his wife, however, and agreed
to sell it.
Built in the 1930s, the six-bed-
room home sits on about half an
acre, according to Martins. The
Kantiuses added a pool, which is a
rare amenity for homes in New
York City, and recently renovated
About $1 million worth of mahogany was used in the home.
it.
KYLE PORTERFIELD/EPM REAL ESTATE/CORCORAN (4)
 THE WALL STREET JOURNAL.
Former L.A. Dodgers Owner
Lists Estate in Malibu
A California estate long
owned by Peter O’Malley,
the former owner of the
Los Angeles Dodgers, is hit-
ting the market for
$85 million. FOR SALE
$85
The nearly 2.5-
acre blufftop prop-
erty is in Malibu’s
Paradise Cove, a MILLION fore
tony waterfront 2.5 acres,
enclave known for beach bar, pool
drawing some of
America’s wealthiest home
buyers. It has direct beach
access and its own beach
bar.
The property is close to
a $190 million Tadao Ando-
designed estate owned by
Beyoncé and Jay-Z and a
$177 million compound
owned by tech billionaire
Marc Andreessen.
O’Malley has owned the
property since around
2000, when he purchased it
MARC ANGELES (3)
Tucson, Arizona
The Ritz-Carlton Residences, Dove Mountain is not owned, developed or sold by The Ritz-Carlton Hotel Company, L.L.C. Dove Mountain Investors, LLC uses The Ritz-Carlton marks under license from The Ritz-Carlton Hotel Company, L.L.C.
Access to and use of the recreational amenities of The Golf Club at Dove Mountain requires payment of monthly Club membership dues. This is not an offer of solicitation where prohibited by law. Prices, plans, amenities, availability and
improvements referenced herein are subject to change without notice. Sales are conditional upon buyer’s receipt and acceptance of the Arizona Subdivision Public Report.
NY Friday, April 26, 2024 | M3
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television executive Nick www.OneCaribbeanEstates.com
Vanoff, who was a producer
of television pro-
grams including
“The Sonny and
Cher Show.” Be- Beautifully Proportioned,
that, the
property had been
Overlooking Central Park
rented for some
years by then Sea-
gram Chief Execu-
tive Edgar Bronfman Jr.,
The Wall Street Journal re-
ported.
The main four-bedroom court and a path leading to originally designed for
house spans about 8,500 the beach. Vanoff, who hailed from
square feet and there is an In listing pictures, the Greece, Rappaport said.
additional one-bedroom property looks as if it was O’Malley’s family was
guesthouse, according to transported from Santorini, long known for controlling
listing agent Kurt Rappa- Greece, all painted in white the Dodgers. His father,
port of Westside Estate with blue shutters, arches Walter O’Malley, broke the
Agency. The driveway is and domes. Inside, the main hearts of Brooklyn fans
lined with over 100 olive house is rustic, with ex- when he relocated the team
trees. There is a large posed wood beams and to California in the 1950s.
swimming pool, a tennis stone fireplaces. It was Peter O’Malley served as
president of the Dodgers
from 1970 to 1998 and suc-
ceeded his father as owner
of the club in 1979. The
family sold the club to Ru-
pert Murdoch’s News Corp
in March 1998. (News Corp
owns The Wall Street Jour-
nal’s publisher.) Today,
Mark Walter of Guggenheim
910 FIFTH AVENUE, 3A ! LENOX HILL ! $2,550,000
Partners is the chairman
and controlling owner of This classic 2-bedroom, 2.5-bath is located on one of the most
the Dodgers. sought-after blocks, on the iconic corner of East 72nd Street
and Fifth Avenue. elliman.com | Web# 22940163
O’Malley has been a
part-owner of the San Di-
ego Padres since 2012. Emily Margolin
Lic. Assoc. R. E. Broker
His decision to sell the
property follows the death O 212.335.2066 | M 864.207.0045
emily.margolin@elliman.com
of his wife, Annette O’Mal-
ley, last year. O’Malley 575 MADISON AVENUE, NY, NY 10022. 212.891.7000 © 2024 DOUGLAS ELLIMAN REAL ESTATE. ALL MATERIAL
didn’t respond to a request PRESENTED HEREIN IS INTENDED FOR INFORMATION PURPOSES ONLY. WHILE, THIS INFORMATION IS BELIEVED TO
BE CORRECT, IT IS REPRESENTED SUBJECT TO ERRORS, OMISSIONS, CHANGES OR WITHDRAWAL WITHOUT NOTICE.
for comment. ALL PROPERTY INFORMATION, INCLUDING, BUT NOT LIMITED TO SQUARE FOOTAGE, ROOM COUNT, NUMBER OF
The main house is about 8,500 square feet.
—Katherine Clarke BEDROOMS AND THE SCHOOL DISTRICT IN PROPERTY LISTINGS SHOULD BE VERIFIED BY YOUR OWN ATTORNEY,
ARCHITECT OR ZONING EXPERT. EQUAL HOUSING OPPORTUNITY.
SUNSHINE
350
D A Y S
YEAR
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This place has great year-round weather, room to roam, stimulating activity for the whole family and all the amenities of the Forbes
5-Star Ritz-Carlton, Dove Mountain Resort. Championship golf. 45 miles of trails. World-class spa and other services. And you’re not
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a million. Single-family homes from $1.8 million to over $5 million with custom homesites also available. Call now for more info.
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M4 | Friday, April 26, 2024 NY THE WALL STREET JOURNAL.

MANSION

Lyndon House

Lyndon’s assistant calls him The Patriarch of The Sea Ranch. He and his wife, artist Alice Wingwall, chose this piece of property in part because of a significant boulder in the yard.

The Sea Sea Ranch Thespians per-

form. The area was once
used as a sheep ranch;
Halprin, inspired in part by
his time on a communal
kibbutz in Israel, created
the board of The Sea Ranch
Association. The associa-
tion manages everything
Gualala
James Hubbell Chapel
The Sea Ranch Lodge
architecture firm of
Joseph Esherick &
Associates designed

Ranch sheep still graze behind

Continued from page M1
miles to the town of
Gualala, where they also get
groceries. The community’s
offerings do include hidden
waterfalls, tide pool
beaches, a private airstrip,
a golf course and a
circa-1880 barn where The
rustic fences.
The Sea Ranch came into
being in 1963, when the ar-
chitect and developer Al
Boeke purchased a roughly
10-mile strip of coastline
with plans to build a pro-
gressive community with
other architects, many of
whom taught at the Univer-
sity of California, Berkeley.
the utopian master plan.
The original architects
considered making The Sea
from community affairs to
land-use and design restric-
tions to issuing parking
The Sea Ranch
Condominium 1
1
CALIFORNIA
Ranch look like a Greek permits, since unregistered PACIFIC Bodega Bay
town with white stucco visitors aren’t allowed on OCEAN
homes, but changed their the community’s private Petaluma
minds, opting instead for roads.
modern architecture in- Condominium 1, the first
tended to blend into the occupied building in The
landscape, according to res- Sea Ranch, is now on the
ident Scott C. Nevin, a soft- National Register of His-
Gulf of the Farallones
ware engineer who is on toric Places. It was de-
10 miles
Camille Bressange/THE WALL STREET JOURNAL
signed by architectural firm
Moore, Lyndon, Turnbull
and Whitaker, sometimes
called MLTW. At the time,
condominiums were a rela-
tively new form of owner-
ship, says Donlyn Lyndon,
the “L” of MLTW, who has
lived in The Sea Ranch on
and off over the years and
was the first chair of the
commons landscape com-
mittee. “People were ner-
vous because they didn’t
know what it meant” to live
in a condo, says Lyndon,
now 88, who has designed
about eight homes in The
“hedgerow houses,”
which were grouped
in the existing
Santa Rosa
hedgerows to leave
meadowland un-
touched and sea
views open to all.
Then architect Obie
1 Bowman designed
walk-in cabins, which
San Francisco are located away
from parking areas
and accessible via a
foot trail through the
wooded hillside; to
this day, new homes in The
Sea Ranch are built with
fencing to hide cars and
trash bins. Cluster houses
designed by architect Wil-
liam Turnbull formed the
next round of housing,
placed closely together and
yet adjacent to large swaths
of undeveloped land with
hiking trail access. Finally,
single-family homes were
designed by any number of
architects. All were created
with the idea of “living
lightly on the land,” and the
association continues to
stave off what it calls

A better way to
Sea Ranch. A second condo-
minium was built somewhat
later. Today The Sea Ranch
has a total of about 14
“creeping suburbanism.”
The artist James Hubbell
organized local artisans to
add a curved wood-and-

own Nantucket
condo units, which typically
sell for $900 to $1,800 a
square foot, according to
Liisberg.
Also at the outset, the
stone chapel, completed in
1985. An asymmetrical
structure that looks like
Joan of Arc’s helmet, it was
Please turn to page M6
JASON HENRY FOR THE WALL STREET JOURNAL (3)

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All rights reserved. The Preserve Sporting Club & Residences reserves the right for price change, errors, and misprints. Rates and availability are subject to change.
THE WALL STREET JOURNAL. Friday, April 26, 2024 | M5

UPFRONTS Miami Presented by The SOCIETY Group

The OWO Residences by Raffles Alexander Ali, Kobi Karp 720 West End Avenue

THE ART OF OFF-MARKET

AT UPFRONTS MIAMI
Miami's real estate society gathered at a private
celebration inside the Rubell Museum for
UPFRONTS, produced by The SOCIETY Group in
partnership with The Wall Street Journal. In a
market where scarcity and exclusivity are driving
sales, UPFRONTS debuts the most anticipated off-
market properties to an audience of power brokers.
Fisher Island’s top producing agent, DORA PUIG,
opened with a history of the island followed by her
hottest offerings. Corcoran Sunshine’s DAVID
GROMET gave a first look at 720 West End Avenue, a
pre-war landmark adaptive reuse in New York.
Miami’s leading architect, KOBI KARP, and celebrity
agent, FREDRIK EKLUND, discussed their many
Rory McMullen, Charlie Walsh Cindy Ambuehl, Aaron Kirman
projects building Billionaire’s Beach. Westbank's,
MARKO RADOVIC, debuted Seattle's First Light and
The Kita by Kengo Kuma in Tokyo. AARON KIRMAN
and CINDY AMBUEHL of Christie’s International
Real Estate unveiled their off-market LA listing for
$115 million. OFFICIAL’s co-founders, RICHARD
JORDAN, and ANDREW WACHTFOGEL, presented
888 Brickell Dolce&Gabbana, the brand’s first real
estate project in the US. CARL GAMBINO of
Compass, released fresh new listings at Sutton
Tower by architectural designer Thomas Juul-
Hansen. Finally, CHARLIE WALSH unveiled the US
debut of The OWO Residences by Raffles, London’s
landmark Edwardian building with amenities by the
first Raffles Hotel in the UK. CARINA TOM of Nu
World Title Connect joined in the celebration while
agents connected and closed deals at the after-
party where COUP CHAMPAGNE and 222 BREW
flowed generously amidst the renowned artwork of
Richard Jordan, Andrew Wachtfogel
Keith Haring, Basquiat, and Yayoi Kusama. Sally Forster Jones & Carl Gambino

David Gromet Rory McMullen, Charlie Walsh and Ryan Tu Marko Radovic

Juan Carlos Barreneche, Carina Tom Dora Puig Guest, Dina Goldentayer Julia Spillman, Fredrik Eklund
M6 | Friday, April 26, 2024
Continued from page M4
built over nine months
from a model without offi-
cial construction plans. In-
side the nondenominational
space, jewel-toned stained
glass illuminates redwood
seating and wood embed-
ded with seashells.
The Sea Ranch began as
a weekend retreat for ar-
chitects, designers and art-
ists from the Bay Area. “Ev-
eryone used to dance naked
on the beach,” says Nevin.
“It was a bunch of hippies
that settled this place. I’ve
heard crazy stories.”
Despite the community’s
progressive bent, “we
didn’t ever see it as a com-
mune,” says Lyndon, whose
assistant, Susan Quinn,
calls him The Patriarch of
The Sea Ranch. “We saw it
as a place to live on the
edge of the ocean.”
Today, about a third of
homeowners live in the
community full time, an-
other third rent out their
properties, and the rest use
them as weekend or vaca-
tion homes. The pandemic
brought in a lot of tech
people from the Bay Area,
according to Liisberg. A
few years ago, The Sea
Ranch Lodge was pur-
chased by a group includ-
ing Patrick and John Colli-
son, co-founders of the
payments giant Stripe, ac-
cording to people familiar
with the matter.
Lyndon and his wife, art-
ist Alice Wingwall, live in a
residence in The Sea Ranch
he designed around 1992.
They bought the land in
1990 for $33,000, according
to property records, choos-
ing this parcel in part be-
cause of a significant boul-
der in the yard. “The
upthrust of land and collec-
tion of geologic processes
reminds us that we’re very
new to this place,” Lyndon
says. His studio in the
home has bookshelves, flat
files of architectural plans,
and a George Nelson table
Shelburne Bay Hideaway – Shelburne, VT
5.5± Acres | $3.995M
Averill Cook | 802-488-0120 | acook@landvest.com
62 Red Gate Ln – Lake Winnipesaukee – Center Harbor, NH
5.22± Acres | $3.75M
Kristin Hayes Claire | 603-494-9448 | kclaire@landvest.com
New England’s Leading Luxury Real Estate Brokerage
landvest.com | 617-723-1800 | info@landvest.com | HQ: 888 Boylston St. Ste 520 Boston, MA 02199
Construction cost: $800,000
Linda McCabe and Scott C. Nevin, below, spent 16 months building this two-bedroom house in The Sea Ranch, completing it in
2021. The design-review process required three meetings.
brimming with five books
he authored.
Polly Bove, 75, a retired
school superintendent, lives
full time in The Sea Ranch,
where she has owned three
different houses. She first
visited for a camping trip in
1972. “I could not stop
looking at the stars, and
then I just never stopped.”
Bove bought her first
house in The Sea Ranch in
2002 for $486,000, selling
it two years later for $1.2
million. She and general
contractor Jackson, who
has worked with her on
NY / NE
MANSION
previous homes, jointly
bought her current house in
2020 for $1.7 million. She
spent about $1.2 million
renovating the circa-1984
house, removing a wall that
blocked the ocean view
from the kitchen and in-
stalling vertical grain fir
walls, a signature of The
Sea Ranch. The home’s en-
try is through a courtyard
with ponds filled with pedi-
greed koi she rescued. She
sometimes sees migrating
whales from her deck.
Bove bought the house
thinking it could be an ex-
Powder Hill Farm – Boothbay Harbor, ME
3.97± Acres | $1.685M
John H. Scribner | 207-749-5148 | jscribner@landvest.com
tended family compound,
but a smaller home in The
Sea Ranch is now her goal.
She previously had the
house on the market for
$4.5 million, and plans to
put it back on for that
price.
The community’s smaller,
original post-and-beam
structures are highly desir-
able and sell faster and for
more money than larger,
later homes, Liisberg says.
In the past six months, 34
homes sold in The Sea
Ranch for an average cost
of about $1.5 million, ac-
Virtually Staged
.47± Acres | $1.195M
Joseph Sortwell | 207-706-6294 | jsortwell@landvest.com
Collyer Brook Farm – Gray, ME
267± acres | $2.9M
John Saint-Amour | 207-776-5563 | jsaint-amour@landvest.com
* * THE WALL STREET JOURNAL.
cording to Winant. Of
those, the only post-and-
beam went for $2.11 mil-
lion.
Renovating or building a
home in The Sea Ranch can
be a long process due to its
stringent design guidelines.
It can take up to two years
to get design approval.
Married architects Doug
and Marilyn Thompson,
who live full-time in The
Sea Ranch, are poised to
significantly renovate their
1979 home, adding a new
kitchen, primary suite, ga-
rage and courtyard.
274 Shore Road – Northport, ME
They purchased the
roughly 1,000-square-foot
home in 2021 for $1.1 mil-
lion, and say that big proj-
ects like this usually go
through three to six design-
committee review meetings.
The process addresses is-
sues like honoring neigh-
bors’ view corridors.
Doug likens The Sea
Ranch to “a wonderful Ital-
ian hill town where the
whole community has an
architectural integrity ev-
erywhere you look,” he
says. “It doesn’t mean it’s
all the same. There is just a
certain appreciation to
place-making.”
Previously, the Thomp-
sons owned a 567-square-
foot, 1973 walk-in cabin,
which they bought in 2019
for $475,000.
“These walk-in cabins
were developed before ‘tiny
homes’ became a thing,”
says Marilyn, 65. “They’re
just a simple little shape in
the redwoods.” After trying
to live in the house full
time, they found it too
small, and sold it in 2021
for $725,000.
Full-time resident Linda
McCabe, 60, a laboratory
technical consultant, first
visited The Sea Ranch for a
weekend retreat and was
enchanted. She brought
Nevin, her husband, to see
it, and “he started fixating
on how we could live here.”
In 1999, they purchased
land for $60,000.
They later sold their
five-bedroom home in
Windsor, Calif., to finance
construction of a two-bed-
room home in The Sea
Ranch, completing in 2021
JASON HENRY FOR THE WALL STREET JOURNAL (3)
after 16 months. The de-
sign-review process re-
quired three meetings.
“How many places can
you sit on your patio and
you can hear the wind go-
ing through a bird’s feath-
ers?” asks Nevin, 60. “It’s
so quiet.”
—Angel Au-Yeung
contributed to this article.
View Listings
THE WALL STREET JOURNAL.
Staircases With a Twist
New shapes and materials are redefining the classic spiral staircase
BY SARAH PAYNTER
T
ry not to get dizzy: Spi-
ral staircases aren’t just
for Victorian libraries
anymore. One-of-a-kind
twisting staircases in stone, wood
and plaster have become sculp-
tural statement pieces in New
York City penthouses and Bel-Air
estates. But their unconventional
shapes might change your idea of
what constitutes a spiral.
Tightly wound, iron spiral
staircases are still popular in lux-
ury homes, but these days a dif-
ferent iteration is stealing the
spotlight.
“Organic modern”
spiral staircases have
become increasingly
popular since the
$50,000
Starting price
pandemic, evoking a for helical staircases
sense of wellness us-
ing natural materials
and neutral color palettes, said
Canadian architect Heather Dub-
beldam. Many are earthy white
plaster and light white oak, she
said. Katie McPherson, of the inte-
rior-design firm Meyer Davis in
New York City, said she goes a
step further to emphasize materi-
als’ authenticity, having wooden
steps and rails custom carved to
give them a hand-hewn quality.
Many of the new, helical stair-
cases are sculptural with gentle
curves, pushing the boundary of
what might even be called a spi-
ral, said Bethany Gale of Stonehill
Taylor, an architecture and design
firm in New York City. The tradi-
tional spiral staircase makes at
least one full rotation around a
center point in a perfect circle,
like a coiled spring. But a helical
staircase may have a base larger
than its top, a shape similar to a
garland spiraling down a Christ-
mas tree. They may ascend in a
diagonal direction rather than a
COMPARISON SHOPPING
vertical one, or simply twist
rather than making a full 360-de-
gree turn, said Jason White of the
railings-and-stairs manufacturer
Keuka Studios outside Rochester,
N.Y.
“You’re seeing the boundaries
pushed of what that spiral stair-
case can be exactly,” according to
Gale.
In the last 20 years, wider ac-
cess to advanced computing has
made free-standing, sculptural
spiral staircases possible for the
first time, said James Campbell,
co-author of the book “Staircases:
History, Repair and Conservation.”
Before these advances, free-stand-
ing spiral staircases
generally needed to
be attached to a cen-
tral column, like the
cast-iron versions of-
ten seen in loft apart-
ments and Victorian
libraries. Otherwise, spiral stair-
cases usually needed to wind
around the interior walls of a
structure, a design often used
within columns and obelisks like
the Washington Monument, said
Campbell.
The popular helical staircases
typically cost between $50,000
and $150,000 depending on the
design, material and finishes, said
White, but they can cost over $1
million, according to Los Angeles
real-estate agent Tomer Fridman
of Compass. They usually require
more customization than spiral
staircases, which typically cost
about $25,000 to $50,000, said
White.
Prefabricated, do-it-yourself
spiral-staircase kits start at
around $1,000 at most hardware
stores.
Spiral staircases can take up
less space at their base than tra-
ditional staircases, freeing up
square footage, said L.A. real-es-
Friday, April 26, 2024 | M7
MANSION
tate agent Tim Durkovic of
Douglas Elliman. A closet
with tall ceilings can be- NEW YORK
come two stories, or a
top floor without $49
enough room for a MILLION
large staircase can 4 bedrooms,
open up to a rooftop 5 bathrooms,
terrace, said Durkovic. 6,500 sq. ft.
In 2016, he renovated
and sold an L.A. home for
about 50% more than he paid for
it after adding a number of im-
provements, including a spiral
staircase that unlocked access to a
rooftop terrace, he said.
Adding square footage to a
project can add thousands or even
millions of dollars in value, he
said.
Sculptural spiral staircases also
have an emotional appeal for buy-
ers, which can translate into mon-
etary value, especially on the high
end, said Fridman.
Buyers today want homes with
not just functionality, but archi-
tectural pedigree, said Fridman.
“You have to have an element
CLOCKWISE: NICOLE FRANZEN; LONG & FOSTER REAL ESTATE/FORBES GLOBAL PROPERTIES; MIKE KELLY
that really makes the home stand
alone,” he said. “I think staircases
are not used enough to provide
that depth of design.”
LOS ANGELES // $58 MILLION MCLEAN, VA. // $4.75 MILLION
9 bedrooms, 13 bathrooms, 1.39 acres, 20,000 sq. ft. 6 bedrooms, 9 bathrooms, 0.83 acre, 10,500 sq. ft.
M8 | Friday, April 26, 2024 NY THE WALL STREET JOURNAL.

MANSION

Tough Purchase price: $1.867 million

Renovation
Renovation cost: $945,000

Continued from page M1

Pre-renovation, Cave
Hawkins and her family
were living in a modern
house in the village of
Shawford. Shawford is
about 3 miles south of the
cathedral city of Win-
chester in the southern
English county of Hamp-
shire.
The family was eager to
move into the city center It took around a year to
for convenience sake, and get the necessary building
when, in 2019, a house permits. When the pan-
within sight of Winchester’s demic started in spring
cathedral came up for sale, 2020, twins, Lilly and Josh,
now 17, were sent home
from their boarding school,
and the family decamped to
Portugal, where they owned
a home, for a few months.
In their absence, work
began on the house and in
summer 2020, the family
returned to Winchester and
The renovation of the home was subject to a number of restrictions on what Cave Hawkins moved into a rental. In Sep-
could change, including the original paint and original windows. Teddy and Marley, left. tember 2020, Cave Hawkins
and her husband separated.
they jumped at the chance, able. spent on this project actu- Rather than attempt to sell
despite the fact that first “It had been long lived ally went on doing things the house, they agreed to
impressions of the dated in,” said Cave Hawkins, 48. you can’t see—plumbing, push ahead with the proj-
seven-bedroom, four-bath- “All the rooms were dated, electrics and drainage.” ect, with Cave Hawkins tak-
room house weren’t favor- but a lot of the money What convinced the cou- ing charge of overseeing
the project alone.
The home dates from the
18th century, according to a
report by Forum Heritage
Embrace the Spring Market Services, a historic-build-
ings consulting firm that
UNDER CONTRACT Cave Hawkins commis-
sioned to assess the archi-
ple was the property’s loca- tectural and historic signifi-
tion, and its well-sized cance of the landmark
backyard and double ga- house as part of the appli-
rage. Both are rarities in cation for building permits.
the city center, said Cave By the mid-19th century, it
Hawkins, a psychologist. was being used as a pub,
Because Winchester is a the Albert Inn. The garage
popular place to live, with and extra rooms behind it
good commuter links to were added in the 1980s.
London, Cave Hawkins and The main thing the
her now ex-husband had to house lacked, said Cave
pay $1.867 million for the Hawkins, was an open-plan
49 Park Slope, Ridgewood NJ roughly 4,000-square-foot family kitchen. The existing
home in 2019. kitchen was small and dark,
They hired Winchester- and AR Design Studio sug-
Don’t Take Chances, based architects AR Design gested repurposing the
Studio to help redesign the space as an office, and then
Work with Frances! house, a delicate task given knocking down an old-fash-
its age and Britain’s strict ioned conservatory beside
rules around altering land- it and replacing it with a
mark buildings. larger kitchen addition.
#1 Agent in Ridgewood, NJ
in Total Sales Volume and
Transactions in 2023*
Frances Hanson Ekblom
HARRY LAWLOR FOR THE WALL STREET JOURNAL (5)

Licensed Associate Broker

Founding Agent
M 201.602.4683 | O 551.284.0175
frances.ekblom@compass.com

*Source: NJMLS MLS 01.01.2023–12.31.2023.

Frances Hanson Ekblom is a team of real estate agents affiliated with Compass, a licensed
real estate broker and abides by Equal Housing Opportunity laws. All material presented herein is
intended for informational purposes only. Information is compiled from sources deemed reliable
but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice.
Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions.
1 Franklin Avenue, Suites 2-3 Ridgewood NJ 07450
The home’s study
 THE WALL STREET JOURNAL. NY Friday, April 26, 2024 | M9

Cave Hawkins also took
the chance to reshuffle the
rooms, turning one of the
upstairs bedrooms into a
bathroom, upping the total
to five.
The house has a self-con-
tained annex, part of the
1980s garage addition,
which originally held two
bedrooms. She replaced one
with a new kitchen, creat-
ing a two-story space, with
an open-plan living space
and a bedroom. This
brought the total number of
bedrooms at the property
down to five.
A combination of prob-
lems unearthed during the
build, such as damaged
joists that had to be re-
placed, plus the inclusion of
some optional upgrades,
meant the cost of the proj-
ect spiraled to almost
$945,000. She and her ex-
husband had hoped they
could get the house fixed
up for around $620,000 to
$750,000.
The new kitchen is large
and light-filled, with a sky-
light in its roof, and a row
HARRY LAWLOR FOR THE WALL STREET JOURNAL (3)
MANSION
that the layers of paint
were now part of the fabric
of the house, and part of its
history,” she said.
Forbidden from remov-
ing it, Cave Hawkins had to
settle for adding her own
stratum of history, a coat of
dark gray paint.
Other plans Cave Haw-
kins had to shelve included
an original plan to build a
flat-roofed kitchen addition.
The idea was to take out
the windows in the two
bedrooms above it, replace
them with doors, and use it
as a terrace. “But they told
Zoë Cave Hawkins and her me I couldn’t take the win-
twins, Josh and Lilly, in the dows out because they
kitchen of their home, which were too old,” she said.
dates to the 18th century. “Basically they don’t let you
Below, the family room. take anything away.”
Upstairs on the second
floor there is a guest room
and a bathroom. There are
also bedrooms for the
twins, one en suite, and one
family bathroom.
The third floor of the
house is Cave Hawkins’s
principal suite, with a walk-
in closet tucked into the
eaves of the house, a large
bathroom with blue-green
tiles and a free-standing tub,
and a bedroom painted in
calms shades of white and
gray. Her favorite artwork
hangs on the walls and, from
the window, she can glimpse
Winchester Cathedral.
The house was complete
enough for Cave Hawkins,
the twins, and the pets to
move back into in March
2021, although work contin-
ued around them until
June. She hopes that the
backyard will be completed
this summer, marking an
end to the project.

of sliding glass doors lead- “At times it was unbe-

ing out to the backyard,
where the family’s two
cocker spaniels, Teddy and
Marley, can play.
The stonework of the
original back wall of the
house can be seen through
the largely glass kitchen ad-
dition. “It looks like it is
floating away from the old
lievably stressful,” said
Cave Hawkins. “At other
house,” said Cave Hawkins. most characterful parts of wood-burning stove. tains a living room and a times, I just had to cut my-
The kitchen has timber the house. Its original win- A well, the original wood-paneled TV room. self off from it mentally.
cabinets, dog-friendly tiled dow has been opened out source of water to the The latter space was a bone But now I just absolutely
floors, a bronzed-glass to link it to the kitchen, the house, is visible through a of contention because Cave love it. Our old house was
backsplash, and space for a original beams are visible, circular glass section of the Hawkins had hoped to strip bigger, and had rooms we
family dining table. Next to and a large brick fireplace floor, its depths highlighted back endless layers of paint didn’t use. This house gives
it, the former kitchen is with its blackened wood by spotlights. to reveal the original wood. us everything that we
now a study and one of the surround now contains a The first floor also con- “But the authorities said need.”

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This last great Locust Valley waterfront Estate is comprised of 32 beautifully cultivated and preserved acres offering a country manor lifestyle on the Gold Coast of Long Island. Lands End Manor is a compound
rich in history. Today, the sublime 8-bedroom Georgian-inspired Colonial manor celebrates both original architectural details yet is comfortable for today’s lifestyle. Resplendent principal rooms feature
exquisite original millwork. The main residence is complemented by a picturesque pool house with bluestone patios overlooking the sparkling heated oval swimming pool, spa, ornamental garden and open
lawns that meet the water’s edge at Frost Creek and the Long Island Sound beyond. A spacious 6-bedroom, 5-bath Cottage features a fabulous light-filled great room. An equestrian’s dream, a five-stall stable
has two attached caretaker cottages and an attached 4-bay garage. Paddocks provide ample room for pasture and riding. With enduring beauty, Lands End Manor offers a rarified lifestyle in today’s world.
A Masterpiece Collection Listing. MLS# 3534379. $28,000,000.
Karen Sharf, 516.626.7600, c.516.972.7647

Old Brookville, NY | Chatwal Estates Sands Point, NY | “Serenity by the Sound” Westhampton Beach, NY | 1900’s Farmhouse
MLS# 3532723. $5,650,000. A Masterpiece Collection Listing. MLS# 3538759. $3,250,000.
Karen Sharf, 516.626.7600, c.516.972.7647 MLS# 3397349. $8,800,000. Jacqulene Mitrani, 631.288.1050, c.631.833.9074
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Introducing this 6-bedroom, 6-bath architectural masterpiece in the Wawapek area, set on a picturesque 2-acre lot. This stunning property boasts commercial-grade construction with a durable steel
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most discerning of buyers. MLS# 3526423. $4,995,000.
Peggy Moriarty, 631.692.6770, c.516.769.2843
Each office is independently owned and operated. We are pledged to provide equal opportunity for housing to any prospective customer or client, without regard to race, color, religion, sex, handicap, familial status or national origin. danielgale.com
M10 | Friday, April 26, 2024
San Francisco’s
High-End Rebounds
A recovery is underway in the Bay Area, as interest-rate shock
finally wanes and stock-market gains fuel luxury-home sales
BY E.B. SOLOMONT
S
an Francisco’s luxury
housing market is
bouncing back from
its doom loop.
After being battered by
slumping tech stocks and in-
Homes are selling
As interest-rate shock wore off
late last year, buyers jumped off
the sidelines. As of March, single-
family home sales were up 9.9%
compared with March 2023.
Condo sales were still down 20.2%
year over year. (Condos sales have
lagged because there was a glut of
unsold inventory in 2023, and
lackluster sales downtown—the
area hardest hit by doom loop
stories—are still dragging down
the overall market, agents said.)
Gregg Lynn of Sotheby’s Inter-
national Realty said the market
shifted noticeably in December,
after the Federal Reserve signaled
it would cut rates in 2024. (This
month, the Fed said it will keep
rates steady for a bit longer due
to inflation.) Still, Lynn said one
of his listings—a penthouse in Pa-
cific Heights that had been linger-
ing on the market for more than
three years—went into contract
within 30 days of the Fed’s De-
cember rate-cut announcement,
which “was kind of a dog whistle
that sent strong buyers out in the
market,” he said. The unit, first
listed for $25 million in 2019,
closed for $16 million in January.
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THE MARKET
terest-rate hikes, buyers and
sellers are back in action.
Agents said buyers have
made peace with current
rates—even with uncertainty
when rate cuts will be—and
some are reaping the rewards
of the AI boom.
Local real-estate agents
said buyers were sidelined
in 2023 with “interest-rate
shock.” They’ve moved past
that, and closed single-
family home sales volume
in 2024 is higher than 2023.
Listings sold,
change from a year earlier
50%
Houses
Condos
25
0 Chris Lim of Christie’s Inter-
–25
–50
Jan. April July Oct.
2023
Source: Compass
THE WALL STREET JOURNAL.
MANSION
Pending sales are up
Share of listings with offers,
In March, pending home sales
change from a year earlier
in San Francisco hit the high-
15 pct. pts. est level since May 2022, ac-
cording to a Compass market
report. Pending sales last
10 Houses
month were up 8.3% compared
Condos
with the prior year, the report
5 said.
“We’re not gangbusters—
it’s not that kind of market,”
0 said Compass agent Max Ar-
mour. “But it’s a very healthy,
–5
active market.”
Armour said interest-rate
hikes in 2023 sent buyers into
–10 a tailspin and the market
dried up. “The market just had
Despite tech layoffs last Jan. April July Oct. Jan. to go through that internal
2023 2024
year and recent stock-market process to reacclimate,” he
gyrations, the job market is Source: Compass said. That austerity has
stable and consumer confi- passed.
dence in luxury real estate is
rising. Here’s a breakdown of
how the city’s luxury housing San Francisco’s luxury market is heating up—
market is recovering. with more homes going into contract than last year,
when the market stalled.
Luxury sales have surged
“The more affluent have so much
Sold listings in higher price segments of their household wealth in the
stock market,” said Patrick Carl-
40 listings $3–$4.99 million
isle, Compass’s chief market ana-
$5–$9.99 million lyst in the Bay Area. “When they
see the soaring values we have—
$10+ million
with the stock markets hitting
30 new highs in March—they feel
wealthier than they did six
months ago. That jacks up their
optimism about the future.”
20
At the top of the luxury mar-
ket, sales of higher-price homes
are especially strong. In Presidio
Heights, a circa-1909 mansion
10 renovated by Robert A.M. Stern
Architects was listed for $14.95
million in mid-March, according
to Zillow. It was marked pending
0 on April 4.
Jan. March May July Sept. Nov. Jan. March
2023 2024 national Real Estate said blue-
chip neighborhoods like Pacific
Source: Compass
Heights and Presidio Heights
notched 15 sales north of $10
million and three above $20 mil-
lion during the first three
months of the year.
Jan. At the top of the market, sales of higher-priced homes Downtown, Lim is seeing
2024
are especially strong. Real-estate agents said the stock movement in luxury condos, with
market is driving luxury sales. units going into contract after
being “largely dormant” in 2023.
Keith, Data Analyst,
Google Career Certificate Graduate,
STAR
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THE WALL STREET JOURNAL. NY Friday, April 26, 2024 | M11

MANSION
Bidding wars are back
There is very limited supply. One reason is because Stagnant listings and resurgent Share of sales above
sellers are locked into low interest rates. demand led to bidding wars this asking price, change from
spring. In March, the percentage a year earlier
of single-family homes that sold
above ask rose 6.4 percentage 20 pct pts
Inventory is still a problem points compared with the prior Houses
Active and ‘coming soon’ Like many U.S. metros, lack of year. Local real-estate agents 10
Condos
listings for houses and condos, supply is one of the biggest fac- said properties that are priced
change from a year earlier tors impacting San Francisco’s right are getting multiple offers. 0
luxury market. As of April 1, list- Armour said he recently sold
50%
ings were flat compared with the a house in the Marina District –10
prior year. About 27% of listings for $2.2 million, roughly 10%
on April 1 were single-family above the asking price of $1.995 –20
25 homes. million. He said he got five of-
“It’s always been a problem, fers after listing the property on –30
and it’s exacerbated by the fact Feb. 1. It was under contract by
0 that a lot of sellers are locked Feb. 9. –40
into 2.5% interest rates,” said “Last year, even if you were
Scott Brittain of Sotheby’s. “Buy- priced right, you weren’t guaran- Jan. April July Oct. Jan.
2023 2024
–25 ers have a more competitive teed a quick sale or multiple of-
Source: Compass
landscape that they have to deal fers. You just weren’t,” he said.
with.” “Now it’s achievable.”
–50 Armour recently sold a condo
in Presidio Heights for $2.195
Jan. April July Oct. Jan.
2023 2024 million, after it went into con- Sales above $3 million surged
tract in four days. It was an all- 54.2% in March 2024, compared
With limited supply, buyers are getting into bidding
Source: Compass
cash offer with the buyer paying with the prior-year period. wars. Agents said consumer confidence is back.
the commission.

Prices are starting to Sales are happening

climb Bidding wars and competition are Average days on market, quicker
Local agents said consumer con- driving up prices. change from a year earlier Overall, properties are also sell-
fidence has returned to the lux- ing faster than they did last year,
ury housing market, and many 100% thanks to buyers who are striking
buyers are willing to pay up. Houses now for fear of missing out. In
As of March, the three-month Condos March, the average days on mar-
75
rolling median sale price for sin- ket for condos plunged 20% com-
Median sales price, three–month rolling average
gle-family homes increased 8.19% pared with the prior year period.
compared with March 2023. The Houses Condos The average days on market for
50
three-month rolling median sale $1.6 million single-family houses dropped
price for condos rose 3.5% year 15.6% year over year.
over year. 25 Joel Goodrich of Coldwell
Compass’s Nina Hatvany said Banker Realty said despite tech
buyers who are still on the fence 1.2 layoffs last year, the labor mar-
are missing out. One of Hat- 0 ket has stabilized and AI compa-
vany’s clients was recently out- nies are hiring, which has bol-
bid on a house that was first –25 stered buyer confidence. He
listed for $5.7 million last fall. 0.8 recently put a $4 million house
After months of no activity, the Jan. April July Oct. Jan. in Cow Hollow under contract
2023 2024
house was re-listed for $5.5 mil- within two weeks.
lion. Source: Compass Brittain said 75 to 100 buyers

SORAYA MATOS FOR THE WALL STREET JOURNAL

Hatvany’s client was reluctant 0.4 came through one of his list-
to overpay and offered $5.2 mil- ings—a duplex condo in Cow Hol-
lion—but the market picked up low—within a few days of hitting
since last year and the client lost the market for $2.495 million.
out. “It’s the same house it was 0 In general, properties are “The open house traffic last year
in the fall, and now we have two Jan. March May July Sept. Nov. Jan. March also selling faster than they would have been 50% of that,” he
buyers bidding everyone up close 2023 2024 did last year. Agents said said. He said a colleague of his
to asking,” she said. “The doom Source: Compass buyers know to strike now recently listed a house in Noe
loop thing is overblown, San or they will miss out. Valley for $3 million; it went for
Francisco is OK.” $800,000 over asking price.

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M12 | Friday, April 26, 2024 THE WALL STREET JOURNAL.

MANSION
HOUSE CALL | JOHN LITHGOW

A Shy Kid, He Fit In

With the Help of Acting
The ‘Art Happens Here’ and ‘3rd Rock’ star on his theater family,
their serial moves and his famous baby-sitter

M
y first performance ater in schools. John Lithgow, right, in
on stage came at age Despite the moves, I somehow Pasadena, Calif., in
2. My father was in remained a fabulous academic February, and, below
Ibsen’s “A Doll’s student with a 4.0 average. center, with his parents,
House,” and I was cast along with When we moved to Princeton, Sarah and Arthur, left,
my 4-year-old sister, Robin, as his N.J., I entered Princeton High as a and his sisters, Robin
children. junior. After graduation, I at- and Sarah Jane
My father taught English and tended Harvard. I
drama at Antioch College in the played Gloucester in
late 1940s and early 1950s. He “King Lear.” Then
helped found a groundbreaking came Gilbert and Sul-
Shakespeare festival held there. livan’s “Utopia, Lim-
Over eight years, he produced ev- ited.” I was King Para-
ery Shakespeare play—seven per mount, the central
summer. For years I imagined the character with a
productions couldn’t possibly showstopping number
have been any good. Later, I and two encores. The
learned how wrong I was. audience went wild,
Shortly after I was born in and I resolved to be-
Rochester, N.Y., my mother’s come an actor.
hometown, we joined my father at After graduating
Antioch in Yellow Springs, Ohio. from Harvard in 1967,
We lived in a modest, two-story I attended the London
house until I completed sixth Academy of Music and
grade. At that point, my father Dramatic Art on a Ful-
precipitously quit Antioch after bright Scholarship. York’s Upper West Side.

being at odds with the drama de-
partment over the festival.
From that point on, we lived in
five different places by the time I
graduated high school, and my fa-
ther became a regional-theater pio-
neer. This is where my mother,
Sarah Jane, was the great hero of
my childhood. She somehow made
a home for us, no matter where we
landed.
I was the third of four sib-
lings—my older brother, David,
my older sister Robin and the
youngest, Sarah Jane. We relied
on each other during our moves.
Initially, I was a shy kid and
hated each move. My ability to
be liked quickly was partly an
outgrowth of my desire to fit in
fast. I also was involved in the-
I moved to New York in 1970
and was out of work for a year
before being cast in the Long
Wharf Theatre’s production of
“The Changing Room,” by David
Storey. It transferred to Broadway,
and I won a Tony.
I also was in several major
films, including “Obsession,” “All
That Jazz” and “Blow Out.” By
1981, I was dating Mary Yeager, a
professor at UCLA. We married
that year, and I moved out to Los
Angeles in 1982. My breakthrough
came that year, in “The World Ac-
cording to Garp.”
Today, Mary and I live in the
house we bought near UCLA in
1983. We also spend summers at a
little cabin on a lake in Montana,
and we have an apartment on New
FROM LEFT: JOHN LITHGOW (FAMILY PHOTO); JSQUARED PHOTOGRAPHY/CONTOUR/ GETTY IMAGES
In my 30s, the son of
an actor who had ap-
peared in my father’s
Antioch productions
sent me a box. Inside
were reel-to-reel tapes of my fa-
ther’s Shakespeare plays. Listen- JOHN’S SITTER mance before she gave it all up
ing to them and hearing my father to raise us.
perform again with his booming New PBS show? In L.A., I
voice, I was swept away. They re- joined classes in dance, ceram- Childhood babysitter? Coretta
ally were fantastic. ics, silk-screen printing and vo- Scott, when she was at Anti-
—As told to Marc Myers cal jazz ensemble as a novice och in the late 1940s. She
to learn and show the vital im- would, of course, become
John Lithgow, 78, is a Tony- and portance of arts education. Coretta Scott King.
Emmy-winning actor best known
for his roles in the films “Bomb- Favorite Mom photo? Her How do you know? She told
shell” and “Killers of the Flower 1940s portrait taken in profile me at the opening night party
Moon” and in TV’s “3rd Rock while was she was in the title when I was on Broadway ap-
From the Sun.” He appears on role of “The Madwoman of pearing in “My Fat Friend”
PBS’s “Art Happens Here with Chaillot.” It was her last perfor- in 1974.
John Lithgow.”

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Boca Raton featuring the cutting edge of luxury. With all-new modern home
designs, enhanced standard features, five-star resort-style amenities and
an incredible location near the best shopping, dining and beaches in South
Florida, Lotus Edge has it all!
Private, gated compound on 8 acres, , so close to Historic Taos Plaza.
The estate boasts lush landscaping, 3 private wells, and 2 spacious homes
totaling 8 bedrooms and 7.5 bathrooms. The main residence is solid adobe,
elegant, timeless, and perfect for entertaining. The second home offers
views from every room. Heated barn/garage a plus. Truly Enchanting!

4,295,000 $1.4 million to $3 million LotusBoca.com $2,699,000.

Crye-Leike, Realtors Berkshire Hathaway HomeServices Taos
Lucy Doane GL Homes Debbie Friday Jagers
phone: 901.340.6653 email:Lucydoane@me.com phone: 800.616.0416 phone: 575.770.1618 debbie@debbiefridayjagers.com

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

THE WALL STREET JOURNAL. Friday, April 26, 2024 | M13

PRIVATE PROPERTIES

Picture Perfect:
Annie Leibovitz Lists
California Farm
Celebrity photographer Annie
Leibovitz has lived in New York
for decades. Still, she has always
thought of herself as a “California
person,” she said in an email.
Leibovitz, 74, attended the San
Francisco Art Institute
and learned to be a FOR SALE
ended up with little time to spend
in California. Now she’s putting
the property on the market for
$8.995 million.
“Bolinas was a dream,” the
photographer said, but “things
don’t always go as
planned.”

$8.995
photographer there. The farm dates back
“When Rolling Stone more than a century,
moved to New York in
MILLION said listing agent Alex-

JACOB ELLIOTT
1977, I didn’t think that ander Fromm Lurie of
I was moving too,” she recording studio, Compass, who is mar-
equestrian facilities keting the property The farm is about 65 acres.
wrote. “I thought I
lived in California. But with colleague Nick
the work was in New York.” Svenson. The structures include a to have taken a now-famous pho- hattan, including an Upper West a legendary farmer over the hill
In 2019, when it seemed like remodeled 1920s house with four tograph of a tree stump in front Side apartment she sold for to bring the place back to its for-
her oldest daughter would go to bedrooms, a one-bedroom guest- of the dairy barn. $10.625 million earlier this year, mer self as a working and teach-
college in the Bay Area, Leibovitz house and a caretaker’s residence. Leibovitz, who worked for Roll- property records show. ing farm,” Leibovitz said.
seized the opportunity to buy a A former dairy, the property also ing Stone for 13 years and later Before buying the farm, Leibo- She put about $2 million into
California property, paying $7.5 has a hay barn, a dairy barn with for Vanity Fair, is known for por- vitz said, she spent holidays with the property, including renovating
million for a roughly 65-acre farm a recording studio in it, and traits of celebrities, including the friends in Bolinas. “After all those the 1920s residence, where she
with ocean views in Bolinas, a equestrian facilities. It is located a late John Lennon and Yoko Ono. years living and working in New added a new kitchen.
coastal community about an hour few thousand feet from the Boli- She owns a property in New York and raising my children, I —E.B. Solomont
from San Francisco. However, all nas Lagoon, which feeds into the York’s Hudson Valley that her dreamed about returning to Cali-
three of her daughters attended Pacific Ocean. In the 1930s, the family calls home. She has also fornia,” she said. After buying the  See more photos of notable
college in the Northeast, and she photographer Ansel Adams is said owned several properties in Man- farm, “we planned to partner with homes at WSJ.com/RealEstate.

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DISTRICT OF COLUMBIA

CALIFORNIA NEW HAMPSHIRE MAINE

DISTINCTIVE Real Estate Foreclosure Auction 24-57

PROPERTIES BERKELEY • CA
2744 BELROSE AVENUE
SELECT RESIDENTIAL LISTINGS
FRIDAYS IN MANSION
LIST YOUR PROPERTY TODAY
(800) 366-3975
sales.realestate@wsj.com
For more information visit:
⊲ BY APPOINTMENT ⊳
New Listing! Amazing 1950 John
Ballantine contemporary on oversized
south facing lot with pool. Spacious and
elegant. Near Monkey Island Park, The
Claremont Pool/Spa, and hiking trails.
gar. Two-car carport. 2744Belrose.com
4BR • 4.5BA • $4,500,000
Faye Keogh
© 2024 Dow Jones & Company, Inc. 510.220.6373
All Rights Reserved. CALDRE#00988354
Trustee’s
Sale at AUCTION Oceanfront Shingled Cottage - New Construction
31 Viking Way - Moxie Cove, Muscongus Sound
Direct Waterfront Estate Bristol, Maine
New Castle, New Hampshire
Auction: Thu, May 23rd at 11AM On Premises
Online-only Bidding Ends: Wed., May 15 at 1 p.m.
Previews: Fri, May 10th & 17th from 10AM - 12PM
38 LAUREL LANE is located on the Piscataqua River. 1.53± acre property has
95.99± feet of water frontage with direct access to the river.
1920s Tudor-style home has 3,966± square feet of living space, 5 BRs and 4 BAs.
INSPECTION: !" #$$%&'()*'( %'+" ,%- ./#+&0*1 2&11*-3 %' 4#" 56 76 89 : 88;
email: info@paulmcinnis.com to schedule your appointment.
FOR A PROPERTY INFO PACKAGE WITH
TERMS GO TO paulmcinnis.com LLC
Lic. #2089 – (603) 964-1301 – Ref. #24PM-13
Terms: A $25,000 deposit to bid in CASH or CERTIFIED U.S. FUNDS, increased to 10% of the
final purchase price within 5-calendar days, made payable to the Keenan Auction Co., Inc., 30
NOTABLECOMMERCIALPROPERTIES Keenan Keenan Auction Co., Inc. day closing. For additional terms and a Property
2063 Congress Street Information Package visit KeenanAuction.com or call
(800) 366-3975 I wsj.com/classifieds Auction Portland, ME 04102
207-885-5100
(207) 885-5100 and request by auction #24-57. Richard
Company ® info@keenanauction.com J. Keenan #236. Our 52nd Year and 8,641st Auction.
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