* * * * * * WEDNESDAY, MARCH 27, 2024 ~ VOL. CCLXXXIII NO. 72
00
DJIA 39282.33 g 31.31 0.08%
What’s
News
Business & Finance
 Shares of Trump’s social-
media company surged 16% on
their first day of trading, giv-
ing the early-stage company a
market value of roughly $8
billion and boosting the presi-
dential candidate’s fortune. A1
 Major U.S. stock indexes
declined, with the S&P 500,
Nasdaq and Dow industrials
retreating 0.3%, 0.4% and
0.1%, respectively. B12
 Visa, Mastercard and the
largest U.S. credit-card issu-
ing banks agreed to a set-
tlement with merchants
over the fees charged for
swiping credit cards. B1
 Latin American immigrants
are starting businesses at
more than twice the rate of
the U.S. population as a
whole, an analysis of Cen-
sus Bureau data shows. B1
 NBC News cut ties with
Ronna McDaniel days after it
hired the former Republican
National Committee chair-
woman as a contributor. B1
 Merck is making a big bet
that its new drug approved in
the U.S. for a potentially fatal
lung disease will fill a revenue
hole expected when one of its
patents expires in 2028. B2
 SK Hynix, the exclusive part-
ner to Nvidia’s most advanced
graphic-processor units, plans
to invest roughly $4 billion to
build an advanced chip-pack-
aging facility in Indiana. B3
 J&J is in talks to acquire
medical-device maker Shock-
wave, which had a market
value of around $11 billion
before news of the negotia-
tions became public. B3
 Alibaba abandoned plans
to list its logistics arm, deal-
ing a blow to Hong Kong’s
beleaguered IPO market. B5
World-Wide
 A major Baltimore bridge
collapsed after a large contain-
ership plowed into it, leaving
six people who were working
on the bridge presumed dead
and disrupting one of the busi-
est ports in the U.S. A1, A2
 A probe into the collapse
will include whether contam-
inated fuel played a role in
the cargo ship losing power
and crashing into the span,
according to people familiar
with the investigation. A2
 The Supreme Court ap-
peared likely to preserve ac-
cess to the abortion pill mife-
pristone after arguments in
which justices suggested that
protecting doctors who oppose
abortion wasn’t enough justifi-
cation to roll it back. A1, A6
 A Russian court extended
by three months the deten-
tion of Wall Street Journal
reporter Evan Gershkovich,
held on an allegation that he,
the Journal and the U.S. gov-
ernment vehemently deny. A7
 Robert F. Kennedy Jr. chose
California-based attorney Nicole
Shanahan as his running mate
for his presidential bid. A4
 British judges ruled that
WikiLeaks founder and former
hacker Julian Assange can’t im-
mediately be extradited to the
U.S. to face spying charges. A3
 Prosecutors will drop fel-
ony charges against Texas At-
torney General Ken Paxton in
exchange for his restitution to
his accusers and attendance
at legal education classes. A3
 Venezuela’s regime barred
leading opposition candidate
Corina Yoris from running in
July’s presidential election. A8
 Died: Richard Serra, 85,
artist and sculptor. A4
CONTENTS
Arts in Review..... A13
Business News....... B3
Crossword................ A14
Equities........................ B8
Heard on Street.. B13
Markets...................... B12
s 2024 Dow Jones & Company, Inc.
All Rights Reserved
WSJ.com
NASDAQ 16315.70 g 0.4% STOXX 600 511.09 À 0.2%
FROM TOP: AL DRAGO/BLOOMBERG NEWS; STORYFUL (3)
The Francis Scott Key Bridge in Baltimore collapsed (sequence below) after being struck by a ship. Scan a code on A2 for video.
Bridge Over Baltimore Harbor
Collapses After Ship Strikes It
BALTIMORE—A container-
ship plowed into and destroyed
a major Baltimore bridge Tues-
day, leaving six people pre-
sumed dead and disrupting
one of America’s busiest ports.
By Costas Paris,
Jon Kamp, Paul
Kiernan, Gareth Vipers
and C. Ryan Barber
The Singaporean ship,
called the Dali, lost propulsion
as it was leaving the port, ac-
cording to an unclassified re-
port from the U.S. Cybersecu-
rity and Infrastructure
Security Agency reviewed by
The Wall Street Journal.
The Dali struck the Francis
Scott Key Bridge, sending
large sections of the steel
truss bridge tumbling into the
Patapsco River below. The col-
lapse severed a part of Inter-
state 695.
Debris from the collapsed
bridge made for a chaotic res-
cue effort Tuesday. The six
victims were part of a con-
struction crew repairing pot-
Next CEO Truth Social Stock Climbs 16% After Debut
Of Boeing
To Take On
Company
In Crisis
Federal probes, sloppy facto-
ries, angry airlines, tense union
negotiations and supply-chain
snarls. Boeing’s crisis won’t
end when David Calhoun exits
as chief executive.
By Sharon Terlep,
Chip Cutter
and Andrew Tangel
The next leader of the U.S.
manufacturing icon will have
to address some of the same
issues that Calhoun, a long-
time Boeing director, was
brought on to clean up four
years ago when the board he
led ousted his predecessor.
Boeing said Monday that
Calhoun would step aside by
the end of the year, though he
is expected to leave as soon as
his replacement is found. Cal-
houn’s biggest ally on the
board, Chairman Larry Kell-
ner, is stepping down, and the
top executive for the commer-
cial aircraft unit was replaced
on Monday.
Airline executives and gov-
Opinion................ A15-17 ernment officials said they
Personal Journal A11-12
Property Report.... B6
welcome the shake-up. The
Sports.......................... A14 board has started searching
Technology........... B4-5 for a new leader. While it will
U.S. News.......... A2-4,6 look at internal executives, it
World News......... A7-8
faces pressure to bring on an
outsider who can clean up
> quality issues that slowed pro-
duction of 737 MAX jets.
By setting Calhoun’s exit
date at the end of the year, Boe-
ing gave itself ample time to
Please turn to page A10
HHHH $5.
10-YR. TREAS. À 5/32 , yield 4.233% OIL $81.62 g $0.33 GOLD $2,175.60 À $0.80 EURO $1.0831 YEN 151.56
Skeptical
Justices
Question
Abortion
Pill Curbs
Court expresses
doubt that doctors
who brought case
have right to sue
BY JESS BRAVIN AND JAN WOLFE
The Supreme Court ap-
peared likely to preserve ac-
cess to the abortion pill mife-
pristone, following arguments
Tuesday in which justices sug-
gested that protecting doctors
who oppose abortion wasn’t
enough justification to roll
back access to the drug.
Several justices, including
some who voted to overrule
Roe v. Wade two years ago, fo-
cused their questioning on
whether the doctors and medi-
cal associations that brought
the case in fact have the right
to sue. Those doctors and
groups don’t prescribe mife-
pristone, don’t perform abor-
holes in the bridge when the tions and have no legal obliga-
disabled ship rammed into a tion to help women end
supporting pillar. unwanted pregnancies.
“At this point we do not “Just to confirm,” said Jus-
believe that we’re going to tice Brett Kavanaugh, “under
find any of these individuals federal law, no doctors can be
still alive,” Coast Guard Rear forced against their con-
Adm. Shannon Gilreath said. sciences to perform or assist in
Two others on the bridge an abortion, correct?”
at the time of the accident “Yes,” answered U.S. Solici-
were accounted for afterward. tor General Elizabeth Prelogar,
Col. Roland Butler, secre- who argued on behalf of the
tary of the Maryland State Biden administration. “We
Police, said the search think that federal conscience
couldn’t go on further Tues- protections provide broad cov-
day evening without putting erage here.”
divers and other rescue per- The case is the first major
sonnel in danger. He added abortion issue to reach the Su-
that inclement weather on preme Court after it overruled
Wednesday could hamper the Roe two years ago, rescinding
recovery effort. women’s constitutional right to
“At this point we do not end unwanted pregnancies be-
know where they are, but we fore fetal viability the justices
intend to give it our best ef- had recognized in 1973.
fort to help these families find While the 2022 decision
closure,” Butler said. made abortion regulation
Earlier in the day, Mary- largely a matter of state law,
land Gov. Wes Moore and Tuesday’s case has the poten-
Please turn to page A2 Please turn to page A6
 Dirty fuel eyed in ship’s  Drug and telehealth eased
loss of control..................... A2 access to procedure......... A6
Trump Media & Technology BY AMRITH RAMKUMAR Truth Social’s parent began With its valuation, Truth
Group shares on Tuesday
$80
Shares of Donald Trump’s
social-media company surged
trading Tuesday under the
ticker DJT, Trump’s initials.
Its shares soared as much as
Social is nearly the same size
as established companies such
as U.S. Steel, shoe company
75
16% on their first day of trad-
ing, boosting the Republican
presidential candidate’s for-
59% after the opening bell and
swung throughout the day be-
fore settling well below their
Skechers and the investment
bank Jefferies. The company
is struggling to attract users
70
65
tune. The question is, how soon
can he tap his roughly $4.5 bil-
lion stake in Truth Social?
peak after a wild session.
Tuesday’s rally gives the
early-stage company a market
and advertisers to compete
with larger social-media plat-
forms, but that isn’t stopping
That is up to the board of value of about $8 billion. The Trump supporters from lifting
60 Truth Social’s parent. The valuation makes Trump’s ap- up the stock.
group includes his eldest son, proximately 60% stake worth Trading in the stock is a
55 three former members of his about $4.5 billion. Those val- pattern similar to the one
administration and the former ues will continue swinging seen in shares of videogame
50 congressman who took a lead- with the stock price. Trading retailer GameStop and other
ing role in defending the for- was so intense that Nasdaq stocks popular on social media
10 a.m. noon 4 p.m.
mer president in his first im- temporarily halted trading af- in recent years.
Source: FactSet peachment trial. ter the opening bell. Please turn to page A4
Who Needs a Theater? Plays, Opera
Unfold at Factories, Topgolf Another Border Wall
Rises South of U.S.
i i i
Odd spaces add flavor—and absurdity—
to dramas; ‘Hamlet’ in an office elevator
Dominican Republic aims to keep out
BY JOHN KEILMAN the onstage tension, perfectly
Haitians, amid their country’s chaos
timed with a character’s
CHICAGO—Actors are shocking revelation. Director BY SANTIAGO PÉREZ He has long warned the
trained to embrace the unex- Spencer Huffman later said he United Nations and others
pected. A cellphone going off. couldn’t have scripted it bet- DAJABÓN, Dominican Re- about what would happen if
A coughing fit in the audience. ter. public—The Caribbean island Haiti collapsed. In the past
But the cast of “Far Away,” Such serendipity can unfold of Hispaniola, shared by Haiti few weeks, the Haitian gov-
a play now under when performers bring and the Dominican Republic, ernment has spiraled into an-
way here, faced a their art to a work- has been divided for centuries, archy, its prime minister has
more unusual in- place, a trend that sometimes bitterly, by lan- been unable to return from a
terruption. A loud is catching on as guage, race, history and cul- trip abroad and large tracts of
whistle sounded theater companies ture. As Haiti descends fur- Port-au-Prince are under the
during a dramatic seek new venues ther into chaos and collapse, control of warlords and gang
scene on opening for economic or ar- the divides are becoming con- leaders such as Jimmy “Bar-
night. tistic reasons. crete—literally. The Dominican becue” Chérizier, who is push-
That’s what can Workplace Audiences are re- Republic is speeding up work ing to uproot the entire politi-
happen when a play drama sponding. The six- on a wall along the 250-mile cal system.
is being held in a show run of “Far border cutting across the inte- “We were the first to warn
working titanium-tools factory Away” is sold out, and perfor- rior of the island. that Haiti was turning into
in Chicago. mances staged in other com- Dominican President Luis another Somalia,” Abinader
The whistle blew to signal mercial settings have achieved Abinader is aiming to block said in an interview at the or-
break time at Servi-Sure. similar success. human smugglers or criminals nate presidential palace in the
The shrill sound heightened Please turn to page A12 from crossing the border. Please turn to page A10
 A2 | Wednesday, March 27, 2024 * **** THE WALL STREET JOURNAL.

U.S. NEWS
Dirty Fuel
Eyed in
Ship’s
Loss of
Control
BY COSTAS PARIS
FROM TOP: TRISTEN ROUSE FOR THE WALL STREET JOURNAL; JULIA NIKHINSON/REUTERS

A safety probe into a Balti-

more bridge collapse will in-
clude whether contaminated
fuel played a role in a giant
cargo ship losing power and
crashing into the span, ac-
cording to people familiar
with the investigation.
Safety investigators hadn’t
boarded the ship, called the
Dali, late Tuesday afternoon
while it remained stuck at a
pillar of the collapsed Francis
Scott Key Bridge.
The lights on the Dali began
to flicker about an hour after
the ship began its voyage early
Tuesday. A harbor pilot and as-
sistant reported power issues
A prayer vigil Tuesday for the six men presumed dead after the collapse of the bridge. Below, an injured sailor from the Dali was placed in an ambulance. and a loss of propulsion before
the crash, according to a Coast
BALTIMORE Guard briefing report viewed
Dundalk
by The Wall Street Journal.
Baltimore “The vessel went dead, no
1 a.m. steering power and no elec-
Left Port tronics,” said an officer
of Baltimore 95 Francis Scott aboard the ship Tuesday. “One
Pa Key Bridge
t of the engines coughed and
ap ver
695
then stopped. The smell of
Ri

burned fuel was everywhere in

sc
o
Patapsco River the engine room and it was
pitch black.” The ship didn’t
have time to drop anchors to
Francis Scott Key Bridge stop drifting, the officer said.
Opened: 1977 ge Crew members issued a may-
Material: Steel ey Brid day call before the accident.
Length: 1.6 miles c ott K Blackouts at sea, although
cis S
Carries: 4 lanes of I-695 Fra n uncommon, have long been
Traffic volume: 11.3 million considered a major accident
vehicles per year Water depth Water temperature
risk for ships.
20+ feet 48°F One cause is contaminated
1:28 a.m. fuel that can create problems
695 Ship struck bridge while with the ship’s main power
traveling at 8 knots (9 mph) generators, said Fotis Pagoula-
tos, a naval architect in Ath-
ens. A complete blackout
Sources: MarineTraffic (ship path); Maryland Transportation Authority (bridge information); Maryland Eyes on the Bay (water temperature); could result in a ship losing
NOAA (water depth); official reports (ship speed); Google Earth (satellite image) propulsion, he said. Smaller
generators can kick in but

Baltimore Companies Turn to Plan B After Closing of Busy Port

Jesus Campos, a 48-year-
old Brawner employee, said
he wasn’t there at the time
they can’t carry all the func-
tions of the main ones and
take time to fire up.

Bridge The collapse of a major

bridge along a crucial trade
would reopen.
Coal exporter Consol
ports last year, after the Port
of Virginia in Norfolk, ac-
but knows everyone who was
on the bridge, including a
worker who was rescued from
The investigation will in-
clude reviews of the vessel’s
operations and safety record

Collapses corridor outside Baltimore

idled shipping at one of the
East Coast’s busiest ports
Energy said its operations
were disrupted and that it
was working with the U.S.
counting for about one-third
of outbound shipping vol-
umes in the first quarter of
the water.
“I felt sick when they
showed me the video. It
as well as those of its owner
and operator, said Jennifer
Homendy, chair of the Na-
tied up coal shipments and Coast Guard, which has es- 2023, according to S&P hurts,” Campos said, adding tional Transportation Safety
Continued from Page One pushed retailers, truckers tablished a safety zone Global. that he and some other co- Board, during a press confer-
other officials said the colli- and industrial firms to re- around the bridge site that Companies including Ama- workers have tried calling the ence. Crews will look at secur-
sion was an accident, and fed- route shipping volumes to has blocked vessel access zon.com with large distribu- phones of the missing work- ing recorders, similar to a
eral officials said there was contain the economic fall- to the company’s marine tion centers near the bridge ers, but no one has re- plane’s black box, from the
no evidence of terrorism. out of the catastrophic terminal. were still assessing the im- sponded. vessel to better understand
The bridge collapse stands event. Port officials said one pact that the port shutdown, Authorities believe vehicles what happened.
to snarl shipping along the Vessel traffic at the Port cargo vessel and two Navy closed roads and loss of the that fell into the river belong The agency didn’t comment
East Coast for months. Com- of Baltimore was com- logistics ships were at the bridge would have on their to the construction workers. on what issues investigators
panies that transport cars and pletely shut down immedi- port behind the area operations. But logistics ex- Police were using sonar and have uncovered so far in con-
coal, two of the key cargoes ately after a containership blocked by the bridge col- perts say a broader economic infrared technology to deter- nection with the incident.
that run through Baltimore, hit the Francis Scott Key lapse, while about 20 more impact would likely be lim- mine how many cars were in “This is a team effort,” said
are already looking for alter- bridge just south of port were anchored out in the ited because of the large the water. Homendy. “There are a lot of
native destinations. early Tuesday. Maryland Chesapeake Bay south of number of alternate high- On the bridge’s north side, entities right now in the com-
“There’s no question that Gov. Wes Moore said there Baltimore. ways and seaports along the drivers pulled over to snap mand post.”
this will be a major and pro- was no estimate of when The Port of Baltimore densely populated Eastern photos of the metal wreckage The Dali was built in 2015
tracted impact to supply the fifth-busiest container was the country’s second- Seaboard. draped over the vessel. by South Korea’s Hyundai
chains,” Transportation Sec- port on the East Coast largest gateway for coal ex- —Liz Young The bridge was last in- Heavy Industries. The ship,
retary Pete Buttigieg said. spected in May 2021 and re- which can carry up to 10,000
He also said that he had no ceived a “fair” rating, accord- containers, is an industry
knowledge of “a bridge that ing to federal data reviewed workhorse and one of thou-
has been constructed to with- placement bridge. issued a mayday call shortly the ship: two pilots who are by the Journal. That means sands that regularly transit
stand a direct impact from a The National Transporta- before it hit the bridge. It local mariners and 22 crew inspectors determined the the Panama and Suez Canals.
vessel of this size.” tion Safety Board sent a team wasn’t clear how the Dali mal- members from India, said bridge was essentially sound, While dwarfed by the biggest
Declaring the bridge col- to investigate the incident, functioned. Darrell Wilson, a spokesman but might have minor issues containerships, a vessel the
lapse “a terrible accident,” NTSB Chair Jennifer Ho- Video from the incident for Synergy Marine Group, like cracks or some concrete Dali’s size is typical for U.S.
President Biden said he in- mendy said. shows the ship slamming into which manages the ship. erosion. ports on the East Coast. A few
tended for the federal govern- The ship was moving at one of the bridge’s support Wilson said he had no re- Some 800,000 vehicles days before entering Balti-
ment to pay the entire cost of about 8 knots, the equivalent pillars and much of its span ports of the ship spilling fuel passed through the port in more’s harbor, the ship had
reconstruction. “We’re not of 9 mph, at the time it struck collapsing rapidly into the or oil. 2023, moving three million stopped in Norfolk, Va.
leaving until this job gets the bridge, according to au- river. The governor said the All crew members are safe, tons of cargo. The ship has had more than
done,” Biden, a Democrat, thorities. The speed is typical ship’s warning helped officials the company said. Danish con- All vessel traffic in and out 20 port state control inspec-
said, adding that he would for vessels traveling in the stop cars from going over the tainer shipping giant A.P. of the Port of Baltimore is sus- tions—reviews of foreign ships
travel to Baltimore soon. area. bridge. He also said it would Moller-Maersk said it had char- pended until further notice, in national ports—since it was
The U.S. can tap in to an The Dali picked up its an- take a “long-term build” to tered the ship from Synergy. the port said Tuesday. Ports in built, according to data from
emergency-relief fund that is chor and began to move at replace the bridge. The ship was on its way to Norfolk, Va., and the New York Equasis, an international ship-
administered by the Federal 12:28 a.m., according to Coast “The vessel notified MD Sri Lanka when it struck the and New Jersey area are ex- ping database. None of the
Highway Administration and Guard officials. At 1:24 a.m., Department of Transportation bridge, where it remained pected to pick up most of the listed inspections resulted in a
automatically supplied with the vessel’s lights flickered on (MDOT) that they had lost stuck Tuesday. diverted ship traffic. detention, which could occur
$100 million each year. That and off as it traveled, and control of the vessel and a Workers associated with The collapsed bridge is when a ship is deemed unfit
money could go toward pur- then at 1:26 a.m., the ship be- collision with the bridge was the construction company named after Francis Scott to travel.
poses such as cleaning up de- gan to change course. It possible,” CISA, the federal Brawner Builders were on the Key, who wrote the poem that Deficiencies were noted in
bris. Congress would need to struck the bridge at 1:27 a.m. agency, said in its memo. bridge when the ship struck became “The Star-Spangled two such reviews: one done in
appropriate money for a re- One official said the ship There were 24 people on it, the NTSB’s Homendy said. Banner” while on a ship in Belgium in July 2016 that
Baltimore Harbor. The bridge noted hull damage and an-
was built in 1977, spanned a other in Chile in June 2023
THE WALL STREET JOURNAL
(USPS 664-880) (Eastern Edition ISSN 0099-9660)
CORRECTIONS  AMPLIFICATIONS total of 1.6 miles, but the
overall structure including its
that reported an issue with
the ship’s propulsion and aux-
(Central Edition ISSN 1092-0935) (Western Edition ISSN 0193-2241)
Editorial and publication headquarters: 1211 Avenue of the Americas, New York, N.Y. 10036
approaches covered almost 11 iliary machinery, Equasis data
Published daily except Sundays and general legal holidays.
Assets in derivative-in- company making batteries for miles. It is the outermost of show. The U.S. Coast Guard
Periodicals postage paid at New York, N.Y., and other mailing offices. come funds topped $80 billion laptops in 1999, later spinning three highway crossings of completed an examination of
Postmaster: Send address changes to The Wall Street Journal, at the end of February, ac- off its vehicle-battery business Baltimore Harbor, including the vessel in September 2023
200 Burnett Rd., Chicopee, MA 01020. cording to Morningstar Direct. as Contemporary Amperex two tunnels. and didn’t identify any issues.
All Advertising published in The Wall Street Journal is subject to the applicable rate card, copies In some editions Tuesday, a Technology, or CATL. A Tech- —Alyssa Lukpat, Sabrina On the voyage Tuesday,
of which are available from the Advertising Services Department, Dow Jones & Co. Inc., 1211
Avenue of the Americas, New York, N.Y. 10036. The Journal reserves the right not to accept an Business & Finance article nology article on Tuesday Siddiqui, Cameron Singapore-based Synergy Ma-
advertiser’s order. Only publication of an advertisement shall constitute final acceptance of the about a decline in market vol- about CATL incorrectly said McWhirter, Margot Patrick, rine Group operated the vessel
advertiser’s order.
atility incorrectly said assets Zeng founded the earlier com- Joe Wallace, Jack Gillum and it was hauling cargo for
Letters to the Editor: Fax: 212-416-2891; email: wsj.ltrs@wsj.com
topped $67 billion. Also, the pany in 2004. and Siobhan Hughes Danish shipping giant A.P.
Need assistance with your subscription?
By web: customercenter.wsj.com; By email: support@wsj.com Cboe Volatility index closed contributed to this article. Moller-Maersk. The nearly
By phone: 1-800-JOURNAL (1-800-568-7625) Monday at 13.19. In some edi- Eleusis is a city on the 1,000-foot-long ship departed
Reprints & licensing: tions, the article incorrectly mainland of Greece. A Review from a terminal at the Port of
By email: customreprints@dowjones.com
said it closed at 13.14. article on Saturday about the Watch a Video Baltimore and was heading to
By phone: 1-800-843-0008
WSJ back issues and framed pages: wsjshop.com film “The Matrix” incorrectly Scan this code Sri Lanka. A Singaporean com-
Our newspapers are 100% sourced from sustainably certified mills. Robin Zeng founded a described it as an island. to watch a pany, Grace Ocean Pte., owns
video of the the ship.
GOT A TIP FOR US? SUBMIT IT AT WSJ.COM/TIPS Readers can alert The Wall Street Journal to any errors in news articles by bridge’s collapse —Jean Eaglesham
emailing wsjcontact@wsj.com or by calling 888-410-2667. in Baltimore. contributed to this article.
 THE WALL STREET JOURNAL. Wednesday, March 27, 2024 | A3

U.S. NEWS
Creatures of the Past Emerge Intact After Museum Renovation

DIANE BONDAREFF/AP IMAGES FOR THE YALE PEABODY MUSEUM

GOOD BONES: A brontosaurus dominated the room Tuesday on opening day after four years of work to expand and enhance the Yale Peabody Museum in New Haven, Conn.

Charges
Against
Texas AG
Dropped
BY ADOLFO FLORES
AND ELIZABETH FINDELL
HOUSTON—Prosecutors
will drop longstanding felony
charges against Texas Attor-
ney General Ken Paxton, in ex-
change for Paxton giving res-
titution to his accusers and
attending legal education
classes, both sides said during
a court hearing Tuesday.
The development is a win for
the state’s top lawyer, who has
been under indictment on
charges of securities fraud since
2015. The case was delayed re-
peatedly.
The Republican has been
re-elected twice since first
posting bond on the charges,
Court Delays Assange’s Extradition
WikiLeaks founder
is fighting a legal
battle with the
British government
BY MAX COLCHESTER
LONDON—British judges
ruled that WikiLeaks founder
Julian Assange can’t immedi-
ately be extradited to the U.S.
to face spying charges, open-
ing the way for months of
further legal wrangling over
the fate of the former hacker.
Assange, 52, who has spent
the past five years in a Lon-
don prison, is fighting a
drawn-out legal battle with
the British government to
avoid being sent to the U.S. to
face trial for publishing thou-
sands of confidential military
records and diplomatic cables
that painted a highly critical
picture of America’s actions
in Iraq and Afghanistan.
TOBY MELVILLE/REUTERS

which involved the recruit- British courts approved As-

ment of investors to a private
company when he was a state
representative in 2011. Had he
been convicted, he could have
faced removal from his posi-
tion and decades in prison. A
trial was set for next month.
Paxton previously pleaded
not guilty in the case and
won’t be made to enter a plea
in the deal. He will be re-
quired to pay around
$300,000 to two accusers—
former state Rep. Byron Cook
and the estate of the late Joel
Hochberg—to do 100 hours of
community service and take
legal-ethics education classes.
The charges will be dismissed
in 18 months.
“This case has been pending
longer than the Beatles were
together,” said Paxton’s attor-
ney, Dan Cogdell, emphasizing
that the agreement isn’t a tra-
ditional plea deal. “There will
never be a conviction. And Ken
Paxton, at least today, can be-
gin to go back and do what he
should have been doing all
along, and that is representing
the state of Texas.”
Prosecutor Brian Wice told
reporters after the hearing his
primary responsibility is to seek
justice, not necessarily to obtain
a conviction.
“The agreement that we
reached today underscores the
fact that justice was not de-
nied,” he said.
sange’s extradition to the U.S.
in 2022, a decision he has
since been trying to overturn.
His lawyers last month argued
that he should be given one fi- Stella Assange, the wife of WikiLeaks founder Julian Assange, makes her way through a crowd in London on Tuesday.
nal appeal, saying that he
faced prosecution in the U.S. The Justice Department de- ‘political opinions,’ but that he were put in serious danger,” The CIA has in the past de-
for his political views and that clined to comment on the was being prosecuted because Vamos said. clined to comment. Lawyers
extradition would be an attack court’s decision. he is alleged to have commit- Several of those who di- representing the U.S. govern-
on his right to free speech. U.S. prosecutors alleged ted serious criminal offenses,” rectly took classified informa- ment said that the media re-
Judges in the High Court that in 2010 Assange con- it added. The U.S. government tion to give to WikiLeaks have port in question was opinion
on Tuesday sided with As- spired to help former U.S. alleges that Assange didn’t been put in jail. Manning and that Pompeo was no lon-
sange’s lawyers, saying he Army intelligence analyst merely publish information served seven years before her ger in office.
had “a real prospect of suc- Chelsea Manning break into a but also helped hack databases sentence was commuted by In 2019, the U.S. formally
cess” on several of his Defense Department computer to acquire it. President Obama. Joshua requested that Assange be ex-
grounds to appeal. The court system by trying to help her Justice Department officials Schulte, a former Central In- tradited to face charges. A
said the U.S. now has three crack a password. He faces 18 and Assange’s lawyers have telligence Agency officer, was British judge ruled Assange
weeks to give further assur- counts of conspiring to dis- held prelimi- this month sen- had a history of evading jus-
ances that Assange won’t be close classified information nary talks tenced to 40 tice and so should remain in
subject to prejudice at trial, and hack a military computer about a plea years for steal- prison while awaiting a deci-
that the Australian will be in relation to WikiLeaks’s re- deal, according The court’s ing secrets and sion on his deportation. A
granted the same free-speech leases. to people famil- decision may handing them long-winded legal battle then
protections as a U.S. citizen Lawyers for Assange argued iar with the to WikiLeaks in played out. In January 2021, a
and that the death penalty that he merely published in- matter, that offer Assange 2017. British judge ruled Assange
won’t be imposed. The court formation given to him, much would allow A s s a n g e ’s shouldn’t be extradited, say-
will decide on May 20 if the as a journalist would, and so him to avoid
only a short lawyers alleged ing that given his mental
assurances are satisfactory shouldn’t face punishment. His serving time in reprieve. in court that state he would be at risk of
and make a final decision on lawyers say that any prosecu- a U.S. jail. As- handing him to suicide if convicted and held
whether Assange can appeal tion would set a negative prec- sange’s lawyers U.S. authorities in a maximum-security
extradition. edent for governments to pur- say that they would subject prison.
The court’s decision may sue investigative journalists. have no indication that Justice him to inhumane treatment. But that decision was over-
offer Assange only a short re- During a hearing last month Department officials would As evidence, they pointed to a turned after an appeal by U.S.
prieve. The U.S. government in London, lawyers represent- agree to such a deal. media report alleging the CIA authorities, who gave a pack-
should face little difficulty ing the U.S. government said In its statement, the High had discussed the possibility age of assurances, including a
providing the assurances the Assange risked “the strategic Court made clear that Assange of kidnapping or killing As- pledge that he could be trans-
court requested and Assange’s and national security interests wasn’t being prosecuted for sange, as well as comments by ferred to Australia to serve
extradition will “finally be or- of the United States and put journalism or for exposing former CIA chief Mike Pompeo any sentence. Assange looked
dered,” said Nick Vamos, a the safety of individuals at se- crimes by the U.S. state, “but that WikiLeaks was a “non- to appeal that decision but all
partner at London law firm rious risk.” Assange is “not be- for hacking and then publish- state hostile intelligence ser- his legal avenues were shut
Peters & Peters. ing prosecuted because of his ing the names of sources who vice.” down one by one.

Liberal-Arts College Is Latest Campus to Close

BY MELISSA KORN program the state created spe- masked in recent years by fed- whelmingly approved the Administrators said they
YI-CHIN LEE/HOUSTON CHRONICLE/ASSOCIATED PRESS

Attorney General Ken Paxton
cifically for troubled colleges.
After failing to secure an “This is a tragic day,” said
emergency loan from the state, the board chair, the Rev. Keith
Birmingham-Southern College D. Thompson, noting the impact
in Alabama said Tuesday that on students, staff and members
it would cease operations this of the local Birmingham com-
spring, adding to a growing list munity, where already-strug-
of vulnerable small colleges an- gling neighborhoods may soon
nouncing closures. border an empty 200-acre cam-
The liberal-arts college has pus. Birmingham-Southern will
been in financial distress for close on May 31.
years, but was pushing for a The depths of some
$30 million lifeline under a schools’ financial woes were
eral Covid relief funding, but
that money has since dried up.
In the past few weeks, Ohio’s
Notre Dame College said it
would close down this spring,
while Fontbonne University, a
Catholic school in Missouri,
said it would shut down after
next school year, and Northland
College in Wisconsin said it
needed to raise $12 million by
next week or close.
Alabama lawmakers over-
emergency loan program last
spring, which would have al-
lowed Birmingham-Southern
to borrow funds as it pursued
a fundraising campaign and
new growth plan. The loan
program was to be adminis-
tered by the state treasurer,
Young Boozer III, who over
the summer rejected the
school’s application. Birming-
ham-Southern’s appeal was
denied in the fall.
would try to help students
transfer their credits to other
institutions, and urged area
employers to consider taking
on their staff.
Like many colleges around
the country, Birmingham-
Southern suffered from overly
optimistic revenue forecasts
and a board that provided lit-
tle oversight. Its enrollment
fell to 731 in the fall, less than
half its peak.
 A4 | Wednesday, March 27, 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

China Critic Got House Peers on His Side Kennedy

BY JAMES T. AREDDY Gallagher’s approach was to
Selects
By throwing down a legisla-
tive challenge that could shut
address the rivalry holistically
rather than by individual sec-
tor, said Oriana Skylar Mastro,
Shanahan
down TikTok in the U.S., Con-
gressman Mike Gallagher dem-
onstrated this month why com-
a longtime friend and unofficial
adviser to Gallagher. When
Washington focused on China
For Ticket
panies trembled when he took in the past, said Mastro, a cen-
aim at their China links. ter fellow at Stanford Univer- BY ELIZA COLLINS
Now, the four-term Republi- sity’s Freeman Spogli Institute
can from Wisconsin is resign- for International Studies, “you Robert F. Kennedy Jr.
ing his seat, in a pivot likely to didn’t get this picture that it’s picked Nicole Shanahan, a Cal-
scramble Washington’s mes- a comprehensive strategic chal- ifornia-based attorney who
saging about his biggest foe: lenge, and all these aspects are was previously married to
the Chinese Communist Party. connected.” Google co-founder Sergey
Framing the U.S. rivalry Brin, as his running mate for
J. SCOTT APPLEWHITE/ASSOCIATED PRESS

with China in terms of corpo- his long-shot presidential bid.

rate behavior, Gallagher man- Framework in place Shanahan, 38, also runs a
aged to overcome discord in The Republican leadership foundation focused on repro-
Washington. He announced his on Monday tapped Rep. John ductive rights, criminal justice
departure days after the House Moolenaar of Michigan to chair and the environment. Before
united to support a bill he the China committee, which re- backing Kennedy’s indepen-
spearheaded to ban TikTok in mains tasked with producing a dent bid and leaving the Dem-
the U.S. if its China-based par- set of recommendations for ocratic Party, Shanahan had
ent, ByteDance, doesn’t sell legislation before its mandate been a donor to Democratic
the video-app juggernaut. Rep. Mike Gallagher (R., Wis.) said he was leaving days after the House passed the TikTok bill. expires at the end of the cur- campaigns, including support-
The achievement exempli- rent congressional term. A ing Joe Biden’s election in
fied the congressman’s deter- money in politics. across industries. nee for president, Donald committee spokeswoman said 2020. Kennedy announced his
mination as the chairman of a Jacob Helberg, a senior pol- “It is imperative that we Trump, to sidestep this year’s the next chair will be in a posi- choice Tuesday in Oakland, Ca-
House committee on China icy adviser to Palantir’s chief prevent our adversaries, partic- election cycle. tion to carry its ambitious lif., where Shanahan grew up.
since early 2023 to channel executive, actively lobbied for ularly the Chinese Communist Few around Gallagher ex- agenda into a new term. Shanahan, Kennedy said,
Washington’s distrust of Bei- congressional action against Party, from weaponizing AI to pect the former Marine to es- In part, Gallagher has been a matched the list of attributes
jing into legislative remedies TikTok. Another Palantir senior advance their military ambi- chew politics. He told the Jour- product of his times, since he was looking for in a run-
crafted to satisfy both sides of adviser, Matthew Turpin, is a tions and perfect their repres- nal last year that his ideal frustration with Beijing is now ning mate as someone who
the aisle. The win also set the leading member of Gallagher’s sive techno-totalitarian surveil- career would combine govern- baked into the Washington has worked to increase access
stage for his departure, which “personal brain trust,” the con- lance states,” Gallagher said in ment service, private-sector landscape. On Capitol Hill, to healthy, pesticide-free food,
relates more to family priori- gressman told The Wall Street proposing the bill. work to earn money and put- China is the target in 151 legis- has an understanding of tech
ties than politics, said people Journal last year. ting his doctorate in Cold War lative bills from across the po-
close to the congressman. Gallagher has been a major history to use, such as at a litical spectrum, according to
Gallagher’s team declined to proponent of the kind of de- Election sidestep university. monitoring service GovTrack.
comment on media reports fense technology spending to Despite being highly ambi- The larger question is A person close to him said
that he will join the data-ana- counter China that could bene- tious and the youngest com- whether Gallagher’s absence the House TikTok vote makes
lytics firm Palantir Technolo- fit Palantir. Last November, he mittee chairman in Congress at might stall congressional mo- the congressman confident

JUSTIN SULLIVAN/GETTY IMAGES

gies. Palantir didn’t respond to co-sponsored a bill that would age 40, Gallagher has made lit- mentum to overhaul the Amer- that a comprehensive frame-
questions on the matter. direct the defense secretary to tle secret of his distaste for ican economic relationship work is now in place for how
Denver-based Palantir, consider how to bolster artifi- congressional dysfunction and with China. As chair of the the U.S. should approach its
which does technology work cial intelligence within an alli- the incompatibility of his posi- House Select Committee on the economic competition with
for the government, including ance called the Five Eyes, tion with family life, including Strategic Competition Between China.
the Defense Department, has which includes the U.S., U.K., raising two young daughters. the United States and the Chi- Yet, the scope for more Tik-
been a top contributor to Gal- Australia, New Zealand and Gallagher said last month nese Communist Party, Gal- Tok-like unison on China is
lagher, who also sits on the Canada. that he wouldn’t stand for re- lagher fashioned the panel into limited by the complexity of Nicole Shanahan on Tuesday.
Armed Services Committee and A spokesman for the con- election and announced Friday a congressional catchall on the relationship between the
a select committee on intelli- gressman said Gallagher’s pol- that he will depart sooner than China issues and emerged as two countries—$575 billion in and AI, and is athletic. He also
gence. Palantir provided icy decisions have never been expected, on April 19, which, at the anti-China standard-bearer two-way trade last year—cou- praised their shared skepti-
$44,601 to Gallagher between influenced by supporters and least temporarily, would nar- in Washington. pled with divergent political cism of government agencies
2023 and 2024, more than any that his views on TikTok and row the Republican majority in While China has for years priorities in Washington during and support for more aggres-
other contributor, according to the Five Eyes go back years, the House. It also allows Gal- been a major preoccupation for an election year. There is no sive border security and legal
OpenSecrets, a Washington and that he has sought advice lagher, who is no fan of the policymakers in military, trade, guarantee the Senate will back immigration. “Now I have a
nonprofit group that tracks from a number of individuals presumptive Republican nomi- technology and other areas, the House measure on the app. governing partner who will
fight for you and your family,”
Kennedy said.
U.S.WATCH OBITUARY ATLANTIC Shanahan said she didn’t
think much of Kennedy a year
Serra, 85, Sculptor Offshore Wind ago but after listening to his
Of Steel Structures Project Cleared interviews she became a fan.
American artist and sculp- The Biden administration “For the first time in a long
tor Richard Serra, known for greenlighted the seventh time I felt hope for our de-
turning curving walls of rust- large offshore wind project in mocracy again,” she said. She
ing steel and other malleable the U.S. on Tuesday. said a Kennedy-Shanahan
materials into large-scale Danish wind energy devel- ticket would be focused on the
pieces of outdoor artwork oper Ørsted and the utility country’s health.
that are dotted across the Eversource plan to build a Kennedy, an environmental
world, died Tuesday at his 924-megawatt project, Sun- lawyer from America’s most fa-
home in Long Island, New rise Wind, 30 miles east of mous political dynasty, is work-
York. He was 85. Montauk, N.Y. They say the ing to get on the ballot in every
Considered one of his gener- wind farm will power about state after leaving the Demo-
ation’s most pre-eminent sculp- 600,000 New York homes cratic primary to run as an in-
tors, the San Francisco native when it opens in 2026. dependent. Each state has dif-
originally studied painting at This month, the companies ferent requirements to appear
Yale University but turned to opened the nation’s first com- on a ballot as an independent,
sculpting in the 1960s, inspired mercial-scale offshore wind including selecting a running
by trips to Europe. farm. The 12-turbine wind farm mate in some states. Getting on
Serra’s lawyer, John Silber- called South Fork Wind is 35 those ballots will be an expen-
man, said the cause of death miles east of Montauk. They sive proposition for the Ken-
was pneumonia. announced their financial com- nedy campaign.
Known by his colleagues as mitment to the Sunrise Wind While he has little chance of
the “poet of iron,” Serra be- project when the Interior De- victory, Kennedy’s candidacy
came world-renowned for his partment issued its decision. could make a difference in
large-scale steel structures, Senate Majority Leader competitive states that will de-
such as monumental arcs, spi- Chuck Schumer said the cide whether President Biden
rals and ellipses. He was opening of South Fork and or former President Donald
closely identified with the min- the approval for Sunrise Trump wins in November.
imalist movement of the Wind shows “the sky is the Democrats are especially wor-
1970s. limit for offshore wind.” ried that he could hurt Biden’s
DAVID CORIO/REDFERNS/GETTY IMAGES

Serra’s work started to gain Combined, these seven proj- candidacy and have amped up
public attention in 1981, when ects can provide more than 8 attacks in recent weeks, though
he installed a 120-foot-long gigawatts of clean, renewable some polls have shown Ken-
and 12-foot-high curving wall energy to power roughly three nedy drawing more support
of raw steel that split the Fed- million homes, the Interior De- away from Trump. A spokes-
eral Plaza in New York City. partment said. The Biden ad- man for a Trump-aligned super
The sculpture, called “Tilted ministration wants enough PAC issued a statement calling
Arc,” generated swift backlash offshore wind energy to power Kennedy a “far-left radical”
and was later taken down. 10 million homes by 2030. and noted Shanahan’s past sup-
Richard Serra in front of one of his pieces at New York’s Museum of Modern Art in 2007. —Associated Press —Associated Press port for Biden.

Trump’s wait a month or more before

letting a big owner sell. They
risk setting off a flood of sell-
Federal Bureau of Investiga-
tion; and Linda McMahon, for-
mer head of the Small Busi-
didn’t say what was mislead-
ing or inaccurate in this or
previous articles.
millions of additional shares if
the stock stays above certain
levels in the coming weeks.
tors made lots of money.
If the stock does fall after
an early share sale by Trump,

Truth Social ing that could cause big losses

for independent investors.
“Nobody really knows how
ness Administration and co-
founder of World Wrestling
Entertainment.
Granting Trump a waiver to
sell could be risky for the board
because he is by far the largest
The board could potentially
look at a secondary offering of
shares that could allow Trump
such a move could add to a
number of lawsuits from in-
vestors or people involved in

Soars 16% it’s going to go, but it will defi-

nitely be fascinating to watch,”
said Kristi Marvin, founder of
SPACInsider, a data and re-
Continued from Page One search provider that looks at
The timing couldn’t be bet- special-purpose acquisition
ter for Trump. On Monday, an companies like the one taking
appeals court ruled Trump Trump’s firm public.
can pay $175 million to put his If the board grants Trump a
$454 million civil-fraud judg- waiver, company rules will
ment on hold during his ap- limit how much he can sell.
peal. Trump hadn’t been able Based on the trading volume of
to get a bond to cover the the company taking Truth So-
whole judgment. cial public, Trump could be al-
The $175 million is a frac- lowed to sell at least several
tion of Trump’s newfound hundred million dollars of stock
wealth, but his shares are just over a three-month period.
out of reach. Typically, people The seven-member board
involved in the type of deals includes Donald Trump Jr. and
that brought Truth Social to three former members of the
the market aren’t allowed to Trump administration: former
sell or borrow against their U.S. Trade Rep. Robert Light-
shares for six months. hizer; Kash Patel, a former
The board would need to White House and Pentagon
grant Trump a waiver if he aide whom Trump late in his
wished to make such moves term considered naming to
before then. That isn’t un- top positions at the Central
heard of, but boards typically Intelligence Agency and the
Devin Nunes, chief executive
of Truth Social and a former
congressman who defended
shareholder and the main rea-
son individual investors have
been buying the stock. Any sig-
and other insiders to sell in
the coming months.
Options trading tied to the
the deal. Several lawsuits
were filed by insiders seeking
additional shares leading up
Trump on the House Intelli- nal that he is selling or likely to company was frenzied on Tues- to the merger’s completion.
gence Committee, is a director. sell could dent the share price day and hit one of its highest Trump was chairman of
The head of the and fuel con- levels ever, based on the SPAC’s Truth Social’s parent before
shell company cerns about past activity, according to the deal went through, but
taking Trump’s Truth Social’s Henry Schwartz, a vice presi- isn’t listed as having any for-
firm public, Eric Trump’s future. dent at exchange-operator Cboe mal position in the newly pub-
Swider, and a supporters Trump is get- Global Markets. Traders flocked lic company in regulatory doc-
longtime lawyer ting this huge to bold trades that would profit uments. In addition to being
named W. Kyle banded windfall because if the shares kept rising. its largest investor, he is one
Green round his supporters Some of the most actively of the most active users of
out the group.
together to push banded together traded bets in early trading Truth Social and has among
Swider and up the stock. on social media were calls tied to the shares the most followers on the plat-
Green’s ties to to push up the jumping to $80 or $90, Cboe form with about 6.8 million.
Trump aren’t stock. Shares of Global Markets data show. Call He has 34 million followers on
clear. the SPAC that options give traders the right Facebook and 87 million on X.
Green, Lighthizer and Mc- became Truth Social rose 35% to buy shares at a specific Many professional inves-
Mahon are listed as indepen- on Monday and surged in ad- price, by a stated date. The tors said the stock is discon-
dent directors. vance of the deal closing. stock ended the day at $57.99. nected from the reality of
Shannon Devine, a spokes- These investors want to help Executives and insiders are Truth Social’s business, which
woman for Truth Social’s par- Trump. So rather than dump typically allowed to sell shares posted about $5 million in
ent, said this article is “clearly the stock, they could cheer his earlier than expected when sales and tens of millions in
the latest in a long line of sales. By keeping the share they are considered to have losses from its 2021 launch to
sloppy, poorly researched hit price high, they could help created value for other inves- September 2023.
pieces on Truth Social by The Trump even more. The former tors. Because of Truth Social’s —Gunjan Banerji
Wall Street Journal.” She president could receive tens of lofty stock price, many inves- contributed to this article.
A6 | Wednesday, March 27, 2024 * *** THE WALL STREET JOURNAL.

U.S. NEWS

Another D.C. Hawley Gets a High Profile

Abortion pill litigant, performance-based mentality.
So through law school, through
wife of GOP senator, clerking, through working at a
is a rising star in large law firm, sort of my go-to
was just to work harder,” Haw-
conservative circles ley said in a 2018 broadcast by
Focus on the Family, an evan-
BY LAURA KUSISTO gelical Christian nonprofit.
Hawley was a member of
Erin Hawley, the lawyer the livestock judging team at
who argued the case against Texas A&M University, where
the abortion pill at the Su- she received an animal-science
preme Court on Tuesday, is a degree in 2002. She did a year
rising star in conservative legal at the University of Texas law
circles and the lower-profile school, where a professor en-
half of a young Washington couraged her to transfer to
power couple. Yale Law School.
Hawley, an Alliance Defend- Josh Hawley was a year be-
ing Freedom lawyer whose ar- hind her at Yale, but the two
guments didn’t appear to sway fell in love while clerking for
EVELYN HOCKSTEIN/REUTERS
after Josh Hawley entered the
Senate. They have two young
sons and a daughter.
Erin Hawley joined the Alli-
ance Defending Freedom, a
conservative legal group, sev-
eral years ago and has worked
on some prominent cases.
She was on a significantly
reduced schedule with her
baby daughter when she was
asked to help with the Dobbs v.
Jackson Women’s Health Or-
ganization case. Hawley has
publicly recounted that she
spent one of the early meet-
ings dealing with her scream-
ing infant. That case would
eventually lead the Supreme
Court to overrule Roe v. Wade

the justices to limit access to Chief Justice John Roberts. in June 2022.
mifepristone, has kept largely “He likes to take credit for our Even some of the court’s
out of the political spotlight marriage. We like to say to him more conservative justices
even as her husband, Sen. Josh that we’re the most conserva- Tuesday appeared skeptical
Hawley (R., Mo.), has become a tive thing he has ever done,” about her argument for rolling
polarizing national figure. the senator joked on stage at a back access to the abortion
After the 2020 election, he Erin Hawley, in blue, spoke outside the Supreme Court on Tuesday after arguments. summit of the Family Research drug nationwide. She remained
was the first senator to say he Council, a Christian advocacy poised but also struggled to
wouldn’t certify Joe Biden’s the campaign trail but applied worked early in their careers, the country to help with group, last year. deflect many of the tough
Electoral College victory, and a brilliant legal mind to issues said Erin Hawley was in some things.” After law school, the Haw- questions.
on the day of the vote, Jan. 6, dear to Christian conserva- senses the more highly re- Erin Hawley, who grew up leys eventually moved to Co- “I think she did as well as
2021, pumped his fist at Don- tives. That includes the over- garded legal mind of the cou- on a ranch in New Mexico, has lumbia, Mo., where they both she could with a weak case.
ald Trump’s supporters gath- turning of Roe v. Wade, the ple. said her career drive grew out landed jobs at the University of ADF is swinging for the fences
ered outside the Capitol before 1973 case that for decades pro- “She’s been more involved of her father’s alcoholism and Missouri’s law school. at the moment, and that means
the riot. tected a right to abortion na- in serious, hard-core legal severe depression, which had Josh Hawley eventually testing how much the Court
Erin Hawley, by contrast, is tionwide. work than he has,” Lambert her constantly striving to win served as Missouri attorney will buy cases like this one
seen by those who know her as Thom Lambert, a law pro- said. “She was the one who his approval. general and then ran success- with glaring issues,” said Mary
a reluctant political spouse fessor at the University of Mis- was getting asked by the very, “I had, for the longest time, fully for the Senate. The couple Ziegler, a law professor at the
who has cut a low profile on souri, where both Hawleys very top appellate lawyers in and still have, in many ways, a relocated to Northern Virginia University of California, Davis.

Skepticism laxed. The order—on hold

while the Supreme Court ap-
peal is pending—would again
FDA’s scientific judgment that
mifepristone could safely be
dispensed the same way other
sued by people claiming they
have been harmed.
Justice Ketanji Brown Jack-
and in April 2023 ordered the
drug withdrawn from the mar-
ket altogether.
Prelogar said it wasn’t the
FDA’s job to enforce that stat-
ute. Under federal law, she

On Abortion require women to make three

in-person visits to obtain a
medication abortion.
prescription drugs are: By re-
mote doctor’s appointment
with delivery from a mail-or-
son then turned Alito’s ques-
tion around.
“You were asked if the
Both the Biden administra-
tion and Danco appealed to the
Fifth U.S. Circuit Court of Ap-
said, “it’s very clear that the
only thing FDA can take into
account for restrictions are

Pill Curbs On Tuesday, however, she

faced a stream of skeptical
questioning from the justices.
der pharmacy or pickup at a
drugstore like CVS or Wal-
greens.
agency is infallible,” she said.
“I’m wondering about the flip
side, which is do you think that
peals in New Orleans. That
court last year found that the
FDA cut corners in relaxing
safety and efficacy concerns,”
she said.
Moreover, she said, the Jus-
Justice Neil Gorsuch ques- “The agency relied on doz- courts have specialized scien- dispensing rules for mifepris- tice Department’s Office of Le-
Continued from Page One tioned why the case should af- ens of studies involving tens tific knowledge with respect to tone, in part by failing to con- gal Counsel, which advises ex-
tial to restrict access to medi- fect anyone other than the of thousands of women,” Prel- pharmaceuticals?” she said. sider the cumulative effect of ecutive branch agencies,
cation abortion, the most com- doctors involved. ogar said. Allowing the suit to “Do you have concerns about several regulatory changes. concluded that the Comstock
mon form of the procedure, “This case seems like a prevail “would severely dis- judges parsing The administra- Act prohibits the mailing only
even in states that protect re- prime example of turning rupt the federal system for de- medical and sci- tion and Danco of unlawful abortion imple-
productive rights. what could be a small lawsuit veloping and approving drugs, entific studies?” then appealed ments, not an approved medi-
The case was brought by Al- into a nationwide legislative harming the agency and the Ellsworth The first major to the Supreme cation such as mifepristone.
liance Defending Freedom, a assembly on an FDA rule,” pharmaceutical industry,” Pre- said the phar- abortion issue Court, which While the 2022 ruling that
Christian conservative group Gorsuch said. logar said. maceutical in- agreed to hear struck down Roe settled a
that helped overturn Roe, on Hawley said it would be im- Justice Samuel Alito, who dustry indeed to reach the the case. longstanding legal question at
behalf of doctors and medical practicable to limit a court or- wrote the 2022 opinion re- was concerned, Hawley has the heart of the abortion de-
associations that oppose abor- der to protecting the individ- scinding abortion rights, Dobbs pointing to
court since it also argued bate, it hasn’t freed the Su-
tion and long have fought to ual plaintiffs. The v. Jackson Women’s Health Or- friend of the overruled Roe. that allowing preme Court from litigation
reduce the availability of mife- unpredictable nature of emer- ganization, questioned court briefs m i fe p r i s to n e over the procedure. Next
pristone. Because pills can be gency room work, she argued, whether the FDA was entitled saying it de- delivery by mail month, the justices are sched-
sent through the mail and self- means the doctors still would to such deference. pended “on violates the uled to consider whether
administered, antiabortion risk encountering a mifepris- “You think the FDA’s infalli- FDA’s gold standard review Comstock Act, a 19th-century emergency-room doctors at
groups fear mifepristone can tone patient. ble?” he asked Jessica Ells- process to approve their drugs federal law that outlawed hospitals receiving Medicare
help women flout abortion Hawley’s husband, Sen. worth, an attorney for mifepri- and then to be able to sell mailing contraceptives, abor- funding are permitted to per-
bans in states that have out- Josh Hawley (R., Mo.), ob- stone manufacturer Danco their products.” tion implements and other form abortions to stabilize
lawed the procedure. served the argument from the Laboratories. “Has the FDA The November 2022 lawsuit materials then considered im- critical patients—even if state
Erin Hawley, a lawyer for visitors gallery, as did New ever approved a drug and then was filed in Amarillo, Texas, moral. Although the statute’s law bans the procedure.
the organization, won a lower- York Attorney General Letitia pulled it” after discovering where it was sure to land be- current iteration no longer re- Idaho, which outlaws nearly
court ruling reimposing re- James, a Democrat who filed a safety problems? he said. fore U.S. District Judge Mat- stricts contraceptives, the lan- all abortions, is appealing a
strictions on mifepristone that brief backing the FDA on be- Ellsworth said that both the thew Kacsmaryk, a Trump ap- guage against mailing abor- lower court order the Biden
had been in place from 2000, half of some two dozen states agency and the manufacturer pointee who previously worked tion implements remains on administration won permitting
when the Food and Drug Ad- and the District of Columbia. monitor the drug’s use and for another conservative reli- the books. such emergency procedures.
ministration first approved the Even if the court found the would take action if risks gious advocacy group. Kacs- Alito and Justice Clarence A decision in the case ar-
drug, to 2016, when the agency doctors had legal standing to emerged. Drugmakers, she maryk determined that the Thomas both asked about the gued Tuesday, FDA v. Alliance
said research demonstrated sue, Prelogar said, there was said, are liable for defective FDA’s initial approval of mife- Comstock Act’s relevance to for Hippocratic Medicine, is ex-
the rules could safely be re- no basis to second guess the products and frequently are pristone in 2000 was flawed the case. pected by early July.

Drug and Telehealth Eased Access to the Procedure

BY KARA DAPENA Abortions per 1,000 women, ages 15–44* Driving distance to nearest abortion provider
among reproductive-age women, ages 15–44
Medication† Medication abortion gets
Telehealth for medication FDA approval in 2000
abortion became available in Procedural In states with total ban for abortion currently in effect‡
2020 when the FDA stopped
Dobbs decision issued
enforcing its in-person dis- 100%
pensing requirement and al-
lowed certified mail-order
pharmacies to ship pills to pa-
16.3 15.7 Less than
in 1973 in 2023 10 miles
tients during the pandemic. In Pill protocol 75
2023, the agency also allowed eases in 2016
certified bricks-and-mortar
pharmacies to dispense the
pills for the first time.
In September 2023, some 50
16% of all abortions within the
formal U.S. healthcare system 10–99 At least
1980 ’90 2000 ’10 ’20 200 miles
59%
were performed via telehealth,
according to WeCount, an 25
Shield laws that protect telehealth abortion providers who treat out-of-state patients
abortion-data project spon-
sored by the Society of Family Extend if patient stays in their own state If patient gets care in provider’s state** No shield law
Planning, which supports abor- Telehealth for medication abortion allowed 100–199
tion rights. Twenty-six states 0
and Washington, D.C., allow
telehealth for medication abor- 2021 ’22 ’23 ’24
tion. The remaining states have
restrictions. In the U.S., contiguous states overall
Patients in states that don’t
permit abortions can turn to 100%
telehealth providers in many
other states. Providers in some Less than
states have so-called shield 10 miles
laws designed to protect them 75
from liability or prosecution if
they provide pills to patients D.C.
from states where abortion is
banned.
50
Fourteen states ban abor-
tion throughout pregnancy.
This has put distance between
providers and many patients. 10–99
In the states that ban nearly 25
all abortions, 59% of reproduc-
tive-age women must drive at
least 200 miles to the nearest At least
abortion provider, according to
Total ban for 200 miles 14%
abortion in effect‡ 0
January figures from Caitlin
2021 ’22 ’23 ’24
Myers, an economist at Middle-
bury College who maintains a *Abortion rate values available for 1973-2020 and 2023. Values for missing years interpolated by WSJ. †Medication abortion values available for 2000, 2001, 2005 and every third year after that. ‡May have exceptions. **Includes D.C.
database of abortion facilities. Sources: Guttmacher Institute, Reproductive Health Initiative for Telehealth Equity & Solutions and staff reports (abortions, telehealth restrictions, shield laws, abortion bans); the Myers Abortion Facility Database (distances)
 THE WALL STREET JOURNAL. Wednesday, March 27, 2024 | A7

WORLD NEWS
China Challenges
U.S. Over EV Rules
BY SHA HUA
China filed a complaint at
the World Trade Organization
over the U.S.’s Inflation Re-
duction Act, saying it was dis-
criminatory and distorted fair
competition.
Beijing will use the WTO’s
dispute-settlement mechanism
to challenge electric-vehicle
subsidies, China’s Ministry of
Commerce said on its website
AGENCE FRANCE-PRESSE/GETTY IMAGES
temporary Amperex Technol-
ogy, the world’s largest maker
of EV batteries, is already li-
censing its technology to Ford
Motor to help the American
carmaker produce vehicle
batteries at a plant in Michi-
gan.
China’s Commerce Ministry
said the U.S. used the pretext
of climate and environmental
protection to implement mea-
sures that violate WTO rules

on Tuesday. and disrupt global supply

The rules being challenged
require vehicles to use parts
from specific regions to qual-
ify for subsidies while exclud-
ing products from China,
among other countries, the
ministry said.
Under the Inflation Reduc-
Officials inspect the wreckage of a van that was carrying Chinese workers to a dam-construction site in Pakistan. tion Act, which President Bi-
den signed into law in August
chains.
“China is firmly opposed to
it,” the ministry said, adding
that it respected the rights of
WTO members to implement
industrial subsidies within the
limits of WTO rules.
Biden in February ordered
the U.S. Commerce Depart-
ment to open an investigation

Pakistan Blast Kills Foreigners

2022, consum- into foreign-
ers in the U.S. made software
won’t be able in cars, citing
to claim a Beijing will use Chinese tech-
$7,500 clean- the WTO’s nology as a po-
Chinese workers in attack. A police officer in Khy- faced criticism that it is pursu- In 2022, a Pakistani woman vehicle tax
dispute-
tential na-
ber Pakhtunkhwa province, ing lopsided lending deals that blew herself up outside the credit if they tional-security
Asia and Africa have where the attack occurred, drive developing nations into gate of Karachi University’s buy cars con- risk. The probe
settlement
been attacked as said some remains of the at- heavy debt without necessarily Chinese language institute, taining battery could lead to

Beijing extends reach

tacker were found.
The Chinese nationals killed
were on their way to a dam-
BY WAQAR GILLANI AND SHAN LI construction project when they
were attacked, said the Chinese
At least five Chinese na- embassy in Islamabad. A Paki-
tionals were killed in northern stani driver also was killed.
Pakistan on Tuesday when a Pakistan’s Prime Minister
car packed with explosives hit Shehbaz Sharif and Interior
their van, Pakistani officials Minister Mohsin Naqvi con-
said, the latest in a string of demned the attack and voiced
attacks that have targeted Chi- support for Beijing and the
nese interests in the country. families of those killed.
The attack highlights the “The enemy has targeted
increasing security challenges citizens of a very reliable
China faces in countries such friend of Pakistan,” Naqvi said
as Pakistan, a major recipient on the social-media platform
of Chinese investment. As Bei- X. “This isn’t an attack on the
jing has sought to extend its Chinese, but on Pakistan’s
influence globally, Chinese most trusted friend. We will
workers in Asia and Africa respond in a hard manner.”
have come under attack. In Beijing is the world’s largest
Pakistan, local insurgents have lender to the developing world,
targeted Chinese construction mainly through the Belt and
sites, citizens and symbols. Road infrastructure program
Pakistan’s interior ministry since Chinese leader Xi Jinping
said the incident was a suicide came to power. The country has
boosting the local economy.
The security of thousands of
Chinese workers has become a
sensitive issue in Pakistan, a
showcase for Chinese develop-
ment investment where Beijing
has spent billions on roads,
ports and power plants. Paki-
stan’s precarious finances also
rely on lending from China and
other allies, as well as from the
International Monetary Fund.
Islamabad has dedicated thou-
sands of soldiers to protecting
Chinese projects and personnel.
China “requires Pakistan to
conduct a thorough investiga-
tion of the attack and severely
punish the perpetrators, while
at the same time taking mea-
sures to protect the safety of
citizens, institutions and proj-
ects in Pakistan,” the embassy
said. Pakistan’s foreign ministry
said it would continue to work
closely with China on security
for Chinese people and projects.
killing three Chinese teachers
and a Pakistani driver. The Ba-
loch Liberation Army, the
deadliest separatist group in
the southwestern province of
Balochistan, claimed responsi-
bility. The province is home to
the strategic Gwadar port that
is at the center of Beijing’s in-
vestment program in Pakistan.
Separately, the army said it
thwarted two major attacks by
militants in Balochistan in the
past week, including an at-
tempt to storm a part of the
Gwadar port complex.
Pakistan has seen its over-
all security situation deterio-
rate sharply since the Taliban
takeover in Afghanistan in
2021. The country has experi-
enced attacks on its security
forces by Pakistani militants
Islamabad has said are based
over the border. Kabul has de-
nied the allegations it harbors
those or other militants.
components mechanism.
from a “foreign
entity of con-
cern” starting
in 2024.
The policy will extend to
the minerals that go into bat-
tery components in 2025. The
move was seen by industry
players as a way to reduce
China’s role in the U.S. EV-in-
dustry supply chain.
The definition covers any
firm based in China, including
subsidiaries of U.S. companies,
as well as companies elsewhere
that are 25% or more owned by
state-backed entities from
China.
The rules also apply to Iran,
North Korea and Russia.
Other arrangements that
involve Chinese companies,
such as licensing technology,
might be permissible under
the rules.
Ningde, China-based Con-
restrictions on
the use of cer-
tain parts in
cars in the U.S.
In December, The Wall
Street Journal reported that
the Biden administration was
considering an increase in im-
port taxes on Chinese EVs,
which are currently at 27.5%.
In 2023, China became the
world’s biggest car exporter,
surpassing Japan and Ger-
many, while China’s EV maker
BYD overtook Tesla to become
the bestselling pure EV maker
in the world in the fourth
quarter of 2023. In September,
the European Union launched
an antisubsidy investigation
into Chinese EV makers,
pointing to the impact of low-
price Chinese products on the
bloc’s domestic industries.
 BYD overtakes Tesla as
top EV seller........................ B4

Russian Court Extends

WSJ Reporter’s Detention
BY ANN M. SIMMONS

A Russian court extended

the detention of Evan Gershk-
ovich by three months, nearly
a year to the day since The
Wall Street Journal reporter
became the first U.S. journal-
ist to be detained there on an
allegation of espionage since
the end of the Cold War.
The 32-year-old reporter,
whom Washington deems
MOSCOW CITY COURT/REUTERS

wrongfully detained, has been

held in Moscow’s Lefortovo
Prison since March 29, 2023,
on an allegation that he, the
Journal and the U.S. govern-
ment vehemently deny.
In a closed hearing at the
Moscow City Court, a judge Evan Gershkovich attended a court hearing Tuesday in Moscow.
granted the request of investi-
gators from the Federal Secu- has said it is acting in accor- cow and Washington reached
rity Service, or FSB, that Ger-
shkovich remain behind bars
dance with its laws. Most of
the court proceedings have oc-
an agreement. Putin declined
to give a time frame for a deal SPLENDID SPECTACLE
awaiting trial until June 30.
Russian law allows investi-
curred behind closed doors.
Last week, Jason Conti,
and didn’t specify who Moscow
was demanding in return for GOLD OPERA GLASSES
gators up to a year in criminal general counsel for Journal Gershkovich. But he made clear
cases deemed particularly publisher Dow Jones, told a reference to Russian operative Ingenious design. Exquisite grandeur. 19th-century rarity.
complex to prepare for a trial, panel hosted by the National Vadim Krasikov, now serving a
but grants further extensions Press Club in Washington that life sentence in Germany for These exceptionally rare 18K gold antique
in exceptional circumstances. Washington should consider gunning down a Chechen émi-
Tuesday’s ruling, the fifth ex- immediate consequences, in- gré in a Berlin park in 2019.
French opera glasses feature ornate engravings
tension of Gershkovich’s deten- cluding sanctions, against au- Days after Putin’s remarks, and a bespoke design, epitomizing the height of
tion, comes ahead of the one- thoritarian countries that associates of Russian opposi- 19th-century luxury. The metamorphic glasses
year mark of his detainment on wrongfully detain reporters. tion politician Alexei Navalny, delightfully spring to life when in use and
Friday and amid efforts by the The Biden administration who died in an Arctic penal perfectly fold into their original tortoiseshell
Biden administration to secure sanctioned the FSB about a colony in February, said a pro- case, complete with golden hinges. The finest
his release. Washington says month after Gershkovich, who posal to trade him and two
of their kind and still in pristine condition,
Gershkovich has never worked was accredited by Russia’s unnamed U.S. citizens held by
for it and isn’t a spy. Foreign Ministry to work as a Moscow for Krasikov was un- these opera glasses are a singular treasure.
U.S. Ambassador to Russia journalist, was detained dur- der discussion. Circa 1860. 43/4”h x 5”w. #31-8532
Lynne Tracy said outside the ing a reporting trip. The sanc- Putin told a news conference
court that Gershkovich remains tions were in the works before this month that, days before
remarkably resilient, but his his detention, senior adminis- Navalny died, he had agreed to Scan to see a video of
continued detention is “partic- tration officials have said, exchange him with prisoners in these opera glasses
ularly painful” given that this with President Biden saying the West, on the condition that
week marks a year since he the move would put more the opposition politician—the
was detained. “The accusations pressure on Moscow. Kremlin leader’s most potent
against Evan are. not a differ- Gershkovich’s designation critic—never return to Russia.
ent interpretation of circum- as wrongfully detained com- U.S. national-security ad-
stances. They are fiction.” mits Washington to work to viser Jake Sullivan said U.S.
Gershkovich’s detention is secure his release. He and officials had never heard a
about “using American citi- Paul Whelan, a Michigan cor- Russian official “raise Navalny
zens as pawns to achieve po- porate-security executive as part of a prisoner swap.”
litical ends,” she added. serving a 16-year sentence for The Kremlin didn’t respond
The Wall Street Journal espionage in a Russian penal to a request for comment.
said: “He should never have colony, are the only Americans 622 Royal Street, New Orleans, LA • 877-677-2801 • ws@rauantiques.com • msrau.com
been detained. Journalism is categorized by the State De-
not a crime, and we continue to partment as wrongfully de- Watch a Video Since 1912, M.S. Rau has specialized in the world’s finest art, antiques and jewelry.
demand his immediate release.” tained in Russia. Scan this code Backed by our unprecedented 125% Guarantee, we stand behind each and every piece.
Russian investigators ha- President Vladimir Putin in- for a video on
ven’t publicly presented evi- dicated in February that he Gershkovich’s
dence for their allegation would be open to a prisoner detention and
against Gershkovich. Moscow swap for Gershkovich if Mos- the latest ruling.
A8 | Wednesday, March 27, 2024 THE WALL STREET JOURNAL.

WORLD NEWS

Some Israelis Question U.S. Dependence

U.N. Gaza resolution cause it sent a message to
Hamas that it could have ev-
deepens leadership erything it wanted without re-
split on Israel relying leasing the hostages. The reso-
lution called for a cease-fire
less on Washington and the release of hostages, in-
stead of embracing the Israeli
BY THOMAS GROVE position that a truce be predi-
AND ANAT PELED cated on the hostages’ release.
Shortly after the resolution
Israel is increasingly divided passed, National Security Minis-
over its alliance with the U.S., ter Itamar Ben-Gvir wrote on X:
with Washington’s decision to “Um Shmum,” best translated
allow the passage of a U.N. Se- as “U.N.—Shm-U.N.” The phrase
curity Council resolution call- conveys the conviction that Is-
ing for an immediate cease-fire rael must look out for itself.
in Gaza emboldening populist A member of Netanyahu’s Li-
voices that demand Israel kud party, parliamentarian Boaz
wrest more independence from Bismuth, called the tensions a
SAID KHATIB/AGENCE FRANCE-PRESSE/GETTY IMAGES

American influence. “disagreement in the family.”

Prime Minister Benjamin White House National Secu-
Netanyahu pushed back hard rity Council spokesman John
against the Biden administra- Kirby said the abstention
tion’s decision to abstain from didn’t represent a “change in
the resolution and break with policy” for President Biden.
a U.S. tradition of vetoing “There is no reason for this to
measures Israel dislikes. In re- be seen as some sort of esca-
sponse, the Israeli leader lation,” he said.
shelved plans to send a dele- At the start of Israeli De-
gation to Washington for talks fense Minister Yoav Gallant’s
on a planned ground operation visit to the Pentagon on Tues-
in Rafah, in southern Gaza. A Palestinian man tries to salvage clothing from a building that was destroyed during Israeli military operations in Rafah. day, his U.S. counterpart said
Some of the premier’s right- it was a moral and strategic
wing allies questioned whether a sponsor to a partnership.” to the region, along with and direct dialogue with the support coordination with the imperative to protect Palestin-
Israel has come to rely too For decades, most Israelis troops and military assets. American administration is an U.S. On the right, however, a ian civilians.
much on its American ally. haven’t questioned the coun- Israel’s security establish- essential asset that must not 64% majority says Israel U.S. Defense Secretary
“Israel has become overly try’s alliance with Washington. ment, as well as its center and be given up on even when should act only in accordance Lloyd Austin, in unusually as-
dependent on American arms Israel depends on the U.S. on left wing, see U.S. support for there are challenges and dis- with the judgment of its own sertive remarks, called the sit-
in particular,” said Caroline several fronts, from billions of Israel as a bedrock of the putes,” war cabinet member leadership, according to a poll uation in Gaza a “humanitar-
Glick, an Israeli opinion col- dollars in military aid packages country’s future. Benny Gantz said Monday. conducted by the Israeli De- ian catastrophe.”
umnist and former adviser to to coordination on countering “The special relationship But cracks have started to mocracy Institute in March. Gallant said that in the meet-
Netanyahu. “The nature of our Iran to cyber cooperation. Af- between Israel and the United emerge. A majority of those Glick said the United Na- ing he stressed that Israel won’t
relationship has to change ter Hamas’s Oct. 7 attack on States is an anchor in Israel’s on the Israeli left and center, tions council decision was stop military operations until
from that of a client state and Israel, the U.S. sent warships security and foreign relations, 82.5% and 64.5%, respectively, “deeply hostile to Israel” be- all the hostages are returned.

Syrian Camps Breed Fears

Of an Islamic State Revival
BY GORDON LUBOLD with the U.S. to fight Islamic One threat to the security of
AND MICHAEL R. GORDON State and is now supported by the camps is the animosity be-
American troops. tween the Syrian Kurds and
AL-HOL, Syria—A recent The immediate challenge Turkey. The Kurds have
security sweep inside a for the U.S. and its interna- warned they may need to redi-
sprawling fenced refugee tional partners is to ease the rect their guards if they come
camp holding 44,000 people humanitarian plight and com- under a sustained Turkish at-
AHMED MARDNLI/EPA/SHUTTERSTOCK

turned up a raft of weapons, bat Islamic State’s efforts to tack. Another is Iraq’s hard-
dozens of Islamic State mili- radicalize the population. line Shiite politicians. If Bagh-
tants and a Yazidi woman who But the more daunting dad evicts the 2,500 U.S. troops
had been held by the group question is how to ensure in Iraq, it could undermine the
for nearly 10 years. thousands of the camps’ resi- Pentagon’s effort to support its
For many, the horrors of Is- dents and imprisoned fighters effort in northeast Syria.
lamic State ended when a U.S.- are repatriated. If a future U.S. There is no fallback plan
led military administration for housing the displaced ci-
campaign col- were to pull its vilians and detaining the Tens of thousands of people are being held in Al-Hol refugee camp in northeastern Syria.
lapsed the support for the fighters if the U.S. leaves Syria
group’s self- Repatriation is Syrian Demo- and its Syrian partner drops 12. Only a quarter of the chil- The 22 detention centers sand more this year, including
styled caliphate the longer-term cratic Forces, the mission. Neither the U.S. dren receive regular educa- for Islamic State fighters have 600 to 700 who are neither
in 2019. But or withdraw nor its allies want to hand tional instruction, State De- their own challenges. Security Iraqi nor Syrian. They have
five years later, solution, but American over the facilities to Syrian partment officials say. In the has been improved at a major been far harder to repatriate.
tens of thou- forces, security President Bashar al-Assad. fall of 2022, camp guards made prison in Hasakah, Syria, since Nearly 800 fighters, mostly
sands of civil-
painstakingly could collapse, Nor have there been any dis- a horrific discovery in the camp a breakout attempt in January Iraqis, have been sent to their
ians are still slow. potentially cussions to transfer the facili- sewer, according to U.S. offi- 2022, but a Pentagon report countries over the past three
being kept in sparking a re- ties to the United Nations. cials: the heads of two Egyptian last year said that eight pris- years. Of the some 9,000 that
camps includ- vival of Islamic The combined population of girls, one 12 and the other 13. ons required “immediate im- remain, the 1,800 who are
ing Al-Hol, State. the Al-Hol refugee camp and A U.N. human-rights expert provements” and that pro- from outside Syria and Iraq
which are filled with the fami- U.S. officials believe Friday’s the nearby Roj facility is who visited Al-Hol last July grams to train Syrian guards are again the most difficult to
lies of Islamic State militants terrorist attack on a suburban 46,500 and includes women reported, “Insecurity pervades were behind schedule. send home. Last year, the U.S.
and others inadvertently Moscow concert hall that killed who married into Islamic State daily life in the camp, and in- The longer-term solution is repatriated only 17 Saudi
swept up in the chaos of at least 133 people was carried or were forced to have chil- cidents of violence, including to winnow the populations in fighters of this group.
northeast Syria. Some 9,000 out by a branch of Islamic dren with the group’s fighters. murder, physical harm, intimi- the camps and detention cen- The populations represent
Islamic State fighters are held State based in Afghanistan. There is also a small popula- dation and sexual assault oc- ters. But repatriations are more than 75 nations, includ-
separately in detention cen- “Absolutely Al-Hol is a tick- tion of men whose degree of cur with some regularity, with painstakingly slow. Over the ing China—about 100 Uyghur
ters in the same region. ing time bomb because it is one affiliation with Islamic State no investigation or measures past three years, about 10,200 fighters and 1,500 Uyghur civil-
The camps and detention of the most miserable places on isn’t always known, according in place to prevent recur- people at Al-Hol and Roj have ians can’t be sent home be-
centers are guarded by the earth,” said Dana Stroul, a for- to State Department officials. rence.” The State Department been repatriated. State De- cause of human-rights con-
Syrian Democratic Forces, the mer senior Pentagon official for More than half of the camps’ says violent crime has gone partment officials say they cerns. About 40 Americans
Kurdish-led force that joined the Middle East. residents are under the age of down over the past year. hope to return several thou- have been returned.

Venezuela’s Strongman Picks Opponent CANADA

WORLD WATCH
POLAND
BY JUAN FORERO David Smilde, a professor
Poor Productivity Lawmakers Target
AND KEJAL VYAS who tracks Venezuelan poli- Reaches Emergency Central-Bank Chief
tics at Tulane University, said Canada’s poor labor produc- Lawmakers with the ruling
Venezuela’s regime barred the regime believes it can tivity has become a national pro-European Union coalition
the leading opposition candi- work with Rosales—in con- emergency, the Bank of Can- launched a rare process Tues-
date from running in the July trast to politicians who have ada’s No. 2 official said Tues- day to bring National Bank of
28 presidential election, a ma- supported sanctions and crim- day, adding that the trend Poland chief Adam Glapiński
neuver that political analysts inal charges against Maduro’s must be reversed to help the before a special court on alle-
say will split President Nicolás inner circle. Smilde said the economy fight inflation. gations of acting against the
MARINA CALDERON/BLOOMBERG NEWS

Maduro’s foes and reduce regime also hopes that Rosa- Productivity posted a 1.7% country’s financial interests.
voter turnout, both goals of les, who polls show has far annualized gain in the fourth The result could ban him
his government less support than Machado, quarter of 2023, although that from political life.
Instead, Manuel Rosales, a would divide the opposition was the first rise after six Glapiński was appointed in
71-year-old governor who has coalition and push leaders to straight quarterly declines. 2016 by the then-ruling conser-
had amicable relations with call for a boycott. Data indicate the level of pro- vative Law and Justice party
the government, was permit- That would give Maduro an ductivity is roughly unchanged and is in his second term. The
ted to register, while the Dem- edge in the vote, while also re- from where it was seven years allegations include acting in
ocratic Unitary Platform coali- ducing voter turnout. Political ago. Another gauge of living the interest of the party.
tion’s preferred candidate, Manuel Rosales was permitted to register as a candidate. scientists and economists say standards, gross domestic Critics of the effort sug-
Corina Yoris—an academic Maduro’s prohibition on can- product per capita, also points gested that the ruling coalition
and grandmother of seven “Our candidate is Corina with other opposition leaders didates who would beat him to a prolonged slump, and at a was going too far in its at-
chosen to run just this past Yoris,” she said Tuesday in the past, coming out against will pressure the Biden admin- level no higher than nearly a tempts to reverse actions of
Friday—wasn’t. morning in a press conference U.S. sanctions leveled against istration to reimpose the eco- decade ago. the previous government that
The developments left the in the Venezuelan capital. She the regime and recognizing nomic sanctions relaxed in Oc- The Bank of Canada’s se- were widely seen as undemo-
opposition, which has also called the machinations at the Maduro’s 2018 election victory, tober to coax Maduro and his nior deputy governor, Carolyn cratic, and hold those responsi-
seen many of its political ac- National Electoral Council, which dozens of democratic rivals into negotiations and Rogers, blamed weak capital ble to account. The coalition,
tivists arrested in recent which is stacked with Ma- governments called fraudulent. lead to fair elections. spending among businesses which came to power in De-
weeks, crestfallen on Tuesday. duro’s allies, antidemocratic Maduro has governed since White House press secre- and a lack of competition in cember, filed the motion to
It was also a blow to the Biden and “too shameless, too dark, 2013, when he won an election tary Karine Jean-Pierre said certain key sectors. “I’m say- bring Glapiński before the State
administration, which had too grotesque.” to succeed his political bene- the administration is still ing that it’s an emergency.” Tribunal. The process, which
lifted economic sanctions on In an interview on Colom- factor, Hugo Chávez, whose working to ensure an inclusive Productivity measures how observers say can take up to a
Venezuela’s oil industry to en- bia’s Blu Radio, Yoris called rule had begun in 1999 and election and urged the regime much an economy can pro- year, could strip him of his post
courage Maduro to permit free Rosales’s registration “a be- ended with his death. “to allow all candidates to duce each hour of work. In and ban him from all state po-
and fair elections. trayal” of the opposition coali- In a press conference early run.” She said sanctions relief theory, higher productivity sitions. Established in 1921, the
Maria Corina Machado, cho- tion. Rosales, governor of oil- Tuesday afternoon, Rosales would remain in place if Ma- lets companies earn more tribunal has heard four cases,
sen in a primary last year to rich Zulia state, has been pledged to lead the “biggest duro “upholds the commit- revenue and pay higher with two of the defendants
face Maduro and then banned, nominally in the opposi- rebellion through votes” in ments” made to move toward wages without raising prices. banned from political life.
declined to back Rosales. tion. But he has broken ranks Venezuelan history. free and fair elections. —Paul Vieira —Associated Press
A10 | Wednesday, March 27, 2024 THE WALL STREET JOURNAL.

FROM PAGE ONE

Boeing’s MAX flown by Alaska Airlines—

highlighted shortcomings in the
company’s succession plans.
At the same time, several
airline CEOs requested to take
their concerns to Boeing’s
that had problems.
The Alaska Airlines door
plug had to be opened when it
The Federal Aviation Admin-
istration has been unsettled by
what officials have seen at Boe-
and opened a criminal investi-
gation of the Alaska Air acci-
dent. The Federal Bureau of

Next CEO Boeing’s board previously dou-

bled down on Calhoun, extend-
ing his stay past the traditional
board, asking the directors to
spell out plans for fixing the
quality problems. Boeing coun-
arrived at Boeing’s factory in
Renton, Wash. Boeing workers
then reinstalled it without
ing since the Alaska accident,
current and former government
officials said. Calhoun was
Investigation contacted pas-
sengers identifying them as
possible crime victims, gener-

Faces Crisis retirement age of 65.

Continued from Page One
find a successor who the board
hopes could instill confidence
in the company.
A long transition could slow
turnaround efforts: Departing
CEOs rarely make bold strategy
moves and uncertainty at the
top can ripple through a com-
pany, paralyzing decision-mak-
ing. “The faster they get some-
one in, the better,” said Bill
George, former chairman and
CEO of Medtronic, who co-
wrote case studies on Boeing’s
challenges. “The new CEO is
going to have a massive job.”
Monday’s shake-up—after a
near-tragedy Jan. 5 on a 737
Calhoun, who turns 67 next
month, was preparing for his
succession and, before the
Alaska Airlines accident, ele-
vated one of his lieutenants,
Stephanie Pope, to a No. 2 role,
making her the heir apparent.
But as the problems mounted,
people familiar with them said
Calhoun, Kellner and other di-
rectors discussed the need to
accelerate leadership changes.
Calhoun told directors after
the Alaska accident that the
company had no immediate
successor to commercial unit
chief Stan Deal, keeping him in
place for now, according to peo-
ple familiar with the matter.
Pope’s appointment to replace
Deal in that role on Monday
showed the board couldn’t wait.
tered by offering to send Kell-
ner, former CEO of Continental
Airlines, and other board mem-
bers for meetings with airline
bosses as soon as this week.
Those meetings will now
feature Steve Mollenkopf, who
is taking over as Boeing’s chair-
man and will lead the CEO
search. The former Qualcomm
CEO joined the aircraft maker’s
board in 2020 and serves as a
director at Dell Technologies.
The electrical engineer led
Qualcomm through several
high-profile challenges.
Calhoun had been trying to
address Boeing’s supply-chain
issues by cracking down on
quality problems with fuselage
maker Spirit AeroSystems. Boe-
ing said this month it would
stop accepting parts from Spirit
bolts that are needed to keep
it in place, investigators said.
A few months later, it blew off
a plane at 16,000 feet.
Calhoun is in the midst of
negotiations with Spirit about
acquiring the company. A deal
would mark a reversal of Boe-
ing’s strategy of outsourcing
many components to focus on
final assembly. Boeing sold the
Spirit factories in 2005.
Fixing Boeing’s problems
will be a big undertaking,
United Airlines CEO Scott
Kirby said earlier this month.
“This is not a 12-month issue.
This is a two-decade issue,” he
said during an investor con-
ference. The airline said Mon-
day it looked forward to work-
ing with it during its
leadership transition.
agreeable to the FAA’s re-
quested changes, a former FAA
official said, but the agency
ating headlines that got the
board’s attention, according to
a person briefed on the matter.
hasn’t seen enough results. Union leaders representing
Calhoun apologized for Boeing workers said in recent
Boeing’s mistakes, slowed pro- days they were demanding a
duction and said it is working seat on the board for the first
with regulators and customers time in the company’s history.
to address their concerns. Airline executives had ex-
The tension came to a head pressed frustration for years at
this month. The FAA found delivery delays that compli-
“multiple instances” of quality- cated planning. The smallest
control issues after conducting and largest types of MAX jets
an audit of 737 production. haven’t been certified, and it is
Soon after, Boeing advised air- unclear when the FAA will sign
lines to check cockpit seats on off. United, which was waiting
787 Dreamliner jets after a seat on the largest MAX variant,
mishap caused a terrifying said it can no longer depend on
plunge on a New Zealand flight. receiving the planes and is
The Justice Department has shopping for Airbus jets.
been reviewing a 2021 settle- —Alison Sider
ment it reached with Boeing and Emily Glazer
after two deadly MAX crashes contributed to this article.

Another and looting. Road blockades

prevent water and food delivery
vehicles from reaching shelters.

Border Wall “I try to stay stocked up. The

last time I ventured out onto
the street to go to the super-

Is Rising market was a week ago. Many

supermarket shelves are now
empty,” Jean-Baptiste said.

Continued from Page One

Dominican capital, Santo Do- Mass deportations
mingo. The Dominican Republic’s
Abinader signed off on plans growing economy has long ab-
for the wall three years ago, sorbed low-wage workers from
modeling it on the fortifications Haiti, much as the U.S. has with
Israel built in the Golan Heights its southern neighbors.

ERIKA SANTELICES FOR THE WALL STREET JOURNAL

to separate it from Syria. It is
one of the latest efforts to build
walls or other obstacles to ille-
gal migration around the world,
including on the U.S. southern
border. Poland began building
barriers in recent years when
Russia and Belarus flew in mi-
grants from Syria and Afghani-
stan and set them loose to make
their own way into Europe.
As in the U.S. and much of
Europe, control of the border
has become a driving force in
the Dominican Republic’s com-
ing election. If Abinader wins
re-election in May, the plan
would be to complete the $120
million barrier along the border.
Polls show that security is a top
concern for Dominican voters,
and he’s likely to win.
Beyond complaints from hu-
man rights and religious
groups, there is little opposition
to the wall. Former President
Leonel Fernández, Abinader’s
main opponent in the May elec-
tion, has said the border wall is
necessary because of the secu-
rity risks linked to Haiti’s dete-
rioration. He has urged the gov-
ernment to strengthen the
wall’s technology tools to deter
human smugglers.
Abinader put the country on
maximum alert earlier this
month after gangs attacked po-
lice stations in Haiti and freed
nearly 4,000 inmates from two
prisons. Intelligence briefings,
he said, indicated that rising
lawlessness “was pushing Haiti
into the abyss.”
The Dominicans rushed
thousands of soldiers to the
border to strengthen surveil-
lance and prevent any escapees
crossing over from Haiti.
The first stage includes the
development of a 12-foot-high
wall, half of it made of concrete,
with a metal fence and razor
wire on top that extends for
some 30 miles along Haiti’s
most populated border areas.
The barrier was first pro-
posed in the Dominican con-
gress by Vinicio Castillo, then a
far-right legislator. “It was in
2014, well before President
Trump came up with a similar
idea,” said Castillo, who is now
running for senator.
“At that time it was seen by
some sectors as an extremist
idea, but it actually fell short as
Haiti collapsed,” he said. “Be-
cause of the risk of famine, Hai-
tians either take a raft to Miami
or they come here. For us it
would be a catastrophe, we are
a poor country too.”
The wall now taking shape is
dotted with sentry towers, so-
lar-powered cameras and mili-
tary personnel operating drones
along the banks of the polluted
Massacre River separating the
two countries here in Dajabón, a
town of 62,000 in the northern
part of the border area.
Haitian officials have ex-
But now Dominican authori-
ties are forcing back hundreds
of Haitians a day, government
data show. Close to 225,000
Haitians were deported or ex-
pelled last year, including more
than 640 pregnant women.
“There are viscerally anti-
Haitian sectors that see the Hai-
tian presence as a threat to Do-
minican identity,” said Edwin
Paraison, a former Haitian dip-
Dominican military personnel at a security post observe the wall being built between Haiti and the Dominican Republic. lomat who served as ambassa-
dor to the Dominican Republic.
U.N. officials have urged Do-
minican authorities to suspend
$10,000 mass deportations to such a
THE
H E BAHAMAS GDP per capita*
ATLANTICC OCEAN dangerous country. Abinader
U.S. 2022 said his government is following
The Dominican Republic $8,732 its constitutional mandate.
is building a border wall as TURKS AND Detail
CUBA 8,000 Abinader said one of the Do-
tii continues.
chaos in Haiti CAICOS
CA
A ISLANDS
I
minicans’ biggest problems is
The first phase includes keeping track of who exactly is
a roughly 30-mile stretch crossing the border, because
of a 12-foot wall made Dominican Republic
PACIFIC 6,000
only around 15% of Haitians
of concrete and razor wire. OCEAN have an ID card or passport.
CUBA
CU
UBA
UBBA
B A The Dominican intelligence
Cap-Haitien
Cap-Hait
Cap-Ha
app-Hai
ap Haai
H ai service is developing a biomet-
Dajabón
a óónn ric system to identify Haitians
4,000 entering the country and deter-
HA
HAITI
H A TI mine whether any of the prison-
DOMINICAN
D OMINICAN
OM
O MINICAN
MI
M IN
NIC
NIIICCCA
CAN
AN
A N REPUBLIC
REPUB
BL I C 2022 ers who escaped in this month’s
Port-au-Prince $1,248 jailbreak made it across the bor-
Santo 2,000 der. So far none has been de-
HISPANIOLA Domingo
Haiti tected.
In Dajabón, border police
surveil the 25,000 people who
100 miles 0
come across a pedestrian bridge
Caribbean Sea
for a market, a labyrinth of
100 km
1995 2000 ’05 ’10 ’15 ’20 some 2,500 stalls selling food-
stuffs that are difficult to obtain
Sources: Dominican Rep. Defense Ministry (border); World Bank (GDP) *Shown in constant 2015 dollars in Haiti. On their way back, Hai-
tian women often carry heavy
find themselves. lic, while playing down or ig- francs, a vast amount at the border area. Historians say loads on their heads.
In recent years, the Domini- noring the large African time that the French justified as 12,000 to 25,000 men, women “Our worst nightmare is that
can Republic has emerged as a contribution to the nation’s cul- a form of reparations. It later and children were killed. they close border trade,” said
tourism powerhouse, known for ture, which some have labeled reduced the amount, but pov- The Dominican Republic has Eddy Bravo, a Dominican owner
luxurious beach resorts and also as Haitian, and un-Dominican. erty and infighting had already gradually emerged as a dynamic of a market kiosk. On a good
for hosting TV shows, including badly hampered the new state’s economy with a stable democ- day he can sell up to $17,000 in
international versions of “Survi- development. racy since the 1990s, when it goods such as flour or pasta.
vor.” It’s now one of Latin Battles of colonizers In the 20th century, Haiti began to open to foreign trade But sales can plummet on days
America’s fastest-growing econ- In the 18th century, French was dominated by François Du- and investment. Among key of turmoil on the Haitian side,
omies, with average incomes and Spanish colonizers fought valier, who was elected presi- overhauls, the development of a when roads and border access
seven times those in Haiti, after ferocious battles for dominance dent in 1957 and proclaimed vibrant tourism industry turned are often closed, Bravo said.
starting from the same base of Hispaniola. The Massacre himself “president for life” the Dominican Republic into a The border patrol headquar-
some 50 years ago. River forming the northernmost seven years later. Duvalier, a key Caribbean destination. ters is at a former road bridge
Rights groups, however, say boundary between the two na- medical doctor known as “Papa In Haiti, the latest phase of over the Massacre River. It was
much of the Dominicans’ pros- tions is named for one of the Doc” killed and tortured thou- turmoil began with the assassi- destroyed by a flood in 2017
perity is due to the sweat and bloodier encounters. sands, and stole millions. He nation of President Jovenel and never rebuilt.
labor of close to one million Haiti, with a slave-driven was followed by his son Jean- Moïse in 2021. Lacking foreign Below, the new wall snakes
poor Haitians who work there sugar economy, was France’s Claude “Baby Doc” Duvalier, and domestic political support, its way along the Dominican
and endure discrimination. wealthiest colony. A slave revolt who fled the country for Paris the weak hold on power of in- side of the river while people on
Haiti’s history has been one led to the founding of Haiti in after a popular revolt in 1986. terim Prime Minister Ariel the Haitian banks wash clothes,
of grinding poverty, enormous 1804, becoming the world’s first The Dominican Republic has Henry, a 74-year-old neurosur- bathe or dig up rock and sand
corruption, military coups and Black republic. European coun- had its share of bloody dictators geon, pushed Haiti deep into to use for construction.
foreign interventions alternat- tries and the U.S. refused to rec- and foreign interventions. The gang warfare. Nearby, at another border
ing with periods of chaos. It has ognize it at first. They were ap- 20th century saw Dominican The U.N. estimates that more bridge, a steady stream of rusty
yet to recover from the 2010 palled that slaves might take dictator Rafael Leónidas Truji- than 160,000 people have been trucks pulled up amid scorching
earthquake that leveled much of power and worried that the re- llo, who ruled from 1930 until forced to leave their homes in heat on a recent day, each with
the capital, killing as many as volt might spread. his assassination in 1961, kill the capital area in recent years a blue inscription: Immigration
300,000 people. France didn’t recognize thousands of political oppo- because of gang violence. Control. The fingers of dozens
A wide cultural and social di- Haiti’s independence until 1825, nents. Notably, he ordered the Airports closed amid the of soon-to-be-expelled migrants
vide between the two countries and only in return for Haiti pay- mass killing of Haitians and chaos, and Henry was unable to protruded from the ventilation
is expressed in language, reli- ing an indemnity of 150 million Haitian Dominicans living in the return to Haiti this month after bars as they shouted in Creole.
gion, politics, sports visiting Kenya to se- “Unfortunately, Haiti is a
and music. Haitians cure the deployment failed state,” said Santiago Riv-
speak a Creole based of a peacekeeping erón, the conservative mayor of
on French. Domini- force. He was stuck in Dajabón who is known for his
cans speak Spanish. Puerto Rico after the cowboy hats. “The border wall
Haitians love soccer, Dominican Republic isn’t just a nationalist symbol.
Dominicans are crazy refused a U.S. request Before we had a persistent cat-
about baseball. to receive him. tle theft problem. Rustlers
“Haiti is in the The reach of the would take 30 to 50 cows in one
CLARENS SIFFROY/AGENCE FRANCE-PRESSE/GETTY IMAGES

pressed concern, and a former
Haitian prime minister has
called Abinader “anti-Haitian.”
“We are ensuring that this
destabilizing situation stops
right at the border,” said Abi-
nader.
Deep divides
The wall involves two devel-
oping economies informed by a
violent history, and the diverg-
ing paths on which they now
Americas, but it’s not gangs has expanded in night. That doesn’t happen
part of the Western recent days through- anymore.”
world,” said Osvaldo out the capital. “The Among those being deported
Concepción, a Jesuit circle is closing,” said was Arsen Telfo, a slim man
priest who runs so- Frédérique Jean-Bap- with teary eyes. “I’ve been
cial programs in Da- tiste, the child protec- working as a laborer on rice and
jabón. tion program manager banana plantations for a couple
Conservative Do- of Catholic Relief Ser- of years after gangs burned
minican politicians vices, an aid group. down my house in Haiti,” he
and thinkers have Most schools have said. “I will try to return as
tried to create a Do- closed, with 86 of soon as I can.”
minican national them becoming emer- —José de Córdoba
identity that is Span- gency shelters for resi- and Ingrid Arnesen
ish, white and Catho- A woman carrying a child ran from gunfire in Port-au-Prince on March 20. dents fleeing violence contributed to this article.

© 2024 Dow Jones & Company. All Rights Reserved.
BY JOHN KOTEN
C
ouples therapy—the
venue for the messy job
of tackling the disillu-
sionment, betrayals,
moribund sex lives and
other issues that pop up
between partners—has a new vari-
ant. Called “high-impact therapy,”
it is rapidly gaining fans among
those who’ve tried it.
Chris and Erin van der Velde
took the plunge when they signed
up for therapy with Ellyn Bader, a
psychologist in Menlo Park, Calif.
The van der Veldes, ages 60 and
59, respectively, run a sprawling
golf resort in Bend, Ore. Although
the resort is successful, the pres-
sures of managing 250 employees
and a flood of customers had been
taking a toll on both of them and
their 34-year-old marriage.
“Our relationship suffered in
part because there’s this con-
stantly screaming baby we have to
deal with,” says Chris van der
Velde, referring to the resort. Says
Erin van der Velde: “We were los-
ing our sense of connection.” The
two had already tried traditional
couples therapy. But, Chris says,
“There were a lot of sessions
where I left wondering what I had
just paid for.”
So this time, the couple turned
to Bader, who has helped develop
the high-impact approach, the
centerpiece of which is the “cou-
ples intensive”—16 hours of highly
structured work over a two-day
period.
“It was like nothing we’ve ever
done before,” says Erin. “You don’t
have to be in a crisis to benefit
from this.”
High-impact therapy is an in-
creasingly popular strategy, as
both psychologists and their cli-
ents have grown frustrated with
the drawbacks of classic couples
therapy, which they say suffers
from a lack of continuity from one
session to the next.
‘Deeply frustrating’
Conventional couples therapy typi-
cally involves weekly 50-minute
sessions where couples try to hash
out the things that have broken
their relationship.
But critics of the traditional
approach say the relatively short
sessions make it hard to create
momentum from session to ses-
sion. New issues pop up,
fresh disclosures get
made, and much of what
happened the week be-
fore is forgotten.
“Traditional couples
therapy has a place, but
it also can be deeply
frustrating for all three
participants,” says Bader.
A big difference be-
tween an intensive and
WILL MATSUDA FOR THE WALL STREET JOURNAL (2)
regular couples therapy
is the early preparation
that happens before the
therapist even meets
with the partners. Both
 Chris and Erin van der
Velde in Erin’s office. She
said the high-impact
therapy ‘was like nothing
we’ve ever done before.’
Channel Your Best
Streaming Options
BY DALVIN BROWN
S
treaming services like Netflix
and Hulu have more video of-
ferings than ever. So why are
so many of their recommendations
so bad?
The home screen is full of shows
you’d never watch, or stuff you’ve
watched already. When you spot
the “Recommended for you” feed,
you scroll…and scroll…and scroll, un-
til you get the feeling the service
might have you confused with
someone else.
If that’s the case, your preferences
might be wrecked by exes, spouses,
kids or even friends who used your
RACHEL MENDELSON/THE WALL STREET JOURNAL, ISTOCK (3); EVERETT COLLECTION (9)
password before companies started
cracking down. And if you don’t give
shows a thumbs-up or thumbs-
down, services might not understand
how you feel about them.
Here are some tricks and hidden
hacks you can use to retrain your
streaming services so they don’t
suggest “Love Is Blind” when you
really want “The Crown.”
Get with the profile
Lorrie Bolt, a 33-year-old dance in-
structor in Yonkers, N.Y., has been
sharing streaming services with
her ex-boyfriend for the past five
years. Even though they broke up
years ago, they still use the same
Hulu, Peacock and Max accounts to
save money.
PERSONAL JOURNAL.
How to Repair
A Marriage in 16 Hours
‘High impact’ couples therapy is costly, intense—and, its fans say, effective
candidates fill out five lengthy in-
take questionnaires about them-
selves and their relationship. (How
do you resolve conflicts? What do
you do when you get angry?)
Couples are screened for un-
treated mental illness, ongoing af-
“My Hulu is filled with anime
thanks to him,” Bolt said. “It’s a
problem because our tastes are
completely different.” And her ex,
down in Texas, has an overdose of
unwanted reality TV in his feeds:
“He was beyond tired of seeing sug-
gestions to watch every franchise
of ‘Housewives.’ ”
Over the years, most services
have introduced profiles, so that
one account can keep different peo-
ple’s preferences and recommenda-
tions separate. Bolt’s ex suggested
she create one on Peacock so their
viewing habits don’t intrude on one
another. And she did.
Netflix has also long offered pro-
files. “The biggest thing a member
can do to get the best recommen-
dations out of the system is exert
some profile hygiene,” said Elmar
Nubbemeyer, senior director of
product innovation at Netflix.
You can make more than one
profile for yourself. Whether you’re
in the mood for comedy, thrillers or
relaxation, having separate profiles
for each can streamline recommen-
dations. Netflix lets users create five
profiles per account. Hulu allows
seven, and Prime Video enables six.
What to add and delete
Providing feedback on a show—by
giving a thumbs-up, for instance—
might mean more than just reli-
giously watching every episode. The
THE WALL STREET JOURNAL.
fairs, domestic violence and sub-
stance abuse. Those are usually
disqualifiers and the couples will
be referred elsewhere. The thera-
pist may then spend several days
crafting the intensive to take the
couple’s specifics into account.
more you use available feedback
tools, the better the service will un-
derstand your tastes.
Another powerful signal: editing
or deleting your viewing history.
You can periodically go through
your history to remove shows you
tried and ended up not liking. (Look-
ing at you, “The Witcher.”) If some-
thing stays in your history, the algo-
rithm might suggest similar shows.
If you remove it, the algorithm won’t
take that show into consideration.
The trick is that you sometimes
need a computer, or at least a web
browser, to edit viewing history.
 Netflix: Pull up your account
page on a web browser, not the
app, and select your profile from
Profile & Parental Controls. Open
Wednesday, March 27, 2024 | A11
Sessions typically start at 9
a.m. in either an office or a hotel.
There are several short breaks
during the day and lunch is an
hour (the therapist doesn’t eat
with the couple). The day ends
around 5 p.m.
Actively listen
The first day focuses on reviewing
the intake answers to-
gether to target areas for growth
in the relationship. In addition,
couples also begin learning com-
munications skills, including the
importance of knowing how to ac-
tively listen rather than to react
defensively out of insecurity.
There’s also a short introduc-
tion to neuroplasticity—the brain’s
ability to repair and change by
creating new neural pathways.
This is central to developing new
habits related to listening and re-
sponding. Couples must practice
and do their homework.
Bader, who created a five-stage
developmental model for couples,
says stage two is where nearly ev-
eryone hits a rocky patch. The
couple has departed the romantic
Viewing activity, then scroll
through to remove titles you don’t
connect with. (You might need to
click Show More.) Deleted shows
also disappear from your Continue
Watching queue.
“When you delete something, we
really handle that as if you had not
watched the show and we update
the recommendations accordingly,”
Nubbemeyer said.
 Amazon Prime Video: To access
your watch history, use a browser
to log in to the website. If you de-
lete videos from the watch history,
Amazon won’t use them for recom-
mendations. To hide shows from
your home-page view, hover over
the show or season, click the three-
dots icon and select Hide.
 Chris and Erin van der Velde at
their golf resort in Bend, Ore.
fantasy world of stage one—“We
like the same songs!”—and has
started to become aware of disillu-
sioning facts: interests that con-
flict, communications styles that
don’t always mesh well, values
that depart on important matters.
This transition can be danger-
ous if disappointments lead to dis-
tancing, avoidance, or out-and-out
combat. In stage two, individuals
also find it difficult to separate
what belongs to them and what
doesn’t—such as when one person
blames the other without recog-
nizing that they also played a role.
The second day of intensive
therapy is largely devoted to “co-
creating a new relationship,” says
Bader. “From the very beginning, I
tell people that the key question
isn’t what you want to change in
your partner, but what you are will-
ing to change in yourself to have
the kind of relationship you want.”
Chris van der Velde found Day
2 more difficult. “I learned that
trust issues I had with my father
were continuing to affect how I
behaved in important relation-
ships,” he says. “It isn’t even
something I had thought about
and yet here was this a powerful
revelation.”
Some of the work during the fi-
nal eight hours involves setting
boundaries and priorities for the
couple based on the goal they
have created for their marriage.
Communication tools are intro-
duced and practiced using various
exercises under the therapist’s su-
pervision. The therapist will en-
courage the couple to adopt a cu-
rious mindset toward themselves
and each other. The goal now is to
learn to respond to each other
rather than merely react.
‘Epic progress’
Because it is new, no studies have
yet been done to verify the value
of intensive therapy. But anecdot-
ally, many patients and therapists
are enthusiastic. “People can make
epic progress in this format,” says
Katherine Waddell, a thera-
pist who supervises intensives in
Northampton, Mass. “During an
intensive, couples can really slow
down, turn their phones to silent,
breathe, focus on one another and
themselves. This prepares them to
work on the issues that are at the
very core of their relationship.”
Still, intensive therapy isn’t for
everybody. For one thing, concen-
trating therapy into two eight-
hour days can be too intense for
some couples. The cost could give
some pause. Fees range from
$7,000 to $15,000 depending on
the therapist.
But many who have tried it
find it liberating to have so much
time to reveal what they truly
think.
Andrea Tang, a therapist in
Port St. Lucie, Fla., says the first
intensive she conducted was with
a couple in their 30s who were so
cut off from each other that they’d
head for opposite sides of a room.
“They left holding hands,” Tang
says. Transformations like these,
she adds, “leave me speechless.”
In Amazon’s Prime
mobile apps, you can
do more than just give
thumbs-up or thumbs-
down. Press and hold
the video thumbnail
for options including
“Hide this video.”
When you tap in to a
video, you can press
and hold its play but-
ton to mark it as
watched. In either
case, the title itself
won’t resurface as a
recommendation.
 Hulu: The thumbs-
down button is helpful
here. Tap it, and that
video will be removed
from the home screen
and sections such as
Up Next and You May
Also Like.
Hulu’s viewing history appears
under “Continue Watching” on the
app and only includes recently
watched content. To remove it, tap
the three dots in the top left of the
thumbnail and look for that option.
For your full viewing history, you
must submit a request. Go to Ac-
count > Your U.S. State Privacy
Rights > Request Report.
 Max: Max doesn’t have a
thumbs-down button. Titles in its
Continue Watching menu are auto-
matically removed after three
months, but you can remove them
yourself by tapping the three dots.
The app’s parent company, Warner
Bros. Discovery, declined to com-
ment on how users can get better
recommendations.
A12 | Wednesday, March 27, 2024
The Pros and Cons of Tracking
Glucose Levels in Non-Diabetics
FDA recently approved an over-the-counter continuous monitor for people who don’t use insulin
BY ALEX JANIN
H
ow closely should you
be tracking your
blood-sugar levels?
People with diabe-
tes have long used de-
vices to monitor their
glucose fluctuations. In the past
few years, a broader group of peo-
ple have become interested in do-
ing so to try to optimize their
health, obtaining prescriptions for
wearable monitors to see how
their bodies react to different
foods and activities.
It’s part of a quest to live
healthier for longer, in part by in-
tensely monitoring health metrics,
from sleep quality to heart rate.
Soon, people without diabetes
will be able to buy a monitor with-
out needing to cajole a doctor into
prescribing them one. The Food
and Drug Administration recently
approved the over-the-counter
sale of a continuous glucose moni-
tor, also known as a CGM. The de-
vices allow people to continuously
monitor their blood sugar levels.
People who obsess over their
health data or have an unhealthy
relationship with food should
avoid CGMs, most doctors say. Us-
Plays, Opera
Unfold at
Shops, Topgolf
Continued from Page One
“People are sick of supporting
large theaters and their very gar-
gantuan budgets,” said Patrick
Walsh, whose company, Northwest
Classical Theater Collaborative,
mounted a production of Samuel
Beckett’s “Happy Days” last year in
a former Victoria’s Secret store.
“People are really interested in
seeing something cool that they can
be a part of and can say, ‘I was
there.’”
The troupe doesn’t have its own
theater—it has traditionally per-
formed in settings such as prisons
and homeless shelters—and when
Walsh inquired at Portland’s Lloyd
PERSONAL JOURNAL.
ers might misinterpret normal
glucose fluctuations as unhealthy,
causing anxiety and prompting
them to restrict certain foods. It
isn’t clear that healthy patients
would benefit from using a CGM
over the long term.
However, people at higher risk
of developing diabetes, and those
who are interested in working
with their doctors to make life-
style changes, might find it help-
ful. The technology could spot
early signs of insulin resistance,
possibly helping otherwise healthy
people avoid Type 2 diabetes,
some doctors say.
“If we identify these patients
sooner, we can suggest lifestyle
modifications as well as maybe
the initiation of weight-loss medi-
cations,” says Dr. Brenda Dorcely,
an endocrinologist at NYU Lan-
gone Health.
How it works
A CGM is a small device that you
attach to your body, like your arm
or stomach. It uses a little needle
to measure glucose levels in fluid
between the cells. Typically, it de-
livers readings every few minutes
to an app so you can see how
foods, exercise and other factors
Center mall, he was of-
fered his pick of empty
stores.
He settled on Victo-
ria’s Secret, he said, be-
cause its pink walls and
brand image accentuated
the play’s theme of fe-
male vulnerability.
The show sold out its
full run, though putting
on a play in a retail cen-
ter came with challenges.
Walsh said one perfor-
mance was buffeted by
thumping music from a
roller disco held at the
mall’s indoor rink.
Actors who performed
a 90-second version of
“Hamlet” and other ul-
trashort works in the el-
evators of a 14-story
Louisville office building
faced different issues.
Director Randy Pease said the
performers went up and down so
much that they had to take Drama-
mine, while after-work-hours shows
A continuous glucose monitor, also
known as a CGM, could help spot
early signs of insulin resistance.
The CGM applicator, right, is used
to apply the sensor, far right, to
your body.
affect your levels. Foods that are
high in carbs generally make your
blood sugar rise.
The FDA cleared the new over-
the-counter CGM, called Stelo and
made by Dexcom, for any adult
who isn’t on insulin therapy. The
company declined to say how
much the device, which it says is
intended for people with Type 2
diabetes who don’t use insulin,
will cost.
Generally, CGMs cost upward of
$1,000 a year without insurance
coverage.
Part of the confusion for
healthy patients who use a CGM is
that it isn’t always clear what nor-
mal glucose fluctuations look like.
People can respond differently to
the same foods based on factors
like what they ate earlier, how
well they slept, how recently they
exercised, or what medications
they’re taking.
Many foods that are part of a
were sometimes interrupted by jani-
tors pushing cleaning carts.
Producer Jacob Stuckelman said
he wanted to reach a new audience
by putting on “Little Shop of Hor-
rors,” a musical about a flesh-de-
vouring plant, in a downtown Ithaca
flower shop.
The Virginia Opera was trying to
preserve its art form during the
pandemic when it mounted Wag-
ner’s “Das Rheingold” at Topgolf
driving ranges in Richmond and Vir-
ginia Beach.
“Would I rather hear a 100-piece
Wagnerian orchestra inside an opera
house and hear those beautiful
voices fill the theater without ampli-
fication? Yeah, I would, but I thor-
oughly enjoyed it,” said Peggy
Miller, the opera’s chief executive
and general director.
Alternative venues have long
been part of the scene in Chicago,
 A performer in the opera ‘Das
Rheingold’ at Topgolf.
healthy diet, like fruits and
whole-grain bread, can raise
blood sugar, but that doesn’t
mean we should cut them out,
says Nicola Guess, a clinical dieti-
tian and diabetes researcher at
the University of Oxford.
Too much information
Chris Thomsen, a 38-year-old in
Los Angeles who doesn’t have dia-
betes, used a CGM for two months
last year after noticing his hemo-
globin A1C level, a measure of av-
erage blood sugar often taken at
annual checkups, was increasing.
He says he became fixated on
the CGM readings and started
avoiding carbohydrates like oat-
 Olivia Lindsay and Michaela
Petro rehearse the play ‘Far Away’
at the Servi-Sure factory in Chicago.
famed for its storefront theaters.
Chris Jones, theater critic for the
Chicago Tribune, said he has seen
shows in numerous warehouses and
industrial spaces.
“Artists like the grittiness of it;
they want to connect to a deeper
truth,” he said. “Chicago, tradition-
ally, has eschewed these fancy the-
aters with their lobbies and carpets
and has tried to relate to the busi-
ness of work.”
Huffman was looking for a space
in which to mount “Far Away,” a
Caryl Churchill drama about the
madness of violence, when a friend
introduced him to Chris Angus, the
owner of Servi-Sure.
The small business makes custom
titanium tools that manufacturers in
the aerospace, automotive and elec-
tronics industries use when anodiz-
ing aluminum to produce decorative,
THE WALL STREET JOURNAL.
meal and pizza. Eventually, he
started skipping meals altogether.
“You start to see that every-
thing around you is bad and you
make dietary restrictions too re-
strictive,” says Thomsen. “It was
feeding a lot of anxiety on my
food choices.” He stopped using
the CGM.
The American Association of
Clinical Endocrinology, a physi-
cians group, doesn’t recommend
CGMs for people without diabetes.
Dr. Scott Isaacs, an endocrinol-
ogist and the association’s presi-
dent-elect, says he doesn’t pre-
scribe the devices to people
without diabetes but has cared for
several who got them elsewhere.
About half a dozen times, undo
worry over CGM readings on the
fringes of normal blood sugar
ranges has led patients to make
after-hours calls and trips to the
ER, he says.
For example, one device is de-
signed to alarm when a user’s
blood sugar drops below 70 mg/
dL. For people with diabetes who
take insulin or certain oral medi-
cations, a level lower than that re-
quires action but can be normal
for someone without diabetes.
“That makes people panic,”
says Isaacs. “For things like that, a
lot of times the best treatment is
to stop using the CGM.”
Dexcom says its new over-the-
counter device, which is slated to
be available this summer, doesn’t
have alerts or alarms.
Preventive potential
Roughly 15% of American adults
have diabetes, up from 10% two de-
cades ago, according to CDC data.
About 38% of adults have prediabe-
tes, where blood sugar levels are
higher than normal but not enough
for a diabetes diagnosis. A majority
of people with prediabetes aren’t
aware they have the condition,
which increases the risk for
Type 2 diabetes, stroke and
heart disease.
Wearing a CGM, even
without over-analyzing the
data, could help motivate
patients to make healthy
changes, some doctors and
researchers say. In one 2020
study looking at people with
diabetes, nearly half of CGM
users reported that seeing
blood sugar increases made
them more likely to go for a
walk or do some other
physical activity.
Brant McQuitty, a 40-
year-old healthcare operations
consultant in Warrenton, Va., who
doesn’t have diabetes, says using
the device on and off for about
four years has helped him make
some healthier choices.
Over roughly the first year of
FROM TOP: THE WALL STREET JOURNAL, DEXCOM (2)
wearing it, McQuitty, who has
been fasting for roughly 18 hours
a day, noticed his blood sugar
sometimes spiked during morning
workouts when he hadn’t eaten or
dropped later in the day, leaving
him feeling cranky and distracted.
He started eating smaller snacks
more frequently.
“The better my body regulates
my blood glucose, the better I
feel,” he says.
corrosion-resistant fin-
ishes.
Angus is a theater pa-
tron who acted in his
youth—he recalls audi-
tioning for the role of
Danny in the Stanley Ku-
brick film “The Shining”
when he was 7—and he
volunteered the use of
his plant after work
wrapped up for the day.
Part of the play takes
place in a factory, and
Huffman and his col-
leagues fashioned a
bare-bones set next to a
work table crowned with
a massive exhaust hood.
A faint smell of oil hung
in the air, while bins of
metal and rows of ma-
chinery completed the
industrial vibe.
Actor Danny Breslin said the set-
ting was a good match for the com-
plex drama.
“In order to have any chance of
grasping anything, it really feels like
you’ve got to get on your crafts-
man’s bench and get to work as an
actor,” he said. “The second we
walked into the space, it was like
FROM LEFT: BEN SCHILL; TAYLOR GLASCOCK FOR THE WALL STREET JOURNAL
the environment suited that jour-
ney.”
Forty-seven people attended
Thursday’s opening night perfor-
mance, taking their seats after being
cautioned not to touch anything.
The show ran for about 45 min-
utes, and later, as audience member
Michael Duffy waited outside for his
ride-share, he said the raw backdrop
was a welcome antidote to showbiz
artificiality.
“The saying used to be, ‘If you
see it you can believe it’—that’s not
the case anymore,” he said. “But
here, and in spaces like this, it al-
lows us to get into the suspension of
disbelief.”
 THE WALL STREET JOURNAL.
MUSIC REVIEW | MARK RICHARDSON
A Well-Built
Breakthrough
Rosali’s fourth—and best—album brings her
tough but clear voice to earthy, energetic songs
Q
uite a few now-legend-
ary acts were fully
formed when they re-
leased their debut al-
bums—R.E.M. (“Mur-
mur”), Liz Phair (“Exile
in Guyville”) and Ar-
cade Fire (“Funeral”) all come to
mind, but there are dozens if not
hundreds of other examples.
Sometimes, dropping a classic re-
cord the first time out can work
against artists, as they spend the
rest of their careers trying to live
up to it. There’s something to be
said for making your early cre-
ative work away from the spot-
light. You have time to hone your
songwriting and develop your
voice before self-consciousness
sets in. Whether by happenstance
or design, singer-songwriter Ro-
sali Middleman, age 41, has taken
this approach, and her slow but
steady progress is paying off.
Ms. Middleman, who records
using her first name, released her
debut album, “Out of Love,” on a
small label in 2016. It was a modest
yet intriguing release, mostly
acoustic and steeped in folk, that
showcased her deceptively power-
ful voice. The singer grew up in
western Michigan and spent the
decade before that record kicking
around the fertile indie-rock scene
in Philadelphia. Another solo album
followed in 2018, and by the time
of her 2021 LP, “No Me-
dium,” Ms. Middleman
had gone from mostly
unknown to a critics’
favorite, the kind of art-
ist regularly described
as underrated. Her
fourth album, “Bite
Down,” her first for the
large indie label Merge,
is easily her best. It
builds on the strengths
of its predecessors and
makes a persuasive ar-
gument for the virtues
of patience.
In the past few
years, Ms. Middleman
turned from the sound
of her folky debut and
began working with
members of the
Omaha, Neb., band
Mowed Sound. She still leans on
an acoustic setting when a partic-
ular number calls for it, but more
often she favors rumbling country-
rock arrangements that occasion-
ally erupt with noisy guitar solos.
ASIA HARMAN
The singer is also a highly accom-
plished guitarist—she has an in-
strumental side project, Edsel
TELEVISION REVIEW | JOHN ANDERSON
An Iconic Comic’s Past and Present
A
s wild and crazy as
it may sound,
Steve Martin is a
cross between E.M. For-
ster and Rocky Marciano.
Forster (“A Passage to
India”) stopped writing
novels when he was 45
years old; he lived to be
91. Marciano is still the
only heavyweight cham-
pion to have retired un-
defeated. As we are re-
minded in “STEVE!
(martin) a documentary
in 2 pieces,” the subject—
cerebral and tough—was
the biggest comedian in
the world when he
stopped doing his stand-
up act in 1980. He has,
thankfully, never gone
away. But the thing that
made him famous? He
buried it like King Tut.
“If I’d had any guid-
ance, nothing I have
would have happened to
me,” Mr. Martin reflects, which he
does often in Morgan Neville’s two-
part documentary, the “Then” fol-
lowed by the “Now.” Part 1 deals
with Mr. Martin’s often painful rise
and rise and rise into that rare co-
median who could sell out arenas,
and whose delivery became part of
mainstream speech (“Excuuuuuse
meeee”). It was more than that,
though. The Steve Martin persona
that succeeded was, as contempo-
rary Martin Mull puts it, “aggres-
sively stupid,” and hilarious. It was
also, eventually, shtick. Or worse. “It
APPLE TV+ (2)
was always conceptual,” Mr. Martin
said. When everybody got the con-
cept, it was no longer hilarious.
ARTS IN REVIEW
Axle, where she improvises solo
pieces drenched in feedback—and
her interplay on the LP with gui-
tarist and co-producer James
Schroeder is often magical. But
her songs and voice make the re-
cord stand out.
The first cut, “On Tonight,”
wafts in like the first spring
breeze after a long winter. Ms.
Middleman strums a tight, circular
chord progression as the bass
plucks away, and she sings of en-
countering someone exceptional
whose appeal might last for only a
day. “Yeah you freak me out / And
that’s what I came for,” goes one
verse. As she sings variations of
the refrain in the second half—
when she lands on a good chorus,
which on this record is often, she
ensures through repetition that it
lodges in one’s memory—Mr.
Schroeder takes the first of many
compact and hypnotic solos, mix-
ing drone, fuzz and atonality with
uncomplicated beauty.
Ms. Middleman’s voice lies
somewhere between Margo Tim-
mins’s of Cowboy Junkies and
Bonnie Raitt’s, capturing the clar-
ity and elegance of the former’s
upper range and the latter’s tough
and conversational phrasing. The
second track, “Rewind,” a
midtempo number with a bounc-
ing piano line, is about staying
true to the moment, and the
singer’s tender directness elevates
the sentiment. A couplet like “I
love you / And I know you love me
too / Be the same you / I’ll rewind
for you” reads as basic, but Ms.
Middleman’s subtly urgent phras-
ing turns it into something pro-
found. “Hills on Fire” opens with a
breathtaking guitar passage that
Steve Martin in Morgan Neville’s
two-part documentary on Apple
TV+, above and above right.
“Now” concerns what came after,
including a flourishing movie career
that produced commercial hits
(“The Jerk”), artistic hits (“Pennies
From Heaven,” “L.A. Story”) and
full-blown mistakes (“Mixed Nuts”).
It doesn’t cover everything. There’s
no mention of “Bright Star,” the
bluegrass Broadway musical show
written by him and Edie Brickell.
There isn’t a lot about “Only Mur-
ders in the Building,” the popular
mystery-comedy that made its de-
but in 2021, though his relationship
Singer-songwriter Rosali
Middleman, above; her new record,
‘Bite Down’ (Merge), is out now.
braids delicate filigrees of feed-
back, and later in the song Ms.
Middleman surveys a burning
landscape but isn’t afraid.
Elsewhere, arrangements veer
from jazzy—see the electric piano
and horn-like cello part on the title
track—to raucous rock ’n’ roll, as
on the howling “Hopeless.” The
songs are personal and yet easy to
map onto your own life. “Slow
with co-star Martin
Short does occupy a
lot of screen time. The comedian
And no one ever asks retired from
Mr. Martin what kept
him going when his stand-up when
career was flailing
and the failures were
he was still a
so painful. (“Comedy titan of the form.
death,” he says, in ref-
erence to an early,
prestigious, misbegot-
ten gig at the Playboy Club. “Worse
than actual death.”) Director Neville
keeps himself out of the way most
of the time, but while a viewer can
infer that Mr. Martin craved ap-
proval from an audience because he
Wednesday, March 27, 2024 | A13
Pain” is about the fear of meeting
someone new—“Killing time with a
slow pain / Battle the feeling you
don’t like me” goes one line—and
the inner turmoil is mirrored in
the explosive instrumental break.
On the penultimate “Change Is
in the Form,” the guitar conversa-
tion between Ms. Middleman and
Mr. Schroeder brings to mind the
grooves Neil Young finds when
playing with Crazy Horse. Mr.
Young is often mentioned in the
singer’s interviews. She’s a mas-
sive fan of the rock legend, and
has carefully studied his guitar
never got any from
his iceberg of a fa-
ther (“Well, you’re
no Charlie Chaplin”)
you would like the
subject to address
the issue directly.
Especially since he is
so open and honest
about so much else.
But those omis-
sions may be omis-
sions because they fail to further
Mr. Neville’s mission, creating a film
that actually exposes the creative
missteps, neuroses, panic attacks
and constitutional loneliness of an
artist who has channeled all his un-
tone. But more than a particular
sound, she channels his intuitive
and no-frills approach to music:
“Bite Down” is packed with solidly
built songs of considerable weight,
and yet they’re also simple. Ms.
Middleman seems to have inter-
nalized the idea that if you spend
time to get the basics right—a
process that, as she learned, can
take years—the details take care
of themselves.
Mr. Richardson is the Journal’s
rock and pop music critic. Follow
him on X @MarkRichardson.
funny instincts into something
rather glorious and gives us an in-
kling how it happened. And keeps
happening. Making film about cre-
ativity is a losing prop-
osition, ordinarily, but
Mr. Neville comes dan-
gerously close to posi-
tioning the artistic im-
pulse on screen naked.
In some ways, Mr.
Martin comes off as
the classic tragi-clown,
scouring his psyche for
germs of self-doubt,
which may explain
without explaining Mr.
Martin’s love, knowl-
edge and collecting of
high art, works that are
unchanging, unchange-
able and, occasionally,
masterpieces. As he
says, his segue into film
was an effort to make
something lasting; the
intimation is that with
his 2007 marriage to
former New Yorker
fact-checker Anne
Stringfield (copy edi-
tors, there is hope) and
the birth of their
daughter, he has found
the human equivalent. It is an
amusing factoid that Mr. Martin,
who revolutionized American com-
edy alongside his colleagues at “Sat-
urday Night Live,” began as the low-
liest of show-biz beasts, a prop
comedian. Card tricks. Balloon ani-
mals. And the 5-string banjo, which
continued with him everywhere,
much like his audience, though per-
haps not on his knee.
STEVE! (martin) a documentary in
2 pieces
Friday, Apple TV+
Mr. Anderson is the Journal’s TV
critic.
A14 | Wednesday, March 27, 2024 THE WALL STREET JOURNAL.

SPORTS
I was not expecting JASON GAY
much.
I figured Shohei
Ohtani would appear
before the media
Monday afternoon in
Shohei Ohtani Says It Ain’t So
Chavez Ravine and offer little more The baseball superstar gathers the media and declares he’s the victim of theft
than a brief, anodyne statement.
He’d say he was working with the by his allegedly gambling-indebted former interpreter. Can baseball breathe a sigh of relief?
proper authorities, and there
wasn’t much further he could offer
about the illegal gambling allega-
tions involving his money and his
longtime (now former) interpreter,
Ippei Mizuhara.
That’s usually what happens
these days. Figured that would be
it.
Instead Ohtani offered more. In
a statement translated from Japa-
nese into English by his new inter-
preter, Will Ireton, the 29-year-old
showed flashes of anger and re-
gret, offering an emphatic claim of
his own innocence—and alleging
full responsibility laid with Mizu-
hara, his former translator and
friend.
A few of Ohtani’s comments,
translated by Ireton:
I’m very saddened and shocked
that someone who I’ve trusted has
done this.
I never bet on baseball or any
other sports, [and] never have
asked anybody to do it on my be-
half. I never went through a book-
maker to bet on sports.
Ippei told the media [and] my
representatives that I…paid off
debt…Upon further questioning, it
was revealed that it was, in fact,
Ippei who was in debt, and told my Los Angeles Dodgers star Ohtani has given his side of the gambling story, but it’s baseball, where almost everything moves slowly, writes Jason Gay.
representatives that I was paying
off the debt. All of this has been a
complete lie. week for Major League Baseball. totally removed from Monday’s There are obvious questions as player—who will hit this season,
This was more than the usual This version of what hap- presentation. to how Mizuhara could have alleg- but not pitch as he recovers from
bland statement—never bet on pened—in which the interpreter is Some other questions: edly accessed and transferred mil- elbow surgery—is inarguably the
baseball or other sports was what the alleged gambler, and Ohtani is It remains unclear why Ohtani’s lions from Ohtani to an alleged face of the sport, with a new, high-
fans really wanted to hear—and the dupe—is the version that the representatives, confronted with bookmaker without attracting at- profile, big-money team. Pressure
yet, to be clear, it was still very game’s best player has gone before questions about the bookmaker, tention from Ohtani, one of his is high. With Ohtani onboard, qual-
much a statement. Ohtani, who the world and presented as the representatives, or a financial in- ifying for the postseason (which
had not spoken since the story truth. It’s also the account in stitution. Ohtani has never played in) is con-
broke, didn’t take any questions which Ohtani is utterly innocent of Another obvious point, but sidered a minimum requirement. A
Monday. any impropriety. Ohtani has already what Ohtani is alleging Mizuhara World Series ring is the expecta-
This was a controlled setting, Is that it? Well, of course it’s felt the magnifying of doing is a crime—which means tion.
not a confrontational one. not. there will be a whole other layer of That’s a tall order, and outside
Ohtani’s rendering of what hap- There are investigations—an glass that comes with investigation, specific to Mizu- distractions never help. Ohtani has
pened squares with his camp’s re- ongoing investigation of Bowyer’s hara’s alleged actions, presumably. already felt the magnifying glass
vised explanation of how $4.5 mil- alleged bookmaking operation,
the Dodgers. All of which means we’re just that comes with the Dodgers, and
lion in wire transfers of his money which may or may not wind up in- getting started. As is the Dodgers he hasn’t even logged a home at-
allegedly wound up in the account volving Ohtani, and baseball’s own regular season—after a two-game bat which counts.

of an alleged Southern California
bookmaker named Mathew Bow-
yer, the revelation of which kicked
off inquires from ESPN and the Los
Angeles Times, multiple explana-
tions and a hellscape of an opening
investigation, which was an-
nounced late last week.
Ohtani’s statement was poised
and likely at least briefly effective
in calming the noise, but these in-
vestigations are a separate matter,
chose to present a contrite Mizu-
hara with a story of Ohtani cover-
ing for his gambling debts—and
how they could have done this
without first running it by Ohtani
himself.
opener in Seoul with the Padres,
they open at home Thursday after-
noon against St. Louis.
It’ll be interesting to see if the
past week dampens Ohtani mania
in the slightest. The two-way
KYODONEWS/ZUMA PRESS
We will get those, but we likely
won’t have answers on this off-
field mess for a while. Ohtani has
given his side of the story, but it’s
baseball, where almost everything
moves slowly.

The WSJ Daily Crossword | Edited by Mike Shenk

1 2 3 4 5 6 7 8 9 10 11 12 13 28 Flavor of
purple ice
NFL Tightens Its Christmas Grip;
14 15 16 cream,
sometimes Peacock Gets Week 1 Friday Game
17 18 19 30 Address BY ANDREW BEATON the traditional Sunday after- Marine said in an interview
used among AND JOE FLINT noon windows, as well as in- the addition of a playoff
20 21 22
Friends crease its streaming and in- game was part of Amazon’s
23 24 25 32 Initial guess Orlando, Fla. ternational presence. The ambition to bring more live
THE NFL IS CALLING an au- league has been leaning into sports to its Prime members.
26 27 28 29 30 31 32 34 Lifted dible and planning for even streaming as it seeks a The Christmas game rep-
35 Put on more Christmas football. younger audience of fans resents a marked change
33 34 35 36 37 notice After previously saying it who have canceled or never considering the only previ-
wouldn’t schedule games on had cable subscriptions. ous occasions on which the
38 39 40 41 36 Sword part the holiday this year because Peacock carried two ex- NFL has played on a
37 Forbidden it falls on a Wednesday, the clusive games last season: a Wednesday were because of
42 43 44 45 46 fruit site NFL is now planning to play regular-season match and a extraordinary circumstances
on Dec. 25 after all. While playoff game. The playoff that forced the league’s
47 48 49 41 Approx. fig. the league has staked out an game between the Kansas hand. In 2021, a Covid out-
43 Part of a increased presence on the City Chiefs and Miami Dol- break inside the Baltimore
50 51 52 53 54 55 56 castle holiday in recent years, after phins drew 23 million view- Ravens caused their Thanks-
historically trying to avoid
57 58 59 60 61 62 44 “If not p, it, the decision to play on
then not q,” to one of the few days of the
63 64 65 “If p, then q” week that almost never fea-
45 Like some tures pro football is the
66 67 68 starkest sign yet that the
sources
NFL sees Christmas games
69 70 71 46 ___Kea as a new tentpole for the
50 Minute Maid sport.
Park player Hans Schroeder, the NFL’s
GOING TO PIECES | By Alexander Liebeskind executive vice president of
Across 29 Remote 55 Mother 7 Musician from 51 Sole media distribution, said the
button Teresa, for Tokyo supporters? league made the pivot after
1 Poker unexpectedly strong audi-
31 Monopoly one 8 In all honesty 52 Discussion
payment ences for last season’s three
quartet: Abbr. 57 Give an edge group
5 Makes out 9 “Fly Me to the Christmas games. The league
33 With 59 Grandsire of Moon” singer 54 Hill on says those games averaged
10 1974 role 42-Across, Capitol Hill nearly 30 million viewers
Seabiscuit 10 Having
for Marty “C’est la vie,” in 1991 and each was among the Patrick Mahomes and the Chiefs played on Dec. 25 last year.
Feldman 63 Muscle nothing to do top-10 rated regular-season
or a hint to the 56 Like Thor and
quality 11 Attendees, in matchups. ers and was the largest giving game against the
14 Cultural progression Loki
seen in the 64 Complicated combinations Schroeder said there will event ever for internet usage Steelers to be postponed
standard
procedure 58 Try again be at least one, and likely in the U.S., responsible for three times and played six
corners of this 12 Ultraviolet
15 Painter two Christmas games this 30% of web traffic. days late. Nine years earlier,
puzzle 66 Marsh blocker 59 Unfortunate
Rousseau year. “The fans clearly “We’ve shown that Pea- the league moved the 2012
word to hear
38 Catalan artist growth 13 Give fresh spoke,” he said. “There’s a cock can deliver linear-sized season-opener to Wednesday
16 Catch from a chess big demand.” audiences for NFL games,” to avoid going up against
Joan 67 Condition life to
some z’s opponent That wasn’t the only said NBC Sports President the Democratic National
39 It’s a stretch 18 Gives in to
17 Xe or xem, e.g. 68 Common 60 Lanolin move the league made to Rick Cordella. Convention. Before that, it
40 West Wing starter option wanderlust source showcase a game in an un- For Peacock, sports con- hadn’t played on Wednesday
19 Soul singer worker usual spot. NBCUniversal’s tent has become vital in its since 1948.
69 1952 Winter 22 Super 61 Grad
Bridges Peacock streaming service efforts to better compete When the league sched-
42 See 33-Across Olympics city 24 Bit of party uled a couple of playoff
20 Historic 62 Car sold at will be the exclusive plat- against other streaming
47 “I’m Just ___” 70 Lessened debris auction, form for the opening week platforms, such as Netflix, games on Christmas in 1971,
district of a
city (“Barbie” 26 Put a PIN in it! perhaps Friday night game in Brazil which doesn’t have the the backlash prompted the
71 Red Muppet featuring the Philadelphia rights to stream major live NFL to rewrite its schedule
song)
21 Trans rights Down 27 Smart 65 Krypton, e.g. Eagles. sporting events, like NFL to avoid the holiday entirely
advocate Cox 48 Wintour of The NFL also said Ama- games. Landing a game dur- until 1989. But the league’s
Vogue 1 365 giorni Previous Puzzle’s Solution
zon’s Prime Video streaming ing the opening week of the Christmas blitz has picked
23 Ming in the B A S I C A M Y P R O P S
49 Its business is 2 Holiday song A R E N A B I O L A B E L service had secured the season will give Peacock the up steam lately. This will be
Basketball rights for an exclusive opportunity to promote its the fifth straight year that
Hall of Fame booming M E T A R Z A N Y O U J A N E
3 Stepped (on) B A T P I S T O N S M I D streaming playoff game dur- other programming. the NFL has scheduled a
50 Egyptian I S O T O P E S L O G A N S ing the upcoming 2024-25 The strong audience for game on Dec. 25, and last
24 00000000 or 4 Like some
slitherer A R I O N O
season, confirming a Wall the Peacock playoff game, season was the first time the
11111111, e.g. promises M E L I T T L E SWE E P E A
Street Journal story from coupled with significant au- league put three games on
JAMIE SQUIRE/GETTY IMAGES

53 WSJ reporter AM E N O P I S E A S
25 Replace a 5 See to the P U T T C O I L S B T U S February. dience growth for Amazon’s the holiday when it fell on a
Gershkovich,
button, say door M E E A T C O O K I E For the NFL, the Brazil “Thursday Night Football” Monday. As part of a similar
detained in C E D E S M E G A N
26 Play part, or Russia 6 Southernmost A R K L I E H E R C U B game—its first ever in South package, has emboldened the push to conquer more of the
play a part Ivy D O N T S T A R TW I T HM E America—and the Christmas league to continue to add calendar, the league also
I WO N A R O MA WE B S games are part of a push to games via streaming. Ama- played its first Black Friday
▶ Solve this puzzle online and discuss it at WSJ.com/Puzzles. N EW T S L Y L Y O R S O move more games outside zon Global Sports head Jay game last season.
THE WALL STREET JOURNAL.
OPINION
Propaganda and the Moscow Terror
It would be
a good time
for an Amer-
ican presi-
dent to show
himself, to
take the lead
BUSINESS
in advancing
WORLD
U.S. inter-
By Holman W.
Jenkins, Jr.
ests in the
wake of the
Moscow ter-
rorist attack.
The U.S. warned the Krem-
lin about an impending Is-
lamic State attack. It told U.S.
citizens in Russia to avoid
concerts. Vladimir Putin
waved off the warnings as a
U.S. intelligence trick. Now he
seeks to blame Ukraine. His
media toadies even try to im-
plicate the U.S.
Such moments are turning
points. They are also disinfor-
mation extravaganzas. The
1979 theater attack in Iran,
which killed 400 and trig-
gered the Iranian revolution,
was blamed on the shah’s
agents but now is understood
to have been the work of Is-
lamic extremists. The 1999
terror bombings of apartment
buildings in Moscow and
other Russian cities, officially
attributed to Chechen terror-
ists, were likely carried out
by Russian intelligence ser-
vices to aid Mr. Putin’s rise to
power.
The moment also shrieks
opportunity for the U.S. Leave
it to the Russian people to
evaluate Mr. Putin’s perfor-
mance. Use U.S. intelligence
resources aggressively to
make sure the facts are
known to undermine his self-
serving spin.
This column, let me be
clear, has long agreed with
Lessons From Purim for the War in Gaza
This past
weekend,
Jews around
the world ob-
served Purim,
the holiday
POLITICS marking Per-
sian Jews’
& IDEAS
salvation
By William
from a royal
A. Galston
decree order-
ing their ex-
termination. In past years I
would have said “celebrated”
rather than “observed.” But
this year, as synagogues read
aloud the Book of Esther,
many Jews saw the story’s
tragic parallels to Oct. 7 and
the war in Gaza.
Toward the end of the
book, another decree—issued
in the Persian king’s name at
Queen Esther’s behest—autho-
rized Jews to assemble and
fight back against their foes.
On the day initially designated
for their destruction, they
killed more than 75,000 of
their would-be murderers, in-
cluding the 10 sons of the
courtier Haman, who had in-
cited the king against the
Jews. They celebrated after-
ward, we are told, with “feast-
ing and merrymaking.”
The decree permitted the
Jews to kill not only their at-
tackers, but also their women
and children and to seize their
possessions. The biblical text,
however, reports that the
Jews chose to leave their foes’
property untouched. With the
exception of Haman’s sons,
the text also records only ex-
A Love That Endured Life’s March Madness
By Bob Greene
I
n 1956 the Ohio State
University basketball
team moved out of the
drafty old Ohio Fairgrounds
Coliseum and into the newly
constructed St. John Arena.
As a 9-year-old, I was excited
to get a ticket to one of the
daytime games.
I have no memory of who
Ohio State was playing that af-
ternoon, but there is one thing
I have never forgotten.
The captain of the Buck-
eyes, Gene Millard, would
bring the ball down the court
and for the whole game there
was a pretty young woman
sitting in the stands near my
elementary-school buddies
and me, shouting enthusiasti-
cally. “Geno!” “Geno!”
“Geno!” She never stopped.
He was the entire focus of
her attention.
I thought at the time that
it must be so great to be out
on the court and have some-
one like you so much.
I didn’t know it that day,
Democratic defenders of Joe
Biden. Hunter was selling the
“illusion of access.” He pro-
vided no real value to his for-
eign paymasters besides use
of the Biden name. There has
been no obvious Nixon-style
legal coverup. Instead, the
coverup consisted of a gross
prostitution of U.S. foreign
policy.
I’ve long wondered what
Mr. Putin made of the 51 U.S.
intelligence veterans who
falsely claimed Hunter’s lap-
top was a Russian intelli-
gence operation. A handful
would have been sufficient
for domestic purposes. The
overkill was an unmistakable
sign to Mr. Putin (and the
world) that the U.S. estab-
lishment had come together
to put its imprimatur on a
plan to assure Mr. Biden’s
election.
Mr. Putin played along. He
never sought to delegitimize
Mr. Biden’s victory by men-
tioning the Russia lie that
helped make it possible. His
one remark, a few days before
the vote, conveniently ab-
solved Hunter of impropriety
in his dealings in Russia or
Ukraine.
Those who have seen a bit
of the world, who’ve read an
esoteric book or two, know
how idiotic our 2016-19 collu-
sion follies were. Other gov-
ernments, by acts and omis-
sions, influence our elections.
Their citizens are active in
our midst. Get over it.
Early in the Trump admin-
istration, when officials sent
an unprecedented signal hint-
ing at opening U.S. files on
the 1999 apartment bomb-
ings, Mr. Trump was contend-
ing with fabricated claims
amples of Jews killing their
attackers, not the attackers’
families. This apparent self-
restraint might seem to put a
seal of moral approval on
their subsequent celebration.
But did it? In another epi-
sode of mortal danger for the
Jewish people, the Book of
Exodus records God’s split-
ting the Red Sea, allowing
the Jews to cross safely, and
then closing it, drowning an
entire army of Egyptian pur-
suers. Moses and then his
sister, Miriam, lead songs cel-
ebrating God’s destruction of
their enemies, after which
the Jewish people walk into
the desert.
The biblical text doesn’t
express, or even intimate,
criticism of the leaders or
the people for their songs.
But some rabbis of the Tal-
mudic era do. As the sea
closes over the Egyptians, a
Talmudic story depicts the
angels assembling before God
to chant a song of praise.
God rebukes them: “My hand-
iwork are drowning in the
sea, and you are reciting a
song before Me?” The story
suggests that humans are
made in God’s image, and
that we shouldn’t celebrate
death, even when self-de-
fense may justify killing.
Gratitude for salvation is
one thing, rejoicing over the
destruction of one’s adver-
saries quite another. Not
even the urgency of Jewish
survival and liberation in Ex-
odus can negate the binding
but she was his wife. Gene
Millard and Sally Settle had
met while in eighth grade in
Dayton, Ohio, and married
while college sophomores.
After Mr. Millard’s senior
season it was five years be-
fore I had reason to think
about him again—when he
arrived at our town’s high
school as the new history
teacher and basketball coach.
Sally Settle and Gene
Millard met in eighth
grade and stayed
together 68 years.
We could tell immediately
what a good guy he was—un-
failingly friendly, thoroughly
unfull of himself, available to
talk with anyone, athlete or
not. From the moment he
and Sally came to our com-
munity—Bexley, Ohio—they
were a solid part of it. They
raised their children there,
about a sex act in a Moscow
hotel room. If the message to
Mr. Putin was to stay out of
our messy domestic infight-
ing, it worked and served U.S.
interests.
A difference, of course, is
that the Hunter laptop was
real, the Russian involvement
was a lie, and the signal to
Mr. Putin was “don’t sabotage
an effort to aid Mr. Biden’s
election.”
The U.S. should
do some truthful
meddling in
Russia’s politics.
In office, Mr. Biden there-
upon sought to “park” Rus-
sia, as his aides called it, by
greenlighting a Kremlin pipe-
line Mr. Trump had killed, by
pausing aid to Ukraine after
a visit with Mr. Putin, by
withdrawing U.S. troops
from Mr. Putin’s backyard in
Afghanistan.
The best we can say now
in the administration’s de-
fense, Mr. Putin did not ac-
cept these tokens in the spirit
in which they were offered.
In 1961 Khrushchev told
colleagues “we elected” JFK—
likely referring to meetings
between 1960 campaign man-
ager Bobby Kennedy and KGB
agent Yurii Barsukov. In his
well-received 2021 account of
the Cuban missile crisis, Har-
vard’s Serhii Plokhy tartly
frames an episode that “in to-
day’s parlance would qualify
as nothing less than ‘collu-
sion’ between Kennedy’s pres-
idential campaign and the
universality of creation in
Genesis. While all people are
capable of wrongdoing, and
some of great evil, we should
never treat anyone as less
than human.
In times of armed conflict,
soldiers should exert maxi-
mum effort to distinguish be-
tween civilians—especially
children—and armed combat-
ants, as it appears the Jews of
The Book of Esther
tells a story of Jews
fighting back—with
admirable restraint.
Persia did. They had a signifi-
cant advantage over contem-
porary Israeli soldiers, how-
ever: Their enemies didn’t
hide behind women and chil-
dren. Hamas uses noncombat-
ants as human shields—a vio-
lation of international
humanitarian law under the
Geneva Conventions. The ter-
ror group even prevents Gaza’s
civilians from taking shelter in
its tunnel systems.
Hamas’s tactics create hard
choices for Israeli troops.
While international law
doesn’t prohibit Israelis from
attacking legitimate military
targets located near civilians,
it does require them to bal-
ance the worth of the poten-
tial military advantage gained
against anticipated damage to
civilians. As military com-
regularly attended neighbor-
hood events, were devoted
members of the Bexley
United Methodist Church.
The one constant was that
they were always Sally and
Gene. They came as a pack-
age deal—you couldn’t think
about one without thinking
about the other. Years and
then generations passed, and
they were no longer the
young hotshot on the Ohio
State hardwood and the
adoring young wife in the
stands. They had become
something more important:
the soul of the community,
its quintessence. That kind of
thing can happen in a small
American town. You could
move away, but every time
you thought of home, you
thought of Sally and Gene.
Gene finally retired as the
new century began, but the
Millards remained in town.
Speaking about Sally, Lee
Caryer—one of the students
who was there when she and
Gene first arrived—said: “No
matter how you met her, she
Kremlin.” Yet this news-mak-
ing revelation somehow went
unmentioned in 81 media ac-
counts of the Plokhy book in
the Factiva database. Ken-
nedy and Khrushchev shared
an interest in propounding a
fake missile gap favoring the
Soviets. As the nonpartisan
U.S. Arms Control Association
says today, the “fateful conse-
quences” would include “in-
fluencing an exceedingly
close presidential election”—
Kennedy’s 1960 win over
Nixon.
So now you know: U.S. pol-
itics is not hermetically
sealed from outside influ-
ences; our politicians do not
fail to make self-interested
calculations. Historians will
judge how our Russia collu-
sion lunacy, culminating in
the Hunter laptop intelli-
gence scam aimed at U.S. vot-
ers, may have contributed to
Mr. Putin’s Ukraine misjudg-
ment. But whatever the rea-
son for 20 years of U.S. re-
straint, which has only
continued under Mr. Biden,
the moment is ripe to use our
intelligence efforts to change
Mr. Putin’s calculations about
a Ukraine war that will end
only when he believes not
ending it endangers his posi-
tion in Moscow.
His war isn’t popular at
home. His rigged fifth presi-
dential election can’t conceal
the fact. Expose the truth
about last week’s terror at-
tack. Expose the truth, likely
long hidden in U.S. files,
about the 1999 bombings and
about Mr. Putin’s many other
depredations against the Rus-
sian people so he will know
the bill for his Ukraine war is
going up.
manders try to strike this bal-
ance, their decisions are fre-
quently contested, and reports
of civilian suffering are dis-
turbing. This helps explain
why many American Jews ob-
served Purim this year with
troubled hearts. Yet compared
with Israelis, relatively few
American Jews have direct ex-
perience with military service,
let alone armed conflict. Mak-
ing moral judgments is much
easier from the armchair than
on the battlefield.
When polled, most Israelis
say that to prevent repetitions
of the Oct. 7 massacre, the
war in Gaza must not end un-
til Hamas has been destroyed
as an armed force and govern-
ing entity. A majority of Jew-
ish Israelis say this can’t be
accomplished unless Israel en-
ters Rafah to root out the
Hamas leaders and fighters
who have taken refuge there.
Even with the most careful
planning, further loss of civil-
ian life seems unavoidable—
unless Israel agrees to limits
that would allow Hamas to
survive and claim victory. This
Prime Minister Benjamin Ne-
tanyahu won’t do, nor would
any other possible Israeli
leader.
Still, questions about the
conduct of the war won’t end
soon, nor should they. Con-
tinuing moral reflection—and,
when necessary, criticism—is
at the heart of the Jewish tra-
dition, as American Jews’ dis-
cussion about this year’s Pu-
rim observance shows.
remembered your name and
cared about your life.”
In the wider world of bas-
ketball, March Madness is
under way. When the college
tournament ends the CBS
television network will, as al-
ways, play the song “One
Shining Moment” to cele-
brate the new national cham-
pions.
Yet there are champion-
ships in this life, and then
there are championships.
Gene and Sally Millard had
decades of shining moments
together—68 years of mar-
riage. She died in January at
88. Gene, 89 and without
Sally for the first time since
eighth grade, is living with
one of his sons.
I told the son, Mike Mil-
lard, about that shining mo-
ment in St. John Arena, so
long ago.
“Geno!” “Geno!” “Geno!”
I can still hear her voice.
Hear the love.
Mr. Greene’s books include
the novel “All Summer Long.”
Wednesday, March 27, 2024 | A15
BOOKSHELF | By Dominic Green
Dialogues
For Democracy
The Ancient Art of
Thinking for Yourself
By Robin Reames
Basic, 304 pages, $30
I
n Plato’s “Gorgias” (ca. 380 B.C.), Callicles, a young
Sophist, predicts that if Socrates does not learn to
argue, he will be unable to defend himself in court.
Rhetoric, Callicles’ teacher Gorgias says, is not about
truth, but power: “freedom for oneself and rule over
others.” This being a Platonic dialogue, Socrates and
Callicles agree that democracy is susceptible to rhetorical
exploitation. Callicles, a proto-Nietzsche, thinks that
those who fail to exploit their “manliness and
intelligence” become slaves to the majority. Socrates
thinks that juries are swayed by emotion, not argument,
since everyone is “delighted with words that are designed
for his special temper.”
In “Republic,”
written a few years
later, Socrates compares
putting low-information
voters in charge of a
democracy to giving
them control of a
trireme sailing to Samos
in a storm. Robin
Reames’s “The Ancient
Art of Thinking for
Yourself” appears as the
American republic heads
toward the rocks of the
November elections.
While most voters prefer
not to think about that at
all, the modern heirs to
the ancient Sophists raise
the heat and lower the tone. Plato, the French theorist
Jacques Derrida observed in a rare moment of clarity,
used the word pharmakon to mean both a poison and its
antidote. Rhetoric has poisoned the body politic. Can it
cure it? Ms. Reames, a professor of English at the
University of Illinois at Chicago, uncorks the pharmakon.
The Athenian philosophers reinvented rhetoric as the
“science of language and persuasion,” Ms. Reames writes,
because the Sophists, who had their own ideas about
rhetoric, had convinced people of “things that, in their
heart of hearts, they knew were untrue.” The Sophists
had “dazzled Athens with their displays of oratory and
linguistic fireworks,” the Athenians had dazzled one
another, and a tide of fine and empty verbiage had
carried Athens to war and empire, turning it from a
democracy into an oligarchic tyranny. Today, Ms. Reames
argues, modern America is under similar Sophistic
assault, with democracy in “freefall” and political strife
that has “never been worse.” Wait until she hears about
the Civil War.
Like Aristotle in his “Rhetoric,” Ms. Reames reverse-
engineers the art of persuasion. If, she writes, we
“carefully analyze the inner workings of discourse,” we
can tell when we are being deceived, misled or incited
against each other. Unlike Aristotle, she contends with
ideology, which is to modern politics as the plague was
to democratic Athens. “Through thinking rhetorically
about our ideological commitments,” she writes, “it is
possible for people from radically different orientations
to have different, better, and more productive
conversations.” Aristotle would have called that an
appeal to logos (authority), followed by a nod to pathos
(feelings), with a dash of ethos (ethics) and not too
much hubris.
Political discourse in America has been
warped by ideology and rhetorical exploitation.
Ancient Athens may have useful lessons for us.
Ms. Reames’s use of the past tense in her examination
of Donald Trump’s rhetoric is more than wishful thinking.
Mr. Trump, she writes, taps into a “model of truth and
truth telling” that preceded Plato and print. The Homer
of Mar-a-Lago, she writes, uses “living oral speech, as
opposed to a canned script.” The critics who condemn
Mr. Trump as more of a liar than all the other liars are
missing the point. Rather than telling the truth in the
“rhetorical” way of the Athenian philosophers, for whom
“truth is a true representation in language,” Mr. Trump is
“unconsciously working with an ancient notion of truth
as showing, as bringing to light.” This notion is
“reanimated” by speech that feels “authentic” and “in-
the-moment.”
Mr. Trump also has comic timing, and what the Greeks
called charisma. So did Gorgias, the Alex Jones of the
ancients. Gorgias argued that while we want language to
refer to reality, language refers only to itself. This leads
to what Ms. Reames calls “fact denial and negation,” as
in Mr. Jones’s denial of the Sandy Hook massacre.
Gorgias was, as we say, just asking questions when he
said: “Surely it is open to all people to have opinions.”
Gorgias was, Ms. Reames says, “one of the most
duplicitous charlatans of all time.” He would be great on
Twitter (now X, still full of Sophists).
Rhetoric was taught from Aristotle’s day to,
historically speaking, the day before yesterday. Our
problem, Ms. Reames believes, is a deficiency of this
rhetoric of truth and a general ignorance about
rhetorical techniques. She rightly argues that a critical
understanding of the “power of rhetorical thinking” can
immunize us against the “language of ideology” and
create “new ways of understanding” how language works
to define and widen the “differences in our
perspectives.”
We should, she advises, ask ourselves what Aspasia
would do. Aspasia was a Sophist who practiced a kind of
Socratic method. Instead of making declarations, she
asked questions with the purpose of identifying a
“convergence between opposing views.” Among the
rhetorical skills we have lost is the ability to discriminate
between “antagonistic” argument, which is destructive
and warlike, and “agonistic” argument, which is a natural
and productive contest of ideas. Liberals who dread
Thanksgiving because it means speaking to people with
different ideologies or none at all, and conservatives who
prefer “owning the libs” to agonistic engagement, should
read “The Ancient Art of Thinking for Yourself” before
boarding for Samos.
Mr. Green is a Journal contributor and a fellow of the
Royal Historical Society.
A16 | Wednesday, March 27, 2024 THE WALL STREET JOURNAL.

OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR

Evan Gershkovich’s Year in Prison Chuck Schumer’s Israeli Election Interference

In “Schumer Stumbles Into Israeli Netanyahu for defending his people

F
riday marks the ugly anniversary of Rus- for nearly 10 months before the Kremlin ex-
sia’s arrest and continuing imprison- changed her for Viktor Bout, an arms dealer serv- Politics” (Politics & Ideas, March 20), and the Jewish homeland?
William Galston makes a number of Mr. Galston also seems to blame
ment of our reporter Evan Gershkovich. ing 25 years in prison on terror-related charges.
perfectly reasonable observations the Oct. 7 massacre entirely on Mr.
On Tuesday he was ordered Former U.S. Marine Paul about the war in Gaza. Every one of Netanyahu, calling for his removal.
held for another three months Putin believes there’s Whelan has been held for more these points is the subject of gut- Did President George W. Bush get
at the request of Russia’s Se- no downside to than five years. wrenching debate in Israel, without pushed out after 9/11? He remained
curity Service, though he The Biden Administration the need for meddling by well-mean- president for two terms.
hasn’t been formally charged arresting Americans. has worked actively for Evan’s ing foreign officials. YAFIT OVADIA
or put on trial. release, and the U.S. Ambassa- Sen. Chuck Schumer, self-ap- Tel Aviv
The Kremlin claims he is dor in Moscow visits him ev- pointed shomer, or guardian of Israel,
suspected of spying, but his real offense is hon- ery few weeks. Speaker Mike Johnson invited did more than cross the line. His at- Mr. Schumer’s speech is another
est reporting. If he does go to trial, any charges Evan’s parents to sit in his box at the State of tack on Israeli democracy was purely example of Washington leaders get-
and evidence will be wholly invented. the Union address, and President Biden noted partisan and intended for domestic, ting us into another forever war. Just
not Israeli, consumption. as they’ve done in Ukraine and as
By the accounts of those who have seen their presence. Members of both political par-
ROBERT SPITALNICK they did in Afghanistan, Vietnam and
Evan, he has held up remarkably well in notori- ties have condemned his imprisonment, often Great Neck, N.Y. all the others. Don’t let Israel wipe
ous Lefortovo prison. That’s a tribute to his in bipartisan statements like those by Sens. out Hamas. Get them within reach of
character and upbringing. His parents have Mitch McConnell and Chuck Schumer. A notable How would the Democratic Party doing so and then muck up the works
been relentless advocates and kept his case in exception, unless we missed it, is Donald like it if Israel interfered in the next so we can go into another period of
front of the public and U.S. officials. The 32- Trump. Why the silence, sir? U.S. election, telling voters to choose “peace” while Hamas rebuilds its
year-old is a brave and sturdy man coping as The recent history has been that these hos- President Trump over President Bi- forces to strike again.
well as anyone can with unjust confinement and tage cases are resolved with prisoner swaps, re- den due to the former’s support for It takes will to lead through the fi-
the uncertainty of when it will end. gardless of the U.S. Administration. But Mr. Pu- Israel and nonapologist mentality? nal days of war to victory. The Demo-
The Journal has also not let up in its cam- tin doesn’t seem to care enough about Russians The irony is that the Democrats cratic Party doesn’t have it. Mr. Ne-
have been known to cry “interfer- tanyahu may not win another
paign to free Evan. A publication like ours asks convicted of crimes and currently in U.S. cus-
ence” at the slightest suspicion. Since election, but he has the will to lead
reporters, especially the young and intrepid, to tody. And make no mistake that Mr. Putin is the when does a U.S. senator have the the fight right now, which is more
shine a light on often dangerous places for the decisive actor here. No Russian court will go right to call for the ouster of a demo- that I can say for our leadership.
benefit of our readers. Reporters know risk is against Kremlin wishes, and Mr. Putin could or- cratically elected Israeli leader, de- ANN FIORDA
part of the job, but we do as much as possible der Evan released at any time. monizing Prime Minister Benjamin Sachse, Texas
to reduce that risk. One response that the Biden Administration
Yet there is no protection against a willful hasn’t attempted is arresting or expelling Rus-
regime intent on taking an American hostage. sian journalists operating in the U.S. The Federal
Evan is the first American journalist taken by Bureau of Investigation surely knows Russians Big or Small, U.S. Patent Owners Have Rights
the Kremlin since the end of the Cold War, and in the U.S. suspected of espionage. As a practical
he was accredited to report in the country by matter this means Mr. Putin has paid no price As the CEO of VLSI, an American VLSI is a U.S. company that has as-
company that owns property in the serted against Intel patents that were
the Russian Foreign Ministry. His last dispatch for arresting an American journalist.
form of U.S. patents that are the sub- developed by other U.S. companies:
before his arrest described how the Russian Evan’s fate aside, something has to change ject of litigation with Intel, I am Motorola, Freescale and SigmaTel,
economy isn’t as healthy as advertised and in U.S. hostage policy unless this President and alarmed by Joseph Matal’s attack on which have all been key contributors
made news worldwide. his successors want even more Americans to be our business and on the very legiti- to the evolution of the U.S. semicon-
The Kremlin may have targeted Evan as a grabbed and held for exchange on their watch. macy of our property rights (“Patent ductor industry. To dismiss their in-
Russian-speaking foreign reporter because he Iran and Russia have made hostage-taking part Lawsuits Are a National-Security novations flies in the face of the
countered its otherwise total media control. His of their anti-American strategy, and it has paid Threat,” op-ed March 21). American tradition of protecting
arrest shows how much more dangerous report- off for them. Other countries may figure they Two different Texas juries saw our property rights.
ing on the world now is as U.S. power declines can do the same. dispute very differently than Mr. Patents are property rights,
and authoritarian governments don’t fear the i i i Matal does. Both decided that Intel granted only after vigorous review by
U.S. response. Freedom of the press suffers We are grateful to all of those worldwide— had infringed on our valid property the U.S. Patent and Trademark Office.
rights and generated billions of dol- In his analysis, Mr. Matal ultimately
when free nations recede in influence. public officials, journalists, and many others—
lars of revenue in the process. seems to be questioning the credibil-
The Kremlin has made a habit of snatching who have kept Evan’s fate in the news. Public Mr. Matal suggests that VLSI rep- ity and competence of the USPTO, an
Americans and then holding them to trade for attention and advocacy are the only tools we resents a “national-security threat” organization he himself led for some
a Russian convicted of crimes in the West. In have, since ultimately only the U.S. government because some of its hundreds of in- time.
2022 Russia arrested basketball celebrity Britt- has the diplomatic leverage to free Evan. Our vestors may be foreign. He has no ba- Intel has benefited plenty from the
ney Griner on a drug charge, and she was held hope and prayer is that it will be soon. sis for his statement that “it’s reason- U.S. patent system (it even sells its
ably likely that foreign powers are own patents to other companies to
funding VLSI litigation” because enforce against its competitors) and
A Lesson in DEI Failure From Britain there simply isn’t one.
It is also curious that Mr. Matal
from the system more broadly. Most
recently, it received nearly $20 billion
doesn’t have the same concern about in grants and loans from the Biden

M
emo to companies: Go ahead and can-
cel your DEI programs. That’s more
or less the message of a recent report
commissioned by the U.K. government finding
that diversity, equity and inclusion in the work-
place isn’t all it’s cracked up to be.
The report, presented to Business and
Trade Secretary Kemi Badenoch by an inde-
pendent panel, found there’s little evidence
DEI efforts such as mandatory antibias train-
ing and corporate policy overhauls have any
positive effect on corporate culture.
“Causality between interventions and out-
comes is often near impossible to discern,
even if positive correlations should be taken
seriously,” the authors write. “Definitive
claims of ‘what works’ can be misleading or
inconclusive. Results in one context cannot
necessarily be replicated in another as work-
places are complex social environments with
countless variables.”
It’s hard to say what DEI even means: “The
terms ‘diversity,’ ‘inclusion’ (and other associ-
ated terminology) are conceptually ambigu-
ous, rapidly evolving, and often conflated,” the
authors note. They point out that while the
fad is to focus on diversity along racial, sex
or other visible lines, “a visibly diverse organ-
Trump’s Truth Social Enablers
ization is not necessarily meaningfully het-
erogenous.” Viewpoint diversity may be more
important for a thriving company.
Despite this lack of results, DEI has become
a huge and expensive business. U.S. companies
spend some $8 billion a year on DEI training,
the British report notes, and in the five years
to 2020 the number of people with the job ti-
tle “head of diversity” more than doubled on
the professional networking site LinkedIn.
U.K. taxpayers spend £557 million a year on
10,000 government jobs related to DEI.
A negative twist is that in the U.K. compa-
nies face growing risks of having to pay again
for DEI as a legal backlash gathers momen-
tum. Several employment-law cases have
found that employers, including the govern-
ment, violated British protections on freedom
of belief by punishing employees who dis-
sented from the DEI orthodoxy on race or
transgenderism.
This is no way to run a company, a govern-
ment or an economy—on either side of the At-
lantic. Companies profit from diverse and in-
clusive workplaces, but that’s often the
opposite of what DEI programs produce. Ku-
dos to the British for starting to rethink this
divisive politically motivated scheme.
Intel. Intel has numerous foreign in-
vestors, institutional investors whose
ultimate beneficiaries are generally
unknown, and massive operations in
China. Are these facts not relevant on
the topic of international influence in
the semiconductor industry?
Shielding the Young From Twain’s Hard Truths
Sam Sacks’s review of Percival Ev-
erett’s “James” (Books, March 16) de-
scribes the place of Mark Twain’s
“The Adventures of Huckleberry
Finn” in high-school curricula as “not
banned, in most cases, but simply
dropped for texts that were less awk-
ward, less likely to offend.” That is
causing this retired high-school Eng-
lish teacher to continue to fear for
my grandchildren and their peers.
It isn’t with Percival Everett that I
take offense. In fact, Mr. Sacks con-
cludes his review by writing that Mr.
Everett’s “recasting” of “Huckleberry
Finn” contributes to “broadening our
understanding of an endangered clas-
sic by bringing out the tragedy be-
hind the comic facade.” I look for-
ward to reading it, but here is the
truth that keeps me awake: Twain
wrote his novel because he saw that
abolishing slavery had not set black
Americans free. The only way he
administration. It is no victim. But
big or small, political influence or no,
all U.S. patent owners are entitled to
the same protections.
MICHAEL SOLARSKI
CEO, VLSI
Chicago
could share this reality was through
the voice of a young, uneducated boy,
whose uncanny naiveté allowed his
heart to see Jim.
It was pure genius and not white-
washed reality. If any of my students
happen to see my letter, they too will
remember our discussions and the
moment they realized the depth of
hostility that black people faced and
Twain’s artful teaching of irony.
My students understood context.
They saw truth. And I like to think
they will never forget. We must stop
fearing to offend our young because,
given the chance, their budding ma-
turity seldom fails when faced with
genuine reality.
MARKY OLSON
Freeland, Wash.
I Prefer a ‘Dumb’ Toaster

S
hares in Donald Trump’s media company After an initial public offering last week, Andy Kessler’s “The Lost Era of Re-
surged Tuesday after its public market Reddit boasts an $10.4 billion valuation, though liability” (Inside View, March 25) re-
debut, increasing his net worth by the social-media platform has been losing Force Congress to Decide minds me of the “toaster theory” of
roughly $4.5 billion. Is Trump money for nearly 20 years. product reliability. The theory is that
Media & Technology Group His media company’s The expectation that the Fed- On Presidential Immunity toaster efficiency peaked more than
worth its stratospheric $8 bil- IPO soars on hopes he’ll eral Reserve will soon cut in- 40 years ago. Today’s toasters don’t
Dave Yost establishes the need for
make a better toast, so all we are left
lion market valuation? Hard to terest rates has boosted spec- presidential immunity from criminal
with is a more complicated toaster,
believe. But it’s hilariously retake the White House. ulative stocks. case harassment (“Duty, Urgency and
with extra settings, dials, buttons,
ironic that Mr. Trump’s oppo- Mr. Trump’s investors may Immunity,” op-ed, March 21), but his
LCD displays, Wi-Fi, computer chips,
nents have helped enrich him. be betting that he’ll win elec- “duty and urgency” framework seems
etc. These are all bound to fail and re-
Mr. Trump launched his Truth Social plat- tion in November and use Truth Social as a too vulnerable to arbitrary or subjec-
quire an instruction book thicker than
tive definitions. Why not ground it
form after he was banned from Facebook and White House mouthpiece, drawing more users the owner’s manual for my first car.
firmly in the Constitution and require
Twitter following the Jan. 6, 2021, Capitol riot. and advertisers to the platform. It’s not a that, for a president to be prosecuted
The end result, a piece of toasted
In October 2021, Trump Media & Technology crazy bet as polls show Mr. Trump beating bread, isn’t improved, only made more
for crimes committed while in office,
Group struck a deal to merge with Digital World President Biden. complex. Thanks, but I’ll hang on to
he must first be removed from office
Acquisition Corp., which is a special purpose ac- Meanwhile, a Securities and Exchange Com- my 35-year-old “dumb” Sunbeam
after a trial in the Senate?
quisition company. toaster that has been cranking out
mission filing warns that “Donald J. Trump is The Constitution’s High Crimes
toast without failure all these years.
SPACs were the rage at the time as investors the subject of numerous legal proceedings, the and Misdemeanors clause is broad
JEFF KESLER
chased speculative bets amid expectations that scope and scale of which are unprecedented for enough to cover just about all a pres-
Sugar Land, Texas
interest rates would stay low forever. Small a former President of the United States and cur- ident could do in office that is wrong,
companies used SPACs to raise cash and go pub- rent candidate for that office” and that an “ad- and the high bar the Constitution
lic without the typical investor disclosures. verse outcome” in a case “could negatively im- sets for a Senate conviction would
Electric-vehicle startups Nikola, Lordstown, Lu- pact TMTG and its Truth Social platform.” You
ensure that the charges are neither Pepper ...
trivial nor of marginal merit. This ar-
cid and Fisker went public via SPACs. don’t say. rangement would eliminate the spec-
And Salt
Like Mr. Trump’s media business, EV start- The stock price could also fall if Mr. Trump, tacle of a rogue state or local prose- THE WALL STREET JOURNAL
ups commanded ethereal market valuations on who owns roughly 60% of shares, has to unload cutor running for office with the
their public debuts despite bleeding cash with them to satisfy a giant New York civil-fraud expressed intent of “getting” a politi-
little to no revenue. Their share prices crashed judgment and other legal bills. Mr. Trump can’t cal opponent. Instead, it would locate
as the EV mania ebbed and interest rates rose. sell his shares for six months so they won’t help the spectacle of such a trial firmly in
Lordstown filed for bankruptcy, and Fisker re- his campaign except perhaps as collateral for the arena where it belongs: the U.S.
cently warned it could too. a loan if he seeks one. Is this why SEC Chair Congress.
After cheering on the EV bubble, the press Gary Gensler seems to have slow-walked ap- RAY JORGENSEN
Santa Ana, Calif.
now declares that Trump Media’s lofty valua- proval of the SPAC merger?
tion is divorced from market fundamentals. Per- The real caveat for investors is that Mr.
Letters intended for publication should
haps. Trump Media generated only $3.4 million Trump, as always, is his own biggest asset and be emailed to wsj.ltrs@wsj.com. Please
in revenue through the first nine months of last liability. Yet his opponents’ relentless efforts to include your city, state and telephone
year while losing $49 million. On the other take him down have fueled his political support number. All letters are subject to
hand, large losses aren’t unusual in a startup’s and his platform’s potential value. If they want editing, and unpublished letters cannot “I’ve just about had it with this lack
be acknowledged.
early years. to make Mr. Trump richer, they’ll keep it up. of communication from you three.”
THE WALL STREET JOURNAL.
The Oil Weapon Against Moscow
By Andriy Yermak
R
Kyiv, Ukraine
ussia’s economy depends
on the country’s natural
resources, as it did in the
Soviet era. Its growth de-
pends on the price of oil—
which contributed to the collapse of
the Soviet empire and will determine
Vladimir Putin’s current bid to re-
store the regime. It is oil that can
thwart the Russian dictator’s re-
vanchist ambitions.
In 1984, 613 million tons of oil
were extracted in the Soviet
Union—3 million tons less than in
1983 and well below that year’s tar-
get of 624 million tons. The Soviets
sustained enormous financial losses
because of the shortfall, exposing the
vulnerability of the economy, which
was depleting old oil deposits. To in-
crease production, the U.S.S.R.
needed Western technology. It also
In 1986 the U.S. and Saudi
Arabia raised production.
That move contributed
to the Soviet collapse.
needed Western money, which it fun-
neled into its military-industrial com-
plex to threaten the West. When Mr.
Putin turned energy into a geopoliti-
cal weapon, he was using an old So-
viet playbook.
Then, the West saw an opportu-
nity to erode Moscow’s finances by
lowering oil prices and increasing
output—as it should today. In 1986,
President Ronald Reagan and King
Fahd of Saudi Arabia developed a
Can We Power the EPA’s EV Fantasy?
By Jonathan A. Lesser
And Mark P. Mills
T
he futurists at the Environ-
mental Protection Agency are
confident that electric vehicles
will soon become cheap, reliable and
easy to fuel. That’s the main bet in
the agency’s new standard for car-
bon-dioxide emissions, released last
week. Critics have rightly called the
rule a backdoor EV mandate. The
EPA admits it can be met only if EVs
compose well above half of new ve-
hicle sales by 2032.
That isn’t happening anytime
soon. EVs are a niche product, used
mostly by high-income urban con-
sumers with garages. Electric cars
accounted for shy of 8% of new auto
sales last year and drained billions
from automakers’ profits. It isn’t un-
reasonable for EV aficionados to
hope for more business as technol-
ogy progresses and, perhaps, as low-
cost Chinese EVs flood the market.
Whether the former happens quickly
enough is one bet, and whether poli-
cymakers will be happy with Chinese
car companies bankrupting Ameri-
can firms is another.
There is, however, another wild
card in the EPA’s gamble. Wide-
spread adoption of EVs will require
an unprecedented and staggeringly
expensive expansion of local electri-
cal grids. This will require a huge in-
crease in the production of electrical
transformers, along with more
power plants and transmission lines
to produce and deliver energy.
This overhaul must include up-
grading local grid distribution at the
roughly 3,000 electric utilities
across the country—the wires, poles
and transformers that line our
streets. There are 60 million to 80
million distribution transformers in
neighborhoods, designed for existing
loads. Around one million new ones
are sold annually, two-thirds of
which replace aged-out transform-
ers. That replacement rate isn’t
close to meeting the EPA’s dreams.
Millions more—and heavier—trans-
formers will be needed to handle
higher power levels and more fre-
quent use, even if many EVs are
charged overnight. This will also re-
quire replacing many of the existing
utility poles to handle new trans-
formers’ extra weight.
On an individual level, millions of
homes and apartment complexes
will need electrical upgrades to ac-
commodate at-home chargers. Con-
PUBLISHED SINCE 1889 BY DOW JONES & COMPANY
Lachlan Murdoch
Executive Chairman, News Corp
Rupert Murdoch
Chairman Emeritus, News Corp
Emma Tucker
Editor in Chief
Liz Harris, Managing Editor
Charles Forelle, Deputy Editor in Chief
Elena Cherney, Senior Editor; David Crow,
Executive Editor; Chip Cummins, Newswires;
Andrew Dowell, Asia; Taneth Evans, Associate
Editor; Brent Jones, Culture, Training & Outreach;
Alex Martin, Print & Writing; Michael W. Miller,
Features & Weekend; Prabha Natarajan,
Professional Products; Bruce Orwall, Enterprise;
Philana Patterson, Audio; Amanda Wills, Video
Paul A. Gigot
Editor of the Editorial Page
Gerard Baker, Editor at Large
Pumpjacks extract oil from a well in Tatarstan, Russia, March 20.
plan to lower the price of oil. A re-
duction of $10 a barrel would mean a
$10 billion loss for the Soviets over a
year. Saudi Arabia, the most influen-
tial player in the Organization of the
Petroleum Exporting Countries,
bucked OPEC’s consensus and in-
creased production. The U.S. also
stepped up production—and imposed
an embargo on technology exports to
the U.S.S.R. Oil prices plummeted
even more than expected—to $12 a
barrel. The colossal losses, combined
with massive military spending, un-
dermined the Soviet economy.
What happened later is well
known: The U.S.S.R. collapsed in
1991. The world’s largest nuclear ar-
senal couldn’t save it.
But history shows that when Rus-
sia is flush with oil money, it tries to
reassert its global dominance. Rus-
sia’s growth under Mr. Putin is
thanks to soaring oil prices. In
sumers and taxpayers will pay for
that multibillion-dollar price tag,
whether through taxes or higher
utility rates. Electricians will need to
install new circuits for EV chargers,
and many older homes will need
new power panels to handle in-
creased demand.
The overhaul of electrical
grids and distribution
would require labor and
resources we don’t have.
On-road fueling will still be
needed, particularly for the millions
of consumers without garages. Rep-
licating the nation’s some 195,000
retail gasoline stations will require
far more than the 4,000 charging fa-
cilities that the Federal Highway Ad-
ministration has proposed. Given the
physics of electricity, thousands of
these charging stations will each
have the power demand of an entire
town rather than that of a typical
convenience store. That will mean
Biden’s Free Lunch for Rich Kids
By Sam Adolphsen
And Paige Terryberry
T
here’s no such thing as a free
lunch, but the Biden adminis-
tration insists otherwise. The
U.S. Department of Agriculture
plans to provide free lunches to chil-
dren—including many whose par-
ents earn six-figure incomes—year-
round. New research from our
organization finds that up to 72% of
America’s some 49 million public-
school students could soon be on
the taxpayer dole.
As usual, this story begins with a
supposedly temporary program. As
schools closed in 2020, Congress al-
lowed states to send extra payments
to families whose children qualified
for free and reduced-price school
lunches. The following year, it
added summer payments to the
package, depositing money directly
onto families’ electronic benefit
transfer, or EBT, cards, which are
used for food stamps. Finally, in De-
cember 2022, Congress made this
“Summer EBT” program perma-
nent—beginning in mid-2024. The
Robert Thomson
Chief Executive Officer, News Corp
Almar Latour
Chief Executive Officer and Publisher
DOW JONES MANAGEMENT:
Daniel Bernard, Chief Experience Officer;
Mae M. Cheng, EVP, General Manager, Leadership;
David Cho, Barron’s Editor in Chief; Jason P. Conti,
General Counsel, Chief Compliance Officer;
Dianne DeSevo, Chief People Officer; Jared DiPalma,
Chief Financial Officer; Frank Filippo, Chief
Transformation Officer; Artem Fishman, Chief
Technology Officer; David Martin, Chief Revenue
Officer, Business Intelligence; Dan Shar, EVP,
General Manager, Wealth & Investing; Ashok Sinha,
SVP, Head of Communications; Josh Stinchcomb,
EVP & Chief Revenue Officer, WSJ | Barron’s
Group; Sherry Weiss, Chief Marketing Officer
EDITORIAL AND CORPORATE HEADQUARTERS:
1211 Avenue of the Americas, New York, N.Y., 10036
Telephone 1-800-DOWJONES
Wednesday, March 27, 2024 | A17
OPINION
I co-chair an international working
group on sanctions with Michael Mc-
Faul, a former U.S. ambassador to
Russia. According to estimates by our
group, restrictions on Russian oil, in-
cluding the European Union embargo
and Group of Seven price cap, have
cost Moscow $113 billion in export
revenue since the invasion. Russia
still allocated $102 billion for mili-
tary spending in 2023, keeping the
war machine well-funded and giving
Mr. Putin scant incentive to negoti-
YEGOR ALEYEV/TASS VIA ZUMA PRESS
ate. For Ukraine to prevail, oil prices
must come down significantly.
The Kremlin is incapable of engag-
ing in equal dialogue—it only pre-
tends to do so. From 2014 to 2022,
Ukraine conducted some 200 rounds
of negotiations with Russia, seeking
a peaceful resolution to Moscow’s at-
tempted annexation of Crimea and
temporary occupation of parts of
2011-14, oil and gas revenue in Russia Eastern Ukraine. Every time, Russia
exceeded 50% of federal revenue. In violated any arrangements. As long
recent years, oil and gas have ac- as Moscow refuses to recognize
counted for up to 60% of Russia’s to- Ukraine’s international sovereignty,
tal goods exports and 40% of federal efforts at peace are futile.
revenue. Mr. Putin’s Russia, fueled by oil
Billions of dollars in oil and gas revenue, has no incentive to pursue
profits fuel the Kremlin’s imperialism peace, but instead aims to restore
and revanchism. The West must the U.S.S.R. and its sphere of influ-
ratchet up sanctions to make Russia’s ence. Mr. Putin isn’t bound by ideo-
oil trade less profitable, while also logical principles other than a lust
increasing Saudi and U.S. oil output. for power and will support extrem-
The West should also cut off Russia’s ists around the world to promote
access to technologies, including by chaos. Pursuing this malign agenda
imposing sanctions on intermediar- requires oil revenue.
ies. Lowering oil’s price to $30 a bar- To save the world from another
rel would help. But without new sup- century of turmoil, the West must
ply sources, price caps won’t work. replicate the successful example from
Ukraine and the world need Saudi the 1980s. Once again, it can outma-
Arabia and the U.S. to take the lead. neuver Moscow and Tehran and re-
As in the 1980s, increasing produc- claim the initiative.
tion will tame both Moscow and Teh-
ran, which is the key to peace in Eu- Mr. Yermak is head of the Office of
rope and the Middle East. the president of Ukraine.
more massive upgrades, in this case itself raising obvious national-secu-
for higher-voltage grid systems and, rity issues.
critically, thousands of new, large The unique electrical steel needed
transmission-level transformers. for transformers and electric motors
For EV enthusiasts, this overhaul is also in short supply, served by
is doable with the right amount of only one major producer, Cleveland
money. Yet they’re naive about the Cliffs. New Energy Department rules
magnitude. One Energy Department to improve transformer efficiency
study estimated some $50 billion to will require switching to even more
$125 billion in infrastructure up- specialized and costlier amorphous
grades will be needed to support steel. Add to that a shrinking labor
EVs composing 10% of all on-road force that can build and install this
cars. Today they amount to less than specialized hardware. The EPA’s ar-
2%. We estimate that achieving the chitects apparently believe there’s a
EPA’s goal will require north of $1 magic wand to fix all this.
trillion in grid upgrades by 2035. EV advocates at the EPA suggest
Money aside, transformers will be that these mandates will induce
the big roadblock. Delivery of the market forces that will solve the at-
largest utility transformers can al- tendant challenges. That’s a novel—
ready take several years, and overall and dubious—theory of innovation.
transformer costs have risen 70% Some behavioral changes might
since 2018. Replacing tens of mil- help, such as rationing access to EV
lions of distribution transformers charging or reducing the number of
would require massive quantities of cars. Perhaps that’s the real goal.
copper, most of which would have to Whatever the motivation, the EPA’s
be imported. The process would also de facto EV mandate is another
exceed the production capabilities of green fantasy.
the handful of American manufac-
turers. The U.S. is heavily dependent Mr. Lesser is a senior fellow and
on imports for large substation Mr. Mills director of the National
transformers, especially from Asia, Center for Energy Analytics.
USDA would automatically enroll tiple programs for low-income stu-
millions of families and create a dents, including the Summer Food
separate, means-tested application Service Program and Seamless
process for others. Summer Option.
The White House is now exceed- In classic Washington fashion, the
ing what Congress intended. In Sep- more-tailored summer food pro-
tember 2023, the USDA’s Food and grams will continue to exist. The
Nutrition Service finalized a rule feds, meanwhile, will throw more
that expands the number of stu- taxpayer money at the same popula-
dents who qualify for reduced tion while sweeping a larger share
lunches during the school year. If a of Americans onto the government
mere 25% of a public school’s stu- dole. The exact cost of Summer EBT
dents meet the requirements, 100% isn’t yet known but will almost cer-
of its students will be eligible to re- tainly run into the billions. The cost
ceive the benefit. The rule imposes of expanded school lunches for mid-
no income limits, meaning middle- dle- and upper-class children will
and upper-class children will get add billions more.
subsidized meals.
The Biden administration also is
preparing to add the summer The USDA prepares to
months to the expansion. On Dec.
29, 2023, the Food and Nutrition feed more schoolchildren
Service quietly solicited feedback on year-round, even if their
the difficulty of administering Sum-
mer EBT applications—likely hinting parents make six figures.
that it intends to abandon the appli-
cations and return to the pandemic-
era policy of depositing taxpayer Short of a new administration,
funds into EBT accounts, regardless court intervention or act of Con-
of need. gress, there’s no way to roll back the
According to our research, as school-year welfare expansion. But
many as 50% more public-school states can refuse to participate in
students will be eligible for taxpayer Summer EBT, and so far 13 haven’t
help during the school year. If the opted in for this summer. The Biden
administration abandons Summer administration—backed by an army
EBT applications and income stan- of activists and a gullible media—is
dards, these students will automati- trying to browbeat them into sub-
cally receive summer payments, too. mission. Nebraska reversed course
If their families have EBT cards, last month, joining the program af-
they’ll likely receive monthly direct ter previously steering clear.
deposits; if not, they’ll presumably Republican leaders fear being
receive a card in the mail. tarred as heartless monsters who
The administration is selling the want poor children to starve, but
expansion as a way to fight child this handout would flow to the well-
hunger, especially in low-income off. The real stakes are stopping
communities. Agriculture Secretary welfare that taxpayers can’t afford
Tom Vilsack declared in January and families don’t need.
that “no child in this country
should go hungry” or “lose access Mr. Adolphsen is policy director
to nutritious school meals during and Ms. Terryberry a senior re-
the summer months.” But the fed- search fellow at the Foundation for
eral government already runs mul- Government Accountability.
What if the
U.S. Helps
Hamas Win?
By Bernard-Henri Lévy
L
et’s imagine that Israel yields
to the pressure. Pushed by an
American president already
under fire from a segment of the
electorate that objects to his sup-
port for a “genocidal” state, Israel
refrains from entering Rafah to fin-
ish off Hamas’s four surviving bat-
talions. Israel agrees to the general
cease-fire of indeterminate duration
that the U.S. administration seems
to push amid increasingly virulent
antisemitism.
The idea that Washington uncon-
ditionally supports Israel is a long-
standing myth. While the U.S. often
vetoes anti-Israel resolutions at the
United Nations Security Council, the
one that passed Monday was far
from the first exception. Recall Res-
olution 1701 (2006) to halt Israel’s
Lebanon offensive at the Litani
River—thus sparing what remained
of the Hezbollah units.
So the supposition that the U.S.
pushes Israel into capitulating isn’t
implausible. It is the path forward
that Senate Majority Leader Chuck
Schumer, who styles himself the
Jewish state’s shomer, or protector,
has chosen. It isn’t hard to picture
an Israel that is sermonized, im-
peded and prevented from dealing
with Hamas the way the U.S. dealt
with Al-Qaeda and ISIS a few years
back—an Israel forced into defeat.
If that came to pass, what would
happen? Hamas would declare vic-
tory—on the verge of defeat, then
the next minute revived. These crim-
inals against humanity would
emerge from their tunnels trium-
phant after playing with the lives
not only of the 250 Israelis captured
on Oct. 7, but also of their own citi-
zens, whom they transformed into
human shields.
The Arab street would view
Hamas terrorists as resistance fight-
ers. In Jordan, Saudi Arabia and the
United Arab Emirates—nations that
signed the Abraham Accords or were
leaning toward doing so—Hamas’s
prestige would be enhanced. In the
West Bank as in Gaza, Hamas would
quickly eclipse the corrupt and inef-
fective Palestinian Authority, whose
image would pale next to the twin
aura of martyrdom and endurance in
which Hamas would cloak itself.
The path Joe Biden and
Chuck Schumer have
chosen means the end
of any hope of peace.
After that, no diplomatic or mili-
tary strategy would prevail against
the iron law of people converted
into mobs and mobs into packs.
None of the experts’ extravagant
plans for an international stabiliza-
tion force, an interim Arab author-
ity, or a technocratic government
presiding over the reconstruction
of Gaza would stand long against
the blast effect created by the last-
minute return of this group of
criminals adorned with the most
heroic of virtues.
Hamas would be the law in the
Palestinian territories. It would set
the ideological and political agenda,
regardless of the formal structure of
the new government. And Israel will
never deal with a Palestinian Au-
thority of which Hamas is a part.
Goodbye, Palestinian State. Hope for
peace harbored by moderates on
both sides will be dead.
This is why the world has one
choice. Instead of putting all their
energy into trying to get Israel to
bend, leaders should push Hamas to
surrender. The Biden administration
should redirect the time it is spend-
ing in useless negotiations with the
Qataris—experts in double-dealing—
to calling the Qataris’ bluff by de-
manding that they push the “politi-
cal” leaders of Hamas, whom they
host and protect, to live up to their
responsibilities.
Those who portray themselves as
praying for the end of this war and
a negotiated peace on “the day af-
ter” must recognize there is only
one path to that end. First, the re-
lease of all hostages. Next, the evac-
uation of civilians from the zone of
imminent combat. When will the
world recognize that Israel, having
been forced into this war, is doing
more than any army ever did to pre-
vent civilian deaths?
And finally, in Rafah, the destruc-
tion of what remains of Hamas and
its death squads. Without this mili-
tary victory, the endless wheel of
misfortune will begin to spin yet
again, though faster. This is the ter-
rible truth.
Mr. Lévy is author of “The Will to
See: Dispatches From a World of
Misery and Hope” and author and
director of the documentary “Slava
Ukraini.” This article was translated
from French by Steven B. Kennedy.
 BUSINESS & FINANCE
© 2024 Dow Jones & Company. All Rights Reserved.
S&P 5203.58 g 0.28% S&P FIN À 0.20%
Rising Bond Yields Surprise Street Visa and
Promised Fed rate
cuts haven’t slowed
key driver of
borrowing costs
BY SAM GOLDFARB
The Federal Reserve keeps
promising interest-rate cuts.
Treasury yields, a key driver
of mortgage rates and other
borrowing costs, keep rising
anyway.
As of Tuesday, the yield on
the benchmark 10-year U.S.
Treasury note was 4.233%, ac-
cording to Tradeweb, up from
3.860% at the end of last year.
As a result, the average rate
on a 30-year fixed mortgage
has also ticked higher, as has
the cost of borrowing in the
corporate-bond market.
The climb has surprised
many on Wall Street, who had
expected yields to fall, and
frustrated Americans who
have been waiting for mort-
gage rates to ease from two-
decade highs.
But it illustrates the nu-
ances of how borrowing costs
are determined in the U.S. and
the continuing uncertainty
over the path they might take.
Yields on Treasurys, which
rise when bond prices fall,
largely reflect what investors
Latinos Launch
U.S. Businesses
At a Torrid Pace
BY RUTH SIMON
Latin American immigrants
are starting businesses at
more than twice the rate of
the U.S. population as a
whole.
The jump in Latino entre-
preneurship has driven up the
overall share of new busi-
nesses owned by immigrants,
who accounted for 36% of
launches last year compared
with 25% in 2019, according to
a new analysis of Census Bu-
reau data. New-business cre-
ation by white and native-born
Americans has slowed in the
past two years, following a
broad surge early in the pan-
demic.
Deisy Vivas worked as a
dentist in Venezuela and later
as a dental assistant after
moving to the U.S. in 2016. Vi-
vas lost her job during the
pandemic and launched Vene-
zuela Food with her husband
Wilmer Vera, who had worked
in a glass-window factory. The
pair used $5,000 in savings
and a small grant to purchase
INSIDE
RESTAURANTS
Krispy Kreme signs a
deal to sell its
doughnuts at
McDonald’s. B3
MAXIMIZE
WAREHOUSE
PRODUCTIVITY
WITH AUTOMATION
interlakemecalux.com
* ** * **
S&P IT g 0.76%
Mastercard
10-year U.S. Treasury yield
5.00%
4.75
Tuesday
4.233%
up 0.373 percentage
point year to date
4.50
4.25
4.00
3.75
3.50
3.25
2023
Sources: Tradeweb ICE Closes (yield); Freddie Mac (mortgage rate); Federal Reserve via St. Louis Fed (rate forecast)
think the Fed’s benchmark
short-term rate will average
over the life of a bond. They in
turn set a floor on mortgage
rates and other types of fixed-
a tent, a gas stove and the
kitchen equipment.
Vivas and her family now
make arepas, empanadas and
tequeños that they sell at
farmers markets and other
events.
“No one else was making
Venezuelan food,” said her 18-
year-old daughter, Maria Gre-
cia, who designed the tent
canopy, handles paperwork
and serves as translator. She
added that the family’s goal is
to start a restaurant.
Entrepreneurship activity of
all types swelled in 2020 as
Covid-19 left people with more
time and different priorities,
while changes in consumer be-
havior created business oppor-
tunities.
One reason Latin American
immigrants have maintained
their entrepreneurial momen-
tum is that many of the busi-
nesses they started are in ser-
vices, food and delivery,
sectors that have experienced
increased demand since the
onset of the pandemic, said
Please turn to page B7
PROPERTY REPORT
LVMH revitalizes
run-down Miami
warehouse district into
a new hot spot. B6
(877) 632-2589
DJ TRANS g 0.37%
THE WALL STREET JOURNAL.
WSJ $ IDX À 0.10%
Wednesday, March 27, 2024 | B1
2–YR. TREAS. yield 4.597% NIKKEI (Midday) 40805.85 À 1.01% See more at WSJ.com/Markets
Average rate on a 30-year fixed-rate mortgage
8%
Inflation readings for Janu-
ary and February came in
firmer than expected, and eco-
To Lower
6
nomic growth has proved re-
silient, forcing investors to
dial back their rate-cut bets.
Merchants’
4
Now, traders expect rates to
end the year between 4.5%
and 4.75%.
Swipe Fees
The central bank is still sig-
2 naling cuts. BY ANGEL AU-YEUNG
A survey of Fed officials
last week showed that their Visa, Mastercard and the
0 median forecast is for three largest U.S. credit-card issuing
cuts this year, unchanged banks have agreed to a settle-
2000 ’05 ’10 ’15 ’20 ’24
from December. ment with merchants that have
Treasury yields, however, been suing them for nearly two
Fed officials’ ‘longer run’ rate forecast have climbed as investor ex- decades over the fees they
pectations have come more in charge for swiping credit cards.
3.4%
line with the central bank’s In the deal, the credit-card
projections. networks and banks will lower
3.2 Shows median forecast President Biden said at his the fees that merchants pay to
of federal-funds rate State of the Union speech ear- accept credit cards. There is a
3.0 lier this month that mortgage range of these fees, typically re-
rates will come down if infla- ferred to as swipe fees or inter-
tion continues to fall, adding change fees, with an average of
2.8
that “the Fed acknowledges around 2%.
that.” The pact would lower all
2.6 The reality is more compli- rates by 0.04 percentage point
cated. for three years, and the average
2.4 Even if the Fed cuts inter- rate across the networks would
’24 2016 ’17 ’18 ’19 ’20 ’21 ’22 ’23 ’24
est rates this year, Treasury be lowered by 0.07 percentage
yields could rise further. point for five years.
Investors would just need The legal team that struck
to keep scaling back bets on the deal for the merchants said
rate debt. investors expected the Fed to how much they think the Fed- that would amount to eliminat-
Right now, the Fed’s short- cut that rate six times this eral Reserve will cut in 2024 ing $30 billion in fees over five
term rate sits in a range be- year, bringing it down to and beyond. years. The networks and banks
tween 5.25% and 5.5%, a 23- 3.75%—4%. That wouldn’t be too diffi- collected $72 billion in total in-
year high. Coming into 2024, Then came a reality check. Please turn to page B12 terchange fees last year, accord-
ing to card-data company Nilson
Report.
The proposed settlement
would create some changes to
give merchants more choice on
accepting cards, allowing them
to guide consumers to cards
that have lower fees.
It would also give small busi-
nesses the ability to form
Please turn to page B2
ZAYDEE SANCHEZ FOR THE WALL STREET JOURNAL
 Heard on the Street: Deal
affects banks, too........... B13
NBC Drops
Former
Maria Grecia at work during a festival. She says her family’s goal is to open a restaurant.
RNC Chief
New entrepreneurship by race and ethnicity...
0.7%
...and
d by
b origin. McDaniel
Immigrant
BY JOE FLINT
0.6 AND ISABELLA SIMONETTI
Latino
0.5 NBC News cut ties with
Ronna McDaniel mere days af-
0.4 ter it hired the former Republi-
Asian Native-born can National Committee chair-
0.3 Black woman as a contributor, a
White dramatic about-face that fol-
0.2 lowed a very public rebuke
from some of its biggest stars.
0.1
The move, which was an-
nounced Tuesday afternoon in
a memo, caps a frantic four
0
days for NBC News, which had
1996 2000 ’05 ’10 ’15 ’20 1996 2000 ’05 ’10 ’15 ’20 looked to bring in a conserva-
Note: Percentage of adult, nonbusiness-owner population that starts a business each year tive voice to its political cover-
Source: Compiled by Robert Fairlie (UCLA) from Current Population Survey data age ahead of the presidential
election but instead became
the target of broad condemna-
A $20 Billion Merger Deal Hinges tions from observers and em-
ployees alike.
“No organization, particu-
On Whether Walmart Is a Grocer
larly a newsroom, can succeed
unless it is cohesive and
aligned,” Cesar Conde, NBCUni-
versal’s News Group chairman,
wrote in the memo. “Over the
BY PATRICK THOMAS they can try a Safeway, owned merger deal, argue that markets last few days, it has become
AND DAVE MICHAELS by rival grocery-store operator like Greeley show how intensely clear that this appointment un-
Albertsons, about 2 miles away. competitive the food-retail busi- dermines that goal.”
Where you go to buy a loaf of On the northeast side is a Wal- ness has become. McDaniel, who left her job
bread or a bunch of bananas mart that sells groceries, and it Federal antitrust enforcers, at the RNC earlier this month
could help determine the fate of also has a Sprouts Farmers who sued last month to block as former President Donald
the biggest-ever supermarket Market, as well as about a the deal, look differently at Trump was on the verge of
merger deal. dozen dollar stores within 7 markets such as Greeley, a city clinching the Republican presi-
In Greeley, Colo., shoppers miles of town. of more than 100,000 about an dential nomination, has been
can head to King Soopers in the Kroger and Albertsons, hour north of Denver. By defini- criticized for her support of
center of town, owned by su- which are fighting in court to tion, Walmart and Target his- Trump’s efforts to challenge
permarket giant Kroger—or defend their roughly $20 billion Please turn to page B2 Please turn to page B2
B2 | Wednesday, March 27, 2024 * **** THE WALL STREET JOURNAL.

INDEX TO BUSINESSES BUSINESS & FINANCE

These indexes cite notable references to most parent companies and businesspeople in

Merck Bets on Lung-Disease Drug

today’s edition. Articles on regional page inserts aren’t cited in these indexes.

A EQT Life Sciences...............B12 Newmark.......................................B6

Adyen...............................................B6 G NextEra Energy.....................B13
AES...................................................B13 Novo Nordisk...........................B12
GameStop...................................B12
NRG Energy..............................B13
Albertsons.....................................B1 Greenline Access Capital BY PETER LOFTUS Merck’s annual revenue cause dosage is weight-based. Winrevair, also known by its
Alibaba.............................................B5 Nuvation Bio............................B12
................................................................B7
Nvidia......................................B3,B13 $60 billion “We see this as a multibil- generic name sotatercept, uses
Amazon.com.....................B5,B13
I Merck is making a big bet lion-dollar potential opportu- a new approach to target the
Amolyt Pharma.....................B12 P
AnHeart Therapeutics.....B12 International Paper............B12 that its new drug, approved Keytruda sales nity for the company,” Merck underlying cause of PAH. It
PSEG...............................................B13
A.P. Moller-Maersk...............A2 J Tuesday in the U.S. for a poten- 50 Chief Executive Rob Davis said. works to stop the proliferation
AstraZeneca.............................B12
Q tially fatal lung disease, will “Over time we think we can of cells in artery walls that lead
Johnson & Johnson.............B3
B Quanta Services....................B13 take the company a long way move into earlier lines of ther- to constrictions.
K S toward heading off a massive 40 apy and potentially into much In a Phase 3 study, a sotater-
BlackRock......................................B3
Bloom Energy.........................B13
Krispy Kreme.............................B3 Samsung Electronics..........B3 revenue decline later this de- broader patient populations.” cept injection every three
Boeing...............................................A1
Kroger................................................B1 Seagate Technology cade. Davis said progress in weeks significantly improved
L 30
Brookfield......................................B6 ...................................................B12,B13 The drug, which will sell un- Merck’s research pipeline volunteers’ exercise capacity—
BYD.............................................A7,B4 LVMH Moët Hennessy Shockwave Medical..............B3 der the name Winrevair, treats would help make the Keytruda measured by distance walked
ByteDance....................................A4 Louis Vuitton.........................B6 SK Hynix........................................B3 a condition called pulmonary loss of exclusivity “more of a in six minutes—and extended
20
C M T arterial hypertension that af- hill than a cliff. And our confi- the time until either death or
Cardior Pharmaceuticals Mablink Bioscience.............B12 Talen Energy............................B13 fects nearly 40,000 people in dence that we will be able to disease progression, compared
.............................................................B12 Mastercard....................................B1 Tesla........................................B4,B12 the U.S. In 2021, Merck paid 10 grow beyond that is high.” with a placebo.
Constellation Energy........B13 McDonald’s...................................B3 V $11.5 billion for the company The Food and Drug Adminis- “It’s a big breakthrough,”
CoStar..............................................B6 Merck................................................B2 Visa.....................................................B1 developing the medicine. Some tration approved Winrevair as said Dr. Jessica Huston, a car-
CVS Health..................................B5 0
Micron Technology.....B3,B12 Vistra..............................................B13 analysts estimate sales as high an add-on therapy to other diologist at Ascension Saint
D Microsoft.....................................B13 W as $7.5 billion a year. 2015 ’20 ’23 drugs for pulmonary arterial Thomas Heart in Nashville,
Dexcom.........................................A12 MiSalud Health........................B7 Merck is counting on the Sources: FactSet; the company hypertension, which is com- Tenn., who enrolled patients in
Walmart..................................B1,B5
E N Warner Bros. Discovery..A11 blockbuster performance. More monly known as PAH. the Merck-funded study. “It
Eli Lilly...........................................B12 Netflix.............................................A11 Western Digital.....................B13 than 40% of the drug com- sales. The disease is a type of high feels like this drug is finally
pany’s revenue, some $25 bil- Winrevair will list for a blood pressure caused by con- something different than we’ve
lion last year, comes from can- price of $14,000 a vial, which strictions in tiny arteries of the been doing all along, and is ac-
INDEX TO PEOPLE cer treatment Keytruda. The
immunotherapy is the world’s
for about two-thirds of patients
will be the amount given every
lungs. It causes shortness of
breath and fatigue, diminishes
tually disease modifying.”
The drug was associated
top-selling drug. Merck’s main three weeks. That translates exercise capacity and can be fa- with side effects including
A Goldman, Tony.........................B6 Papiernik, Antoine...............B12 U.S. patent for it expires in into about $242,000 for a full tal without treatment. It is bleeding and the formation of
Arnault, Bernard.....................B6 I Peterson, Dana......................B12 2028, opening the door for year, though Merck said the most common in women ages small blood vessels on the skin
Azocar, Kersey...........................B7 Pope, Stephanie....................A10 lower-cost versions to eat into cost would vary by patient be- 30 to 60 years. in some patients.
Ioannidou, Sofia....................B12
B Prabhu, Aneesh.....................B13
J

Settlement
Bitner, David...............................B6 R settlement provides only mod- and help eliminate restraints on Visa, Mastercard and the
Jones, Rashida..........................B2
Blanco, Cindy..............................B7 Rebello, Rodney.....................B13 est relief while failing to mean- their businesses. banks have already settled part
K ingfully address the core issue: Merchants first brought this of the suit, agreeing to pay the
Buffett, Warren.......................B4 Robins, Craig..............................B6
Burke, Michael..........................B6
C
Kellner, Larry...............................A1
Kirby, Scott................................A10
L
S
Sadow, Rob.................................B6
Reached on the alleged fixing of swipe fees
by Visa, Mastercard and the
banks.
contentious class-action lawsuit
against Visa, Mastercard and
banks in 2005. They alleged the
merchants nearly $6 billion.
Last year, an appeals court af-
firmed that settlement.
Calhoun, David...........................A1
Charlesworth, Josh...............B3
Cleveland, Jeffrey................B12
Love, John....................................B5
M
Sankar, Krish............................B13
Slimane, Hedi............................B6
Strazza, Davi..............................B6
Swipe Fees “I would expect there to be a
lot of merchant opposition to
this settlement,”
card-network companies and
banks have colluded to keep in-
terchange fees
This new proposed settle-
ment aims to tackle the remain-
ing aspects of the suit, where
Conde, Cesar................................B1
said Kantor. inflated. retailers wanted to address
Madziyire, John.....................B12 T Continued from page B1 Visa said Interchange what they said was the anti-
D Martin, Thomas....................B12
Tan, Iris...........................................B7 groups to negotiate swipe fees, Tuesday it was Card companies fees are set by competitive nature of the card
Davis, Rob.....................................B2 McCann, James........................B2
Tsai, Joe..........................................B5
similar to what large retailers making mean- face other the card-net- networks.
Merz, Bill.....................................B12 already do today. ingful conces- work companies. Visa and Mastercard face
Deal, Stan...................................A10
Deitch, Jeffrey...........................B6 Mobley, Phil................................B6 U The settlement requires ap- sions to small battles over Merchants then other battles over their domi-
proval from a federal judge in businesses. Mas- pay these fees to nance in the card industry.
F Mollenkopf, Steve................A10 Ulbrich, Claudia......................B12
Brooklyn, N.Y. Earlier deals have tercard said the
their dominance banks whenever U.S. senators are pushing leg-
Fink, Larry....................................B3
Musk, Elon...................................B4
Myers, Caitlin............................A6
W
dragged through years of rul- settlement will in the industry. consumers use islation to give merchants the
Fleishman, Steve..................B13 Weisenfeld, Andrew..........B12 ings and appeals, which could bring closure credit cards to ability to process Visa and Mas-
Foley, Brendan........................B13 N Woodring, Erik........................B13 happen again with this pact, and value to purchase goods tercard credit cards over other
Noh-jung, Kwak.......................B3 Wu, William................................B7 given the wide range of mer- business own- and services. payment networks.
G
Nubbemeyer, Elmar............A11
chants involved and their vary- ers. Though small individually, they There is also a bill aiming to
George, Bill................................A10 Z ing opinions. The legal team representing add up to billions of dollars a cap the interchange fees on
Godshall, Doug.........................B3 P Zeng, Robin.................................A2 Doug Kantor, general counsel the merchant plaintiffs said the year. The merchants wanted the credit cards, similar to legisla-
of the National Association of proposed settlement would pro- ability to negotiate fees directly tion that already regulates the
Convenience Stores, said the vide immediate relief on fees with the banks. fees on debit cards.

NBC Drops In the wake of McDaniel’s

hire, MSNBC Chief Rashida

Former
Jones reassured staff and on-
air commentators that there
were no plans to have McDan-
Grocers
RNC Chief
iel on any of the network’s
shows, the Journal reported.
These individual fiefdoms
Defend Big
Continued from page B1
inside NBC News properties
have created something of a
void in terms of leadership and
Merger Deal
the 2020 election results. unity across the unit, staffers
Her only appearance on NBC said. The Washington bureau of Continued from page B1
since news of her appointment NBC News in particular feels torically haven’t been classified
had become public last week disrespected by the new struc- as supermarkets. Sprouts ranks
was merely coincidental: She ture, a senior staffer there said. as a premium natural and or-
had been booked as a guest on It isn’t common for talent to ganic store. Dollar stores are too
“Meet the Press” weeks before have a say in hirings. But be- limited in what they sell to be
she signed a deal. After Mc- cause McDaniel had been considered grocery competitors.
Daniel appeared on the pro- highly critical of the media in Under the Federal Trade Com-
ADAM DAVIS/EPA/SHUTTERSTOCK

gram Sunday, political analyst general and NBC News and mission’s view, if Kroger and
and former “Meet the Press” MSNBC in particular, the fact Albertsons merged, they would
host Chuck Todd joined the that there was no consider- be the only major supermarket
broadcast and blasted the net- ation to vet her with staffers operator left in town. “Direct
work for the hire while on air. was seen as shortsighted. competition between Kroger
Then on Monday, seemingly Creative Artists Agency rep- and Albertsons has brought
every major MSNBC news an- resented McDaniel in her nego- grocery prices down and the
chor—including Rachel Mad- tiations with NBC News and quality of grocery products and A customer shops for produce at a Walmart in Austin, Texas.
dow, Joe Scarborough and Joy also shopped her to other net- services up,” the FTC said in its
Reid—used part of their pro- works for contributor roles— lawsuit. “The proposed acquisi- Share of U.S. grocery sales, 2023 forcers sue to block a merger,
grams to condemn McDaniel’s including CNN and ABC News, tion would destroy this.” they focus on a particular mar-
hire, a sign the mutiny was according to people familiar Kroger responded in a court Walmart* 28.3% ket where competition would be
gathering momentum. with the matter. NBC News filing that regulators are “will- lost. The FTC argues in its law-
Having McDaniel on would made a three-year deal with fully blind” to the reality of sell- Kroger 10.1 suit that many grocery sellers
give airtime to someone who is her valued at nearly $1 million ing groceries in 2024: “The used by consumers aren’t one-
“about undermining elections in total, a large figure for a landscape of grocery shopping Costco 9.2 stop-shop supermarkets. The
and going after democracy,” contributor, another person has expanded to a diverse as- lawsuit doesn’t list Walmart as
Maddow said in her Monday said. The agency has since cut sortment of grocery retailers Albertsons 6.4 a direct competitor to a com-
evening telecast. Reid, who ties with McDaniel, a person beyond the ‘traditional super- bined Kroger and Albertsons.
hosts the network’s 7 p.m. pro- close to the matter said a per- market.’” Publix 4.8 The FTC also alleged that
gram, described McDaniel as “a son familiar with the matter. When Kroger and Albertsons Whole Foods isn’t a true com-
major peddler of the big lie.” Until her departure earlier announced their deal in late Ahold Delhaize 4.6 petitor, because of its higher
The hiring and subsequent this month from the RNC, Mc- 2022, company executives said prices and focus on brands that
backlash point to broader is- Daniel had been closely aligned that combining the country’s Aldi 3.0 many supermarkets don’t carry.
sues within the structure of with Trump, who helped install No. 1 and No. 2 pure-play super- Walmart’s absence from the
NBC News, people who work her to the post shortly after he market operators was necessary Amazon† 3.0 lawsuit is hard to square with
closely with the unit said. The was elected in 2016. to compete against retail pow- the retail giant’s footprint in the
architects of the hire were NBC The situation at NBC has re- erhouses such as Walmart and Target 2.7 grocery market, said Stephen
News editorial head Rebecca surfaced her involvement in Amazon.com, which have *Includes Sam’s Club †Includes Whole Foods Calkins, an antitrust law profes-
Blumenstein and political cov- events that led up to the attack pushed further into the food HEB 2.0 Source: Numerator sor at Wayne State Univer-
erage chief Carrie Budoff on the Capitol by a Trump- business. sity. “I don’t think they will suc-
Brown with Conde signing off. aligned mob on Jan. 6, 2021, as Walmart for years has been grocery stores. To draw more shoppers and ceed in excluding Walmart, Aldi
(Blumenstein previously was a well as her past tacit endorse- the biggest U.S. seller of grocer- Linda Rajlevsky, a 68-year- diversify their businesses, su- and Lidl,” Calkins said. “They
top editor at The Wall Street ment of his false claims that he ies in terms of total sales. In old retiree from Kenoza Lake, permarket operators like Kroger will not be able to define the
Journal and the New York won the 2020 election. Greeley, it has become the city’s N.Y., drives 30 minutes once a and Albertsons have looked be- market as narrowly as they
Times.) McDaniel said in her deposi- top grocery seller, according to week to Aldi for most of her yond produce, cereal and would like.”
“I want to personally apolo- tion to the select congressional investment firm Solomon Part- groceries. She sometimes stops canned goods. The two chains Rather than argue that Wal-
gize to our team members who committee investigating the at- ners, which is working with at the local Walmart for pro- together operate around 4,000 mart doesn’t compete against
felt we let them down,” Conde tack that the Trump campaign Kroger and Albertsons. Merging duce, and goes to Pecks, a local pharmacies, in addition to Kroger and Albertsons for gro-
wrote in Tuesday’s memo. asked the RNC to help gather would give the combined com- market, for meat, because it health clinics and delivery ser- cery sales, the FTC said that in
“While this was a collective “contingent electors” for the pany added scale to operate ef- sells chickens that her neighbor vices. Meanwhile, big-box retail- markets where there is a Wal-
recommendation by some Electoral College to help him ficiently, maintain employment raises, and other last-minute ers such as Walmart and Target mart, more competition is still
members of our leadership win, in case legal challenges of and keep prices down for con- items. Every two months, she have broadened their supercen- needed if the two supermarket
team, I approved it and take the 2020 election results in sumers, executives have said. orders frozen seafood from Wild ters’ food offerings over the companies combine.
full responsibility for it.” certain states succeeded. Lawmakers, union officials Alaskan, an online vendor. years to include deli counters, A federal judge in Oregon
When she announced Mc- During her “Meet the Press” and consumer advocates have Rajlevsky started making bakeries and expanded produce will decide whether Kroger has
Daniel’s appointment, Brown interview Sunday, McDaniel ac- warned that the deal would re- more trips to Aldi a year ago sections. solved the FTC’s competition
had told staffers that the for- knowledged Democrat Joe Bi- duce competition, increase when food prices were on the “You can buy everything you concerns by agreeing to sell
mer RNC chief would appear den won the 2020 election “fair prices and erode bargaining rise, and shops there for most buy in a grocery store and it’s over 400 stores that Albertsons
across all NBC News platforms, and square” in what was a re- power for the stores’ union em- of her vegetables, snacks, probably cheaper,” said James currently owns in states such as
which includes MSNBC. How- versal of the tone she had ployees. cheeses and their selection of McCann, the former chief exec- Washington and California. A
ever, neither Blumenstein nor taken on the topic in the past. Consumers typically shop for German food. utive of European-based gro- hearing over the FTC’s claims is
Brown have any oversight over In Tuesday’s memo, Conde groceries at about five different According to regulators, dis- cery chains Ahold USA and Car- scheduled for Aug. 26.
MSNBC, or much of the rest of wrote: “We continue to be stores a month and make trips count grocery chains such as refour France. The FTC said that even if it
NBC News. Blumenstein over- committed to the principle that to about three different stores a Aldi and Lidl are labeled as In its lawsuit seeking to included other stores where
sees booking for “Meet the we must have diverse view- week, according to FMI, a food- “limited assortment stores,” not block the Kroger-Albertsons people shop for groceries in its
Press,” and “Dateline,” but points on our programs, and to industry trade group. As the supermarkets, because they deal, the FTC defined the mar- one-stop-shop category, the
NBC’s “Today” and “Nightly that end, we will redouble our portion of Americans’ income don’t have everything one-stop ket as traditional supermarkets merger would still be illegal in
News” programs operate inde- efforts to seek voices that rep- spent on food hits a three-de- shoppers are looking for, includ- where consumers can buy ev- most areas because Kroger’s
pendently of her, as does resent different parts of the cade high, shoppers say they ing delis, bakeries and pharma- erything they need for the week and Albertsons’s combined mar-
MSNBC. political spectrum.” are frequenting more discount cies. in one place. When antitrust en- ket share would be too high.
THE WALL STREET JOURNAL. * * NY Wednesday, March 27, 2024 | B3

BUSINESS NEWS

Krispy Kreme to Sell

Goods at McDonald’s
The burger chain bution without driving up Krispy Kreme share price,
supply-chain costs. Krispy year to date
will begin selling the Kreme Chief Executive Josh Tuesday
$17.35
doughnuts in the Charlesworth said the part- $18
+39.4%
nership will double the com-
year’s second half pany’s distribution, currently 17
more than 14,000 access
BY WILL FEUER points, by the end of 2026. 16
Financial terms of the deal
Shares of Krispy Kreme weren’t disclosed. 15
surged after the company Shares of the Charlotte,
said it reached a deal to sell N.C.-based doughnut chain 14
its doughnuts at McDonald’s have struggled since it re-

SCOTT OLSON/GETTY IMAGES

restaurants across the U.S. turned to the public markets 13
The doughnut maker’s in 2021, with the stock is be-
12
stock rose 39% to $17.35 on low its initial public offering
Tuesday. Shares were down price. Analysts at Truist said
11
21% from a year earlier. investors are punishing the
McDonald’s said it would stock over demand concerns Jan. 2024 Feb. March
start rolling out the dough- tied to weight-loss drugs such Source: FactSet McDonald’s had begun testing Krispy Kreme doughnuts at some locations as early as 2022.
nuts in the second half of this as Ozempic and Mounjaro.
year and they will be avail- Truist analysts said the has been honing its focus on expanding its distribution, in- started investing in new a makeover and launched a
able across the country by the chain’s deal with McDonald’s its core doughnut operations. cluding overseas. Executives doughnut-making sites to new brand in moves not seen
end of 2026. will increase the availability Krispy Kreme said last year said they believe there is prepare for a broader rollout from the fast-food staple in
McDonald’s had begun and number of occasions con- that it hired advisers to ex- room to grow distribution in at third-party distributors. decades.
testing Krispy Kreme dough- sumers can try a Krispy plore options, including a po- the U.S. through quick-service New doughnut-making sites CosMc’s is seen as the Chi-
nuts at some locations as Kreme doughnut. They added tential sale, for the Insomnia restaurants such as are critical to expanding what cago-based company’s swipe
early as 2022. that the sweets could have Cookies chain. McDonald’s. Krispy Kreme calls its deliv- at Starbucks’s market share,
The deal is a boon for appeal beyond breakfast. The company has been Krispy Kreme’s Charles- ered fresh daily network. centering its menu around
Krispy Kreme, which has been Krispy Kreme, which owns working to rein in costs at worth told investors last McDonald’s in recent customizable iced drinks and
working to expand its distri- the Insomnia Cookies chain, the Krispy Kreme brand while month the company had months has given its burgers small bites.

BlackRock CEO Sees Budding Global Retirement Crisis

BY JACK PITCHER BlackRock, the world’s larg-
est money manager with $10
Larry Fink sees a global re- trillion in assets, says more
tirement crisis brewing. than half of the assets it man-
The 71-year-old chief execu- ages are for retirement. Get-
tive officer of BlackRock says ting more people investing
an aging population is stress- more of their assets in capital
ing retirement safety nets such markets is key to securing
as Social Security, an issue that comfortable retirements, Fink
is set to worsen as medical says.
breakthroughs like weight-loss “No other force can lift
drugs extend people’s lives. more people from poverty or
“As a society, we focus a improve quality of life quite
tremendous amount of energy like capitalism,” he wrote.
on helping people live longer Fink offered thoughts on
lives. But not even a fraction of improving retirement systems,
that effort is spent helping addressing the national debt
people afford those extra and investing in the global en-
years,” Fink wrote in his an- ergy transition in a wide-rang-
nual letter to shareholders. ing letter that avoided many of
the subjects that have gener- I’ve never seen more demand Partners—which will greatly In past letters addressed to
ated controversy for BlackRock for energy infrastructure,” he expand its infrastructure in- the CEOs of the companies
in the past. wrote. vesting capacity. BlackRock invests in, Fink
Two of the BlackRock is BlackRock’s colossal index- pressed them to disclose more
biggest eco- wagering that fund business makes it one of about the social and environ-
nomic chal- growing gov- the three biggest shareholders mental effects of their busi-
lenges in the Larry Fink said ernment defi- in most large U.S. companies. nesses and warned that Black-
mid-21st cen- the stress on cits mean there It wields significant share- Rock may vote against boards
tury will be pro- is an increased holder voting power as a re- that don’t.
viding secure retirement need for private sult, though Fink’s letter high- That landed him in hot wa-
retirements and financing of lighted the firm’s efforts to let ter with critics on both sides of
building the
safety nets is major infra- its end clients choose how the political aisle.
massive amount likely to worsen. structure proj- their shares are voted. Fink dropped the letter to
of infrastruc- ects. BlackRock launched a pilot chief executives last year in fa-
ture the world The asset program last month that lets vor of one letter to BlackRock
needs for digiti- manager re- individual investors holding its shareholders and scrubbed any
zation and energy, Fink wrote, cently announced its biggest largest S&P 500 exchange- references to politically con-
adding that capital markets acquisition in 15 years—a $12.5 traded fund have a say in how tentious environmental, social
will be key to addressing both. billion deal to buy fund man- their proxy votes are cast for and corporate-governance in-
“In my 50 years in finance, ager Global Infrastructure the first time. vesting.

J&J Weighs Shockwave Buy

BY LAUREN THOMAS Any deal would be sizable.
AND LAURA COOPER Shockwave had a market value
of around $11 billion before The
Johnson & Johnson is in Wall Street Journal reported
talks to acquire the medical-de- on the deal talks. Its stock
vice maker Shockwave Medi- closed up around 10% Tuesday
cal. following the report, giving it a
A deal could be completed in market value closer to $12 bil-
the coming weeks, assuming lion.
talks don’t fall apart, according Johnson & Johnson has a
to people familiar with the market capitalization of around
matter. It is also possible an- $375 billion.
other suitor could emerge. Santa Clara, Calif.-based
Shockwave makes medical de-
vices that treat cardiovascular
diseases. In February, it pro-
jected revenue for 2024 that
would range from $910 million
to $930 million, which would
be a roughly 27% increase from
the previous year.
Shockwave Chief Executive
Doug Godshall has led the com-
pany since 2017.
—Peter Loftus
contributed to this article.

SK Hynix to Build $4 Billion

Chip-Packaging Plant in Indiana
BY JIYOUNG SOHN
AND JOHN KEILMAN

South Korea’s SK Hynix

plans to invest roughly $4 bil-
lion to build an advanced
chip-packaging facility in
West Lafayette, Ind., accord-
ing to people familiar with the
matter, a boost to the Biden
administration’s ambitions to
restore America’s standing as
a semiconductor power.
JEAN CHUNG FOR THE WALL STREET JOURNAL

The SK Hynix facility, with

nearby access to Purdue Uni-
versity, home to one of the
U.S.’s biggest semiconductor
and microelectronics-engi-
neering programs, is expected
to create around 800 to 1,000
new jobs, the people said. A
mix of state and federal tax
incentives and other support
are expected to be made avail- An SK Hynix employee with a sample of an HBM memory chip.
able to help finance the proj-
ect, the people said. Opera- OpenAI’s ChatGPT. the manufacturing supply
tions could begin in 2028, one Based in Icheon, South Ko- chain for such prized tech
of the people said. SK Hynix’s rea, SK Hynix has seen its components would represent a
board is expected to soon vote market capitalization more significant breakthrough for
on the matter to complete the than double in the past year the U.S., when nearly all the
decision. to roughly 129 trillion Korean related production occurs in
SK Hynix, one of the won, or $96 billion. Chief Ex- South Korea, Taiwan or other
world’s largest chip makers by ecutive Kwak Noh-jung said parts of Asia.
revenue, has seen its profile this year that AI could help Advanced chip packaging—
skyrocket during the latest ar- drive the company’s valuation the final steps of semiconduc-
tificial-intelligence boom. It to 200 trillion won. tor production—is a critical
dominates in the so-called A SK Hynix spokeswoman facet of the Biden administra-
high-bandwidth memory mar- said the company “is review- tion’s U.S. Chips Act.
ket, with SK Hynix serving as ing its advanced chip packag- SK Hynix accounts for
the exclusive partner to ing investment in the U.S., but roughly 73% of the HBM mar-
Nvidia’s most-advanced hasn’t made a final decision ket by memory gigabytes, with
graphic-processor units. The yet.” South Korea’s Samsung Elec-
two types of chips get bundled Nvidia’s AI chips are the tronics at around 22% and
together, enabling faster data- crown jewel of the semicon- Idaho-based Micron with
processing speeds critical to ductor industry. Being able to about 5%, according to Semi-
generative AI tools, such as claim at least some parts of Analysis’s latest estimates.
B4 | Wednesday, March 27, 2024 THE WALL STREET JOURNAL.

TECHNOLOGY WSJ.com/Tech

Musk Pushes ‘Full Self-Driving’ Software

Tesla CEO has said website and in users’ manuals
that the software doesn’t al-
drivers who enable low for fully autonomous driv-
pricey feature will get ing and requires active driver
supervision.
free one-month trial The company didn’t imme-
diately respond to a request
BY RYAN FELTON for comment.
AND REBECCA ELLIOTT Musk has long described
autonomous driving as a
Tesla is stepping up pro- linchpin to Tesla’s lofty mar-
motion of the driver-assis- ket valuation and a critical
tance technology it calls “Full step in developing a future
Self-Driving Capability,” seek- “robotaxi” model without a
ing to expand use of the con- steering wheel or pedals. This
troversial software feature as model would allow owners to
it confronts the prospect of provide Uber-style rides to
lower sales growth this year. paying customers around the
Elon Musk, Tesla’s chief clock.
executive, told employees this He has frequently talked up
week that they are required the development of Full Self-
to take customers on a test Driving over the past year as
drive using the technology Tesla’s profit margins started
using its automatic steering
feature and provided it as an
over-the-air update.
Tesla has rolled out new
driver aids over time. Some of
them come standard on new
cars. Others, like the feature
designed to help cars navigate
cities, are sold as upgrades.
Tesla’s efforts to revamp
Full Self-Driving had made
“quite a profound difference,”
Musk said in January, before
the company had made the
updated software widely
available.
Musk later said in a post on
X that additional improve-
ments to the system would
roll out about every two weeks
and “should be really shining
bright by late April or early
May.”

before they hand over the
keys.
The system is an advanced
version of the company’s Au-
topilot technology, which is
available on all new Teslas
and is designed to help with
driving tasks like steering and
lane changes. Full Self-Driv-
ing, an upgrade available for
$12,000 up front or $199 a
month as a subscription ser-
vice, includes features that
can navigate cars through city
streets.
“I know this will slow
down the delivery process,
but it is nonetheless a hard
requirement,” Musk said in an
email to employees that was
reviewed by The Wall Street
Journal.
U.S. drivers whose vehicles
Tesla’s CEO in a memo told employees they must demonstrate FSD during test drives.
are capable of running FSD
will get a one-month free trial
in the coming days, he added
in a post on X late Monday.
Tesla’s stock rose nearly
3% Tuesday. Shares have
fallen more than 28% in 2024
as investors digested the idea
that after years of breakneck
growth, Tesla may not in-
crease vehicle sales much, if
at all, near-term. The stock
has been the worst performer
in the S&P 500 index this
year.
Musk is pushing Tesla’s
driver-assistance technology
at a time of intense regula-
tory and legal scrutiny of how
the company develops and
markets these systems. The
federal auto-safety regulator
has been investigating the
company’s Autopilot for
years, leading Tesla to initiate
a two-million-vehicle recall in
December.
Additionally, the Justice
Department and Securities
and Exchange Commission
have launched separate
probes examining whether
MIKE BLAKE/REUTERS
to narrow.
Late last year, Tesla re-
called the software behind Au-
topilot, which is among the
best-known driver-assistance
systems on the market today,
in response to an investigation
Tesla misled customers and by federal auto-safety regula-
investors about how the tech- tors.
nology performs. The recall covered nearly
Musk’s latest move to pro- all Teslas sold in the U.S. at
mote its Full Self-Driving Ca- the time—about two million
pability comes as the auto- vehicles in total—and the au-
maker rolls out a revamped tomaker agreed to make
version that Musk has said re- changes after the regulators
lies more on artificial intelli- found that Tesla’s safeguards
gence. The electric-car maker around the technology were
has said roughly 400,000 inadequate in certain cases,
Tesla drivers in North Amer- potentially leading drivers to
ica have downloaded the soft- misuse the system.
ware underpinning the Full Tesla developed a software
Self-Driving package. fix to further encourage driv-
Tesla has emphasized on its ers to remain engaged while
Meanwhile, Tesla is gearing
up for an expected multiweek
trial over a high-profile 2018
fatal crash involving Autopi-
lot.
In March of that year, a
Model X owner died after the
sport-utility vehicle he was
driving on Highway 101 in Cal-
ifornia collided with a barrier
and was struck by two other
vehicles.
Tesla said the vehicle had
Autopilot activated in the mo-
ments leading up to the crash
and that the hands of the
driver, Walter Huang, weren’t
detected on the wheel for six
seconds before the crash.
Huang’s family later sued
Tesla over the matter. A trial
is expected to begin next
month.

BYD Net Profit Rises as It Overtakes Tesla as Top EV Seller

BY KOSAKU NARIOKA
BYD reported a rise in net
profit in the fourth quarter as
it overtook Tesla as the top
global seller of electric vehi-
cles on a quarterly basis.
The Chinese electric-vehicle
maker said Tuesday that net
profit climbed 19% from a year
earlier to 8.67 billion yuan
($1.20 billion) for the final
three months of last year.
Revenue increased 15%
from a year earlier to 180.04
billion yuan as sales volume
climbed 38%, BYD said.
Known for its budget-
friendly cars, BYD sold more
than 526,000 fully electric ve-
hicles in the fourth quarter,
topping Tesla for the first time
as the world’s largest seller of
EVs on a quarterly basis.
Quarterly net profit, how-
ever, fell from the previous
quarter’s 10.41 billion yuan net
profit as competition intensi-
fied in the Chinese market.
Sales growth has shown
signs of easing. BYD’s sales this
year through February dropped
6.1% from a year earlier.
While fighting a price war the country for a factory, as The carmaker said China’s
at home, the Warren Buffett- its quest for global expansion new energy vehicle market,
backed company has been turns toward North America, which includes hybrid cars as
seeking to sell more premium The Wall Street Journal re- well as battery EVs, is expected
models and ship more cars ported in February. to grow strongly in 2024. The
overseas. In 2023, BYD’s ex- BYD’s 2023 net profit company said it would
ports grew sharply to more climbed 81% to 30.04 billion strengthen its multibrand
than 242,000 units. yuan as sales volume rose 62% strategy, accelerate global ex-
The Shenzhen-based com- to a record 3.0 million vehicles. pansion and take the lead in
pany has set its sights on Gross profit margin improved the future development of in-
Mexico, scouting locations in to 20% from 17% in 2022. telligent automobiles.

Bringing Communities of Support to Students

At Communities In Schools, we place knowledgeable and caring adults inside schools. These site coordinators
surround students with a community of support to ensure they have access to everything they need to engage
in learning, graduate, and succeed in life. We are there for them fostering life skills, providing mentor support,
academic enrichment and resources like school supplies, meals, and access to technology.

See how we go all in for kids at CommunitiesInSchools.org

© 2023 Communities In Schools, Inc.

 THE WALL STREET JOURNAL. Wednesday, March 27, 2024 | B5

TECHNOLOGY

Alibaba Scraps Plans

To List Logistics Unit
BY REBECCA FENG
AND DAVE SEBASTIAN
Chinese internet company
Alibaba Group has abandoned
plans to list its logistics arm,
dealing a major blow to Hong
Kong’s beleaguered market for
JASON REDMOND/AGENCE FRANCE-PRESSE/GETTY IMAGES
on the listing, people familiar
with the matter said.
The decision came as finan-
cial information in Cainiao’s
IPO prospectus was expiring,
which led Alibaba executives
to confront a choice between
updating the prospectus and

initial public offerings. canceling the listing, Alibaba

The company had been
planning to list its subsidiary
Cainiao Smart Logistics Net-
work on the Hong Kong stock
exchange in a deal that it
hoped would raise at least $1
billion. That would have been
a shot in the arm for Hong
Kong’s moribund new-listing
market, which is on track for
its fourth year of declining vol-
umes, according to Dealogic.
John Love, vice president of Amazon Pharmacy, said the company wants to make it simpler to order common prescriptions online. Alibaba on Tuesday said
Cainiao had withdrawn the
Chairman Joe Tsai said on a
conference call Tuesday.
“Given Cainiao’s strategic
role and future plans within
Alibaba Group and given chal-
lenging IPO market conditions,
it has become clear to us that
taking Cainiao public now or
in the foreseeable future would
not be consistent with our
group strategy, nor would any
achievable valuation in an IPO
reflect what we believe to be
the strategic value of Cainiao

Amazon Is Adding Two Cities

IPO application. The cancella- at this point,” he said.
tion of the listing further un- Chinese companies have for
dermines a bold restructuring years been a major source of
plan that Alibaba unveiled last new listings volumes in Hong

To Same-Day Drug Delivery

BY SEBASTIAN HERRERA
Amazon.com is adding New
York and Los Angeles to the
cities where it offers same-day
pharmacy delivery, in its latest
effort to expand its reach in
health and medicine.
The tech giant says same-
day delivery of prescriptions for
common conditions such as dia-
betes and high blood pressure
is available in two of the most
populous U.S. metros, with
plans to offer the service in
more than a dozen cities by the
end of the year. Amazon offers
same-day pharmacy delivery in
Indianapolis, Miami, Phoenix,
Seattle and Austin, Texas.
The expansion is the next
step in Amazon’s ambitions to
make prescription delivery as
quick and convenient as its re-
tail orders. Customers have
been slow to move to online
services from prescription
pickup at in-store pharmacies,
and the company faces compe-
tition and other barriers as it
seeks to build out its health-
care goals. Amazon added to
its same-day delivery options
and sees quick delivery of pre-
scriptions as a way to increase
patient interest, according to
executives.
While uptake for online
pharmacies has lagged behind
other retail areas, more options
are becoming available, indus-
try analysts note. Almost 90%
of U.S. adults purchased pre-
scriptions at in-store pharma-
cies, though roughly 30% said
they tried online pharmacies,
according to a 2023 survey of
20,000 consumers by health-
care market research firm M3
MI. People ages 18 to 34
showed the greatest interest in
online pharmacy purchases.
Amazon executives and in-
dustry analysts say a mix of
reasons exist for sluggish
adoption. Awareness of ser-
vices, available medications
and delivery speed have made
it challenging to get custom-
ers to try such services. Some
people are slow to switch
away from longtime pharma-
cies they use. John Love, vice
president of Amazon Phar-
macy, said the company wants
to make it simpler to order
common prescriptions online
than it is to pick up in stores.
Amazon has sold prescrip-
tion medicines online since
2020. It has worked to speed up
overall deliveries and opened
warehouses closer to customers
while trying out medical deliv-
eries via drone in one Texas
city. Some of the resources be-
ing used for drone delivery and
other quick shipments are be-
ing deployed for same-day pre-
scription delivery, Love said.
“I don’t think patients often
know they can get Amazon
Pharmacy—it’s an awareness
gap,” he said. “You have little
kids and they get sick and you
want meds right away, so
speed has been a barrier. That’s
why we’re investing in speed.”
Amazon faces several chal-
lenges as it builds out its
healthcare business. Compa-
nies such as CVS have worked
to offer quick pharmacy deliv-
ery. CVS says it offers same-
day delivery from more than
9,000 of its pharmacies na-
tionwide. Walmart is one of
the biggest retail pharmacy
entities in the U.S.
Amazon has had several
healthcare iterations but at
times struggled to gain trac-
tion. The company earlier this
year laid off hundreds of em-
ployees across Amazon Phar-
macy and One Medical, the
primary-care service it ac-
quired in 2023. Love said the
restructuring is part of “in-
vesting in the long term” and
said the healthcare business is
still in its early days.
year, which would have split Kong, but their appetite is di-
the e-commerce company into minishing. In 2023, IPOs and
six independently run compa- secondary listings by Chinese
nies. companies in Hong Kong
The move came after Ali- raised $5.7 billion, down 54%
baba shelved a cloud-comput- from a year earlier, according
ing spinoff and delayed plans to Dealogic. So far this year,
to list its Freshippo grocery Chinese companies have raised
unit. just $456 million from selling
The grim state of Hong shares in Hong Kong.
Kong’s stock market is a key —Cao Li
reason that Cainiao put brakes contributed to this article.
Share-price and index Hong Kong listings by
performance, past three years mainland Chinese companies*
20% $50 billion
Hang Seng Index
0
Alibaba Group
40
–20 30
–40 20
–60 10
–80 0
2022 ’23 ’24 2015 ’20 ’24
*Includes primary and secondary listings; 2024 data is through March 26
Sources: FactSet (performance); Dealogic (Hong Kong listings)

Special Advertising Feature

Journey to the Top:

Inside the United
Kingdom’s Rise as
the Unicorn Kingdom
International investment, a rich legacy of entrepreneurial
expertise, innovative clusters and strategic government
initiatives are transforming the U.K. into the Unicorn
Kingdom—a vibrant hub fostering billion-dollar
tech companies.

With ambitions to emerge as a global leader in science and technology
by 2030, the United Kingdom has been dubbed the “Unicorn Kingdom,”
nurturing companies valued at over $1 billion and fueling their growth.
Boasting over 160 unicorns, the U.K. leads Europe and ranks third globally
in tech ecosystem value, following the U.S. and China, with a valuation
surpassing $1 trillion.
The aim is to keep this environment growing. Over the years, the U.K.
has seen billion-dollar technology companies thrive in virtually every sector.
Notable examples include U.K.-headquartered global biotech company
Oxford Nanopore Technologies, fintech leader Starling Bank, valued
at $2.68 billion, and cyber security AI company Darktrace, valued at
$3.5 billion.
Carolyn Dawson, CEO of Founders Forum Group, attributes this success
to a blend of top-tier talent and adaptable regulations: “It’s a testament to
the environment that the U.K. has created for entrepreneurship over the
last decade.”
Drawing in Investment
Although foreign direct investment into the U.K. fell post-Brexit, tech-sector
investment has remained strong. “Over $21 billion has been pumped into
U.K. startups, which is more than France and Germany combined,” says
Dawson. “Over 64% of it comes from international investment, so the U.K.
is still seen as a very good place to invest.”
Building on a Dynamic Network
The U.K. hosts several networks aimed at helping local technology
firms gain a foothold overseas and international businesses in setting
up operations in the U.K. For example, London & Partners, a specialized
business growth and destination agency for the capital since 2011, has
contributed £3.4 billion ($4.3 billion) to London’s economy and helped
over 2,500 overseas companies set up in the U.K. capital. Additionally,
networks like GBx in the Bay Area offer guidance on scaling, fundraising
and relocation for British technology entrepreneurs, investors and senior
executives.An open culture promoting research innovation and startup
creation, coupled with early-stage venture capital, a robust local and
global network and agile regulations forms the foundation of the
Unicorn Kingdom.
Incentivizing Innovation
The U.K. government has also been driving innovation through a range of
strategic initiatives, including the National Quantum Strategy, which aims
to make the U.K. the world leader in quantum computing. Up to £1 billion
($1.26 billion) is allocated for semiconductors, £2 billion ($2.52 billion) for
engineering biology and £1.5 billion ($2 billion) for AI and supercomputing.
This is in addition to other incentives, such as R&D tax credits that allow
companies to recoup some of the costs of tech research.
As the U.K. aims to achieve its ambitions by 2030, it must help grow its
‘soonicorns’, or the unicorns of tomorrow. Among these British startups
poised for unicorn status are quantum computing firm Oxford Quantum
Circuits and health technology platform Proximie, both just shy of the holy
grail billion-dollar valuation.
An open culture promoting research innovation and startup creation,
coupled with early-stage venture capital, a robust local and global network
and agile regulations forms the foundation of the Unicorn Kingdom.
Over $21 billion has been pumped into U.K. startups, which is
more than France and Germany combined. Over 64% of it comes
from international investment, so the U.K. is still seen as a very
good place to invest.
Carolyn Dawson, CEO, Founders Forum Group
Scan here to learn
more about investment
opportunities in the U.K.’s
dynamic tech sector

Custom Content from WSJ is a unit of The Wall Street Journal advertising department. The Wall Street Journal news organization was not involved in the creation of this content.
B6 | Wednesday, March 27, 2024
How LVMH Made a Luxury Hub in Miami
Louis Vuitton owner
revitalized rundown
warehouse district
into a new hot spot
BY DEBORAH ACOSTA
MIAMI—When Miami de-
veloper Craig Robins wel-
comed LVMH Chief Executive
Bernard Arnault to his office
in the city’s Design District,
there was little about the
gritty neighborhood to sug-
gest it would ever become a
mecca for luxury goods.
The dozen blocks consisted
of squat, single-story concrete
warehouses, furniture show-
rooms and empty lots. But the
two men shared a vision that
the area could evolve into a
SoHo of the South. By the end
of the meeting, Arnault agreed
to form a new company with
Robins that would buy proper-
ties in the district and trans-
form them into stores featur-
ing posh brands from the
French company and others.
“Everyone thought we were
crazy and that it would never
work,” Robins said.
Now, 14 years later, the De-
sign District houses LVMH’s
most recognizable names,
from Louis Vuitton to Loewe.
Their suite of luxury brands
left the nearby Bal Harbour
luxury mall to relocate to the
District. Rival European lux-
ury brands, including Hermès
and Chanel, also added flag-
ship stores to the Design Dis-
trict.
The once-shabby neighbor-
hood has emerged as one of
the world’s most popular lux-
ury hubs, booming while some
other High Streets still strug-
gle. Luxury corridors such as
New York’s Meatpacking Dis-
trict and Chicago’s Magnifi-
cent Mile have experienced
double-digit decreases in foot
traffic over the four years
through 2023. In the Design
District, foot traffic jumped
47% over that period, accord-
ing to Placer.ai data analyzed
by CBRE research.
One of the keys to the
neighborhood’s success has
been mixing its 30 acres of re-
tail with outdoor sculptures
and murals. The flagship lux-
ury stores resemble art galler-
ies.
At the Celine store, creative
director Hedi Slimane recently
designed a mirrored sculpture
that is both an art installation
and a functional spiral stair-
case that leads customers to
the second floor.
Asking rents for retail
space in the Miami neighbor-
hood have risen 200% since
2019, according to real-estate
firm JLL, by far the steepest
increase of any North Ameri-
can prime retail corridor over
that period.
For certain brands, Miami
is LVMH’s bestselling city, said
Michael Burke, head of LVMH
Fashion. “And for others, the
Design District is their top
Office Rents Hold
Firm Despite the
Market’s Turmoil
BY PETER GRANT
U.S. office markets are suf-
fering from soaring vacancy
rates, a record amount of
available sublease space, and
rising defaults. But curiously,
office rents are holding steady
or even climbing.
Average U.S. asking office
rents are $35.24 a square foot,
compared with $34.92 in the
fourth quarter of 2019, accord-
ing to data firm CoStar
Group.
Higher asking prices are a
reflection of the seemingly
oddball way the commercial
real-estate market works.
Rents are a critical metric
used by lenders and others to
determine the value of a prop-
erty. Owners will do every-
thing they can to avoid cutting
them, even if it means keeping
space vacant because the
rental prices deter prospective
tenants.
Landlords who cut rents
significantly to fill empty
space “would significantly re-
duce the appraised values of
their buildings,” said David
Bitner, the head of global re-
THE PROPERTY REPORT
store in all of America.”
Robins also has been in-
strumental in expanding Mi-
ami’s cultural scene, helping
launch the Art Basel Miami
Beach fair and ushering in
new galleries and museums to
the Design District.
He sits at the nexus of the
brash new Miami, which after
realizing its aspirations to be-
come more of a cultural capi-
tal is increasingly focusing on
the business and financial
elite that have flocked to the
city. Outposts of popular New
York City restaurants and ex-
clusive membership clubs now
define the city as much as the
surf and party scene.
“These financiers, tech en-
trepreneurs, would be unlikely
to move to Miami if you didn’t
have this exciting urban cul-
ture,” said Jeffrey Deitch, of
the Jeffrey Deitch gallery in
Los Angeles and New York.
“Craig is one of the key people
in inventing this exciting new
Miami.”
That blend of art and fi-
nance works for Robins, 61
years old, who feels as com-
fortable dressed in a jean
jacket with a leopard-print
collar as he does in a suit and
tie.
He grew up on Miami’s Star
Island and was exposed to art
and commerce at an early age.
His father, Jerry Robins, was a
real-estate developer. The
chairman of Miami-Dade
County’s Art in Public Places,
one of the first public art pro-
grams in the country, was his
neighbor. When he learned
about Robins’s interest in art,
search for Newmark Group, a
commercial real estate ser-
vices firm. “This in turn could
lead to a covenant default on
their loans or at minimum
would make it harder for them
to refinance.”
Office rents are expected
eventually to tumble, probably
after owners and lenders are
forced to restructure mort-
gages or sell distressed prop-
erties.
For now, landlords are try-
ing to justify the elevated lev-
els by lavishing new tenants
with expensive interior build-
outs, months of free occu-
pancy and other incentives.
“I’ve even heard of a year
of free rent for a 10-year lease
term,” said Phil Mobley, Co-
Star’s national director of of-
fice analytics. In the past, the
standard free rent in many
markets was one month for
every two years.
Some say the strategy is
being stretched to the break-
ing point. Office vacancy is at
record levels and continuing
to rise because companies that
adopted flexible workplace
strategies during the pan-
Clockwise from top: Miami’s
Design District features art
pieces, luxury stores and
restaurants, here in the Palm
Court area; a parking garage
gets the art treatment;
developer Craig Robins.
he enlisted him to join the
board when he was only 23
years old.
Robins got his start devel-
oping Miami Beach’s art deco
district while studying law at
the University of Miami. He
later joined with Tony Gold-
man, the developer who revi-
talized SoHo in the ’70s. Gold-
man also helped transform
Miami’s Wynwood neighbor-
hood from an industrial dis-
trict into one frequented by
younger people and featuring
galleries and large-scale out-
door murals.
In the late 1990s, Robins
used his own savings to ac-
quire properties in the Design
U.S. vacancy rate
for office space
14%
13
12
11
10
9 Quarterly
2020 ’21 ’22 ’23
*First-quarter to date
demic are leasing less space.
Businesses occupy 200 mil-
lion square feet less than they
did before the recession of
2020, according to CoStar. An-
other 150 million square feet
of this so-called “negative ab-
sorption” is expected to be
added over the next two years.
The total negative absorp-
tion during the financial crisis
was 50 million square feet.
“We are at a different order of
magnitude,” Mobley said.
The office delinquency rate
on mortgages that have been
converted into securities has
soared to 6.63%, more than
triple the 1.87% rate in Janu-
ary 2020, according to data
firm Trepp.
Some of these restructuring
talks will lead to sales or fore-
closures, actions that will re-
set the value of properties to
District at an average of $5 a
square foot. He offered free
space for artists and curators
to display their works, and he
brought in high-end furniture
showrooms.
In 2010, Arnault was flying
from Los Angeles to Paris
when Burke elected to reroute
his boss’s flight through Mi-
ami to present him with the
“crazy idea” of investing in
the Design District, something
Robins had suggested at an
Art Basel party a few years
before. Arnault and Robins,
both avid art collectors, lin-
gered in Robins’s office over
works by the conceptual artist
John Baldessari.
Average asking rent
for office space
$35.25 a square foot
35.00
34.75
34.50
34.25 Quarterly
’24* 2020 ’21 ’22
Source: CoStar Group
reflect market conditions, not
the propped-up rents. On av-
erage, the value of office
buildings in central business
districts fell close to 41% from
July 2022 to the beginning of
this year, according to an
MSCI index.
New owners who pay these
much lower prices won’t need
to prop up rents. Indeed, they
will have a strong incentive to
cut rents to lure tenants away
from competitors.
San Francisco, which has
logged some of the most dis-
tressed sales of properties, is
also showing the sharpest de-
clines in asking rents. On av-
erage, prices have fallen to
$53.78 a square foot in the
first quarter of this year,
down from $75.93 in the
fourth quarter of 2019, CoStar
said.
THE WALL STREET JOURNAL.
Real-estate prices were es-
pecially low then after the
2008-09 financial crisis had
caused Miami property values
to plummet. By the end of a
three-hour conversation, the
LVMH chief agreed to be 50%
partner with Robins on a com-
pany now called Miami Design
District Associates. In 2014,
Brookfield joined as an equity
partner.
Robins spends most of his
time in the Design District,
curating both public and pri-
vate events, including con-
certs open to the public. On a
recent afternoon, he strolled
through the neighborhood in a
Dior Homme suit and his sig-
’23 ’24*
Asking office rents have fallen in San Francisco.
“The market has been
quicker to adjust to the new
reality,” Mobley said.
Adyen, a global fintech
firm, had numerous attractive
options when it began looking
for new San Francisco offices
for its North American head-
quarters early last year. “I had
brokers all over me,” said Davi
Strazza, president of Adyen
North America.
The company announced
this month it will be moving
into 150,000 square feet of
sublease space. Strazza de-
clined to discuss economics
but he agreed that they re-
flected the market strain.
“The stars really aligned,” he
said.
Other deals are likely to fol-
low, ending the extended pe-
riod of elevated rents. More
than 70% of current office
SCOTT MCINTYRE FOR THE WALL STREET JOURNAL (3)
nature thick-framed glasses.
He greeted friends while
pointing to sculptural works
throughout the neighborhood.
He strolled past two muse-
ums free to the public, includ-
ing ICA, for which Miami De-
sign District Associates
donated the land. Of the 14
Michelin stars recently
awarded to Miami, the Design
District’s restaurants landed
four of them. A private club,
called The Moore, recently
opened inside the historic
Moore Building.
“Miami was not thought of
as an inventor of global cul-
tural content,” Robins said. “I
really wanted to change that.”
JASON HENRY/BLOOMBERG NEWS
leases were signed before the
pandemic, according to New-
mark. As they come up for re-
newals, those tenants will
benefit from the market soft-
ness. Many businesses have
committed to new hybrid
workplace strategies that re-
quire less space.
Companies with hybrid
strategies required employees
to be in the office 2.57 days
per week in February, just a
slight increase from 2.49 one
year ago, according to Scoop
Technologies, which tracks
workplace strategies.
When companies with hy-
brid strategies renew leases,
they tend to take less space.
“You’re going to have this
continued exertion of down-
ward pressure from lease re-
newals,” said Rob Sadow, chief
executive of Scoop.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
THE WALL STREET JOURNAL.
ZAYDEE SANCHEZ FOR THE WALL STREET JOURNAL
Evelyn Gutierrez operates two Mi Cafesito coffee shops, which are staffed mostly by family members.
Latinos
Launch
Businesses
Continued from page B1
Robert Fairlie, an economist at
the University of California
Los Angeles, who analyzed the
census data.
“Those kinds of things are
exactly the kinds of industries
or businesses immigrants have
done well with in the past,”
said Fairlie, who focused on
new ventures that are their
owners’ primary source of in-
come. “Covid has put us on a
different trajectory.”
For many immigrants, en-
trepreneurship is a matter of
necessity. Limited proficiency
in English can make it hard to
find a job; credentials earned
outside the U.S. often aren’t
easy to translate into profes-
sional opportunities.
Entrepreneurship is an es-
pecially attractive option for
undocumented immigrants be-
cause it doesn’t require work
authorization or a Social Secu-
rity number, said Iliana Perez,
executive director at the non-
profit Immigrants Rising,
which focuses on the undocu-
mented.
The unemployment rate for
Latino and Hispanic workers
hit 18.9% in April 2020, com-
pared with 14.2% for whites,
according to the Bureau of La-
bor Statistics. It dropped to 5%
in February, compared with
3.4% for whites.
About half of Latino busi-
ness owners are immigrants,
compared with 7% of non-His-
panic white business owners,
according to an analysis by the
Stanford Latino Entrepreneur-
ship Initiative, which studied
businesses with employees and
at least $10,000 in revenue.
Food is an obvious choice
for many immigrant entrepre-
neurs because it requires mini-
mal capital investment or pro-
ficiency in English and offers
flexible hours. Fellow immi-
grants are often eager for
ADVERTISEMENT
Business Real Estate & Services
To advertise: email sales.realestate@wsj.com or WSJ.com/classifieds
BANKRUPTCY SALE
Petition No. 23-11942-JTD
BID DEADLINE APRIL 17
143,000± SF
ANCHOR STORE
LOCATED IN THE $1B+
REDEVELOPMENT OF
LLOYD CENTER MALL
1260 NE LLOYD CENTER
PORTLAND, OR
Sales
US Bankruptcy Court District of Delaware (Delaware) Petition No. 23-11942-JTD.
Wednesday, March 27, 2024 | B7
BUSINESS & FINANCE
China Signals
More Support
For Real Estate
BY TRACY QU AND SHERRY QIN easing measures would do lit-
tle help to incentivize home
China’s premier and its buyers against the backdrop
central bank’s chief have of an ailing economy in which
sought to calm the country’s people are anxious about fu-
embattled property sector in ture income and home price,”
recent days, but investors are Daiwa analyst William Wu
waiting on something slightly said.
more elusive: concrete steps. “So in that sense, the mar-
People’s Bank of China Gov. ket has become less and less
Pan Gongsheng on Monday sensitive to any conventional
offered up a mildly upbeat as- relaxation,” he added.
sessment of China’s real-es- While Li’s statement may
tate market, saying the sector have helped to temporarily
is showing some “positive prop up property stocks, lat-
signals,” according to a state- est data reflect a different
ment on the PBOC’s website. mood.
Chinese property stocks New-home sales by value
rose in early Tuesday trading in China plunged 32.7% in the
after Pan’s comments, but first two months of the year
then pared some of those from the year-earlier period.
gains. New-home sales by floor area
Pan’s comments on Mon- dropped 25%, while new con-
foods that remind them of these ventures start out as
home. side gigs and then transition
But there are hidden obsta- to full-time businesses, she
to data from the 2022 Federal
Reserve Small Business Credit
Survey.
day followed a statement by
Chinese Premier Li Qiang at a
State Council meeting on Fri-
struction starts by property
developers fell 29.7%.
Pan’s comments signal
cles. “We have the perception said.
that we can just make it, open While Latino-owned busi-
the door of my house and start nesses are mostly mom-and-
Hispanic startups also tend
to be smaller, the study found,
with 46% reporting more than
day, where he said the real-
estate industry is crucial to
the overall economy and
“more policy support ahead,
but we don’t expect the banks
will significantly increase
selling,” said Jeannette Flores- pop operations, they also in-
Katz, a Salvadoran immigrant clude venture-backed firms.
who sells pupusas at farmers Venture-capital-backed start-
$100,000 in annual revenue
compared with 62% of white-
owned firms, according to the
linked to the Chinese people’s
vital interests.
Li called for “more system-
new loans to private develop-
ers via loosening risk man-
agement controls,” Morning-
markets in Atlanta and leases ups with Hispanic founders analysis, which looked at firms atic planning of relevant sup- star analyst Iris Tan said.
shared pop-up space to food tend to be concentrated in fi- in operation for five years or portive policies” to stimulate China has undertaken a se-
startups, many immigrant- nancial services, healthcare, less. potential demand and stabi- ries of piecemeal measures
owned. commerce and shopping, ac- Many immigrants, regard- lize the real-estate market, like drafting up a whitelist to
“There are all the hoops you cording to Crunchbase, which less of their status, have thin according to state media Xin- provide loans to developers,
have to go through just to be a estimates that these firms re- credit files, weak banking ties hua. lowering mortgage rates and
city vendor,” Flores-Katz said. ceive less than 5% of venture and few assets, said Luz Urru- Some analysts say the removing some financing re-
Evelyn Gutierrez opened funding. tia, chief executive of the non- statements by Chinese offi- strictions that had been pre-
her first Mi Cafesito coffee Palo Alto, Calif.-based MiSa- profit lender Accion Opportu- cials indicate a sense of ur- viously imposed on property
shop in Fresno, Calif., in 2021, lud Health offers employer- nity Fund. gency among policymakers to developers, but none of them
inspired by the business plan provided healthcare services to “A lot of our microbusi- revive the sector, but they have overturned overall senti-
her son created for a high- Spanish-speaking employees in nesses don’t know English, note that a piecemeal ap- ment.
school class. Not a coffee industries such as hospitality, don’t have a computer, are proach will move the needle “We believe any share
drinker herself, Gutierrez at- agriculture and construction. afraid of the system,” said only a little. price rally induced by stimu-
tended a two-week-long coffee The three-year-old company Kersy Azocar, CEO of Green- “We believe it has become lus measures would not be
school where instructors told has raised $9 million in early- line Access Capital, a non- clear that the marginal bene- sustainable,” Daiwa’s Wu
her all the best beans were stage financing. profit lender in Philadelphia. fits from these [expected] said.
grown in Africa. Co-founder
She decided and Chief Exec- ADVERTISEMENT
$9M
she would focus utive Cindy
on coffee from
Latin America
to prove them
Blanco said she
came up with
the idea for
Business Real Estate & Auctions
To advertise: email sales.realestate@wsj.com or WSJ.com/classifieds
wrong. She now Early stage funding pairing Span-
operates two
shops, which
raised by Palo Alto, iworkers
sh-speaking
with LOUISIANA
are staffed Calif.-based MiSalud Mexican doc-
mostly by fam- Health. tors after re-
ily members turning home
and sell coffee to Mexico to
from beans have her wis-
grown in Latin America and dom teeth extracted during
Development
beverages inspired by Mexican the pandemic. The initial idea
sweets. was to have Mexican physi-
Opportunity in
There have been fits and cians provide medical care. In-
starts. Plans to open the first stead, to meet licensing re-
New Orleans
Mi Cafesito ground to a halt quirements, Mexican doctors
after a driver crashed into the act as healthcare coaches and $5.9 Million
building. Another location mental-health counselors, with
closed because the well sup- U.S. physicians writing pre- ! D;%),4;+ @:;1/;-<%
plying the shop’s water went scriptions and making medical 318-324 Camp Street
dry. diagnoses. E @1,+F% (4,? G4.-+= H:04).4
“I thought it would be eas- MiSalud has 10 customers,
ier,” said Gutierrez, who came with operations in California,
Three renovated 1890s buildings, once home to a large ad agency, are approximately
to the U.S. from Mexico in Arizona, Florida, Texas and
!"#$$$ %&' ()'* +,--.+)./ ,- 011 2 3,,4%* 0-/ 0/50+.-) ), 610%% 7 ,(8+. 9:;1/;-<%# =,).1%
1994 and taught school before Mexico. “People are looking for
and restaurants. Tax credits recoup approx. 30% of renovation costs. Opportunity Zone
leaving the workforce to raise something that would be ;->.%)?.-) 1,+0);,- ;- )=. 6@A' B.4(.+) (,4 1,-< ).4?C%=,4) ).4? 4.-)01 ,4 9,:);&:. =,).1'
three children. aligned with their culture,”
Women are driving many of said Blanco, who previously State & Federal Tax Credits available
the new ventures, said Yerania helped U.S. tech companies
Olivares, chief operating offi- find talent in Mexico.
cer of the Fresno Area His- Access to capital is a com-
panic Foundation, which pro- mon challenge. Forty-two per-
vides loans and training to cent of startups with Hispanic 504.581.5005
immigrant entrepreneurs. owners were denied credit, Scan for more info
“It’s the fastest-growing compared with 25% of startups
segment,” she said. Many of with white owners, according
CONNECTICUT AUCTIONS
Real Estate
AUCTION FEEDLOT FOR SALE
12± ACRE MARINA
f/k/a “Glastonbury Marina”
684 & 700 Tryon St.
S. Glastonbury, CT
re!
IInnvest in AgriculSt u
O| STOUADRT, FNEE EDER
COTT640O±NACW
RES
BRASKA
15,000
15 000 head current capacity with an existing expansion
plan & permit to reach 45,000 head total capacity.
LISTING AGENTS:
Includes Private Basin on the CT River • Newer construction.
Near Dining, Wineries/Breweries & More VIEW DETAILS: • 184 Feedlot acres.
Friday, April 26 at 12pm On-site • 3 center pivots.
Property Tour: Friday, April 19 (12pm-2pm) • Poured in place bunk.
• 90 Feeding pens with
pipe & cable
BRUCE DODSON, AFM
• Situated on 1.51± AC
• Ownership has certain rights in redevelopment
Info, Full Terms, Broker Reg & More at:
JJManning.com
C: (308) 539-4455
BART WOODWARD, ARA
C: (308) 233-4605
of larger Lloyd Center Mall parcel 800.521.0111 CT Lic# REB.0790057
WWW.AGRIAFFILIATES.COM |
• Excellent access via I-84 &
MAX Light Rail
CALIFORNIA
• 275 parking spaces
(not included in sale but
controlled by future owner)
NOTABLE East Bay
COMMERICALPROPERTIES Five building office campus
99% occupied – strong operating history
Possible condo conversion
ADVERTISE TODAY Impeccably maintained asset
855.755.2300 HilcoRealEstateSales.com (800) 366-3975 | sales.realestate@wsj.com Irreplaceable location close to transportation
6.6% Cap @ $6,500,000
IPS (925) 988-0502
© 2024 Dow Jones & Company, Inc. All Rights DRE #01095619
B8 | Wednesday, March 27, 2024 * * THE WALL STREET JOURNAL.

MARKETS DIGEST
EQUITIES

Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index
Last Year ago Last Year ago Last Year ago
39282.33 t 31.31, or 0.08% Trailing P/E ratio 27.34 21.53 5203.58 t 14.61, or 0.28% Trailing P/E ratio * 23.83 17.72 16315.70 t 68.77, or 0.42% Trailing P/E ratio *† 31.15 25.63
High, low, open and close for each P/E estimate * 19.16 17.08 High, low, open and close for each P/E estimate * 21.58 17.75 High, low, open and close for each P/E estimate *† 27.98 24.85
trading day of the past three months. Dividend yield 1.83 2.16 trading day of the past three months. Dividend yield * 1.44 1.73 trading day of the past three months. Dividend yield *† 0.81 0.87
All-time high 39781.37, 03/21/24 All-time high 5241.53, 03/21/24 All-time high: 16428.82, 03/22/24

Current divisor 0.15265312230608

39600 5400 16400

38600 5200 15900

37600 5000 15400

Session high 36600 4800 14900

DOWN UP 65-day moving average
Session open Close
t

35600 4600 14400

Close Open
t

65-day moving average Session low 34600 4400 13900

65-day moving average
Bars measure the point change from session's open
33600 4200 13400
Dec. Jan. Feb. Mar. Dec. Jan. Feb. Mar. Dec. Jan. Feb. Mar.
*Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.; † Based on Nasdaq-100 Index

Major U.S. Stock-Market Indexes Late Trading Trading Diary

Latest 52-Week % chg Most-active and biggest movers among NYSE, NYSE Arca, NYSE Amer. Volume, Advancers, Decliners
High Low Close Net chg % chg High Low % chg YTD 3-yr. ann. and Nasdaq issues from 4 p.m. to 6 p.m. ET as reported by electronic NYSE NYSE Amer.
Dow Jones trading services, securities dealers and regional exchanges. Minimum Total volume* 871,744,020 12,336,045
Industrial Average 39439.44 39277.19 39282.33 -31.31 -0.08 39781.37 32394.25 21.3 4.2 5.9 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 371,460,142 7,504,015
Transportation Avg 16000.64 15847.51 15850.85 -58.22 -0.37 16695.32 13444.01 13.8 -0.3 2.8 Most-active issues in late trading Decl. volume* 485,538,349 4,120,635
Utility Average 859.28 849.37 851.43 -7.13 -0.83 975.39 783.08 -6.9 -3.4 -0.9 Volume After Hours Issues traded 2,912 307
Company Symbol (000) Last Net chg % chg High Low
Total Stock Market 52159.10 51841.56 51845.30 -125.67 -0.24 52233.47 39733.86 30.5 8.5 7.6 Advances 1,255 119
SPDR S&P 500 ETF Trust SPY 12,636.9 519.38 0.57 0.11 520.89 518.36
Barron's 400 1152.35 1144.86 1144.90 -2.15 -0.19 1159.50 881.58 25.2 6.8 5.8 Declines 1,535 162
Eaton Vance Floating-Rate EVLN 9,896.0 50.53 0.01 0.01 50.53 50.53
Unchanged 122 26
Nasdaq Stock Market Comcast Cl A CMCSA 7,035.8 42.48 … unch. 42.64 42.45 New highs 148 5
Nasdaq Composite 16476.38 16312.95 16315.70 -68.77 -0.42 16428.82 11716.08 39.3 8.7 7.5 NIO ADR NIO 5,744.4 4.84 0.06 1.15 4.85 4.77 New lows 33 5
Nasdaq-100 18378.70 18207.88 18210.54 -66.52 -0.36 18339.44 12610.57 44.4 8.2 12.0 Aurora Innovation AUR 4,519.8 2.51 … unch. 2.58 2.45 Closing Arms† 1.25 0.23
Coca-Cola KO 4,001.5 60.47 -0.07 -0.12 60.57 60.40 Block trades* 3,866 160
S&P
-0.28
Pfizer PFE 3,871.3 27.61 0.02 0.07 27.63 27.54
500 Index 5235.16 5203.42 5203.58 -14.61 5241.53 3971.27 31.0 9.1 9.4 Nasdaq NYSE Arca
GameStop Cl A GME 3,707.3 13.25 -2.25 -14.52 15.85 12.53
MidCap 400 3003.17 2985.16 2985.39 -5.24 -0.18 3013.24 2326.82 22.7 7.3 4.4 Total volume*5,144,260,228 236,387,938
SmallCap 600 1317.02 1305.88 1305.95 -1.99 -0.15 1339.63 1068.80 13.3 -0.9 -0.6 Percentage gainers… Adv. volume*2,635,212,529 100,060,141
Cazoo Group CZOO 458.4 7.25 1.00 16.00 8.13 5.89 Decl. volume*2,435,286,775 129,939,391
Other Indexes
nCino NCNO 174.5 33.99 3.81 12.62 35.05 28.80 Issues traded 4,444 1,916
Russell 2000 2093.52 2070.00 2070.16 -4.00 -0.19 2098.56 1636.94 18.1 2.1 -2.3
Advances 1,809 701
NYSE Composite 18122.92 18059.19 18059.19 -17.96 -0.10 18214.12 14675.78 20.8 7.2 4.8 Trump Media & Tech DJT 1,368.5 63.00 5.01 8.64 71.50 56.20
Declines 2,425 1,166
Value Line 605.84 601.88 601.88 -0.63 -0.11 608.41 498.09 11.4 1.3 -2.1 Roivant Sciences ROIV 1,505.7 10.64 0.56 5.56 10.82 10.07
Unchanged 210 49
NYSE Arca Biotech 5306.48 5248.72 5250.47 -19.45 -0.37 5511.46 4544.40 1.9 -3.1 -1.4
Leonardo DRS DRS 83.9 22.94 1.09 4.99 22.94 21.85
New highs 119 103
NYSE Arca Pharma 1015.80 1009.05 1014.73 2.43 0.24 1029.37 829.51 22.3 11.5 13.3 ...And losers New lows 128 6
KBW Bank 102.00 101.53 101.57 0.08 0.08 103.26 71.71 26.0 5.8 -5.8 GameStop Cl A GME 3,707.3 13.25 -2.25 -14.52 15.85 12.53 Closing Arms† 0.69 0.74
PHLX§ Gold/Silver 121.79 119.43 119.46 -0.57 -0.48 144.37 102.94 -8.3 -5.0 -4.2 Forge Global FRGE 114.0 2.43 -0.22 -8.30 2.75 2.21 Block trades* 42,345 1,308
PHLX§ Oil Service 91.25 89.61 89.65 -1.08 -1.19 98.76 69.29 15.0 6.9 17.7 Piedmont Office Realty A PDM 54.1 6.24 -0.22 -3.41 6.63 6.24 * Primary market NYSE, NYSE American NYSE Arca only.
PHLX§ Semiconductor 4943.25 4849.81 4851.88 -39.61 -0.81 5165.83 2906.29 58.7 16.2 16.0 Corteva CTVA 187.7 54.46 -1.84 -3.27 56.30 54.46 †(TRIN) A comparison of the number of advancing and declining
issues with the volume of shares rising and falling. An
Cboe Volatility 13.43 12.84 13.24 0.05 0.38 21.71 12.07 -33.7 6.3 -11.1 Andretti Acquisition A WNNR 312.9 9.05 -0.25 -2.69 10.00 8.55 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 778.53 –0.92 –0.12 7.1 Mesoblast ADR MESO 3.93 1.73 78.64 10.24 1.61 -37.0 Concord Acqn III Cl A CNDB 6.58 -3.46 -34.46 17.61 6.20 -36.7
MSCI ACWI ex-USA 328.89 0.46 0.14 3.9 Cazoo Group CZOO 6.25 2.37 61.08 295.00 2.11 -97.0 flyExclusive FLYX 4.41 -2.26 -33.88 24.21 3.71 -56.8
MSCI World 3414.29 –5.89 –0.17 7.7 Stoke Therapeutics STOK 10.29 3.79 58.31 14.00 3.35 28.1 Cardlytics CDLX 13.60 -6.65 -32.84 20.52 2.59 423.1
MSCI Emerging Markets 1040.07 3.94 0.38 1.6 Krispy Kreme DNUT 17.35 4.90 39.36 17.84 11.52 12.2 GDS Holdings ADR GDS 6.15 -2.22 -26.52 20.78 5.01 -67.9
Americas MSCI AC Americas 1967.64 –4.92 –0.25 8.5 BioAtla BCAB 3.01 0.68 29.18 4.07 1.24 28.1 Syntec Optics Cl A OPTX 4.09 -1.44 -25.97 19.50 3.02 -59.9
Canada S&P/TSX Comp 21912.52 –29.76 –0.14 4.6 Nuvation Bio NUVB 2.88 0.63 28.00 3.03 0.95 78.9 M-tron Industries MPTI 29.71 -9.30 -23.84 45.60 10.00 194.2
Latin Amer. MSCI EM Latin America 2512.70 6.86 0.27 –5.6 Sutro Biopharma STRO 4.18 0.91 27.83 6.11 2.01 -9.1 Monte Rosa Therapeutics GLUE 6.59 -1.87 -22.10 8.84 2.44 -2.7
Brazil Bovespa 126863.02 –68.45 –0.05 –5.5 Journey Medical DERM 3.69 0.77 26.37 8.11 1.02 169.3 Prenetics Global PRE 3.56 -0.94 -20.89 16.50 3.55 -70.7
Chile S&P IPSA 3607.67 14.45 0.40 4.0 LOBO EV TECHNOLOGIES LOBO 3.22 0.65 25.29 5.79 2.43 ... Ampco-Pittsburgh AP 2.20 -0.56 -20.29 4.00 2.20 -9.1
Mexico S&P/BMV IPC 57209.70 657.16 1.16 –0.3 Praxis Precision Meds PRAX 62.18 11.68 23.13 67.21 11.85 386.8 Pinstripes Holdings PNST 3.33 -0.81 -19.57 16.00 2.85 -68.0
EMEA STOXX Europe 600 511.09 1.23 0.24 6.7 Veritone VERI 6.16 1.15 22.95 6.38 1.48 16.2 Murano Global Investments MRNO 14.50 -3.51 -19.49 38.00 3.60 39.0
Eurozone Euro STOXX 518.25 2.07 0.40 9.3 Reviva Pharma RVPH 3.83 0.69 21.97 9.25 2.67 -9.2 Better Choice BTTR 6.10 -1.44 -19.10 25.52 4.88 -61.5
Belgium Bel-20 3807.47 –4.03 –0.11 2.7 9F ADR JFU 3.60 0.61 20.40 5.51 1.49 120.9 MoneyHero MNY 1.82 -0.42 -18.75 10.43 0.74 -81.9
Denmark OMX Copenhagen 20 2687.53 –9.98 –0.37 17.7 Jin Medical International ZJYL 3.40 0.55 19.30 25.49 0.24 755.3 Intrusion INTZ 3.05 -0.69 -18.45 39.60 2.88 -87.3
France CAC 40 8184.75 0.41 8.5 Korro Bio KRRO 86.95 13.53 18.43 89.00 9.15 290.8 Canoo GOEV 3.44 -0.76 -18.10 19.50 1.22 -74.3
33.15
Germany DAX 18384.35 0.67 9.7
Israel Tel Aviv 2005.29
123.04
6.89 0.34 7.5
Most Active Stocks Volume Movers Ranked by change from 65-day average*
Italy FTSE MIB 34688.17 48.76 0.14 14.3 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 878.40 1.25 0.14 11.6
Norway Oslo Bors All-Share 1535.74 –2.63 –0.17 1.1 C3is CISS 592,021 3509.8 0.05 36.65 20.00 0.02 Eaton Vance Floating-Rate EVLN 9,897 31023 50.52 -0.02 50.60 49.96
South Africa FTSE/JSE All-Share 73608.07 325.17 0.44 –4.3 Nikola NKLA 120,482 29.1 0.81 9.45 3.71 0.52 Stoke Therapeutics STOK 19,177 6877 10.29 58.31 14.00 3.35
0.36 Tesla TSLA 112,456 8.7 177.67 2.92 299.29 152.37 Krispy Kreme DNUT 42,745 5139 17.35 39.36 17.84 11.52
Spain IBEX 35 10991.50 39.30 8.8
0.60 Direxion Dly Semi 3 Bear SOXS 110,763 -17.6 3.34 2.45 23.22 2.76 Avantis US SC Equity AVSC 2,600 3245 50.75 -0.12 52.19 40.83
Sweden OMX Stockholm 971.52 5.78 7.6
ProSh UltraPro Shrt QQQ SQQQ 87,125 -33.4 10.48 0.87 34.32 10.05 Andretti Acquisition A WNNR 1,340 2893 9.30 -2.00 11.70 7.60
Switzerland Swiss Market 11680.36 43.31 0.37 4.9
Turkey BIST 100 8807.38 –222.00 –2.46 17.9 KULR Technology Group KULR 86,761 1598.7 0.42 30.36 1.10 0.10 AlphaVest Acquisition ATMV 433 2573 10.94 -0.14 10.95 10.25
U.K. FTSE 100 7930.96 13.39 0.17 2.6 NIO ADR NIO 83,368 37.3 4.78 -2.65 16.18 4.77 SPDR SSGA Fixed Sect Rot FISR 1,243 1956 25.61 0.31 26.67 24.08
U.K. FTSE 250 19777.64 164.11 0.84 0.4 OpGen OPGN 77,140 26359.5 0.75 57.89 3.84 0.17 Hudson Acquisition I HUDA 205 1775 10.60 0.47 10.71 10.21
WiSA Technologies WISA 72,722 335.6 0.02 -20.21 2.77 0.02 VicSh US Value Momentum ULVM 100 1605 74.83 -0.01 75.25 58.90
Asia-Pacific MSCI AC Asia Pacific 176.81 0.38 0.21 4.4
Tilray Brands TLRY 70,275 181.2 2.31 7.44 3.40 1.50 iSh MSCI Intl Momentum IMTM 2,833 1540 39.17 0.20 39.32 30.38
Australia S&P/ASX 200 7780.20 –31.74 –0.41 2.5
* Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least
China Shanghai Composite 3031.48 5.18 0.17 1.9 5,000 shares =Has traded fewer than 65 days
Hong Kong Hang Seng 16618.32 144.68 0.88 –2.5
India S&P BSE Sensex 72470.30 –0.50 0.3
Scan this code
–361.64
Japan NIKKEI 225 40398.03 –16.09 –0.04 20.7 Get real-time U.S. stock quotes and CURRENCIES & COMMODITIES
Singapore Straits Times 3233.33 35.22 1.10 –0.2 track most-active stocks,
South Korea KOSPI 2757.09 19.52 0.71 3.8 new highs/lows, mutual funds and Currencies
Taiwan TAIEX 20126.49 –65.76 –0.33 12.2 ETFs. U.S.-dollar foreign-exchange rates in late New York trading
Thailand SET 1377.23 4.74 0.35 –2.7
All are available free at WSJMarkets.com US$vs, US$vs,
Sources: FactSet; Dow Jones Market Data Tues YTDchg Tues YTDchg
Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%)
Americas Vietnam dong .00004036 24775 2.1
CREDIT MARKETS Argentina peso .0012856.7500 6.0 Europe
Brazil real .2007 4.9816 2.7 Czech Rep. koruna .04282 23.354 4.4
.7361 1.3586 2.6 1.6
Consumer Rates and Returns to Investor Benchmark
Treasury yield Yields
curve Forex Race
Canada dollar
Chile peso .001018 982.03 12.2
Denmark krone
Euro area euro
.1452 6.8860
1.0831 .9233 1.9
U.S. consumer rates Selected rates andtoRates
Yield maturity of current bills, Yen, euro vs. dollar; dollar vs. Colombiapeso .000259 3858.00 –0.45 Hungary forint .002739 365.15 5.2
notes and bonds major U.S. trading partners Ecuador US dollar 1 1 unch Iceland krona .007244 138.04 1.5
A consumer rate against its 30-year mortgage, Rate Mexico peso .0601 16.6425 –1.9 Norway krone .0930 10.7563 5.7
benchmark over the past year 6.00% Uruguay peso .02644 37.8277 –3.2 Poland zloty .2513 3.9798 1.1
Bankrate.com avg†: 7.31% Tradeweb ICE 16% Asia-Pacific Sweden krona .0944 10.5914 4.8
30-year fixed-rate Fidelity Bank Trust 6.25% Tuesday Close 5.00 Switzerland franc 1.1060 .9042 7.4
Australiadollar .6533 1.5307 4.3
mortgage 9.00% Dubuque, IA 563-557-2300 t 8 WSJ Dollar Index Turkey lira .0311 32.1894 9.2
t China yuan .1385 7.2182 1.5
t 4.00 Ukraine hryvnia .0255 39.2500 2.9
s
Farmers State Bank 6.38% Hong Kong dollar .1278 7.8238 0.2
7.00 One year ago 0 UK pound 1.2629 .7918 0.8
3.00 India rupee .01200 83.338 0.2
Marion, IA 319-390-2534 Middle East/Africa
s Indonesia rupiah .0000632 15820 2.8
5.00 Marathon Bank 6.38% 2.00 –8 s Euro Japan yen .006598 151.56 7.5 Bahrain dinar 2.6531 .3769 –0.01
Wausau, WI 715-845-7331 Yen Kazakhstan tenge .002221 450.19 –1.1 Egypt pound .0209 47.8221 54.6
t
10-year Treasury 3.00 1.00 Macau pataca .1240 8.0620 0.1 Israel shekel .2729 3.6650 1.7
Rockland Federal Credit Union 6.38% –16
note yield Malaysia ringgit .2118 4.7215 2.8 Kuwait dinar 3.2510 .3076 0.1
Rockland, MA 800-562-7328 1 3 6 1 2 3 5 7 10 20 30 2023 2024
1.00 New Zealand dollar .6003 1.6658 5.3 Oman sul rial 2.5973 .3850 0.01
Bank First, N.A. 6.50% month(s) years
AM J J A S O N D J F M Pakistan rupee .00360 277.900 –1.1 Qatar rial .2747 3.640 –0.1
Manitowoc, WI 920-694-1900 maturity Philippines peso .0178 56.259 1.6 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 .7432 1.3456 2.0 South Africa rand .0527 18.9795 3.7
Yield/Rate (%) 52-Week Range (%) 3-yr chg South Korea won .0007440 1344.10 3.8
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts)
Corporate Borrowing Rates and Yields Sri Lanka rupee .0033104 302.08 –6.7
WSJ Dollar Index 98.95
Close Net Chg % Chg YTD%Chg
0.09 0.10 3.25
Federal-funds rate target 5.25-5.50 5.25-5.50 4.75 l 5.50 5.25 Taiwan dollar .03133 31.920 4.0
Yield (%) 52-Week Total Return (%) Thailand baht .02753 36.330 5.7 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 0.49 0.46 l
l
0.64 0.38
U.S. Treasury, Bloomberg 2148.920 4.440 4.520 5.120 3.610 –0.777 –2.920 Commodities
Tuesday 52-Week YTD
Five-year CD, annual yield 2.83 2.83 2.76 l 2.87 2.35 U.S. Treasury Long, Bloomberg 3112.910 4.480 4.540 5.280 3.630 –7.447 –8.549 Pricing trends on someClose
raw materials, or commodities
Net chg % Chg High Low % Chg % chg
30-year mortgage, fixed† 7.31 7.27 6.75 l 8.28 4.06 Aggregate, Bloomberg 2039.700 4.860 4.940 5.740 4.200 0.971 –2.572
15-year mortgage, fixed† 6.61 6.67 6.00 l 7.42 4.11
DJ Commodity 981.01 -6.13 -0.62 1035.63 930.59 -1.06 2.42
Fixed-Rate MBS, Bloomberg 2013.840 5.030 5.130 6.050 4.290 0.439 –2.872
Jumbo mortgages, $766,550-plus† 7.37 7.36 6.79 l 8.33 4.10 Refinitiv/CC CRB Index 287.82 -1.12 -0.39 290.29 253.85 9.23 9.09
High Yield 100, ICE BofA 3583.200 7.173 7.194 9.101 7.030 12.718 2.469
Five-year adj mortgage (ARM)† 6.46 6.46 5.64 l 7.16 3.27 Crude oil, $ per barrel 81.62 -0.33 -0.40 93.68 67.12 11.50 13.91
Muni Master, ICE BofA 585.081 3.331 3.255 4.311 2.801 2.660 –0.420
New-car loan, 48-month 7.87 7.86 6.76 l 7.88 3.82 Natural gas, $/MMBtu 1.575 -0.040 -2.48 3.575 1.575 -22.41 -37.35
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 858.574 7.255 7.408 8.842 7.206 10.204 –1.273
banks.† Excludes closing costs. Gold, $ per troy oz. 2175.60 0.80 0.04 2182.50 1816.60 10.30 5.49
Sources: FactSet; Dow Jones Market Data; Bankrate.com Sources: J.P. Morgan; Bloomberg Fixed Income Indices; ICE Data Services
THE WALL STREET JOURNAL. * * Wednesday, March 27, 2024 | B9

COMMODITIES wsj.com/market-data/commodities

Futures Contracts Open

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

Metal & Petroleum Futures NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. Sept 14.60 14.62 14.53 14.55 –.04 2,154 June 102-100 102-108 102-080 102-093 –.5 3,736,676
April 2.6845 2.6870 2.6092 2.6218 –.0568 17,395 Wheat (CBT)-5,000 bu.; cents per bu. 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg.
Contract Open May 555.00 557.50 542.75 543.50 –11.50 197,949 March 94.6700 94.6725 t 94.6700 94.6700 236,932
Open High hi lo Low Settle Chg interest May 2.6700 2.6729 2.6030 2.6159 –.0483 89,732
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. July 571.25 573.25 558.50 559.25 –11.50 114,560 May 94.7050 94.7100 94.7000 94.7100 .0100 510,997
Copper-High (CMX)-25,000 lbs.; $ per lb. April 2.7463 2.7537 2.6914 2.7006 –.0478 21,685 Wheat (KC)-5,000 bu.; cents per bu. Three-Month SOFR (CME)-$1,000,000; 100 - daily avg.
March 3.9800 3.9985 3.9800 3.9960 –0.0110 533 May 2.7267 2.7356 2.6756 2.6853 –.0431 123,572 May 589.00 590.75 576.50 577.25 –12.25 115,332 Jan 94.6525 94.6525 94.6525 94.6525 .0025 7,396
May 4.0115 4.0280 3.9810 4.0085 –0.0075 159,171 Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. July 585.75 586.75 573.25 574.00 –11.50 89,390 June 94.8850 94.8950 94.8800 94.8850 –.0050 1,173,271
Gold (CMX)-100 troy oz.; $ per troy oz. April 1.608 1.647 t 1.481 1.575 –.040 3,212 Cattle-Feeder (CME)-50,000 lbs.; cents per lb.
March 2182.70 2182.70 2176.30 2175.60 0.80 697 May 1.805 1.830 1.775 1.788 –.001 398,869 March 249.250 249.250 247.250 247.725 –1.725 2,936 Currency Futures
April 2173.00 2200.60 2168.30 2177.20 0.80 80,735 June 2.024 2.057 2.004 2.016 … 105,700 May 252.425 252.800 245.425 247.250 –5.375 21,255
July 2.349 2.376 2.327 2.339 .002 156,967 Cattle-Live (CME)-40,000 lbs.; cents per lb. Japanese Yen (CME)-¥12,500,000; $ per 100¥
May 2183.00 2210.90 s 2178.70 2187.80 1.00 1,046 April .6626 .6634 .6617 .6619 –.0004 2,802
Sept 2.431 2.467 2.418 2.434 .008 131,878 April 186.000 186.400 181.775 183.100 –3.100 48,372
June 2195.00 2222.60 2190.00 2199.20 1.00 368,191
June 178.375 –3.225 125,715 June .6691 .6699 .6681 .6684 –.0004 299,375
Oct 2.520 2.557 2.509 2.524 .008 106,230 181.325 181.950 176.400
Aug 2214.50 2241.80 2210.10 2218.90 1.20 35,965 Hogs-Lean (CME)-40,000 lbs.; cents per lb. Canadian Dollar (CME)-CAD 100,000; $ per CAD
Oct 2234.00 2260.80 2230.00 2238.30 1.30 8,209 Agriculture Futures April 85.700 86.400 85.450 85.575 .425 28,233 April .7364 .7381 .7361 .7367 .0002 401
Palladium (NYM) - 50 troy oz.; $ per troy oz. June 101.950 102.725 101.125 101.350 –.325 90,492 June .7370 .7388 .7368 .7374 .0002 188,884
March 992.70 –15.10 2 Corn (CBT)-5,000 bu.; cents per bu. Lumber (CME)-27,500 bd. ft., $ per 1,000 bd. ft. British Pound (CME)-£62,500; $ per £
May 437.25 440.75 432.00 432.50 –5.25 609,148 May 608.50 610.50 599.00 600.00 –9.00 8,318
June 1015.50 1027.50 998.00 1003.10 –10.20 18,984 April 1.2637 1.2668 1.2624 1.2628 –.0011 1,903
July 450.50 453.00 444.50 445.00 –6.25 383,499
Platinum (NYM)-50 troy oz.; $ per troy oz. Oats (CBT)-5,000 bu.; cents per bu.
July 623.00 625.00 615.00 616.00 –7.00 1,497 June 1.2642 1.2673 1.2628 1.2632 –.0011 198,369
March 908.60 1.90 9 Milk (CME)-200,000 lbs., cents per lb. Swiss Franc (CME)-CHF 125,000; $ per CHF
May 362.50 362.50 357.00 357.50 –3.75 2,592
July 917.40 922.90 913.20 920.70 1.70 66,567
March 16.41 16.42 16.41 16.41 –.01 4,074 June 1.1224 1.1227
t 1.1161 1.1170 –.0059 79,442
July 356.50 356.50 351.00 351.75 –2.75 444
April 15.79 16.07 15.65 15.85 .10 6,191
Silver (CMX)-5,000 troy oz.; $ per troy oz. Soybeans (CBT)-5,000 bu.; cents per bu. Sept 1.1300 1.1300
t 1.1276 1.1282 –.0060 394
May 1207.50 1208.00 1197.75 1199.00 –10.25 332,029
Cocoa (ICE-US)-10 metric tons; $ per ton. Australian Dollar (CME)-AUD 100,000; $ per AUD
March 24.640 24.650 24.490 24.483 –0.262 64
May 9,847 10,080 s 9,574 9,622 –27 61,714
May 24.845 25.055 24.515 24.623 –0.268 120,171 July 1220.00 1221.00 1211.50 1212.50 –9.25 210,607 April .6545 .6562 .6535 .6537 –.0006 505
July 9,228 9,553 s 9,080 9,163 87 50,409
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. Soybean Meal (CBT)-100 tons; $ per ton. June .6556 .6575 .6546 .6549 –.0005 219,713
May 341.50 341.70 338.50 339.80 –1.90 204,840 Coffee (ICE-US)-37,500 lbs.; cents per lb. Mexican Peso (CME)-MXN 500,000; $ per MXN
May 81.94 82.36 81.22 81.62 –0.33 350,525 May 185.65 189.45 185.30 188.05 2.40 91,537
July 345.20 345.30 342.20 343.50 –1.80 136,156 April .05973 .05988 s .05966 .05989 .00013 159
June 81.44 81.77 80.63 81.04 –0.34 243,789
Soybean Oil (CBT)-60,000 lbs.; cents per lb. July 187.25 2.35 67,595
Sugar-World (ICE-US)-112,000 lbs.; cents per lb. June .05917 .05931 .05907 .05930 .00013 304,910
July 80.78 81.13 80.04 80.43 –0.34 162,176 May 49.02 49.16 48.38 48.42 –.60 213,207
Sept 79.40 79.65 78.64 79.01 –0.28 104,927 May 21.94 22.48 21.93 22.39 .44 274,042 Euro (CME)-€125,000; $ per €
July 49.56 49.71 48.94 48.99 –.58 163,052
April 1.0847 1.0873 1.0834 1.0841 –.0003 1,611
Dec 77.23 77.50 76.60 76.92 –0.22 189,275 Rough Rice (CBT)-2,000 cwt.; $ per cwt. July 21.66 22.09 21.63 22.01 .35 200,449
Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. June 1.0875 1.0902 1.0862 1.0870 –.0003 649,679
June'25 74.14 74.34 73.59 73.90 –0.13 94,220 May 17.18 17.18 t 16.78 16.80 –.25 7,070
May 39.75 39.75 39.50 39.50 –.82 1,513
July 40.00 40.00 39.75 40.05 –.27 1,816 Index Futures
Cotton (ICE-US)-50,000 lbs.; cents per lb. Mini DJ Industrial Average (CBT)-$5 x index
Bonds | wsj.com/market-data/bonds/benchmarks May
Dec
92.03
84.00
94.27
84.39
92.03
83.68
93.41
84.30
1.39 114,823
.29 78,802
June 39711 39822 39657 39680 –19 94,584
Sept 40109 40187 40049 40058 –12 185
Orange Juice (ICE-US)-15,000 lbs.; cents per lb. Mini S&P 500 (CME)-$50 x index
Tracking Bond Benchmarks May
July
373.10
367.20
377.00
370.50
371.45
366.00
373.10
367.10
2.15
1.90
5,682
1,490
June 5280.75 5300.50 5263.00 5265.25 –13.00 2,068,483
Sept 5340.75 5357.25 5320.75 5322.50 –13.00 14,935
Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week Mini S&P Midcap 400 (CME)-$100 x index
highs and lows for different types of bonds Interest Rate Futures June 3026.10 3038.40 3014.80 3016.10 –6.40 37,795
Total Total Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100% Mini Nasdaq 100 (CME)-$20 x index
return YTD total Yield (%) return YTD total Yield (%) June 127-080 127-250 126-280 127-200 19.0 1,584,407
June 18531.25 18619.00 18439.25 18449.00 –64.50 253,765
close return (%) Index Latest Low High close return (%) Index Latest Low High Treasury Bonds (CBT)-$100,000; pts 32nds of 100% Sept 18784.75 18842.00 18666.00 18674.25 –64.75 1,377
June 119-130 119-250 119-020 119-200 10.0 1,496,600
Mini Russell 2000 (CME)-$50 x index
Broad Market Bloomberg Fixed Income Indices Mortgage-Backed Bloomberg Fixed Income Indices June 2098.80 2118.20 2091.50 2092.60 –4.70 477,630
Sept 119-190 119-240 119-060 119-210 9.0 257
Treasury Notes (CBT)-$100,000; pts 32nds of 100% Sept 2130.40 2138.70 2113.90 2114.20 –4.60 128
2039.70 -1.0 U.S. Aggregate 4.860 4.200 5.740 2013.84 -1.1 Mortgage-Backed 5.030 4.290 6.050 Mini Russell 1000 (CME)-$50 x index
June 110-180 110-235 110-115 110-205 4.0 4,302,745
1988.63 -1.1 Ginnie Mae (GNMA) 5.060 4.350 6.020 June 2899.60 2901.80 2885.30 2885.90 –7.60 6,246
U.S. Corporate Indexes Bloomberg Fixed Income Indices Sept 110-260 111-015 110-245 111-000 4.0 557
5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% U.S. Dollar Index (ICE-US)-$1,000 x index
3093.83 -0.8 U.S. Corporate 5.340 4.990 6.430 1184.65 -1.1 Fannie mae (FNMA) 5.030 4.280 6.050 March 106-260 106-282 106-237 106-287 4.7 70
June 103.93 104.03 103.71 103.99 .06 31,104
June 106-307 107-020 106-262 106-315 1.5 5,912,240
Sept 103.43 103.65 103.41 103.62 .05 408
2994.94 0.1 Intermediate 5.240 4.890 6.350 1830.49 -0.7 Freddie Mac (FHLMC) 4.940 4.240 6.190
2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100%
585.08 -0.5 Muni Master 3.331 2.801 4.311 March 102-063 –.5 36 Source: FactSet
4105.05 -2.6 Long term 5.530 5.160 6.600
590.46 -1.5 Double-A-rated 4.910 4.320 5.760 416.70 -0.4 7-12 year 2.948 2.404 4.097
834.62 -0.6 Triple-B-rated 5.540 5.250 6.700 473.50 -0.5 12-22 year 3.637 3.294 4.742 Cash Prices | wsj.com/market-data/commodities Tuesday, March 26, 2024
High Yield Bonds ICE BofA 446.82 -0.5 22-plus year 4.231 4.020 5.274 These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace—separate
532.75 1.3 High Yield Constrained 7.739 7.620 9.560 Global Government J.P. Morgan† from the futures price on an exchange, which reflects what the commodity might be worth in future months.
538.11 -1.0 Global Government 3.280 2.740 3.810 Tuesday Tuesday Tuesday
521.97 3.0 Triple-C-rated 12.870 12.616 15.455
Copper,Comex spot 3.9960 Wheat,No.2 soft red,St.Louis-u 5.4200
3583.20 1.2 High Yield 100 7.173 7.030 9.101 791.01 -1.4 Canada 3.530 2.940 4.260 Energy Iron Ore, 62% Fe CFR China-s *108.8 Wheat - Hard - KC (USDA) $ per bu-u 6.1625
Coal,C.Aplc.,12500Btu,1.2SO2-r,w 75.500 Steel, HRC USA, FOB Midwest Mill-s *810.0 Wheat,No.1soft white,Portld,OR-u 5.6250
464.57 1.8 Global High Yield Constrained 7.601 7.552 9.440 353.28 -0.9 EMU§ 3.036 2.669 3.790
Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 13.650 Battery/EV metals Food
351.44 1.6 Europe High Yield Constrained 6.342 6.207 8.022 650.21 -1.5 France 2.970 2.540 3.630 BMI Lithium Carbonate, EXW China, =99.2%-v,w 15325
Metals BMI Lithium Hydroxide, EXW China, =56.5% -v,w 13900 Beef,carcass equiv. index
U.S Agency Bloomberg Fixed Income Indices 459.43 -1.8 Germany 2.460 2.020 3.030 Gold, per troy oz BMI Cobalt sulphate, EXW China, >20.5% -v,m 4413 choice 1-3,600-900 lbs.-u 293.42
-0.03 U.S Agency 2193.00 BMI Nickel Sulphate, EXW China, >22%-v,m 3920 select 1-3,600-900 lbs.-u 281.77
1780.24 4.790 4.130 5.390 277.00 -0.7 Japan 1.150 0.710 1.300 Engelhard industrial
Handy & Harman base 2179.80 BMIFlakeGraphite,FOBChina,-100Mesh,94-95%-v,m 538 Broilers, National comp wtd. avg.-u,w 1.3116
1575.97 0.1 10-20 years 4.780 4.120 5.370 500.02 -1.8 Netherlands 2.670 2.260 3.320 Butter,AA Chicago-d 2.8300
Handy & Harman fabricated 2419.58 Fibers and Textiles Cheddar cheese,bbl,Chicago-d 143.75
LBMA Gold Price AM *2168.35
3376.62 -2.1 20-plus years 4.880 4.300 5.740 795.16 -2.1 U.K. 4.220 3.570 4.880 Burlap,10-oz,40-inch NY yd-n,w 0.7900 Cheddar cheese,blk,Chicago-d 142.50
LBMA Gold Price PM *2176.70
2264.13 Cotton,1 1/16 std lw-mdMphs-u 0.9041 Milk,Nonfat dry,Chicago lb.-d 112.25
2714.76 -0.4 Yankee 5.160 4.720 6.110 858.57 1.2 Emerging Markets ** 7.255 7.206 8.842 Krugerrand,wholesale-e
Coffee,Brazilian,Comp-y 1.8647
Maple Leaf-e 2285.90 Cotlook 'A' Index-t *96.45
*Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds Hides,hvy native steers piece fob-u n.a. Coffee,Colombian, NY-y 2.1231
American Eagle-e 2285.90
** EMBI Global Index Sources: ICE Data Services; Bloomberg Fixed Income Indices; J.P.Morgan Wool,64s,staple,Terr del-u,w n.a. Eggs,large white,Chicago-u 2.3950
Mexican peso-e 2632.87
Flour,hard winter KC-p 17.35
Austria crown-e 2136.94 Grains and Feeds Hams,17-20 lbs,Mid-US fob-u 0.81
Austria phil-e 2285.90
Global Government Bonds: Mapping Yields Silver, troy oz. Bran,wheat middlings, KC-u,w
Corn,No. 2 yellow,Cent IL-bp,u
80
4.0500
Hogs,Iowa-So. Minnesota-u
Pork bellies,12-14 lb MidUS-u
83.19
1.4915
Engelhard industrial 24.9500 Pork loins,13-19 lb MidUS-u 1.2509
Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in Handy & Harman base 24.4560
Corn gluten feed,Midwest-u,w 102.1
Corn gluten meal,Midwest-u,w 403.6 Steers,Tex.-Okla. Choice-u n.a.
selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session Handy & Harman fabricated 30.5700 Cottonseed meal-u,w n.a. Steers,feeder,Okla. City-u,w 313.75
LBMA spot price *£19.5100 Hominy feed,Cent IL-u,w 115
Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points (U.S.$ equivalent) *24.6650 Fats and Oils
Coupon (%) Maturity, in years Latest(l)-1 0 1 2 3 4 5 Previous Month ago Year ago Latest Prev Year ago Meat-bonemeal,50% pro Mnpls-u,w 323
Coins,wholesale $1,000 face-a 19634 Oats,No.2 milling,Mnpls-u 4.1250 Degummed corn oil, crude wtd. avg.-u,w n.a.
4.500 U.S. 2 4.597 t l 4.625 4.738 3.777 Other metals Rice, Long Grain Milled, No. 2 AR-u,w 35.75 Grease,choice white,Chicago-h 0.4100
4.000 10 4.233 t l 4.252 4.298 3.379 LBMA Platinum Price PM *911.0 Sorghum,(Milo) No.2 Gulf-u n.a. Lard,Chicago-u n.a.
Platinum,Engelhard industrial 914.0 SoybeanMeal,Cent IL,rail,ton48%-u,w 364.60 Soybean oil,crude;Centl IL-u,w 0.4714
0.250 Australia 2 3.812 s l 3.804 3.824 2.877 -79.1 -83.0 -90.2 Palladium,Engelhard industrial 1026.0 Soybeans,No.1 yllw IL-bp,u 11.6900 Tallow,bleach;Chicago-h 0.4350
3.000 10 4.039 s l 4.022 4.113 3.228 -19.7 -22.4 -14.8 Aluminum, LME, $ per metric ton *2267.5 Wheat,Spring14%-pro Mnpls-u 8.0475 Tallow,edible,Chicago-u n.a.
2.500 France 2 2.845 t l 2.879 2.929 2.487 -175.8 -175.5 -129.2
3.500 10 2.830 t 2.857 2.903 2.655 -139.0 -72.1 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;
l -140.6
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 Germany 2 2.885 t l 2.892 2.942 2.398 -171.8 -174.2 -138.2 Mineral Intelligence; W=weekly; Y=International Coffee Organization; Z=not quoted. *Data as of 3/25
Source: Dow Jones Market Data
2.200 10 2.353 t l 2.377 2.447 2.129 -188.3 -186.9 -124.8
3.600 Italy 2 3.359 t l 3.423 3.463 2.917 -124.4 -121.1 -86.3
4.200 10 3.643 t l 3.694 3.885 4.014 -59.3 -55.2 63.8

In Memoriam
0.200 Japan 2 0.196 t l 0.202 0.160 -0.078 -440.7 -443.2 -385.8 For more information:
0.600 10 0.739 s l 0.736 0.691 0.276 -349.7 -351.0 -310.1 wsj.com/inmemoriam
2.800 Spain 2 3.026 t l 3.037 3.094 2.713 -157.7 -159.7 -106.6
3.250 10 3.187 t l 3.213 3.313 3.188 -104.9 -103.3 -18.9
Stewart “Stew” Turley years old. In 1966, while vacationing back at the time that Beaver Creek Mountain
0.125 U.K. 2 4.177 t l 4.193 4.595 3.197 -42.6 -44.2 -58.2 in Florida, he met Jack Eckerd. They were a was being developed. When he arrived,
February 23, 2024 great match which led to a 30 year career he could not believe how beautiful it was
4.250 10 3.973 t l 3.993 4.094 3.286 -26.3 -25.4 -9.0 with the Eckerd Corporation. When Jack and immediately bought a Condominium
Source: Tullett Prebon, Tradeweb ICE U.S. Treasury Close offered him the option of two positions, in Beaver Creek. Stewart, his family and
he said “I’ll take both of them?!?” That friends enjoyed skiing and it became his
same year Stewart became Manager of favorite sport. In the late 80’s Stewart
Corporate Debt Non- Drug Operations, In 1974, he was met Linda Smiley at a charity art auction
Prices of firms' bonds reflect factors including investors' economic, sectoral and company-specific President and CEO. In 1975, he was CEO in Clearwater. Linda had 2 daughters from
and Chairman of the Board and would hold a previous marriage, Kathy & Kristy. They
expectations that position with the Eckerd Corporation married in 1990 and Linda has been by
Investment-grade spreads that tightened the most… for the next 20 years. His long history with his side for 34 years. Clearwater, Florida is
Spread*, in basis points the company was an anchor which held their home. ROCKY MOUNTAIN MAJESTY
Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week the organization solid through the storm Beaver Creek and the Vail Valley became
of 1985 when the company was the target a favorite place to visit in WINTER for
Philip Morris International PM 4.875 5.64 Nov. 15, ’43 114 –181 108 of a hostile takeover attempt. Stewart the amazing skiing and SUMMER for the
then led the 35 year old company through beautiful weather. For many years Stewart
JPMorgan Chase JPM 5.600 5.24 July 15, ’41 74 –170 72 a leveraged buyout arranged by the Eckerd and Linda owned a home for family and
–102 Corporation Board of Directors and Merrill friends to gather. Stewart was on the
TWDC Enterprises 18 … 4.125 5.25 June 1, ’44 75 n.a. Lynch Capital Partners. His strength Boards of the Vail Valley Foundation, the
Boeing BA 6.875 6.29 March 15, ’39 204 –47 192 of character weathered the disruptive Steadman, Philipon Research Foundation
financial events of this period. Much of his and on the Board of Trustees for the US
Banco Santander … 3.306 5.16 June 27, ’29 94 –40 84 strength can no doubt be attributed to his Ski Team Foundation for 20 years. He was
early years. In 1993, Eckerd arranged an a founding member of the Eagle Springs
Bank of Nova Scotia BNS 5.650 5.31 Feb. 1, ’34 105 –35 105 IPO and brought the Eckerd Corporation Golf Club. Linda & Stewart participated in
Wyeth … 6.500 5.12 Feb. 1, ’34 89 –31 n.a. BELLEAIR, FLA. - STEWART TURLEY JULY public again. Stewart appreciated his Bravo Vail, The Vilar Performing Arts Cen-
20, 1934---FEBRUARY 23, 2024, A TRUE employees and made sure they benefited ter, Shaw Cancer Center, and the Beaver
Mitsubishi UFJ Financial … 4.050 4.75 Sept. 11, ’28 50 –25 n.a. KENTUCKY THOROUGHBRED Stewart through their pension plans and 40l K ‘s. Creek Club. Wonderful Memories abound
(Stew) rose to fame as a leader in the He also provided opportunities for the and the Turleys have treasured their time
…And spreads that widened the most business world from humble beginnings. officers of the company to benefit. Stewart
was a Giant of Everything Good...Humility,
with Children, Grandchildren and Friends in
Colorado. FAMILY AND FRIENDS Stewart
His intelligence, drive and character cat-
Commonwealth Edison … 5.900 5.28 March 15, ’36 102 116 n.a. apulted him into a position of leadership, Integrity & Generosity! In 1996, Stewart was loved and respected by his family and
dreamed by many and attained by few. sold the company to JC Penney and all who knew him. To his grandchildren ...
Johnson & Johnson JNJ 6.950 4.25 Sept. 1, ’29 2 79 n.a. merged Eckerd with Thrift Drug Stores. he was Papa Stew, a mentor, role model,
He was a native of Mt. Sterling, Kentucky
71 and educated in public schools there. His He retired in 1997 and during the course coach and motivator. To his friends he was
Sumitomo Mitsui Financial … 2.222 5.26 Sept. 17, ’31 102 100 of his time with Eckerd the company Stew.. .loyal, fun loving, competitive in
leadership began to emerge in high school
Swedbank … 6.136 5.47 Sept. 12, ’26 84 70 n.a. where he excelled in academics and was had grown to 2778 stores and generated sports and thoughtful. To his daughters,
chosen as captain of the basketball team. sales of 9.6 billion dollars. ACCOMPLISH- and step daughters... he was their Rock! To
Siemens Financieringsmaatschappij … 2.150 4.88 March 11, ’31 64 61 66 He earned the respect and admiration of MENTS AND GIVING BACK While at his wife Linda, Stew was her everything
administrators, teachers and students. Eckerd, Stewart was awarded an honorary and beautiful memories of their time to-
Toyota Motor Credit … 4.450 4.88 May 18, ’26 24 57 26 doctorate degree from Florida A&M gether will be with her forever! SURVIVED
During his sophomore year in high school
Royal Bank of Canada RY 5.150 5.19 Feb. 1, ’34 95 51 92 his life took a tragic turn with the death of University and Florida’s Webber College. BY: Wife: Linda Turley Daughters: Carol
his mother and shortly after his father died He was on the board of Eckerd College, Turley Cohen, Karen Turley Step Daugh-
UBS* … 4.125 5.50 April 15, ’26 85 47 72 in a car accident. Family friends opened member of the Business Roundtable, The ters: Kathleen Smiley Jacob, Kristine John-
their home and gave him encouragement Florida Council of 100, World Business son (M; Scott Johnson) Loyal Dog: Buddy
High-yield issues with the biggest price increases… and determination to continue on his road Council, Chief Executive Organization,
the Governor’s Commission on Education
the Cavalier Grandchildren: Seth Cohen,
Taylor & Sarah Shockley, Stewart, Seaton
Bond Price as % of face value
to success. He graduated from high school
in 1952 with two basketball scholarships, and was inducted into the Tampa Bay & Griffin Johnson, Kristine & Alex Jacob,
Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week Business Hall of Fame, He was a Trustee Nephew: Joe Turley Nieces: Leighton Isaa-
UK and Rollins College in Winter Park,
0.50 Florida. Always wanting to see Florida, of the U S Ski and Snowboard Foundation. cs, Lynn Mc Comas, Mavis Scully, Melissa
Murphy Oil MUR 7.050 6.01 May 1, ’29 104.500 n.a. Stewart served on many corporate boards Dubas, Babs Williams, and Jill Santiago.
Stewart chose Rollins, painted his dads
Transocean RIG 6.800 8.85 March 15, ’38 83.750 0.50 83.063 rusty Model A Ford and drove to Winter including: Sprint Corporation, Springs PREDECEASED: Former Wife: Judith Hall
Park. At Rollins he worked small jobs to Industries, Barnett bank, Marine Max, Daughter: Gloria Elaine Turley Brother: Bob
Carnival CCL 7.875 5.76 June 1, ’27 106.060 0.31 105.262 and Watermark Communities. He was Turley Sister: Clare Jackson Mother: Mavis
support himself, played basketball and
0.25 met Judith Hall. They married and soon named three times Retailer of the Year by Turley Father: Robert Joe Turley Linda and
Bath & Body Works BBWI 6.875 6.66 Nov. 1, ’35 101.750 100.747 the National Assn. of Chain Drug Stores Stewart have profound gratitude for the
started a family. Stewart left Rollins after
0.23 his sophomore year, needing to provide and honored with their highest award, love they have for each other, for the bless-
Occidental Petroleum OXY 6.450 5.74 Sept. 15, ’36 106.265 105.835
for his soon to be family. Tragically his first Retailer Hall of Fame. ADMIRATJON FROM ed life they have lived together and for the
Bausch Health … 11.000 22.53 Sept. 30, ’28 68.375 0.13 67.078 daughter Elaine passed away. She was 18 FELLOW BOARD MEMBERS “You are an love and support of their dear friends......
months old. They would later be blessed inspiration, a walking model of integrity. CELEBRATION OF STEWART’S LIFE FOR
Liberty Interactive … 8.250 20.00 Feb. 1, ’30 60.500 0.06 61.000 You are a constant source of quiet and FAMILY AND FRIENDS Friday, May 10th,
with 2 more daughters, Carol & Karen.
Tri Pointe Homes 5.875 6.07 June 15, ’24 99.938 0.05 OUTSTANDING CAREER Stewart took a firm, wise and caring stewardship.”” No 5:00PM The Pelican Golf Club 1501 Indian
TPH 99.938
job with Crown Cork and Seal Company one does their homework more thoroughly Rocks Rd Belleair, FL 33756 In Lieu of
in Orlando, as a night shipping clerk and than you.” “I will always have your example flowers: The Turley Family Health Center
…And with the biggest price decreases rose quickly to plant manager. Soon he to call upon and admire all that you stand Morton Plant Foundation 1200 Druid Rd. S.
–1.00 was promoted to the corporate office in for.” BACK TRACKING TO THE 80’S and Belleair, FL 33756 Community Dental Clinic
Dish DBS … 7.750 28.31 July 1, ’26 67.250 64.750 90’S SERENDIPITIES!!!!!!! In the early 80’s, 1008 Woodlawn St. Clearwater, FL 33756
Philadelphia as General Manager of the
Telecom Italia Capital … 6.000 7.16 Sept. 30, ’34 91.552 –0.45 90.944 company’s largest plant. Stewart was 29 Stewart visited the Vail Valley in Colorado www.MossFeaster.com
Teva Pharmaceutical Finance Netherlands III … 3.150 6.09 Oct. 1, ’26 93.258 –0.44 93.040
Rockies Express Pipeline … 6.875 7.09 April 15, ’40 97.970 –0.40 97.516
Rakuten
Transocean
…

RIG
11.250
7.500
8.88
8.91
Feb. 15, ’27
April 15, ’31
105.875
92.750
–0.38
–0.31
106.000
92.438
INMEMORIAM
EVERY WEDNESDAY AND SATURDAY
*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. To learn more, visit WSJ.com/InMemoriam
Note: Data are for the most active issue of bonds with maturities of two years or more
Source: MarketAxess © 2024 Dow Jones & Company, Inc. All Rights Reserved.
B10 | Wednesday, March 27, 2024 * ** THE WALL STREET JOURNAL.

BIGGEST 1,000 STOCKS

Net Net Net Net Net Net
How to Read the Stock Tables Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg
The following explanations apply to NYSE, NYSE Arca, NYSE American and Nasdaq GlobalFoundries GFS 50.79 -1.06 MGM Resorts MGM 46.46 1.91 Pool POOL 402.56 -5.61 TencentMusic TME 11.07 -0.08 UnitedAirlines UAL 45.42 0.53 WasteMgt WM 211.77 ...
Stock Market listed securities. Prices are consolidated from trades reported by various Globant GLOB 199.01 1.11 MKS Instrum MKSI 126.51 0.89 s Primerica PRI 252.45 2.38 TenetHealthcare THC 102.32 -0.35 UnitedMicro UMC 7.95 -0.04 Waters WAT 338.10 -4.62
market centers, including securities exchanges, Finra, electronic communications
networks and other broker-dealers. The list comprises the 1,000 largest companies GlobeLife GL 116.48 0.06 MPLX MPLX 40.88 0.19 PrincipalFinl PFG 84.49 0.01 Teradyne TER 108.14 -0.76 UPS B UPS 143.79 -12.78 s Watsco B WSOB 429.35 38.50
based on market capitalization. GoDaddy GDDY 120.94 0.01 s MSA Safety MSA 193.85 4.88 s ProcoreTech PCOR 82.36 0.78 Tesla TSLA 177.67 5.04 UnitedRentals URI 704.81 0.37 Watsco WSO 424.25 -6.23
GoldFields GFI 15.42 0.27 MSCI MSCI 551.68 0.34 Procter&Gamble PG 160.55 0.36 TetraTech TTEK 182.45 0.58 US Bancorp USB 43.53 -0.02 Wayfair W 64.76 1.41
Underlined quotations are those stocks with large changes in volume compared
with the issue’s average trading volume. GoldmanSachs GS 406.18 1.24 MagnaIntl MGA 53.51 -0.07 Progressive PGR 204.65 -1.37 s TevaPharm TEVA 14.14 0.08 US Steel X 40.69 0.44 s WeatherfordIntl WFRD 117.49 -1.68
Grab GRAB 3.16 0.02 s MakeMyTrip MMYT 69.72 1.68 Prologis PLD 125.14 -1.99 TexasInstruments TXN 167.91 -2.94 UnitedTherap UTHR 247.86 3.60 WebsterFin WBS 49.54 -0.46
Boldfaced quotations highlight those issues whose price changed by 5% or more if Graco GGG 93.28 -0.23 ManhattanAssoc MANH 249.58 1.07 PrudentialFinl PRU 115.82 0.19 TexasPacLand TPL 1679.18 -45.38 UnitedHealth UNH 492.31 6.43 WellsFargo WFC 56.68 -0.05
their previous closing price was $2 or higher.
Grainger GWW 1005.37 -2.37 ManulifeFinl MFC 24.16 -0.11 Prudential PUK 19.21 -0.43 TexasRoadhouse TXRH 152.22 0.33 UnitySoftware U 26.70 -0.50 Welltower WELL 91.01 -0.26
Footnotes: s GraphicPkg GPK 28.90 0.24 Maplebear CART 36.54 -1.49 s PublicServiceEnt PEG 65.51 0.19 s Textron TXT 95.96 0.24 UnivDisplay OLED 164.88 -1.07 WescoIntl WCC 168.47 0.28
s-New 52-week high; t-New 52-week low; dd-Indicates loss in the most recent four GpoAeroportuar PAC 158.83 4.46 MarathonOil MRO 27.44 -0.13 PublicStorage PSA 275.29 -0.49 ThermoFisher TMO 568.82 -4.74 UniversalHealthB UHS 177.31 -0.54 WestPharmSvcs WST 388.22 -0.17
quarters.
GpoAeroportSur ASR 315.01 5.19 MarathonPetrol MPC 197.38 -2.45 PulteGroup PHM 115.99 0.30 ThomsonReuters TRI 155.09 -0.51 s UnumGroup UNM 53.15 0.02 s WesternDigital WDC 68.15 3.17
Stock tables reflect composite regular trading as of 4 p.m. ET and Guidewire GWRE 115.82 1.92 Markel MKL 1489.96 -21.78 PureStorage PSTG 52.17 -0.51 3M MMM 102.63 -2.21 VICI Prop VICI 29.15 0.33 WesternMidstrm WES 34.73 0.24
changes in the official closing prices from 4 p.m. ET the previous day. HCA Healthcare HCA 327.71 0.39 MarketAxess MKTX 214.52 -5.10 Qiagen QGEN 42.70 -0.12 Toast TOST 24.48 0.68 VailResorts MTN 218.72 -0.05 Westlake WLK 150.15 0.16
HDFC Bank HDB 54.53 0.01 Marriott MAR 252.18 0.07 Qorvo QRVO 112.64 -1.11 TollBros TOL 125.89 0.16 Vale VALE 12.02 -0.14 s WestRock WRK 49.34 0.65
HF Sinclair DINO 59.69 -1.52 Marsh&McLen MMC 203.37 0.29 Qualcomm QCOM 167.07 -0.45 TopBuild BLD 432.61 -2.79 ValeroEnergy VLO 167.25 -1.24 Weyerhaeuser WY 35.45 -0.04
Tuesday, March 26, 2024 Net Net HP HPQ 29.99 0.11 MartinMarietta MLM 610.10 5.29 s QuantaServices PWR 259.18 3.64 Toro TTC 89.19 -1.66 VeevaSystems VEEV 232.68 3.26 WheatonPrecMtls WPM 44.65 -0.26
Net Stock Sym Close Chg Stock Sym Close Chg -0.41 TorontoDomBk TD WMB 38.09 -0.12
HSBC HSBC 39.70 0.18 MarvellTech MRVL 68.26 2.14 QuestDiag DGX 128.87 59.63 0.03 Ventas VTR 42.35 -0.30 Williams
Stock Sym Close Chg H World HTHT 38.65 1.09 Masco MAS 76.59 0.58 TotalEnergies TTE 67.65 -0.64 Veralto VLTO 89.26 -0.14 Williams-Sonoma WSM 308.41 -2.83
Block SQ 83.80 1.18 Deere DE 398.52 0.49
Haleon HLN 8.41 -0.02 Masimo MASI 140.65 1.22 R S ToyotaMotor TM 253.72 1.31 VeriSign VRSN 187.10 -0.09 WillisTowers WTW 274.14 0.42
A B C BlueOwlCapital OWL 18.63 0.16
Boeing BA 187.50 -3.91
DellTechC
DeltaAir
DELL 114.65
DAL 45.93
1.65
0.51 Halliburton HAL 38.31 -0.51 Mastercard MA 476.80 0.76 TractorSupply TSCO 258.06 -0.62 VeriskAnalytics VRSK 231.21 -0.79 WillScotMobile WSC 45.92 0.57
RBC Bearings RBC 265.67 2.36
s HartfordFinl HIG 100.90 0.23 MatadorRscs MTDR 65.11 -3.44 TradeDesk TTD 87.05 -0.50 Verizon VZ 40.85 -0.02 Wingstop WING 368.00 6.77
AECOM ACM 96.86 1.01 Booking BKNG 3661.08 34.14 DescartesSystems DSGX 92.40 0.14 RB Global RBA 75.77 0.02
Hasbro HAS 54.61 -1.31 MatchGroup MTCH 35.67 0.33 Tradeweb TW 107.21 2.35 VertexPharm VRTX 418.46 2.43 Wipro WIT 5.66 -0.01
AES AES 16.64 0.19 BoozAllen BAH 147.18 1.05 s DeutscheBank DB 15.36 0.09 RELX RELX 43.13 -0.18
HealthpeakProp DOC 17.56 0.02 McCormickVtg MKC.V 77.35 6.89 TraneTech TT 299.28 -0.35 s Vertiv VRT 82.67 0.72 Wix.com WIX 138.05 0.35
Aflac AFL 84.95 0.14 BorgWarner BWA 33.65 0.48 DevonEnergy DVN 48.79 -0.26 RPM RPM 117.67 -0.24
Heico HEI 190.48 0.05 McCormick MKC 77.30 7.36 TransDigm TDG 1223.11 -0.30 Viatris VTRS 11.60 -0.23 WoodsideEnergy WDS 19.69 -0.01
AGCO AGCO 117.62 -0.49 BostonProps BXP 61.07 -1.82 s DexCom DXCM 139.93 -0.17 RTX RTX 96.06 0.43
Heico A HEI.A 153.66 0.38 McDonald's MCD 278.62 ... TransUnion TRU 78.64 0.15 VikingTherap VKTX 80.83 11.64 Woodward WWD 151.45 -0.04
Ansys ANSS 349.84 2.32 s BostonSci BSX 67.94 0.65 Diageo DEO 147.51 1.80 RalphLauren RL 182.89 0.01
HenrySchein HSIC 72.88 -0.01 s McKesson MCK 536.09 3.54 Travelers TRV 225.33 -0.20 VinFastAuto VFS 4.70 -0.13
WooriFinl WF 34.18 -0.54
APA APA 32.88 -1.71 BristolMyers BMY 52.55 0.30 s DiamondbkEner FANG 194.25 -2.34 RangeResources RRC 33.10 -0.34
Hershey HSY 190.90 -1.36 Medpace MEDP 402.75 0.48 Trex TREX 98.11 -1.99 Vipshop VIPS 16.11 -0.49 Workday WDAY 277.38 1.70
ASE Tech ASX 10.98 -0.14 BritishAmTob BTI 29.88 -0.17 Dick's DKS 218.54 -1.56 RaymondJames RJF 125.40 -1.06
Hess HES 149.60 -1.78 Medtronic MDT 83.70 0.46 Trimble TRMB 63.44 0.34 WynnResorts WYNN 100.58 1.17
ASML ASML 971.30 -7.63 Broadcom AVGO 1331.49 -20.09 DigitalRealty DLR 139.04 1.21 RealtyIncome O 52.60 0.43 Visa V 280.60 -0.61
HessMidstream HESM 35.47 -0.17 MercadoLibre MELI 1537.46 -12.61 Trip.com TCOM 44.65 -0.03 s XP XP 25.48 0.20
AT&T T 17.18 0.06 BroadridgeFinl BR 201.71 -0.63 DiscoverFinSvcs DFS 125.42 0.16 s Reddit RDDT 65.11 5.31 TruistFinl Vistra VST 67.89 -3.31
HewlettPackard HPE 17.69 0.27 Merck MRK 125.52 0.21 TFC 37.60 ... XPO XPO 122.87 -1.20
AbbottLabs ABT 111.50 1.49 BrookfieldAsset BAM 41.46 -0.07 s Disney DIS 119.93 0.57 RegalRexnord RRX 179.46 1.03 Twilio Vodafone VOD 8.68 0.12
s Hilton HLT 213.04 2.92 MetaPlatforms META 495.89 -7.13 TWLO 60.71 -1.56 XcelEnergy XEL 51.80 -0.68
AbbVie ABBV 179.19 0.66 Brookfield BN 41.01 -0.44 DocuSign DOCU 58.00 -0.63 RegencyCtrs REG 58.91 -0.19 TylerTech VulcanMatls VMC 273.87 1.25
Hologic HOLX 76.17 0.52 MetLife MET 73.06 -0.04 TYL 418.09 -2.16 XPeng XPEV 8.54 -0.03
Accenture ACN 336.39 2.57 BrookfieldInfr BIP 29.63 0.36 DolbyLab DLB 82.53 -0.69 RegenPharm REGN 963.55 2.46 TysonFoods TSN 58.17 -0.28
AcuityBrands AYI 267.84 1.63 BrookfieldRenew BEPC 23.97 -0.25 DollarGeneral DG 150.66 -0.12 HomeDepot HD 379.93 -3.58 Mettler-Toledo MTD 1315.07 -4.93
RegionsFinl RF 19.91 -0.04 UBS Group UBS 31.15 -0.35 W X Y Z Xylem XYL 127.90 0.14
HondaMotor HMC 37.28 ... MicrochipTech MCHP 86.24 -1.41 YPF YPF 19.80 -0.57
Adobe ADBE 507.60 0.37 Brown&Brown BRO 86.42 0.52 DollarTree DLTR 127.53 1.38 s ReinsGrp RGA 192.51 1.34 UDR
Honeywell HON 201.00 2.52 s MicronTech MU 118.80 1.67 UDR 36.41 -0.47 WEC Energy WEC 78.65 -1.25 Yum!Brands YUM 134.80 0.18
AdvDrainageSys WMS 167.80 -0.81 Brown-Forman A BF.A 52.08 0.17 DominionEner D 46.68 -1.57 Reliance RS 331.38 -0.15 U-Haul
HormelFoods HRL 34.35 0.13 Microsoft MSFT 421.65 -1.21 UHAL 65.33 -0.67 WEX WEX 236.41 2.06 YumChina YUMC 39.04 0.46
AdvMicroDevices AMD 177.87 -0.76 Brown-Forman B BF.B 51.00 0.14 s Domino's DPZ 483.00 17.89 RenaissanceRe RNR 233.37 1.39 U-Haul N
DR Horton DHI 159.27 -0.51 s MicroStrategy MSTR 1876.99 20.99 UHAL/B 64.07 -0.11 W.P.Carey WPC 55.61 0.03 ZTO Express ZTO 21.03 -0.06
Aegon AEG 6.04 0.05 Bruker BRKR 92.40 -0.67 Donaldson DCI 74.08 0.35 RentokilInit RTO 29.98 0.33 US Foods
HostHotels HST 20.27 -0.29 MidAmApt MAA 128.83 -1.17 USFD 54.08 0.14 WPP WPP 46.88 0.32 ZebraTech ZBRA 291.38 -6.56
s AerCap AER 87.63 2.04 BuildersFirst BLDR 207.04 -1.74 s DoorDash DASH 140.26 2.44 Repligen RGEN 183.84 -1.04 UWM
HoulihanLokey HLI 124.69 -0.65 Middleby MIDD 155.75 1.06 UWMC 7.29 -0.14 Wabtec WAB 143.91 1.08 Zillow C Z 48.90 -0.41
AffirmHldgs AFRM 37.33 0.70 BungeGlobal BG 99.86 -0.08 Dover DOV 174.78 -0.58 RepublicSvcs RSG 189.69 -0.04 Uber
HowmetAerospace HWM 67.65 0.29 MitsubishiUFJ MUFG 10.42 -0.06 UBER 77.91 -1.50 WalgreensBoots WBA 20.51 -0.12 Zillow A ZG 48.11 -0.48
AgilentTechs A 144.41 -1.15 BurlingtonStrs BURL 224.80 -2.81 Dow DOW 57.07 -0.32 ResMed RMD 194.18 0.87 UiPath
Hubbell HUBB 413.33 0.21 MizuhoFin MFG 4.04 ... PATH 22.71 -0.36 Walmart WMT 60.51 -0.06 ZimmerBiomet ZBH 127.87 -0.04
AgnicoEagleMines AEM 56.06 0.05 CACI Intl CACI 374.59 0.85 DrReddy'sLab RDY 72.80 -0.61 RestaurantBrands QSR 78.65 -0.02 UltaBeauty ULTA 514.34 8.77 WarnerBrosA WBD 8.38 -0.08 Zoetis
HubSpot HUBS 632.03 2.21 Mobileye MBLY 31.35 0.16 ZTS 165.67 -2.14
AirProducts APD 237.83 0.27 s CAVA CAVA 68.22 -0.03 s DraftKings DKNG 48.68 1.36 Revvity RVTY 103.42 0.42 Unilever
Humana HUM 348.38 1.29 Moderna MRNA 107.41 -2.97 UL 49.63 -0.01 WarnerMusic WMG 32.77 0.66 ZoomVideo ZM 66.35 -0.36
Airbnb ABNB 167.39 -0.60 CBRE Group CBRE 95.90 0.19 Dropbox DBX 24.45 0.18 RexfordIndlRealty REXR 48.95 -1.62 UnionPacific UNP 240.69 -3.16 WasteConnections WCN 170.03 -0.30 Zscaler
JBHunt JBHT 193.71 1.71 MohawkInds MHK 125.10 -0.55 ZS 195.63 1.56
AkamaiTech AKAM 108.02 -0.54 s CDW CDW 254.12 0.27 DukeEnergy DUK 93.67 -1.17 RioTinto RIO 62.17 -1.24
Duolingo DUOL 223.44 -3.06 HuntingtonBcshs HBAN 13.34 -0.03 MolinaHealthcare MOH 418.44 5.92
Albemarle ALB 119.01 0.66 CF Industries CF 81.81 -1.20 Rivian RIVN 10.52 -0.13
DuPont DD 75.54 -0.40 HuntingIngalls HII 289.87 -0.93 MolsonCoorsA TAP.A 67.70 -0.30
Albertsons ACI 21.33 0.28 CGI A GIB 109.40 -0.18 RobertHalf RHI 77.43 -0.92
Alcon ALC 82.63 -0.34
AlexandriaRlEst ARE 124.19 -2.28
CH Robinson CHRW 72.83 -1.99
CME Group CME 212.88 -2.31
Dynatrace
elfBeauty
DT 46.01
ELF 197.82
-0.15
-2.22
s HyattHotels H
ICICI Bank
159.32
IBN 25.90
1.47
0.03
MolsonCoorsB TAP 66.90 -0.77
monday.com MNDY 229.02 3.87
s Robinhood
Roblox
HOOD 19.28 0.20
RBLX 37.29 0.63
BANKRATE.COM® MMA, Savings and CDs
s EMCOR EME 351.18 4.06 IdexxLab IDXX 530.60 0.89 Mondelez MDLZ 70.04 -0.81
Alibaba BABA 71.48 0.02 CMS Energy CMS 58.25 -0.36 RocketCos. RKT 13.76 -0.26
AlignTech ALGN 319.94 0.66 CNA Fin CNA 44.36 -0.05 ENI
EOG Rscs
E 31.31
EOG 125.78
-0.18
-1.47
s ING Groep
IQVIA
ING 16.09
IQV 247.74
0.17
-1.14
MongoDB MDB 354.12 0.57
MonolithicPower MPWR 666.49 -2.88
Rockwell ROK 284.45 1.99 Average Yields of Major Banks Tuesday, March 26, 2024
Allegion ALLE 133.34 0.43 CNH Indl CNHI 12.55 0.03 RogersComm B RCI 41.09 ...
s ITT ITT 137.08 3.21 MonsterBev MNST 59.32 0.23 MMA 1-MO 2-MO 3-MO 6-MO 1-YR 2-YR 2.5YR 5YR
AlliantEnergy LNT 48.26 -0.37 s CRH CRH 87.20 0.26 EPAM Systems EPAM 268.40 1.06 RoivantSciences ROIV 10.08 0.13 Type
EQT EQT 34.95 0.13 IcahnEnterprises IEP 17.08 -0.08 Moody's MCO 390.92 4.35
s Allstate ALL 170.81 1.84 CSX CSX 36.13 -0.71
s EagleMaterials EXP 270.07 1.92 Icon ICLR 329.91 0.11 MorganStanley MS 91.28 0.14
Roku ROKU 64.65 0.01 National average
AllyFinancial ALLY 39.18 -0.25 CVS Health CVS 79.32 0.34 Rollins ROL 45.84 -0.06
AlnylamPharm ALNY 151.97 -0.10 CadenceDesign CDNS 316.01 -0.20 EastWestBncp EWBC 76.33 -0.58 IDEX IEX 242.09 0.12 Morningstar MORN 303.75 2.26
RoperTech ROP 554.43 3.49
Savings 0.59 0.46 0.52 1.94 1.58 1.57 1.40 1.21 1.21
IllinoisToolWks ITW 265.49 -0.37 Mosaic MOS 30.50 -0.79 0.95 0.47 0.53 1.99 1.64 1.73 1.53 1.32 1.35
Alphabet A GOOGL 150.67 0.60 CaesarsEnt CZR 42.71 0.99 EastGroup EGP 175.86 -3.25 RossStores ROST 144.57 -0.02 Jumbos
s EastmanChem EMN 98.32 -0.94 Illumina ILMN 133.80 -0.26 MotorolaSol MSI 347.61 -0.31
Alphabet C GOOG 151.70 0.55 CamdenProperty CPT 96.30 -1.20
Eaton ETN 312.08 0.20 s ImperialOil IMO 68.60 -0.41 MurphyUSA MUSA 414.32 -0.47
RoyalBkCanada RY 99.15 -0.27 Weekly change
Altria MO 43.12 -0.14 Cameco CCJ 42.10 0.13 RoyalCaribbean RCL 136.87 0.60
eBay EBAY 51.08 -0.15 Incyte INCY 56.55 -0.93 NICE NICE 261.57 1.27 Savings 0.00 0.00 -0.01 0.04 0.13 0.01 0.03 0.02 0.01
Amazon.com AMZN 178.30 -1.41 CampbellSoup CPB 43.37 ... RoyaltyPharma RPRX 30.23 -0.05
ECL 228.23 Informatica INFA 35.96 -0.26 t NIO NIO 4.78 -0.13
Ambev ABEV 2.47 0.02 s CIBC CM 50.30 -0.02 Ecolab 1.16 RyanSpecialty RYAN 55.30 -0.67 Jumbos -0.02 -0.01 0.00 0.04 0.16 0.01 0.02 0.01 0.02
Ecopetrol EC 10.98 -0.05 Infosys INFY 17.75 0.12 NNN REIT NNN 41.96 -0.07
Amcor AMCR 9.19 -0.10 CanNtlRlwy CNI 130.17 0.39 s Ryanair RYAAY 146.68 0.98
EdisonIntl EIX 68.23 -1.00 IngersollRand IR 94.45 -0.03 NOV NOV 19.05 -0.19
Amdocs DOX 89.86 0.28 s CanadianNatRscs CNQ 75.10 -0.70 SAP SAP 196.66 1.38
Consumer Savings Rates
s
EdwardsLife EW 93.42 0.26 Ingredion INGR 117.54 0.14 NRG Energy NRG 65.88 -2.25
AmerSports AS 16.70 0.02 CdnPacKC CP 87.26 -0.13 S&P Global SPGI 419.49 1.01
ElancoAnimal ELAN 15.89 -0.02 Insulet PODD 165.52 0.77 NVR NVR 7865.00 -42.05
Ameren AEE 70.97 -0.47 CapitalOne COF 140.83 0.28 SBA Comm SBAC 214.21 -4.17
NXP Semicon NXPI 239.06 -1.28
SEI Investments SEIC 70.48 -0.14 Below are the top federally insured offers available nationwide according to Bankrate.com's
AmericaMovil AMX 18.26 -0.14 CardinalHealth CAH 111.60 0.59 Elastic ESTC 100.45 -0.60 Intel INTC 41.99 0.16
ElbitSystems ESLT 204.57 0.38 InteractiveBrkrs IBKR 110.24 1.12 Nasdaq NDAQ 62.23 1.17
AmerAirlines AAL 14.92 ... s Carlisle CSL 388.50 1.19
Natera NTRA 90.00 -1.39 SK Telecom SKM 22.20 0.19 weekly survey of highest yields. For latest offers and reviews of these financial institutions, please
ElectronicArts EA 130.90 0.38 ICE ICE 137.12 1.31
AEP AEP 82.48 -0.39 Carlyle CG 46.44 -0.02
NationalGrid NGG 67.15 -0.83 SS&C Tech SSNC 64.49 0.09 visit bankrate.com/banking/reviews. Information is believed to be reliable, but not guaranteed.
AmerExpress AXP 224.46 -1.57 ElevanceHealth ELV 517.24 6.88 InterContinentl IHG 106.66 1.93
s AmericanFin AFG 134.00 -0.13
CarMax
Carnival
KMX 85.75 -0.03
CCL 17.03 -0.08 EmersonElec EMR 111.95 0.22 IBM IBM 188.50 -0.29 NatWest NWG 6.69 0.05 Saia
Salesforce
SAIA 587.48 1.03
CRM 305.83 -0.23
High yield savings
Enbridge ENB 35.65 -0.29 IntlFlavors IFF 81.44 -0.57 NetApp NTAP 104.72 -0.20
AmHomes4Rent AMH 35.62 -0.41 Carnival CUK 15.39 -0.11 Samsara IOT 39.40 0.86 Bank Yield Bank Yield
EncompassHealth EHC 76.74 0.60 s IntlPaper IP 38.20 -2.65 NetEase NTES 104.16 0.64
AIG AIG 77.39 0.80 CarrierGlobal CARR 57.54 0.17 Sanofi SNY 49.75 0.31 Phone number
Endeavor EDR 25.61 -0.01 Interpublic IPG 32.06 -0.35 s Netflix NFLX 629.24 1.78 Minimum (%) Phone number Minimum (%)
AmerTowerREIT AMT 194.10 -1.46 s Carvana CVNA 90.81 2.40 SareptaTherap SRPT 128.25 0.31
EnergyTransfer ET 15.49 -0.07 Intuit INTU 640.05 0.96 Neurocrine NBIX 141.16 0.91
AmerWaterWorks AWK 117.84 0.70 s CaseysGenStores CASY 316.46 -2.92
EnphaseEnergy ENPH 109.35 -1.70 IntuitiveSurgical ISRG 397.63 5.92 NewOrientalEduc EDU 88.68 -2.12 Schlumberger SLB 54.07 -0.24 Money market account Six-month CD
Ameriprise AMP 431.22 -0.29 Catalent CTLT 56.26 -0.14 SchwabC SCHW 71.00 -0.33
Ametek AME 181.67 -1.09 Entegris ENTG 140.30 -1.64 InvitatHomes INVH 34.27 -0.11 Newmont NEM 34.00 0.08 MyBankingDirect $500 5.35 America First FCU $500 5.30
Caterpillar CAT 356.39 0.44 NewsCorp B NWS 26.89 -0.01 Sea SE 55.56 0.91
STX 94.72 6.51 (516) 683-4100 (801) 627-0900
Amgen AMGN 281.77 0.95 Entergy ETR 102.35 -0.74 IronMountain IRM 77.95 -0.22
s Celanese CE 166.43 -1.48 NewsCorp A NWSA 26.07 0.04 Seagate
EnterpriseProd EPD 29.06 0.11 ItauUnibanco ITUB 6.88 0.14 $5,000 5.35 $10,000 5.30
AmkorTech AMKR 31.56 -0.31 CelsiusHldg CELH 91.22 -0.40 NextEraEnergy NEE 61.43 -1.18 Sempra SRE 69.24 -0.39 BrioDirect Popular Direct
Amphenol APH 113.34 -0.88 Equifax EFX 260.47 -0.59
73.25 0.49 (877) 369-2746 (800) 274-5696
AnalogDevices ADI 188.96 -1.67 s
Cemex
Cencora
CX 8.80 0.21
COR 242.80 0.74
Equinix EQIX 800.07 7.55 J K L Nextracker NXT 56.67 -2.33 ServiceIntl SCI
ServiceNow NOW 778.57 3.93 Vio Bank
AngloGoldAsh AU 21.39 0.05 Equinor EQNR 26.63 -0.56 Nike NKE 92.58 -1.17 $100 5.30 Barclays Bank $0 5.30
CenovusEnergy CVE 19.88 0.06 JD.com JD 26.36 -0.44 NiSource NI 26.97 -0.18 SharkNinja SN 60.89 0.58
AB InBev BUD 60.35 0.57 Centene CNC 77.56 0.49
Equitable EQH 37.39 -0.03
JPMorganChase JPM 195.73 0.91 Shell SHEL 66.76 -0.66
(888) 999-9170 (888) 720-8756
EquityLife ELS 63.42 -0.51 Nokia NOK 3.54 0.02
AnnalyCap NLY 19.73 -0.39
AnteroResources AR 27.32 -0.14
CenterPointEner CNP 27.23 -0.37
EquityResdntl EQR 61.26 -0.27
Jabil JBL 133.61 2.27 Nomura NMR 6.45 -0.07 SherwinWilliams SHW 342.00 ... One-month CD One-year CD
CentraisElBras EBR 8.50 ... JackHenry JKHY 166.39 0.64 Nordson NDSN 268.43 1.28 ShinhanFin SHG 36.21 -1.73
ErieIndemnity ERIE 405.96 1.25
Aon AON 329.92 2.34 CerevelTherap CERE 42.36 -0.04 JacobsSolns J 150.38 0.30 NorfolkSouthern NSC 247.22 -0.81 s ShockwaveMed SWAV 316.07 28.84 VirtualBank,adivisionofFirstHorizonBank $10,000 2.48 CFG Community Bank $500 5.40
APi Group APG 38.38 -0.35 EssentialUtil WTRG 35.59 -0.76
CharlesRiverLabs CRL 265.44 -0.17 JamesHardie JHX 39.50 -0.48 NorthernTrust NTRS 86.62 0.77 Shopify SHOP 78.53 0.11 (877) 998-2265 (888) 205-8388
ApolloGlblMgmt APO 113.89 0.47 EssexProp ESS 237.73 -1.80
CharterComms CHTR 287.89 -2.71 JazzPharm JAZZ 117.93 -2.86 NorthropGrum NOC 469.91 0.59 SimonProperty SPG 150.67 -0.39 Lone Star Bank $1,000 0.20 BrioDirect $500 5.35
s AppFolio APPF 248.71 22.22 EsteeLauder EL 139.31 0.14
CheckPoint CHKP 164.14 -0.15 JefferiesFinl JEF 45.22 -0.04 SimpsonMfg SSD 199.86 1.76 (713) 358-9400
Apple AAPL 169.71 -1.14 Etsy ETSY 65.80 0.05 NorwegCruise NCLH 20.16 -0.38 (877) 369-2746
Chemed CHE 638.00 -6.80 J&J JNJ 155.77 0.55 Novartis NVS 95.27 -0.46 SiriusXM SIRI 3.86 -0.03
EvercoreA EVR 190.25 -2.11 $1,000 0.10 First Internet Bank of Indiana $1,000 5.31
AppliedIndlTechs AIT 195.52 0.43 CheniereEnergy LNG 159.74 -0.33 JohnsonControls JCI 64.10 0.47 NovoNordisk NVO 129.41 0.36 SiteOneLandscape SITE 180.55 -0.60 Presidential Bank, FSB
ApplMaterials AMAT 206.67 -1.79 Everest EG 388.31 -3.59
CheniereEnerPtrs CQP 48.76 -0.79 JonesLang JLL 190.64 -0.89 NuHoldings NU 12.23 0.06 SkechersUSA SKX 60.01 0.02 (800) 799-1424 (888) 873-3424
s AppLovin APP 71.09 -1.51 Evergy EVRG 51.28 -0.14
ChesapeakeEner CHK 85.73 -1.05 JuniperNetworks JNPR 37.04 -0.03 NUE 194.06 -1.42 Skyworks SWKS 104.02 -0.94
Aptargroup ATR 143.20 0.24 Chevron CVX 155.27 -1.20
EversourceEner ES 56.29 -1.23
KB Financial KB 53.80 -0.62
Nucor
SmithAO AOS 87.88 -0.16 Two-month CD Two-year CD
ExactSciences EXAS 65.24 1.48 Nutanix NTNX 63.72 0.10
Aptiv APTV 76.59 -2.50 Chipotle CMG 2955.53 52.09 KBR KBR 61.43 0.31 Smith&Nephew SNN 26.08 0.24 VirtualBank,adivisionofFirstHorizonBank $10,000 2.74 First Internet Bank of Indiana $1,000 4.82
Exelon EXC 36.56 -0.29 Nutrien NTR 53.06 0.51
Aramark ARMK 31.08 0.31 Chubb CB 256.08 0.47 KE Holdings BEKE 14.08 0.13 s Smucker SJM 123.28 -0.35 (877) 998-2265
ArcelorMittal MT 27.01 -0.08 Expedia EXPE 136.62 -0.69 nVentElectric NVT 74.93 0.90 (888) 873-3424
ChunghwaTel CHT 39.16 0.60 KKR KKR 101.05 0.20 NVIDIA NVDA 925.61 -24.41 Snap SNAP 11.31 0.05
ArchCapital ACGL 90.59 -0.40 ExpeditorsIntl EXPD 119.94 -0.12 Lone Star Bank $1,000 0.20 Luana Savings Bank $2,000 4.81
Church&Dwight CHD 102.84 -0.15 KLA KLAC 688.42 -11.31 Snap-On SNA 290.97 -0.92
ExtraSpaceSt EXR 140.46 -0.04
ADM ADM 61.82 -0.69 ChurchillDowns CHDN 120.77 3.12 Kanzhun BZ 18.15 -0.19 O P Q Snowflake SNOW 158.02 -0.12 (713) 358-9400 (800) 666-2012
c

AresMgmt ARES 133.96 0.17 ExxonMobil XOM 113.79 -0.86

s Cigna CI 357.73 2.18
F5 FFIV 186.98 -1.55
Kaspi.kz KSPI 123.89 3.10 SOQUIMICH SQM 45.86 -0.49 Presidential Bank, FSB $1,000 0.10 First National Bank of America $1,000 4.80
argenx ARGX 397.57 -0.85 CincinnatiFinl CINF 120.28 -0.48 Kellanova K ONEOK OKE 78.67 -0.65
Sony SONY 86.72 0.76 (800) 799-1424
s
FMC FMC 62.44 -0.38 55.89 0.24
ON
(800) 968-3626
AristaNetworks ANET 297.83 -7.67 Cintas CTAS 633.40 -2.26 FTI Consulting FCN 208.19 -1.00 Kenvue KVUE 20.93 0.28 ON Semi 72.89 -0.65
Southern SO 69.27 -0.49
Arm ARM 127.96 -10.35 CiscoSystems CSCO 49.55 -0.13 FactSet FDS 443.86 -0.87 KeurigDrPepper KDP 30.73 0.25
OReillyAuto ORLY 1134.78 -2.29
SoCopper SCCO 102.10 -1.79 Three-month CD Five-year CD
AscendisPharma ASND 149.96 5.50 Citigroup C OccidentalPetrol OXY 63.32 -1.23
SouthwestAir LUV 28.41 -0.10 America First FCU
s 61.66 0.71 FairIsaac FICO 1282.47 15.86 KeyCorp KEY 15.06 -0.13 $500 5.50 First National Bank of America $1,000 4.55
AspenTech AZPN 201.84 0.05 CitizensFin CFG 34.82 -0.47 Okta OKTA 104.43 -1.22
Fastenal FAST 76.78 -0.23 KeysightTech KEYS 152.27 -0.31 SouthwesternEner SWN 7.33 -0.03
s Assurant AIZ 183.27 1.78 CivitasRscs CIVI 73.77 -0.18 OldDomFreight ODFL 433.32 -1.71 (801) 627-0900 (800) 968-3626
FederalRealty FRT 98.79 -0.24 KimberlyClark KMB 126.09 0.91 s Spotify SPOT 262.81 0.89
OldRepublic ORI 29.97 0.06 $1,500 5.25 First Internet Bank of Indiana $1,000 4.55
s AsteraLabs ALAB 83.38 -1.62 CleanHarbors CLH 198.49 -0.32 FedEx FDX 288.99 6.42 KimcoRealty KIM 18.81 -0.03 StanleyBlackDck SWK 93.48 -0.95 Banesco USA
AstraZeneca AZN 66.33 0.47 OmegaHealthcare OHI 30.81 -0.18
Cleveland-Cliffs CLF 21.57 0.13 Ferguson FERG 219.34 1.50 KinderMorgan KMI 17.91 -0.06 Stantec STN 84.44 -0.70 (888) 228-1597 (888) 873-3424
Atlassian TEAM 192.00 -1.26 Omnicom OMC 92.78 -0.59
Clorox CLX 149.93 -0.59 s Ferrari RACE 437.97 -1.62 KinsaleCapital KNSL 529.72 -1.58 Starbucks SBUX 90.36 -0.31 Popular Direct $10,000 5.25 Quontic Bank $500 4.30
AtmosEnergy ATO 115.25 -0.85 OnHolding ONON 34.05 -0.54
Cloudflare NET 99.07 2.99 FidNatlFinl FNF 50.95 Knight-Swift KNX 52.73 0.62 StateStreet STT 76.18 0.53
Autodesk ADSK 261.67 0.10 -0.43 OntoInnovation ONTO 180.48 -3.92 (800) 274-5696 (800) 908-6600
Coca-Cola KO 60.54 0.14 FidNatlInfo FIS 72.30 1.21 Philips PHG 20.04 0.15 SteelDynamics STLD 144.83 0.68
Autoliv ALV 121.06 -1.38 OpenText OTEX 39.38 0.20
CocaColaCon COKE 840.00 -8.99 KoreaElecPwr KEP 8.28 -0.13 Stellantis STLA 28.70 -0.70
ADP ADP 245.07 0.87 Coca-ColaEuro CCEP 71.46 -0.08
FifthThirdBncp FITB 36.03
FirstCitizBcshA FCNCA 1599.75
-0.22
-3.79 KraftHeinz KHC 36.37 0.19
Oracle ORCL 126.47 0.39
Steris STE 221.52 0.85 High yield jumbos - Minimum is $100,000
AutoZone AZO 3191.48 20.66 Orange ORAN 11.42 -0.08
CognizantTech CTSH 72.40 0.39 FirstHorizon FHN 14.79 -0.03 Kroger KR 56.39 0.43 Stevanato STVN 31.79 0.37
Avalonbay AVB 180.67 -1.34 Coherent COHR 59.68 -2.44 FirstSolar FSLR 153.16 -1.61 LKQ LKQ 52.12 -0.11
Orix IX 110.45 0.05
StifelFinancial SF 75.83 -0.31 Money market account Six-month CD
Avangrid AGR 35.65 -0.11 Oshkosh OSK 120.38 0.16
CoinbaseGlbl COIN 266.81 -12.90 FirstEnergy FE LPL Financial LPLA 260.22 -2.31 STMicroelec STM 43.02 0.09
Avantor AVTR 25.38 0.34 37.79 -0.57 OtisWorldwide OTIS 98.63 -0.41 Vio Bank 5.30 America First FCU 5.30
ColgatePalm CL 88.90 0.26 FirstService FSV 164.30 -0.42 L3HarrisTech LHX 211.13 -0.56 Stryker SYK 350.38 -0.65
s AveryDennison AVY 219.41 2.10 Comcast A CMCSA 42.48 -0.16 LabCorp.ofAmerica LH 213.52 -0.23
Ovintiv OVV 51.20 -0.52
SumitomoMits SMFG 11.86 0.02
(888) 999-9170 (801) 627-0900
AxonEnterprise AXON 319.14 3.67 s Fiserv FI 158.67 1.89 OwensCorning OC 164.15 -1.30
ComfortSystems FIX 318.25 -0.67 FiveBelow FIVE 178.05 4.17 LamResearch LRCX 967.23 -4.23 SummitMaterials SUM 43.46 0.64 UFB Direct 5.25 Popular Direct 5.30
BCE BCE 33.87 0.05 PDD PDD 120.10 0.23
SABESP SBS 16.44 0.21 Flex FLEX 28.53 -0.14 LamarAdv LAMR 116.21 -0.82 SunComms SUI 125.18 -0.62 (877) 472-9200 (800) 274-5696
BHP Group BHP 56.55 -0.41 PG&E PCG 16.28 -0.13
ConagraBrands CAG 28.91 -0.18 Floor&Decor FND 127.86 0.47 LambWeston LW 105.60 2.95 SunLifeFinancial SLF 54.28 0.22 Western State Bank 5.15 Barclays Bank 5.30
BJ'sWholesale BJ 74.72 -0.21 PNC Finl PNC 155.03 -0.01
Confluent CFLT 31.00 0.28 FlutterEnt FLUT 214.84 -2.16 LasVegasSands LVS 50.85 0.53 s SuncorEnergy SU 36.43 -0.34
BP BP 37.57 -0.69
ConocoPhillips COP 125.99 -0.24 LatticeSemi LSCC 77.67 -0.92
POSCO PKX 79.65 -0.88
SuperMicroComp SMCI 1025.06 -17.73
(701) 277-5003 (888) 720-8756
BWX Tech BWXT 100.26 -1.21 FomentoEconMex FMX 130.55 1.35 PPG Ind PPG 141.82 0.67
Baidu BIDU 103.66 -2.00
ConEd ED 87.45 -1.05 FordMotor F 12.44 -0.46 Lear LEA 141.66 -2.72
PPL PPL 26.60 -0.46
s Suzano SUZ 12.66 0.25 One-month CD One-year CD
ConstBrands A STZ 269.29 -1.15 Fortinet FTNT 67.45 -0.44 LegendBiotech LEGN 55.90 -0.76 SynchronyFinl SYF 41.58 0.26
BakerHughes BKR 32.83 -0.46 PTC PTC 189.94 1.28 2.48 5.40
s ConstellationEner CEG 185.41 -1.85 Fortis FTS 38.94 -0.40 Leidos LDOS 129.36 1.14 Synopsys SNPS 584.32 ... VirtualBank,adivisionofFirstHorizonBank CFG Community Bank
s Ball BALL 66.46 -0.04 PVH PVH 136.99 2.22
Cooper COO 100.73 -0.14 Fortive FTV 84.89 0.46 Lennar B LEN.B 149.29 0.08 Sysco SYY 80.90 0.02 (877) 998-2265 (888) 205-8388
BBVA BBVA 11.72 0.06 Paccar PCAR 123.01 -0.38
Copart CPRT 57.22 0.04 FortuneBrands FBIN 81.78 0.15 s Lennar A LEN 165.56 -0.48 Lone Star Bank 0.20 GTE Financial Credit Union (U) 5.38
BancoBradesco BBDO 2.56 0.03
Core&Main CNM 57.28 0.13 FoxA FOXA 30.58 0.36 LennoxIntl LII 484.08 -4.93
s PackagingCpAm PKG 186.87 -0.44 T U V (713) 358-9400 (888) 871-2690
BancodeChile BCH 21.89 0.28 PalantirTech PLTR 24.89 0.38
s CorebridgeFin CRBG 28.15 -0.24 FoxB FOX 27.95 0.41 LeviStrauss LEVI 18.80 0.16 TC Energy TRP 40.41 -0.09
BancSanBrasil BSBR 5.59 -0.02 PaloAltoNtwks PANW 286.69 1.62 Presidential Bank, FSB 0.10 BrioDirect 5.35
Corning GLW 32.31 -0.16 Franco-Nevada FNV 113.82 -1.04 LiAuto LI 30.64 0.14 s TD Synnex SNX 112.27
BcoSantChile BSAC 19.66 0.11 ParamountA PARAA 21.32 -0.22 6.83
Corpay CPAY 304.18 -3.48 FranklinRscs BEN 27.03 -0.28 LibertyBroadbandC LBRDK 55.50 -0.70 (800) 799-1424 (877) 369-2746
s BancoSantander SAN 4.77 0.01 ParamountB PARA 11.37 -0.08 TE Connectivity TEL 141.63 0.02
Corteva CTVA 56.30 0.67 FreeportMcM FCX 44.73 -0.62 LibertyBroadbandA LBRDA 55.44 -0.54
BanColombia CIB 35.09 0.69
CoStar CSGP 95.18 -0.64 FreseniusMedCare FMS 18.91 -0.01 LibertyFormOne A FWONA 60.29 0.75
ParkerHannifin PH 549.16 -1.37 Telus TU 15.70 -0.09 Two-month CD Two-year CD
BankofAmerica BAC 37.09 0.23 Parsons PSN 81.24 -1.10 Ternium TX 41.32 0.29
Costco COST 730.98 0.02 FullTruck YMM 7.38 0.03 LibertyLiveC LLYVK 43.05 -0.06
Paychex PAYX 119.58 TFI Intl TFII 158.87 -0.52
VirtualBank,adivisionofFirstHorizonBank 2.74 Luana Savings Bank 4.96
BankMontreal BMO 95.97 0.28 0.62
CoterraEnergy CTRA 27.46 -0.36 Futu FUTU 53.37 -0.88 LibertyFormOne C FWONK 67.79 0.71 (877) 998-2265 (800) 666-2012
BankNY Mellon BK 56.61 0.07 PaycomSoftware PAYC 190.60 -0.66 TIM TIMB 18.16 0.07
Coty COTY 11.65 0.07 LibertyLiveA LLYVA 41.71 -0.09
PCTY 171.38 TJX TJX 99.30 1.12 Lone Star Bank 0.20 First Internet Bank of Indiana 4.82
BankNovaScotia BNS 50.40 0.04
Barclays BCS 9.25 -0.01
Coupang CPNG 17.60 ... G H I LibertySirius B LSXMB 28.97 -0.36
Paylocity
PayPal PYPL 66.67
0.57
0.67 TKO TKO 86.23 0.42
Crane CR 133.90 -0.34 LibertySirius A LSXMA 28.95 0.09 (713) 358-9400 (888) 873-3424
BarrickGold GOLD 15.52 -0.05 GE HealthCare GEHC 89.07 0.79 Pearson PSO 12.94 -0.08 T-MobileUS TMUS 161.10 -0.02
Credicorp BAP 169.50 -0.99 LibertySirius C LSXMK 28.88 0.07
TPG TPG 44.76 -0.59
Presidential Bank, FSB 0.10 TAB Bank 4.80
Bath&BodyWks BBWI 47.98 1.18 GFLEnvironmental GFL 33.71 -0.94 PembinaPipeline PBA 34.82 -0.02
Crocs CROX 140.05 -1.20 Light&Wonder LNW 104.50 -1.75 T.RowePrice TROW 117.89 (800) 799-1424 (800) 355-3063
BaxterIntl BAX 41.54 -0.25 GSK GSK 42.79 -0.04 PenskeAuto PAG 158.04 -0.10 -0.44
CrowdStrike CRWD 330.01 5.25 EliLilly LLY 774.90 1.76 TaiwanSemi TSM 138.84 -1.39
BectonDicknsn BDX 241.88 0.21 Gallagher AJG 246.23 0.65 Pentair PNR 82.64 -0.08
BeiGene BGNE 153.81 -0.11
CrownCastle CCI 101.93 -1.59
Gaming&Leisure GLPI 45.20 0.17
LincolnElectric LECO 253.01 -3.04
Penumbra PEN 220.87 0.78 TakeTwoSoftware TTWO 146.67 0.53
Three-month CD Five-year CD
Crown Holdings CCK 77.43 0.04 Linde LIN 467.55 0.65 TakedaPharm TAK 14.39 0.24 America First FCU 5.50 First Internet Bank of Indiana 4.55
BellRing BRBR 59.39 -0.89 Gap GPS 27.72 -0.19 PepsiCo PEP 172.73 0.13
CubeSmart CUBE 43.32 0.25 LithiaMotors LAD 298.88 1.70
BentleySystems BSY 51.09 -0.10 Garmin GRMN 147.40 0.72 PerformanceFood PFGC 75.24 0.10 Tapestry TPR 45.41 -0.14 (801) 627-0900 (888) 873-3424
Cummins CMI 291.82 4.06 LiveNationEnt LYV 104.38 -1.72 TargaResources TRGP 110.65 -0.96
s Berkley WRB 86.54 -0.18 Gartner IT 475.45 1.84 PermianRscs PR 17.13 -0.16 Merrick Bank 5.25 Popular Direct 4.30
s Curtiss-Wright CW 251.21 1.76 LloydsBanking LYG 2.58 ...
Target TGT 172.64 -0.02
BerkHathwy B BRK.B 411.57 1.65 GenDigital GEN 21.90 0.15 PetroleoBrasil PBR 14.74 -0.20
BerkHathwy A BRK.A 6223802880.00
CyberArkSoftware CYBR 263.49 -1.81
GeneralDynamics GD 278.35 -0.63
LockheedMartin LMT 445.99 -0.32
PetroleoBrasilA PBR.A 14.51 -0.17 TechnipFMC FTI 25.36 0.02
(866) 638-6851 (800) 274-5696
Loews L 76.89 -0.10 Popular Direct 5.25 Quontic Bank 4.30
BestBuy BBY 80.06 -0.66 D E F GeneralElec GE 173.55 0.06
LogitechIntl LOGI 90.76 -0.36
Pfizer PFE 27.59 0.16 TeckResourcesB TECK 43.08 -0.08
Bio-Techne TECH 68.40 -0.82 GeneralMills GIS 68.34 -0.80 PhilipMorris PM 90.38 -0.77 TeledyneTech TDY 423.45 1.44 (800) 274-5696 (800) 908-6600
DTE Energy DTE 107.13 -1.29 s GeneralMotors GM
Lowe's LOW 251.42 -2.58 Teleflex TFX 216.39 -3.26
Bio-RadLab A BIO 340.52 -0.59 44.00 0.45 Phillips66 PSX 156.60 0.14
Danaher DHR 248.46 lululemon LULU 386.14 -2.76 s Ericsson ERIC 5.43 Notes: Accounts are federally insured up to $250,000 per person. Yields are based on method of
t Biogen BIIB 212.02 -4.67 0.66 Genmab GMAB 30.83 0.85 Pilgrim'sPride PPC 34.31 0.15 0.05
Darden DRI 163.50 Lyft LYFT 19.63 0.11 TelefonicaBras VIV 10.15 compounding and rate stated for the lowest required opening deposit to earn interest. CD
BioMarinPharm BMRN 87.74 1.22 0.80 Gentex GNTX 35.91 0.01 PinnacleWest PNW 71.99 -0.60 0.09
Datadog DDOG 123.45 0.79 GenuineParts GPC 152.53
LyondellBasell LYB 101.14 0.65 Pinterest PINS 35.51 Telefonica TEF figures are for fixed rates only. MMA: Allows six (6) third-party transfers per month, three (3) of
BioNTech BNTX 91.70 -1.30 -1.08 0.54 4.37 0.06
which may be checks. Rates are subject to change.
Birkenstock BIRK 46.26 0.59
BlackRock BLK 820.20 3.99
DaVita
Dayforce
DVA 135.25
DAY 65.60
0.48 GileadSciences GILD 72.41
-1.12 GitLab GTLB 59.08
-0.17
0.28
M N PioneerNatRscs PXD 256.85
PlainsAllAmPipe PAA 17.07
-1.36
-0.09
TelekmIndonesia TLK 22.76
TempurSealy TPX 56.07
-0.77
0.48 Source: Bankrate.com, a publication of Bankrate, Inc., Palm Beach Gardens, FL 33410
Blackstone BX 127.88 -0.96 DeckersOutdoor DECK 937.45 4.86 GlobalPayments GPN 134.19 1.53 M&T Bank MTB 141.23 -1.07 PlainsGP PAGP 17.82 -0.13 s Tenaris TS 39.49 -0.05 Internet: www.bankrate.com

Mutual Funds Data provided by

Fund
Net YTD
NAV Chg % Ret Fund
Net YTD
NAV Chg % Ret Fund
Net YTD
NAV Chg % Ret Fund
Net YTD
NAV Chg % Ret Fund
Net YTD
NAV Chg % Ret Fund
Net YTD
NAV Chg % Ret
SeriesBondFd 8.91 ... -1.0 SrsBlChGroRetail -0.09 15.6 LgCpGwth
18.05 70.11 -0.27 16.6 MidCap 107.17 +0.34 7.1 MuShtAdml 15.73 -0.01 0.4 Welltn 43.02 -0.06 4.5
Top 250 mutual-funds listings for Nasdaq-published share classes by net assets. SeriesOverseas 14.06 +0.02 8.4 SrsEmrgMkt 17.78
+0.05 2.6 JPMorgan R Class NHoriz 59.20 +0.09 5.3 PrmcpAdml r 168.77 +0.05 7.9 WndsrII 46.05 -0.01 7.4
e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes e and s SerLTTreBdIdx 5.59 +0.02 -3.8 SrsGlobal 14.45
+0.01 4.3 CoreBond 10.17 -0.02 -0.4 R2030 25.13 -0.01 5.0 RealEstatAdml 118.68 -0.57 -4.3 VANGUARD INDEX FDS
apply. k-Recalculated by Lipper, using updated data. p-Distribution costs apply, 12b-1. r- SmCpIdxInstPrem 25.66 -0.04 2.5 SrsGroCoRetail 22.53
-0.11 15.7 CorePlusBd 7.16 -0.02 -0.2 Putnam Funds Class A SmCapAdml 107.22 -0.12 5.2 ExtndIstPl 322.52 +0.01 5.1
Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and r apply. v-Footnotes TMktIdxInstPrem 143.42 -0.34 8.9 SrsIntlGrw 18.65
+0.02 8.9 Lord Abbett I PutLargCap p 34.09 +0.02 10.8 SmGthAdml 90.21 -0.07 6.3 IdxIntl 19.26 +0.01 3.8
x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not available due to incomplete TotalMarketIndex 18.10 -0.04 8.9 SrsIntlVal 12.55
+0.03 7.5 ShtDurInc p 3.84 ... 0.9 Schwab Funds STBondAdml 10.04 ... 0.1 MdCpGrAdml 100.41 -0.11 6.4
price, performance or cost data. NE-Not released by Lipper; data under review. NN-Fund not TtlIntIdxInstPr 13.67 +0.01 4.0 TotalBond 9.46
+0.01 -0.4 Metropolitan West 1000 Inv r 111.91 -0.28 NA STIGradeAdml 10.19 ... 0.5 MdCpVlAdml 78.95 -0.03 5.7
tracked. NS-Fund didn’t exist at start of period. USBdIdxInstPrem 10.25 +0.01 -1.0 Fidelity SAI TotRetBdI 9.02 +0.01 NA S&P Sel 80.01 -0.23 NA STIPSIxAdm 24.00 ... 0.8 SmValAdml 80.34 -0.10 4.4
Fidelity Advisor I TotalBd 8.95 +0.01 -0.3 TRBdPlan 8.45 +0.01 NA TSM Sel r 88.14 -0.21 NA TotBdAdml 9.54 +0.01 -1.0 TotBd2 9.42 +0.01 -1.0
Total Bd 9.44 ... -0.5 U.S.TreBdIdx 8.67 +0.01 -1.1 MFS Funds TIAA/CREF Funds TotIntBdIdxAdm 19.63 +0.03 -0.2 TotIntlInstIdx r 128.83 +0.08 3.9
Tuesday, March 26, 2024 Fidelity Freedom Fidelity Selects IIE 34.47 +0.04 4.6 EqIdxInst 36.64 -0.09 8.8 TotIntlAdmIdx r 32.22 +0.02 3.8 TotItlInstPlId r 128.86 +0.08 3.9
Net YTD Net YTD Net YTD FF2030 17.33 +0.01 4.6 Semiconductors r 30.78 -0.31 26.9 MFS Funds Class I IntlEqIdxInst 23.06 +0.01 5.5 TotStAdml 125.23 -0.30 8.8 TotSt 125.22 -0.30 8.8
Fund NAV Chg % Ret Fund NAV Chg % Ret Fund NAV Chg % Ret FF2035 15.36 +0.01 5.7 Softwr 28.69 -0.01 3.7 GrowthI 200.12 -0.85 16.3 LrgCpGrIdxInst 57.63 -0.21 11.2 TxMCapAdml 269.19 -0.66 9.2 VANGUARD INSTL FDS
Tech 32.39 -0.24 13.6 ValueI 50.58 -0.27 6.7 VANGUARD ADMIRAL BalInst 46.35 -0.05 4.9
AB Funds Artisan Funds US CoreEq2 35.19 -0.08 8.4 FF2040 11.23 ... 7.1
First Eagle Funds 500Adml 480.08 -1.35
TxMIn r
9.5 USGroAdml 164.72
16.03 +0.01 4.7
DevMktsIndInst 16.05 +0.01 4.6
MuniIncmShares 11.11 -0.02 0.9 IntlVal Inst 47.84 +0.11 4.1 US Small 45.38 -0.06 2.3 Freedom2030 K 17.31 +0.01 4.6 Natixis Funds -0.67 12.3
GlbA 66.38 +0.01 5.2 LSGrowthY 26.16 -0.06 12.6 BalAdml 46.34 -0.06 4.9 DevMktsInxInst 25.09 +0.02 4.7
AB Funds - ADV Baird Funds US SmCpVal 45.83 -0.12 2.0 Freedom2035 K 15.34 +0.01 5.7
Franklin A1 CAITAdml 11.39 -0.02 -0.1
ValAdml 62.42 -0.06 7.8
ExtndInst 130.69 ... 5.1
LgCpGrAdv 105.32 -0.33 13.5 AggBdInst 9.71 -0.02 -0.7 US TgdVal 32.41 -0.07 1.6 Freedom2040 K 11.23 ... 7.1 Northern Funds WdsrllAdml 81.70 -0.02 7.4
IncomeA1 2.33 ... 1.4 StkIdx 53.45 -0.15 9.5 CapOpAdml r 193.77 -0.14 8.1 GrwthInst 176.94 -0.69 10.7
American Century Inv CorBdInst 10.03 -0.03 -0.5 USLgVa 48.54 -0.02 9.0 Idx2030InsPre 19.60 ... 3.6
FrankTemp/Frank Adv DivAppIdxAdm 48.87 -0.03 6.2
WellsIAdml 60.45 -0.05 0.9
InPrSeIn 9.35 +0.01 -0.3
Ultra 82.67 -0.21 10.9 BlackRock Funds Dodge & Cox Idx2035InsPre 22.48 -0.01 4.6 Old Westbury Fds WelltnAdml 74.27 -0.11 4.6
IncomeAdv 2.30 -0.01 1.0
LrgCpStr 19.01 -0.04 NA
EMAdmr 34.65 -0.02 1.5 InstIdx 428.13 -1.20 9.5
American Funds Cl A HiYldBd Inst 7.05 -0.01 1.9 Balanced 103.13 +0.07 3.6 Idx2040InsPre 23.46 -0.01 5.7 FrankTemp/Franklin A EqIncAdml 88.50 -0.24 5.6
WndsrAdml 75.41 -0.05 4.1
InstPlus 428.11 -1.21 9.5
AmcpA 41.99 -0.05 10.2 BlackRock Funds III GblStock 15.59 +0.02 4.5 Idx2045InsPre 24.57 -0.02 6.1 Parnassus Fds VANGUARD FDS
DynaTech A 153.82 -0.60 15.0 ExplrAdml 108.76 ... 5.4 InstTStPlus 89.17 -0.21 8.8
12.43 +0.01 -0.5 Idx2050InsPre 24.61 ParnEqFd 60.19 -0.07 9.2
AMutlA 53.55 -0.07 5.4 iShS&P500IdxK 611.71 -1.71 9.5 Income -0.02 6.1 Growth A 135.13 -0.29 10.2 ExtndAdml 130.70 ... 5.1 DivdGro 38.87 -0.01 4.5 MidCpInst 67.20 -0.04 6.0
PGIM Funds Cl Z
BalA 33.62 -0.05 5.4 BlackRock Funds Inst Intl Stk 50.30 +0.09 2.3 Fidelity Invest RisDv A 93.70 +0.03 5.9 GroIncAdml 100.69 -0.26 11.6 IntlVal 41.79 +0.08 3.5 MidCpIstPl 331.39 -0.24 6.0
BondA NA ... NA EqtyDivd 20.36 +0.03 6.2 Stock 254.29 +0.14 6.9 Balanc 28.69 -0.03 6.5 TotalReturnBond 11.89 +0.01 NA LifeCon 20.83 ... 2.3
Guggenheim Funds Tru GrwthAdml 176.93 -0.69 10.7 RealEstaInstl 18.37 -0.09 -4.3
BluCh PIMCO Fds Instl
CapIBA 67.57 -0.08 2.7 StratIncOpptyIns 9.40 ... 0.7 DoubleLine Funds 201.23 -0.99 16.1 TotRtnBdFdClInst 23.51 +0.02 -0.3 HlthCareAdml r 91.65 +0.33 3.9 LifeGro 43.64 -0.04 5.3 SmCapInst 107.22 -0.11 5.2
CapWGrA 64.46 -0.11 7.6 TotRet NA ... NA TotRetBdI 8.75 +0.01 -0.2 BluChpGr K6 30.90 -0.14 15.1 Harbor Funds AllAsset NA ... NA
HYCorAdml r 5.38 ... 0.7 LifeMod 31.60 -0.01 3.8 SmCapIstPl 309.46 -0.34 5.2
EupacA 58.65 -0.01 7.2 Calamos Funds Edgewood Growth Instituti Contra 18.95 -0.09 17.9 CapApInst 109.94 -0.47 13.9 TotRt 8.56 +0.01 NA InfProAd 22.94 +0.02 -0.4 PrmcpCor 34.38 -0.02 8.3 STIGradeInst 10.19 ... 0.5
FdInvA 79.10 -0.15 10.9 MktNeutI 14.39 -0.01 1.7 EdgewoodGrInst 49.47 -0.09 13.1 ContraK 19.01 -0.09 17.9 Harding Loevner PIMCO Funds A InfTechIdx 267.77 -1.55 8.3 STAR 27.92 -0.01 4.0 STIPSIxins 24.02 ... 0.8
GwthA 70.96 -0.12 12.3 Columbia Class I Fidelity CpInc 9.92 -0.01 4.0 IntlEq 26.38 +0.04 1.7 IncomeFd 10.60 ... NA IntlGrAdml 107.56 -0.23 5.6 TgtRe2020 27.52 +0.01 2.4 TotBdInst 9.54 +0.01 -0.9
HI TrA 9.55 -0.01 2.0 DivIncom I 32.26 -0.09 6.6 500IdxInstPrem 181.16 -0.50 9.5 GroCo 36.81 -0.19 15.3 Invesco Funds Y PIMCO Funds I2 ITBondAdml 10.17 ... -1.0 TgtRe2025 18.99 ... 3.3 TotBdInst2 9.42 +0.01 -1.0
ICAA 55.03 -0.12 9.5 Dimensional Fds Contrafund K6 27.08 -0.11 17.6 InvGrBd 9.94 +0.01 -0.6 DevMktY 39.26 +0.15 1.7 Income 10.60 ... NA ITIGradeAdml 8.55 ... -0.5 TgtRe2030 36.88 -0.01 3.9 TotBdInstPl 9.54 +0.01 -0.9
IncoA 24.01 -0.04 3.2 EmgMktVa 30.05 -0.04 2.1 ExtMktIdxInstPre 82.06 +0.01 5.1 LowP 47.04 +0.16 6.7 JHF III DispVal PIMCO Funds Instl LarCapAd 120.18 -0.31 9.4 TgtRe2035 23.13 -0.01 4.6 TotIntBdIdxInst 29.46 +0.04 -0.1
N PerA 60.54 -0.04 8.3 EmMktCorEq 22.85 -0.03 2.0 FidSerToMarket 17.08 -0.04 8.9 Magin 14.24 -0.04 15.7 DispValMCI 29.28 -0.05 7.0 IncomeFd 10.60 ... NA LTGradeAdml 7.83 ... -2.6 TgtRe2040 41.31 -0.03 5.1 TotStInst 125.25 -0.30 8.8
NEcoA 59.78 -0.07 10.8 IntlCoreEq 15.94 +0.02 4.0 GrowthCompanyK6 26.15 -0.13 16.5 NASDAQ 207.00 -0.88 8.9 John Hancock Price Funds MidCpAdml 304.18 -0.22 6.0 TgtRe2045 28.17 -0.03 5.7 ValueInst 62.42 -0.06 7.8
NwWrldA 78.62 -0.05 4.8 IntSmCo 19.78 +0.05 2.4 IntlIdxInstPrem 49.97 +0.02 5.5 OTC 20.73 -0.07 13.3 BondR6 13.44 +0.01 -0.3 BlChip 170.51 -0.58 14.2 MuHYAdml 10.68 -0.02 0.6 TgtRe2050 47.13 -0.05 6.1 WCM Focus Funds
SmCpA 67.76 +0.10 2.3 IntSmVa 22.21 +0.07 4.6 LgCpGwId InstPre 32.79 -0.13 11.2 Puritn 25.35 -0.02 8.8 JPMorgan I Class DivGro 75.33 -0.27 6.4 MuIntAdml 13.65 -0.02 ... TgtRe2060 48.46 -0.04 6.1 WCMFocIntlGrwIns 25.40 +0.01 11.6
TxExA 12.38 -0.02 -0.1 LgCo 34.61 -0.09 9.5 MidCpInxInstPrem 31.95 -0.01 6.7 SAIUSMinVolIndFd 19.96 -0.03 6.9 CoreBond 10.15 -0.02 -0.6 Growth 97.12 -0.36 12.2 MuLTAdml 10.90 -0.02 -0.1 TgtRet2055 52.59 -0.05 6.0 Western Asset
WshA 61.51 -0.12 7.9 US CoreEq1 39.32 -0.10 9.0 SAIUSLgCpIndxFd 21.60 -0.06 9.5 SAIUSQtyIdx 21.30 -0.09 10.0 EqInc 24.07 -0.10 5.2 LgCapGow I 74.26 -0.18 12.9 MuLtdAdml 10.81 -0.01 0.2 TgtRetInc 13.25 +0.01 1.8 CorePlusBdI NA ... NA
THE WALL STREET JOURNAL. * * Wednesday, March 27, 2024 | B11

NEW HIGHS AND LOWS WSJ.com/newhighs

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

The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE American Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg
and Nasdaq Stock Market stocks that hit a new 52-week intraday high or low in the latest
session. % CHG-Daily percentage change from the previous trading session. RithmCapPfdA RITMpA 24.97 0.9 VaalcoEnergy EGY 7.05 -2.7 AptevoTherap APVO 3.81 ... Expion360 XPON 3.03 6.0 LucidDiag LUCD 0.97 -6.6 SI-BONE SIBN 14.88 1.0
RithmCapPfdD RITMpD 23.15 0.5 Veritone VERI 6.38 23.0 ArcadiumLithium ALTM 4.02 -4.1 Eyenovia EYEN 1.00 -14.4 LunaInnov LUNA 3.00 -11.5 SacksParenteGolf SPGC 0.51 -3.2
Robinhood HOOD 19.61 1.0 VerraMobility VRRM 25.57 -0.7 ArrowrootAcqnA ARRW 8.46 -13.5 Figs FIGS 4.73 1.1 MarinSoftware MRIN 0.24 -1.6 Sadot SDOT 0.28 -8.3
Tuesday, March 26, 2024 RushEnt A RUSHA 52.62 0.7 Vertiv VRT 86.63 0.9 Auddia AUUD 1.77 -7.0 FranklinWireless FKWL 2.69 -2.8 MaxeonSolar MAXN 2.84 -8.3 SalariusPharm SLRX 0.46 -3.9
52-Wk % 52-Wk % 52-Wk % Ryanair RYAAY 146.93 0.7 Viad VVI 38.75 0.2 AuriniaPharm AUPH 4.93 -1.2 FreightTech FRGT 1.17 -5.3 MetalSkyStarRt MSSAR 0.06 -25.6 SciSparc SPRC 1.85 -4.1
Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg SAP SAP 198.56 0.7 VillageFarms VFF 1.28 15.1 Azitra AZTR 0.20 -6.0 GD Culture GDC 1.15 -8.6 MethodeElec MEI 11.21 -2.1 SequansComms SQNS 0.39 -12.2
SM Energy SM 49.93 -2.0 Vistra VST 73.05 -4.6 ByndCannasoft BCAN 1.45 -20.4 GRIID Infr Wt GRDIW 0.05 -20.1 Moatable MTBL 0.70 -4.1 Shineco SISI 0.71 -2.2
ConstellationEner CEG 198.83 -1.0 Innospec IOSP 129.15 1.0 ShoalsTech SHLS
Highs Sezzle SEZL 89.54 9.8 VitalFarms VITL 23.45 -0.4 Bakkt BKKT 0.45 -19.9 Genprex GNPX 2.70 -8.7 MobileGlbEsports MGAM 0.15 -15.8 11.11 -5.5
Constellium CSTM 21.45 -1.9 Inotiv NOTV 11.42 -9.1 SoloBrands DTC 2.02 -2.8
ShockwaveMed SWAV 327.73 10.0 Watsco B WSOB 429.35 9.9 Bio-Path BPTH 3.51 6.3 Gevo GEVO 0.60 -2.8 ModivCare MODV 22.27 1.7
ConstructionPtrs ROAD 55.95 0.7 InovioPharm INO 13.32 -0.2
SkyHarbourWt SKYH.WS BDRX Spectaire SPEC 0.85 -5.7
AcresCmclPfdC ACRpC 25.00 0.4 1.91 -3.7 WeatherfordIntl WFRD 120.50 -1.4 BiodexaPharm 0.72 -18.2 GlobalBlueWt GB.WS 0.02 -33.6 MoleculinBiotech MBRX 4.34 -10.9
CorebridgeFin CRBG 28.87 -0.8 IntlPaper IP 41.28 -6.5 SportsmansWrhs SPWH 2.74 2.8
ADMA Biologics ADMA 6.62 1.7 SkyWest SKYW 69.60 ... WebsterPfdG WBSpG 24.45 -0.9 Biogen BIIB 211.02 -2.2 GuardantHealth GH 16.92 3.3 MotusGI MOTS 0.40 -5.5
Cronos CRON 2.73 6.0 InvestcorpEur I A IVCB 11.28 0.3 StarGroup SGU 9.91 -2.4
AGNC InvtPfdF AGNCP 23.85 0.2 SonidaSrLiving SNDA 34.26 4.4 WebsterPfdF WBSpF 21.29 -0.6 BioVie BIVI 0.53 -6.2 HainCelestial HAIN 7.74 -2.8 Movella MVLA 0.09 -19.4
Cryo-Cell CCEL 8.07 16.5 KemperDeb2062 KMPB 23.25 1.0 StoneBridge APACU 5.65 -3.3
AITransportationRt AITRR 0.25 -15.4 SparkIAcqnA SPKL 10.27 ... WesternDigital WDC 69.28 4.9 BoneBiologics BBLG 2.08 -5.4 Hempacco HPCO 1.57 -9.9 MyMD Pharm MYMD 2.23 -6.1
Curtiss-Wright CW 251.77 0.7 Kinetik KNTK 39.19 0.8
SpectrumBrands SPB BOXL SunPower SPWR 2.49 -3.1
ARS Pharm SPRY 10.15 9.5 88.83 0.4 WestRock WRK 49.67 1.3 Boxlight 0.68 -1.0 HubCyberSecurity HUBC 0.87 -2.1 NIO NIO 4.77 -2.6
DataStorageWt DTSTW 1.35 15.6 Kirby KEX 95.49 2.9
Spotify SPOT BNAI TROOPS TROO 1.33 3.0
AdvantageSolns ADV 4.95 4.5 278.30 0.3 Willdan WLDN 30.46 -2.7 BrandEngagement 4.80 -2.0 IB Acqn IBACU 9.97 -0.1 Nature'sMiracle NMHI 0.80 4.1
DeutscheBank DB 15.49 0.6 KnifeRiver KNF 80.31 0.8 TTEC TTEC 9.44 -3.8
AerCap AER 87.83 2.4 Squarespace SQSP 36.35 -0.5 WintrustFinPfdE WTFCP 25.25 0.4 BrenmillerEner BNRG 2.25 -5.9 Ideanomics IDEX 0.88 -2.1 NeuBaseTherap NBSE 0.43 -52.1
DexCom DXCM 142.00 -0.1 KorroBio KRRO 89.00 18.4 TejonRanch TRC 15.21 ...
AimeiHlthTech AFJK 10.22 0.3 Starrett A SCX 16.00 0.2 WintrustFinl WTFC 101.62 0.4 BrightMindsBio DRUG 1.09 -6.6 iHuman IH 1.78 -1.6 NY Mortgage NYMT 6.87 -1.6
DiamondbkEner FANG 198.12 -1.2 KrispyKreme DNUT 17.84 39.4 TenaxTherap TENX 3.48 0.3
AimeiHlthTechUn AFJKU 11.41 0.4 SummitMidstream SMLP 28.39 1.5 XBiotech XBIT 8.18 6.4 C&F Fin CFFI 47.63 -1.9 Inno INHD 0.71 -4.7 Next.e.GO EGOX 0.03 -24.2
Disney DIS 120.40 0.5 LeeEnterprises LEE 15.89 -0.5 TerraPropNts2026 TPTA 13.73 -1.7
AirLease AL 50.63 2.5 SuncorEnergy SU 36.88 -0.9 CERoTherap CERO 1.55 -2.8 InspireVeterinary IVP 0.03 -9.8 NovoIntSci NVOS 0.43 -5.5
TVGN
Lows
Domino's DPZ 483.49 3.8 Lennar A LEN 168.05 -0.3 TevogenBio 3.50 -2.2
AllisonTransm ALSN 80.34 1.1 Suzano SUZ 12.67 2.0 Chewy CHWY 15.08 -1.0 Instructure INST 20.30 -1.4 180LifeSci ATNF 1.86 -7.1
DoorDash DASH 140.93 1.8 LifewayFoods LWAY 19.28 9.4 TianRuixiang TIRX 0.40 -10.3
Allstate ALL 171.61 1.1 Sweetgreen SG 26.15 -4.6 CleanEnerFuels CLNE 2.32 2.1 IntelligentGrp INTJ 1.73 2.1 111 YI 0.98 -4.6
DorchesterMnls DMLP 34.00 -0.4 LincolnNational LNC 30.71 1.9 Arko ARKO 5.34 -5.3 CoeptisTherap TizianaLife TLSA 0.41 -6.0
AmericanFin AFG 134.90 -0.1 TD Synnex SNX 114.35 6.5 COEP 0.29 -2.4 InteractStrength TRNR 0.29 -10.2 OriginMaterials ORGN 0.44 -4.6
DraftKings DKNG 49.27 2.9 LumentFinance LFT 2.56 0.8 AST Space Wt ASTSW 0.55 -7.1 ColorStarTech
ToughBuiltInds TBLT 2.86 0.7
AmFinDeb AFGE 21.64 0.8 TasekoMines TGB 2.17 -2.8 ADD 0.17 -12.8 InterlinkElec LINK 7.61 -8.0 OrionOffice ONL 3.24 -2.7
DreamFinders DFH 43.40 -2.6 MDU Rscs MDU 23.64 1.7 Trinseo TSE 3.23 -6.4
Tenaris TS 39.97 -0.1 A2Z SmartTech AZ 0.46 -20.7 CompassMinerals CMP 13.60 -5.9 Intrusion INTZ 2.88 -18.4 PacBiosciCA PACB 3.46 -2.5
AmerHlthcrREIT AHR 14.85 -0.5 EMCOR EME 353.05 1.2 MFA FinPfdC MFApC 22.23 ... TrioPetroleum TPET 0.09 0.7
TevaPharm TEVA 14.23 0.6 Agrify AGFY 0.36 1.5 ConcordAcqnIII A CNDB 6.20 -34.5 iRobot IRBT 7.82 -1.6 PagayaTechWt PGYWW 0.05 -21.0
AppFolio APPF 253.42 9.8 ESAB ESAB 108.96 0.7 MSA Safety MSA 193.92 2.6 TritiumDCFC DCFC 0.06 -5.2
Textron TXT 96.58 0.3 AllarityTherap ALLR 0.30 0.3 ConsumerPtfo CPSS 7.30 -3.2 J-Long JL 1.02 -15.0 PermRock PRT 4.04 4.5
AppLovin APP 74.55 -2.1 ESH Acqn A ESHA 10.41 ... MagnoliaOil MGY 25.40 -0.6 TuanChe TC 1.40 -0.3
TidewaterWt TDW.WS 10.35 1.8 Allbirds BIRD 0.61 -3.3 CoreCard CCRD 10.02 -1.7 Joann JOAN 0.10 -6.5 Prenetics PRE 3.55 -20.9
APxAcqnI A APXI 11.45 0.1 EagleMaterials EXP UcommuneIntl UK 1.88 -15.2
270.17 0.7 MakeMyTrip MMYT 69.78 2.5 Tidewater TDW 92.81 -0.8 AlphaTech ATGL 3.00 -4.8 CullmanBancorp CULL 10.00 -0.6 KeyarchAcqn KYCH 8.35 -8.0 PriviaHealth PRVA 18.54 -0.6
Arq ARQ 7.26 -2.0 WhereFoodComes WFCF 10.09 -4.3
EastmanChem EMN 100.37 -0.9 MasterBrand MBC 19.03 1.6 Travel+Leisure TNL 48.10 -0.7 AltisourcePortf ASPS 1.77 -14.1 CyclacelPharm CYCC 1.82 -10.3 LoboEV LOBO 2.43 25.3 ProjectEnReimag PEGR 7.40 -3.8
Assurant AIZ 185.43 1.0 WiSA Tech WISA 0.02 -20.2
Enact ACT 30.81 -0.4 McKesson MCK 538.30 0.7 Travelzoo TZOO 11.23 1.2 AmbiparEmergency AMBI 5.20 -4.2 DermTech DMTK 0.62 -1.5 Lantronix LTRX 3.34 -0.7 QT Imaging QTI 0.88 0.3
AsteraLabs ALAB 95.21 -1.9 XTI Aerospace XTIA 1.87 -9.2
EncoreWire WIRE 250.50 1.6 MicronTech MU 122.46 1.4 TrumpMedia&Tech DJT 79.38 16.1 AmerStWater AWR 69.98 -0.4 DigitalTurbine APPS 2.47 -3.9 Lanvin LANV 1.27 -3.6 Quhuo QH 0.33 -52.8
AtmusFiltration ATMU 31.53 1.3 YatsenHolding YSG 2.02 -2.4
Enerplus ERF 19.23 0.5 MicroStrategy MSTR 1909.50 1.1 TrumpMediaWt DJTWW 34.50 2.8 AmericanWell AMWL 0.82 0.9 EzgoTech EZGO 0.06 -17.9 LanvinWt LANV.WS 0.03 -35.1 QuoinPharm QNRX 0.81 -1.9
AtossaTherap ATOS 1.94 -4.8 ZaiLab ZLAB 15.82 -1.8
enGeneWt ENGNW 6.50 -3.9 MoneyLion ML 79.26 2.1 TutorPerini TPC 14.20 ... Ampco-Pitt AP 2.20 -20.3 EigerBioPharma EIGR 4.79 -4.0 Leggett&Platt LEG 17.81 -3.3 RedwoodsAcqn RWOD 8.93 -10.9
Auna AUNA 10.70 5.4 ZeoEnergy ZEO 5.21 -0.8
EntergyTX PfdA ETIp 25.43 1.7 MonteRosaTherap GLUE 8.84 -22.1 TwoHarborsPfdC TWOpC 23.83 -0.3 AmpioPharm AMPE 0.70 -51.7 Embecta EMBC 12.32 -1.4 LightInTheBox LITB 0.68 -0.2 RegencellBio RGC 3.16 -6.8
AveryDennison AVY 223.07 1.0 ZeviaPBC ZVIA 0.98 -8.4
EquitransMdstm ETRN 11.91 0.3 NatlWesternLife NWLI 492.40 0.1 UnvlStainless USAP 23.90 1.3 ApollomicsA APLM 0.52 0.3 EmpirePetrol EP 4.61 -7.6 Locafy LCFY 4.61 3.6 ReToEcoSol RETO 1.02 -1.8 Zhongchao ZCMD 1.33 -9.7
Ball BALL 66.73 -0.1 Ezcorp EZPW 11.22 2.8 NaturalGasSvcs NGS 19.71 1.7 UnumGroup UNM 53.58 ... AppTech APCX 0.94 -43.0 EveHolding EVEX 4.81 ... Longeveron LGVN 0.33 -14.6 RubiconTech RBT 0.33 -18.0 Zoomcar ZCAR 0.61 -6.0
BancoSantander SAN 4.80 0.2 FTAI Aviation FTAI 66.80 1.1 NaturalGrocers NGVC 19.35 7.1
BankofAmPfdHH BACpK 25.27 0.5 Ferrari RACE 442.80 -0.4 Netflix NFLX 634.39 0.3
Berkley WRB 87.19 -0.2 FirstCash FCFS 124.36 0.8 NextNav NN 6.95 5.3
BlueOwlCapital OBDC
BoiseCascade BCC
15.55
154.01
0.8
-0.5
Fiserv
FosterLB
FI
FSTR
158.78
27.04
1.2
5.3
NuvationBio NUVB
NuvationBioWt NUVB.WS
3.03
0.20
28.0
53.4 Dividend Changes Borrowing Benchmarks
BostonSci BSX 68.13 1.0 FreightCarAmer RAIL 3.92 1.8 nVentElectric NVT 75.29 1.2 wsj.com/market-data/bonds/benchmarks
BreezeHldgsWt BREZW 0.70 4.7 FutureTechII FTIIU 11.68 2.3 OSI Systems OSIS 140.97 2.6
Brink's BCO 90.72 1.5 GCM Grosvenor GCMG 9.23 1.8 OakWoodsAcqnA OAKU 10.76 0.4
Amount Payable /
CAVA CAVA 69.66 ... Company Symbol Yld % New/Old Frq Record
Money Rates
GEO Group GEO 14.95 -0.3 Oil-Dri ODC 78.09 3.2
CDW CDW 257.07 0.1 GeneralMotors GM 44.57 1.0 OptexSystems OPXS 7.70 6.1
Stocks
March 26, 2024
CRA Intl CRAI 145.89 1.1 GoldenStarAcqn GODN 10.70 0.2 Owens&Minor OMI 26.77 4.3
CRH CRH 87.59 0.3 GraniteConstr GVA 57.93 2.4 PGT Innovations PGTI 42.00 0.1 Castor Maritime CTRM 1:10 /Mar27
Cadeler CDLR 19.70 4.8 GraphicPkg GPK 29.10 0.8 PackagingCpAm PKG 189.32 -0.2
Key annual interest rates paid to borrow or lend money in U.S. and
Camtek CAMT 90.54 2.0 GreenBrickPfdA GRBKpA 24.60 1.1 Pilgrim'sPride PPC 34.37 0.4 Foreign international markets. Rates below are a guide to general levels but
CIBC CM 51.14 ... GreenBrickPtrs GRBK 59.80 -0.7 PowerFleet PWFL 4.81 3.5
CanadianNatRscs CNQ 75.99 -0.9 GreenwichLife GLSI 20.88 4.5 PraxisPrecision PRAX 67.21 23.1
Atlas 7.95% Pfd. D ATCOpD 8.1 .49687 Q Apr30 /Apr29 don’t always represent actual transactions.
CareTrustREIT CTRE 24.57 0.5 GulfIslandFab GIFI 7.80 2.9 Primerica PRI 254.63 1.0 Atlas Pfd. Series H ATCOpH 8.1 .49219 Q Apr30 /Apr29
Carlisle CSL 392.63 0.3 H&E Equipment HEES 63.71 0.7 ProcoreTech PCOR 82.92 1.0 LexinFintech ADR LX 8.7 .066 SA May24 /Apr18 Week —52-WEEK—
Carvana CVNA 94.04 2.7 HartfordFinl HIG 101.49 0.2 PublicServiceEnt PEG 66.18 0.3
Lufax Holding ADR LU 5.8 .156 Aug06 /Jun04
Inflation Latest ago High Low
CaseysGenStores CASY 324.40 -0.9 HaymakerAcqnCorp.4 HYAC 10.44 0.4 QuantaServices PWR 260.60 1.4 Feb. index Chg From (%)
Celanese CE 169.64 -0.9 HillmanSolns HLMN 10.50 2.0 QuestResource QRHC 8.63 3.2 Sapiens International SPNS 1.7 .28 SA Apr18 /Apr05
Cencora COR 244.06 0.3 Hilton HLT 213.74 1.4 RLJLodgingPfdA RLJpA 25.24 0.4 Woori Financial ADR WF 5.3 1.19182 A Mar28 /Apr01 level Jan. '24 Feb. '23 Secondary market
Cigna CI 359.83 0.6 HyattHotels H 160.51 0.9 Ranpak PACK 8.27 3.3
CincinnatiFinl CINF 121.61 -0.4 IB Acqn IBACU 10.01 -0.1 RedRockResorts RRR 59.89 4.2 Note: Dividend yields as of 3:30 p.m. ET U.S. consumer price index Fannie Mae
Citigroup C 61.95 1.2 ING Groep ING 16.27 1.1 Reddit RDDT 74.90 8.9 Sources: FactSet; Dow Jones Market Data All items 310.326 0.62 3.2 30-year mortgage yields
Civeo CVEO 26.70 0.1 ITT ITT 138.29 2.4 RedwoodPfdA RWTpA 25.24 ...
CleanSpark CLSK 24.15 -0.9 ImperialOil IMO 69.46 -0.6 ReinsGrp RGA 193.72 0.7 KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and ratio; SO: Core 315.419 0.57 3.8 30 days 6.223 6.459 7.495 5.496
ClearwaterPaper CLW 43.00 1.4 InceptionGrowth IGTA 10.91 -0.1 RevelationBioWt REVBW 0.03 63.0 spin-off. 60 days 6.229 6.479 7.554 5.500
International rates
Other short-term rates
Week 52-Week
Exchange-Traded Portfolios | wsj.com/market-data/mutualfunds-etfs Latest ago High Low
Latest
Week 52-Week
high low
ago
Closing Chg YTD Closing Chg YTD Prime rates
Largest 100 exchange-traded funds. Preliminary close data as of 4:30 p.m. ET ETF Symbol Price (%) (%) ETF Symbol Price (%) (%) U.S. 8.50 8.50 8.50 8.00 Call money
Closing Chg YTD JPM UltShIncm JPST 50.44 0.04 0.4 VangdFTSE Europe VGK 67.05 0.15 4.0 Canada 7.20 7.20 7.20 6.70 7.25 7.25 7.25 6.75
Tuesday, March 26, 2024
ETF Symbol Price (%) (%) PacerUSCashCows COWZ 56.96 –0.42 9.6 VangdGrowth VUG 344.29 –0.25 10.7 Japan 1.475 1.475 1.475 1.475
Closing Chg YTD
VangdHlthCr VHT 266.90 0.46 6.5
Commercial paper (AA financial)
ETF Symbol Price (%) (%) LQD ProShUltPrQQQ TQQQ 61.41 –0.94 21.1
iShiBoxx$IGCpBd 108.27 –0.03 –2.2
VangdHiDiv VYM 118.67 –0.24 6.3
Policy Rates 90 days n.a. 5.29 5.54 4.87
CommSvsSPDR XLC 81.37 –0.21 12.0 iShMBS MBB 92.50 0.18 –1.7 SPDRBbg1-3MTB BIL 91.74 0.01 0.4
SPDR DJIA Tr DIA 392.85 –0.03 4.2 VangdInfoTech VGT 523.84 –0.44 8.2 Euro zone 4.50 4.50 4.50 3.50
CnsmrDiscSel XLY 182.35 0.13 2.0 iShMSCIACWI ACWI 109.35 –0.14 7.4
Switzerland 2.00 2.25 2.25 2.00 Secured Overnight Financing Rate
SPDR Gold GLD 201.64 0.32 5.5 VangdIntermBd BIV 75.20 0.03 –1.5
DimenUSCoreEq2 DFAC 31.49 –0.22 7.7 iShMSCI EAFE EFA 79.56 0.11 5.6 Britain 5.25 5.25 5.25 4.25 5.31 5.31 5.40 4.80
SPDRPtfDevxUS SPDW 35.68 0.08 4.9 VangdIntrCorpBd VCIT 80.20 –0.05 –1.3
EnSelSectorSPDR XLE 92.54 –0.77 10.4 iSh MSCI EM EEM 40.86 –0.07 1.6 Australia 4.35 4.35 4.35 3.60
SPDRS&P500Value SPYV 49.14 ... 5.4 VangdIntermTrea VGIT 58.49 0.09 –1.4 Value 52-Week
FinSelSectorSPDR XLF 41.40 0.34 10.1 iShMSCIEAFEValue EFV 54.10 0.11 3.8
VangdLC VV 238.19 –0.21 9.2 Latest Traded High Low
GrayscaleBitcoin GBTC 61.93 –2.23 78.9 iShNatlMuniBd MUB 107.53 –0.02 –0.8 SPDRPtfS&P500 SPLG 60.98 –0.23 9.1 Overnight repurchase
VangdMegaGrwth MGK 286.88 –0.36 10.5
HealthCrSelSect XLV 145.77 0.36 6.9 iSh1-5YIGCpBd IGSB 51.22 –0.02 –0.1 SPDRS&P500Growth SPYG 73.13 –0.42 12.4 U.S. 5.41 5.32 5.48 4.82 DTCC GCF Repo Index
VangdMC VO 245.74 –0.04 5.6
InvscNasd100 QQQM 182.40 –0.33 8.2 iSh1-3YTreaBd SHY 81.74 0.02 –0.4 SPDR S&P 500 SPY 518.81 –0.18 9.2
VangdMBS VMBS 45.66 0.20 –1.5 Treasury 5.385 16.050 5.504 4.806
InvscQQQI QQQ 443.32 –0.32 8.3 iShRussMC IWR 82.69 ... 6.4 SchwabIntEquity SCHF 38.88 0.13 5.2
VangdRealEst VNQ 83.71 –0.40 –5.3
U.S. government rates MBS 5.409 50.150 5.689 4.829
InvscS&P500EW RSP 166.12 –0.10 5.3 iShRuss1000 IWB 285.34 –0.19 8.8 SchwabUS BrdMkt SCHB 60.46 –0.20 8.6
SchwabUS Div SCHD 78.87 –0.67 3.6
VangdRuss1000Grw VONG 86.58 –0.35 11.0 Discount Notes on data:
iShCoreDivGrowth DGRO 57.08 –0.14 6.1 iShRuss1000Grw IWF 336.53 –0.35 11.0 VangdS&P500ETF VOO 476.60 –0.28 9.1
iShCoreMSCIEAFE IEFA 73.96 0.16 5.1 iShRuss1000Val IWD 175.65 –0.07 6.3 SchwabUS LC SCHX 61.56 –0.21 9.1 5.50 5.50 5.50 5.00 U.S. prime rate is the base rate on corporate
VangdST Bond BSV 76.66 0.04 –0.5 loans posted by at least 70% of the 10 largest
iShCoreMSCIEM IEMG 51.27 –0.23 1.4 iShRuss2000 IWM 205.17 –0.18 2.2 SchwabUS LC Grw SCHG 92.75 –0.28 11.8
VangdSTCpBd VCSH 77.25 –0.01 –0.1 Federal funds U.S. banks, and is effective July 27, 2023. Other
iShCoreMSCITotInt IXUS 67.54 0.04 4.0 iShS&P500Grw IVW 84.42 –0.44 12.4 SPDR S&PMdCpTr MDY 545.05 –0.13 7.4 prime rates aren’t directly comparable; lending
VangdShortTrea VGSH 58.06 ... –0.5 Effective rate 5.3300 5.3300 5.3500 4.8400
iShCoreS&P500 IVV 521.18 –0.21 9.1 iShS&P500Value IVE 183.25 –0.03 5.4 SPDR S&P Div SDY 128.23 –0.23 2.6 practices vary widely by location; Discount rate
VangdSC VB 223.92 –0.08 5.0 High 5.6500 5.6500 5.6500 5.1500
TechSelectSector XLK 207.66 –0.41 7.9 is effective July 27, 2023. Secured Overnight
iShCoreS&P MC IJH 59.57 –0.13 7.5 iShSelectDiv DVY 119.63 –0.66 2.1 VangdTaxExemptBd VTEB 50.52 –0.06 –1.0 Low 5.3100 5.3100 5.3300 4.8000 Financing Rate is as of March 25, 2024. DTCC
iShCoreS&P SC IJR 107.38 –0.15 –0.8 iSh7-10YTreaBd IEF 94.39 0.15 –2.1 VangdSC Val VBR 187.02 –0.13 3.9 VangdTotalBd BND 72.47 0.08 –1.5 GCF Repo Index is Depository Trust & Clearing
Bid 5.3300 5.3100 5.3300 4.8100
iShCoreS&PTotUS ITOT 114.15 –0.24 8.5 iShShortTreaBd SHV 110.46 0.02 0.3 VangdExtMkt VXF 172.31 0.01 4.8 VangdTotIntlBd BNDX 49.09 0.12 –0.6 Corp.'s weighted average for overnight trades in
Offer 5.3500 5.3300 5.3700 4.8300
iShCoreTotUSDBd IUSB 45.49 0.07 –1.3 iShTIPSBond TIP 107.04 0.03 –0.4 VangdSC Grwth VBK 256.81 –0.10 6.2 VangdTotIntlStk VXUS 59.99 ... 3.5 applicable CUSIPs. Value traded is in billions of
U.S. dollars. Federal-funds rates are Tullett
iShCoreUSAggBd AGG 97.74 0.10 –1.5 iSh20+YTreaBd TLT 93.77 0.28 –5.2 VangdDivApp VIG 180.10 –0.07 5.7 VangdTotalStk VTI 257.46 –0.18 8.5 Treasury bill auction Prebon rates as of 5:30 p.m. ET.
iShEdgeMSCIMinUSA USMV 82.42 –0.01 5.6 iShUSTreasuryBd GOVT 22.68 0.11 –1.6 VangdFTSEAWxUS VEU 58.38 0.09 4.0 VangdTotWrldStk VT 109.64 –0.12 6.6 4 weeks 5.270 5.280 5.840 3.190 Sources: Federal Reserve; Bureau of Labor
iShEdgeMSCIUSAQual QUAL 163.31 –0.38 11.0 iSh0-3MTreaBd SGOV 100.65 0.01 0.4 VangdFTSEDevMk VEA 49.94 0.14 4.3 VangdValue VTV 160.08 –0.06 7.1 13 weeks 5.230 5.245 5.345 4.675 Statistics; DTCC; FactSet;
iShGoldTr IAU 41.20 0.37 5.6 JPM EqPrem JEPI 57.42 0.07 4.4 VangdFTSE EM VWO 41.52 –0.22 1.0 WT FRTrea USFR 50.26 0.02 0.0 26 weeks 5.105 5.130 5.350 4.650 Tullett Prebon Information, Ltd.

BANKING & LOANS | CREDIT | INSURANCE | INVESTMENTS | FINANCIAL TIPS | MORTGAGES | TAXES

Which accounts offer the best

interest rates—without burdensome
fees or gimmicks?

We go beyond the standard answer when it comes to

the questions you have about your financial life.

READ NOW
wsj.com/buyside-savings
B12 | Wednesday, March 27, 2024 NY * ***** THE WALL STREET JOURNAL.

MARKETS

Stocks Extend Decline From Record Pace

Micron Technology, Index performance on Tuesday more than $7 billion.
GameStop, meanwhile,
Seagate and Tesla 0.6%
dropped in late trading after
are among top rising 2.5% during the regular
session. The videogame re-
gainers on day 0.4
tailer’s fourth-quarter sales fell
year-over-year.
BY ERIC WALLERSTEIN Bond prices fell when yields
0.2
rose after the durable-goods
Stocks fell again, continuing and home-price data. In the af-
to decline from recent all-time 0
ternoon, strong investor de-
highs. mand for a record $67 billion
The S&P 500 lost 0.3%, Treasury Department auction
while the tech-heavy Nasdaq –0.2
Dow industrials of 5-year notes relieved the up-

STEVE HELBER/ASSOCIATED PRESS

slid 0.4%. The blue-chip Dow S&P 500 ward pressure on bond yields.
industrials dropped 0.1%, or 31 Nasdaq Composite
The 10-year U.S. Treasury yield
points. –0.4
finished Tuesday at 4.233%
Micron Tech- from 4.252% the prior day,
TUESDAY’S nology added halting its recent climb.
MARKETS 1.4% after hitting –0.6 The Stoxx Europe 600 index
a record high a hit a second consecutive record
10 a.m. 11 a.m. noon 1 p.m. 2 p.m. 3 p.m. 4 p.m.
day earlier. The memory-chip high. It is up 6.7% this year. At
maker is on pace for its best Source: FactSet Micron shares rose 1.4% on Tuesday. A Micron lab in Virginia. midday Wednesday, Japan’s
month since December 2009, Nikkei 225 was up 1%. S&P 500
when it rose 40%. Other top of real demand for chips out companies, meaning he has earlier, the fastest clip since At 104.7 for March, the Confer- futures were up 0.2%.
performers included data-stor- there, and real earnings more exposure than the 2022. ence Board’s index fell below
age company Seagate Technol- growth” for companies like broader market. “We’re in an environment analysts’ expected 107.
ogy, rising 7.4%, and Tesla, Nvidia, Micron and Broadcom, Fresh economic data sig- where growth continues to The organization’s chief AUCTION RESULTS
Here are the results of Tuesday's Treasury auction.
which climbed 2.9%. he said. “If that starts to crack, naled the economy remains on positively surprise,” said Bill economist, Dana Peterson, said All bids are awarded at a single price at the market-
clearing yield. Rates are determined by the difference
Investors broadly aren’t con- markets will likely look more solid footing, at least for com- Merz, head of capital-markets that older Americans are feel- between that price and the face value.
cerned about a significant pull- vulnerable.” panies and households with research at U.S. Bank Wealth ing more optimistic, while FIVE-YEAR NOTES
back, said Thomas Martin, a Martin doesn’t see concerns cash to spare. Management. “The market is lower-income individuals are Applications $161,526,139,600
senior portfolio manager at about the artificial-intelligence Orders for long-lasting telling us loud and clear what growing wary as the job mar- Accepted bids
" noncompetitively
$67,000,049,700
$174,794,600
Globalt Investments. boom materializing in first- goods jumped in February, is apparent in some of the ket cools. " foreign noncompetitively $0
While analysts are often quarter earnings reports, some showing strong demand for backward-looking economic International Paper shares Auction price (rate) 99.508988
(4.235%)
wary when markets are eu- of which are due in just a few aircraft and other transporta- data: This is a good environ- sank 6.5% after the cardboard- Interest rate 4.125%
phoric, he sees strong under- weeks. tion equipment. ment to lean into risky assets.” box maker revealed an all-stock Bids at clearing yield accepted
Cusip number
81.56%
91282CKG5
pinnings and more room for He is overweight shares of Meanwhile, home prices A damper on the strong takeover offer for DS Smith. The notes, dated April 1, 2024, mature on March 31,
the rally to run. “There’s plenty large and growth-oriented rose 6% in January from a year data was consumer confidence. The deal values its U.K. rival at 2029.

Treasury said Jeffrey Cleveland, chief longer run was said, leaving in- concerned that the U.S. cen- 4.5%, Madziyire said.

4.233
economist at asset manager 2.6%. vestors to pon- tral bank could keep raising At the other end of the
Payden & Rygel. “So that ar- That was the der a range of interest rates. spectrum, Madziyire said he

Yields gues for a bit higher 10-year

yields.”
first time since
mid-2019 that
the forecast Yield on 10-year
scenarios, in-
cluding one in
which the Fed
Hard move
could see the yield falling as
low as 3.5% if inflation re-
sumes its downward trajec-

Keep Rising Just-right level

The Federal Reserve’s ulti-
was even
slightly above
2.5%, and some
Treasury note as of hardly
Tuesday, as a
cuts in-
terest rates in
the coming
Many investors believe that
getting all the way back to 5%
would be difficult.
tory, even absent a recession
that would prompt aggressive
interest-rate cuts.
mate goal is to bring interest analysts expect percentage years. Doing so would likely re- That is why Madziyire said
rates down to a level that it to keep drift- Treasury quire signs of a significant re- his team would be happy to
Continued from page B1 would neither stimulate nor ing higher in yields remain acceleration in economic buy more Treasurys whenever
cult. Current yields still reflect slow growth. future surveys. below their growth or mounting concerns the 10-year yield gets to about
bets that the Fed’s benchmark But it is highly uncertain The Federal Reserve could, peaks from last October, when about the issuance of Trea- 4.35%, the top of its recent
rate will drop roughly 2 per- what that neutral rate actu- of course, eventually lower in- the 10-year yield briefly surys needed to fund the fed- range.
centage points over the next ally is. terest rates back to prepan- climbed to a 16-year high of eral budget deficit, said John Even if the Fed doesn’t cut
few years. Last week’s interest-rate demic levels below 2.5%. roughly 5%. Madziyire, head of Treasurys interest rates, Treasurys can
“Cuts will come, but it’s go- projections showed that offi- But that is unlikely to hap- At that point, data showed at Vanguard. “only sell off so much unless
ing to be later and there’s go- cials’ median forecast for pen over the next six months, economic growth was acceler- More likely, the upper limit you start pricing in hikes,” he
ing to be fewer cuts this year,” where rates will settle in the Payden & Rygel’s Cleveland ating and investors were still for the 10-year yield is around added.

ADVERTISEMENT

The Marketplace
To advertise: 800-366-3975 or WSJ.com/classifieds

AUCTIONS CAREERS

AUCTION OF FOOD PROCESSING, CANNING AND

IT-Assistant Vice President
(New York, NY): Design & develop micro-
BOTTLING FACILITY BY SECURED PARTY
service-based solutions using Java & Spring
AUCTION DATE: April 3, 2024
technology to complex applications problems,
CHARLOTTE DE LA FUENTE FOR THE WALL STREET JOURNAL
THEMARKETPLACE

AUCTION TIME: 10:00 AM system administration issues, or integration

Place: The auction will be conducted via ZOOM. Details
can be found at the URL Auction site web address
below.
Description of Items Being Sold: All right, title and
interest of Canopy Foods, Inc. (“Canopy”) in and to the
following described personal property assets:
All Chattel Paper, Deposit Accounts, Inventory,
Equipment, Instruments, Investment Property,
Documents, Letter of Credit Rights, Commercial Tort
Claims (including, without limitation the product liability
claims involving Massily and Insurance subrogation
litigation relating to denial of coverage, whether such
actions are in Canada and/or Pennsylvania), General
Intangibles (including, without limitation, intellectual
property, trademarks, tradenames, patents, copyrights,
whether registered, application or unregistered, web
sites and domaines, email addresses and Good Will
related thereto), tax refunds and Employee Retention Tax
Credits (“ERTC”) and claims thereto, and the proceeds
of any of the foregoing, but not accounts receivable
generated from the sale of goods or rendition of services.
NOTE TO PRIORITY EQUIPMENT LIEN CREDITORS -
Any Equipment transferred in furtherance hereof shall
remain subject to each properly perfected purchase
money security interest, lease or security interest that
concerns. Perform systems management & in-
tegration functions using CI/CD pipelines. Inte-
grate bank trade processing systems using
messaging API & Kafka API based applica-
tions. Deploy & monitor microservice & RESTful
API based systems & solutions to OpenShift
container. Architect, design, & develop solu-
tions for applications related to securities pro-
cessing & FIX messaging protocol integration in
trade validation & capture domain. Ensure high-
quality, component-level design & implementa-
tion of strategic components throughout the en-
tire software development lifecycle using Agile
methodologies. Help provide a stable & robust
production environment across key trade vali-
dation & capture functions & related production
incidents & work closely with the Production
Support function. Req’s Master’s degr plus 2 yrs
exp or Bachelor’s degr plus 5 yrs exp. The sal-
ary range is $150,000 - $151,000 annually,
based on various factors such as experience,
education, skills, internal & external market
A Denmark Novo Nordisk facility. The company is purchasing Cardior Pharmaceuticals.
data, etc. Please forward your resume to Credit

M&A Is Gathering Steam

is senior in priority to the lien and security interest of
FundThrough USA, Inc., therein. Suisse, P.O. Box D142CSNY, 909 Third Ave-
For QUALIFIED BIDDERS who will not be able to nue, 15th Floor, New York, NY 10022. No
participate via ZOOM, a telephone connection will be phone calls.
available. For all others, a listen only link will be provided.
More information regarding the Auction, including Terms

For Venture-Backed Biotechs

of Sale, Qualified Bidder Requirements, and description
of items to be sold, can be found at the Braunco Auction COMMERCIAL REAL ESTATE
URL weblink address:
https://www.braunco.com/CanopyFoods
More information about Canopy Foods, Inc. is available FORECLOSURE NOTICE OF SALE OF REAL PROPERTY
at Canopy’s website: SUPREME COURT - COUNTY OF NEW YORK
https://canopyfoods.com/
WELLS FARGO BANK, NATIONAL ASSOCIATION, AS
IMPORTANT NOTICE: In order to access the On-Line TRUSTEE, FOR THE BENEFIT OF THE HOLDERS OF
Web Based Data Room with details of the virtual public COMM 2014-CCRE16 MORTGAGE TRUST COMMERCIAL
auction to take place via ZOOM, including the access to
the ZOOM site place of sale, you must first download/
MORTGAGE PASS-THROUGH CERTIFICATES, by and
through its Special Servicer, LNR Partners, LLC, Plaintiff
BY BRIAN GORMLEY the previous two years, with tion, said co-founder and
print the Confidentiality Agreement from the above
Braunco Auction URL weblink address and thereafter
-against- 555 RETAIL OWNER LLC, et al., Defendant(s). 12 biotech startups acquired Chief Executive Dr. Claudia Ul-
Pursuant to a certain Judgment of Foreclosure and Sale
fill in the prospective bidder company name, name and entered and dated November 20, 2023, and a certain Mergers and acquisitions of in 2023 and nine in 2022, brich.
title of the person signing, date, sign, scan and return Decision + Order On Motion entered and dated November
venture-backed drug develop- down from 15 in 2021 and 20 Earlier this month drug-
ADVERTISE
the completed Confidentiality Agreement to Braunco, Inc. 20, 2023, and a certain Judgment of Foreclosure and Sale
Once you have returned the completed Confidentiality
Agreement, you will be given access to the On Line Web
entered and dated January 25, 2024, I, the undersigned
Referee will sell at public auction in Room 130 of the
ers are starting to rebound in 2020, according to SVB. maker AstraZeneca agreed to
Based Data Room.
You must thereafter comply with the instructions to
become a Qualified Bidder in order to bid at the Auction
New York County Supreme Court, located at 60 Centre
Street, New York, New York on April 3rd, 2024 at 2:15
p.m. (ET) the premises situate, lying and being in the
TODAY following a relatively slow pe-
riod in 2023, brightening the
Acquisitions didn’t surge
the past two years even as
buy venture-backed Amolyt
Pharma, which moved a drug
via ZOOM. Only Qualified Bidders will be given access
information to participate in or view the Auction Sale via
Borough of Manhattan, County of New York, City and
State of New York, known as the Condominium Units
outlook for venture capitalists valuations declined and fi- for a rare disease into Phase 3
ZOOM. Your failure to timely satisfy all the conditions being designated and described as Commercial Units seeking to cash out of biotech- nancing options narrowed for clinical studies, for a total
to become a Qualified Bidder means you will not be able No. 1, 2 and 4 in the building known as “The Element
to bid at the virtual Auction to be conducted via ZOOM. Condominium” and by the Street Number 543-555 West (800) 366-3975 nology investments. startups. Large pharmaceuti- consideration of up to $1.05
CONTACT BRAUN INTERNATIONAL AT 310 798 3123 X
100. Bond LPM7664049
59th Street a/k/a 236-254 West 60th Street, County
of New York, State of New York. Together with an
On Monday, venture-backed cal companies are less con- billion.
undivided 3.1764% interest (as to Commercial Unit 1, For more biotech startup Cardior Phar- cerned with bargain hunting Top drugmakers need new
Lot 1301) and with an undivided 5.2604% interest (as
to Commercial Unit 2, Lot 1302) and with an undivided information visit: maceuticals agreed to be ac- than with finding drug pro- medicines to replace ones los-
BUSINESS OPPORTUNITIES
0.8242% interest (as to Commercial Unit 4, Lot 1304) in
the Common Elements (as defined in the Declaration wsj.com/classifieds quired by drugmaker Novo grams advanced enough to ing patent protections in com-
dated 12/5/07 made by Element-West 59th Street LLC,
pursuant to Article 9-B of the Real Property Law of the
Nordisk in a deal worth more warrant an acquisition, said ing years, and much of their
State of New York establishing a Plan for condominium than €1.02 billion, or about Andrew Weisenfeld, a manag- innovation is coming from the
ownership of the building and the land upon which the
$1.11 billion, in upfront and ing partner of investment biotech industry, said Sofia Io-
mortgage REIT building is situate and recorded in the Office of the City
Register of the City of New York, County of New York, on success-based payments. The bank MTS Health Partners. annidou, a partner with Amo-
8%-9%
1/8/08 as CRFN 2008000009029, as amended by First
Amendment to Declaration dated 1/24/08 and recorded companies expect the transac- “Buyers are very disci- lyt investor Andera Partners.
Return 1/29/08 as CRFN 2008000039832 and further amended
tion to close in the second plined, they target assets Large drugmakers aren’t
by Second Amendment to Declaration dated 7/30/09
TAX EFFICIENT and recorded 8/25/09 as CRFN 2009000272546). These
Units are also designated as Tax Lots 1301, 1302, and
quarter. when they want them and just acquiring biotechs with
REAL ESTATE SECURED 1304 in Block 1151. AnHeart Therapeutics also when they think they’re suffi- drugs in late-stage clinical tri-
Said premises is known as and located at 555 WEST
FIXED INCOME 59TH STREET, COMMERCIAL UNIT 1, COMMERCIAL disclosed merger plans Mon- ciently de-risked,” Weisenfeld als, said Antoine Papiernik,
SEEKING RIA’S &
UNIT 2 & COMMERCIAL UNIT 4, NEW YORK, NEW YORK
10019. day. The venture-backed bio- added. chairman and managing part-
The approximate amount of the lien, as of February 6, tech said it would merge with Acquisitions aren’t explod- ner of venture investor
ACCREDITED INVESTORS 2023, as reflected in the Judgment of Foreclosure and
publicly traded drugmaker ing for biotech startups yet. Sofinnova Partners, which
Sale dated January 25, 2024, without any representation

866-700-0600 or warranty, was $23,404,677.60 plus interest & costs.

The aforementioned premises will be sold subject to
provisions of the filed Judgment of Foreclosure and Sale,
Nuvation Bio. The all-stock
deal is expected to close next
But startups with promising
drug programs are drawing
also backed Amolyt.
Drugmaker Eli Lilly in Oc-
ALLIANCE MORTGAGE FUND the Decision + Order On Motion, and the Terms of Sale.
120 Vantis Dr., Ste. 515 • Aliso Viejo, CA 92656 Deposit Instructions: All potential bidders, other than quarter. attention. tober struck a deal to acquire
Plaintiff or its successors or assigns, must place a bid
www.AlliancePortfolio.com
RE Broker • CA DRE • 02066955 Broker License ID deposit in the amount of $100,000, cash or certified From the start of the year Cardior had advanced a Mablink Bioscience, a preclin-
bank check, with the Referee at or before the start of
the sale. After Referee accepts the high bid offered by
through March 18, four private heart failure drug into mid- ical-stage biotech startup in
a bidder, the high bidder must immediately execute venture-backed biotech com- stage, or Phase 2, clinical tri- Sofinnova’s portfolio.
the Terms of Sale for the purchase of the property
High Tax Bracket? and subsequently increase his/her deposit by the panies globally closed merger als. The company, whose ven- Pharmaceutical companies
Convert $ Req. for Income Taxes to appropriate amount to equal at least ten percent (10%)
of the sum bid, unless the successful bidder is Plaintiff, deals in which at least $75 ture backers included EQT are buying at the bookends,
11.76% Return (Ann. Net-No Tax) in which case no deposit against the purchase price shall million was paid up front, ac- Life Sciences, could have acquiring later-stage products
 
be required.
Own Leased Shipping Index Number 850277/2021 cording to Silicon Valley Bank. raised financing to fund the that could help them in the
Containers — Houston MATTHEW D. MANNION, Referee
That compares with two dur- next stage of clinical studies near term and earlier-stage
VENABLE LLP © 2024 Dow Jones & Company, Inc.
10yr.NNN Lease-$19,675 Attorney(s) for Plaintiff All Rights Reserved. ing the same period of 2023. but decided a merger with drugs to build for the future,
Info-<mgmt@apcholdingstx.com> 750 E. Pratt Street, Suite 900, Baltimore, MD 21202
Dealmaking had been tepid Novo Nordisk was its best op- Papiernik said.
 THE WALL STREET JOURNAL. Wednesday, March 27, 2024 | B13

HEARD STREET FINANCIAL ANALYSIS & COMMENTARY

ON
THE

Energy Investors Can Ride AI Boom Seagate’s

Hot Memory
Investors watching artificial intelligence turn to unlikely part of the market: owners of power plants
Investors looking to ride the ar-
Tech Is
tificial-intelligence wave have
turned their eyes to a sleepier cor-
ner of the market—companies that
Warming Up
own and operate power plants. Is
the run-up justified? In an age of cutting-edge artifi-
AI hype helped lift Vistra stock cial intelligence chips, magnetic
85% year to date. That falls short hard drives don’t exactly fire up the
of Nvidia’s 92% surge, but is far imagination. But old tech sometimes
greater than the 12% lift that Mi- finds new ways to stick around.
crosoft saw over that time. Con- About 85% of data in modern
stellation Energy, the owner of data centers still resides on hard
the U.S.’s largest fleet of competi- disk drives, according to a report
tive nuclear-generation capacity, last year by TD Cowen. Some have
rallied 60% year to date, while expected solid-state drives, or
NRG Energy is up 32%. SSD, to erode that share over time,
U.S. electricity demand has been due to the latter’s superior speed
relatively flat since 2010, thanks to while consuming less power. But
energy efficiency. Now, the pros- hard drives still retain a big cost
pect of data-center growth due to advantage: Cowen analyst Krish
DAVID PAUL MORRIS/BLOOMBERG NEWS

AI, as well as a Chips Act-driven Sankar estimates HDDs are more

nearshoring of manufacturing and than twice as cheap as SSDs even
the electrification of things like when factoring in the latter’s en-
heating and transportation, are ex- ergy-use advantage.
pected to drive electricity demand Hard drives still need to up their
growth. McKinsey, BCG and S&P game to stay in play. That is where
Global Commodity Insights all Heat-Assist Magnetic Recording, or
project electricity demand tied to HAMR, comes in. This is where the
data centers to increase at a com- disk is heated to super-high tem-
pound annual growth rate of be- A worker inspects lithium battery modules in the battery building at Vistra, whose stock is up 85% in 2024. peratures for short periods of time,
tween 13% and 15% through 2030. which allows the data written on
PJM Interconnection, whose juris- PJM Interconnection’s yearly U.S. electricity generation by major energy source the disk to be more densely
diction includes data center-heavy forecast on how much electricity 4.5 billion megawatt hours
packed. Hence, a HDD array storing
Virginia, expects total electricity demand is expected to grow each Petroleum 22 terabytes of data today could
demand to grow at an annual rate year over the next 10 years 4.0
and other store more than twice that amount
of 2.4% over the next 10 years, up Renewables using HAMR technology “without a
from its year-ago forecast of 1.4%. 2.5% meaningful increase in bill of mate-
3.5
This comes as the U.S. power rials,” Sankar wrote.
market has been tightening for 3.0
Nuclear HAMR has been a big reason
2.0
seven straight years, notes Steve why Wall Street has been warming
Fleishman, equity analyst at Wolfe 2.5 up to Seagate. Morgan Stanley up-
Research. Meanwhile, the time it Natural gas graded the stock on Tuesday to a
1.5
takes for new capacity to go from 2.0 “buy” rating—sending the shares
the planning stage to commercial up more than 7% Tuesday.
operation has gotten longer as 1.0 1.5 “HAMR-driven gross margin ex-
grid operators face backlogs. pansion and potential for Gen AI
A nuclear-power purchase agree- 1.0 related storage demand implies an
ment unveiled this month between 0.5 underappreciated earnings power
Talen Energy and Amazon.com Coal story,” Morgan analyst Erik Woo-
0.5
was a clear signal that clean, al- dring wrote in his report to cli-
ways-available power can command 0 0 ents. And he isn’t the first; the
lofty rates. Based on the terms, 2017 ’18 ’19 ’20 ’21 ’22 ’23 ’24 1970 ’75 ’80 ’85 ’90 ’95 2000 ’05 ’10 ’15 ’20 percentage of analysts with “buy”
Talen Energy appears to be getting ratings on Seagate has jumped to
at least a 50% premium over what Sources: PJM Interconnection (yearly forecasts); U.S. Energy Information Administration (electricity generation by source) 46% compared with 33% three
its nuclear-power plant would oth- months ago, according to FactSet.
erwise get in the power market to- stellation are part of this club, as Morgan Stanley. In addition to Con- bottlenecks. The timing may be good: Sea-
day, according to estimates from is NRG, though it has less genera- stellation and Vistra, PSEG has nu- Bloom Energy, provider of on- gate expects another quarter of
Rodney Rebello, analyst for Reaves tion capacity, according to Prabhu. clear capacity suitable for data cen- site fuel cell-powered electricity, is revenue declines in the March pe-
Asset Management, which manages The first order impact is that any ters. As those contracts pull out another potential beneficiary. And riod, according to the midpoint of
a utilities-focused ETF. generator signing new power pur- existing capacity from the grid, any Quanta Services, which helps the company’s forecast. But ana-
Any company that is net long chase agreements with data centers company that owns power genera- build transmission lines, rose 18% lysts expect revenue growth to
power—that is, those that have is likely to see a premium on the tion should benefit from higher year to date. While regulated utili- turn positive from there, steadily
more capacity to sell power than contracted prices. Those with clean, electricity prices. ties won’t see the same kind of up- rising over at least the next six
the obligation to buy power (say, always-available nuclear power Renewable and battery storage side that unregulated power gen- quarters, according to current
on behalf of retail energy custom- generation have a leg up here. Not developers such as AES and Next- erators do, the rising investment consensus forecasts on FactSet.
ers)—are bound to experience tail- only do nuclear-power plants have Era Energy are likely beneficia- needed in the grid will likely mean Seagate’s stock is up less than
winds as power demand rises, access to cooling water, but they ries, too, because nuclear genera- faster profit growth. 11% this year, trailing the broader
notes Aneesh Prabhu, managing tend to be on large sites that make tion alone won’t be enough to Anyone looking to profit off the chip sector and well below the
director at S&P Global Ratings. it feasible for companies to co-lo- meet all data-center energy needs. AI theme would do well to keep a 30% run for rival Western Digital
Few listed companies fall into this cate data centers (saving them the Their shares haven’t rallied as basket of electricity-exposed in that time. Hopefully, the hard
bucket, which might explain the cost of connecting to the grid), ac- much after jitters regarding high stocks in their basket. drive maker keeps the heat on.
concentrated rally. Vistra and Con- cording to a recent report from interest rates and supply-chain —Jinjoo Lee —Dan Gallagher

Card Settlement to Make

Checkout Interesting
RICHARD B. LEVINE/LEVINE ROBERTS/ZUMA PRESS

A class-action settlement be- often are supported by higher inter-

tween U.S. merchants and Visa and
Mastercard unveiled Tuesday isn’t
all about the network operators.
A big impact could be on the
banks that issue credit cards—es-
pecially ones with chunky rewards
that so many spenders love.
At the heart of the settlement
are what are called interchange
fees, sometimes called swipe fees.
McCormick, owner of French’s and other brands, posted 3% sales growth in its recently ended fiscal first quarter. These are set by the networks Visa
and Mastercard, and paid by mer-
change fees, might be disadvan-
taged at the checkout counter.
The ruling could help remove
some long-term potential threats
to the card networks. Merchants
have long battled card acceptance
costs, at times even trying to
launch other payment forms. Some
have been pushing a proposed law
in Washington to add new regula-
tions to credit-card interchange.
“A long-term overhang has been

Seasonings Maker McCormick

chants. But they go to the issuer of removed and innovation will prove
the credit card—banks such as JP- to drive the competitive land-
Morgan Chase, Bank of America scape, which, in our view, favors”
and Capital One Financial. The set- Visa and Mastercard, wrote ana-

Logs Zesty Rally on Profit Beat tlement will cap or lower many
credit-card interchange fees for a
period of time. But another critical
component is that merchants would
lysts at RBC Capital Markets in a
Tuesday note. Senators Thom
Tillis and Bill Hagerty posted on X
to say they thought this settle-
gain more ability to incentivize the ment was preferable to a legisla-
McCormick results hit the spot McCormick stock, year to date pany said sales declined due to a use of certain cards. tive solution.
on Tuesday, sending its shares $80
weak economic recovery. Under the terms of the settle- Still, some retailers may keep
sharply higher. “Broadly, our outlook for the ment, which will go to a court for battling for more changes. A state-
The seasonings maker said sales Chinese consumer does remain approval, merchants will be able to ment by the Merchants Payments
in its fiscal first quarter ended cautious. I mean there are several offer discounts or place surcharges Coalition, an industry group, said
Feb. 29 rose 3% from a year ear- 75 reasons to continue to think that to steer purchasers toward differ- the settlement provides “‘very
lier. Analysts polled by VisibleAl- way, persisting unemployment ent card types. They can offer dis- small relief’ and does not end the
pha had on average expected a 1% with young adults [and] reduced counts for a particular bank issuer’s need for Congress to pass legisla-
decline. Earnings of 62 cents a consumer confidence,” Chief Exec- cards—even if they must still tion.”
share compared with expectations 70 utive Brendan Foley said on a con- “honor all cards,” preserving a A looming question for inves-
of 57 cents. ference call with analysts. longtime network principle. tors may be how this changes the
In the consumer division, which Small independent restaurants, “Merchants will be able to ad- landscape among card issuers.
in addition to the company’s he added, seem to be losing share just prices based on the costs as- American Express, which issues its
65
namesake spices includes brands in China to quick-serve restaurant sociated with accepting different own cards on its own network,
such as Frank’s RedHot and chains. This caused some wrinkles credit cards,” Hilliard Shadowen might press for more advantage in
French’s mustard, sales increased in results, as sales to independent LLP, the law firm representing the rewards cards. And of course
1% thanks to a 3% rise in prices, 60 restaurants tend to fall in the con- class of merchants in the settle- there is the potentially seismic
while volume declined 2%. But the Jan. Feb. March sumer category while sales to food ment, said in a summary. change represented by the combi-
company said 1 percentage point chains go under flavor solutions. Visa said the settlement enables nation of Capital One with Dis-
of that decline was due to a delib- Source: FactSet But investors didn’t seem pre- the “opportunity to steer to pre- cover and its network.
erate decision to exit certain low- occupied with the finer points of ferred payment methods and more Like everything with the busi-
margin businesses. Meanwhile the 4% sales rise. the China demand situation on optionality around surcharging.” ness of credit cards, nothing is
“flavor solutions” business, which The one sour note in the earn- Tuesday, sending McCormick This could mean that premium simple.
sells to food producers, recorded a ings was China, where the com- shares up nearly 11%.—Aaron Back credit cards with big rewards, which —Telis Demos